#RealtyNewsRoundup: Govt Sanctions Construction Of 3.18 L New Houses Under PMAY-U

The government has approved another set of 3.18 lakh homes under the Pradhan Mantri Awas Yojana Urban (PMAY-U). The new addition takes the total number of homes under PMAY-U to 51 lakh. Of the 3.18 lakh homes, 2.48 lakh have been approved in Maharashtra, 31,304 in Rajasthan, 23,564 in Tamil Nadu, 13,889 in Chhattisgarh, 1,580 in Puducherry and 203 in Daman and Diu. The latest approval entails an investment of Rs 8,692 crore with central assistance of Rs 3,782 crore for 308 projects in six states and Union territories.

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According to a report released by a real estate advisory, foreign investment in Indian real estate stood at $2.6 bilion in 2017, up 31 per cent from 2016. The country ranks 19 in the listing of 73 countries that attracted foreign investment in the property sector. Foreign investment in India was equal to a collective investment in other Asia Pacific countries of Malaysia, Thailand, Indonesia, Vietnam and Philippines. According to the report, reform measures taken in the sector have caught the fancy of foreign investors.

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Haryana Chief Minister Manohar Lal Khattar has approved the installation of over 10 lakh smart electric meters across five districts of the state. The move is expected to improve the financial condition of power distribution companies, to encourage energy conservation and to tackle problems relating to payment of electricity bills. The five districts where the meters will be installed in the first phase include Panipat, Karnal, Panchkula, Faridabad and Gurgaon.

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The Ministry of Housing and Urban Affairs has received an in-principle approval from the Union Ministry of Finance for the Delhi Metro’s Phase-IV. Additionally, the ministry has also approved Metro rail projects in five cities of Madhya Pradesh and Uttar Pradesh, and the Delhi-Meerut section of the Regional Rapid Transit System (RRTS). The projects would now be sent to the Public Investment Board (PIB) for its nod and then placed before the Cabinet for its approval.

Source: Media reports