#RealtyNewsRoundUp: Home Sales Increased By 25% In 2018

Home sales are estimated to have increased 25 per cent during 2018 over 2017, data available with PtopTiger.com show. This rise in home sales numbers might mark the start of a new era in India’s real estate after key reforms, including the real estate law and the goods and services tax, were introduced to clean-up the sector beginning 2016. Cautious developers, however, showed restraint in coming up with new projects ─ only 1.9 lakh new units were launched in 2018. Consequently, new launches during the year are estimated to have declined by 22 per cent.

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The Greater Hyderabad Municipal Corporation (GHMC) is all set to revise property tax from the ongoing financial year. The property tax hike will affect about 21 lakh commercial and residential properties in the city.

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The Yamuna Expressway Industrial Development Authority (Yeida) has decided to develop smart villages along the 165-km Yamuna Expressway that connects Greater Noida with Agra. The agency has allocated a budget of Rs 100 crore for this purpose.

Meanwhile, the Yeida has issued a final notice to beleaguered Jaypee Group to pay up the first installment of Rs 108 crore of an outstanding Rs 1,000-crore debt by December 31. If the company fails to do that, it may lose 1,000 hectares of land in Dankaur that the Yeida allotted it earlier.

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The Telangana State Real Estate Regulatory Authority (TS RERA) has extended the deadline for registration of real estate projects yet again, to December 31, with a penalty of Rs 1 lakh.

Meanwhile, the Jammu and Kashmir (J&K) government has passed a resolution to establish a real estate regulatory authority in the state. Apart from promoting planned growth of the real estate sector in J&K, the move would also ensure homebuyers’ interests are protected. The state has already notified the real estate law, the Jammu and Kashmir Real Estate (Regulation and Development) Bill, 2018.

Source: Media reports