#RealtyNewsRoundUp: Housing Prices In 10 Cities Rose By 5.3% In Q1FY19, RBI Data Show

Housing prices rose by an average 5.3 per cent during the April-June quarter of this financial year in 10 major cities as compared to the year-ago period, according to quarterly Housing Price Index, released by the Reserve Bank of India. The average rates appreciated by 2.5 per cent in these 10 major cities when compared to the previous quarter.

***

The Uttar Pradesh government has directed all development authorities in the state to map all constructions under their jurisdiction within a month. The officials have been asked to procure maps from May 2017, when the real estate law came into force in the state. Apart from this, anti-encroachment squads will be formed in all municipal corporations to identify illegally occupied areas in the city.

Meanwhile, the Noida authority has directed all builders in the city to put up cloth or net screens to cover their under-construction buildings to prevent dust particles from spreading in the air.

***

The Punjab Cabinet has approved a policy to allow promoters to surrender their licences if they are unable to develop colonies. However, the surrendering of licence would be allowed in cases where the promoter had not sold/allotted/leased out any plot/apartment and not undertaken any development works at the site of the colony.

***

The stocks of housing finance companies tumbled again on October 17 as Brickwork revised ratings of realtor Supertech to junk, citing its failure to service debt obligation to state-run lenders such as Syndicate Bank and Corporation Bank. Consequently, Indiabulls Housing Finance, DHFL, Bajaj Finserv, Ujjivan Financial Services, Edelweiss Financial Services and Satin Creditcare Network ended down 3-12 per cent on the benchmark.

 Source: Media reports