#RealtyNewsRoundup: Property Registrations In Vizag Rise By 33 Per Cent

Realty News Roundup is PropGuide's selection of top stories from the real estate sector.

Property registrations in Visakhapatnam (Vizag) have shot up by 33 per cent in past 11 months. According to Stamps and Registration Department data, the eight sub-registrar offices in the city have raked in nearly Rs 333 crore so far this year, compared with Rs 251 crore during the same period in the last fiscal. Anandapuram witnessed the highest jump in revenue with 76 per cent, while Vizag city and Madhurawada raked in the highest revenue of nearly Rs 80 crore and Rs 64 crore, respectively. The announcement of Bhogapuram airport and Indian Institute of Management (IIM) near Anandapuram are being cited as the reason for this surge in registrations. Read more

The government of Punjab has announced a housing scheme for lower and middle-income group. The government said that this affordable housing policy will have incentives in the form of reduced change of land use (CLU), external development charges (EDC) and licence fee. Under this policy, the developers can construct affordable units for economically backward section (EWS) with maximum area not exceeding 10 per cent of the total gross area. The minimum area proposed is five acre of land. The developers will have to complete such projects within five years from date of issue of license to avail these incentives. Read more

The Home Ministry is working on a bill to amend the Damage of Public Property Act, 1984 because of the recent Jat and Patidar protests in Haryana and Gujarat, respectively. The ministry is expediting the bill to ensure that agitators are made to pay monetary compensation for wanton acts during a stir. The bill has not been amended for the past eight years, even as the latest agitation by Jats in Haryana is estimated to have caused a loss of nearly Rs 20,000 crore, including losses of private entities. Proposed amendments in the Act were mooted during the United Progressive Alliance (UPA) regime. Read more

The Uttarakhand government has announced launch of an opinion poll to involve people for deciding on the planning of the latest smart city project, which will be submitted to the central government on April 15. At a press conference, housing secretary R Meenakshi Sundram said that from February 28, an opinion poll will be started online where all the people can give their opinion and expectations from the smart city project. Read more