#RealtyNewsRoundup: Surat Metro Gets Centre Nod

Two corridors of the Surat Metro on March 8 received Centre’s approval. To be built at a cost of Rs 12,000 crore, the project will be implemented by the Gujarat Metro Rail Corporation (GMRC) and completed in five years. The project will be financed on a 50-50 basis by the Central and the state government. Running 21.61 km, the first corridor between Sarthana and Dream City will have 20 Metro stations. The 18.74-km corridor between Bhesan and Saroli will have 18 stations.

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Haryana’s town and country planning department on March 8 notified guidelines for the registration of additional fourth floor in residential units. According to the new guidelines, the fourth floor can now be registered as an independent unit in a residential project.

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The Maharashtra government on March 8 approved the proposal to provide a 100 per cent tax waiver to all the residential properties measuring up to 500 square foot (sqf). There are over 64 per cent such properties in Mumbai. Units between 501 sqf and 700 sqf have also been provided with a 60 per cent reduction in the tax rate. The rule has been implemented with effect from January 1.

Meanwhile, in Delhi, all the three civic bodies will now fast track the approval of maps of houses with area up to 500 sqf. Under this scheme, the maps will be approved at home itself by the architect or engineer concerned, without having to visit the municipal corporation’s office.

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In a report released by Ireland-based Johnson Controls Building Technologies and Solutions, only four per cent of buildings in India are green. The report further suggests that lack of technical expertise to execute projects and funding to pay for improvements are the two biggest barriers that the investors face in this segment.

Source: Media reports