Welcome to RealtyMyths Weekly News Round-Up. Here, we bring to you the major updates from the real estate sector, in case you missed them.
One of the major development came from the Haryana RERA where served a notice on Supertech for cheating homebuyers
Apparently, the notice was issued on a complaint filed by a Sector 46 resident against Supertech Limited for the project ‘Officer Enclave’. As per HRERA, it did not approve any such project, nor any plan for it.
Another major news came from Noida when, on July 9th, the Prime Minister Narendra Modi and his South Korean counterpart, visited Noida sector 81 to inaugurate Samsung’s 35-acre mobile handset manufacturing plant which will be, eventually, world’s largest mobile factory.
Obviously, it will have a huge impact on the commercial real estate in and around the region and will boost the demand.
The 3rd major announcement also came from Noida itself, when the District magistrate B N Singh announced a steep rebate in circle rates across the categories to boost investment.
As an impact, the cost of registering commercial and institutional properties like shops and office spaces in Noida and Greater Noida will decrease by up to 50%. There will be a relief for the group housing investors as well as registering flats will also see a significant decrease because of surcharges being reduced on common facilities.
The Anarock Property Consultants also release their market report this week. As per the report, the new housing launches increased by almost 50% in the 2nd quarter of the year 2018, as compared to the 1st quarter. The housing sales also increased by almost 24% in the same period and the stock of unsold inventories declined by almost 2%.
Indeed, there were many pleasant surprises this week for the real estate market. We hope the positive trends will further continue and bring much-needed relief to the sector.
Keep watching our channel for more such updates.
Thank You. Happy Learning.