Hello folks! We’re back with the whole new weekly roundup of real estate updates.
Beginning with the update on the sales of the residential sector. The sale in the residential sector is struggling since 2013-14, and facing the down all even after five years. Hence inventory level continues to remain high in the segment. Considering the demand and leasing the commercial real estate is in a better state.
Next up is news regarding RERA. About 28 states and Union Territories notified RERA Act, 2016 in the country so far. Up to 22 states have fully-functional web portals under the legislation,” said the ministry spokesperson, Rajeev Jain.
CREDAI has written to Prime Minister Narendra Modi to ease credit freeze for real estate as developers lack funds to complete ongoing projects. To address the last mile funding for completing projects CREDAI is calling for the creation of a ‘Stressed Asset Fund’.
Now some update on the bullet train project. Due to various hurdles like land acquisition, India’s bullet train project is expected to cross the 2023 deadline. Farmers are unhappy with the compensation offered to them for their land.
Last but foremost, update about the pollution of river Ganga. Puja leftovers and corpse are still polluting the river even after the promise made by PM Modi 3 years ago. However, about 84 ghats of Varanasi have noticed significant progress.