Hi Guys and welcome back to yet another Weekly Roundup, where we mention all the real estate affairs that took place in the past week. Let’s get started!
Starting with the update from Noida. Noida Authority gave ‘in-principal’ approval to the conversion of landholding rights from Leasehold to freehold. This decision will have a major impact in the real estate industry in NCR.
Next up is the update on Pradhan Mantri Awas Yojana. Under the Pradhan Mantri Awas Yojana (Urban), Centre approves construction of 2.15 lakh houses, making the total number of funding houses about 62.53 lakh across the country.
Talking about the development in the Amrapali case. Forensic auditors appointed by the Supreme Court detected a web of 200-250 firms, where Amrapali might have transferred funds. Court has fixed a date of Nov 12 to track the fund trail.
Coming to the action taken by RERA. Post various complaints and observations by the Ansal Group of Housing buyers, the Real Estate Regulatory Authority (RERA) of Uttar Pradesh has ordered a forensic audit of developer and set up an observer to supervise its financial activities.
And in the end,update from Ghaziabad. The Ghaziabad Municipal Corporation cleared a proposal to impose a fine of 12% on the house tax payment defaulters.
That’s all for this week, we’ll be back next week with another round of news from the Real Estate world. Until then stay healthy and updated.