Welcome once again to RealtyMyths Weekly News Round-Up.
Let’s jump into the pool of updates of the real estate sector that took place in the very first week of October!
Starting with the blessing in disguise. The falling rupee is turning out to be an opportune situation for the NRIs to invest in the real-estate. Developers are offering great incentives like waiver on stamp duty, GST and floor rise. It is also estimated that in the span of 6 months, real estate will be gaining in the range of 7-8%, due to the investments made by NRIs.
Next story straight up from SC office. Supreme Court has put a stay order on the construction of ultra-modern housing projects, including the helipad and resorts in Nainital, Uttrakhand until further instruction. Due to the high-altitude forest, and the risk of damaging the brittle biodiversity and ecology in the area.
A good news for the railway department, as the union cabinet has now approved the construction residential complexes around the railway stations. This approval has cleared the way for the railways to commercially develop space in and around stations.
Some news on the hospitality industry, Indian Hotels of TATA Group retains iconic Taj Mansingh hotel in a ferociously battled auction with ITC Hotels. The auction ended at a license fee of Rs 7.03 crore per month or else 32.50% of the gross revenue of the property.
Update on the Jaypee Infratech case, the homebuyers can now take legal action against Jaiprakash Associates as well, after the apex consumer commission, NCDRC, ordered that homebuyers in Jaypee Infratech can approach consumer forums against its parent Jaiprakash Associates Ltd (JAL) to seek compensation and possession.
Update on the RBI Monitory Policy. At its 4th Monetary Policy Committee meeting of FY19, The Reserve Bank of India kept the repo rate unchanged at 6.5%. This decision might be in a favor of the homebuyers as they are heading to the festive season, the experts believe that this will hurt the economy in the long run and may impact the fiscal deficit adversely.
This was all from our side for this week, we’ll be back with new updates next week. Until then take care and stay updated. And don’t forget to like, share and comment on our posts.