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West Bengal

Budget 2019: Allocation for Housing & Urban Affairs Ministry up by 12% | Weekly News Roundup

We’re back with another weekly news roundup! Let’s begin.  On July 10, 2019, the West Bengal assembly passed an amendment to the state’s Apartment Ownership Act, to enable associations of a housing project to form federations, to look after the common areas. A pre-bid conference will be held on July 15, 2019, in Greater Noida to address queries of bidders interested in an upcoming international airport at Jewar in Uttar Pradesh. The Delhi High Court, on July 10, 2019, dismissed a petition challenging the AAP government’s proposal to make metro rail rides free for women and declined to entertain the plea, also imposed a cost of Rs 10,000 on the petitioner. The Housing and Urban Affairs Ministry has received a 12% hike in budgetary provisions in the Union Budget 2019, while allocations for...

Jal Shakti Abhiyan: Govt launches water conservation campaign – RealtyMyths

Welcome back to another weekly news roundup, let’s take a look at the news bulletin:  The Malad wall collapse incident claimed 26 lives and 72 people who were injured in the incident are undergoing treatment. The Brihanmumbai Municipal Corporation (BMC) has set up a team to probe the wall collapse at Pimpripada in Malad and submit a report within 15 days. The finance minister Nirmala Sitharaman announced an additional rebate of Rs 1.5 Lakh on Housing Loan Interest. Currently, this rebate was limited to Rs 2 Lakh only. So with this announcement, a housing loan for a home valued up to Rs 45 Lakh, the homebuyers will now avail a rebate of Rs 3.5 lakh on the home loan interest amount. The central government has launched a water conservation campaign, ‘Jal Shakti Abhiyan’, which will be cente...

Weekly News Round Up – RealtyMyths

Hi guys, and welcome back to the weekly news roundup, where we talk about the current news in the real estate industry. So let’s begin!  Starting with the RBI policy changes. RBI cut the Key Repo rate by 0.25% to 6.25%. The central bank also changed its monetary policy stance to ‘neutral’ from the earlier ‘calibrated tightening’, indicating further relaxing on its approach towards interest rates. Next update on Reliance Industries. To expand the presence in the e-commerce and communication segment, Reliance Industries is planning to invest an additional INR 10,000 crores in West Bengal Update on highways in India. Under the Bharatmala Pariyojana programme, 65,000 km of highways to be built across the country by 2022, at the cost of over INR 5.35 lakh crores, said Nitin Gadkari, Road Trans...

West Bengal housing to benefit from new IT& Electronics policy

Services is the fastest-growing sector with 15.6% growth in 2017-18 Housing prices declined in Q4 2016 after DeMo, but recovered within 4 quarters to register positive growth. West Bengal’s new IT policy to disseminate the IT-ITeS activities across the state for the benefit of the population in the fringe and rural areas. It will be a game-changer for the state’s real estate market as well as its larger economy. This is one of the many highlights of the report ‘Kolkata: The East’s Icon of Balanced Growth ‘ by knowledge partners ANAROCK at CREDAI StateCon today. The report emphasises West Bengal’s aim to spread the reach of IT/ITeS across the state will help replicate the success of Eastern Kolkata in other parts of the state Anuj Puri, Chairman – ANAROCK...

Weekly News Roundup

Welcome back viewers and here are the weekly real estate and city infrastructure updates for you. Let’s start this week’s update from the Urban real estate. Real estate in India’s urban areas will reach about 8.2 billion sq. Ft. by 2025 and the role of the real estate sector to India’s GDP will be around 13%. Execution of the GST has stabilized the cost of raw materials and streamlined inter-state and import tax, giving the industry a major enhancement. Coming to the update from Supreme Court, on Wednesday SC appointed NBCC to construct stalled projects of Amrapali Group and directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the real estate firm. News from Pune, The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed local civic bodies t...

RM Podcast – One Year of RERA, Hits and Misses

Saket Pathak & Santosh Sinha On May 1st, 2018, the Real Estate Regulatory Act, better known as RERA completed its first anniversary. After a long delay and multiple amendments, RERA was formally brought into action on May 1st, 2017 with the objective to ‘set in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers and promoting the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time-bound execution of projects.’ In a nutshell, RERA was introduced to streamline the approval processes, make the rules stringent enough so that developers and brokers do not take home buyers for a ride, and to bring in much-needed transparency int...

Ambiguous laws of regulation and definite laws of imposing penalty

The Real Estate (Regulation and Development) Act (Rera) was implemented in May 2016 to regulate the real estate sector, where the need for transparency has been felt for decades. It was intended to control transactions and increase the builder’s responsibility for smoothly delivering what was promised. It was made mandatory to register the projects, open a separate account to deposit project receivables, disclose discretionary information and impose fines on compliance failure. However, the discrepancies are observed at every level where it fails to regulate but successfully penalizes on several occasions. Mythbuster Anushree Multiple Approvals: There is no single window sanction system and developers have to go through several phases of approvals. For instance, if a developer seeks approv...

India at 70, Real Estate Post Independence

India real estate market has gone through many tumultuous ways before crossing milestones. When the Britishers left India, real estate was left in a state of chaos and because of low demand the land prices were much more affordable but people didn’t consider real estate as an opportunity to invest. India’s mixed economic model helped in the development of industrialization but  due to stringent rules on FDI (Foreign Direct Investment), per capital income growth of the Indian citizens remained excessively low. Mythbuster Anushree Land ownership was disintegrated at the time of independence and Zamindari system was prevalent, where the land owners enjoyed high status with power and money and the cultivators were exploited.  The devastating effects of such a system was clearly visible in many...

My Forest My Habitat – The Tribes of India

Tribes are the ‘Guardians of the forest’. The reserved forests of India are inhabited by different tribes, and the legacy is an ancient gift. Even epics like Ramayana and Mahabharata have mentioned about tribal occupancy amidst the jungle. According to the 2011 census, the tribal people comprise about 8.6 % of the total population. Of these, the majority of the tribal population lives in the states of Madhya Pradesh, Orissa, Bihar, Maharashtra, Gujarat, West Bengal and Rajasthan. Mythbuster Anushree, The closed knit community of the tribes is dependent on the forest to fulfill their basic requirements of food, shelter and even clothing. Their lives revolve around the natural sources of energy.  They worship trees, rivers, sun, air and land. They have a strong survival instinct and they kno...

The rural side of Bengal and its infrastructural evolution

West Bengal is a land well known for its rich folk and tribal culture. Since agriculture is the primary occupation in Bengal, most of the state’s population lives in villages. The rural side of Bengal is a true portrayal of the actual beauty of the state. In the form of food, structure, history, festivals, culture and music, all of these villages are unique in their own way. Baishali Dutta The villages located in the northern part of the state boast of some beautiful scenery and are better-known tourist spots than the others. The tribal communities of Bengal like the Santhals, Kol, Lohara, Garo, Paharia and many more enrich the land of Bengal with their culture. Life in a village chiefly revolves around a lot of religious beliefs. These religious beliefs give rise to festivals and fairs th...

Rural art in urban society: setting a new trend of fusion

Souma Mukherjee/RealtyMyths We may call ourselves urban class with a global exposure, when it comes to interior designing and decoration of our houses, ethnic remains our first choice. This is the power of our culture; we are connected to our roots, whatsoever.  Unfortunately, in this race of urbanization we have slowly started ignoring the rural artisans, the true crusaders of our culture. The Indian population is generally segregated between the ‘Metros’ and the ‘Rest of India’, united by citizenship, divided by a huge socioeconomic gap. Born and brought up in the city, most of us are unaware of life beyond our urban periphery. We live in high society houses filled with many costly decorative items, some of them being earthen, ethnic and rooted items too. We hardly try to know from where...

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