Welcome back viewers and here are the weekly real estate and city infrastructure updates for you.
Let’s start with some of the updates from the construction industry. Supreme Court put a ban on construction activities in Maharashtra, Uttarakhand, Madhya Pradesh and Chandigarh. The court took this decision to panelise the state governments for not forming the policies on solid waste management. However, with prompt action from the governments of Maharashtra and Uttarakhand, the court lifted ban in these two states later this week.
The developers’ community are worried over this decision as this will lead to further delay in construction and possession of the properties. They are asking why they should be panelised for the negligence done by the government!
News from Kolkata, on Tuesday, a section of the 50-year-old Majerhat Bridge in Kolkata, that connects Behala to the rest of the state capital, collapsed, taking down cars, vehicles and buses along with it. One person was killed, 24 were injured in this accident.
This type of accident happens due to the ignorance and improper work of the bureaucracy. The authorities come under the influence of politicians which affect their works.
Moving to the news of Indian currency fall out. The Rupee has fallen to 71 against the Dollar and is impacting the overall market. However, blessing in disguise, this may benefit the Indian Real Estate industry as this is the correct time for NRIs to invest in the Indian property market.
Some updates on the real estate investment. In its first investment in the Indian real estate, Japan’s Mitsubishi Corporation will invest Rs 180 crore to acquire 70 per cent stake in Shriram Properties’ residential project at Chennai.
And at last, an appeal from the people of Nagaland, the state is facing heavy floods and land slide. More than 3,000 families have been displaced while properties worth crores of rupees were damaged. The disaster has caused 12 casualties so far. As per an estimate, the state government needs 800 crores for the restorations. Let’s rise to the call and contribute to Nagaland Relief. Let’s help our brother and sister from Nagaland who are in need.
Well, this is it from our side. We hope we brought some useful developments to you. We will again see you next week with more such developments. Till then, stay healthy and save water, save environment. And please share your feedback with likes, comments and shares.