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 to catalog 606 unregistered projects across the state with authority instantly. Due to the registered complains against the projects as “Source Complain,” about 717 unregistered projects had been noted. Whereas, the authorities registered 111 projects in one year, with MahaRERA.
At last, some update about RERA. West Bengal was asked to repeal its version of the real estate regulatory law to evade any kind of confusion for home builders and buyers. This action was taken when it was found that West Bengal has not notified RERA and its rules yet.
Well, this is it from our side for this week. See you again next week. Till then, stay healthy and updated. And don’t forget to like, share and comment on our posts.