#RealtyNewsRoundUp: Govt Asks RBI To Ease Norms For Funding Stuck Projects
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The Centre has recommended the Reserve Bank of India changes guidelines to allow banks to provide last-mile funding to projects at an advanced stage of construction. The central bank in its February circular had said that any loan given to stalled projects would be considered a non-performing asset and restricted funding. The government has also proposed permitting funding for projects on last-in-first-out basis, where the investor who puts in money at the last stage to complete the stalled projects exits first.
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The Noida Authority is planning to convert the status of all properties from leasehold to freehold. The Noida Authority plans to use the revenue thus earned to improve the city infrastructure. It is also planning to allow homebuyers living in four-storey buildings to register each floor separately.
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Over 15 per cent of the 54.95 lakh houses sanctioned in last three years under the Centre's flagship Pradhan Mantri Awas Yojana (Urban) has been completed, says the housing ministry. The government plans to construct one crore houses in urban areas by 2022 under the mission.
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In a relief for flat buyers in a Goregaon redevelopment project, the Maharashtra Real Estate Regulatory Authority has held that a housing society is also a promoter. According to the regulator, redevelopment projects fall under the definition of a promoter.
Source: Media reports