Realty News Roundup: US Fed Delays Rate Hike; Builders Liable To Pay Compensation To Buyers, Says Delhi Court

Realty News Roundup is PropGuide's selection of top stories from the real estate sector

Top News

In a relief to emerging economies such as India, the United States (US) Federal Reserve has taken a decision to keep interest rates unchanged. The US central bank, after a two-day policy meeting, decided to keep the interest rates unchanged at 0-0.25 per cent. A statement released by the US Fed said that the decision was taken keeping in mind the global economic volatility. Meanwhile, the Indian government has said that it was prepared to face US Fed rate hike. In another development, the Reserve Bank of India (RBI) has reiterated that it is less likely to go for a rate cut, unless there is sustained low inflation in the country. Like other markets in the country, the real estate sector is also keenly following the developments.

Reports say nearly 18 states are willing to sign pacts with the Union Ministry for the Housing-For-All by 2022 scheme, launched by the Narendra Modi government. These states propose to implement the project in 532 cities in total. Click here for the full list of these states.

A Delhi court ruling says that builders are liable to compensate home buyers in case of delays in handing over apartments or using substandard material for construction. Read more.

Off the front page

The Delhi government has formed a Group of Ministers (GoM) to submit its recommendations on regularising unauthorised colonies in the capital. The GoM will be headed by Deputy Chief Minister Manish Sisodia. Moreover, the government has also decided to reduce the rates for freehold rights resettlement colonies. Read more.

Noida, which has only one renowned mall, Great India Place (GIP), will soon have two more malls. While, Unitech Gardens' Galleria mall will open this month, DLF's Mall of India, a Rs 1,100-crore property, will be launched in November.

The Delhi Development Authority (DDA), in order to take feedback, has developed a prototype of a mobile app. The app will take feedback on the construction quality and maintenance services of DDA flats. Once launched, this app will allow public to send their suggestions to DDA on things such as external finishing of block/facade; finishing of walls; flooring of toilets/bathrooms and flooring of rooms. The authority has said that it will soon launch three more mobile applications to facilitate public. Read more.

Smart city watch: People are sending their ideas to the Trichy Corporation on the smart city proposal after the corporation created social media platforms, seeking suggestions from the public. Meanwhile, the New Delhi Municipal Corporation has shared website links for the public to submit their suggestions on its smart city proposal. For more smart city related news from across the country, click here, here, here and here.

Opinion

"For all those who have been on the fence for too long, it may be a good time to take a decision on purchasing your dream home," says Varun Kumar, Senior Director, Investment Banking (Real Estate), YES Bank, in this article in Business World. Read here.