#RealtyNewsRoundup: European Bank Funds Namma Metro Phase-II

The European Investment Bank (EIB) has granted a loan of about Rs 3,650 crore to the Namma Metro Phase- II project. The EIB is the second international lender to fund the 72-km project. The Bangalore Metro Rail Corporation Ltd (BMRCL) is expected to use this money for the construction of the 23-km Gottigere-Nagawara line, which consists of 12 underground and six elevated stations.

Get Ready For A Longer Ride On Namma Metro's Green Line

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The Haryana Urban Development Authority has removed a statue at the Badshapur Chowk in Gurgaon that was coming in the way of completing the final leg of the long-delayed Southern Peripheral Road (SPR). Once the SPR is completed, it is expected to reduce traffic pressure on Iffco Chowk, improve connectivity of new sectors and breathe life into around 50 real estate projects being developed along the road.

Southern Peripheral Road: The Upcoming Real Estate Hub of New Gurgaon

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The government is considering reducing the period for mandatory forest and environment clearances for new industry units. Earlier, it used to take 600 days to give green clearance to projects, which was reduced to 180 days now. This number may go further down.

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The Bareilly Development Authority (BDA) will be allotting around 250 flats to the economically weaker section (EWS) category across the district under the Prime Minister Aawas Yojna. Officials at the BDA said a private developer would be engaged in the construction work of these flats on the outskirts of the city. The cost of one flat is estimated to be around Rs 5 lakh.

Source: Media reports