#RealtyNewsRoundup: Haryana Govt Introduces Transfer Of Development Rights Policy
The Haryana government on July 8 came up with Transfer of Development Rights policy that would allow landowners to give land for the development of public infrastructure in the upcoming areas of Gurugram. These landowners in exchange would receive development certificate that developers could buy to carry out the development of their projects.
The Greater Noida authority has failed to complete the financial audits of over 56 projects in the city. These projects are owned by developers who have been accused of diverting funds collected from homebuyers. It was in 2017 that the authority was asked by Chief Minister Adityanath to audit accounts of 104 projects by private developers.
Consolidation in the real estate sector has brought down the number of developers in top nine cities in India to half between 2011 and 2018, says a report released by a market advisory. Cities, including Gurugram, Noida, and Chennai, have witnessed consolidation to the tune of 70 per cent each in the past eight years.
The Supreme Court on July 8 said that it would pass an order for the construction of the Delhi Metro’s 104-km Phase-IV as the project cannot wait. The SC quoted the Environment Pollution Control Authority (EPCA) report, according to which the approval for Phase-IV of has held up since 2014 due to a stalemate between the Centre and the Delhi government.
Source: Media report