#RealtyNewsRoundup: Highrises Can Come Up 100M From Defence Camps
In a big boost to the real estate sector, the defence ministry has finally decided to amend the 113-year-old Act that restricts the construction of buildings within 500 metres of military establishments. Under the revised law, the restriction has been trimmed down to only 100 metres for multi-storey structures and just 50 metres for single-storey houses. The Works of Defence Act, 1903, was coming in the way of real estate activity in metro centres such as Kolkata, where premium plots at upmarket locations were lying unused close to military camps that are not strictly strategic in nature.
Lender Housing Development Finance Corporation has reported a 16 per cent increase in its consolidated net profit to Rs 2,446.21 crore for the second quarter ended September. The total income during the quarter under review rose to Rs 14,504.72 crore from Rs 12,520.83 crore in the July-September period last financial year, HDFC said in a statement.
The Rajasthan High Court recently pulled up the Jaipur Development Authority (JDA) for mushrooming of illegal constructions in the city despite the existence of full-fledged agencies such as the enforcement wing and the vigilance department. The HC directed the urban body to file an affidavit elaborating on the action taken against the erring officials of the Vigilance and Enforcement wing for their failure to perform their duty.
Tata Capital, the financial services arm of the Tata Group, has joined hands with NGO Habitat for Humanity India for building 40 new homes for tribal families in Dahanu in Maharashtra. The project aims to support families with safe, secure and affordable housing.