#RealtyNewsRoundup: Home Sales Decline 5% In Q4’FY19, Says PropTiger Report

Property sales in India’s top nine real estate markets witnessed a five per cent annual drop in the fourth quarter of the financial year 2019 (Q4’19) while new launches declined 34 per cent during the same period, shows PropTiger.com’s Realty Decoded report. Unsold housing stock during the same period declined 10 per cent, hitting a three year low amid an improvement in inventory profile, data show.

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Acting against the rising land-grab cases, the Municipal Corporation of Gurgaon (MCG) has started identifying and marking its properties with a unique code. The code will be attached to properties, including empty plots and buildings, with a total area of over 2,500 acre. The process will be completed in the next 15 days.

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The Ghaziabad Development Authority (GDA) has announced an increase in fee for construction beyond the set layout. For residential category, the compounding fee for an area between 100-1,999 square metre (sqm), has been increased by Re 1 per sqm. Applicable to residential, commercial and office properties, the new charges are applicable retrospectively from April 1.

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With the rising cases of illegal waste dumping in the city, the Noida Authority plans to take action against defaulting bars, restaurants and food joints. Illegal dumping chokes the city’s master sewer network adversely impacting sanitation among residents, visitors and traders. The authority plans to impose heavy fines on those caught and file an FIR if the offence is repeated.

Source: Media reports