#RealtyNewsRoundup: Housing Affordability Worsened In Past 4 Years, Shows RBI Survey
Housing in India has become less affordable in the past four years as the house price-to-income (HPTI) ratio increased from 56.1 in March 2015 to 61.5 in March 2019, data available with the Reserve Bank of India show. According to the quarterly Residential Asset Price Monitoring Survey (RAPMS), Mumbai is the least affordable whereas Bhubhaneswar is the most affordable market across the country.
Housing Minister Hardeep Singh Puri told the Lok Sabha over 20,000 complaints of homebuyers across the country had been resolved by the Real Estate Regulatory Authorities (RERA) until June. The highest number of complaints was resolved in Uttar Pradesh and Maharashtra at 5,989 and 5,028, respectively.
The Centre on July 11 told the Supreme Court that it was working on a uniform proposal to address the grievances of all the affected homebuyers who have invested in Jaypee Infratech’s stalled projects. The apex court assured that it in case the grievances are not addressed or the tribunal fails to come to a conclusion, it might use its plenary power under Article 142 of the Constitution to protect the interests of over 21,000 homebuyers.
The Lucknow Development Authority will soon start the online process of approving building maps of upcoming commercial and residential projects in the city. The new site will be up and running by the end of the month and will provide approvals within a few hours if the map conforms to building bylaws.
Source: Media reports