#RealtyNewsRoundUp: Housing Ministry Proposes Stress Fund For Stuck Noida Projects
Description
The Ministry of Housing and Urban Affairs (HUA) has urged the Ministry of Finance to create a stress fund to complete stalled housing projects in Noida and Greater Noida. According to private estimates, about three lakh buyers are waiting for their housing units in Noida, Greater Noida and Yamuna Express areas.
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The newly notified new Development Plan (2014-34) of Mumbai has come a shocker to builders and architects as some of the construction benefits have been withdrawn. The additional floor space index (FSI), which was offered earlier does not find a mention in the new notification.
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In a global ranking of 300 fastest growing and best performing metro areas, India’s national capital has ranked sixth, right behind Beijing. According to a Brookings study titled Global Metro Monitor, top three metros are Dublin, San Jose and Chengdu (China). Hyderabad (14) Surat (19), Mumbai (23) and Bengaluru (46) are also among the best performing metros in the world.
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In October, the Noida Authority will start the process of auctioning as many as 400 residential plots. Since there is no fresh developable land in the city, this could be last residential plot auction for the city. Key sectors where the plots are located include sectors 44, 45, 46, 47 and 115. The process of the sale is expected to start next month.
Source: Media reports