#RealtyNewsRoundup: Maharashtra Receives Highest Realty Investment In 2016
The western state of Maharashtra has attracted the highest investment in the real estate and construction sector among the 21 major states of India, says industry body Assocham. The state accounts for 24.5 per cent of the total investment worth Rs 3.6 lakh crore till December 2016. According to the report, over 3,489 projects worth Rs 14.5 lakh crore are under various states of construction during that period.
The Yamuna Expressway Industrial Development Authority is going to set up informal service facilities to support the residential sector. Initially, these facilities will be set up in sectors 18 and 20. Also on the anvil are double-basement parking facilities under green belts. People belonging to the informal sectors will be allowed to set up milk, fruit and vegetable stalls and space will be given for vendor booths of skilled labour such as carpenters, plumbers, electrician, masons and painters, etc.
In a letter to the Slum Rehabilitation Authority (SRA), interim chairman of the Maharashtra Real Estate Regulatory Authority has said it is mandatory for all slum projects to be registered with the Real Estate Regulatory Authority. Under the provisions of the new real estate law, a developer cannot sell flats in a project unless it is registered with the authority within three months of the Act coming into force. The real estate law came into effect on May 1 this year.
Initial public offerings of state-owned Housing and Urban Development Corporation (HUDCO) got fully subscribed on the second day of the public offer itself. The offer received bids for 21,71,74,000 shares against the total issue size of 20,40,58,747 shares. The IPO of the company will close for subscription on May 11.
Sources: Media reports