#RealtyNewsRoundup: PMC Receives 1.5 L PMAY Applications

The Pune Municipal Corporation (PMC) has announced that it has received more than 1.5 lakh applications under the affordable housing scheme, Pradhan Mantri Awas Yojana (PMAY). Of the total number, 1.13 lakh applications were filed online while the remaining 39,000 were received offline. The civic body will hold the first round of lottery by October end.

Also Read: How PMAY Is Useful For You Even If Your Parents Own A Home.

***

After real estate developer Jaypee Infratech filed an insolvency plea at the National Company Law Tribunal (NCLT) on Aug 11, the Noida Authority has announced that the case would not hamper the construction of the developer's delayed projects. According to authority's CEO Amit Mohan Prasad, 500 units at Jaypee's mega-housing project Wish Town (Sector 128) could be delivered in September.

***

According to a recent report by the Economic Survey, the foreign direct investment (FDI) in the construction sector has witnessed a drop of 59 per cent to USD 1.9 billion during financial year 2016-17 despite the relaxation of norms. The survey also mentions that the real estate sector is undergoing a slowdown causing a dip in home sales as well as new launches in 2016, delay in project completion and rise in debt of developers.

***

A blanket ban has been imposed on the sale deed of unauthorised plots used for development in the upcoming Smart City area.  These include such properties in Pardi, Bharatwada, Punapur and Bhandewadi in east Nagpur. The announcement has been made by the Smart City special purpose vehicle (SPV) — Nagpur Smart and Sustainable City Development Corporation Limited (NSSCDCL).

Source: Media Reports