#RealtyNewsRoundup: RBI Caps Banks’ Exposure To Real Estate Trusts At 10%
In a move that could trigger fresh flow of funds in India’s cash-starved infrastructure sector, the Reserve Bank of India has permitted banks to invest up to 10 per cent of unit capital of a Real Estate Investment Trust (REITs) and Infrastructure Investment Trust. In its first bimonthly monetary policy of 2017-18 on April 6, the Central bank had allowed banks to invest in two real estate trusts.
According to media reports, the railways has decided to rehabilitate about 12 lakh slum dwellers occupying about 78 hectares of its land in Mumbai. These illegal occupants will be rehabilitated on the same land. Suresh Prabhu’s ministry will be completing this task with the help of Maharashtra’s Slum Rehabilitation Authority.
Popular for its destinations developments, real estate major Hiranandani Communities has now decided to try its hands on luxury housing. According to media reports, the group will be developing two luxury projects near Mumbai’s Alibaug and Khandala at a cost of Rs 6,000 crore. The company will be developing an overall area of 800 acres in a phased manner, reports say.
Here is some good news for Delhi Metro travelers. Come June and they will be traveling in brand-new trains that can run driver-less. The Delhi Metro Rail Corporation plans to run the new trains on the Pink and the Magenta lines first.