#RealtyNewsRoundup: Real Estate Act Finalised

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

Urban Development Minister M Venkaiah Naidu has said the Centre has finalised the rules for the Real Estate (Regulation and Development) Act, 2016, which will be communicated to the states soon. Emphasising that the Act brings in transparency and accountability in the real estate sector, he urged the private sector to join hands with the Centre to meet the shortage of houses in the country.

The Uttar Pradesh government has given its in-principle nod to the construction of four new bridges across the River Hindon to improve connectivity between Noida and Greater Noida. These bridges will not only bring the two cities closer but also provide seamless connectivity to Faridabad, Ghaziabad and Delhi. The cost of the project, estimated to be Rs 220 crore,  will be shared by Noida and Greater Noida authorities.

Cash-strapped Haryana Urban Development Authority (Huda) has managed to auction three school sites in Gurgaon's sectors 47, 56 and 52 for Rs 135 crore. Huda officials described the sale of three sites as a major turnaround for the authority as it has been battling with a steep financial crisis.

Hollywood actor Kim Kardashian's younger sister Kylie Jenner has bought another mansion in Los Angeles. Located at the Hidden Hills neighborhood, the house is worth $12 million. The 13,200-square-foot Cape Cod-style house has eight bedrooms, 11 bathrooms and sits on 1.4 acres of land. Just a few months back, Jenner had spent $6 million to buy a mansion in the same neighborhood.

Source: Media reports