#RealtyNewsRoundup: SC Puts Karnataka Govt's Akarma-Sakrama Scheme On Hold [Video]
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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
In a big setback to the Karnataka government, the Supreme Court has put on hold the controversial Akrama-Sakrama scheme which allows regularisation of illegal constructions. The scheme primarily targets Bengaluru, where the municipal corporation had identified over 1.54 lakh properties with illegalities and expected to mop up revenues of over Rs 400 crore in penalties.
In a bid to map property in Mumbai, the 110 sq km of the Panvel City Municipal Corporation has decided to use drones, light detection and ranging cameras, and cell phones to be placed on Geographic Information System platform. This will help capture the carpet area of each property and the same will be used for calculation of property tax.
To boost investor interest, the Securities and Exchange Board of India has allowed Indian mutual funds to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). A fund would not be able to invest more than 5 per cent of its net asset value in units of a single issuer of REIT or InvITs, the market regulator said.
The Hyderabad Metropolitan Development Authority has proposed to implement a land pooling scheme to curb unauthorised layouts and ensure a planned growth of the area. Under the scheme, individual land owners will voluntarily give at least 50 acres to the authority, which will develop the area by building roads, drains, and other infrastructure. In return, the land owners will get developed plots --each individual is expected to get up to 97,200 sq m for each acre of land contributed to the scheme.
Source: Media reports