#RealtyNewsRoundup: States Tweak RERA, Centre Forwards Matter To House Panel [Video]
Amid reports that key provisions of the new real estate Act have been diluted by a few states, the central government has forwarded the rules notified by states to a House committee for examination. Minister of State for Housing and Urban Poverty Alleviation Rao Inderjit Singh said action had been taken after the ministry had received several complaints that many states had reportedly diluted key provisions of the Act to favour developers.
Meanwhile, the Real Estate Regulatory Authority (RERA) will start functioning in Madhya Pradesh from May 1. Under the new law, the details of all commercial and residential projects will be available online.
The Andhra Pradesh government plans to raise Rs 2,000 crore through an issue of infrastructure bonds, the first by any state, to build capital Amravati. The state had mobilised over 35,000 acres of land through an innovative land pooling model to build the capital.
To explore the option of value housing in the backdrop of government’s recent thrust on affordable housing, Sunteck Realty is forming a new vertical to foray into the segment by investing up to Rs 1,000 crore over the next two years at Thane, Kalyan and Navi Mumbai.
Source: Media reports