#RealtyNewsRoundUp: Surat World’s Fastest Growing City, Says Report

Of the 20 fastest growing cities in the world between 2019 and 2035, 17 will be from India, says the report by Oxford Economics. While all Indian cities occupy the top 10 slots in the list, Gujarat’s key commercial centre and diamond processing hub Surat has been ranked as the fastest growing city in the world in terms of GDP, followed by Agra, Bengaluru, Hyderabad and Nagpur.

Meanwhile, the total wealth held by individuals in India is expected to touch Rs 517.88 lakh crore by FY23, growing at an annual rate of 16.99 per cent, according to India Wealth Report, 2018 by Karvy Private Wealth. Individual wealth in the country grew by 14.02 per cent year-on-year to touch Rs 392 lakh crore in FY18, according to the report.

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The Uttar Pradesh Real Estate Regulatory Authority has directed seven developers in Noida and Greater Noida to deliver projects that are delayed for 3-7 years or pay a penalty at a rate of 9.4 per cent to homebuyer. Together, these developers have to deliver over 21,000 units in the two cities.

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To meet its ambitious target of constructing one crore houses in urban areas by 2022 under the Pradhan Mantri Awas Yojana, the government will have to raise around Rs 1 lakh crore over the next three years, says rating agency Crisil. Of the 63 lakh houses that have been sanctioned under the scheme, only 12 lakh have been constructed while 23 lakh are under construction as of November, the agency says.

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The Telangana Real Estate Regulatory Authority (RERA) has extended the last date to register housing projects from December 7 to December 15. Real estate developers will have to pay a penalty of Rs 1 lakh instead of Rs 50,000 for as late fee for registration.

Source: Media reports