The housing and urban affairs ministry will approach the Cabinet to take approval on its proposed model tenancy law at the earliest, and based on this legislation, states or Union Territories can frame their own new law or amend the existing one.
The Centre has proposed a "model tenancy law" under which the landowner will give a notice in writing three months before revising rent, a move aimed at regulating renting of premises in the country.
Realty firm Vatika Ltd Tuesday said it has repaid loans worth Rs 500 crore to Indiabulls Housing Finance and HDFC by monetising its land bank and commercial assets.
The Supreme Court on Tuesday asked the Centre to come out with a "uniform" proposal for all cases to resolve the difficulties being faced by lakhs of homebuyers who have not yet got possession of flats.
Housing sales in eight major cities increased marginally by 4 per cent to 1.29 lakh units during the first half of this calendar year, largely driven by rise in demand of affordable homes, according to property consultant Knight Frank.
The demand for housing units worth up to Rs 45 lakh will rise on account of additional Rs 1.5 lakh tax deduction provided in the Budget on interest paid on housing loans sanctioned this fiscal to first-time homebuyers, property developers and consultants Friday said, while hailing proposals to promote rental housing and improve liquidity of NBFCs.
She further said that the time taken to complete construction of houses under the PMAY is reduced to 114 days from 314 days in 2015-16 due to use of direct benefit transfer (DBT) platform.
Private equity investment in real estate rose 26 per cent in the first half of this year to $3.9 billion (nearly Rs 28,000 crore) driven by higher inflow in commercial and warehousing projects, according to property consultant Colliers.
The Telangana government has plans to develop budget hotels in all district headquarters and introduce boating facilities at lakes in order to attract more tourists, a senior official said.