Welcome back to the Weekly News Roundup! Let’s see what’s in the bulletin for this week.
The unsold inventory is increasing at a high rate. As per the report the available audited finances of the top 25 developers for FY19, they were sitting on unsold inventory worth nearly Rs 1.4 trillion at the end of March this year, up 19 percent year-on-year (YoY). In comparison, the industry’s combined revenues were down 7.2 percent in the last fiscal year, while net profits rose 7.7 percent.
As the election is around the corner, the Maharashtra government fuelling up Mumbai’s real estate industry. After providing a Rs 2,200-crore fiscal package for the city’s realty industry last month, the Government has uncovered another stimulus package for the sector. The Government has also lowered the interest payable on premium installments collected from developers in lieu of additional buildable space and concessions availed for construction projects.
The central government is incessantly making efforts to boost the real estate sector. Now the government is projected to provide relief to mere 2.5 lakh units across the top 7 cities. The Finance Ministry recently announced the setting-up of a special window of Rs 10,000 crore for last-mile funding of distressed affordable and mid-segment homes.
India on the verge of water crisis. The Magsaysay award-winning conservationist and environmentalist Rajendra Singh said that ‘’ more than 70 percent of India’s aquifers have dried up, signifying a crisis so grave it may lead people to seek refuge in water-rich countries.’’
The Noida Authority cancelled the lease deed of three banks, a hotel and an individual allottee for non-clearance of revenue dues towards the Authority. These include State Bank of India (SBI), B block sector 2 which owes Noida Authority a sum of Rs 144.13 crore, Canara Bank which owes Rs 6.16 crore and Vijaya Bank owes Rs 1.67 crore in sector 6.
That was all for this week, we’ll be back next week until then stay updated and save every drop of water.