Panel to oversee RERA implementation

The government has constituted a committee to suggest recommendations to strengthen the real estate law RERA and to remove difficulties in its implementation, an official said earlier this week. The decision to form the committee, to be headed by Union Housing and Urban Affairs Joint Secretary Shiv Das Meena, comes months after the ministry organised four workshops where stakeholders, including home-buyers, had given suggestions for effective implementation of the Real Estate Regulatory Act (RERA).

RERA, which protects the interest of home buyers, empowers states to notify their rules and appoint regulatory authorities. As of now, 28 states and Union territories have notified rules under the real estate law. “The ministry has formed a committee under its Joint Secretary Shiv Das Meena. The panel will look into the suggestions received at the four workshops on RERA and then submit its recommendations to the ministry. “The committee will also consider whether there’s a need for changes under removal of difficulties of the central law’s clause,” the official said. 

If needed, the committee may suggest amendments to RERA, he said, adding that the panel will hold its first meeting on January 3. — PTI 

Saya Homes to invest Rs 450 crore on its maiden retail venture

Ghaziabad-based realty group, Saya Homes,  will be investing Rs 450 crore on its maiden retail venture – SAYA South X, in Greater Noida (West). The group has also launched its high-street retail project in Sector Ecotech 12, Greater Noida West. The project will primarily be a high-street retail development with a total plot area of 12,000 sq meter and saleable area of 6.85 lakh sq ft.  

SAYA South X will comprise retail shops, banquets, 6-screen multiplex, themed restaurants and over 300 business suites. With a total of 818 shops, the project will also have a provision for mechanical car parking space across 2 levels. 

The average price of units will be Rs 15,000 per sq ft and will vary according to floor and facilities. 

Speaking on the occasion, Vikas Bhasin, CMD, Saya Homes, said, “The funds for construction of SAYA SOUTH X would be met by equity, debt and internal accruals which is being planned.”    

The project is likely to be completed within 42 to 48 months. — TNS

CLSS scheme extended till March 2020

According to an announcement made in this regard by the Housing and Urban Affairs Ministry on January 1, the Credit Linked Subsidy Scheme (CLSS) for mid-income-group (MIG) has been extended by another 12 months, till March 2020.

Under the CLSS, the Indian Government provides a subsidy of up to Rs 2.67 lakh on home loans.Initially the CLSS for MIG scheme had been launched for 12 months, till December 2017. The dwelling unit carpet area was initially revised to ‘up to 120 sq.m’ and ‘up to 150 sq.m’ for MIG I and MIG II, respectively in November 2017 and was further increased it to ‘up to 160 sq.m’ and ‘up to 200 sq.m’ for MIG I and MIG II  respectively  in June 2018. Commenting on the development Niranjan Hiranandni, President NAREDCO, said, "This is a welcome New Year Gift, it will benefit the Middle Income  Group (MIG) home seekers the most. "  

Till December 30, 2018, around 3,39,713 beneficiaries had availed of the CLSS under the PMAY (Urban). "We estimate one lakh beneficiaries by March 2019, and possibly 2 lakh more beneficiaries by March 2020. This extension up to March 31, 2020 has the potential to help make many a dream home into a reality," he added.