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Old Posted Dec 13, 2015, 9:01 AM
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BolliBatlu BolliBatlu is offline
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Smart cities, housing for all flavour of 2015 in urban sector
A slew of mega projects worth over Rs 4 lakh crore for developing smart cities and towns and providing housing for all in the next seven years besides proposed amendments in real estate rules marked 2015 for the urban development sector.

The government approved various amendments to the contentious Real Estate (Regulation and Development) Bill, 2015, introducing provisions for depositing 70 per cent of the project cost by builders into an escrow account and punishment for violations of the proposed law.

The amendments are aimed at protecting the interest of the buyers and promoting investments in the sector while ensuring transparency.

Another major reform introduced was allocation of central assistance to states and Union Territories based on total urban population and number of statutory urban local bodies besides number of urban poor and slum dwellers in each state.
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