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CHIEF MINISTER’s JAN AWAS YOJANA-2015 With Focus on EWS & LIG Housing

Right to adequate housing is a basic human right as shelter is a basic human need.
Provision of adequate housing is emerging as a major thrust area for Government of
India as well as the State Governments. Government of Rajasthan also accords a very
high priority to this task. With increase in cost of land, building materials, labour and
infrastructure, positive encouragement to affordable housing has become necessary for
the economically weaker and low income groups. Hence the role and intervention of the
State Government becomes important.
Sustainability of environment and development cannot be achieved without adequate &
Affordable Housing. Creation of a large stock of housing at affordable prices for all is not
a simple technological issue or a mere problem of the finance. It is a complex amalgam of
a host of factors, which need to be tackled at all levels and in a synchronized manner.
The goal to provide Affordable Housing to all has an economic and social significance.
Rajasthan has the largest area in the country which is 10.41% of the country’s area. As per
the 2011 census, urban population in Rajasthan is 24.8%.
At the National level, the total housing shortage in urban sector is estimated as 18.70
million, out of which more than 90 percent shortage is of EWS/LIG housing. In
Rajasthan total housing shortage in the urban sector was estimated to be 1.05 million by
Technical Group on Housing Shortage, constituted by Govt. of India out of which more
than 85% is in the EWS/LIG category.
Due to rapid pace of urbanization, increasing rural to urban migration and gap between
demand and supply, especially in EWS/LIG category there is a growing requirement for
shelter and related infrastructure in urban areas of Rajasthan. It is felt that policy
intervention is needed to bridge this gap in housing demand and availability. Shortage of
affordable housing is emerging as a major challenge for the Government and is sought to
be tackled through a series of measures and policy guidelines.

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Sebi orders Bharatiya Real Estate to refund investor money

Capital markets regulator Sebi has ordered Bharatiya Real Estate Development and its directors to refund the money it had illegally raised by issuing redeemable preference shares (RPS).

The company has been directed to refund the money raised through RPS along with an interest of 15 per cent per annum.

Besides, the firm and its directors have also been barred from the capital market for a period of four years.

A Securities and Exchange Board of India (Sebi) probe found that the company had mobilised Rs 99.06 lakh by issuing RPS to 294 investors between 2011-2013.

Since the shares were issued by the firm to more than 50 people, it qualified as a public issue that requires compulsory listing on recognised stock exchanges. The company and its directors were also required to file a prospectus, among other things, which they failed to do.

The firm and its directors are “restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, with immediate effect “, the order said.

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Property bubble bursts

Real estate prices in investor-driven markets such as UP’s Noida, Navi Mumbai, Ludhiana, Chandigarh andGurgaon’s Dwarka Manesar Expressway have seen more than 10 percent pricecorrection due to all-around liquidity squeeze, dearth of buyers and erosion of investor faith in the property market.
In areas like Ulwe outside Mumbai where massive housing projects are coming up or already constructed, prices have remained flat as apartments here are unsold or have been bought by investors hoping to flip it for easy profit. The same is true for highly speculative markets such as Noida and Ludhiana too where there is a dearth of genuine buyers and investors are looking to exit from projects.
Today’s Economic Times notes that the first signs of a bubble bursting in this investor market are finally here as a 1,100 sq ft apartment in Noida Extension that cost around Rs 42 lakh a few months ago can today be bought for around Rs 37 lakh, while a 1,200 sq ft apartment can be had for Rs 77 lakh compared with Rs 86 lakh six months ago near Gurgaon’s Dwarka Manesar Express.
Quoting property agents in Gurgaon and Delhi, the report saysbuilders today are willing to throw in 10 percent discount. With a little bit of push, they are even offering get 5-6% worth of freebies such as free furniture or ACs, free parking or top-notch flooring etc in these investor-driven markets.

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Realty Markets turnaround may start 2016

MUMBAI: Most property markets are expected to see turnaround and start pricing in a volume recovery in second half of 2016 at the earliest, said Bank of America Merrill Lynch in a report. It expects the stock markets to start pricing in a volume recovery similar to 2009, supported by further interest rate cuts by the Reserve Bank of India in future.

Since January, the central bank has reduced interest rate by 125 basis points including 50 basis point reduction in September.