Nine Smart Cities Announced in the Fourth Round

Feb 5,2018 / By Priyanka / No Comment

Recently, the Ministry of Housing and Urban Affairs has publicized a new list of nine smart cities taking the total number to 99. Of the nine cities, 3 are from Uttar Pradesh, 1 from Bihar, 1 from Tamil Nadu, 1 from Daman & Diu, 1 from Arunachal Pradesh and 1 from Lakshadweep.

Below is the list of nine cities announced in the fourth round

Silvassa, Dadra, and Nagar Haveli
Erode, Tamil Nadu
Diu, Daman & Diu
Biharsharif, Bihar
Bareilly, Uttar Pradesh
Itanagar, Arunachal Pradesh
Moradabad, Uttar Pradesh
Saharanpur, Uttar Pradesh
Kavaratti, Lakshadweep

A senior official said Shillong will be the 100th Smart City provided it submit its proposal to the Centre in next three months. The official further added that the nine cities were selected from 15 cities that had submitted their proposals to the ministry.

Uttar Pradesh’s Ghaziabad, Rampur, Meerut and Rae Bareli were among cities that were unsuccessful to get the Smart City tag. But Silvasa topped the list of winners in this round.

These cities have proposed to take up the various project, including “smart” roads, cycle tracks, walking paths, smart classrooms, rejuvenation of water bodies, skill development centers, up gradation of health facilities and pan-city projects like integrated command control center.

These cities have planned 409 projects which would get around 61 percent funding from the Centre and the state, according to the Union Housing and Urban Affairs Minister Hardeep Singh Puri.

In January 2016, 20 cities were announced under the Smart Cities mission, followed by 13 cities in May 2016, 27 cities in September 2016 and 30 cities in June 2017. The total proposed investment in the 99 Smart City Mission would be Rs 2.03 lakh crore

Key features
So, what would smart cities of future do? According to the ministry, they would

• Provide equal housing opportunities for all
• Endorse mixed land use in area-based developments
• Preserving and evolving open spaces
• Promoting a variety of transport options
• Provide a new identity to the city
• Applying smart solutions to infrastructure and services in area-based development to expand them
• Create walkable localities and lessen blocking, air pollution, and resource depletion, apart from improving local economy
• Make governance citizen-friendly, technologically advanced and cost-effective

Budget 2018-2019 Real Estate News Smart Residential Living

What Budget 2018 have for the Real Estate Sector

Feb 3,2018 / By Priyanka / No Comment

Arun Jaitley, the Finance Minister of India on Thursday presented his fourth budget.

Here is what the finance minister broadcasted in Budget 2018:

Affordable Housing funds
The government will also start a dedicated Affordable Housing Fund (AHF) in National Housing Bank funded from a priority sector lending deficit and fully serviced bonds sanctioned by the Government of India.

National Housing Bank

National Housing Bank Act is being altered to transfer its equity from the Reserve Bank of India to the Government. National Saving Certificate Act, Provident Fund Act, and Indian Post Offices Act are being incorporated and certain added people-friendly measures are being announced.

To provide the Reserve Bank of India an instrument to accomplish excess liquidity, Reserve Bank of India Act is being amended to institutionalize a Uncollateralized Deposit Facility.

Securities Contracts (Regulation) Act 1956, Depositories Act 1996, Securities and 23 Exchange Board of India, Act 1992 are being amended to simplify adjudication procedures and to provide for penalties for certain violations. These proposals are in the Finance Bill.

REITs

The Government and market regulators have taken essential measures for expansion of monetizing vehicles like Real Investment Trust (REITs) and Infrastructure Investment Trust (InvIT) in India. From next year, the Government would launch monetizing select CPSE assets using InvITs from next year.

Circle Rates

Currently, while taxing income from business profits, capital gains and other sources related to transactions in immovable property, the consideration or circle rate value, whichever is higher, is accepted and the difference is calculated as income both in the hands of the seller and purchaser.

Sometimes, this variation can occur in respect of different properties in the same region because of a variety of factors including the shape of the plot and location.

In order to minimalize hardship in real estate transaction, Mr. Arun Jaitley projected that no adjustment shall be made in a case where the circle rate value does not surpass 5% of the consideration.

Smart Cities

Smart Cities Mission aims at building 100 Smart Cities with state-of-the-art facilities. 99 Cities have been already selected with an expenditure of Rs 2.04 lakh crore. These cities have started executing various projects like Smart Roads. Solar Rooftops, Smart Parks, Intelligent Transport Systems, Smart Command, and Control Centre.

Projects worth Rs 2,350 crore have been completed and works of Rs 20,852 crore are under development. To preserve and regenerate soul of the heritage cities in India, National Heritage City Development and Augmentation Yojana (HRIDAY) has been taken up in a major way.

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Nine Smart Cities Announced in the Fourth Round

What Budget 2018 have for the Real Estate Sector