India has an estimated urban housing shortage of 18.8 Million dwelling units. The housing shortage in rural India is estimated at 47.4 Million units, in 2012.
Present levels of urban infrastructure are inadequate to meet the demands of the existing urban population. There is need for re-generation of urban areas in existing cities and the creation of new, inclusive smart cities to meet the demands of increasing population and migration from rural to urban areas. Future cities of India will require smart real estate and urban infrastructure.
The Government of India is in the process of launching a new urban development mission.
This will help develop 500 cities, which include cities with a population of more than 100,000 and some cities of religious and tourist importance.
These cities will be supported and encouraged to harness private capital and expertise through PPPs, to holster their infrastructure and services in the next 10 years.
100 smart cities are planned.
To provide quality urban services on a sustainable basis in Indian cities, the need of the hour is that urban local bodies enter into partnership agreements with foreign players, either through joint ventures, private sector partners or through other models.
30 April 2016
Real Estate Act comes into force tomorrow after 8 year long efforts
Countdown for making operational rules, setting up Regulatory Authorities, Appellate Tribunals begins.
Rules to be made within a maximum period of 6 months; Authorities and Tribunals in one year
Ministry of HUPA begins work on preparation of model Rules under the Act .
Central Government notifies 69 relevant Sections initiating action under the Act
States can provide protection to home buyers before the outer limit of one year and three months
Updated 1 May 2016, 9 Jan 2016, 15 Feb 2015