#RealtyNewsRoundUp: India 96th Among 162 Countries In Economic Freedom

India has been placed at the 96th spot among 162 countries at an index mapping economic freedom. The index was released by the Centre for Civil Society (CCS) along with Canada’s Fraser Institute. Last year, India was placed 98. This year, India improved its score on parameters such as legal system and property rights, access to sound money, freedom to trade internationally and regulation of credit, labour and business. However, its score declined in size of the government.

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The Haryana government will develop five new cities over an area of 50,000 hectares on each side of the Kundli-Manesar-Palwal (KMP) expressway. The expressway, which will provide an alternative route to vehicles to go towards Uttar Pradesh and Rajasthan without entering Delhi, is likely to be completed on October 31 this year. The state Cabinet also accorded approval to the Panchgram Development Bill, 2018, for developing Panchgram Development Authority.

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The Maharashtra government will offer additional floor space ratio (FSI) of up to 70 per cent of the total existing build-up area if more than five tenanted building plots are amalgamated for joint redevelopment. This will ensure that the existing occupants of such buildings get up to 12 per cent additional carpet area in their new flats. Eligible tenants — those residing before 1996 —of such buildings are entitled to a minimum 300 sqft carpet area.

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Haryana will allow real estate developers to pay external and internal development charges (EDC and IDC) in installments as it looks to recover dues that have reached a mammoth Rs 20,000 crore. The developers will, however, have to pay interest on the installments. The Haryana Town and Country Planning Department has amended a policy in this regard that was notified on September 21. 

 Source: Media reports