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  • Re : Indian Real Estate News

    Government prepares plan to hive off surplus land of PSUs

    In the Budget, finance minister Nirmala Sitharaman had proposed an SPV in the form of a company to monetise non-core assets, which is largely surplus land of ministries, departments and PSUs. File photo

    NEW DELHI: After unveiling the Rs 6-lakh-crore asset monetisation programme, the government has accelerated efforts to hive off surplus land and will soon seek Cabinet approval for setting up a specialised entity (special purpose vehicle, or SPV) to undertake such transactions for state-run companies, ministries and departments.

    The entity will also handle land transactions of state-run firms that have closed or are facing closure. The government has been toying with multiple models to monetise land for the last four-five years but seems to have finally moved towards implementing the decision.

    “We are finalising the details and, in the next 10 to 15 days, we will approach the Cabinet for approval of this SPV that was announced in the Budget,” a senior government official said.

    In the Budget, finance minister Nirmala Sitharaman had proposed an SPV in the form of a company to monetise non-core assets, which is largely surplus land of ministries, departments and PSUs. “Monetising of land can either be by way of direct sale or concession or by similar means. This requires special abilities and for this purpose,” she had said while proposing the SPV.

    The official said the new entity will undertake land transactions for PSUs and other government agencies for a fee and will act as an agency where land assets will be pooled before being sold off. He said several PSUs that are on the verge of privatisation, such as Air India and BEML, are in the process of hiving off non-core assets, including land and buildings. Selling off surplus land as well as building and apartments is also being explored by two telecom PSUs BSNL and MTNL as part of the restructuring process.

    The official said under current conditions, lack of capacity in undertaking transactions linked to government land had delayed the process. The new entity will be staffed with domain experts as well as people who are trained in complex transactions.

    State-run NBCC had undertaken some transactions by selling off surplus land and using the proceeds to build accommodation for government employees as well as commercial space.

    Monetisation of land has been a contentious issue as cautious civil servants have been dragging their feet on accelerating such transactions. Several transactions have been delayed for years.









    Government prepares plan to hive off surplus land of PSUs, Real Estate News, ET RealEstate (indiatimes.com)
    Last edited August 29 2021, 01:08 PM.
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    • Re : Indian Real Estate News

      Tata Realty acquires entire equity stake held by Actis in Intellion Square

      Post the transaction, TRIL now owns 100% stake in TRIL IT4, which owns and operates an I.T. building, located in Malad.
      NEW DELHI: Tata Realty & Infrastructure (TRIL) has acquired entire equity share held by Actis TREIT Holdings No. 2 (Singapore) and 416 Listed NCDs held by Actis TREIT Holdings No. 1 (Singapore) in TRIL IT4 now called Intellion Square situated in Mumbai in an all cash deal, the company said in a media release.

      A securities purchase agreement was executed between all the parties. TRIL IT4 is part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities.

      Post the transaction, TRIL now owns 100% stake in TRIL IT4, which owns and operates an I.T. building, located in Malad. TRIL IT4 is a roughly 0.8 million sq ft completed I.T. building leased to tenants largely from the technology & BFSI sectors. IT4 claims to have an occupancy of about 90%.

      Sanjay Dutt, MD & CEO, TRIL said, "This deal is in line with our endeavour and expansion strategy for our commercial portfolio.With this successful exit, TRIL has demonstrated its capability to create shareholder value for pre-eminent investor partners."

      The transaction is the second office exit by Actis during the Covid-19 pandemic. Actis had completed another exit last year in Seoul, Korea.








      tata realty: Tata Realty acquires entire equity stake held by Actis in Intellion Square, Real Estate News, ET RealEstate (indiatimes.com)
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      • Re : Indian Real Estate News

        Real estate assets' information to be included in third set of Swiss bank details

        India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
        NEW DELHI | BERNE: India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians there, officials said on Sunday.

        Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.

        The move assumes significance on the part of Switzerland as well as the European Alpine nation is trying hard to reposition itself as a key global financial centre while warding off the long-persisting perception about the Swiss banking system being an alleged safe haven for black money.

        While it would be the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time that the information being shared with India would include information about the real estate assets.

        While the Swiss government has agreed to share details of real estate assets, the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the automatic exchange of information framework, officials said.

        Experts and those engaged in the business of attracting investments to Switzerland said the move would help clear misconceptions about all fund inflows into Swiss assets being illicit and would go a long way in establishing Switzerland as a preferred investment destination, including for real estate properties.

        Himanshu, Founder and CEO of Switzerland For You SA, the parent firm of IDDI Investments, which is engaged in the business of attracting investments from India and other countries to Switzerland including in startups and real estate, said transparency has its own virtues and the proposal of the Switzerland government to share information about property ownership of foreign clients with other countries including India is welcome.

        "We find no valid reason for Swiss authorities to hide such information. After all, the ownership of property is not something which can be kept under wraps," said the India-origin entrepreneur who goes by his first name only and is settled in Geneva for many years.

        "Sharing of such information with other countries under AEOI will bring in more transparency and act as deterrence for those intending to buy Swiss properties from ill-gotten wealth. The move will go a long way in making Switzerland an attractive investment destination," he added.

        India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in September 2019. It was among 75 countries to get such information that year.

        In September 2020, India received the second set of Swiss bank account details of its nationals and entities, along with 85 other recipient countries with whom Switzerland's Federal Tax Administration (FTA) exchanged information on financial accounts within the framework of global standards on AEOI last year.

        From this year, Switzerland's Federal Council, the country's top governing body, has decided to implement a key recommendation of the Global Forum on Transparency and Exchange of Information for Tax Purposes, under which Swiss authorities will also share details about investments made by foreigners in the Swiss real estate sector.

        However, some other recommendations of the Global Forum, including about sharing of information on digital currency accounts and contributions made to foundations and non-profit organisations are yet to be accepted and therefore those details would not be shared by Switzerland with India or any other countries for now.

        Hectic lobbying is underway globally to convince Switzerland to start sharing information about digital currency accounts and contributions made to non-profit entities as well.

        In each of the last two years, Switzerland has shared details about nearly three million financial accounts with various jurisdictions, while the count is expected to be higher this year.

        For the last two years, India has been among prominent countries with which Switzerland has shared details about financial accounts of clients of Swiss banks and various other financial institutions, while it is also expected to figure high this year with regard to details about real estate properties.

        Resident and non-resident Indians, as well as Indian companies, would account for a sizeable number in the overall list of those figuring in this year's exchange of information by Switzerland, officials privy to the development said.

        Besides, Swiss authorities have already shared information about more than 100 Indian citizens and entities so far this year on receipt of requests for administrative assistance in cases involving probes into financial wrongdoings including tax evasion, the officials added. This count has been similar in the past few years.

        These cases mostly relate to older accounts that might have been closed before 2018, for which Switzerland has shared details with India under an earlier framework of mutual administrative assistance as Indian authorities had provided prima facie evidence of tax-related wrongdoing by those account holders. AEOI is applicable only to accounts that are active or were closed during 2018.

        Some of these cases relate to entities set up by Indians in various overseas jurisdictions like Panama, the British Virgin Islands and the Cayman Islands, while the individuals include mostly businessmen and a few politicians and erstwhile royals as well as their family members.

        The officials, however, refused to share details about the exact number of accounts or the quantum of assets held in the accounts held by Indians, for which the information has been shared with India, citing strict confidentiality clauses governing the exchange framework.

        The information shared by Swiss authorities includes identification, account and financial information, such as name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.

        The exchanged information allows tax authorities to verify whether taxpayers have correctly declared their financial accounts in their tax returns.

        The 86 countries covered under the AEOI in 2020 included 11 new jurisdictions -- Anguilla, Aruba, Bahamas, Bahrain, Grenada, Israel, Kuwait, Marshall Islands, Nauru, Panama and the United Arab Emirates -- in addition to a list of 75 countries, with whom information was shared in 2019.

        Switzerland's first such exchange took place at the end of September 2018 and involved 36 countries, but India did not figure in the list at that time.

        Nearly 10,000 entities, including financial institutions such as banks, trusts and insurers, as also condominium and apartment owners' associations are expected to have shared details about their overseas clients with the Federal Tax Authority of Switzerland for further sharing with foreign jurisdictions.

        Switzerland has committed itself to adopt the global standard for the international automatic exchange of information in tax matters. The legal basis for the implementation of AEOI in Switzerland came into force on January 1, 2017.

        However, AEOI only applies to accounts that are officially in the name of Indians and they might include those used for business and other genuine purposes.

        The Global Forum of the Organisation for Economic Cooperation and Development (OECD) reviews AEOI implementation.

        According to experts, the AEOI data received by India has been quite useful for establishing a strong prosecution case against those who have any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets.

        On condition of anonymity, several officials said the details relate mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.

        A Swiss delegation was in India in August 2019 before the first set of details could get shared and the two sides also discussed possible steps to expedite the execution of tax information-sharing requests made by India in specific cases.

        It is feared many Indians might have closed their accounts after a global crackdown on black money led to Switzerland buckling under international pressure to open its banking sector for scrutiny to clear the long-held perception of Swiss banks being safe haven for undisclosed funds.

        Switzerland agreed to AEOI with India after a long process, including a review of the necessary legal framework in India on data protection and confidentiality.












        black money in Switzerland: Real estate assets' information to be included in third set of Swiss bank details, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Indian Real Estate News

          Sobha appoints Yogesh Bansal as CFO

          ​​In a regulatory filing, the company informed that the Board of Directors at the meeting held on Saturday appointed Yogesh Bansal as the Chief Financial Officer.
          • PTI
          • September 19, 2021, 12:07 IST

          NEW DELHI: Realty firm Sobha Ltd on Saturday announced the appointment of Yogesh Bansal as the company's chief financial officer.

          In a regulatory filing, the company informed that the Board of Directors at the meeting held on Saturday appointed Yogesh Bansal as the Chief Financial Officer.

          Bansal is a qualified Chartered Accountant, having over 18 years of experience in the areas of finance, accounting, internal audit, budget, process control-and improvement, internal finance controls, MIS, statutory compliances and business support.

          He is associated with Sobha Ltd since last 10 years and currently handling the finance wing of NCR and Gujarat regions.










          sobha: Sobha appoints Yogesh Bansal as CFO, Real Estate News, ET RealEstate (indiatimes.com)
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          • Re : Indian Real Estate News

            Raymond Realty to become a wholly-owned subsidiary

            Raymond Ltd further said to achieve the high growth momentum in real estate business, the board has also given an in-principle approval for subsidiarisation of real estate business division through a wholly-owned subsidiary.
            NEW DELHI: Fabrics and garments major Raymond Ltd on Monday said its board has approved a consolidation exercise, including the combination of its tools and hardware, and auto components businesses with its engineering business to improve synergies and explore monetisation options. Besides, the board has also approved consolidation of its business-to-consumer (B2C) venture by transfer of apparel business into Raymond Ltd, the company said in a statement.

            As part of the exercise, the real estate business division will be subsidiarised into a wholly-owned subsidiary, it added.

            Commenting on the development, Raymond Ltd Chairman and Managing Director Gautam Hari Singhania said the company's engineering business comprising tools and hardware, and auto components has demonstrated good performance and it is poised for future growth.

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            "We are consolidating the business to explore all options available to us for monetisation, which will enable deleveraging leading to value creation," he added.

            In a regulatory filing, the company said its board has approved the consolidation of the tools and hardware, and auto components businesses into JK Files (India) Ltd, a wholly-owned subsidiary.

            "With a focus to fast track the recovery post pandemic Raymond will consolidate its B2C business by transfer of apparel business into Raymond Ltd."

            It will be carried out by demerging the B2C business, including apparels, of Raymond Apparel Ltd (RAL), a wholly-owned subsidiary, on a going concern basis to merge with the company itself.

            "This move will strengthen efficiencies, streamline and simplify processes and bring in synergy benefits in terms of design and innovation, sourcing and retail network," Raymond Ltd said.

            In order to enable and execute the above decisions, the company said it has "withdrawn the de-merger scheme of lifestyle business announced in November, 2019. These actions will enable each of the businesses for monetization which will fuel growth and deleveraging."

            Singhania said, "We continue to focus on our B2C business by bringing in operational efficiencies and synergies to strengthen our Lifestyle business."

            Raymond Ltd further said to achieve the high growth momentum in real estate business, the board has also given an in-principle approval for subsidiarisation of real estate business division through a wholly-owned subsidiary.

            Launched in 2019 with the development of land in Thane, Raymond said its real estate business is now "poised for growth with a focus on delivering a value-based offering".

            "The real estate division is a sustainable profitable business led by experienced professional team with a clear long term strategy in place," the company said, adding the vertical now plans to capitalise on its strengths by extending beyond Thane.

            It will deliver around 3 million sq ft of residential projects and has already achieved sales of over 70 per cent of launched inventory of around 2 million sq ft, it added.

            Stating that the realty business has showcased performance since its launch, Singhania said, "In order to realise its full potential it will now be a wholly-owned subsidiary of Raymond Ltd."











            Raymond Realty: Raymond Realty to become a wholly-owned subsidiary, Real Estate News, ET RealEstate (indiatimes.com)
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            • Re : Indian Real Estate News

              Delivery of stuck realty projects may be delayed further over procedural snags

              In bigger cases, like Unitech’s, there has been little progress in completion of projects. In Amrapali case, NBCC could not achieve much in terms of construction due to lack of funds. In Jaypee case, the resolution plan is pending for National Company Law Tribunal (NCLT) approval.
              Home buyers are staring at further delay in delivery of stuck projects as procedural complexities, lack of consensus among stakeholders and absence of time-bound clearances from authorities hobble the push toward completion.

              Across the country, home buyers and financial institutions have been pinning their hopes on the dedicated bankruptcy court for resolution and a much-needed push to ensure delivery of over 100,000 such houses, most of which have been stuck for over a decade.

              However, despite the Supreme Court appointing new boards or designated authorities to complete construction of pending projects, they are yet to see much progress due to disagreements amongst various stakeholders, such as government authorities and secured lenders.

              Appointment of resolution professionals and moratorium need to start from reference of application by financial creditors, experts said.

              “Once the committee of creditors approves a plan, then NCLT may focus on compliance of IBC and rely on commercial wisdom of CoC,” said Rajiv Chandak, Partner, Deloitte India. “Delay in implementation of admission and resolution is leading to deterioration of assets in the company. Time taken in CIRP can be shortened dramatically and bring our code further in line with developed jurisdictions.”

              Among the bigger cases, such as Unitech’s, there has been little progress in completion of projects as the scheme formulated by the new board is facing objections from authorities and secured lenders on grounds of unfair and arbitrary treatment to them under the plan.

              In the Amrapali matter, the court appointed developer NBCC in 2019 to complete the projects, but it could not achieve much in terms of construction for long owing to lack of funds.

              In the Jaypee Infratech case, the corporate insolvency resolution process (CIRP) has been on for four years and the resolution plan approved by committee of creditors (CoC) under insolvency & bankruptcy code (IBC) is pending for National Company Law Tribunal (NCLT) approval.

              The delay in implementation of the plan also deters bidders who are interested in working on resolution.

              “Average resolution timelines in NCLT have gone to nearly 600 days from the mandatory outer limit of 270 days. This changes the assumptions, costs, value of assets and liabilities and regulatory regime for projects, which makes resolution applicants wary of taking it forward. The limit of 270 days for closure of CIRP process should be sacrosanct for realty projects,” said Amit Goenka, CEO, Nisus Finance.

              According to him, time-bound clearances, including RERA, planning and approval authority need to be ensured to allow immediate commencement of the projects post resolution. The projects can be offered discounts in premiums, development charges, FSI costs and approvals, with an option to offer state government stake in lieu of such discounts.

              Two years ago, the Supreme Court removed the management led by the erstwhile promoters Chandras in Unitech and appointed an independent board of directors. However, in the last two years, the board could not carry out any activity with respect to completion of houses pending approval of the scheme before the top court.

              This has left home buyers helpless and not knowing where to go now.

              “In the last 18 months, post the appointment of a new Unitech board, our Alder Grove project, which was 6 months away from delivery, has seen no construction activity. The agony of 108 months’ delay has become 126 months now. Home buyers and taxpayers are made to suffer with no relief on interest cost,” said Aditya Mishra, a finance professional who is awaiting delivery of a house he bought in a Unitech project. “What justice is being served by making home buyers bear the entire economic cost of this delay without any definite timelines for delivery of houses.”

              In cases like Amrapali, where raising funds for project completion has turned out to be a challenge for NBCC, part resolution and part liquidation can help.

              “Not only in real estate but across sectors, companies have viable and unviable businesses. Resolution can be provided for viable business and liquidating the unviable ones and redeploying the assets can be allowed. If you can sell the business in parts as part of CIRP that should also help in getting liquidity to support completion of projects” Deloitte India’s Chandak said.

              Home buyers had bought the houses in these incomplete projects 8-10 years ago and there is still no visibility of getting possession of their homes.

              In the case of Unitech, it is understood that the majority of projects have significant surplus cash to cater to the needs of not only home buyers in those projects but also all its stakeholders. And the problem of the few projects that are facing a shortfall can be resolved through sale of unencumbered assets of the company without disturbing the rights of various stakeholders.

              Experts said that the resolution in these cases can only take place when the concerns of each project are addressed separately, including identifying interested developers and investors who can take responsibility and also bring requisite expertise and funds to complete the project in committed timelines and balance interest of creditors of each project.

              This way, if the viable projects are auctioned to interested developers against upfront consideration, it will not only resolve viable projects but also generate funds for companies to resolve few unviable projects. Ends










              Delivery of stuck realty projects may be delayed further over procedural snags, Real Estate News, ET RealEstate (indiatimes.com)
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              • Re : Indian Real Estate News

                Office leasing jumps over 2.5 fold in eight cities in July-Sept: Report

                The gross absorption of office space stood at 4.7 million square feet in the corresponding period of the previous year and 3.6 million square feet in the previous quarter, according to Knight Frank's India Real Estate Update - Q3 2021 that was released on Monday through a video conference. Representative Image NEW DELHI: Leasing of office spaces witnessed a sharp uptick in the July-September period at 12.5 million square feet across top eight cities on better demand, especially from the IT sector, with economy coming back to normalcy and corporate workforces slowly returning to work from office, according to Knight Frank India.

                The gross absorption of office space stood at 4.7 million square feet in the corresponding period of the previous year and 3.6 million square feet in the previous quarter, according to Knight Frank's India Real Estate Update - Q3 2021 that was released on Monday through a video conference.

                The consultant noted that the total office transactions of the eight India markets in Q3 2021 have improved and reached 83 per cent of the 2019 quarterly average level.

                "The third quarter of 2021 saw the Indian office space market chart a robust recovery after the second wave of the COVID pandemic threatened to derail the market in the preceding quarter.

                "The volumes achieved in this quarter are also statistically significant when benchmarked against the quarterly average of 2019, as office transactions were at a historic high in that year," said Shishir Baijal, chairman and managing director, Knight Frank India.

                According to the data, office space leasing in Mumbai rose to 1.2 million square feet during July-September 2021 from 1 million square feet in the year-ago period.

                In the Delhi-NCR office market, leasing transactions rose to 2 million square feet from 0.9 million square feet during the period under review.

                Office space leasing in Bengaluru jumped to 4.3 million square feet from 1.1 million square feet, while Pune saw demand rising to 1 million square feet from 0.2 million square feet.

                Ahmedabad saw a rise in leasing of office space to 0.3 million sq ft from 0.1 million square feet.

                The absorption of office space in Chennai went up to 1.6 million square feet from 0.7 million square feet, while the demand in Hyderabad surged to 2.1 million square feet from 0.5 million square feet.

                However, the leasing of office space in Kolkata fell to 0.1 million square feet during July-September 2021, from 0.2 million square feet in the corresponding period of the previous year.

                "The office market has shown a smart bounce back in the third quarter. Going forward, with the economy moving towards normalcy and corporates making plans to get back to Work from Office, the outlook for the segment is likely to improve further," said Rajani Sinha, Chief Economist and National Director-Research, Knight Frank India.

                Healthy performance of the IT sector in the last few quarters and strong hiring in the tech sector also bodes well for the office segment, she observed.

                As per the report, the information technology sector was the largest consumer of space during the quarter and took up 34 per cent of the space transacted.

                Occupiers also took up nearly 23,500 coworking seats across the eight markets during the third quarter of this calendar year, the highest this year.

                Knight Frank said that office rentals remained stagnant during the July-September period.

                "In terms of rental values, NCR was the only market that experienced growth in Q3 2021 (YoY). The landlords' strategy of alluding to relaxed lease terms is reflected in the fall in rentals on YoY basis across most markets. However, the fall in rentals has reduced in the last few months," the consultant said.

                Knight Frank India is headquartered in Mumbai and has more than 1,400 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad.












                Office leasing jumps over 2.5 fold in eight cities in July-Sept: Report, Real Estate News, ET RealEstate (indiatimes.com)
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                • Re : Indian Real Estate News

                  About 80% houses given under PMAY are owned by women: Prime Minister

                  PM Modi also stated that since 2014, the Central government has approved the construction of over 1.13 crore houses in the urban areas under the Centre's PMAY scheme.
                  • ANI
                  • October 06, 2021, 12:00 IST

                  Prime Minister Narendra Modi on Tuesday said that of the total number of houses that have been provided under the Prime Minister Awas Yojana (PMAY), the ownership of 80 per cent of them belong to women.

                  Addressing the Urban Conclave held in Uttar Pradesh's Lucknow today, where he digitally handed over the keys of Pradhan Mantri Awas Yojana - Urban (PMAY-U) houses to 75,000 beneficiaries across the state, the Prime Minister said: "80 per cent of the ownership for houses being given under PM Awas Yojana is being given to women, or they are being made joint-owners. In Uttar Pradesh, on the registry of houses worth Rs 10 lakh, women are also being given a 2 per cent discount on stamp duty."

                  PM Modi also stated that since 2014, the Central government has approved the construction of over 1.13 crore houses in the urban areas under the Centre's PMAY scheme.

                  "Since 2014, our government has approved the construction of more than 1 crore 13 lakh houses in cities under PM Awas Yojana. Out of this, more than 50 lakh houses have been built and handed over to the poor," he said.

                  "The government before 2014 had sanctioned just 13 lakh crore urban houses. Only 8 lakh were built out of this," he said.

                  Prime Minister Narendra Modi also digitally handed over the keys of the PMAY-U houses to 75,000 beneficiaries in 75 districts of Uttar Pradesh.

                  He also interacted with the beneficiaries of the scheme virtually here today.

                  The Prime Minister also released a Coffee Table Book encompassing 75 projects implemented under various flagship missions of the Ministry of Housing and Urban Affairs.

                  He will also be inaugurating and laying the foundation stone for 75 Urban Development Projects of Uttar Pradesh under the mart Cities Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) at Lucknow's Indira Gandhi Pratishthan.

                  Defence minister Rajnath Singh, Union Housing and Urban Affairs Minister Hardeep Singh Puri, Uttar Pradesh Governor Anandiben Patel and Chief Minister Yogi Adityanath were present at the event.








                  Prime Minister Awas Yojana: About 80% houses given under PMAY are owned by women: Prime Minister, Real Estate News, ET RealEstate (indiatimes.com)


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