Real Estate Downhill, as Unitech sales bookings goes down

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PNI Real Estate Downhill, as Unitech sales bookings goes down

Real Estate Downhill, as Unitech sales bookings goes down :

Much to the worry of the India’s real estate sector and as a result of pressing scenario in the industry, Unitech, one of India’s prominent real estate firms has said that its sales bookings went down by 26 per cent to Rs 527 crore in the first six months of this fiscal due to the ongoing slowdown in the realty sector.

As per the company, it had sold properties worth Rs 717 crore in the corresponding period of last fiscal – thereby depicting a wide difference of 26 per cent.

On the other hand, the government is advising the reserve bank of India or RBI to swiftly act towards reducing the rate cut in order to facilitate the growth of the economy in general and real estate sector in particular.

Arun Jaitley, Finance Minister has expressed his opinion that India’s real estate sector can shine bright if RBI announces rate cuts and consequently banks can reduce their interest rates towards home loans.

As of today and under tremendous pressure, the real estate sector is facing a challenging scenario, with a far lesser number of new project launches happening today. However, economic scenario of the country looks promising and this is the reason why the stock markets and related sentiments are on a high. This can create a perfect basis for the RBI to announce rate cuts and which in turn can enable better stability in India’s real estate segment.

Metro to Yamuna Expressway City Approved

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Yamuna  Expressway  Industrial  Development  Authority  has approved  the Metro Rail project from Noida to the proposed Metro station at Pari Chowk up to Sector 18 and 20 of Yamuna Expressway city. These are first residential sectors of the authority being developed where over 21000 allotments have been done.  The decision was taken during the board meeting of Noida and Greater Noida authorities on Friday. The construction may start within six weeks.

Noida CEO Sanjiv Saran and Greater Noida CEO Rama Raman told media after the meeting of the two Boards that the total length of the Metro project is 29.70 kilometres. It will be run on 1433 gauge and will have 22 stations. Around six kilometre route will be in Greater Noida city area and the rest in Yamuna Expressway City area. The areas to be covered under the project are Sectors 32, 51, 83, 101, 143, 147, Knowledge Park II, Pari Chowk, Sector Alpha, Delta and Knowledge Park IV. The Metro rail would start from Botanical Garden Metro station.

Greater Noida Industrial Development Authority board has approved the Detailed Project Report (DPR) and MoU of proposed Metro Rail project connecting Noida and Greater Noida. The Board has approved Rs.300 crores for metro project to be spent in 2014-15. Tenders will be floated after the State Government clears the proposal. Delhi Metro Rail Corporation (DMRC) will carry out the project work while the cost will be borne by the twin authorities.

Further, Noida Authority has also decided to extend the existing Metro link in Noida city to Sector 62. Noida Authority CEO Sanjeev Saran said that they will extend the Metro line upto six kilometres from Noida City Centre to Sector 62. The CEO said that Noida Authority is in the process of augmenting the existing bus fleet of City Bus Service and for this authority would add 170 buses in its fold. For this Noida Authority would provide Rs 40.5 crore to the State Transport Department.  Out of 170 buses, 48 buses will be in the semi low-floor category while feeder buses will be made available at all Metro Stations of Noida city.