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Under Smart Cities mission, 98 cities that have been included have a total population of about 13 crore which accounts for 35% of total urban population in the country. After receiving all Smart City Proposals, the ministry of urban development will set in motion the second state of "City Challenge Competition".
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I am telling you the delays of Metro Rail Project. Every time when Metro rail company move toward a certain Ministry for land, the Ministry would ask the company to give it a piece of land of the same monetary value somewhere else. This would make it difficult as then the Metro rail company would have to approach different departments for the land to be given in exchange leading to project delays.
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The Union Budget 2015 may have disappointed most the builders and the developers around the country as the finance Minister did not announce any measure to benefit either demand or supply in the sector. But the increase in service tax can effect the market too. The only positive thing that come out of the budget 2015 for real estate was the tax clarification on REITs. But the market participants will always hopeful and have a positive outlook for the year.
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As per latest news, Honorable Union Urban Development minister Mr M Venkaiah Naidu declared that there is a huge global interest in India's Smart City mission and many companies from 14 countries like US, Canada, UK, France, Japan have been nominated for planning of Smart City plans for 42 mission cities.
Latest Answer: For quick action, The Delhi Urban Arts Commission in association with the Delhi Development Authority and municipal bodies has completed the simplification exercise and submitted the draft of the byelaws to the Ministry.