Housing Current Affairs

Indian Housing Project in Plantation Areas: India hands over 1st lot of houses built in Sri Lanka

India has handed over 404 houses built for Indian-origin people in Sri Lanka’s tea plantation areas at Dunsinane Estate in Nuwara Eliya city. This is first lot of houses built under Indian Housing Project in Plantation Areas in Sri Lanka.

Indian Housing Project in Plantation Areas

Under this project close to 47,000 houses so far have been completed out of total 60,000. With grant of over US $350 million, it is India’s largest assistance project in any country. Houses built under it are provided to Indian-origin people, mostly Tamils in Sri Lanka’s tea plantation areas. India is also considering to sign agreement for construction of additional 10,000 houses at cost of 12 billion Sri Lankan Rupees under this project.

Background

Indian-origin Tamils, mostly employed in tea and rubber plantations in Sri Lanka, lack proper housing. They are mostly residing in central hill areas of the island country. They were brought from India by British rulers during 19th century to work in coffee plantations in Sri Lanka.  More than million are still associated with tea and rubber plantations. Though they have been given the Sri Lankan citizenship, housing is one of the major issue for these workers employed as daily wagers. Earlier, Sri Lankan Government led by President Maithripala Sirisena had formulated ational plan of action for the plantation workers and planned for construction of 55,000 houses till 2020.

Month: Categories: India Current Affairs 2018

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Global Real Estate Transparency Index: India ranks 35

India was ranked 35th among 100 countries (countries) in recently released Global Real Estate Transparency Index (GRETI). The index was released by realty consultant JLL. India was ranked 36th in the index during the last bi-annual survey conducted in 2016 and 40th in 2014. Its real estate market is currently placed in the ‘semi-transparent’ zone.

Global Real Estate Transparency Index

GRETI ranks 100 markets based on combination of quantitative market data and survey results across on 186 individual measures divided into 14 topic areas grouped and weighted into six broad sub-indices:​​​​ performance measurement (weightage 28.5%), market fundamentals (16.5%), governance of listed vehicles (10%), regulatory and legal (25%), transaction process (15%) and sustainability (5%). The index scores markets on scale of 1 (being highest possible score) to 5 (lowest score). Depending on their overall performance, markets are assigned to one of five transparency tiers viz. highly transparent, transparent, semi-transparent, low transparency and opaque.

Key Highlights of 2018 GRETI

Top 10 countries are: United Kingdom (1st), Australia (2nd), United States (3rd), France (4th), Canada (5th), Netherlands (6th), New Zealand (7th), Germany (8th), Ireland (9th) and Sweden (10th).

Top 5 worst performers: Venezuela (100), Libya (99), Senegal (98), Mozambique (97) and Ivory Coast (96).

BRICS countries: South Africa was ranked at 21st position, followed by China (33rd), Brazil (37th) and Russia (38th).

South Asia: Sri Lanka (66th position), Pakistan (75th).

India related Facts: In this edition of index, India has moved up one place due to improvement in market fundamentals, policy reforms, and liberalisation of FDI. Besides, digitisation of property records and industry status accorded to affordable housing also has helped India to improve its rankings. India has emerged as one of the top ten countries to register maximum improvement in transparency in real estate over the last two years

Month: Categories: Business & Economy Current Affairs 2018

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