Land, construction clearances in Gujarat to be moved online
March 1, 2017

Gujarat government has decided to shift all land and construction related approvals online. The state is currently working on a comprehensive permission system with Geographic Information System (GIS) based master plan for urban local bodies, an automated building approval system, and town planning data on GIS for municipal corporations. The comprehensive system will integrate these services as a part of E-Nagar Extension and will provide internet services for all urban local bodies. The government has allocated… Read More

Ahmedabad Municipal Corporation approves budget worth 6,551 crore for 2017-18
February 19, 2017

The Ahmedabad Municipal Corporation (AMC) recently cleared its annual budget worth Rs 6,551 crore for 2017-18. AMC also passed budgets for VS Hospital, MJ Library, and Ahmedabad Municipal Transport Service during its board meeting. Gautam Shah, Mayor, AMC stated the authority intends to develop all infrastructure under the Swarnim Jayanti Mukhya Mantri Shaheri Vikas Yojana through long-term planning. Shah shared that the city has witnessed the completion of water projects worth Rs 135 crore and… Read More

Proposed Ashram Road CBD in Ahmedabad delayed
January 22, 2017

The ambitious Central Business District (CBD) planned on Ashram road in Ahmedabad has been delayed with no progress since its announcement by the Ahmedabad Urban Development Authority (AUDA) in 2013. The delay has been caused due to the local area plan (LAP) for west and east sides of the CBD not being finalised yet. The LAP would consist of special rules for road connectivity, ground use, parking, and public transport facility. The LAP was expected to be… Read More

Gujarat sees up to 90% dip in home sales post demonetisation
December 15, 2016

The public’s decision to spend only on the basic necessities post demonetisation has hit real estate sales, particularly residential units, in Gujarat. A substantial decline was recorded in cities such as Ahmedabad, Surat, and Vadodara during November 2016. According to the data provided by developers, bookings fell by 90 percent in the state capital - Ahmedabad - while Surat and Vadodara recorded up to 30 percent dip in bookings. This is further complemented by a… Read More

Surat government announces projects worth Rs 274 crore
November 28, 2016

The Surat government has decided to use Rs 274.60 crore available with the Surat Municipal Corporation (SMC) for carrying out various infrastructure projects in the state. The announcement was made by Vijay Rupani, Chief Minister, in the presence of other dignitaries including Nitin Patel, Deputy Chief Minister, and M Thennarasan, Municipal Commissioner. As per the plan, the money will be spent on building 3,522 affordable homes and operating 100 air-conditioned and non-air-conditioned city buses. Meanwhile,… Read More

Gujarat to roll out Retail Trade Policy
November 8, 2016

With an aim to revive retail business in the state, Gujarat state government has planned to launch a Retail Trade Policy, making it the fourth city in the country after Karnataka, Maharashtra, and Andhra Pradesh to do so. The policy will be formulated by the industries and mines department in coordination with nine other departments and the trade bodies. The major focus of the policy will be to shape up the 'Retail and Entertainment Zones'… Read More

Gujarat announces the formation of Real Estate Regulatory Authority
November 3, 2016

Shortly after notifying the rules for Real Estate (Regulation and Development) Act (RERA), 2016, the Gujarat government has notified the establishment of a Real Estate Regulatory Authority in the state. Now, both residential and commercial real estate buyers will be able to register complaints against misguiding developers and real estate companies. While the state rules will be effective from May 1, 2017, the projects launched after November 1, 2016, will also fall under the ambit… Read More

Gujarat notifies Real Estate Act rules
November 1, 2016

Gujarat has become the first state in the country to notify the Real Estate (Regulation & Development) Act rules with all the other states missing the deadline. According to the Real Estate Act, all the states had to notify and operationalise the rules by October 31. The move came after the Ministry of Housing and Urban Poverty Alleviation (HUPA) notified the rules for all the states and the Union Territories on October 30. While Urban… Read More

Press Release

Asian Granito India concludes Crystal Ceramics acquisition
October 12, 2016

Asian Granito India concludes Crystal Ceramics acquisition12 October 2016 Asian Granito India Ltd (AGIL), concluded the acquisition of Crystal Ceramics Industries Pvt Ltd (Crystal Ceramics). The tile company had earlier completed the acquisition of Artistique Ceramic Pvt. Ltd which has 70 per cent shares in Crystal Ceramics during FY 2015-16 via a consolidation scheme which was approved by Gujarat High Court. The overall investment including the expansion is estimated to be around Rs 170 crore. Read More

Press Release

GIFT City launches office buildings at IFSC
October 12, 2016

GIFT City launches office buildings at IFSC12 October 2016 The Gujarat International Finance Tec-City (GIFT City) has launched new office buildings in the SEZ & non-SEZ zones of the International Financial Services Centre (IFSC). To carry out the construction projects, proposals have been invited from national and international developers. About 15 million sq ft of the built-up area has been allocated for constructing offices, residential complexes and investments are estimated at Rs 10,000 crore. Read More

New company to be formed for railway projects in Gujarat
October 8, 2016

With an aim to improve railway infrastructure in Gujarat, the state government has given its nod for the formation of a company specifically for carrying out rail projects. The company will be named 'Gujarat Rail Infrastructure Development Ltd (GRIDE)' with state government having 51 per cent stake and the remaining 49 stake will be taken up by Indian Railways. The company will look after state projects involving rail connectivity and connecting missing links across the… Read More

Ahmedabad receives Rs 190 crore instalment for smart city projects
October 6, 2016

Ahmedabad has received Rs 194 crore from the Centre, its first instalment of funds for carrying out its Smart City projects, almost eight months after the city made it to the first 20 Smart Cities list. Of the total amount, around Rs 100 crore will be used as equity by Ahmedabad Municipal Corporation (AMC). The special purpose vehicle (SPV) for Ahmedabad Smart City project has already been formed. The suggestion to convert Rs 100 crore… Read More

Gujarat gets Rs 700 crore for slum redevelopment
October 1, 2016

With an aim to fund affordable housing in Gujarat, Rs 700 crore Slum Redevelopment Premium Fund (SRPF) has been floated by the state government. To execute the projects, the municipal bodies have been instructed to create an own account which will be then linked with the SRPF. The premium collected by these civic bodies from developers will be used for purchasing land and developmental rights for slum redevelopment. Commenting on this, Ashwani Kumar, Secretary &… Read More

Vacancy levels in Ahmedabad retail market stand at 33%
September 26, 2016

According to a recent report by Cushman & Wakefield, Ahmedabad recorded a 33 per cent vacancy level in retail space absorption. Subdued demand and high availability of retail spaces led to Ahmedabad recording such high levels as compared to other cities such as Delhi NCR, Pune (20 per cent), Mumbai (16 per cent) and Bangalore (12 per cent). Commenting on this trend, Anshul Jain, National Director, Cushman & Wakefield shared that the oversupply is mainly due to concentrated and unplanned development in… Read More

President approves Registration (Gujarat Amendment) Act, 2016
September 19, 2016

With the Registration (Gujarat Amendment) Act, 2016 receiving the President’s nod, it has become mandatory for real estate developers and promoters in the state to register their partnerships with the registrar. Currently, it is not compulsory for the developer or promoter to register the instrument which authorises them or which allows the transfer of any immovable property. The new rule will make such an instrument necessarily registerable ensuring that there is a public record which… Read More

Gujarat to get 3 coastal economic zones
September 10, 2016

With an aim to boost industrialization in Gujarat’s port areas, the Shipping Ministry has proposed setting up three Coastal Economic Zones (CEZs) in the state under the Centre’s Sagarmala programme. The Sagarmala programme involves plans to create 14 CEZs along the Indian coastline. A CEZ is a multidimensional economic region which comprises of coastal as well as port-linked districts. The overall aim is to map the ports, industries, and infrastructure into a single system at… Read More

Gujarat to receive rail infrastructure boost
August 17, 2016

With an aim to develop railway infrastructure in the state of Gujarat, Indian Railways (IR) and Gujarat government will be soon be signing a Memorandum of Understanding (MoU). The ceremony will be attended by Suresh Prabhu, Union Railways Minister and Nitin Patel, Deputy Chief Minister of the state. As per the plan, two lifts will be developed at Vadodara and Ahmedabad railway stations at an estimated cost of Rs 83.60 lakh which can accommodate 20… Read More

Luxury housing prices in Ahmedabad rose by 9% in H1 2016: Report
August 1, 2016

According to a report by Knight Frank, the luxury housing segment in Ahmedabad which includes houses priced Rs one crore and above have witnessed a nine per cent rise in prices during the first six months of 2016. This growth in prices is highest among the eight major cities tracked by Knight Frank. The report pointed out that during January-June 2016, the luxury housing prices fell by five and one per cent in the Delhi… Read More

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