Indian real estate news

Government approves 90,095 more homes under PMAY
February 21, 2017

Giving further boost to affordable housing in the country, the Ministry of Housing & Urban Poverty Alleviation (HUPA) has approved the construction of 90,095 more houses in three states under the Pradhan Mantri Awas Yojana – Urban (PMAY). The total investment anticipated for these additional units is Rs 5,590 crore, of which Rs 1,188 crore would be provided by the Centre. Until now, the Centre has approved 1,651,687 affordable homes for the urban poor under PMAY with… Read More

BBMP survey reveals 6 lakh properties in Bangalore violated byelaws
February 21, 2017

A recent survey by the Bruhat Bengaluru Mahanagara Palike (BBMP) has stated that Bangalore has more than three lakh commercial and residential properties that do not have appropriate approvals while over six lakh properties have violated sanctioned plans or building byelaws. The survey is being carried out in all the eight zones under BBMP’s jurisdiction and will conclude by March 31. The survey divulged that of the six lakh properties with violations, two lakh are… Read More

Karnataka government to stop issuing ‘B khatas’ to check corruption
February 20, 2017

In an attempt to control corruption in the state’s realty transactions, the Karnataka government is considering to cease issuing B khatas. This step is expected to stop the exploitation of gullible property buyers, especially people from the middle class who buy residential revenue sites on the city's outskirts. Experts state that the khata system has been a major pain point among property owners, due to the confusion and corruption associated with it. This is even more pronounced in… Read More

Coimbatore Corporation buildings aim for 40% reduction in energy consumption
February 20, 2017

The Coimbatore City Corporation (CCC) intends to reduce the energy consumption of its buildings by 40 percent in an attempt to turn them into green structures. K Vijayakarthikeyan, Commissioner, CCC, explained that a green building does not just mean setting up a rain water harvesting system and solar panels. It is important to follow the standards set by the Indian Green Building Council (IGBC) and integrate technology in order to reduce energy consumption. He added that even… Read More

Haryana to allow self-certification of building plans for industrial allottees
February 20, 2017

The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has decided to allow entrepreneurs who want to commence projects on the allotted lands to self-certify their building layout plans. Officials from HSIIDC stated that since the decision has been implemented with immediate effect, the allottees in HSIIDC estates will not have to seek approvals from the town planning office of HSIIDC and can start constructions much sooner. HSIIDC officials explained that the allottee or industrialist… Read More

Jaipur authority revises green corridor in Master Plan
February 20, 2017

The Jaipur Development Authority (JDA) has decided to revise the green corridor marked in the city’s Master Development Plan (MDP) 2025. The Master Plan 2025 had mentioned the stretch between Todi Mod and the JDA region on either side of the national highway as the green corridor. This was in contradiction with the 2011 master plan, where the green corridor was proposed between Harmara Mod and the JDA region. The Building Planning Committee (BPC) has decided to… Read More

Jaipur relaxes rural development norms to allow third party constructions
February 19, 2017

The Jaipur rural development department has decided to take a relaxed stance regarding third parties executing construction on behalf of beneficiaries. This move has been prompted by the poor performance of the city in constructing homes under the Mukhyamantri Gramin BPL Awas Yojana. The current provision states that the owners of sanctioned units have the first right to construct their homes and qualify as daily wage labourers up to a period of 90 days. The funds… 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

Mumbai Railway proposes zone-based fare structure
February 19, 2017

The Mumbai Railway Vikas Corporation (MRVC) has proposed that the suburban rail system in Mumbai be divided into four separate fare zones. Such a structure is used in London and can significantly reduce fares for commuters in the city and its vicinity, especially those who commute longer distances. The four zones would be on the Western Railway (WR) and Central Railway's (CR) Main and Harbour corridors. MRVC has stated that this structure would help it… Read More

Andhra Pradesh to get new urban development authorities
February 19, 2017

Five cities in Andhra Pradesh, including Kurnool, Hindupur, Kakinada, Anantapur, and Rajahmundry will soon witness the formation of dedicated urban development authorities with the state cabinet approving the proposal. While Rajahmundry and Kakinada will be under the Godavari Urban Development Authority, Kurnool, Hindupur, and Anantapur will get separate authorities. With this announcement, the total number of urban development authorities in 13 districts will reach nine. P Narayana, Andhra Pradesh’s Municipal Administration Minister, stated that these… Read More

Bangalore suburban rail gets a green signal
February 18, 2017

The state cabinet has decided to allocate Rs 345 crore for the first phase of the suburban rail project in Bangalore. This announcement has pleased experts who feel that the project is finally heading in the right direction. It is to be noted that the suburban rail project in Bangalore has been demanded by residents for over 12 years. The state government had sent out a proposal for suburban rail connectivity to the railway board… Read More

Nagpur Metro rail overcomes last land acquisition hurdle
February 18, 2017

Mahametro, earlier Nagpur Metro Rail Corporation Ltd (NMRCL), recently got the possession of Central Jail land, which was crucial for beginning construction work on Rahate Colony metro station. With the agency getting possession of 15,326 sq m land inside the jail, no more government land is needed for the construction of Mihan depot-Sitabuldi stretch of the metro project. Officials share that Mahametro will need permission from the Nagpur Municipal Corporation (NMC) to chop trees in… Read More

Building byelaws in Noida to be amended for enhanced fire safety
February 18, 2017

Deepak Agarwal, Chief Executive Officer (CEO), Noida and Greater Noida authorities, recently met with PK Rao, Joint Director - Fire Services, to discuss the issue of fire safety in high-rise buildings. The building byelaws of the region are likely to be amended to enhance fire safety, especially in high-rises. A special committee will submit a draft proposal suggesting modifications in the building bylaws of the development authorities of Noida, Greater Noida, and Yamuna Expressway. The… Read More

Bihar government to finalise RERA rules by March 2017
February 18, 2017

Sticking to the deadline set by the Centre, the Bihar government is expected to conclude the preparation of the Real Estate (Regulation and Development) Act (RERA), 2016, rules by March 2017. This has been confirmed by Maheshwar Hazari, Urban Development and Housing Department Minister, Bihar. Notified by the Centre in March 2016, RERA needs to be implemented by the state governments (with or without changes) within six months. In fact, the states had been asked… Read More

NHAI to build Peripheral Ring Road in Bangalore under Bharat Mala Pariyojana
February 17, 2017

The debate over the responsibility to develop the Peripheral Ring Road (PRR) in Bangalore has finally come to an end. With the central government including the project under the Bharat Mala Pariyojana, the National Highways Authority of India (NHAI) will now fund and build the road. This is a positive announcement for Bangalore which suffers from extreme traffic troubles. PRR is a 65 km long stretch proposed between Tumkur Road and Hosur Road which aims… Read More

Delhi to witness five-fold hike in freehold conversion rates
February 17, 2017

From April 1, converting leasehold properties in Delhi to freehold will become five times more expensive with the authorities hiking the ground rent. This will be applicable on properties in prime locations such as Khan Market and Connaught Place, which have been leased out by Land and Development Office (L&DO) under the urban development ministry. Other localities that have such properties are Prithviraj Road, Defence Colony, Golf Links, Sundar Nagar, Nizamuddin, Hailey Road, Vasant Vihar, Mandir… Read More

Hubbali-Dharwad city area to be expanded by 22,000 hectares by 2021
February 17, 2017

With the population of Hubbali-Dharwad expected to hit 22 lakh by 2031, the Hubballi-Dharwad Urban Development Authority (HDUDA) intends to expand the area under its jurisdiction by 22,000 hectares in the next 14 years. Vivek Karekar, member, Town Planning department, averred that the city's population as per the 2011 census is 9.43 lakh and the proposed area expansion has been based on anticipated projection of 100 persons per hectare. The Comprehensive Development Plan (CDP), a master… Read More

Private Equity in real estate touched a nine-year high in 2016: Report
February 16, 2017

According to a report by Cushman & Wakefield, 2016 witnessed a growth of 26 percent in Private Equity investments in the real estate sector (PERE) with Rs 399 billion recorded in 2016 against Rs 316.7 billion in 2015. With this, PE investments in the sector have hit a nine-year high. The highest share of inflow was captured by Mumbai at 32 percent of the total PERE. The report shared that the average deal size increased… Read More

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