Indian real estate news

Land acquisition for Delhi section of Dwarka Expressway to commence soon
March 26, 2017

The National Highways Authority of India (NHAI) intends to acquire 24.03 hectares of land in Delhi for the Dwarka expressway project within two months. This land is located in the Bamnoli and Bijwasan areas of Delhi and will be used to construct the incomplete one km stretch of the Expressway in Delhi. In order to ensure the process is executed without any hiccups, the authority has issued a notification under the NHAI Act, since land acquired under this Act… Read More

Coworking segment to lease 8-9 million sq ft by 2020
March 26, 2017

Coworking segment is charting a slow and steady growth chart across the country, backed by advantages such as flexibility and cost effectiveness. According to a report by Colliers International, the segment leased about 1.2 million sq ft in 2016, three percent of the total leasing volume. This share is expected to grow to a significant eight to nine million sq ft by the year 2020. The report anticipates coworking spaces to witness greater concentration in cities… Read More

Developers access better deals on the back of lower interest rates
March 26, 2017

The falling interest rate phenomenon being witnessed in the Indian economy is offering a well-timed opportunity to property developers and private equity investors. Experts state that these players are utilising this chance to profitably exit earlier investments and lowering their funding costs by refinancing their debt investments. Rajeev Bairathi, Executive Director & head - capital markets, Knight Frank India, avers that investors anticipate traction to revive by the third quarter of 2017. Recognising the slowdown in… Read More

Cesses and surcharges abolished prior to GST roll out
March 26, 2017

With the deadline for rolling out Goods and Services Tax (GST) inching closer, government is working hard to get all legislations in place. The latest announcement by central government stated that 16 cesses and surcharges on central service tax and excise duty have been abolished in preparation of GST regime. The state governments are expected to soon follow through and abolish the cesses levied at state level. The eliminated cesses, including Swachh Bharat and Krishi… Read More

Delhi roads best in infrastructure, connectivity, quality: Survey
March 25, 2017

Nitin Gadkari, Union Transport Minister recently announced the results of a survey carried out by Maruti Suzuki India Litd. Conducted across eight Indian cities, the survey recorded citizens’ responses regarding road infrastructure, emergency services, pedestrian safety, traffic control, and motor laws for each city. Of the eight cities - Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune, Hyderabad was the only city which could not succeed in any of the categories. Delhi scored the highest… Read More

Assam government employees to get housing loan at 5% interest
March 25, 2017

The Assam government has recently signed two Memorandums of Understanding (MoU) with the country’s largest bank - State Bank of India (SBI) - to provide its employees with housing loans at hugely subsided rates. Under the proposal, SBI will approve housing loans at five percent for women and 5.5 percent for male employees. Further, government employees will be able to avail education loans for the higher education of their children at an interest rate of… Read More

Chennai civic body eyes tax collection of Rs 700 crore by March 31, 2017
March 25, 2017

Chennai Corporation will soon set a record of collecting tax worth Rs 700 crore. Closing in on its tax collection deadline of March 31 2017, the Chennai Corporation is expecting revenue receipt of another Rs 50 crore. The Centre’s demonetisation drive, during which the civic body accepted old currency denominations, has helped the city register such a record quantum of collection. Experts explains that properties such as malls, multiplexes, hospitals and marriage halls, that attract… Read More

Rajkot civic body seals 350 properties of tax defaulters
March 25, 2017

In a drive to recover tax dues for the current financial year, the Rajkot Municipal Corporation (RMC) has sealed 350 properties in the city. Various RMC teams sealed properties for the combined recovery of around Rs 9 crore. Many of these properties, mostly commercial, were located in Maruti Nandan Complex, Arjun Park, Brahmni Motors, Tirupati Balaji Park, Akshardham Complex, Vindonagar, Sardar Complex, Panchratna Society, Ramnagar, Meghaninagar, Jangleshwar, Karanpara, Bangdi Bazaar, GIDC, Gundavadi, Kothariya, Bapunagar, Kevdavadi… Read More

Bangalore anticipates office space supply of 11 million sq ft in 2017
March 24, 2017

A report by Colliers international pegs the anticipated supply of office space in Bangalore this year at 11.1 million sq ft. Of this, 50 percent is set to come up in the Outer Ring Road (ORR) belt while the remaining supply will be spread across North Bangalore, Whitefield, and Electronic City. The report stated that vacancy levels are expected to remain low even with substantial supply proposed in most micro markets, due to absorption of… Read More

Affordable housing segment expected to grow at 30%: ICRA
March 23, 2017

The affordable housing segment is expected to expand at a faster pace than the real estate industry in general, thanks to the positive policy measures by the government. As per a report by rating agency ICRA, the affordable housing segment will grow at above 30 percent over the medium term. This boom is likely to be primarily driven by the government offering 39 percent higher allocations under the Pradhan Mantri Awas Yojana (PMAY) and extending… Read More

Projects worth Rs 16,000 crore pending approvals in Tamil Nadu
March 23, 2017

Despite the fact that Tamil Nadu had attracted a total of Rs 2 lakh crore worth investment during the Global Investors Meet (GIM), several projects across the state remain stuck, primarily due to failing to get the required approvals in time. Nearly two-thirds (Rs 16,000 crore) of the total planned investments worth Rs 24,000 crore are awaiting to be realised due to various reasons, including delay in identification of land and government approvals. As revealed… Read More

Government offers clarity on loan subsidy under PMAY for middle-class homebuyers
March 23, 2017

Venkaiah Naidu, Union minister for Housing, has announced the guidelines for the implementation of the central government's Credit Linked Subsidy Scheme (CLSS) for homebuyers in the Middle Income Group (MIG) segment. The scheme will bring down the equated monthly installments (EMI) by over Rs 2,000 for middle-class homebuyers with annual incomes between Rs 6 and 18 lakh. This benefit is a part of the Pradhan Mantri Awas Yojna (PMAY) - Urban. Under this scheme, the… Read More

Bangalore, Mumbai, Chennai, New Delhi among the cheapest cities in the world
March 23, 2017

As per Economist Intelligence Unit's Worldwide Cost of Living Survey (UWCLS), Bangalore, Mumbai, Chennai, and New Delhi have made it to the top 10 in the list of cheapest cities in the world. As pointed out by the report, the cities that made the final cut had well-documented economic, political, security and infrastructural challenges. The survey analysed more than 150 purchases in 133 cities across the globe to conclude that some of the cheapest cities… Read More

Nagpur to have uniform water rates for all residential properties
March 22, 2017

Nagpur Municipal Corporation (NMC) has announced that henceforth, uniform rates will be charged for water supplied to residential properties in the city, irrespective of the status of occupancy certificates (OC). The decision was taken at the general body meeting, chaired by mayor Nanda Jichkar. Until now, residential properties without occupancy certificates were supplied water at much higher commercial rates. A proposal by the water department stated that occupancy certificates be made mandatory for providing new… Read More

Government incentives for affordable housing to push housing loans uptake
March 22, 2017

A report by Kotak Institutional Equities anticipates that the announcement in Budget 2017 categorising affordable housing as infrastructure would improve the uptake of housing loans in the country. The recent initiatives focusing on the low income group (LIG) housing would enhance affordability and, in turn, boost demand for housing loans, explained the report. Further, the report added that the credit-linked subsidy scheme (CLSS) under the Prime Minister Awas Yojana (PMAY) will reduce the returns on home loans by… Read More

Centre sanctions 1.17 lakh additional affordable homes in 6 states
March 22, 2017

Adding to the sanctioned stock of affordable homes under the Pradhan Mantri Awas Yojana, the central government has approved about 1.17 lakh more affordable units in six states. This addition will involve an investment of Rs 5,773 crore, of which Rs 1,816 crore will be provided by the Centre. According to the government release, Karnataka has been sanctioned 31,424 additional units spread in 234 cities and towns, taking the total number of affordable homes under… Read More

Noida property documents generated online to have bar codes, digital signature
March 22, 2017

The Noida Authority is working hard to make its online services effective. In an appreciable move, the Authority has announced that all documents generated online will now have bar codes and digital signatures which will make them easily verifiable. This is expected to ensure the authenticity of documents generated online. In December 2016, the Noida and Greater Noida Authorities had launched online delivery of services for over 16,000 industrial, institutional, and commercial properties. This allows… Read More

Pune to witness Transit Oriented Development soon
March 21, 2017

After being implemented in Delhi (Kakardooma), Ahmedabad, Nagpur, Navi Mumbai and Naya Raipur, Transit Oriented Development (TOD) is all set to arrive in Pune. Under TOD model, the real estate development takes place along mass transit corridors through vertical construction with relaxation on floor area ratio (FAR). An initiative to enable people to live within walking distance from transit corridors like the metro, monorail, and Bus Rapid Transit System (BRTs) corridors is gaining momentum across… Read More

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