Indian real estate news

Collector rates of illegal colonies in Bhopal to be hiked
January 18, 2017

In their attempt to increase revenue, the Bhopal authorities have decided to focus on the illegal colonies in the city. These are expected to witness a hike in collector rates soon. The aim is to recover from the loss suffered after the demonetisation of higher currency notes announced in November 2016. The administration has recently commenced its annual survey of properties to revise rates. Officials share that about 300 locations on the city’s outskirts have… Read More

DDA delays its housing scheme 2017
January 18, 2017

Delhi Development Authority’s (DDA) new housing scheme, expected to be launched by January end, has been deferred until February or March. The Authority has decided to delay the launch since the basic amenities in the region, such as water supply, streetlights, and approach roads, are not in place yet. Most of the apartments are located in Narela and Rohini. DDA also intends to resell about 13,000 apartments that had been returned by the allottees from… Read More

NDMC exempts property owners from mixed use charges
January 18, 2017

The North Delhi Municipal Corporation (NDMC) has abolished conversion charges through a resolution and sought Centre’s approval for exempting property owners from payment of mixed use charges. NDMC intends to ease the burden of the property owners who have paid annual conversion charges from 2006-07 by exempting them from further such charges with effect from April 1, 2017. Mixed use refers to the provision of allowing commercial establishments in residential structures which are not permitted… Read More

Serious implications for states diluting Real Estate Act: Naidu
January 18, 2017

State governments that have diluted the Real Estate Act as approved by the Centre might soon face strict action as well as public outcry. Venkaiah Naidu, Union Housing Minister, has announced that state governments are not empowered to dilute the provisions mentioned in the Centre’s Real Estate (Regulation and Development) Act. He stated that any compromise with the spirit of the Act will not be appreciated by the Centre. Gujarat, Delhi, Maharashtra, Madhya Pradesh, Uttar… Read More

NHAI expected to take over Ring Road project in Jaipur
January 17, 2017

The stuck Ring Road project in Jaipur is expected to be handed over to the National Highway Authority of India (NHAI) for completion. Annoyed with constant delays, the state government has decided to end the agreement with the present developer after receiving an assurance of support from the Centre. Under the supervision of Nitin Gadkari, Union Minister, the committee has decided to appoint NHAI to construct the long-delayed 47 km project. However, as per an… Read More

Railways to offer prime land in Ajmer on lease to allow development
January 17, 2017

Aiming to increase its revenue, Indian Railways is planning to lease its land in Ajmer for the development of multi-use complexes and hotels. The Railways will use the revenue generated from such projects to increase the facilities offered to its passengers. Most of the prime land in Ajmer is owned by Indian Railways. Rakesh Goyal, Vice-Chairman, Railway Land Development Authority (RLDA), along with Puneet Chawala, Divisional Railway Manager, recently inspected some locations in the city… Read More

GST rollout expected on July 1, 2017
January 17, 2017

The goods and services tax (GST) is expected to be rolled out on July 1, 2017, after missing its initial deadline of April 2017. After a day-long meeting of the GST Council headed by Arun Jaitley, Union Finance Minister, the decision was taken to finally launch India’s most awaited tax reform in July. Under the upcoming tax regime, 90 percent of all assessees with a turnover of up to Rs 1.5 crore will be evaluated… Read More

Karnataka to replicate Gujarat’s model for land acquisition
January 17, 2017

The government of Karnataka is considering to adopt Gujarat’s town-planning model for land acquisition with an aim to solve the problem of escalating land costs. Just like the Gujarat model, the Karnataka government will pool lands that belong to different owners through the local development authority and these will then be developed into layouts or townships. The transparency in such a model will enable the local planning authority to develop the pooled land, without having… Read More

Hyderabad Authority to acquire land via pooling method
January 16, 2017

The Hyderabad Metropolitan Development Authority (HMDA) intends to go for land pooling in order to acquire land for the planned development of the metropolitan region. This is expected to help control the emergence of unauthorised layouts and haphazard growth of the city. T Chiranjeevulu, Commissioner, HMDA, shared that the draft rules for the pooling scheme have been forwarded to the municipal administration. Chiranjeevulu stated that this scheme will benefit land owners as they will not… Read More

NHB expects new players in housing finance
January 16, 2017

The housing finance segment is expected to witness new entrants on the back of the allure of affordable housing. Sriram Kalyanaraman, National Director & Chief Executive Officer, National Housing Bank (NHB), shared that six new players have applied for setting up housing finance companies (HFC). Currently, 82 companies’ housing finance applications have been approved. This spurt in interest in housing finance is believed to have been triggered by the Prime Minister’s latest announcement offering interest subsidy… Read More

Supreme Court halts Akrama Sakrama scheme in Karnataka
January 16, 2017

The much talked about Akrama Sakrama scheme in Karnataka is up against yet another hurdle as the Supreme Court (SC) has put the brakes on this regularisation scheme. The apex court of India has directed the authorities to not proceed with applications under this scheme. This move was taken in response to the special petitions filed by the Namma Bengaluru Foundation and Member of Parliament (MP) Rajeev Chandrashekar against the earlier verdict of the Karnataka… Read More

Budget 2017 may merge affordable housing in infra sector
January 16, 2017

Expectations are rife that the upcoming budget may witness a landmark move that would greatly benefit the low-cost housing segment in the country. It is believed that the government intends to amend the definition of infrastructure sector to include affordable and low-cost housing segments in it. The government is focused on achieving Prime Minister Narendra Modi’s aim of providing 20 million houses across the country by the year 2020. The recent announcement regarding concessions on… Read More

Q4 2016-17 likely to record weakest performance of cement industry: Report
January 15, 2017

A recent report by Kotak Institutional Equities has stated that the fourth quarter of financial year 2016-17 may be the weakest for the cement industry in terms of sales and profits. Cement sales volume has fallen while pet coke prices are rising, which together pose a major threat to the growth of the industry. The report added that while cement prices seem to have survived the recent cash crunch caused by demonetisation, they witnessed a… Read More

Paint industry set for a growth of 43% by 2020: Report
January 15, 2017

According to a report by Nielsen Corporation, the Indian paint industry is expected to grow from Rs 40,300 crore in 2015 to Rs 70,875 crore by 2020. The Indian paint industry can be classified into industrial paints and decorative paints, of which the market for decorative paints tends to perform better. The ratio of the market for decorative paint segment to the industrial paint segment is a skewed 75-25. The report stated that the former… Read More

Aviation ministry to spend $10 billion on airport infrastructure
January 15, 2017

RN Choubey, Secretary, Civil Aviation Ministry, has shared that the government plans to spend a sum of $10 billion in the next five years to upgrade airport infrastructure in the country. The plan is to help India emerge as the third large aviation market in the world in seven years. According to Choubey, almost 400 idle airstrips that had turned into grazing grounds for cattle will be reclaimed and revived. These announcements, made during the… Read More

Patna Smart City plan to focus on solar energy and riverfront development
January 15, 2017

The final plan for Patna Smart City project is likely to focus on the development of the riverfront, greater use of solar energy, and improvement of facilities around railway stations. The authorities intend to install solar panels in at least 20 government buildings to promote the use of clean energy sources. This has been decided at a recent meeting headed by Abhishek Singh, Commissioner, Patna Municipal Corporation (PMC). About 1.81 crore citizens had participated in… Read More

BDA to integrate different modes of transport in Bangalore
January 14, 2017

The Bangalore Development Authority (BDA) presented its Revised Master Plan (RMP) 2031 for the Bommanhalli zone recently. The civic body has devised three RMPs for the zone and the city residents have been invited to give their suggestions and objections to help improve the plans. The plans included a proposition to integrate different modes of transport in order to improve Bangalore’s traffic. At present, zonal meetings are being held for the Master Plan. After tweaking… Read More

Salt Lake in Kolkata to get a facelift
January 14, 2017

As per the Nabadiganta Industrial Township Authority’s (NDITA) development plans, Salt Lake and the areas in its vicinity are set to receive an upgrade. NDITA official data reveals that about 1.5 lakh people commute every day for work to Sector V in Salt Lake. With a residential population of 400, the state's Information Technology (IT) hub needs to spruce up the civic infrastructure, including setting up a Town Hall-like building, a food court, and multilevel… Read More

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