Indian real estate news

Government adds 30 more cities to the Smart Cities list
June 23, 2017

On the second anniversary of the ambitious Smart Cities Mission, the government has selected 30 more cities to be added to the Smart Cities list. This takes the total number of cities to be developed as smart cities to 90. The government has also announced an additional investment of Rs. 57,393 crore for the project. The latest additions include Thiruvananthapuram, Naya Raipur, Rajkot, Gandhinagar, Srinagar, Amaravati, Patna, Karimnagar, Muzaffarpur, Puducherry, Sagar, Karnal, Satna, Bangalore, Shimla,… Read More

Leasing in co-working space segment likely to reach 10 million sq ft in 2020: Report
June 23, 2017

A report by CBRE is confident that the co-working space segment in India will reach new heights in the next few years. The leasing in the segment is anticipated to reach 10 million sq ft by 2020. Titled The Art of Co-working, the report stated that demand reached 0.7 million sq ft in 2016, growing more than thrice the values recorded in 2014. Experts expect leasing in 2017 to cross 1.5 mn sq ft. Commenting… Read More

EPFO ties with HUDCO for offering subsidies under PMAY
June 23, 2017

The Employees Provident Fund Organisation (EPFO) will sign a Memorandum of Understanding (MoU) with Housing and Urban Development Corp (HUDCO) in order to offer subsidies announced under the Centre’s Pradhan Mantri Awas Yojana (PMAY). This is a part of the government’s vision for Housing for All by 2022. It should be noted that EPFO subscribers from societies are allowed to withdraw up to 90 percent of their EPF savings to make down payments for home purchases and… Read More

Bangalore civic body asks citizens to give up land for parking lots
June 22, 2017

In order to tackle the growing issue of shortage of parking lots in the city, Bruhat Bengaluru Mahanagara Palike (BBMP) has asked citizens and firms to voluntarily give up their land located in the vicinity of bus stands, railway and metro stations. The civic body plans to use such land for constructing more parking areas in Bangalore. The plans involve integrating technology-based facilities in the parking spaces. Furthermore, BBMP also intends to develop a new… Read More

Punjab government to revamp Patiala with smart city features
June 22, 2017

Punjab government has expressed its intention of developing Patiala on the lines of smart cities in the coming years. The city is expected to get infrastructure upgrades that would put it at par with other cities selected for the Centre’s Smart Cities Mission. The recently approved Punjab budget for 2017 also mentioned similar plans of the government. Officials share that revamping of the Government Rajindra Hospital and Mohindra College of Patiala are the major projects… Read More

NHAI grants National Highway status to Dwarka Expressway
June 22, 2017

After being pending for over a year, the 28 km long Dwarka Expressway, extending from Shiv Murti in Delhi to Kherki Daula in Gurgaon, has finally been granted national highway (NH) status by the National Highways Authority of India (NHAI). With this, the Authority has also set the speed limit of 80 kmph on the expressway. The NH status request was first made by Haryana Chief Minister, Manohar Lal Khattar, in 2016 at the Global… Read More

Annuity, capital grant based models suitable for private developers under PMAY: Report
June 22, 2017

According to a recent report by Colliers International, private real estate developers are likely to go for annuity and capital grant based models to develop affordable housing projects under the Pradhan Mantri Awas Yojana (PMAY). The initiative was launched back in 2015 with an aim to give affordable shelters for all by 2022. However, the scheme has failed to attract private developers due to shortage of land availability, high cost involved, and non-availability of construction… Read More

Private equity investments rose by 64 percent in May 2017: Report
June 21, 2017

As per a recent report by Grant Thornton, Private Equity (PE) investments witnessed in India in May 2017 have shown a substantial jump compared to May 2016. A rise of 64 percent in value terms was registered in May, with deals worth $963 million being finalised. The report stated that while a total of 67 PE deals worth $963 million were signed in 2017, 74 such transactions worth $587 million were sealed in May 2016.… Read More

Home loan growth slows down to 16% in FY17: ICRA Report
June 21, 2017

According to ICRA's recent report, housing credit growth has witnessed a slowdown in the financial year (FY) 2016-17. The home loan sector has managed to record a growth of 16 percent, compared to the previous financial year, which had reported a rise of 19 percent. However, the outstanding home loans have risen to Rs 14.4 lakh crore as on March 31, 2017 against Rs 12.4 lakh crore as on March 31, 2016. Experts state that… Read More

Property records in Bangalore to be linked to Aadhaar from July
June 21, 2017

In order to curb benami properties and unauthorised property transactions in Bangalore, the government has announced that every citizen of the city will now need to link their Aadhaar card details with their land records and property documents. The move will be implemented from July onwards. With this announcement, the ambit of Aadhaar has been expanded from bank accounts, income tax records, and provident funds. The project will be handled by the department of survey… Read More

Delhi government to upgrade Ghitorni with smart city features
June 21, 2017

A total of 240 acre land in Ghitorni in Delhi will be soon converted into greenfield city with smart city amenities. The project is expected to cost over Rs 15,000 crore. Delhi government has announced that the project will be co-developed by the Central Public Works Department (CPWD) and the National Buildings Construction Corporation (NBCC). The urban development secretary Rajiv Gauba recently met with senior officials of CPWD and NBCC to discuss the project, which… Read More

Green homes to enjoy cheaper loans, lower registration charges soon
June 20, 2017

With an aim to mitigate climate change, the government has taken a significant step to encourage green residences in the country. The government intends to offer cheaper loans and lower the registration fee for buyers of energy efficient properties in an attempt to promote green homes. The proposal is a part of the ‘Energy Conservation Building Code for Residential Sector (ECBC-R)’ initially proposed in 2007 to encourage a greener outlook for India’s real estate sector.… Read More

Property tax discounts for soldiers’ kin in Pune
June 20, 2017

The Pune Municipal Corporation (PMC) has proposed a scheme wherein a special discount in property tax will be given to the families of soldiers and ex-servicemen. The civic proposal includes special discounts to widows of ex-servicemen and nominees of soldiers. Under the proposal, families of ex-servicemen will be able to avail exemptions on general tax, water tax, special cleanliness tax, education cess, fire brigade tax, sanitation tax, and sewage treatment tax. Officials share that the… Read More

Government acts against illegal sand mining
June 20, 2017

A committee has been set by the government to curb illegal sand mining in the country. The committee has been asked to frame a transparent system for sand extraction and develop a more effective model for the mining surveillance system (MSS). Headed by the secretary of Ministry of Mining, the main role of the committee would be to draft a stringent plan to keep a hawk eye on all illegal activities happening in the sector.… Read More

Government launches energy conservation code for commercial properties
June 20, 2017

The Bureau of Energy Efficiency (BEE) has launched energy conservation building code (ECBC) for commercial buildings. Officials share that the ECBC will be useful for developers, designers, and architects for integrating renewable energy sources and energy efficient appliances in the building design. Launched by Power Minister Piyush Goyal, the latest version of the energy conservation code includes advancements in building technology which can be effective in reducing energy consumption of buildings and can promote low carbon… Read More

InvITs, REITs opened for investment by insurance companies
June 20, 2017

The Insurance Regulatory and Development Authority of India (IRDAI) has passed a notification allowing insurance companies to invest in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). This is expected to give a major boost to REITs and InvITs in the country. With this, the insurance regulator has followed in the footsteps of the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), which have also eased regulations to enhance interest in InvITs and REITs.… Read More

Bangalore Metro’s green line opened to the public
June 20, 2017

Bangalore Metro’s green line, stretching from Sampige Road to Yelachenahalli, was recently inaugurated by President Pranab Mukherjee. With this, the 42 km long first phase of the project has been completed. Mukherjee commended the Bangalore Metro authorities for completing the metro network in under ten years, considering that the project was fraught with construction challenges. He expressed hope that this will ensure that the 72 km long second phase of Namma Metro will be completed… Read More

Kochi Metro inaugurated; earns Rs 28 lakh on first day
June 20, 2017

The much-awaited Kochi Metro has finally opened its doors for the public. Of the 25 km planned in the first phase of the metro, a 13 km stretch from Aluva to Palarivattom has been inaugurated by Prime Minister Narendra Modi. The metro service was a long standing demand of the citizens and the excitement towards the new project can be gauged by the fact that around 90,000 people rode the metro on the first day… Read More

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