Indian real estate news

Hyderabad to have 1 lakh 2BHK homes for urban poor
April 29, 2017

This fiscal will offer about one lakh 2BHK homes to the poor in Hyderabad. As confirmed by state government officials, 300 2BHK units will be constructed for the poor in Mahbubabad district will be completed in the next six months. Kadiyam Srihari, Deputy Chief Minister (CM), Telangana recently laid the foundation stone for the project. The collector would have to identify the beneficiaries of such homes after conducting a survey. Speaking on the occasion, the… Read More

Chandigarh: Building plans of commercial property to undergo self-certification
April 29, 2017

The Chandigarh Administration has recently introduced self-certification for passing the building plans of any commercial property in the Union Territory (UT). The self-certification for residential buildings has already been adopted in Chandigarh. In order to save the applicants' time, the provision has been added to the draft Chandigarh Building Rules (Urban) 2017, which will be notified after calling objections from the UT residents. To avoid applicant’s harassment at the hands of the UT estate officials,… Read More

PM to evaluate infrastructure progress
April 29, 2017

Prime Minister of India (PMO) will soon review infrastructure progress in the country and set infrastructure creation targets for this fiscal. After the country saw an average growth of about 30 percent across sectors in last financial year, PMO will soon chair a comprehensive review meeting where he will take stock of achievements in 12 infrastructure sectors in the last fiscal and will subsequently set targets for different central ministries. Six core infrastructure sectors, including… Read More

Gujarat may soon have relaxed land norms for industry
April 29, 2017

The high-powered committee, which was set up by Gujarat government to expedite industrial projects in the state, recently had its second meeting. The committee gave ‘in principle’ approval to 12 major proposals for changes in revenue rules, which has been demanded for years by industrialists and big landowners in the state. The changes given in-principle approval by the committee will have direct financial and legal implications for the government except for changes in some procedure… Read More

Udyog Vihar & Sohna Road emerge as Gurgaon’s most popular office spaces
April 28, 2017

As per a report by Colliers International, Udyog Vihar and Sohna Road have emerged as the most popular destinations for office space occupiers in Gurgaon. While Udyog Vihar accounted for 36 percent of commercial leasing in the first quarter of 2017, Sohna Road attracted 15 percent of the office space occupiers in the millennium city. Other business districts in the city, CyberCity, and MG Road accounted for about 8 percent and 5 percent of overall… Read More

Mandatory STPs for all buildings with 50 or more residential units in Bangalore
April 28, 2017

As per the Bangalore Water Supply and Sewerage Board’s (BWSSB) latest notification, Sewage Treatment Plants (STP) and dual-piping system are now mandatory for all existing apartments having 50 and more residential units or buildings with 5,000 sq m and above area, whichever is lower. Commercial buildings measuring 2,000 sq m and educational institutions measuring 10,000 sq m and above will also have to comply with mandatory STP and dual-piping system. For new constructions, the rule… Read More

#RERAStrikes: Large townships may get divided into smaller projects
April 28, 2017

As anticipated by a research report by CRISIL, developers with the portfolio of large townships are expected to divide their projects into different phases and subsequently register each phase separately post the implementation of Real Estate Real Estate (Regulation & Development) Act (RERA). This mechanism will help builders plan each phase as per market demand without altering plans of the entire township. The Act was notified on May 1, 2016, and subsequently, all states were… Read More

#RERAStrikes: Why are developers hurrying to get Occupancy Certificates?
April 28, 2017

With the Real Estate (Regulation and Development) Act, 2016 (RERA) coming into effect on 1 May 2017, every state is required to establish a Regulatory Authority by that same date, which will have another three months to frame the rules and regulations. Meanwhile, builders of 'nearly completed' projects are busy in obtaining the Occupancy Certificate (OC) from their respective authorities. Many of these developers are doing so as they do not wish their on-going project… Read More

#RERAStrikes: Uttar Pradesh CM assures no dilution of RERA rules
April 28, 2017

A delegation of homebuyers who have invested in various projects in National Capital Region (NCR) recently met Uttar Pradesh’s new Chief Minister, Yogi Aditya Nath. The key takeaways from the meeting were the CM’s assurance on undiluted Real Estate (Regulation and Development) Act (RERA) in the state, set-up of a special grievance cell at the Noida Authority and a rigorous scrutiny of builder-buyer issues over the next three months. A group of homebuyers recently headed… Read More

Andhra Pradesh launches 1.1 lakh pre-fab homes for EWS
April 27, 2017

By confirming that the construction of houses for Economically Weaker Sections (EWS) in urban areas will be completed within the next six to eight months, Andhra Pradesh (AP) has become the only state that has launched construction of 1.1 lakh houses under affordable housing scheme in a single go. As confirmed by government officials, the state will soon invite tenders for the remaining 10,000 houses as well. Currently, the construction of houses for the poor… Read More

Local authorities in Maharashtra to be accountable for project sanction delays
April 27, 2017

Under the upcoming Real Estate (Regulation and Development) Act (RERA) regime, the regulator will be able to question local authorities for any delay in sanctions for building permissions. RERA rules, which will be implemented from May 1, 2017, in the state, will include stringent norms to ensure that developers deliver their projects on time. Since the developers often experience delays in sanctions and certificates issued by the local authorities, the concern was addressed by Prakash… Read More

COSL examines RERA dilution by various states
April 27, 2017

The Committee on Subordinate Legislation (COSL) of Lok Sabha recently discussed the dilution of Real Estate (Regulation and Development) Act (RERA) with the Ministry of Housing and Urban Poverty Alleviation (HUPA) officials. During the meeting, COSL examined the progress of RERA implementation and raised more queries that are expected to be answered by the Ministry over the next few days. The responses on queries will be examined by a committee and subsequently, recommendations will be… Read More

One lakh more affordable homes approved under PMAY
April 27, 2017

The Centre has recently approved the construction of 100,537 more affordable homes under Pradhan Mantri Awas Yojana (PMAY) – Urban scheme. As per an estimate, these newly approved homes will attract an investment of Rs 4,200 crore. Madhya Pradesh was the biggest beneficiary of the move with the sanction of 57,131 homes, followed by Tamil Nadu with 24,576 homes. Manipur received 6,231 homes while Chhattisgarh Gujarat and Assam were sanctioned 4,898, 4,261 and 2,389 affordable… Read More

Is property going to get expensive in Greater Noida?
April 27, 2017

The Greater Noida Industrial Development Authority (GNIDA) may soon revive property rates as the regulatory body held a preliminary meeting with all departments recently, following the directions of GNIDA’s new chairperson. The recently held meeting aimed at making the area more attractive to entrepreneurs and investors. GNIDA officials discussed whether land rates in Greater Noida should be hiked, reduced or kept static. Currently, land rates across all verticals, including commercial, institutional, industrial, residential and group… Read More

CREDAI inks pact with SBI for financing affordable housing projects
April 26, 2017

The Confederation of Real Estate Developers Association of India (CREDAI) and State Bank of India (SBI) recently entered into an agreement for the financing of affordable housing projects by the realty developers’ apex body. Under this three-year pact, SBI is expected to extend construction finance of around Rs 12,500 crore to CREDAI developers. The largest lender of India has also revealed that it will offer housing loans for homebuyers in these projects, which is estimated… Read More

No more residential-to-commercial property conversions in Lucknow
April 26, 2017

The Lucknow Development Authority (LDA) has recently scrapped its prior decision to convert 58 residences into commercial units, which are owned by some of the influential people in the city. The applications were cancelled for their failure to pay the impact fee to the civic body within the stipulated time window. The civic body turned down these applications after holding a meeting of LDA officials to review the civic body’s major decisions in the past.… Read More

Apartments around Belandur Lake in Bangalore to be inspected
April 26, 2017

The Karnataka State Pollution Control Board (KSPCB) is all set to initiate an inspection drive for 159 apartment complexes and other commercial centers in the Bellandur lake catchment area. The inspection exercise aims at evaluating the operational efficiency of Sewage Treatment Plants (STPs) in these units, for which a team of 30 officers has been formed. The inspection drive follows the recent action taken by National Green Tribunal (NGT), which gave authorities a month’s notice… Read More

Chandigarh civic body cuts property tax slabs
April 26, 2017

After offering a rebate for two financial years, Chandigarh civic body will now ask the city's residents to pay more property tax on their houses. The Chandigarh Municipal Corporation (MCD) has recently reduced the rebate on tax, cutting the slabs from three to one. After introducing the property tax on residential property in FY 2015-16, the civic body introduced tax rebates of 40, 30 and 20 percent. While the 40 percent rebate was available for… Read More

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