99acres Bureau

 

Stay abreast with the latest news, stories and trends in Indian real estate at the 99acre’s Bureau. Whether it is a policy change or an infrastructure upgrade, if there is a real estate news doing the rounds, we capture it right here.

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India needs $4.5 trillion by 2040 for infrastructure development: Report

An industry report titled ‘Global Infrastructure Outlook’ estimates that India will need investments worth about $4.5 trillion till 2040 to develo...

An industry report titled ‘Global Infrastructure Outlook’ estimates that India will need investments worth about $4.5 trillion till 2040 to develop adequate infrastructure in the country. This would make India the second largest infrastructure market in Asia after China. The report has also...

  • July 27, 2017
  • 4

Inspection of Lucknow Metro to begin on July 27

An on-site inspection of the Lucknow Metro Rail service is scheduled to be held on July 27 and 28 by the commissioner of metro rail safety (CMRS). He ...

An on-site inspection of the Lucknow Metro Rail service is scheduled to be held on July 27 and 28 by the commissioner of metro rail safety (CMRS). He will examine the operational preparedness of the metro project before making it operational for the public. Officials state that the commissioner...

  • July 27, 2017
  • 5

Tamil Nadu RERA: Appointment of retired officials irks builders

The Tamil Nadu government has started appointing retired officials of the Chennai Metropolitan Development Authority (CMDA) in the state’s regulator...

The Tamil Nadu government has started appointing retired officials of the Chennai Metropolitan Development Authority (CMDA) in the state’s regulatory authority established under the Real Estate (Regulation and Development) Act (RERA). This is aimed at fastening the functioning of the regulator....

  • July 27, 2017
  • 9

Government identifies benami properties worth over Rs 800 crore

The central government has identified more than 400 benami properties in India worth over Rs 800 crore since the Benami Transactions (Prohibition) Ame...

The central government has identified more than 400 benami properties in India worth over Rs 800 crore since the Benami Transactions (Prohibition) Amended Act came into effect. All the identified properties are under attachment and will be seized by the government. Officials share that provisional...

  • July 27, 2017
  • 9

Bombay HC directs builders to adhere to RERA registration deadline

The Bombay High Court (HC), Nagpur Bench, has declined the extension demanded by builders for the registration of real estate projects under Real Esta...

The Bombay High Court (HC), Nagpur Bench, has declined the extension demanded by builders for the registration of real estate projects under Real Estate (Regulation and Development) Act (RERA). The group of builders that had approached the HC have instead been asked to adhere the deadline set by...

  • July 27, 2017
  • 7

UP RERA website receives over 15,000 complaints within 24 hours

The Uttar Pradesh government has recently unveiled an online portal to expedite the registration process of promoters, builders, projects, and agents ...

The Uttar Pradesh government has recently unveiled an online portal to expedite the registration process of promoters, builders, projects, and agents under the Real Estate (Regulation and Development) Act (RERA). In less than 24 hours of its launch, more than 15,000 complaints have been lodged on...

  • July 27, 2017
  • 16

Gammon India receives notice from Madhya Pradesh RERA

The Madhya Pradesh Real Estate Regulatory Authority (RERA) has issued a notice against a residential project, Shrishti CBD developed by Gammon Group i...

The Madhya Pradesh Real Estate Regulatory Authority (RERA) has issued a notice against a residential project, Shrishti CBD developed by Gammon Group in Bhopal. The notice was sent out after a verification of the repeated complaints against the project. However, Gammon authorities have rejected...

  • July 26, 2017
  • 3

Uttar Pradesh launches RERA website

Uttar Pradesh (UP) government has launched the portal for the state regulator under the Real Estate (Regulation and Development) Act (RERA). This news...

Uttar Pradesh (UP) government has launched the portal for the state regulator under the Real Estate (Regulation and Development) Act (RERA). This news has pleased the developer fraternity in the state as they will be able to easily register their projects under RERA. Until now, developers had to...

  • July 26, 2017
  • 41

Noida administration to introduce quality checks for construction material

Gautam Budh Nagar administration has announced its plans to check the quality of construction materials used in real estate projects. This has been pr...

Gautam Budh Nagar administration has announced its plans to check the quality of construction materials used in real estate projects. This has been prompted by the multitude of complaints received from residents of new buildings. BN Singh, District Magistrate, shared that he would discuss the issue...

  • July 26, 2017
  • 17

SEBI rolls out online registration system for REITs, InvITs

The Securities and Exchange Board of India (SEBI) has announced a new registration system for Real Estate Investment Trusts (REIT) and Infrastructure ...

The Securities and Exchange Board of India (SEBI) has announced a new registration system for Real Estate Investment Trusts (REIT) and Infrastructure Investment Trusts (InvIT), which will help give these concepts a significant boost in India. SEBI has stated that all applications for REITs or...

  • July 26, 2017
  • 20

DDA works on Delhi Master Plan 2041

The Delhi Development Authority (DDA) has commenced work on the preparation of a new master plan for Delhi. The Authority has signed a Memorandum of U...

The Delhi Development Authority (DDA) has commenced work on the preparation of a new master plan for Delhi. The Authority has signed a Memorandum of Understanding (MoU) with the National Institute of Urban Affairs (NIUA) for the master plan which will be valid till 2041.   DDA officials share...

  • July 26, 2017
  • 18

Haryana notifies RERA rules

Haryana government has finally notified its rules under the Real Estate (Regulation and Development) Act (RERA). The state had already set an interim ...

Haryana government has finally notified its rules under the Real Estate (Regulation and Development) Act (RERA). The state had already set an interim regulator but the lack of final RERA rules has made adherence confusing for developers. The government has asserted that the Haryana RERA rules have...

  • July 26, 2017
  • 117

Maharashtra government to build 2.5 lakh homes for construction workers

The Maharashtra government has decided to provide shelters to construction workers at subsidized rates under the Pradhan Mantri Awas Yojna (PMAY). Aro...

The Maharashtra government has decided to provide shelters to construction workers at subsidized rates under the Pradhan Mantri Awas Yojna (PMAY). Around 2.5 lakh tenements - multi-occupancy buildings - would be built under the Mahakamgar Awaas Scheme. Each unit would be built at an estimated cost...

  • July 25, 2017
  • 83

HUDA to auction 30 residential plots in Gurgaon next month

Haryana Urban Development Authority (HUDA) plans to auction 30 residential plots in Gurgaon on August 13 to raise funds worth Rs 38 crore. To overcome...

Haryana Urban Development Authority (HUDA) plans to auction 30 residential plots in Gurgaon on August 13 to raise funds worth Rs 38 crore. To overcome its financial deficiency, the authority has been selling properties at regular intervals. Out of all plots based in Sector 9A, seven of them are 1...

  • July 25, 2017
  • 23

MHADA to file 456 fraud cases against builders

The Maharashtra Housing and Area Development Authority (MHADA) intends to file fraud cases against several real estate builders in the state. The Auth...

The Maharashtra Housing and Area Development Authority (MHADA) intends to file fraud cases against several real estate builders in the state. The Authority will register First Information Reports (FIRs) against those who have not handed over residential units to them despite availing incentives...

  • July 25, 2017
  • 17

Average home size in Pune shrinks 23 percent in last three years: Report

According to an industry report, the average size of new residential units in Pune has reduced over the last three years. Slower sales trend and new g...

According to an industry report, the average size of new residential units in Pune has reduced over the last three years. Slower sales trend and new government policies, such as Real Estate (Regulation and Development) Act (RERA) and demonetisation, have been the major contributory factors for the...

  • July 25, 2017
  • 18

GST impact: Construction cost of Kolkata Metro to increase

The Goods and Services Tax (GST) is expected to increase the construction cost of East-West metro corridor in Kolkata. Officials of the Kolkata Metro ...

The Goods and Services Tax (GST) is expected to increase the construction cost of East-West metro corridor in Kolkata. Officials of the Kolkata Metro Rail Corporation (KMRC) have stated that the new unified tax regime would escalate the Kolkata Metro project cost. As of now, a total sum of Rs 4,874...

  • July 25, 2017
  • 43

Karnataka government launches RERA website

The Karnataka government has finally launched the website for registration of projects under Real Estate (Regulation and Development) Act, 2016 (RERA)...

The Karnataka government has finally launched the website for registration of projects under Real Estate (Regulation and Development) Act, 2016 (RERA). Developers have been facing problems for the past couple of weeks as there was no portal to register their realty projects with the state...

  • July 25, 2017
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