Press Release

Motilal Oswal Real Estate invests Rs 300 crore in residential project
December 12, 2018

Motilal Oswal Real Estate invests Rs. 300 crore in residential projectDecember 10th 2018 Motilal Oswal Real Estate (“MORE”), the real estate private equity arm of Motilal Oswal Group cumulatively invested Rs 300 crore through its funds in the last two months. The amount has been invested across various mid-income and affordable residential projects in Mumbai, Pune and Chennai. The investment has come at a time when the realty sector is focusing on the quality of assets and timely deliveries but fresh disbursements have considerably slowed down the sector owing to liquidity crunch with NBFCs and HFCs.

DMRC approves Delhi Metro Phase IV project
December 11, 2018

The Delhi Metro Rail Corporation (DMRC) has re-approved the 104-km long Delhi Metro Phase IV project. The project is awaiting an approval from the Central Government. Officials have shared that the board’s re-validation for the metro project was mandatory as the estimated cost of development of the Phase IV project had been changed twice. As per the first Detailed Project Report (DPR), the anticipated cost of the project was Rs 55,208 crore. However, the recent anticipated project cost submitted to the Centre for approval is Rs 45,603 crore. Earlier, the cost had been revised to around Rs 46,800 crore. The…

Delhi: Connaught Place is sixth most expensive office location
December 11, 2018

According to a recent survey conducted by Jones Lang LaSalle (JLL), Connaught Place (CP) in Delhi has emerged as the sixth most expensive office location in the world with an average occupancy cost of $142 per sq ft. The average occupancy cost is even higher than the other global markets including Pudong in Shanghai, Shinjuku in Tokyo and Singapore. Meanwhile, Mumbai is ranked 14th with the occupancy cost at $96 per sq ft. The survey was carried out for 20 major markets in Asia Pacific region. In 2017, Delhi stood at the third position, while Mumbai ranked at 11th position.…

DDA Housing Scheme 2019 to offer 20,000 houses
December 11, 2018

The Delhi Development Authority (DDA) is planning to launch its latest housing scheme in February 2019 with 20,000 flats. Majority units will be configured as one-bedroom flats, which will be reserved for the economically weaker sections (EWS). There will be a few 2BHK units, too. Earlier, it was speculated that the Authority will launch the scheme with 30,000 flats. The DDA aims to construct the flats with a better design coupled with more space as compared to the previous housing schemes. As per the new scheme, the one-bedroom flats will have a minimum size of 40 sq m. In the…

South Delhi: Issuance and renewal of licenses go online
December 10, 2018

The South Delhi Municipal Corporation (SDMC) has approved the policy for issuing and renewing licenses online for household and service industries. Officials have shared that the policy was pending for a long time. Shikha Rai, Chairperson, Standing Committee, SDMC, has shared that the sanction and renewal of licenses will be allowed for any sanctioned floor provisioned under the Master Plan of Delhi 2021. About 50 percent of the area will be allowed to set up a household industry wherein 5KW electricity connection will be sanctioned, and up to five workers will be allowed to work. Earlier, only 25 percent of…

DMRC to develop Metro Phase IV on PPP model
December 8, 2018

The Ministry of Housing and Urban Affairs (MoHUA) has decided to involve private players in the development of the upcoming metro rail projects proposed by the Delhi Metro Rail Corporation (DMRC). Since the launch of DMRC, it is for the first time when the private players will be involved to run the operations. As a pilot project, the Delhi Metro Rail Corporation has allowed the development of the Phase IV of Delhi Metro on Public-Private Partnership (PPP) model. As per the proposal, the Corporation will lay down the track, while a private company will be responsible to get coaches on…

Delhi Govt proposes a 14 km-long six lane elevated road
December 7, 2018

The Delhi government has proposed a six-lane elevated road from Mahipalpur Bypass (NH-8) to Barapullah elevated road. The decision was taken to reduce traffic congestion on Sarai Kale Khan-Dhaula Kuan stretch. The public works department (PWD), Delhi government has drafted a proposal of a 14 km-long road corridor, which will pass through Nelson Mandela Road, Vivekanand Marg, Africa Avenue, Leela Palace roundabout and Sarojini Nagar. The expected cost of the project is Rs 2,000 crore. The Department had suggested three options to decongest traffic movement, out of which, the six-lane stretch was considered as the best option. According to the…

Delhi: NPCCL to construct 200 houses for tax officials
December 7, 2018

The National Projects Construction Corporation (NPCCL) will be constructing a total of 256 residential units for the Central Board of Indirect Taxes and Customs (CBIC) officials. The houses will be constructed in Sector 9, Dwarka, Delhi. S Ramesh, Chairman, CBIC, has shared that the construction of residential units was a long pending demand of the officers. The residential project is expected to cost around Rs 211 crore and will be completed by 2021. The revenue department has secured the land measuring 17,832 sq m for the project. A guest house-cum-transit hostel will also be developed along with community facilities. Manohar…

UPRERA identifies over 21,000 delayed flats in Noida, Gr Noida
December 7, 2018

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA), Greater Noida Bench, has directed seven developers to expedite the construction of pending flats in Noida and Greater Noida. The Authority has found that there are over 21,000 flats in the twin cities running behind schedule in a range of three to seven years. Recently, the UPRERA has conducted a survey to identify all delayed projects in Noida and Greater Noida. The survey report claimed that a total of 21,758 residential units in several esteemed housing projects in the city are extremely delayed. Some of the major projects include Logix group, Today…

Delhi Govt plans to construct 5,300 homes for slum dwellers
December 6, 2018

The Delhi government has approved the construction of as many as 5,310 homes in five different areas in the capital city to rehabilitate the slum dwellers. The process involving the proposal, planning, designing and approvals was fast-tracked to ensure a minimum delay in shifting the poor from slum areas, which do not offer proper civic amenities. The Delhi Urban Shelter Improvement Board (DUSIB), the nodal agency for the project, will be responsible for improving the quality of life in slums and jhuggi-jhopri clusters. The board has also issued a tender inviting agencies to take up the construction work. According to…

Authority approves Greater Noida Ph 2 metro extension
December 6, 2018

The Greater Noida Industrial Development Authority (GNIDA) has recently approved the extension of Greater Noida Phase 2 project from Noida Sector 71 to Knowledge Park 5 in Greater Noida. The extended corridor will have nine stations and will be developed in a phased manner at a projected cost of Rs 2,602 crore. In the first phase, a total of five stations will be developed. In Noida, the metro services will commence from Sector 71, and will cross Sectors 122, 123 and 4 to Greater Noida West at Ecotech 12. The last station will be located at Sector 2, Greater Noida.…

South Delhi: Owners get no rebate on conversion charges
December 5, 2018

The South Delhi Municipal Corporation (SDMC) has informed that none of the owners of commercial properties in the region will receive any sort of exemption from the conversion charge payments. The rule is applicable to all shopkeepers running commercial business in local shopping centers. Puneet Kumar Goel, Commissioner, SDMC, has shared that all the identified commercial units have a standard plan, including upper floors as residential units. This means that these commercial establishments are not purely commercial. An owner managing a unit with 100 Floor Area Ratio (FAR) is not required to pay any conversion charges, however, others need to…

Gurgaon: Flats resold before lock-in period to lose registration
December 4, 2018

In Gurgaon, a number of flats allocated for the economically weaker section (EWS) have been resold before the expiry of the lock-in period. Now, all such flats will lose their registration status. Officials have shared that around 300 flats were earmarked for the EWS in four residential societies. All of them have been resold before the stipulated time. The flats were allotted to the beneficiaries following the condition of being unsold for the last five years. In 2013, the Department of Town and Country Planning (DTCP) had formed a policy regarding the same. However, it was observed that the rules…

Gurgaon: Resident advisory council yet to be formed
December 4, 2018

The Gurgaon Metropolitan Development Authority (GMDA) has failed to set up a resident advisory council (RAC) in the city. The Council will monitor implementation of the annual plan for infrastructure development, mobility management and sustainable management of the urban environment.   Officials have shared that the process of constituting the council is in progress. Many applications have been received for the post of members of the Council. The Authority has received around 27 applications for the nomination of resident members. Of all received applicants, 11 were applied by Resident Welfare Associations (RWAs) and 11 by industry representatives. Two developers and…

Construction ban in Delhi NCR delay completion timelines by two-month: CREDAI
December 2, 2018

According to Confederation of Real Estate Developers Association (CREDAI), the halt on construction activities at sites from 1st to 15th November to bring pollution under control has deferred completion schedules of real estate projects by two months. On November 1, 2018, an action plan issued by the the Environment Pollution Control Authority (EPCA) had brought all construction activities in Delhi NCR to a standstill. The ban  was finally uplifted on November 15 and the construction work was allowed from November 16 onward from 6:00 am to 6:00 pm. Members of the apex body said that the two week pause to…

Greater Noida Authority to hold meetings to resolve builder-buyer disputes
November 26, 2018

In order to resolve disputes between the homebuyers and the builders in the city, the Greater Noida Industrial Development Authority (GNIDA) has decided to conduct a weekly meeting. To achieve this, the Authority has appointed Additional CEO, KK Gupta, as a nodal officer for resolving issues between the stakeholders. Narendra Bhooshan, CEO, GNIDA, has informed that officials will hold meetings every Wednesday from 10 am–1 pm. Apart from the Additional CEO, the committee will include representatives from the departments of planning, urban services, group housing, industrial and IT. Officials have shared that residents have been demanding a way for addressing…

Gurgaon: DTCP permits registration of fourth floors
November 26, 2018

The Haryana government has finally released a notification permitting registration of the fourth floor of plotted houses as an independent residential unit in Gurgaon. This move will benefit thousands of owners who were unable to sell or market it as an independent dwelling unit. In March 2018, the Town and Country Planning Department, Haryana, had prohibited registration of fourth floors as independent housing units. In the last few years, Gurgaon has witnessed a noticeable rise in the construction of fourth floors in HUDA Sectors and licensed colonies. Earlier, the State government had allowed construction of a fourth floor but prohibited…

Delhi Metro Phase IV project cost up by Rs 1200 crore
November 24, 2018

The Delhi Metro Rail Corporation (DMRC) has informed that the estimated cost of Delhi Metro Phase IV is more likely to escalate by Rs 1,200 crore. Last-minute alteration in the Detailed Project Report (DPR) is the primary reason behind the project cost escalation. Officials have shared that the Corporation had not taken the total number of coaches and some sections of the track into consideration, which, when factored in, escalated the project cost. Now, the overall project cost is estimated to be around Rs 46,000 crore. Of overall project cost, nearly Rs 10,000 crore will be remitted by the Delhi…

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