Mumbai, Delhi airport authorities to have greater land use flexibility
August 20, 2017

Following an order by the Supreme Court (SC), Mumbai and Delhi airport authorities will have greater flexibility in terms of land usage. The airport authorities may set up commercial complexes, convention centres, hotels, etc. on five percent of the leased land that has been reserved for non-aeronautical purposes. Experts point out that these airports were earlier permitted to utilise the land around airports only for aviation-related businesses. Five percent of the land was open to be used for building tarmacs, hangars, etc. or other passenger-centric services. It should be noted that the National Civil Aviation Policy, 2016, eased the limitations…

Noida authority meets 21 developers to seek project update
August 17, 2017

Following up with the directions of the Chief Minister, Yogi Aditya Nath, to carry out audits for all ongoing projects in Noida and Greater Noida, the Noida Authority recently held a meeting with 21 developers who have ongoing projects in the city. The purpose of the meeting was to get updates about the finances and construction status of the projects. The 21 developers the Authority met included Amrapali, 3Cs, Loreat Buildwell, Colourful States, Unati Fortune, Logix, Pan Realtors, AIIMS Max Gardenia, E Homes, Antriksh, Assotech, Divine India, IVRCL, Sunshine and Granite. For a very long time, homebuyers in Noida and…

Press Release

ISPRAVA collaborates with Adil Ahmad for Nilgiris project
August 16, 2017

ISPRAVA collaborates with Adil Ahmad for Nilgiris project16th Aug 2017 Real estate firm, ISPRAVA has partnered with interior decorator Adil Ahmed for designing their Nilgiris project. Crafted in accordance to indo-colonial theme, the homes at Nilgiris will have resemblance to the old English country lodges and cottages, exhibiting grandeur and comfort. Antique furniture, crockery, cutlery, soft furnishings and various sit outs will be incorporated in order to complement the scenic beauty of the Nilgiris.

UP RERA to penalise projects registered post August 15
August 16, 2017

As per the Uttar Pradesh (UP) government’s earlier announcement, projects not registered under the state’s Real Estate (Regulation and Development) Act (RERA) till August 15 will have to pay penalties. The state had offered exemptions to unregistered projects until August 15. With the exemption period over, developers registering their projects with UP RERA till August 31 will incur a penalty of one percent of the project cost. Those registering between September 1 and 15 will have to pay five percent of the project cost as penalty while a higher fine of 10 percent will be levied on those registering post…

Delhi-Manesar Expressway put on hold due to high land cost
August 15, 2017

The proposed Greater Southern Peripheral Road (GSPR) project, also called Delhi-Manesar Expressway, has been put on hold due to the high costs of land acquisition. The project was aimed at enhancing connectivity between the Manesar and Delhi as well as reducing the traffic burden on Delhi-Gurgaon Expressway. The Haryana Urban Development Authority (HUDA) was responsible for land acquisition for the project, which would then be developed by the National Highways Authority of India (NHAI). However, HUDA has cited fund shortage due to which it will not be able to acquire the land needed for the project. Officials explain that the land acquisition cost…

Properties of tax defaulters in Gurgaon set to be auctioned
August 14, 2017

Municipal Corporation of Gurgaon (MCG) plans to auction properties of tax defaulters in the region. This announcement follows the sealing of over 500 such properties across Gurgaon which now stand the risk of being auctioned. These properties are located in Udyog Vihar Phase 1, 4, and 5, DLF Phase 4, Gadoli, Pace City 2, Kherki Daula, and Amar Colony. MCG officials shared that defaulters had been offered extensions to clear their dues, however, not many bothered to take advantage of this. Thus, the properties of the defaulters will first be sealed after which a public auction will be organised. The…

Affordable homes remain most supplied category in Gurgaon in H1 2017: Report
August 13, 2017

A report by Colliers has revealed that during the first six months of 2017, 90 percent of new launches in the residential category in Gurgaon were affordable homes. Majority of new homes were in the price bracket of Rs 20-25 lakh, added the report. Further, Dwarka Expressway and New Gurgaon emerged as the most popular areas as about 90 percent of the new launches were located here. The first half of the year reported new home launches in the city falling to an all-time low of 3,000 units. This could be attributed to the wariness on account of the Real…

DDA housing scheme extended till September 11
August 12, 2017

A lukewarm response to the recent housing scheme has forced the Delhi Development Authority (DDA) to extend the deadline for applications till September 11. DDA officials share that the Authority has received around 8,000 applications till now for the 12,072 flats on offer. Officials have cited the forfeiture clause in the DDA housing scheme as the main reason for the poor response from homebuyers. Due to this clause, banks are hesitant to give loans to aspiring buyers. DDA had introduced the forfeiture clause — penalty ranging from 25 percent to 100 percent — to ensure that genuine buyers would apply…

New airport terminal for chartered flights proposed in Delhi
August 12, 2017

In order to streamline operations of chartered flights in Delhi, the Indira Gandhi International (IGI) Airport will soon get a dedicated terminal and parking bays for private planes by 2020. The Delhi International Airport Ltd (DIAL), which handles the operations of the airport, has appointed two concessionaires for this proposed project. The selected parties will develop fixed base operator (FBO) coupled with world-class repair, maintenance, and overhaul facilities at the new terminal. The new terminal would provide faster access to chartered flights as well as reduce congestion at Terminal 1. It will allow people to board a private plane within few…

Defaulting builders in Noida to undergo forensic audit
August 11, 2017

The state government has received a request from the Noida Authority to conduct forensic audits on the defaulting builders with real estate projects in Noida. A forensic audit involves an examination of an individual's or firm’s financial information with an intent of using it as evidence in court. Experts state that it is usually carried out in financial cases such as embezzlement or fraud. This has come in the wake of several requests from banks who want to recover dues from developers in the region. Experts state that National Company Law Tribunal (NCLT) had been asked to oversee insolvency cases…

Inspection begins for stamp duty evasion in Noida
August 8, 2017

In order to curb stamp duty evasion by residents in Noida, door-to-door inspection of properties has been commenced. BN Singh, District Magistrate, had found five properties in Sector 44, Sector 136 and Phase II with irregularities and stamp duty evasion. A strict action will be taken against the errant residents, Singh added. The Gautam Budh Nagar stamp and registry department had recorded a deficit of Rs 462.2 crore from its annual target of Rs 2,223.6 crore in the financial year 2016-17. The department had managed to collect 1,761.4 crore as annual revenue in the last financial year. This shortfall can…

Delhi: Pragati Maidan redevelopment project receives green clearance
August 5, 2017

The central government has granted environment clearance for redeveloping Pragati Maidan in Delhi into a world class Integrated Exhibition-cum-Convention Centre (IECC). The estimated cost of the project is Rs 1,677 crore. The permission letter has been issued by the Ministry of Environment to the India Trade Promotion Organisation (ITPO). ITPO would begin the work once it receives all mandatory clearances from other authorities, including Town Planning Department. ITPO has been asked to redevelop the area as per the local building byelaws while maintaining all measures to minimise air pollution levels during the construction of the proposed exhibition center. The ministry…

Gurgaon to get a separate regulatory authority under RERA
August 5, 2017

A recent announcement by Haryana government spells good news for Gurgaon homebuyers. The state government has decided to establish two regulatory authorities under the Real Estate (Regulation and Development) Act (RERA), one of which will be exclusively responsible for Gurgaon’s real estate. Both these authorities would comprise of a chairperson and two members. Officials have stated that a selection committee under RERA was also constituted in Chandigarh to invite applications from the eligible candidates for appointment of the regulator. Interested candidates can submit their names by September 4. A candidate should have professional experience of at least 20 years for…

Haryana speeds up process to change land use
August 2, 2017

In a move that will please land owners in the state, Haryana government has announced that the permission to change land usage will now be granted within 45 days. Currently, the process takes 60 days in case of industrial land and up to 90 days for other categories. Department of Town and Country Planning (DTCP), which regulates urban development in Haryana, stated that this decision is aimed at encouraging land holders to acquire permissions before altering the use of their land. The state witnesses a lot unauthorised construction that occurs without appropriate change of land use (CLU) permission. CLU permissions are…

Government to give YEIDA Rs 4,000 crore for Jewar airport project
August 2, 2017

The Uttar Pradesh government has put the Yamuna Expressway Industrial Development Authority (YEIDA) at the helm of the Jewar airport project. YEIDA will receive Rs 4,000 crore from the state for the first phase of the much-awaited project. This announcement cancels the earlier proposal to set up a special purpose vehicle (SPV) for acquiring land for the airport project. The Authority will now be responsible for land acquisition and will act on behalf of the state. The project has recently received site clearance from the defence ministry along with preliminary clearance from the civil aviation ministry. The state has also…

About 400 project applications pending with Haryana RERA
August 2, 2017

The Haryana realty regulator has stated that only 28 projects have been registered under the Real Estate (Regulation and Development) Act (RERA) till now. However, there are about 97 agents and 400 project registration applications pending with the regulator. Officials share that majority of applications came in on the last day i.e. July 31, as the state had notified Haryana RERA only on 28 July. It is estimated that it will take another month for all projects to be receive registration certificates. Experts point out that developers cannot advertise or sell their realty projects until the registration has been completed. This…

Press Release

Hon’ble Union Minister of State inaugurates 200 KW solar power plant
August 1, 2017

Hon’ble Union Minister of State inaugurates 200 KW solar power plant1st Aug 2017 Leading energy and engineering solutions company Jakson Group installed a 200 KW solar rooftop PV power plant at Electronics Niketan Building in New Delhi. This was inaugurated by PP Chaudhary, Hon’ble Union Minister of State, Ministry of Law & Justice and Electronics & IT. The power plant will produce electricity upto 300,000 units and reduce CO2 emissions by 216,000 kilograms, saving Rs 8-10 lakh annually.

Haryana RERA website delayed by a month
July 31, 2017

Much to the annoyance of homebuyers in Haryana, the state government has announced that the registration portal under the Real Estate (Regulation and Development) Act (RERA) will need another month to be ready. Arun Gupta, Director General, town and country planning department, shared that 25 real estate projects in the state have been registered under RERA till now. Gupta added that the state is working on the Haryana RERA website, however, it is expected to take another month to be completely ready. Once opened to the public, the website will allow homebuyers to access details about registered projects, information about…

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