Deliver projects on time or face strict action: UP CM
July 24, 2017

Real estate developers in Uttar Pradesh (UP) have been warned about dire action if they do not complete their projects on time. Speaking at the ‘UP Ahead Conclave’, organised by CREDAI, Chief Minister (CM) Yogi Adityanath stressed on the importance of building the trust of the people for the real estate sector to flourish. The CM stated that about 1.5 lakh homebuyers have failed to receive possession even after timely payments. While the authorities have… Read More

Uttar Pradesh RERA portal expected by July end
July 17, 2017

Officials state that the website for the Uttar Pradesh Real Estate (Regulation and Development) Act (RERA) is expected to be ready by the end of July. The availability of an online portal will ease the process of registering under state RERA. Until the website becomes operational, developers may declare their projects as RERA compliant by presenting hard copies of documents. The builders may submit the requisite documents with the housing secretary of the state government. Manoj Gaur,… Read More

UP govt to construct 10 lakh houses by 2019
July 15, 2017

To provide shelter to the homeless in the state, the Uttar Pradesh government is going to construct overall ten lakh houses in the state by 2019. Yogi Adityanath, Chief Minister, has announced it while distributing letters to 568 beneficiaries of Pradhan Mantri Awas Yojna (PMAY). Under the scheme, the central government has set a target of building two crore houses across the country by 2022. Announced back in the year 2015, the scheme’s target beneficiaries… Read More

Uttar Pradesh still waits for realty regulator as deadline nears
June 25, 2017

While the deadline of registration under the Real Estate (Regulation and Development) Act (RERA) inches closer, homebuyers in Uttar Pradesh (UP) are still waiting for the appointment of the regulator. Notified in October 2016 and rolled out on May 1, 2017, UP RERA rules were called out as being developer-centric. The new government acted on the concerns of the industry and revised the RERA to better align them with the Centre’s RERA rules. However, the… Read More

Centre focuses on road development in Uttar Pradesh
June 14, 2017

In an attempt to enhance road connectivity in Uttar Pradesh, the central government has approved another expressway project. Worth Rs 9,600 crore, the proposed project will provide high-speed connectivity to the Bundelkhand region. In addition, the Centre has earmarked Rs 10,000 crore for pushing road development and economic activities in the state. The proposed expressway will connect Jhansi with Bela and Tirwa via the Agra-Lucknow Expressway, and will generate tremendous employment opportunities in the region… Read More

Uttar Pradesh emerges as the frontrunner in value capture financing
June 13, 2017

Uttar Pradesh has emerged as the frontrunner in the country in terms of value capture financing (VCF) for infrastructure projects. The state has raced ahead of other states with 61 cities in the state opting for value capture financing. These cities, including Varanasi, Amroha, Maunath Bhanjan, Baraut, Chandausi, Banda, Kasganj, and Sitapur have already appointed consultants to guide them in framing VCF policies. This move has been prompted by the finance ministry’s directive advising all… Read More

RERA and PMAY prime focus of Uttar Pradesh government
June 11, 2017

Announcing the new action plan for the urban planning department for the financial year 2017-18, the Uttar Pradesh government has decided to focus on the successful execution of the Pradhan Mantri Awas Yojna (PMAY) and the Real Estate (Regulation and Development) Act (RERA). The government also intends to crackdown on illegal constructions in the state. Officials state that all they have been asked to maintain focus on affordable housing, illegal constructions, and implementation of RERA while preparing… Read More

Uttar Pradesh to offer home loan interest subsidies under PMAY
June 5, 2017

The Uttar Pradesh (UP) Housing and Development Board has announced that it will be offering subsidies on home loan interest to different income groups under the Centre’s Pradhan Mantri Awas Yojna (PMAY). This offer will be a part of the Credit Link Subsidy Scheme and will be offered on a first come, first serve basis. The plan envisages allowing 6.5 percent subsidy on home loans for a house up to 30 sq m to applicants from the… Read More

Purvanchal Expressway to be linked to Ayodhya and Varanasi
June 4, 2017

Uttar Pradesh government has decided to build link roads connecting the proposed Purvanchal Expressway with Ayodhya and Varanasi. Purvanchal Expressway is a 354 km long road project stretching from Lucknow to Ghazipur. It is proposed to displace the Agra-Lucknow Expressway to become the longest expressway in the country. State officials explain that it makes sense to connect Ayodhya with the expressway since the road is already passing through three villages of Faizabad, a short distance… Read More

Uttar Pradesh government strengthens RERA rules
May 20, 2017

The Uttar Pradesh government has revised the state-level real estate regulation rules, doing away with the pro-developer clauses that had evoked the ire of homebuyers in the state. Experts had complained that the state RERA rules had diluted the Centre’s Real Estate (Regulation and Development) Act, 2016 (RERA). Acting on the objections, the government has brought all ongoing projects which have not been issued Completion Certificates (CC) as of May 1, 2016 under the revised… Read More

Niti Aayog to help UP govt prepare development plans
May 3, 2017

Arvind Panagariya, Vice Chairman, NITI Aayog will soon help the state authorities of Uttar Pradesh in drawing up a plan to boost the state economy. By meeting the state government officials and Chief Minister on May 10, 2017, NITI Aayog is going to respond to a mandate from the Prime Minister Office, to put in place a plan for the development of the state. While UP has been an important state since the British era,… Read More

UP abandons previous decisions on RERA regulator
May 2, 2017

While the Real Estate (Regulation and Development) Act 2016 (RERA) has come into effect across India yesterday, Uttar Pradesh (UP) is one of the states that had missed the bus in adhering to May 1, 2017, as the deadline to set up a regulatory authority. With the recent change in cabinet, the newly formed government is planning to review the decision taken by the previous administration in the state. While the previous government had notified… 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

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

Lucknow Development Authority to act against illegal buildings
April 10, 2017

Strengthening its stance against illegal structures in the city, the Lucknow Development Authority (LDA) will be implementing sections 26, 27, and 28 of the Uttar Pradesh (UP) Housing and Urban Planning Act, 1973. The provisions allow the Authority to demolish unauthorised structures if the owners do not pay the compounding fee for violations.  LDA will work with UP Development Systems Corporation Ltd (UPDESCO), a government consultancy firm, to prepare a list of all illegal structures… Read More

Development Authority prohibits construction in Lucknow until compliance is confirmed
April 8, 2017

The Lucknow Development Authority (LDA) has ordered that all real estate construction across the city be stopped immediately. No construction in the capital of Uttar Pradesh is permitted to proceed until a team from the authority visits the site and gives its approval after checking crucial details. These include floor area ratio (FAR), the number of floors, map compliance, the area left in front and back as per building bylaws, and parking space. The orders… Read More

1,519 properties identified as enemy properties in Uttar Pradesh
March 16, 2017

The recently passed Enemy Property Bill will affect 1,519 properties in Uttar Pradesh (UP). Seizing the heir’s right to ancestral property, the custodian appointed by the Central government will soon take control of all the properties identified as ‘enemy property’ in the state. Pakistani heirs of the Raja of Mahmudabad will be the most affected with 936 properties across UP and Uttarakhand. Of the 1519 properties in UP, 622 are already vested with the ‘custodian’… Read More

Lucknow Metro project gets central aid worth Rs 250 crore
January 4, 2017

The Urban Development Ministry has released funds worth Rs 250 crore for the Lucknow Metro project, taking the total central assistance to Rs 550 crore. The project is a joint venture between the state and central governments, and the latter had contributed Rs 300 crore earlier this year. The 23 km long metro corridor involves an estimated cost of Rs 6,928 crore, of which the Centre shall provide Rs 1,003 crore as equity, Rs 3,500… Read More

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