Changes to land classification rules receive a nod in Bihar
December 13, 2017

Certain alterations to the land classification rules for the purpose of registration received a nod from the Nitish Kumar cabinet on Monday. Official sources claim that the amendments will make the category of ‘developing land’ redundant. Developing land refers to a piece of land having the possibility of being used as residential plot. Now the land’s minimum value record will be deduced on the basis of its prevailing usage. Post the cabinet meet that accepted the amendments, Principal secretary (cabinet secretariat), Brijesh Mehrotra shared with reporters that land is classified in seven groups in rural areas and in six groups…

Carpet area hike to benefit housing demand in Karnataka
December 13, 2017

Recent move by the central government to hike the carpet area for homes qualified for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) spells good news for the affordable housing segment in Karnataka. The new mandate will be relevant for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (urban) scheme that intends to accomplish housing for all by 2022. The carpet area of houses has been increased to 1,300 sq ft from 968 sq ft under MIG-I segment. As for MIG-II segment, carpet area has gone up to 1615 sq ft from 1200 sq ft. Adarsh…

Bhopal civic body allegedly issues maximum CCs to incomplete projects
December 13, 2017

Bhopal tops the list of civic bodies that handed out maximum completion certificates to incomplete projects, sources revealed. Popular for clinching the second position in the "Swachh Survekshan-2017 Awards” in the country, the city has come under the glare of RERA officials for encouraging builders to bypass Real Estate Regulatory Authority (RERA) rules. Considering the number of completion certificates offered by the municipal bodies of Bhopal, Indore, Gwalior and Jabalpur, before May 1 - official date of RERA implementation, maximum completion certificates were issued to builders in Bhopal. About 150 ongoing residential projects in Bhopal were allegedly issued completion certificates…

No takers for property tax concession policy in Kolhapur
December 8, 2017

According to Kolhapur Municipal Corporation (KMC), no property owners have availed tax benefits under the property tax concession policy floated by the civic body six months ago. The policy entitled owners of residential and commercial establishments with facilities such as garbage composting, rainwater harvesting, water recycling units and solar power facilities to avail up to 4 percent concession (in addition to the annual 6 percent rebate scheme) in the annual property tax bills. KMC property tax superintendent, Diwakar Karande mentioned that the civic body will send officials to the residential associations and forums pertaining to the hotel industry and developers…

Key Indian CBDs witness sharp quarterly surge in office rentals: Report
December 8, 2017

According to Knight Frank Asia-Pacific Prime Office Rental Index Q3 2017, premium Central Business Districts (CBDs) in two Indian metro cities - New Delhi and Bangalore witnessed a steady rental growth during the Jul-Sep 2017 quarter. Bangkok topped the list with 4.4 percent rental appreciation followed by Connaught Place (New Delhi), that observed the second highest sequential rental growth of 2.1 percent among 20 Asian markets for the quarter ending September. It is to be noted that the capital city has not reported any drop in rental prices since the March-ending quarter of 2014 owing to sustained demand. Moreover, with…

States with diluted RERA norms to mend rules post HC judgement
December 8, 2017

State governments that diluted RERA norms and redefined ‘ongoing projects’, in order to keep most of them out of the purview of Real Estate Regulation Act (RERA), will now have to mend their rules. A recent judgement by the Bombay High Court (HC) upheld the constitutional validity of RERA and made the law applicable to all incomplete projects where completion certificate has not been issued by May 1, 2017. According to central RERA law, developers have to register all such projects with the regulator and submit new deadlines for completion. The HC has also cleared that the regulatory authority will…

Press Release

Sai Estate Consultants bags prestigious excellence award by CREDAI
December 7, 2017

Sai Estate Consultants bags prestigious excellence award by CREDAI13th December 2017 Mumbai-headquartered real estate developer, Sai Estate Consultants has recently bagged the ‘Young Turk of Indian Real Estate Consulting Award’ at the recently concluded CREDAI Smart India Realty Meet & Awards. The felicitation ceremony was held at World Trade Centre, Dubai. The Award aims to celebrate excellent performance in the field of real estate in India and UAE.

Work on Belagavi smart city project commences
December 6, 2017

Groundwork in Belagavi, which was shortlisted two and a half years ago under the Smart City mission has finally commenced for which, a Special Purpose Vehicle (SPV) has started working on demo roads under the area-based development (ABD) plan. Among those present at the launch of road work were district minister, Ramesh Jarkiholi, MLA Feroz Sait, DC S Ziaullah, Corporation commissioner and MD of Belagavi Smart City project Shashidhar Kurer. Two major roads including the 705 m long and 24 m wide KPTCL Road, which connects National Highway 4 to Nehru Nagar Main Road and 950 m long and 24…

NHB advises finance ministry to reduce GST rate for affordable housing
December 6, 2017

If officials are to be believed, the housing finance companies’ regulator National Housing Bank (NHB) is suggesting the authorities to slash the Goods & Services Tax (GST) rate from current 12 percent after factoring the lowering of land values, which in turn could reduce the tax burden and help in spiking up residential sales. The regulator has also written to the finance ministry to reduce GST rates for affordable housing segment although GST for the general category is also being considered at an effective rate of six percent. In a meeting held recently, the developers have recommended a similar change…

Tax collection in Nagpur meagre, collects Rs 90 cr during Apr-Nov 2017
December 2, 2017

In 2017, property tax collection numbers of the Nagpur Municipal Corporation (NMC) are inadequate. The NMC has, till now, managed to collect Rs 89.33 crore as tax in 10 zonal regions since April 2017. The target set for the civic body is Rs 564.63 crore for the financial year 2017-18. Out of all 10 zonal regions, Laxmi Nagar zone has recorded least tax collection compared to its set target. Similarly, other zones have witnessed poor tax collection figures.  Zones No of Properties Property Tax (Target) (in Crore) Property Tax (Collected) (in Crore) Laxmi Nagar 73208 Rs 133.20 Rs 12.61 Dharampeth…

Press Release

Wave Group offers affordable homes in Ghaziabad under WCGAY scheme
December 1, 2017

Wave Group offers affordable homes in Ghaziabad under WCGAY scheme01st Dec 2017 Wave Group offers pocket-friendly homes under its project ‘Dream Homes’ in Ghaziabad, at a starting price of Rs 16.6 lakh. The Wave City Grih Awas Yojna (WCGAY)  scheme supports Pradhan Mantri Awas Yojna (PMAY) and offers 450 units which will be allotted in a lucky draw. Application submission begins from December 2, 2017 and ends on January 15, 2018.

Nagpur civic authority to acquire 40% land from owners under Smart city project
November 29, 2017

The Nagpur Municipal Corporation (NMC) will acquire 40 percent of the area constituting 1,730 acres of land from owners as part of Area Based Development (ABD) under the Smart City project. The civic body will take over the land in areas such as Pardi, Punapur, Bharatwada and Bhandewadi in East Nagpur but, will not offer any compensation in return. However, infrastructure development will be carried out on the remaining 60 percent area. At a meeting organised by Nagpur Smart and Sustainable City Development Corporation Limited (NSSCDCL), the civic body’s special purpose vehicle for Smart City project it was informed that…

Small and mid-size property firms scuffle to raise funds post RERA
November 29, 2017

Real estate firms especially, small and mid-size are reportedly scuffling to raise funds for their projects due to the rigid rules under Real Estate (Regulation and Development) Act that came into force this year. Most of these firms are looking for capital from Non-Banking Financial Companies (NBFCs) or private lenders or are looking out for partnerships to share construction costs. As per RERA regulations, presales or sale of housing units without obtaining the required approvals has been not authorised. It is to be noted that before RERA implementation, presales was a common practice among builders to raise capital for the initial…

Government may increase 270-day period to resolve insolvency cases
November 29, 2017

Resolution professionals may soon be allowed more than the prescribed 270 days by the government to settle insolvency cases even as lenders look at options to dismiss bids not going with their expectations. Industry stalwarts have raised concern over bids being low this time since promoters of companies who are declared as non-performing assets are not qualified to bid. As per the Insolvency and Bankruptcy Code (IBC), the committee of creditors can reject bids in case they are not comfortable and invite fresh offers. This may violate the prescribed 270-day deadline in the insolvency code, which includes the 90-day extension. With…

Scarcity of land limits growth of affordable housing: Knight Frank
November 26, 2017

Real estate consultancy, Knight Frank India has reported that lack of focus by the government in making developable land available is restricting the development of affordable housing in India. In a seminar, Saurabh Mehrotra, National Director – Advisory, Knight Frank India said that huge parcels of inefficiently allotted urban land by the government including salt pans, buffer zones, defence lands, port trusts, railway lands and government colonies is acting as a major constraint. In addition to this, dearth of focus to look beyond the top 30 cities which are about 13 percent of the country’s population is also hampering the…

Government to expedite major highway projects in Northeast
November 26, 2017

To reduce the workload from overburdened Border Roads Organisation (BRO) and the resultant delays and budget overrun, the Union government is planning to transfer over 2,000 km of upcoming highway projects to the state-owned National Highways Infrastructure Development Corporation Ltd (NHIDCL). The cost for the 20 important strategic and semi-strategic highway stretches is estimated to exceed Rs 25,000 crore since the government generally shells out Rs 11-13 crore per km for construction in mountainous states of the country. If sources are to be believed, the NHIDCL is anticipated to take over 10 of these projects immediately with a total length…

Nagpur authority issues notices to 833 builders for illegal construction
November 23, 2017

Nagpur Metropolitan Region Development Authority (NMRDA) has warned builders to stop illegal construction in violation of development control rules. The Authority has already issued notices to 833 builders involved in illegal construction. Out of all, only 169 have submitted their replies. Dipak Mhaisekar, Commissioner, NMRDA has stated that the violators will face strict action under the Maharashtra Regional and Town Planning (MRTP) Act, 1966. We have also suggested a corrective measure wherein builders can come up and register for permits of new constructions. The Authority would first try to regularise the illegal constructions. The development authority is committed to the…

No property tax exemption for 60 schools in Madurai
November 23, 2017

The Madras high court has refused to overrule notices issued by the Madurai Corporation to about 60 private educational institutions across the city demanding Rs 20.85 crore as property tax. Madurai Corporation has submitted that to avail rebate or exemption from payment of property tax, educational institutions, as per the Madurai City Municipal Corporation Act, should satisfy certain conditions, including running the institution on philanthropic line – free education. The corporation, in 2016, had issued a notice demanding Rs 75.73 lakh from a school as property tax for the years 2008-09 to 2015-16. The educational institutions including schools have claimed…

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