Indian real estate news

Retail real estate witnessed investments worth $200 million in H1 2017: Report
August 19, 2017

According to a report by CBRE, the retail real estate sector has received a total investment of $200 million in the first half (H1) of 2017. The report revealed that around 1.5 million sq ft of new retail spaces entered the market across the seven key cities in H1 2017. Mumbai, Bangalore, and Delhi National Capital Region (NCR) have seen the maximum supply in the retail realty segment. However, the supply has declined compared to the second half of 2016 (July-December) that had witnessed overall 1.9 million sq ft of new retail spaces. Vivek Kaul, Head, Retail Services, CBRE South Asia,…

Regularisation scheme for unathorised buildings in Tamil Nadu receives poor response
August 19, 2017

Not a single application has been filed with the exclusive portal launched by the Tamil Nadu government to regularise unauthorised buildings in the state. The portal was launched 20 days ago under the state’s regularization scheme but has failed to evoke any interest from property owners. Officials have informed that around 50 property owners in the Chennai Metropolitan Area have registered with the website so far. However, no application has been submitted yet. Similar trends have been noted in other parts of the state as well. Officials of other departments including Directorate of Town and Country Planning (DTCP) have witnessed…

Income Tax authorities to probe property owners with no income tax returns
August 19, 2017

To identify benami properties, income tax authorities have planned to look into people who have properties in their name but have not filed any income tax returns. The properties purchases that exceed the income declared to the income tax department would also come under the radar. Officials have announced that the income tax department has a lot of data about real estate investments by people who have never submitted IT returns. An inspection will be carried out to know the source of income spent for the purchase of such properties. Strict actions will be taken after collecting and verifying evidences…

Government to lease out 11 National Highways
August 19, 2017

The Ministry of Road Transport and Highways is all set to lease out 11 national highways (NH) via auction starting mid-September. These NHs will be leased out under its toll-operate-transfer (TOT) model and will help the government raise revenue of Rs 6,500 crore. The auction will include seven highways running across Andhra Pradesh and four in Gujarat. The total length of these highways is around 700 km. Officials have informed that more highways projects will be put up for auction early next year. Under TOT model, national highways are given on lease for 30 years for an upfront payment made…

Telangana RERA: Regulator and appellate tribunal likely to be delayed
August 18, 2017

Notified on August 4, Telangana Real Estate (Regulation and Development) Act (RERA) is yet to give the intended benefits to the real estate industry since the state has not formed the regulatory authority yet. In addition, there is no appellate tribunal either which would look into complaints against decisions taken by the regulator. Officials state that the Municipal Administration Secretary would act as the interim regulator until the permanent authority is formulated. According to the Telangana RERA rules, a committee consisting of the High Court Chief Justice or his nominee, Law Secretary, and Housing Department Secretary will select candidates for…

West Bengal RERA tabled, includes additional clarifications
August 18, 2017

While West Bengal missed the July 31 deadline for implementing Real Estate (Regulation and Development) Act (RERA), it has come forward with West Bengal Housing Industry Regulation Bill 2017. Approved by the assembly, the bill intends to protect consumers from errant and fraudulent operators in the real estate sector. Once notified, the Act will require all residential projects over 500 sq m or eight units to be registered with the state regulator called Housing Industry Regulatory Authority (HIRA). Promoters of all ongoing projects without completion certificates will have to apply to to HIRA for registration within three months from the date of commencement…

CREDAI upset with lack of loans for projects not registered with RERA
August 18, 2017

The recent announcement by banks against offering finance to realty projects not registered under the Real Estate (Regulation and Development) Act (RERA) has troubled the Confederation of Real Estate Developers' Associations of India (CREDAI). The body has reached out to the Prime Minister (PM) and the Reserve Bank of India (RBI) to intervene in the matter. CREDAI pointed out that majority of developers across the country were unable to register with their state regulators on time due to delayed or non-notification of RERA rules and the absence of appropriate infrastructure even in states where the rules have been notified. While…

Nagpur civic body proposes low premium for commercial activities on industrial plots
August 17, 2017

The Nagpur Municipal Corporation (NMC) has decided to levy low premium for commercial activities carried out on industrial plots in the city. The NMC civil and projects consultative committee has proposed to lower the premium rate from the earlier 20 percent to 10 percent for residential usage and suggested a 20 percent premium instead of 40 percent for commercial activities. The proposal will be tabled in a meeting on August 19 for approval. Earlier, residential and commercial usage of industrial plots was not permissible. Despite this, some of the properties were being used illegally. After repeated demands from the public,…

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…

Real estate sector receives investments worth $1.99 billion in H1 2017: Report
August 17, 2017

The total investments in the Indian real estate sector have reached $1.99 billion in the first half (H1) of 2017, stated a report by Anarock Property Consultants. The residential segment accounted for over 50 percent of this inflow with $1.07 billion of total investments. Meanwhile, commercial real estate sector attracted $796 million and retail sector received $119 million of total investments in January-June 2017. The implementation of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST) in the have been the primary reasons for such huge investments in the industry. These policies would ensure…

New residential launches in Q2 2017 the lowest in 10 quarters: Report
August 17, 2017

According to Anarock Property Consultants, new launches in the second quarter of 2017 (April-June) are the lowest recorded in the last 10 quarters. Over 20,000 housing units were launched across India's top cities during the Q2, stated the report, while 26,000 units were launched in the first quarter of the year. However, sales volumes have been posting an upward trend for six consecutive quarters. As compared to new inventory, this paints a more positive picture. Anuj Puri, Chairman, Anarock Property Consultants, has stated that government policies such as demonetisation and Real Estate (Regulation and Development) Act (RERA) have changed the…

Rajasthan RERA: Developers can register till August 31
August 17, 2017

The Rajasthan government has extended the deadline for registration of realty projects in the state under the Real Estate (Regulation and Development) Act (RERA) till August 31. However, the developers late in registering their projects would have to pay four times the registration fee. Officials have informed that before the July 31 deadline, developers were required to pay Rs 10,000 per sq m as the RERA registration fee. Now, with the extension of the deadline, the registration fee has also been hiked to Rs 40,000 per sq m. Those who fail to register within the new deadline will have to…

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.

Press Release

Hiranandani’s Lake Verandahs bags best residential project award
August 16, 2017

Hiranandani’s Lake Verandahs bags best residential project award16th  Aug 2017 Real estate developer, House of Hiranandani received the Best Residential Project prize for the Bangalore-based Lake Verandahs at Asia Real Estate Excellence Awards 2017, held in Singapore. The project is situated off Bannerghatta road and offers intricately designed, lake-facing 3BHK apartments. The project boasts of having several restaurants, educational institutions and international retail stores in proximity.                                    

Ban on sale deeds of unauthorised plots in Nagpur Smart City area
August 16, 2017

Nagpur Smart and Sustainable City Development Corporation Limited (NSSCDCL) has announced a ban on sale deeds of any unauthorised plots and layouts in the area based development (ABD) region under Nagpur’s Smart City plan.  The ABD includes Bharatwada, Pardi, Punapur and Bhandewadi. Explaining the reasons behind this decision, Ramnath Sonawane, Chief Executive Officer (CEO), NSSCDCL, shared that the ABD region includes large tracts of land in the no development zone and agriculture zone. However, it has come to light that that a few owners are selling plots in the ABD region. While the authority has no issues with the sale…

Aurangabad civic body orders 299 commercial properties to be vacated
August 16, 2017

Aurangabad Municipal Corporation (AMC) ordered tenants of 299 of its commercial properties to vacate the premises. The tenants had been given three days to vacate the properties, failing which legal action will be taken. This was prompted by various irregularities which have been causing the civic body to incur heavy revenue loss. AMC officials explain that several influential locals have taken over the civic body’s commercial properties in areas such as Nijomaddin Durgah Road, Peer Baajar, Jafar Gate, Sabji mandi and railway station area, continuing to occupy them even after the expiry of rent agreements. Further, in areas like Nehru…

Restrictions proposed on realty projects along Mumbai Metro III route
August 16, 2017

Redevelopment and construction projects along the underground Mumbai Metro III corridor are likely to witness strict regulations. Those planning to build projects along the underground stretch between Andheri and Cuffe Parade will be required to acquire clearance from the Mumbai Metro Rail Corporation (MMRC). This will be applicable on any project proposed within 160 ft on either side of the 33.5 km long metro route. Restrictions will continue even after the metro route is completed, share officials, but will be reduced to 20 ft on either side of the metro tunnel. Experts add that it is highly probable that height…

Smart city projects report sluggish progress
August 16, 2017

The Economic Survey II has revealed that four-fifths of the smart city projects are likely to be delayed and only 20 percent will be completed by 2018 if no additional issues crop up. Only Rs 941 crore worth of projects have been reported as complete in April 2017 while over 900 smart city projects estimating around Rs 24,526 crore will get completed in 2018 if all projects stick to their implementation timelines. Meanwhile, Housing Ministry officials state that such ambitious projects cannot be rushed. By 2019, the country will be able to witness some projects on ground. The mid-year economic…

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