Indian real estate news

Pune civic body recovers property tax worth Rs 357 crore
May 22, 2018

The property tax department of Pune Municipal Corporation (PMC) has collected property tax worth Rs 357 crore between April 1 and May 20. Over 50 percent of the total tax was collected via online routes. More than 1.79 lakh taxpayers have paid the tax so far and more than 4 lakh property owners have to still pay the tax.  PMC has to collect Rs 1862 crore to achieve its target for the current fiscal 2018-2019. Last year, the civic body earned an amount close to Rs 1,200 crore through property tax collections but failed to meet the target. The target this year has been reduced as compared to last year. A senior PMC official said that they are tempting the people to pay tax before May end as the civic body offers a discount for the prompt payment. There…

Bhubaneswar: E-office to ensure paperless work for smart city projects
May 22, 2018

Bhubaneswar Smart City Limited (BSCL) has initiated an e-office to pave way for paperless work in all smart city-related projects. The shift of soft files from bottom to top will be now monitored on the screen. R Vineel Krishna, The chief executive officer (CEO) of BSCL inaugurated the office. The office will be a hub where the e-office will save the time that is consumed in the physical movement of files coming from various departments. An officer from BSCL said that there are different departments working in convergence with BSCL, the Bhubaneswar Development Authority, and the local civic body will…

Builders: Plots along Nagpur Metro corridor should get extra FSI
May 22, 2018

City builders in Nagpur have sought further relaxation for the Nagpur Metro Rail corridor as they are not satisfied with the amended transit-oriented development (TOD) policy by the State urban development ministry (UD). In this regard, Nagpur unit of The Confederation of Real Estate Developers' Associations of India (CREDAI) has submitted a memorandum to UD. The ministry had earlier amended the TOD policy upon request of builders. TOD policy is vital for the success of Nagpur Metro. More people living along the Metro corridor implies higher ridership of the mass transit system. MahaMetro will also earn 50 percent premium on…

Pune authority launches online building approval system
May 21, 2018

The Pune Metropolitan Region Development Authority (PMRDA) has launched the Online Building Planning Approval System (OBPAS). For this, a training workshop was conducted with an aim to create awareness among builders about how to get the building approvals online. Kiran Gitte, Commissioner, PMRDA, has stated that the new Development Control Regulations (DCR) would be integrated into the system. A permanent ‘OBPAS Help Desk’ will be started for detailed information about the online system at the PMRDA office. Officials have shared that the new online system will make the entire building plan approval process transparent and efficient. Owners can now avail…

Kolkata authority collects Rs 1 crore as property tax under UAA system
May 21, 2018

The New Town Kolkata Development Authority (NKDA) has collected more than Rs one crore as property tax since April 1, 2018. The collection is recorded after the introduction of property tax assessment and collection based on unit area assessment (UAA). Officials have shared that more than 3,500 online self-assessments have been submitted. Out of which, about 3,000 property owners have paid the taxes using the new assessment method. Generating such a humungous revenue within a month of introducing UAA-based property tax collection is commendable, opine officials. The Authority has initiated a drive to encourage remaining owners to complete the self-assessment.…

Punjab RERA: List of approved projects and agents till date
May 21, 2018

The Punjab Real Estate Regulatory Authority (Punjab RERA) has approved a total of 514 ongoing real estate projects across the state till now. All necessary project details are available on PunjabRERA official website. List of Approved Projects by Punjab RERA - Click to Download As of now, over 1,000 real estate agents have been registered by the Authority. As per the latest information on the Punjab RERA website, a total of 1026 agents have got RERA certificate.  List of Approved Agents by Punjab RERA - Click to Download The Punjab government had notified the Real Estate (Regulation and Development) Act…

Housing sales up by 13 percent during FY 2017-18: Report
May 21, 2018

According to a recent research by Liases Foras Ratings & Research, the housing sales have gone up by 13 percent across top eight Tier I cities across the country during the last fiscal year, 2017-18. Out of all eight cities, Mumbai Metropolitan Region recorded tremendous growth of 25 percent. The Tier I cities include Mumbai, Delhi-NCR, Bangalore, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad. It has been observed that demand for affordable housing continued to be the major contributor to the overall sales during the same period. Experts opine Government's several schemes behind the development of more affordable housing across the…

Rajasthan proposes 50 percent resumption charges for plot owners
May 21, 2018

The Rajasthan government has proposed to impose 50 percent resumption charges on owners who have bought plots under the government schemes but have not initiated minimum construction as mandated. If the proposal is implemented, the owners will have to pay extra 35 percent of the resumption charges. As of now, the urban development and housing department (UDH) charge 15 percent as the resumption charge on the plot owners. The proposal has already been tabled. The department had proposed an increase in the resumption charges from 15 percent to 20 percent. However, the Finance Department has suggested a hike up to…

Centre sanctions over 45 lakh homes under PMAY (Urban)
May 21, 2018

The Central Government has sanctioned the development of over 45 lakh affordable houses in urban areas across the country under the Pradhan Mantri Awas Yojana (PMAY) since 2014. Officials have shared that a 240 percent increase witnessed in sanctioning of flats under housing scheme. Before 2014, the Government had managed to approve around 13.45 lakh houses under two schemes - Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and Rajiv Awas Yojana (RAY). About 45.86 lakh houses have been approved under this flagship programme. According to the Housing and Urban Affairs Ministry data, the Government has sanctioned a total sum of…

Press Release

Nirmal Lifestyle partners with as L&T Finance, Godrej Properties and Shapoorji Pallonji
May 21, 2018

Nirmal Lifestyle partners with as L&T Finance, Godrej Properties and Shapoorji Pallonji21st May 2018 Nirmal Lifestyle has partnered with industry giants such as L&T Finance, Godrej Properties and Shapoorji Pallonji and raised capital worth Rs 14,000 + crores. While the venture with L&T, spread over 32 lakh sq ft, is expected to generate a turnover of Rs 5,500 crore in the next 7-8 years, that with Godrej Properties, an integrated township project, is anticipated to make a business worth Rs 3,500 crore in the next 5 years.

Madhya Pradesh RERA resolves over 400 complaints till date
May 20, 2018

Madhya Pradesh Real Estate Regulatory Authority (Madhya Pradesh RERA) has disposed of over 400 complaints filed by the homebuyers against the errant developers across the State. The detail of disposed of complaints can be seen on the State's RERA official website. Check all Madhya Pradesh RERA resolved complaints - Click to Download It should be noted that the State's regulatory authority is one of the most active States in the implementation of the new real estate Act across the country. The Madhya Pradesh RERA has registered over 1800 ongoing projects across the State. Talking about agents, the Authority has issued…

Bogibeel bridge to be inaugurated by end of 2018
May 20, 2018

The civil construction work on India's longest road and railway bridge, Bogibeel bridge, connecting Dibrugarh in Assam to Pasighat in Arunachal Pradesh is in its final stage. It is expected to be completed by July 2018. The Central Government is more likely to inaugurate the Bogibeel bridge by the end of 2018. Officials have shared that the link bridge will have three lane roads on top and double line for rail below. It is 32 metres above the water level of the Brahamaputra. Mahender Singh, Chief Engineer, Construction, Bogibeel project, has shared that approximately two more months would be required…

Bihar RERA issues notices to builders for not registering projects
May 20, 2018

The Bihar Real Estate Regulatory Authority (Bihar RERA) has recently issued show-cause notices to developers for not registering their ongoing projects located in and around Patna under the Real Estate (Regulation and Development) Act (RERA). The notices were issued against Agrani Homes Private Limited, Agrani Homes Real Services Private Limited, Agrani Homes Real Marketing Private Limited and Agrani Homes Real Construction Private Limited. It has been noted that the company has provided incorrect or false information regarding their ongoing real estate projects under the Act. Officials have shared that the company is involved in more than 40 real estate projects.…

Pune signs MoU with Singapore for drafting development plan
May 19, 2018

Pune state government has signed a Memorandum of Understanding (MoU) with International Enterprise Singapore on Wednesday to formulate a development plan for PMRDA (Pune Metropolitan Region Development Authority). The development plan will focus on covering the region of 7,357 sq km. Kiran Gitte, PMRDA’s metropolitan commissioner, S Iswaran, Singapore’s minister in-charge of trade relations and few urban development department officials along with guardian minister Girish Bapat were present during the signing of MoU. The approval of draft is projected in two years and it will be prepared in 10 months. An entity will be nominated by the Singapore government to…

Town Planning Department demolishes illegal colonies in Sohna tehsil
May 19, 2018

On Tuesday, the Department of Town and Country Planning (DTCP) demolished two colonies in Sohna tehsil. The officials also demolished the roads that were made by encroachers for day to day travel to colonies. The initiative was carried out by a team including RT Sharma - the district town planner, two assistant town planners, various other officials, four junior engineers as well as a duty magistrate and about two dozen cops from Sohna City and Sohna Sadar police stations. Unauthorised colonies were also demolished in the Sohna and Mandawar villages in Sohna tehsil. The illegal colony in Sohna village was…

Tamil Nadu collaborates with World Bank to review housing projects
May 19, 2018

Officials from World Bank will be spending three days in Chennai to review projects initiated by the Slum Clearance Board (SCB) and Tamil Nadu Housing Board (TNHB). The aim of teaming up is to provide housing for all under central government’s flagship housing schemes. On Wednesday, the Tamil Nadu Housing Board met five members from the World Bank team and through the presentations demonstrated the features and amenities available at many housing settlements built under the scheme of Pradhan Mantri Awas Yojana (Urban) and Housing for All scheme across the state. The PMAY scheme consists of various sub-schemes, under which…

Govt to build 5 new greenfield highways across major routes
May 18, 2018

The Ministry of Road Transport and Highways have identified five greenfield road networks which will provide access with major industrial and manufacturing hubs. As per a report, the proposed road networks will cut down the prevailing distance on the identified stretches by up to 200 km. The five new greenfield highways which have been identified by the ministry are Bathinda-Ajmer route, Bathinda-Kandla route, Chennai-Salem route, Raipur-Visakhapatnam route and Ambala-Katputli route. Apart from these, two more stretches - Durg-Aurang stretch in Chhattisgarh and Mangalore-Chitradurga stretch in Karnataka have also been identified by the ministry to strengthen connectivity between important cities. As…

MahaRERA issues recovery warrants against six developers
May 18, 2018

The Maharashtra Real Estate Regulatory Authority or MahaRERA has issued recovery warrants against six developers based in Mumbai, Pune, Thane, Chandrapur and Raigad for the non-execution of orders. The warrants were issued after several homebuyers approached the regulatory authority seeking implementation of its earlier orders against these developers, ordering the latter to refund money. If officials of the regulator are to be believed, these orders were unresolved and there were repeated complaints. The official added that the cases have been forwarded to the collectors of the respective districts who are now expected to implement the recovery warrants at the earliest.…

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