Indian real estate news

Navi Mumbai Airport completion timeline extended to mid-2020
January 17, 2019

The Maharashtra government has set a deadline for the upcoming Navi Mumbai International Airport. Now, it is expected to become operational by early 2020 or mid-2020. The information was conveyed by the State Chief Minister, Devendra Fadnavis. Officials have shared that the concerned authorities would complete one runway and the terminal building by April 2020. Earlier, the airport was scheduled to be open for use by 2019-end. However, the aviation industry claims that the new deadline would be impossible to meet as the tenders for development of the airport have not been awarded as of date. Moreover, the land acquisition…

Ghaziabad authority to change 2003 order on property registry
January 17, 2019

The Ghaziabad Development Authority (GDA) is more likely to allow fresh registry of properties where ownership was altered through power of attorney (POA). The decision on the same is expected to come out on January 24, 2019. At present, such properties are being ruled by a 2003 order that recognises property ownership only if the name is mentioned in the original deed. The move was taken considering the number of such properties in the city. As per the data, there are about 13,000 properties where ownership rights have been changed through POA.  Officials have shared that the 2003 order does…

Bangalore: A scheme to build houses in a few days to launch on Jan 26
January 16, 2019

Post the launch of Global Housing Challenge by the Housing Ministry, homebuyers looking for an independent bungalow can get their customised units within a few days in Bangalore. The scheme will be launched in the city on January 26, 2019, in which interested buyers can select a design for their independent bungalow online, and the construction can be completed in a few days. SJ Vijay, Director, Commission, has shared that the entire project has been designed to deliver one house a day. The process of delivering the residential unit will be similar to buying a car. You choose the model…

Gujarat approves 7 town planning schemes
January 16, 2019

The Gujarat government has approved seven Town Planning Schemes (TPS) for different parts in the State. Of all, five of the schemes have been sanctioned for areas in Ahmedabad. The development was announced by Vijay Rupani, Chief Minister, Gujarat. In 2018, the State government had cleared over 100 such planning schemes for the overall development of urban areas in Gujarat. Officials have shared that the State government has already given its nod for around 43 schemes in Ahmedabad in the last 12 months. With these announcements, over 3,000 hectares of land will undergo planned urban development. The planning schemes sanctioned…

Bullet train project: Land survey in Bhiwandi commences
January 16, 2019

To expedite the development of the Mumbai Ahmedabad High-Speed Rail Corridor, the concerned authorities have managed to convince the villagers in and around Bhiwandi to hand over their land parcels for the ambitious project. Earlier, the landowners were opposing the sale of their land. With this development, the land survey process for the 61 hectares belonging to 121 farmers will be carried out soon. The Mumbai Ahmedabad Bullet Train project is expected to pass from Thane and Palghar. Rajesh Narvekar, Collector, Thane, has confirmed that the villagers had agreed to hand over the land required for the bullet train project.…

Maharashtra waives extra tax levied on MHADA, CIDCO housing societies
January 16, 2019

The Maharashtra government has decided to remove the charges of the additional non-agriculture (NA) assessment levied for the housing societies on the Maharashtra Housing and Area Development Authority (MHADA) and City and Industrial Development Corporation (CIDCO) land. With this move, the State government will have to forego an annual revenue of around Rs 15 crore. The State's revenue department collects NA tax. In the current scenario, the housing societies developed on the MHADA or CIDCO land covering more than eight hectares and up to 12 hectares will have to pay 1.5 times the non-agriculture tax. The extra amount was charged…

SEBI amends norms for REITs and InvITs
January 16, 2019

Securities and Exchange Board of India (SEBI) has recently amended the guidelines for the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). The move was taken to simplify the process of public issue of their units. With this development, the floor price or price band of the REIT and InvIT will be shared within two working days prior to the opening of the bid in case of an initial public offer. Until now, the process takes five days.  Officials have shared that the Board has made the amendments to rationalise and ease the process of public issue of…

Unsold housing inventory hits two-year low: Report
January 16, 2019

According to a recent report by Anarock Consultants, residential inventory overhang in top seven cities across the country has fallen to a two-year low. Increased sales volume of ready-to-move-in units and properties nearing completion has been the primary factor behind the trend. The report reads that the unsold residential inventory has dipped by seven percent to 6.73 lakh units till December 2018. In December 2017, the unsold stock was reported at around 7.26 lakh units.  Unsold inventory has declined to 33 months at the end of 2018 from 47 months recorded in December 2017 in the top seven cities including…

Chennai Metro authority issues notices to over 2,000 property owners
January 15, 2019

The Chennai Metro Rail Limited (CMRL) has issued notices to over 2,000 property owners for acquiring land parcels to develop a 10 km-long section from Lighthouse to Meenakshi College. The stretch will serve as a linking corridor for Chennai Metro Phase 1 and 2. Officials have shared that the preliminary work to construct the metro corridor from Lighthouse to CMBT, covering around 17 km, has commenced. To expedite the project, CMRL has initiated land acquisition process for the stretch (Lighthouse to Meenakshi College) in Kodambakkam. A total 2,025 property owners have received notices from the corporation. The 10 km-long route…

DDA to launch a dedicated portal for land pooling in Delhi
January 15, 2019

The Delhi Development Authority (DDA) will launch a single-window portal allowing landowners to apply for developing land parcels under the land pooling policy by the end of January 2019. The entire land pooling process would be carried out through the single-window portal. Officials have shared that the portal will offer services, including receiving applications, verifications, grant of approvals and licenses within a stipulated time. Tarun Kapoor, Vice Chairman, DDA, has informed the development and shared that the portal is going to be launched very soon. The Authority had launched the land pooling policy, which will be applicable in 95 villages…

Pimpri Chinchwad civic body proposes town planning schemes for 12 villages
January 15, 2019

The Pimpri Chinchwad Municipal Corporation (PCMC) has proposed a total of 18 town planning (TP) schemes in 12 villages within its jurisdiction. The civic body has proposed the schemes in Thergaon, Chikahli, Chinchwad, Charholi, Ravet, Kiwale, Punawale, Tathawade, Mamurdi, Dudulgaon, Moshi, and Borhadewadi. Rahul Jadhav, Mayor, PCMC, has shared that a detailed project report (DPR) has been prepared for the same. As per the development plan, the civic body will develop the main roads as many plots do not have access roads. In another development, the Corporation has recently announced to construct nearly 7,000 tenements under the Pradhan Mantri Awas…

YEIDA to allot over 11,000 plots by June 2019
January 15, 2019

The Yamuna Expressway Industrial Development Authority (YEIDA) is planning to hand over about 11,000 residential plots in the region to the identified allottees by June 30, 2019. The residential plots come in various sizes ranging from 200 sq m, 300 sq m to 1,000 sq m. The Authority has shared that about 5,500 allottees will receive the possession letters by March 31, 2019. The remaining 4,500 allottees will get the requisite letters by June-end. In 2018, the allotments were made for 4,317 and 5,008 plots in October and December, respectively. Arun Veer Singh, CEO, YEIDA, has shared that the allotment…

Centre approves Rs 843 crore for rural roads in Himachal Pradesh
January 15, 2019

The Rural Development Ministry has sanctioned Rs 843 crore for the development of roads in rural parts of Himachal Pradesh. Jai Ram Thakur, Chief Minister, Himachal Pradesh, has shared the information. Officials have shared that the sanctioned amount would be utilised for the construction of 219 rural roads and nine bridges across the State. The road development plan will be executed under the Pradhan Mantri Gram Sadak Yojana (PMGSY). Under PMGSY, the State government will construct about 1,394 km roads and nine bridges with a total length of 466 m. For the overall development of the State, the government has…

Telangana RERA: List of approved projects and agents
January 15, 2019

After much delay, the Telangana government has finally launched its official RERA website, allowing all developers and real estate agents to register their ongoing projects across the State under the Real Estate (Regulation and Development ) Act (RERA). As per the latest information available on the Telangana RERA website, the regulatory authority has approved a total of 140 ongoing realty projects. The details of registered projects are available on the website. List of Telangana RERA registered projects - Click to Download Meanwhile, only five agents (individual and company) have received RERA certificates. List of Telangana RERA approved agents - Click…

Delhi Govt. approves eight infrastructure projects worth Rs 1,572 crore
January 14, 2019

The State cabinet has approved eight crucial infrastructure projects costing Rs 1,572 crore at a meeting of the Expenditure Finance Committee (EFC) headed by Deputy Chief Minister of Delhi, Manish Sisodia. Construction of 12,000 classrooms in schools, expansion of three State-run hospitals, extension of Ashram flyover, etc. were some of the major projects approved among others. In a bid to end traffic snarls between Ashram and DND flyover, the Ashram flyover will be extended up to the DND flyway. From DND flyway, the State will extend a lane to Sarai Kale Khan to ease traffic movement. Sisodia added that the…

Mumbai development body to fast track work on Metro lines 2A and 7
January 14, 2019

At a meeting held recently, the Mumbai Metropolitan Region Development Authority  (MMRDA) has directed contractors to finish all civil works on Metro corridors 2A and 7 before the beginning of monsoon in June, 2019. According to sources, the directive was issued keeping in mind the Lok Sabha elections and State Assembly polls later this year. Headed by Chief Minister Devendra Fadnavis, the MMRDA is the agency responsible for executing work on Metro 7 and Metro 2A corridors. Civil construction work on both these corridors began two years ago and is still underway. The government has already barricaded the Western Express…

Hyderabad awarded as second most dynamic city in the world: Report
January 14, 2019

A yet to be published report by World Economic Forum has ranked Hyderabad as the second most dynamic city in the world, in the short-term growth category. In the report titled ‘JLL City Momentum Index (CMI)-2019’, the WEF has ranked 131 established and emerging commercial cities across the globe that are witnessing rapid expansion. As per the report, rankings are based on a wide range of commercial real estate and socio-economic indicators to recognise the features for the success of these cities over the short term. It is to be noted that the real estate market of a region plays a…

Worli seaface to get Rs 2,000 crore overhaul: Report
January 14, 2019

The Brihanmumbai Municipal Corporation (BMC) is set to give the Worli sea-face Rs 2,000 crore overhaul by taking up the repair work and constructing a coastal road, making the esplanade a bigger walking space. The existing two km-long walkway extends from Worli Dairy to INS Trata and leads towards the Bandra-Worli Sea Link. A statue of cartoonist R K Laxman has also been installed on the esplanade which will be used for building an extra lane for an interchange of the coastal road. According to Mohan D Machiwal, Chief Engineer, Coastal Road Department, a 70-80 m reclamation inside the inter-tidal…

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