Indian real estate news

Kolkata to set up second largest rooftop solar housing project
November 20, 2018

Aiming to promote the use of renewable energy, the first integrated rooftop solar housing was attempted in New Town, Kolkata. Now, another affordable housing project in suburban Serampore is aiming to become the second-largest project to have a solar rooftop housing. The project will have a generation capacity of over 1.5 MW. The 30 lakh sq ft housing project on a 23 acre plot in Serampore will utilise around 2 lakh sq ft roof area in the 24 towers (G+12) to produce the 1.5 MW electricity sufficing about 18 lakh units. The project will power around 90 percent of the…

Maharashtra Govt drafts policy to promote green buildings
November 20, 2018

To promote the development of eco-friendly buildings across Maharashtra, the State government has formulated a policy to encourage construction of green buildings. The policy will include both the commercial and residential projects. The decision to formulate the policy was taken because the building industry accounts for around 40 percent of the global energy and water consumption. About 48 percent of solid waste is generated by building inhabitants. The dependency on fossil fuels for energy requirements has prompted the need to construct environment-friendly buildings. The construction of green buildings reduces water and energy consumption from day one of occupancy. The energy…

Coimbatore civic body demolishes more than 100 illegal structures
November 20, 2018

The Coimbatore Municipal Corporation has demolished a total of 126 unauthorised houses in Ganapathy. The demolition drive was carried out as these properties were constructed on water bodies along the highway at Ganapathy. Out of all the demolished structures, 107 houses were razed along the Rabindranath Tagore Road, while a total of 19 houses were demolished at Maniyakarampalayam. The Tamil Nadu Slum Clearance Board (TNSCB) has informed that eviction notices were issued to the occupants of the identified unauthorised properties. In addition, an alternative accommodation to the TNSCB housing units at Keeranatham was provided. The civic body had paid for…

Centre urges Karnataka to set up smart city forum
November 20, 2018

Since the announcement of Bangalore as a Smart City in 2017 under the Smart Cities Mission, the city has failed to implement several smart projects. Furthermore, the concerned authorities have not even established the Bangalore Smart City Advisory Forum. Noting this, the Ministry of Housing and Urban Affairs (MoHUA) has termed the failure as a violation of the guiding principle of the Smart Cities Mission. Durga Shanker Mishra, Secretary, MoHUA, has emphasised on accelerating the process to set up the forum. The forum is meant to advise and enable collaboration among various stakeholders. As per the guidelines, the Smart City…

Press Release

Delegation of power for environmental clearances would reduce home rates; believes CREDAI
November 20, 2018

Delegation of power for environmental clearances would reduce home rates; believes CREDAI19th November 2018: CREDAI, the apex body of private real estate developers in India has welcomed the Central Government’s decision to delegate the decision making power to the urban local bodies/ State Governments to ensure speedy environmental compliances for construction projects with built up area greater than 20,000 sq. m to 50,000 sq m. The move will affirm better implementation of environmental laws and reduce the gestation period by a minimum of 12 months, thereby making housing cheaper for homebuyers.    

Aurangabad civic body to address property tax disputes
November 20, 2018

To improve property tax collection in the city, the Aurangabad Municipal Corporation (AMC) has decided to conduct a public hearing for two days to resolve grievances related to property tax. The move was taken after repetitive requests of a significant section of stakeholders to conduct a hearing to resolve property tax related grievances.   Mahaveer Patni, Tax Assessor and Collector, has shared that most of the disputes concerning property tax are related to commercial establishments. The disputes involve an alleged excess charge of property tax and objections to levy a particular amount of penalty or interest. The public hearings are…

Northeastern States to notify RERA rules soon
November 20, 2018

Finally, the six northeastern States have agreed to notify the Real Estate (Regulation and Development) Act (RERA) to bring accountability and protect the interest of homebuyers. So far, none of the northeastern States - Arunachal Pradesh, Nagaland, Meghalaya, Manipur, Mizoram, and Sikkim, have notified the norms due to land issues. In order to implement the RERA norms in these States, Durga Shanker Mishra, Secretary, Housing and Urban Affairs Ministry, had organised a workshop to discuss the issues hindering the notification of the Act. Following the workshop, the northeastern States have agreed to notify RERA norms without any further delay. The…

Press Release

Altico Capital invests over Rs 550 crore in Bangalore’s realty
November 20, 2018

Altico Capital invests over Rs 550 crore in Bangalore's realty19th November 2018: Altico Capital, the non-banking finance company, promoted by Clearwater Capital (now Fiera Capital), Abu Dhabi Investment Council and Varde Partners, has recently invested Rs 120 crores in affordable plotting projects with  Century Group, in Bangalore. This is Altico’s second investment with the Century after initially co-investing INR 765crs with Piramal in a portfolio of projects in 2015. 

South Delhi civic body approves regularisation policy for farmhouses
November 19, 2018

The South Delhi Municipal Corporation (SDMC) has approved the policy for regularisation of farmhouses and motels in the city. The committee has already urged the apex court to withdraw the regularisation policy. According to the Committee, the farmhouses are meant solely for residential purposes and a temporary system has been framed by the Delhi government to fulfil the public needs. Officials have informed that there are around 4,000 farmhouses in the national Capital. In 2013, the Delhi Development Authority (DDA) had notified a new farmhouse policy which applies to 70 villages. Of all villages, 47 villages are in green belts,…

Pimpri Chinchwad Board to construct over 14,500 budget homes
November 19, 2018

The Pimpri Chinchwad New Township Development Authority (PCNTDA) has announced that they will develop over 14,500 low-cost flats in the next two years. Officials have shared that Authority has constructed a total of 11,500 flats till date. Now, the Authority is committed to develop more low-cost flats for poor people. Sadashiv Khade, President, PCNTDA, has shared that the Authority aims to construct another 14,656 homes within the next two years. To expedite the construction process of 14,000-plus houses, the work orders for the construction of 6,000 units have already been allotted. Devendra Fadnavis, Chief Minister, Maharashtra will inaugurate the construction…

Haryana to offer 30 percent rebate for property taxpayers
November 19, 2018

The Haryana government has decided to grant a 30 percent rebate on the penal interest for the property taxpayers across the State. Manohar Lal Khattar, Chief Minister, Haryana has approved the relaxation. The State government has also set the deadline to avail the rebate on property tax payment. The government has set December 31, 2018 as the last date to avail the offer. Officials have shared that there are over 20 lakh property tax assessees under various civic bodies across the State. Earlier, the State government had set June 30, 2018 as the deadline for availing the rebate of 20…

Maharashtra to commence land acquisition for Purandar Airport
November 19, 2018

To expedite the construction of the Purandar Airport in Pune, the Maharashtra government has recently issued a notification for the acquisition of land. Devendra Fadnavis, Chief Minister, Maharashtra, has shared the recent development. The State government is preparing a consortium of at least four companies to drive investment in the airport city, and the work is in the finishing stages. The land acquisition process will be carried out in a planned manner to ensure better connectivity in the city. The Metro, ring road and hyperloop will be carefully put on track to avoid any hurdles and efficiently provide better connectivity…

Chandigarh to permit conversion of leasehold properties into freehold
November 19, 2018

The Chandigarh Administration has given its in-principal approval to transfer the leasehold properties into freehold in Industrial Area, phases I and II of the city. The proposal will be tabled before a committee formed by UT Administrator, VP Singh Badnore, for its final approval. In 1983, Chandigarh Administration had last converted leasehold plots into freehold in the commercial category. The UT Administration had received pleas for conversion from the industrialists in the past. Apart from this, the industrialists have also shared that the open courtyards inside industrial plots pose a significant threat to the security of machinery and material due…

Pimpri Chinchwad Authority to demolish 30,000 illegal structures
November 19, 2018

The Pimpri Chinchwad New Township Development Authority (PCNTDA) will soon start a demolition drive for all the identified illegal properties in the city. The anti-encroachment drive will be carried out in areas of Kalewadi, Thergaon, Chinchwad and Wakad. Satish Kumar Khadke, CEO, PCNTDA, has informed that there are over 30,000 illegal structures within PCNTDA limits. The demolition drive will run for at least a year. It could be extended if required, adds Khadke. A private agency will be hired to take photographs and record videos of the demolition drive. To provide relief to owners of illegal properties, the Urban Development…

Press Release

Gaurs Group sells over 1000 units during festive season
November 19, 2018

Gaurs Group sells over 1000 units during festive season19th November 2018 NCR-based real estate developer Gaurs Group, has recently announced that it has achieved sales bookings of 1,012 housing units worth about Rs 400 crore during the festive season. Majority of housing sales were made in two of its big townships at Noida Extension and Yamuna Expressway along with a housing project at Siddharth Vihar in Ghaziabad. The group has already sold over 5,000 units in the first six months of FY’18-19.

Over 50 percent of houses in MMR below Rs 80 lakh: Report
November 18, 2018

According to a report by Anarock, western and central peripheral regions of Mumbai Metropolitan Region (MMR) have reported more than 90 percent of the new launches within the price bracket of Rs 80 lakhs. Since 2013, nearly 54 percent of the new supply in MMR fall within Rs 80 lakh category, while the remaining supply is priced above Rs 80 lakh. The report further reads that about 0.2 million units remained unsold in the region as of Q3 2018. MMR accounts for around 37 percent of the overall unsold housing units across the top 7 cities in India. Compared to…

Haryana Govt amends Development and Regulation of Urban Areas Act
November 18, 2018

The Haryana government has made certain amendments in the Haryana Development and Regulation of Urban Areas Act, 2016 to benefit the colonizers who received licences before 2012, by increasing the time limit for completion of the real estate projects. The State government has also extended the validity of renewal of the licence from the present two-year period to a five-year period. The move was taken as a real estate project normally takes more than ten years to complete. In other development, the State cabinet has given a nod to certain amendments in the New Integrated Licensing Policy, 2016 to alter…

Thiruvananthapuram civic body identifies 170 illegal constructions
November 18, 2018

In a recent survey conducted, the Thiruvananthapuram Municipal Corporation has identified 170 unauthorised constructions in the city. The inspection was carried out as not a single unauthorised building was regularized within corporation limits under the regularisation scheme. The town planning wing was directed to take an audit to identify all unauthorised constructions in the city. All unauthorized constructions were found under five zonal offices - Vizhinjam, Fort, Nemom, Vattiyoorkavu and Thiruvallom. Data from six remaining zonal offices will be compiled soon. It has been found that about 50 buildings were identified where parking slots were altered and used for other…

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