Indian real estate news

Goa rejects RERA extension deadline for ongoing projects
January 19, 2018

Goa Chief Minister, Manohar Parrikar, has ruled out the possibility of extending the deadline for registering on-going real estate projects with Real Estate Regulatory Authority (RERA) to April this year. Earlier, Goa announced February 24 2018 as the last day for developers to register their under-construction real estate projects with the city’s regulatory authority. While launching the Goa RERA website, the CM stated that the government has given sufficient time to builders, developers and real estate agents to prepare for the registration process and that the 90-day period ends on February 24 post which no extension is guaranteed. Government data…

UP govt gives nod to Agra, Kanpur and Meerut metro project
January 19, 2018

The Uttar Pradesh government Wednesday authorised the pending Detailed Project Reports (DPRs) of metro rail in Kanpur, Agra and Meerut and also designated Lucknow Metro Rail Corporation (LMRC) as the provisional consultant. The LMRC will perform the preliminary construction work of the depot, priority section, boundary walls etc., of these projects and float tenders for the same in expectation of the Centre’s approval. There will be two corridors each for Kanpur and Agra Metro projects while the Meerut metro will have only one corridor. The deadline for construction work of these corridors is 2024. The approximate completion cost of Agra,…

Surat tops the progress list of smart cities
January 19, 2018

According to the Ministry of Housing and Urban Affairs, Surat has topped the list of smart cities with the maximum number of projects been implemented and finished under the Centre’s ambitious Smart City Mission. The progress of the mission has been slow across the first set of 20 cities even after two years of the announcement with only 83 of the 964 projects (8.6% of the projects) worth Rs 46,800 crore having been completed. The country’s textile and diamond trading hub is closely followed by Pune, Visakhapatnam, Udaipur, Bhubaneswar, Ahmedabad, Bhopal, Coimbatore, Jaipur and Indore. In the first few months…

Government postpones inclusion of real estate in GST till next council meeting
January 19, 2018

In a media briefing held Thursday, Finance Minister Arun Jaitley announced that the decision to include real estate under Goods and Services Tax (GST) has been postponed and will be considered in the next GST Council meeting. Industry experts along with the states of Delhi and Jammu & Kashmir have shown interest in bringing the real estate sector under the purview of GST. Speaking at a media briefing Wednesday, Congress leader and Punjab Finance Minister Manpreet Singh Badal, too, urged the Centre to bring petroleum products and real estate under the ambit of GST. In a meeting held between prominent…

More homebuyers to get interest subsidy under PMAY
January 19, 2018

With the Housing Ministry increasing the coverage of interest subsidy, more homebuyers are set to avail the benefits of Pradhan Mantri Awas Yojana (PMAY). The amended guidelines pronounce that new homeowners willing to purchase a property in any part of a development authority or planning area, including rural areas, industrial belts and rural pockets within Special Economic Zones (SEZs) are entitled to the benefits of PMAY scheme. According to sources, the ministry has been working on a proposal to extend the coverage of the scheme after receiving buyer complaints related to non-authorisation of home loan applications by banks under Credit…

Private banks raise MCLR, expect home loan rates to rise
January 19, 2018

Borrowers will now have to pay more for their home and car loans in the forthcoming months as private sector banks including Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank have raised their benchmark Marginal Cost of Funds based Lending Rate (MCLR) by 5 to 10 basis points with effect from January, 2018. The hike in rates is for the first time ever since the banks moved to the new MCLR system in April 2016, on account of the higher price they are paying for deposits in the previous month or so. The rates are probable to remain…

SBI to raise Rs 20,000 crore for affordable housing sector
January 18, 2018

State Bank of India (SBI) has recently decided to raise Rs 20,000 crore for financing affordable housing and infrastructure projects across the country through long-term bonds. However, the nationalised bank did not specify whether the borrowing would be in rupee denomination or any foreign currency. The executive committee has given nod to the proposal for issuance of long-term bonds of Rs 20,000 crore for the financing of infrastructure and affordable housing in the domestic and overseas market in the current financial year (FY) 2017-18 and the coming FY 2018-19. The fundraising would be executed through a public offer and/or private…

MahaRERA dismisses redevelopment dispute complaints
January 18, 2018

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently dismissed a complaint filed by members of a housing society against the developer. Officials have informed that the regulatory authority will not hear any conflict or dispute over the redevelopment of properties as such activities do not fall under the ambit of the Real Estate (Regulation and Development) Act (RERA). It has been observed that over 85 percent of all constructions in Mumbai involves redevelopments. Members of a housing society in Vikhroli (East) had filed a complaint against a builder, stating that they have not received the possession of their flats…

Jaipur authority to launch biggest housing scheme by Feb 2018
January 18, 2018

The Jaipur Development Authority (JDA) will launch one of the biggest housing schemes at Ninder village located on Jaipur-Sikar Highway in the coming weeks. Under this housing scheme, the civic body has decided to develop 3,000 plots of different sizes on 1,350 bighas of land. Officials have stated that initially, the JDA is more likely to fix Rs 16,000 per sqm as reserve price for plots. However, the actual and the final price of the land parcel will be fixed by the finance department. The scheme will be launched by February-end 2018. Apart from this, the Jaipur civic body is…

NAREDCO urges Centre to reduce GST on under-construction homes
January 18, 2018

NAREDCO has urged the central government to reduce the Goods and Services Tax (GST) rate on the under-construction housing projects in the upcoming Union Budget 2018-19. At present, an 18 percent GST is applicable on under construction properties with abatement for the land of 33 percent. The builder's body has suggested the GST rate to cut down to 12 percent with abatement for the land of 50 percent. If this happens, then the effective GST rate would come down to six percent of the property cost. Currently, it is 12 percent. The body has also submitted its pre-budget memorandum, stating…

Telangana to introduce new system for land records administration
January 18, 2018

The Telangana government will soon introduce a new system to facilitate all administrative works related to land records across the state. The new system will be similar to the 'core banking network' generally used in banks. The move was decided to implement immediate changes in land records whenever any transactions happen in order to avoid any delay. K Chandrasekhar Rao, Chief Minister, Telangana, has informed that the new system will be based on the core banking network system. With this, all entries and changes take place in land records would be done immediately in the passbooks of land buyers and…

MahaRERA establishes member forums to resolve buyer-builder conflicts
January 18, 2018

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has finally established a committee consisting of 33 conciliators. The committee will be further categorised into 15 teams comprising two members each, one from realty developers’ industry body and another representing buyers. It was earlier reported that a total of 10 conciliation teams will take care of real estate matters related to homebuyers from the Mumbai Metropolitan Region (MMR) while the remaining five teams will handle issues pertaining to the Pune real estate market. Gautam Chatterjee, Chairperson, MahaRERA, has stated that establishment of conciliation teams for MMR and Pune has become need of…

Tamil Nadu RERA: List of approved projects and agents
January 18, 2018

As of now, 27 states and Union Territories (UTs) have notified Real Estate (Regulation and Development) Act (RERA). The Tamil Nadu government had notified rules along with its RERA website for online registration of ongoing projects in the state. The state government has not appointed a permanent regulator yet. The Secretary, Housing and Urban Development Department has been appointed as an interim regulator. As per the latest information available on the Tamil Nadu RERA website, 295 real estate projects have successfully registered under the Act. About 186 realty agents have received the registration certificate, valid for five years. Interested homebuyers…

Office space absorption crosses 42 mn sq ft in 2017: Report
January 17, 2018

According to a CBRE report, annual office space absorption in India has crossed 42 million sq ft in 2017, hinting continuous growth of this segment. Key markets including Bangalore and Delhi-NCR have accounted for over 50 percent of annual leasing activities during the period. In 2017, office space leasing was majorly driven by the IT sector, which accounted about 32 percent of the total leasing activity, followed by BFSI (19 percent), engineering and manufacturing (17 percent) and research consulting and analytics firms (eight percent). It has been also observed that demand for co-working spaces have increased manifold in 2017, touching…

Goa launches RERA registration portal
January 17, 2018

The Goa government has finally launched its RERA website for registration of ongoing projects and realty agents under the Real Estate (Regulation and Development) Act (RERA). The State government had already appointed an interim regulator. After much delay, Goa RERA rules were notified in November 2017. Officials have informed that the state government has also extended the time period for registration considering the delay in formulating the RERA rules on time. The Authority has given extended the registration deadline till February 2018 to builders and brokers to register their ongoing real estate projects. If any developer fails to register his…

Punjab govt to put land records online soon
January 17, 2018

Land owners in Punjab, especially those with partition of inherited land would soon be able to see their land details online. In a bid to put a check on selling of land without recorded ownership and minimize litigation, the Punjab government plans to link such land parcels with the revenue records using geographic information system (GIS). The online system will enable residents to avail information about property taxes and other relevant data without leaving your home. Experts have opined that updating all land records in digital format would be a daunting task due to the involvement of various departments, including…

Bareilly authority urges no power connection for unapproved layout plan
January 17, 2018

The Bareilly Development Authority (BDA) has urged the state electricity board, Uttar Pradesh Power Corporation Limited to provide no electricity connections to any residential or commercial establishment, educational institution, private hospital or a nursing home which are not approved by BDA. The decision was made considering several casualties occurring due to dearth of emergency services provided in the building premises. As per BDA officials, all building layout plans must be approved by the authority. It has been identified that most of the builders have allegedly constructed illegal buildings without obtaining required approval from the concerned authority while some of them…

Kanpur civic body extends rebate deadline for house tax till Jan 31
January 17, 2018

The Kanpur Municipal Corporation (KMC) has recently extended the deadline of availing 10 percent concession on property tax payment till January 31, 2018. Avinash Singh, Municipal Commissioner, KMC, has stated that all property owners with outstanding property tax can now deposit house tax by January 31 this year to avail 10 percent discount. Officials have stated that the civic body will charge penalty on property tax defaulters. The Kanpur civic body has urged all the tax payers to visit their respective zonal offices before March 31, 2018 to deposit the pending house tax, failing which the authority will recover house…

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