Indian real estate news

Press Release

Motia group introduces rent-free plan for companies
March 22, 2019

One of the leading real estate developers in Tri-City, Motia Group, has recently introduced a unique scheme for multinationals, corporates, and private limited companies at their latest commercial project, Royal Business Park located on Chandigarh-Delhi National Highway. Under the scheme, the companies can avail a rent-free fit for one year. Nestled in an integrated township of 35 acres, Royal Business Park is an exquisite business destination for offices and retail spaces. The group is also extending an attractive offer for the buyers wherein they can buy a property starting from Rs 46 lakh and earn an assured rental income of…

Press Release

SOBHA Limited bags Best Residential Project award
March 22, 2019

One of the leading realty companies of India, Sobha Limited has recently been conferred with the Best Residential Project award in the luxury segment during the 13th CNBC Awaaz Real estate awards 2018-2019. The company bagged the award for International City-its villa project in Gurgaon. Comprising of presidential villas, duplex villas, and super luxury row houses, International City is a low-density villa community located in proximity to Indira Gandhi international airport. Sprawled over 150 acres of land, the project is also close to Sectors 106, 109, and 108 in Gurgaon.

BKC-Chunabhatti elevated corridor to open by July-end
March 21, 2019

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed a crucial phase of the 1.6 km road project and launched six girders above the tracks near Sion and Chunabhatti. The construction work was carried out in blocks. Once the project becomes operational, the motorists will be able to commute from Bandra Kurla Complex (BKC) to Chunabhatti on the Eastern Express Highway (EEH). Officials have shared that the new road corridor will be open for the general public by July-end 2019. RA Rajeev, Metropolitan Commissioner, MMRDA, has shared that the elevated corridor from BKC to EEH, developed at Rs 155 crore,…

DMRC submits DPR for Noida-Ghaziabad metro corridor
March 21, 2019

The Delhi Metro Rail Corporation (DMRC) has submitted a revised Detailed Project Report (DPR) for the extension of the Blue Metro corridor, connecting Noida Electronic City to Mohan Nagar. As per the prepared report, the metro rail project is expected to be completed at Rs 1,866 crore. Kanchan Verma, Vice Chairperson, Ghaziabad Development Authority (GDA), has shared that the revised DPR will have six stations — Vaibhav Khand, DPS Indirapuram, Shakti Khand, Vasundhara Sector 5, Vasundhara Sector 2, and Mohan Nagar Earlier, the DMRC had tabled the first DPR for the proposed metro extensions in Ghaziabad, from Noida Electronic City…

Kochi: Builders demand digitised system for building plans
March 21, 2019

In order to facilitate hassle-free approval of building plans, the developers in Kochi have demanded a fully digitised system with meagre human intervention. As of now, the developers need to upload all the documents online and wait for long in order to get the documents verified, have a site visit, and get the necessary approval for the building plan. The said demand has been made in order to ease the process of obtaining approvals, shares M V Antony, Representative, Confederation of Real Estate Developers Association of India (CREDAI). With regards to the physical inspection of the buildings, the work should…

Maharashtra extends Mumbai Metropolitan Region’s boundaries
March 20, 2019

The Mumbai Metropolitan Region (MMR) is set to be expanded as the Maharashtra cabinet has approved the proposal regarding the same. With this move, areas such as Palghar taluka, Khalapur, Vasai and Pen will come under the jurisdiction of MMR. The idea to extend the boundaries of MMR was initiated by the Mumbai Metropolitan Region Development Authority (MMRDA). The authority has plans to construct growth centres in Boisar, from where the proposed Mumbai-Ahmedabad bullet train will intersect. According to an official of the Urban Development Department (UDD), extending boundaries of MMR would lead to development in the region. MMRDA had…

SEBI and IBBI join hands for implementation of bankruptcy law
March 20, 2019

The Securities and Exchange Board of India (SEBI) has recently entered into a Memorandum of Understanding (MOU) with the Insolvency and Bankruptcy Board of India (IBBI) wherein, the parties have agreed to assist each other for the effective implementation of the new bankruptcy law. As agreed upon, collaborative efforts will be made by the organisations to enhance the awareness level among the financial creditors pertinent to the provisions of Insolvency and Bankruptcy Code (IBC), 2016. The MOU further provides for sharing information between the parties. As per the sources, periodic meetings will be held to discuss the regulatory requirements, enforcement…

MMRDA closes Bandra skywalk for undertaking construction of road
March 20, 2019

The Mumbai Metropolitan Region Development Authority (MMRDA) has decided to close the Bandra skywalk between Nandadeep garden and Slum Rehabilitation Authority (SRA) office from March 25 to June 24, 2019. The decision has been taken to complete the construction work on the road between Bandra-Worli Sea Link and Bandra Kurla Complex (BKC). The MMRDA is currently constructing a flyover at the Kalanagar Junction in Bandra (East). The alignment of the under-construction flyover is getting impacted due to a stretch of the Kalanagar skywalk. To facilitate smooth construction work, the development authority will remove a 100-metre stretch of a skywalk between…

GST Council approves the transition plan for under-construction units
March 19, 2019

The Goods and Services Tax (GST) Council, in its 34th meeting held recently, approved a transition plan for the implementation of the new GST structure for properties under construction. According to the recent updates, the residential projects under-construction as on March 31, 2019, will have an option to choose between the old and the new rates. Additionally, the Council also made it mandatory to procure 80 percent of the materials from a registered dealer. It further decided that the reversal of Input Tax Credit (ITC) shall be done on a proportionate basis. Keeping in mind the fact that a large…

Govt lays foundation stone for Ambala-Saha four-lane road
March 19, 2019

The Haryana government has recently laid the cornerstone for the four-lane Ambala-Saha stretch to be developed on the National Highway 44A (NH-444A). The construction of the four-lane road is being undertaken at an estimated cost of Rs 220 crore. The project was approved long ago, but the tender for the same was floated only when the Centre directed the State government to expedite it. Union Minister for Road Transport and Highways, Nitin Gadkari, who inaugurated the project through video conferencing, informed that the government has spent Rs 1 lakh crore for constructing new roads in Haryana. In addition, it has…

PM inaugurates Lucknow Metro’s North-South corridor
March 19, 2019

Prime Minister Narendra Modi recently inaugurated the North-South corridor of the Lucknow Metro through video conferencing. With the metro being functional, commuters will now be able to commute on the 23 km-long stretch between Chaudhary Charan Singh International Airport and Munshipulia. Earlier, travelling on this route would take 90 minutes which has now been brought down to 40 minutes after the commencement of the metro line. The North-South corridor constitutes 21 metro stations including Chaudhary Charan Singh International Airport, Amausi, Transport Nagar, Krishna Nagar, Singar Nagar, Alambagh, Alambagh Bus Station, Mawaiya, Durgapuri, Charbagh Railway Station, Hussainganj, Sachivalaya, Hazratganj, KD Singh…

Logistics, warehousing and retail policy becomes a reality in Haryana
March 19, 2019

Post the notification from the Cabinet, the Logistics, Warehousing and Retail Policy 2019 is finally a reality in Haryana which will facilitate Ease of Doing Business across the State. As per the sources, the draft policy has already been drafted in consultation with the Retailers Association of India (RAI). The said policy is intended to benefit the retailers along with the businesses operating in the retail ecosystem. Additionally, the policy also intends to instill a conducive regulatory environment along with maximising returns for the retailers. By providing the best buying experience to the customers, the policy is aimed at transforming…

Maharashtra slashes FSI for commercial, mixed-use plots by 50 percent
March 19, 2019

The Maharashtra government has issued a notification stating reduction in basic Floor Space Index (FSI) for commercial, mixed-use and industrial plots in unified Development Control Regulations (DCR). The State government has also decided to slash FSI for big residential plots. In the unified DCR, basic FSI for commercial structures is kept at 1.25 for all municipal corporations excluding Mumbai, municipal councils and municipal panchayats. Currently, the basic FSI for such units is 2.5. The same rule will be applied in Amravati, Akola and Chandrapur municipal corporations. At present, the basic FSI for mixed uses (residential and commercial) is two, which…

New flyovers to decongest traffic for Mumbai-Thane commuters
March 19, 2019

A new flyover constructed over LBS Marg near Castle Mill and MG Road at Naupada is going to reduce traffic congestion on Eastern Express Highway due to the ongoing Metro and Kopri bridge widening works. The development would provide hassle-free travel for motorists who commute between Mumbai and Thane daily. Officials have shared that the two bridges, part of a three-intercity flyover project, are now open for public use. The bridges have been planned and executed by the Mumbai Metropolitan Region Development Authority (MMRDA). The third flyover, near Vandana Talkies, became operational last year. The completion of the three bridges…

Telangana RERA extends registration deadline with penalty
March 19, 2019

The Telangana Real Estate Regulatory Authority (Telangana RERA) has decided to extend the registration deadline for real estate projects under the Real Estate (Regulation and Development) Act (RERA) till March 31, 2019, with a penalty of Rs 2 lakh. Earlier, the regulatory authority had fixed February 28, 2019, as the last date for the registration of projects under the Act. But later, they decided to extend the registration process after including a penalty clause. Officials have shared that the authority will allow developers to register their ongoing projects that obtained permission from the concerned authorities between January 1, 2017, and…

Goa set to get two new IT parks
March 18, 2019

Goa is set to get two new Information Technology (IT) parks as the State government has given the nod to the proposal. These IT parks would be constructed at Chimbel and Penha-de-Franca villages of North Goa and are expected to generate ample employment opportunities. According to a State cabinet note, the project at Pehna-de-Franca will be spread across 12,455 sq meters of land and would be a ‘hybrid IT Park’ built under the Goa Information Technology Development Act, 2007. On the other hand, the Integrated IT Township at Chimbel will come up on nearly 4.5 lakh sq meters of area.…

Maharashtra may have common Development Control Regulations
March 18, 2019

In a bid to boost the State’s ‘Ease of Doing Business’ agenda, Maharashtra has initiated the process to bring common Development Control Regulations (DCR) for all councils, municipal corporations (excluding Mumbai) and other planning authorities. In a notification dated March 8, 2019, the State’s Urban Development Department (UDD) had invited recommendations and objections on common DCR over the next one month. By implementing the unified DCR, the government aims to grant layout and building plan approvals online and monitor any region or part of the State in a centralised manner. However, the majority of civic bodies have opposed the government’s…

Digitisation of records curtails notification time for land acquisition
March 18, 2019

Digitisation of land records has immensely helped truncate the time required for notification in case of land acquisition from the erstwhile 3-4 months to a meagre two days as of now. As per the sources, notifications for acquisition of more than 26,000 hectares of land had been issued by the Highways Ministry post the introduction of BhoomiRashi - an online system for acquisition of land. The number was restricted to a mere 10,000 during 2017-2018. Following suit, the Dedicated Freight Corridor Corporation (DFCC) under the Railway Ministry, will soon abide by the process and follow the model for faster acquisition…

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