Indian real estate news

North Delhi civic body to redevelop buildings in Azadpur, Model Town
July 22, 2017

North Delhi Municipal Corporation intends to transform existing staff quarters of the Municipal Corporation of Delhi (MCD) located in Model Town and Azadpur into multi-storey buildings. The redeveloped structures will having high-end residential flats and are expected to fetch attractive prices due to the prime location. The redevelopment proposal states that the residents of the staff quarters would be relocated until the project is completed and will receive housing allowance as well. The civic body… Read More

Government initiatives to boost sale of construction equipment by 15 percent in 2017
July 22, 2017

Industry experts anticipate sales of construction equipment to reach record heights this year, growing by 10-15 percent. This hike will be primarily driven by multiple government initiatives, notable amongst them being the Pradhan Mantri Awas Yojna (PMAY) and Smart Cities Mission. Experts expect greater sales of construction equipment in 2017 despite a six to eight percent increase in the prices of construction machines. It should be noted that the inclusion of construction machinery under the… Read More

No price correction in Pune’s residential realty post demonetisation
July 22, 2017

Industry reports share that the prices of residential properties in Pune have witnessed no reduction post demonetidation. Unlike the expectation of a sharp correction in realty rates, housing prices have gone north by Rs 109 per sq ft for under-construction properties in the city. Even areas like Pimpri Chinchwad and Chakan have also witnessed prices rising despite the furor caused by the government’s currency revolution . As per the market report by National Housing Bank… Read More

Hyderabad and Bangalore remain top office markets: JLL
July 22, 2017

According to a report by JLL India, Bangalore and Hyderabad topped the total office space leased across India's top cities in the second quarter (Q2) of 2017. Both state capitals accounted for 47 percent of the total leasing volume during the period. The report also stated that Hyderabad has witnessed a 98 percent hike in net absorption of office space, reaching 1.9 million sq ft during April-June 2017. However, in Bangalore, a marginal growth of… Read More

Nagpur Smart City likely to include Sitabuldi, Mahal, Mominpura
July 21, 2017

The Nagpur Municipal Corporation (NMC) is planning to include some of the most densely populated areas of the city in the smart city project. Sitabuldi, Jail Ward, Mominpura, Mahal, and Rambagh Slum are some of the areas likely to be added to the Nagpur Smart City project. Officials state 15 sectors will be taken up under the area based development component of the smart city project and will undergo retrofitting, redevelopment, or greenfield development. NMC has selected… Read More

TDS calculation to exclude GST
July 21, 2017

Clearing up confusion about the role of Goods and Services Tax (GST) in computation of Tax Deducted at Source (TDS), the Central Board of Direct Taxes (CBDT) has stated that the calculation of TDS should be carried out without including GST component. CBDT has stated that the bill should mention GST separately in order to TDS to be computed excluding GST component. It should be noted that CBDT had similar rules under the earlier tax regime… Read More

Bangalore citizens upset over draft zoning rules
July 21, 2017

The recently published draft zoning rules for Bangalore has evoked the ire of citizens and activists. The citizens argue that the draft regulations prepared by the urban development department are in violation of court orders and will deteriorate Bangalore’s landscape. Their arguments state that the draft zoning rules allow mixed development zones, which is not only an unsustainable development model but also against court orders. Mixed zones will have commercial structures in residential areas. Meanwhile,… Read More

RERA impact: Bangalore real estate to remain subdued in 2017
July 21, 2017

A report by JP Morgan states that the implementation of the Real Estate (Regulation and Development) Act (RERA) in Karnataka will have a deflationary impact on Bangalore’s real estate market. The city’s realty landscape will remain subdued in 2017 and any recovery is unlikely before 2018. New launches are expected to witness a downward pressure this year as developers will focus on completing ongoing projects to escape the penalties under RERA. Any new projects in… Read More

Centre urges states to expedite ‘Housing for All’
July 20, 2017

For the successful implementation of the Pradhan Mantri Awas Yojana (PMAY), Prime Minister Narendra Modi has urged state governments to expedite the execution of the Housing for All initiative. States have been asked to prepare and submit a detailed roadmap for its implementation. In a conference held recently, the Prime Minister asked state secretaries to develop all residential units sanctioned under PMAY in 2015-16 and 2016-17 before the end of 2017-18. State governments have also… Read More

No GST rates revision unless there is an anomaly: CBEC
July 20, 2017

In an attempt to put an end to repeated requests from various stakeholders for revision of Goods and Services Tax (GST) slabs, the government has made a clear statement. Vanaja Sarna, Chairperson, Central Board of Excise and Custom (CBEC), commented that barring any irregularities in the new tax regime, GST rates will not be revised. This statement was in response to the protests by textile traders against the industry being taxed at five percent. It should… Read More

RERA impact: Developers’ FY18 performance may fall
July 20, 2017

According to the International Credit Rating Agency (ICRA), the operations in the real estate sector are likely to be impacted during the financial year 2017-18 due to delayed implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA). Hurdles in the implementation of RERA rules would affect the performance of real estate developers across the country. K Ravichandran, Senior Vice President, ICRA, stated that realty developers would have a tough time for a couple… Read More

MahaRERA: Delay in document approvals slows registration process
July 20, 2017

As the deadline for registration of ongoing real estate projects with Maharashtra Real Estate Regulatory Authority (MahaRERA) approaches, the government is worried about the slow pace of registrations. Till now, about 900 developers have registered with the regulator. Developers claim that delays in getting documents from other departments is causing problems in registration. Builders in Kolhapur, for instance, have stated that the Kolhapur Municipal Corporation (KMC) is yet to sanction the revised layouts of the… Read More

MahaRERA allows correction in project docs from Sept
July 20, 2017

Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that all developers registering (or registered) under the Real Estate (Regulation and Development) Act would be able to revise or correct the uploaded documents of their projects from September 1. For making any correction in the submitted documents, developers would need the authority’s permission along with a fee of Rs 5,000. Apart from the correction clause, the latest notification by MahaRERA also mentions that the revision should… Read More

Maharashtra proposes conversion of collector land into freehold plots
July 19, 2017

In a move that could significantly benefit housing societies in the state, the Maharashtra revenue department is considering to permit the conversion of collector lands into freehold plots against a premium. If approved, this will allow housing societies built on government land to gain ownership of the plots. Experts state that there are 22,000 such societies across Maharashtra, of which about 3,000 are in Mumbai alone. Residents of housing societies state that conversion into freehold will help… Read More

Centre asks NDMC to complete smart city project by 2020
July 19, 2017

The New Delhi Municipal Council (NDMC) has been directed by the central government to commence its Rs 1,800 crore smart city project by October 2017 and finish it by 2020. This will set it up as an example for other cities to efficiently execute their smart city projects. Currently, NDMC is working on its tendering process for the project. NDMC’s smart city project includes setting up smart power and water grids, a central command and control… Read More

Homebuyers raise concerns over Haryana RERA dilution
July 19, 2017

Homebuyers in Haryana are worried that the state government might dilute the rules of Real Estate (Regulation and Development) Act (RERA), making the act biased towards developers. Banding together, homebuyers from the new sectors had formed a group to oppose the draft RERA rules proposed by Haryana. They have threatened the state government with court action if it does not keep Haryana RERA rules in line with the Centre’s provisions. These residents are using the hashtag… Read More

GST to reduce costs in cement industry: Report
July 19, 2017

A report by Fitch Ratings has anticipated that the Goods and Services Tax (GST) will have a positive impact on the cement industry by lowering production costs and boosting earnings. With the implementation of GST, cement producers will incur an effective tax rate of 28 percent, which is lower than the earlier rate of about 27-31 percent after factoring in various state-level taxes and duties. The report added that the bagged form of cement is likely to witness… Read More

Namma Metro Phase II receives funding worth Rs 3,650 crore
July 19, 2017

Bangalore Metro Phase II has been granted a loan of about Rs 3,650 crore by the European Investment Bank (EIB) with a repayment period of 20 years. Officials share that this fund will be used by Bangalore Metro Rail Corporation Ltd (BMRCL) to construct the 23 km long Gottigere-Nagawara stretch with six elevated and 12 underground stations. EIB is the chief financier for Phase II of the 72 km metro project and the second international lender associated… Read More

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