Indian real estate news

Snail-paced building plan approvals agitate developers in Karnataka
October 23, 2017

Delay in getting building plan approvals by Bangalore Development Authority (BDA) has led to an increase in development of illegal constructions across the city. The city has received low ranking in the ease-of-doing business due to persistent delays in the recent past. Developers have raised their concerns as the building plan approval sometimes stretches up to 24 months. A developer has to submit 31 applications including development plans, sketch plans to get building plans approved by BDA.    Farook Mahmood, President, Federation Internationale des Administrateurs de Bien-Conselis Immobiliers (FIABCI), has stated that such long delays in approvals have translated to…

Building plan approvals in Goa to be cleared within 30 days
October 23, 2017

The Goa Industrial Development Corporation (GIDC) has decided to give approval of construction permits and building plans across the state within 45 days and 30 days, respectively. The step was taken to expedite the building plan approvals across the state. Moreover, the GIDC has directed officials to carry all required inspections and upload all inspection reports, occupancy certificates and construction permits on its official portal within two days. The Corporation has announced these reforms as a part of the Business Reform Action Plan for 2017, a set of reforms to help improve India’s ease of doing business ranking. GIDC officials…

New development plan tabled for 11 merged villages in Pune
October 23, 2017

The Pune Municipal Corporation (PMC) has proposed a separate development plan (DP) for 11 newly merged villages to ensure planned development and to keep a tab on illegal construction in these villages. Recently, the Maharashtra government had given a nod for the merger of 11 villages under the PMC jurisdiction. This includes partial merger of nine villages and complete merger of two villages - Phursungi and Urali Devachi. Officials have stated that the proposed DP will reserve the areas for amenity spaces and public utilities apart from ensuring proper road infrastructure. The civic administration will also make provision for amenity…

Hyderabad Metro Phase 1 to become operational on Nov 28
October 23, 2017

The first phase of Hyderabad Metro Rail project will become operational on November 28. The project will be inaugurated by the Prime Minister, Narendra Modi. The first phase of the Hyderabad Metro will be a 30 km stretch running from Nagole to Miyapur. Of which, a 17 km stretch will run from Nagole to Ameerpet on Corridor III and the remaining 13 km will operate from Ameerpet to Miyapur on Corridor I. The Hyderabad Metro Phase 1 traverses along one of the most congested arterial roads of the city. The Hyderabad Metro Rail project will include a 72-km stretch encompassing…

Maharashtra to go digital for renewal of rental agreement of govt properties
October 23, 2017

The Maharashtra government has decided to go digital for renewal of lease agreement of government-owned properties from November 2017 onwards. A Government Resolution (GR) for the same was issued recently. All rental agreements will be carried out through e-rent service, provided on the website - www.mahapwd.com. There are several rental agreements processed by the Public Works Department (PWD) every year, where government-owned land or buildings are leased for the public interest. In Mumbai, there are over 1,200 leased properties by the state government. Officials have stated that the actual number of properties rented out by Maharashtra government across the state…

New airport worth Rs 1,400 crore in Rajkot gets green clearance
October 23, 2017

The central government has given a green clearance for the new airport at Hirasar, about 28 km from Rajkot in Gujarat, at an estimated cost of around Rs 1,400 crore. Ministry of Environment has given the clearance to the Gujarat State Aviation Infrastructure Company Ltd (GSAICL) for development of a greenfield airport at Rajkot. The clearance for the new airport was given as the existing airport in Rajkot is small and the initial plan to extend the runway at Rajkot airport would be hugely expensive due to high land cost in the region. To be completed at the estimated cost…

Rajasthan housing board to give possession in a single day
October 22, 2017

The Rajasthan Housing Board (RHB) has decided to hand over possession letters on the same date of property purchase. Earlier, the RHB allots houses via draw of lots, and buyers had to wait for results for months. Now, the procedure has changed and homebuyers can buy houses developed by RHB instantly, without any delay and get the possession papers simultaneously.  The move has been taken by the state housing board after considering a prolonged slump in the real estate market across the state and poor property sales due to better offers by private developers. Under the scheme, RHB has shortlisted…

PE investments in realty sector touch $3.16 bn till Sept 2017
October 22, 2017

As per the data compiled by Venture Intelligence, Private Equity (PE) investments in real estate sector have marginally increased in the first nine months of the year. Till September 2017, the PE investments have touched $3.16 billion across 40 deals as compared to $3.14 billion across 66 deals in the same period in 2016. The slight jump is backed on the global and domestic institutional investors who continue to infuse capital into the realty sector, particularly in the commercial market. It has been observed that the average investment size has also improved as similar investment was registered during the last…

HUDA to go paperless for building plan approval in Haryana
October 21, 2017

Haryana Urban Development Authority (HUDA) will approve all building plans of realty projects across the state online. With this move, an applicant does not have to submit any hard copy of documents to the civic body at any stage. All approvals will be given online. An applicant can check the status of a file online, and later receive a soft copy of the approved map through email. The Haryana government has been trying to implement the online building plan system since 2009. The state government has managed to come up with an error-free software last year. In 2016, the Authority…

Pimpri Chinchwad citizens to get 75% discount on property tax
October 21, 2017

Pimpri Chinchwad Municipal Corporation has announced a concession of 75 percent of property tax arrears for taxpayers if they clear dues by October 31. If the tax is paid by November 30, citizens will get a concession of 50 percent. Tax concession will also be granted if housing societies implement environment-friendly measures such as garbage segregation, water conservation, use of LED lights, implementation of solar energy project and tree plantation. The city's municipal corporation has already started advertising about the same through different mediums, including radio jingles on FM channels. Apart from the tax concession, the civic administration will run…

PMRDA to acquire land worth Rs 100 crore for Pune metro
October 20, 2017

The Pune Metropolitan Region Development Authority (PMRDA) is set to invest Rs 100 crore to acquire 70 acres of land to develop the carshed of the proposed Hinjewadi-Shivajinagar Metro stretch. Out of 70 acres of land, 50 acres is located in Mann and 20 acres is in Balewadi. Kiran Gitte, Chief, PMRDA, has informed that the Authority will speed up the land acquisition process for the Pune metro project. The 23.33 km Hinjewadi-Shivajinagar Metro rail project will be developed under the public private partnership (PPP) model at an estimated cost of Rs 7,947 crore. The acquisition process will be executed soon,…

Property sales in Noida this Diwali restricted to ready-to-move segment
October 20, 2017

Festive offers this Diwali and waivers on Goods and Services Tax (GST) did little to uplift property sales in Noida. The meagre sales in the season were restricted to the ready-to-move category. Real estate body, CREDAI highlighted that the sales numbers have been under pressure and despite Diwali, the transactions were limited. Pankaj Bajaj, President, Confederation of Real Estate Developers' Associations of India (CREDAI) (NCR), has stated that homebuyers, who have considered buying real estate this season, have held back for the next GST Council meeting where a proposal of reduction of GST on under construction properties is expected. At…

Over 72,000 affordable houses to be constructed in Gurgaon
October 20, 2017

More than 72,500 new units could be added to the affordable housing category soon with the addition of 500 acres of land as compared to 300 acres in the past allocated for the segment in Gurgaon. Officials have informed that there are around 57 new sectors, of which around 54 are residential. With 15 acres in 54 new residential sectors, the total area under affordable housing will rise to around 810 acres. The 500 acre difference has happened after the amendment made by the Haryana government to remove the cap on land for affordable housing. Under the amended Affordable Housing…

Maharashtra withholds development of three plots under PMAY
October 20, 2017

The Maharashtra Housing and Area Development Authority (MHADA) has decided to withdraw clearance of three sites out of 14 approved sites for the development of affordable housing projects under the Pradhan Mantri Awas Yojana (PMAY) in Mumbai Metropolitan Region (MMR). The move was made as these three land sites are reserved for other purposes and cannot be used for constructing affordable houses. These three land sites include: a) Juchandra village in Vasai taluka of Palghar district b) an 11 acre plot at Khalapur in Raigad district to build 2,600 houses c) a four acre plot at Pen to construct 1,100…

Homebuyers can register property online in Noida and Gr Noida by Oct-end
October 19, 2017

Online registration of properties is set to be introduced in Noida and Greater Noida by October-end this year. The decision was made to infuse transparency and reduce the footfall at the registry office. SK Singh, Assistant Commissioner (Stamp), Gautam Budh Nagar, has stated that the Uttar Pradesh government has made all necessary steps to introduce the online registration scheme in Noida. Homebuyers can log in to the website, igrsup.gov.in to apply for registry of their properties. The website will have all guidelines for filling the forms in a user-friendly manner. Once the application for registration is submitted online, the sub-registrar…

Ghaziabad authority to use GIS to curb illegal constructions
October 19, 2017

To keep an eye on several illegal constructions emerging across the city, the Ghaziabad Development Authority (GDA) will soon implement geographical information system (GIS) to access real-time data of any location with encroachments through satellite imagery. The Authority is in talks with private companies involved in GIS surveying. Ravinder Godbole, Secretary, GDA, has stated that there are around 250 illegal colonies in Ghaziabad. It is difficult to physically track all locations coupled with illegal constructions. The GIS will help us track all such encroachments without much delay. The satellite imagery system will enable the Authority to access the physical attributes…

Housing demand remains tame, affordable segment to steer future growth
October 18, 2017

According to industry stalwarts, housing demand in residential real estate markets across cities continues to remain stagnant while affordable housing segment is seen as a major growth stimulator in the forthcoming months. Experts have opined in the past that festive season would improve the investment sentiments in the realty sector and counter the subdued markets. Along similar thoughts, several developers have already launched innovative marketing schemes focusing on higher sales of unsold inventories. Ramesh Nair, JLL India CEO and Country Head stated that the housing sector is observing a delicate revival right now. Although GST and RERA have instilled confidence…

MahaRERA authority: Delayed project handover cases surge
October 18, 2017

According to a MahaRERA official, delay in possession of property, misleading disclosure by builders and agreements not following MahaRERA format form a major chunk of all the complaints received under MahaRERA. It is to be noted that Maharashtra was the first state to notify RERA rules and establish MahaRERA. As per an analysis report prepared with MahaRERA officials, out of more than 600 complaints received in the last five months, nearly 60 were uploaded on the website. The report further stated that complaints filed with MahaRERA are either withdrawn or settled by parties with directions from the authority. Penalty on…

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