Indian real estate news

MHADA to conduct lottery draw for selling 1,000 houses in Mumbai
June 9, 2018

The Maharashtra Housing and Area Development Authority (MHADA) is planning to sell 1,000 houses situated in Mahavirnagar in Borivli, Kannamwar Nagar in Vikhroli, Pant Nagar at Ghatkopar, Gawanpada at Mulund, Mankhurd and Goregaon parts of Mumbai, through a lottery. The civic body plans to accept applications for these flats from the first week of July post which, lottery will be conducted by end of August. Deependra Singh Kushwa, Vice-President and Chief Officer (Mumbai board) said that the houses will be priced less than their market value and that the civic body anticipates good response for its lottery draw. It is…

UP housing board plans to impose cess for Ghaziabad metro funds
June 8, 2018

Anyone purchasing a plot or flat in areas of Ghaziabad will be imposed a cess. This move is carried out by the UP housing and development board to raise funds for the third phase of a metro project. The third phase anticipates the extension of two metro corridors —Sector 62 (Electronics City Noida) to Sahibabad and Vaishali to Mohan Nagar.  The proposal has been introduced by the board after receiving a letter from the UP Chief Secretary. The letter was directed to stakeholders to pick up their influential areas issuing them a liberty to impose a cess to raise funds. Sources told that a panel had been formed to formulate the proposal. Dheeraj Sahu, housing board commissioner said that…

Housing Minister: Smart city outlines will be evident in 6 months
June 8, 2018

Hardeep S. Puri - Housing and Urban Affairs Minister recently said that there are 99 designated smart cities in the country entailing an investment of around Rs 2 lakh crore. In the next six months, these cities will start reflecting visible signs of excellence. The project was announced in the year 2015 and is due for completion in 2022. There has been a visible manifestation between the months of June and December. The arrangements are being made to inaugurate the 10th Integrated Control and Command Centre (ICCC). The centres have a leading edge and are state-of-the-art technology centres that will integrate all the urban services on one large screen. The use of such a technology…

Jewar airport: Rs 4,000 cr to be paid for land acquisition
June 8, 2018

An amount of  Rs 4,000 crore will be spent by the Uttar Pradesh government on land acquisition for the Noida international greenfield airport project near Jewar, as told by officials. The State Civil Aviation Department will spend Rs 1,500 while the Noida Development Authority will also extend a similar amount. State government officials said that the Yamuna Expressway Industrial Development Authority (YEIDA) and Greater Noida Authority will extend another Rs 500 crore each, once the state cabinet approves the spending. The first phase of the project has identified the land area of about 1,441 hectares. The airport is estimated to be operational from the year 2022-23, retaining an initial capacity of 60 lakh passengers. On May 29, the state government had signed a pact with YEIDA, Noida and Greater Noida Industrial Development authorities to expedite the implementation of the project.  Nand Gopal Gupta, Civil Aviation…

Madurai and Coimbatore will get a CMDA-like body soon
June 8, 2018

Madurai and Coimbatore will soon have a planning authority along the lines of CMDA. The effort is initiated to reduce the delays in issuing planning permissions. Officials said the idea was being discussed at the most significant levels of the government for cities having a population above 10 lakh.   Despite having Local Planning Authorities (LPAs), Coimbatore and Madurai require a development authority that would facilitate many projects including ring roads, bus terminals, wholesale market and all other amenities created in the Chennai Metropolitan Area by the CMDA. Based on the feedback, the idea could also be extended to cities like Tuticorin and Tirunelveli.  A retired professor of Urban engineering course from Anna University, K…

Bangalore to see online building plan approvals in 3 months
June 8, 2018

The sliding rating in Karnataka’s Centre of Ease of Doing Business index has prompted Bangalore Development Authority (BDA) to do away with bulky paperwork and adopt online technology. This step aims to relieve the burden that investors face while dealing with land-related issues in the IT city. The website of BDA has been relaunched, and an online portal for payment of property tax is being offered. It is estimated that five more services will be online in three months. E-governance Department and BDA are working together offering online services such as issue of possession certificates, approval of plans, transfer of khatha and amalgamation and extension of BDA plots. The agency has a major jurisdiction in Bangalore. Their services of plan sanction and land…

Centre to utilise sick PSUs land parcels for affordable housing
June 7, 2018

At a Union Cabinet meeting headed by Prime Minister, the government has sanctioned amended guidelines for time-bound closure of sick and loss making central Public Sector Undertakings (PSU’s) and the distribution of their movable and immovable assets. According to the guidelines, first priority is granted to utilisation of land of central Public Sector Enterprises (CPSEs) under closure for affordable housing as per the applicable guidelines of the Ministry of Housing and Urban Affairs. An official statement read that the amended guidelines would reduce delays in execution of closure plans of sick/loss making CPSEs. These guidelines will replace the guidelines issued…

New Delhi railway station to have a skywalk soon
June 7, 2018

According to an announcement by Northern Railways, New Delhi Railway Station is set to have a skywalk within the next six months. The skywalk will connect the station with two metro lines and is being constructed to decongest the Ajmeri Gate side of the station. New Delhi Railway Station currently handles over four lakh passengers per day and the Ajmeri Gate side entry is the convergence hub of the Airport Metro, Yellow Line Metro and the DTC bus stop due to which, it is the preferred entry for passengers. The skywalk will be fully equipped with escalators and stairs and…

President approves amendments in IBC ordinance
June 7, 2018

Giving a major relief to homebuyers, President Ram Nath Kovind on Wednesday approved an ordinance making amendments to the Insolvency and Bankruptcy Code (IBC), which will identify their status as financial creditors. An official statement read, ‘The President today (Wednesday) gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018.” Treating homebuyers as financial creditors would bring them at par with banks and other institutional creditors since they would now have a share in the money earned by sale of assets of bankrupt real estate companies. As per the government, the ordinance would grant homebuyers due representation in…

Hike in loan limits for Priority Sector Lending to benefit affordable housing
June 7, 2018

According to real estate experts, first-time homebuyers are anticipated to benefit from Reserve Bank of India’s (RBI’s) move to increase the loan limits for Priority Sector Lending (PSL) since it will allow them to opt for higher amount of loans at better terms and also prop up sales in affordable housing segment. Post RBI’s announcement, housing loan limits for priority sector lending will be revised from Rs 28 lakh to Rs 35 lakh in metropolitan centres with population of 10 lakh and above, and from the prevailing Rs 20 lakh to Rs 25 lakh in other centres, provided the total…

Himachal Pradesh PMAY (Urban): 1800 houses grounded for construction
June 7, 2018

Till date, the Himachal Pradesh government has sanctioned over 8,000 affordable houses under the Pradhan Mantri Awas Yojana (PMAY) Urban. Of these, a total of 1790 houses have been grounded for construction. Check the implementation of real estate projects in Himachal Pradesh and other States across the country under PMAY (Urban) - Click to Download Under the housing scheme, the Central Government will provide financial assistance to the State government. Till now, the Government has released a sum of Rs 39 crore for the development of houses under the scheme. A total investment of Rs 415 crore would be utilised…

Bombay HC permits redevelopment of MIG colony project in Bandra
June 7, 2018

Setting aside a condition imposed by BMC, the Bombay High Court has allowed the redevelopment of a part of the MIG Colony in Bandra that was halted for the past few years. The condition imposed by the civic body was that the developer must execute a registered agreement with the existing tenants/occupiers to get the construction Commencement Certificate (CC). A division bench constituting Justices AS Oka and RI Chagla found that the section of the Development Control Regulations (DCR), under which the redevelopment work was being undertaken, did not impose that condition on the developer. The issue is related to…

RBI increases repo rate by 25 basis points
June 6, 2018

The Reserve Bank of India has raised the key interest rate today by 25 bps (basis points) to 6.25 per cent after more than four years. The increase is owing to inflation concerns arising from international oil prices. Governor Urjit Patel, heading The Reserve Bank's six-member MPC (monetary policy committee), has also increased the reverse repo rate to 6 percent. Reverse repo rate is the rate at which RBI borrows from commercial banks. After RBI's June monetary policy meet, the decision on increasing the key rate was enforced. Governor Urjit said that the rates had been hiked after "a prolonged pause". The decision of MPC is in keeping with the indifferent stance of the monetary policy. The objective is to support growth, thereby achieving the medium-term objective for consumer price index (CPI) inflation of 4 percent between a band of +/-…

Vadodara: Civic body to release funds for completion of housing projects
June 6, 2018

The Vadodara Municipal Corporation (VMC) will be disbursing the additional amount of Rs 101 crore to complete the work on housing projects on which the civic body had carried out unauthorised extra construction in the past. The work on these projects had come to a halt when the irregularity surfaced and VMC stopped payment. The standing committee of the civic body has cleared the expenses for the extra work on these projects. An additional amount of Rs 44 crore will be dispersed in context to housing blocks at Atladara-Kalali, while the amount will be Rs 56.5 crore in case of housing blocks in Tandalja and Sayajipura. An additional amount of Rs 1.32 crore will also have to be paid towards consultancy of a project. On the recommendation of the civic body, the beneficiaries of these projects need to pay extra expenses. Under the Rajiv Aavas Yojna (RAY), VMC…

Bareilly: Building layout approval process set to go digital
June 6, 2018

The Bareilly Development Authority (BDA) is set to digitise the process of granting approval for building layouts. Officials claim this step will not only expedite the process of granting approval but also root out deep-seated corruption from the system as it will bring transparency in the overall functioning of the authority across various levels. Under this project, the UP government will digitise around 30 authorities across the state within next month. BDA officials said that, at present, the online process is being used for granting approval to layouts of buildings spread over 300 square metres or above, but it has…

Pune civic body drafts development plan for 11 merged villages
June 6, 2018

The civic administration of Pune has started working on the development plan (DP) for the recently merged 11 villages of the city. A 15-member team established by the municipal commissioner will go through the current land use, public amenity spaces in new areas, provisions for roads and expansion of residential areas in an efficient manner. The study is anticipated to run for a year and a preliminary plan will be drafted based on the outcome. The draft prepared shall now be sent for approval to the state government. The team is headed by the city engineer and includes members from PMC’s various departments. In October 2017, these 11 villages situated in the periphery were officially…

Madhya Pradesh: Over 3 lakh homes under construction under PMAY
June 5, 2018

Since the launch of the most ambitious housing project, Pradhan Mantri Awas Yojana (PMAY), over three lakh affordable houses are at different stages of construction in Madhya Pradesh. A total of 45,222 houses have been built in the urban centres across the State under the housing scheme. To know the implementation progress of all States under PMAY - Click HERE Recently, the Central Government has sanctioned the construction of more 1.5 lakh affordable houses under PMAY (Urban). The Housing Ministry has informed that the Government has approved over 45 lakh houses in the last three years. Under PMAY (Urban), the Centre…

Gujarat RERA: List of approved projects and agents
June 5, 2018

Till now, 27 states and Union Territories (UTs) have notified Real Estate (Regulation and Development) Act (RERA). Of these, only four states, including Gujarat, have established permanent regulatory bodies. Gujarat has also launched an online portal, where the number of applications for registration submitted. Gujarat’s real estate regulatory authority has finally shared the list of approved projects and agents on its website. Interested homebuyers may check the approved list of projects and agents before making any purchase decision. Experts advise buyers to only purchase realty properties from registered developers in order to avoid any hassles later on. It should be…

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