Indian real estate news

Press Release

ACC Ltd and ALCON jointly inaugurates Green Building Centre in Goa
October 22, 2018

Goa gets its first sustainable construction centre21st October 2018 In a collaborative venture, ACC Limited and Alcon – Anil Counto Enterprises has inaugurated a state-of-the-art Green Building Centre (GBC) and Research and Development Centre, in Kundaim, Goa. The purpose of setting up a Green Building Centre is to create social, environmental and financial impact in developing cities in India. The Centre was inaugurated by Suresh Prabhu, Commerce & Industry and Civil Aviation Minister and Ramkrishna Dhavalikar, Public Works Department Minister, Goa. Situated at Kundaim Industrial Estate, the aesthetically designed unit is built across four acres of land area with the…

Cement prices may surge by up to 10 percent in next six months
October 21, 2018

According to Cement Manufacturers Association (CMA), to compensate with the rising fuel and transportation costs, cement prices could witness up to 10 percent increase in the next six months. The cement industry which has remained stable for the last six to seven years has grown at 14 percent in H1 2018-19, thereby, offering a chance for price correction. CMA President, Shailendra Chouksey, said that while there has been a 60-70 percent increase in the cost of fuel in the last one year, the cement prices have remained almost stagnant for the last six to seven years. He added that despite increased…

Maharashtra gives nod to Dharavi redevelopment project
October 21, 2018

Asia’s largest slum, Dharavi is set to undergo redevelopment as the State cabinet has recently sanctioned a new plan, wherein, a Special Purpose Vehicle (SPV) will be established with 80 percent private stake and 20 percent government contribution. The government will float global tenders for the construction of Rs 22,000-crore project. Earlier, the government was planning to divide the slum into 12 sub-clusters and redevelop it. Under the new plan, three lakh slum-dwellers have been promised larger homes by the government measuring 350-675 sq ft. It is to be noted that a further delay in the commencement of the project…

Environmentalists raise concerns regarding 4 FSI along Pune metro
October 20, 2018

The Pune administration’s decision to grant up to four Floor Space Index (FSI) along the Shivajinagar-Hinjewadi Metro stretch has drawn flak from environmental activists who claim that the move would permit 11,040 hectares of FSI and would put additional pressure on water and basic infrastructure of the city. Senior urban planner, Anita Gokhale, said that the government has not conducted any study to find the estimated area that will come under Shivajinagar-Hinjewadi Metro stretch and the density of population and the additional water supply that will be required to serve people staying in these regions. The proposal was to permit…

Land ownership issue to hamper Thane metro
October 20, 2018

The implementation of the Rs 19,000 crore Wadala-Kasarvadavli metro IV project may face delay due to ambiguity over ownership of land, which has been allotted to Mumbai Metropolitan Region Development Authority (MMRDA) for constructing a casting yard. According to MMRDA, the Thane revenue department has assigned them 24 acres of land in Waghbil village for the development of a casting yard which will be utilised to produce over 500 girders. These girders are needed to install piers for metro trains to run. The MMRDA, however, asserts that the land allotted to them is class II or government land, meaning that…

Maharashtra stresses on assessment of realty projects from environmental perspective
October 19, 2018

The Maharashtra government has recently directed its environment committees to evaluate real estate projects on the basis of environmental characteristics, and not get involved in town planning issues. The move comes after several developers alleged green panels of delaying the projects by asking questions related to other aspects of the project. According to Anil Diggikar, Principal Secretary, State Environment Department, the department has taken cognizance of the issue and is trying to fast-track the procedure and make it as transparent as possible. Several developers have welcomed the move stating that the government is at least taking the initiative to limit…

MahaRERA to reduce project registration fee for developers
October 19, 2018

The State cabinet is planning to bring down the minimum registration fee a builder needs to deposit to the Maharashtra Real Estate Regulatory Authority (MahaRERA), from the existing Rs 50,000 to Rs 10,000. Under MahaRERA, real estate developers and promoters are required to register all their ongoing projects with the State regulator by depositing the registration fee with the application form for registration. The registration fee is computed after considering the area proposed to be developed at Rs 10 per sq m. However, under the prevailing rules, the developer has to deposit a minimum of Rs 50,000 to the regulatory…

Press Release

Mahindra Lifespaces commences handovers at Windchimes, Bangalore
October 18, 2018

Mahindra Lifespaces commences  handovers at Windchimes, BangaloreOctober 10th, 2018: Mahindra Lifespace Developers Limited (‘MLDL’), has begun handing over possession in Phase 1 of premium residential project ‘Windchimes’ in Bangalore. Windchimes is located on Bannerghatta Main Road, adjacent to the proposed Metro Phase 2 line, and comprises four towers spread across 5.85 acres.  The project is being developed in two phases and offers 400 thoughtfully designed, spacious and airy apartments in 3 and 4 BHK configurations.

Maharashtra approves Rs 120 cr for PMAY project in Solapur
October 18, 2018

The Maharashtra government has decided to allocate an amount of Rs 120 crore for the development of PMAY project in Solapur’s Ray Nagar. This decision is aimed to expedite the construction process of houses for the economically weaker sections (EWS). The State government has approved the construction of 30,000 affordable units till date. Private players can equally participate in the development of affordable homes under the scheme. The beneficiary will get an assistance of Rs 1.50 lakh from the Central Government and Rs 1 lakh from the State government. The Central assistance will be granted in three phases depending upon…

Press Release

NAREDCO organises “Affordable Housing cum HRERA Summit- 2018″
October 18, 2018

NAREDCO organises “Affordable Housing cum HRERA Summit- 2018"17th October, 2018:  National Real Estate Development Council (NAREDCO) organises “Affordable Housing cum HRERA Summit – 2018” on 26 October, 2018 at Hotel Oberoi, Gurugram. The agenda of the summit will be to review the projects registered under the RERA, and if the authority is carrying out its effort in an efficient and smooth way or if there are some gaps which needs to be looked into. The summit will also review the policies implemented to make real estate purchase easier, by infusing improved accountability and transparency.

Shiv Vihar-Trilok Puri metro line to open in November
October 18, 2018

A section of the Delhi Metro’s Pink Line, running from Shiv Vihar to Trilok Puri, is expected to become operational in November. The 17.8 km-long metro corridor will connect Shiv Vihar in north-east Delhi to Trilokpuri in the eastern part of the national capital. The upcoming metro corridor will have 15 elevated stations, including Shiv Vihar, Johri Enclave, Gokulpuri, Maujpur- Babarpur, Jaffrabad, Welcome, East Azad Nagar, Krishna Nagar, Karkardooma Court, Karkardooma, Anand Vihar ISBT, IP Extension, Mandawali-West Vinod Nagar, East Vinod Nagar-Mayur Vihar-II and Trilokpuri Sanjay Lake. The stretch will have three interchange stations, one each at Welcome, Karkardooma Court…

Tamil Nadu to prepare a new housing policy
October 18, 2018

The Tamil Nadu government will be formulating a new housing and habitat policy to expedite the announced real estate projects under various Government schemes such as Pradhan Mantri Awas Yojana (PMAY) and to improve the overall realty sector across the State. It has been observed that construction and real estate activities constitute 30 percent of the overall State’s economy. O Panneerselvam, Deputy Chief Minister, Tamil Nadu, has shared that the State government is committed to develop as a slum-free city and achieve the housing targets set by the Centre under PMAY. The State government has recently introduced key policy measures…

Nashik Municipal Corporation extends regularisation date
October 18, 2018

The Nashik Municipal Corporation (NMC) has decided to extend the deadline for the regularisation of illegal structures. The new deadline is till December 31, 2018. The decision was made considering the low numbers of registrations made by the violators. As per sources, only 3,000 applications have been received for the regularisation scheme, while there are over 7,000 illegal units in the city.  In 2017, NMC had issued a notification inviting applications from developers and owners to get their unauthorised constructions regularised by paying compounding charges. The scheme is applicable on illegal properties developed before December 2015. To avail the scheme, the civic…

Press Release

Dr. Niranjan Hiranandani takes over as a Senior Vice President, Assocham
October 18, 2018

Dr. Niranjan Hiranandani takes over as a Senior Vice President, AssochamOctober 17th, 2018  Dr. Niranjan Hiranandani, founder & MD, Hiranandani Group, takes over as the Senior Vice President of industry chamber Assocham. The announcement was made at the Annual Day Celebrations held in New Delhi on 16 October 2018, during which the adjourned meeting of the 97th AGM was held, a new managing committee was reconstituted and the new office bearers assumed office.  

Noida City Centre-Sector 62 metro link to open in December
October 18, 2018

The extension of the Blue Line Metro corridor from Noida City Centre to Sector-62, Noida will become operational soon. The 6.8 km long route from Noida Sector 34 metro station to Electronic City metro station is expected to be operational by the end of the year. The extended corridor of the Metro Blue Line will consist of six stations at Sector 34, 52, 61, 59, 62 and Electronic City. The last station at Electronic City is located at the Noida-Ghaziabad border. The new metro route will, in addition, offer a better connectivity to Indirapuram, situated just across the NH-24. Earlier,…

UPRERA to dispose of 500 complaints by October end
October 18, 2018

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has decided to resolve nearly 500 complaints filed by the homebuyers by the end of October 2018. The Authority has received over 1,000 complaints against errant developers across the State. Balwinder Kumar, Member, UPRERA, has shared that the Authority has received a total of 1,100 complaints. The Authority has two benches - one each in Greater Noida and in Lucknow. While the Greater Noida bench has heard 600 complaints, the Lucknow bench has addressed about 500 cases. The Authority has announced it will conduct hearings on Monday, Tuesday, Thursday and Friday in…

TNRERA mandates the consent of buyers to split projects
October 17, 2018

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has revoked the decision of developers to split an ongoing project independently. As per the new order, the consent of two-thirds of the buyers in a residential project is essential. The recent order of the Authority pertains to particular project promoted by a developer in Kancheepuram, allowing more stakes for the consumers in the respective projects. The project was considered as an integrated project as it was falling in two adjacent plots but was subsequently converted into phased development. A few structurally completed portions under the project were exempted from registering under…

Maharashtra Govt approves construction near nullahs
October 17, 2018

The Maharashtra government has relaxed the development plan rules for constructions near the water bodies across the State. The move has paved the way for development near nullahs. As per the previous rule, no construction activities were permitted within 15 m of the major water bodies and 4.5 m of minor water bodies. Currently, the rivers and nullahs are treated as substantial watercourses. However, the State government has issued a notification which will consider the nullahs regardless of their size as minor watercourses. RM Pawar, Official, Urban Development Department (UDD), Maharashtra, has shared that since all the nullahs will be…

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