Indian real estate news

Ghaziabad civic body shortlists 11 members for conciliation forum
January 21, 2019

In a bid to settle disputes between developers and homebuyers, an 11-member conciliation forum has been finalised by the Ghaziabad Development Authority (GDA) which will be mandated by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA). As many as 12,000 homebuyers in Ghaziabad are currently facing disputes with the developers. According to officials, five members each have been shortlisted from the Residents’ Welfare Associations (RWA) and developers’ body, Confederation of Real Estate Developers Association of India (CREDAI). The remaining one is a member of the GDA. The development authority has sent the names of the members to UPRERA Secretary, Abrar…

Gujarat RERA approves 4,691 projects after May 2017
January 21, 2019

According to Gujarat RERA Chairman, Amarjit Singh, since May, 2017, as many as 4,691 real estate projects, entailing an investment potential worth Rs 1.42 lakh crore, have been approved by the Gujarat Real Estate Regulatory Authority (GRERA). A total of 85 percent of the projects have reached the State regulator’s office, while 75 percent of projects are on track. Singh added that 50 percent of the total projects approved (2,326 projects) are residential. Around 1,542 projects belong to the affordable housing segment. A total of 2.12 lakh affordable housing units, worth Rs 30,966 crore, will come up in the State.…

Penalising developers for delayed projects may jeopardise completion timelines: MahaRERA
January 21, 2019

According to a judgement passed by the Maharashtra Real Estate Regulatory Authority (MahaRERA), awarding interest to a single homebuyer as a penalty for delaying the delivery of a housing project may further impact the project delivery schedule, creating an unfavourable situation for other allottees. A case was registered by a homebuyer against a developer over non-delivery of an apartment in a Parel-based project. The aggrieved homebuyer demanded compensation and stated that the project was halted due to which, most homebuyers were unhappy about it. However, the Authority gave this ruling stating that it needs to work, keeping in mind the…

Press Release

Zen-inspired co-working space launched in Noida
January 21, 2019

Zen-inspired co-working space launched in Noida21st January 2019 An all-new co-working space, Eccosphere has been launched in Noida using the Zen Buddhist philosophy. Strategically located in Sector 67, the co-working space has been set up to serve the requirements of startups, entrepreneurs and freelancers in the city. The newly launched space is approachable from NH-24 and the FNG corridor. The ambience of the co-working space has been inspired by the Zen Buddhist philosophy and created by using plants, natural light, and manmade materials to transform the place into an ideal co-working space in the region. The entire IT infrastructure is…

Over 1.37 crore houses developed in rural India since 2014
January 20, 2019

The Ministry of Rural Development has developed over 1.37 crore houses in rural parts across the country since April 2014. The units have been constructed under Government's housing schemes including Indira Awas Yojana (IAY) and Pradhan Mantri Awas Yojana - Gramin (PMAY-G). Officials have shared that a total of 66 lakh pucca houses have been developed under PMAY-G. The Ministry is hoping to complete the construction of the remaining 34 lakh units under the scheme by the end of March 2019. Year-wise break-up of completion of flats Years Houses completed 2014 11.91 lakh 2015 18.22 lakh 2016 32.23 lakh 2017…

Hyderabad: HITEC City-Ameerpet metro line to open on Feb 15
January 20, 2019

The Hyderabad Metro Rail Limited (HMRL) has shared that the new metro rail link from HITEC City to Ameerpet is more likely to become operational on February 15, 2019. The stretch between Ameerpet and HITEC City includes eight stations - Madhura Nagar (Taruni), Yousufguda, Jubilee Hills Road No.5, Jubilee Hills Check Post, Peddammagudi, Madhapur, Durgam Cheruvu and HITEC City. The 10 km-long metro corridor was earlier scheduled to be open for public in December 2018, but the launch has got delayed. NVS Reddy, Managing Director, Hyderabad Metro Rail Limited (HMRL), has shared that the development work is going as per…

Noida to get an infrastructure overhaul worth Rs 2.8 crore in 2019
January 19, 2019

In a press conference held recently, Noida Authority declared the inauguration of several infrastructure projects in the year 2019 including several elevated roads, an underpass and a new district hospital. Centres will increase tourism and also benefit the attractiveness index of the city include a Dada-Dadi park in Sector 62 at a cost of almost Rs 14.60 cr, a Shilp Haat and Bunkar Bhawan in Sector 33-A at Rs 72.57 crore, a Traffic Park in Sector 108 at Rs 34.71 crore, and a Command Control Centre in Sector 94 at Rs 22.35 crore. Noida Authority's General Manager Rajeev Tyagi stated…

Pune civic body proposes a 12 percent hike in property tax
January 19, 2019

The Pune Municipal Corporation (PMC) has proposed a 12 percent hike in property tax for the upcoming fiscal year, 2019-20. The proposal was made by the Municipal Commissioner, Saurabh Rao. As per the proposal, the hike in property tax includes 5.5 percent increase in general tax, 1.5 percent in water benefit tax and five percent in sewage benefit charges. The increase in tax collection in 2019-20 has been proposed as the civic body has limited sources of revenue where tax collections accumulate a major share. Officials have shared that the civic body expects to generate an extra revenue of Rs…

Noida metro aqua line to get inaugurated on January 25
January 19, 2019

Noida Metro Rail Corporation Executive Director P D Upadhyay said in a statement that the Noida-Greater Noida metro line, also known as the aqua line, is most likely to get inaugurated on January 25. The rail corridor will have a total of 21 stations out of which 15 are in Noida and the rest in Greater Noida. The line is spread over a distance of almost 30 km.  The Aqua line is going to have 19 rakes with 4 cars each. The stations covered include Sector 76, 101, 81, NSEZ, Noida Sector 83, 137, 142, 143, 144, 145, 146, 147,…

New regulation to slow down property registration process in Bangalore
January 18, 2019

The property registration process in Bangalore is likely to be hit by a new rule introduced by the city’s Stamps and Registration Department in 2019. The move will slow down the registration process of flats and apartments that are not a part of the guidance value book. However, apartment blocks measuring up to 5,000 sq ft will remain unaffected. Under the new regulation, the registration officials must ‘identify’ the project and make it a part of the guidance value book only if the builder possesses the sanctioned building plans and commencement certificate. The move will prompt builders to adhere to…

Fund restrictions blocking real estate growth in Madhya Pradesh: CREDAI
January 18, 2019

Confederation of Real Estate Developers of India has expressed concerns over an acute increase in levy and State RERA blocking 70 percent of the funds received by the developers in any project. This is amidst the financing crunch in the market where developers are unable to procure funds from Non-Banking Financial Institutions (NBFCs), stated CREDAI.  CREDAI Indore chapter chairman Liladhar Maheshwari mentioned that developers in the State are in a experiencing severe financial crisis due to detrimental government norms pertaining to fun blockage imposed by RERA authority and a subsequent increase in levies that developers have to pay for launching…

Industry players urge RBI for repo rate cut
January 18, 2019

Ahead of the monetary policy review, India Inc has urged the Reserve Bank of India (RBI) Governor Shaktikanta Das to reduce interest rate and reserve ratio to prop up growth. To ease the tight liquidity situation, the Confederation of Indian Industry (CII) suggested the apex bank to reduce Cash Reserve Ratio (CRR) by at least 50 Basis Points (bps). Further, it suggested several measures to smoothen the credit flow to the industry, especially to the infrastructure sector and the Ministry of Micro, Small and Medium Enterprises (MSME’s). Due to the consistently low inflation rate, it suggested the bank to contemplate…

Mumbai civic budget may go up by 10 percent in 2019
January 18, 2019

The Brihanmumbai Municipal Corporation (BMC) is likely to spike their budget by about 10 percent in its 2019-20 Civic Budget after it spent more on the core departments in 2018-19. According to the sources, majority of the budget could be allocated to big-ticket projects such as the Goregaon-Mulund Link Road (GMLR), Mumbai Coastal Road and the Mumbai Sewerage Disposal Project (MSDP). Budget 2018-19 saw the Coastal Road project and the GMLR getting funds worth Rs 1,500 crore and Rs 100 crore, respectively. Reportedly, the government could sanction higher amount to the Coastal Road project this year since work on it…

Chennai to undertake commercial development on 34 acres of railway land
January 18, 2019

Chennai is set to develop 34 hectares of Southern Railway land available as 12 land parcels. The State government has ordered the urban local bodies to allow commercial development on these 12 sites which are at Waltax Road, Pulianthope, Tambaram, Tiruvottiyur, Perambur, Ayanavaram Colony, Chennai Egmore, Park Station, Victoria Crescent adjacent to Ethiraj College, Poes Garden and Chetpet station. It is to be noted that the Railway Land Development Authority (RLDA) has been tasked to develop vacant railway land. The authority had requested the State to order local bodies to issue No-Objection Certificates (NOC) for developing these lands without persisting…

Press Release

Rudrabhishek Enterprises Limited bagged consultancy for water supply in Bundelkhand
January 18, 2019

Delhi based Urban Development and Infrastructure Consultancy firm Rudrabhishek Enterprises Limited has recently bagged consultancy for  planning, designing and Detailed Project Report (DPR) preparation of piped drinking water in Bundelkhand. The water supply project of the State government is aimed towards addressing the acute shortage of drinking water supply in Bundelkhand and Vindhya regions.  The  report prepared by the firm will include overall planning, engineering survey, designing of the supply model of piped drinking water in Banda, Chitrakoot and Hamirpur districts.  The contract for the same has been signed earlier this month.

Pune witnesses increased office space supply in 2018: Studies
January 18, 2019

Two separate studies carried out by leading property consultants Knight Frank and ANAROCK revealed that construction of new office space  in Pune picked up the pace in 2018. While Knight Frank disclosed office space rentals went up by 13 percent, ANAROCK stated that it surged by five percent in 2018 as compared to 2017. Further, in the wake of a higher office space supply, vacancy levels also increased. Majority of new office space came up in select micro-markets such as Kharadi and Hinjewadi, leading to a demand-supply mismatch. Moreover, less supply of grade A office spaces resulted in higher vacancy…

Mumbai-Nagpur Expressway to be completed by 2020-end
January 17, 2019

Estimated to be developed at the cost of Rs 55,000 crore, the Mumbai-Nagpur expressway (Maharashtra Samruddhi Mahamarg) is more likely to become operational for public use by the end of 2020. The development of the expressway will reduce the travel time between the two cities to eight hours. At present, it takes around 15 hours to travel the distance. The land acquisition process for the project is already completed. Moreover, the development work has commenced on certain stretches of the 701 km-long high-speed corridor. The project is being implemented by Maharashtra State Road Development Corporation (MSRDC). Once the project is…

Goa: New solar policy to be notified in 15 days
January 17, 2019

The Joint Electricity Regulatory Commission (JERC) has directed the Goa electricity department to provide the required assistance to consumers who have opted for generating solar power in the State. It was conveyed that the State electricity department should encourage consumers to opt for non-renewable energy resources. Sanjeev Joglekar, Secretary, Goa energy development agency, has stated that the solar policy 2017 is being altered and it will be notified in the next 10 to 15 days. MK Goel, Chairperson, JERC, has shared that solar regulations of the commission were valid till May 2018. Later, the validity was extended for another year.…

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