Indian real estate news

Ahmedabad: Assets worth Rs 860 crore seized from loan defaulters
August 23, 2018

The Ahmedabad District Collector has confiscated properties worth Rs 860 crore from owners who have defaulted on bank loans for the last two years to a decade. The immovable assets belong to various industrial houses, real estate investors and individuals. After the valuation of properties, banks will repossess these properties and will auction them. Vikrant Pandey, District collector, informed that under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, around 74 borrower cases were heard. Properties worth Rs 3,770 crore were attached, and 176 cases were already heard before the order of confiscation…

Himachal Pradesh develops 4500 houses for rural poor
August 23, 2018

In a bid to provide relief to low-income families, the Gramin-Saheri Aawas Yojana has assisted in the repair of around 1,800 houses in urban areas. The target was to construct 7,385 houses for rural poor, out of which 4,522 houses have already been built. The work on the remaining houses is in progress and will be completed soon. Jai Ram Thakur, Chief Minister, shared that these schemes were aimed at the welfare of various sections of the society and particular emphasis was put on the development of those areas that were neglected previously. The State government has ensured effective implementation…

Press Release

GIC acquires significant minority stake in Provenance land
August 22, 2018

GIC acquires significant minority stake in Provenance land22nd August 2018 GIC, Singapore’s sovereign wealth fund, acquires a significant minority stake in Provenance Land. Provenance Land covers a mixed-use development on over four acres freehold land in Worli, central Mumbai, which is in vicinity to all the key business districts. The project comprises the Four Seasons Hotel Mumbai, a 5-star 34-storey, 202-room luxury hotel; the Four Seasons Private Residences Mumbai, a 64-storey, 41-unit high-end project, and a proposed office tower. A wholly-owned Provenance Land entity will be managing the development. 

Press Release

IGBC awards ‘Gold’ certificate to Ajmera Zeon
August 22, 2018

IGBC awards ‘Gold’ certificate to Ajmera Zeon22nd August 2018 Ajmera Group, received a ‘Gold’ rating for their residential property Ajmera Zeon at Wadala, Mumbai. The widely recognised Indian Green Building Council (IGBC) which is a part of the Confederation of Indian Industry (CII) awarded the company under the IGBC Green Homes Rating Program. The report is determined by categories - site selection, planning, water efficiency, energy efficiency, indoor environmental quality, and innovation and design process as defined by the IGBC.

UP directs separate accounts for city and local area infra development
August 22, 2018

The Uttar Pradesh State cabinet has ordered all development agencies to keep separate accounts for city-level and area-level infrastructure developments. The decision came after it was found that certain portions of the revenue generated by the development agencies got deposited in a common account meant for infrastructure expansion.  Earlier development charges collected from different localities or colonies were deposited in a common account. Yet a formal system ensuring that these funds were spent towards infrastructure overhaul of the areas that they were collected from was not in place. With two different accounts, development agencies can now spend on the colonies…

Hyderabad witnesses 10 percent surge in logistics demand
August 22, 2018

According to a report by a leading property consultant titled ‘India’s Industrial and Logistics Market View’, leasing activity in the logistics and warehousing sector in Hyderabad has seen an increase of 10 percent in H1 2018, as compared to the corresponding period of the last year. Around 90 percent of the leasing activity in the city is concentrated in Cyberabad (Western corridor). Third-Party Logistics (3PL) along with FMCG sectors and retailers remain the primary occupiers in the city.  In addition to this, the city’s Western corridor also witnessed an additional space addition of around 0.6 million sq yd. The report…

Maharashtra to compensate MUTP-3 land encroachers
August 22, 2018

Government land encroachers, who are impeding the execution of the Mumbai Urban Transport Project-3 (MUTP-3), will be paid by the government first before they are asked to shift off such lands. In order to accelerate the pace of implementation of several infrastructure projects, the Maharashtra government in June 2018, accepted a proposal, according to which, it will assess the tenement and pay the eligible encroachers as per the annual ready reckoner rate. While Project Affected Persons (PAPs) in areas under civic corporation are entitled to homes with a carpet area of 269 sq ft, those in nagar panchayat and council…

Jaipur civic body receives technical bids for seven housing projects
August 22, 2018

After failing repeatedly to lure developers to construct affordable housing projects, the Jaipur Development Authority (JDA) has finally received technical bids for seven of its nine housing projects after making various amendments in the tender document. The development body had proposed to construct Economically Weaker Section (EWS) flats on Public Private Partnership (PPP) model under the Mukhyamantri Jan Awas Yojana at Abhinav Vihar, Anand Vihar, Surya Nagar and Shaurya Nagar where builders had recommended to construct homes on engineering, procurement and construction basis. According to an official, developers refrained from participating in previous tenders owing to limited liability and low…

Hyderabad to conduct e-auction of Uppal Bhagat layout plots
August 22, 2018

After receiving a good response from e-land auctions held four months ago, the Hyderabad Metropolitan Development Authority (HMDA) will conduct another e-auctions where 95 plots including those at Uppal Bhagat layout and some other plots estimated to be worth Rs 540 crore will be put up for sale. The deadline for registration is September 6, 2018 while the auctions are scheduled for September 8, 2018. The government has set the upset price at Rs 28,000 per sq yd for all the 67 plots in Uppal Bhagat. A brochure mentioning all the auction related details have been recently released by Municipal…

SC gives a landmark verdict, directs sale of personal assets
August 22, 2018

In a first, the Supreme Court has directed a court-appointed committee to auction personal assets of directors of a bankrupt real estate developer firm. Last year, the developer was asked by the court to deposit Rs 750 crore by December 31, 2017, failing which, its Agra-based properties were directed to be auctioned. On knowing that the auction of these properties had run into trouble, a bench constituting Chief Justice, Dipak Misra and Justices D Y Chandrachud and A M Khanwilkar, ordered the auction of other personal assets of the developers that were free from any encumbrance. As per sources, the…

Smart City Mission: 17 projects completed in Visakhapatnam
August 21, 2018

In Visakhapatnam, a total of 17 smart city projects have been completed at a cost of Rs 111.58 crore. Overall 51 such projects have been proposed under the Smart Cities Mission. M Hari Narayanan, Commissioner, Greater Visakhapatnam Municipal Corporation (GVMC), has stated that all smart city projects are expected to be completed at a cost of Rs 1610.9 crore. Meanwhile, about 10 projects worth Rs 314.55 crore are at different stages of development. All proposed smart projects would be executed in the next five years. Smart city projects include water supply, sewerage, smart streets, green space development, underground cabling, shore…

Rajasthan reserves houses for transgenders
August 21, 2018

The Rajasthan government has reserved two percent houses for transgenders in all housing schemes announced by Rajasthan Housing Board (RHB), development authorities and urban improvement trusts (UIT) across the State. The notification of the same will be issued soon after receiving a final nod from the Urban Development and Housing (UDH) Ministry. The UDH department has altered the Urban Land Disposal Rules, 1974 to include reservation clause for transgenders in housing schemes. Earlier, the reservation was restricted to the differently-abled people only. The Department will soon make a decision on allotment of land to charitable trusts, social, educational, caste and…

Tamil Nadu RERA: List of approved projects and agents
August 21, 2018

As of now, 28 States and Union Territories (UTs) have notified Real Estate (Regulation and Development) Act (RERA). The Tamil Nadu government had notified rules along with its RERA website for online registration of ongoing projects in the State. The State government has not appointed a permanent regulator yet. The Secretary, Housing and Urban Development Department has been appointed as an interim regulator. As per the latest information available on the Tamil Nadu RERA website, 643 real estate projects have successfully registered under the Act. About 314 realty agents have received the registration certificate, valid for five years. Interested homebuyers…

Nagpur civic body mandates installation of rainwater harvesting system
August 21, 2018

The Nagpur Municipal Corporation (NMC) has mandated installation of rainwater harvesting system for all residential properties with built-up area over 125 sq m or 1,500 sq ft. Moreover, architects will now have to attain a No Objection Certificate (NOC) from the groundwater survey department. The decision was taken considering water storage in the vicinity. Pintu Zalke, Chairman, Supply Committee, NMC, has reviewed the issue of emergency water supply measures. Water shortage in Southwest Nagpur will be fulfilled soon, adds Zalke. The corporation is also planning to install water ATMs at various workplaces in the city. As a pilot project, the…

Centre announces 8-lane road connecting DND and Gurgaon-Mumbai Expressway
August 21, 2018

Ministry of Road Transport and Highways has decided to develop a new road corridor connecting DND Flyway in Delhi with the Gurgaon-Mumbai Expressway. The newly proposed stretch would be 58 km long eight-lane road and is expected to incur about Rs 20 billion as the construction cost. Land acquisition cost has not been identified as of now. The budget estimate will be fixed once the DPR is ready. Officials have shared that the Mumbai expressway, connecting Gurgaon and Mumbai will intersect the Western Peripheral Expressway at Sohna. It has been identified that about three lakh vehicles use the NH-8, connecting…

Gujarat RERA registers 3,300 projects, 620 agents
August 21, 2018

Since the implementation of Real Estate (Regulation and Development) Act (RERA), Gujarat Real Estate Regulatory Authority (Gujarat RERA) has registered over 3,300 ongoing real estate projects across the State. With this, Gujarat becomes the third most active State across the nation after Maharashtra and Uttar Pradesh. Shekhar Patel, Chairman, CREDAI, Gujarat, has shared that implementation status of RERA norms is smooth in Gujarat. Faster adoption by both the State and real estate developers resulted in proper implementation. Apart from project registration, Gujarat RERA has given RERA certificates to around 620 real estate agents. A homebuyer can check all details about…

AAI directs demolition of 70 buildings near Surat Airport
August 20, 2018

The Airport Authority of India (AAI) has served notices to 70 buildings in Surat. While surveying these buildings, the authority found that these buildings in 17 residential projects were intruding the runway 22 on Vesu side of the Surat airport. The issued notice has asked the realtors and housing society presidents of the respective societies to demolish the structures within two months. The builders have been asked to trim their building height within the permissible top elevation, failing which the issue will be handed over to the Directorate General of Civil Aviation (DGCA). Sanjay Kumar Panigrahi, Airport Director, explained that…

Karnataka RERA fails to specify agreement of sale
August 20, 2018

It has been a year since the implementation of the Karnataka Real Estate Regulatory Authority (RERA) in 2017; however, the State has not specified an ‘agreement of sale’ yet, one of the important documents for culminating a real estate transaction. Sources in the Department of Stamps and Registration shared that the State needs to prepare a draft of the AoS and communicate it further. Currently, all the sale agreements received by the authority are being registered, and there is no modal format which could act as a standard. The AoS is important for the buyers as the document will mention…

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