Indian real estate news

Karnataka directs NHAI to complete highway projects within a year
July 13, 2018

The Karnataka government has urged National Highway Authority of India (NHAI) to develop all the ongoing highway projects across the State within a period of one year. HD Kumaraswamy, Chief Minister, Karnataka, has stated that there are several ongoing infrastructure projects covering about 4,000 km National Highways in Karnataka. The estimated cost of all ongoing projects is Rs 37,000 crore. Officials have shared that the directive was issued considering the snail-paced progress of the all grounded highway projects. These are some of the ongoing highway projects in Karnataka. NH 275 - Bangalore to Mysore - 117 Km NH 17 -…

MahaRERA disposes 1900 complaints till date
July 13, 2018

Since the implementation of Real Estate (Regulation and Development) Act (RERA), the Maharashtra government remained the most active State in executing the norms across the State. It has been reported that the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of 17,032 ongoing projects across the State. The Authority has granted RERA certificates to 15,225 agents. RERA was enacted to bring transparency and accountability to the real estate sector, which can only be achieved if all buyers' complaints are resolved in time. In this arena, MahaRERA has surpassed all other States across the country. Till now, the regulatory…

Tamil Nadu proposes nine greenfield projects
July 13, 2018

The Tamil Nadu government has decided to add nine greenfield infrastructure projects to improve the overall transport network of the State. Out of all planned infra projects, the Salem-Chennai highway is the most ambitious project of the State government. The proposed greenfield projects in Tamil Nadu are Chennai- Salem Expressway Karur- Coimbatore Melur- Thirupathur- Pudukottai Thanjavur Kumbakonam Sirkazhi Mahabalipuram Pondicherry Dindigul Oddanchatram Pollachi Stretch Madurai Dhanushkodi Chennai Chittoor Road Hosur Ring Road All these road projects would be developed as a part of the Bharatmala project. Under this project, Tamil Nadu will get nearly 570 km of new roads connecting…

Uttar Pradesh allows separate power connections for flat owners
July 13, 2018

In a recent development, the Uttar Pradesh government has allowed separate electrical connections for all residents living in apartments and multi-storey buildings across the State. Officials have shared that the decision would benefit over five lakh flat owners. The recent announcement would be applicable for all residents living in the National Capital Region (NCR) including Noida, Greater Noida and Ghaziabad. It has been noted that many tenants and flat owners have made several complaints about builders charging higher power rates compared to rates set by the State government. Considering these complaints, the State government has now decided to put an…

Housing sales up by 24 percent in Apr-Jun 2018: Report
July 13, 2018

According to a recent report by Anarock, housing sales have gone up by 24 percent in April-June 2018 across top seven cities. The increase was reported after comparing the property sales registered in the previous quarter, ending March 2018. It has been noted that homebuyers have again started making investments in the real estate market post demonetisation and RERA announcement. Moreover, many developers are offering lucrative offers to clear the unsold inventory across top metro cities. The top seven cities include NCR, MMR, Chennai, Bangalore, Pune, Kolkata and Hyderabad. The report further reads that new launches have increased by 50…

Madhya Pradesh RERA: List of approved projects and agents
July 13, 2018

Several months after the implementation of Real Estate (Regulation and Development) Act (RERA) across the country, Madhya Pradesh has emerged as one of most active states in the execution of RERA norms. The state has already launched an online portal and a permanent regulatory authority. Experts advise buyers to only purchase real estate from registered developers to avail RERA. protection As per the Madhya Pradesh RERA website, 1,885 real estate projects have been successfully registered with the state regulator till date. A total number of 1,400 promoters have been also registered with the Madhya Pradesh RERA. Meanwhile, 402 real estate agents…

No hike in circle rates announced for Noida, Gr Noida
July 12, 2018

The district administration has decided to not to make any hike in circle rates for properties in all areas under Noida, Greater Noida and Yamuna Expressway authorities for the current fiscal year, 2018-19. Moreover, the administration has decided to reduce the surcharge on lifts and power back-up for group housing projects in the twin cities. The decision would reduce the fees by 9 percent. Brijesh Narayan Singh, District Magistrate, Gautam Buddha Nagar, has stated that the final decision will be taken after considering all suggestions received. The proposal has been up to get feedback and suggestions. The stamp duty has been…

Kerala extends deadline for regularisation of illegal properties
July 12, 2018

Kerala government has extended the deadline for filing applications for regularisation of unauthorised constructions across the State. The State government amended rules providing relaxation in compounding fees to regularise illegal constructions under Kerala Municipality Building (Regularisation of Unauthorized Construction) Rules, 2018, and Kerala Panchayat Building (Regularization of Unauthorized Construction) Rules. The decision was taken considering the tepid response for the scheme. Officials have shared that the State government had set May 20, 2018 as the deadline for submission of the application for regularisation. Now, considering the poor response, the government has decided to extend the scheme till November 16, 2018.…

Smart city projects worth Rs 53,000 crore underway: HUA ministry
July 12, 2018

According to a senior Housing and Urban Affairs Ministry official, smart city projects worth Rs 53,000 crore have either been finished, under execution or are in the tendering stage. Of the 100 smart cities announced till date, Special Purpose Vehicles (SPVs) for 94 have been setup and 71 project management consultants have been appointed. As per HUA Secretary DS Mishra, of the total 5,116 projects, 332 projects worth Rs 5,991 crore have been finished, 697 projects worth Rs 27,703 crore are under execution while 432 projects worth Rs 19,162 crore are under tendering. As of date, a total of ten…

Ahmedabad airport expansion faces several hurdles
July 12, 2018

The much talked about expansion plan of Sardar Vallabhbhai Patel International (SVPI) airport is facing multiple impediments mostly pertaining to relocating around 350 families living in Kubernagar and Sardarnagar areas. Their relocation is likely to cause significant expenditure to State government. Sources revealed that AAI chairman, Guruprasad Mohapatra and Sardar Vallabhbhai Patel International Airport (SVPI) Director, Manoj Gangal, emphasised on the land requirements to expand the prevailing parallel taxi track to encounter the future growth of air traffic, in adherence to the Directorate General of Civil Aviation (DGCA) regulations. In a meeting held on February 23, the proposal related to…

MahaRERA registers over 16,000 projects in a year
July 12, 2018

In just over a year, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has registered 16,665 projects, the highest by any regulatory authority in the country. Since its implementation in May 2017, the state regulator has received a total of 16,802 applications from builders and developers, of which it has granted registration to 16,665. In the same time frame, it received 14,881 applications from real estate agents across the state, out of which, registration to 14,762 were granted. The regulatory authority also received 2,866 complaints, of which, it has passed orders on 1,637 complaints while hearing for 891 complaints is still…

Vijayawada to levy late payment fee on property tax
July 11, 2018

Replacing the half-yearly tax collection system, the Vijayawada civic body has brought in a new system wherein, it is offering five percent discount on tax deposition by the end of Apr-Jun 2018. Contrary to this, the civic body’s decision to impose interest on the late payment of property tax has drawn flak from the residents across the city. Corporators of a political party opposed this move in the council meeting and decided to request Commissioner and Director of Municipal Administration (CDMA) to allow them to continue with the old system. According to Vijayawada Taxpayers Association Secretary, MV Anjaneyulu, by increasing…

Centre to grant Rs 800 crore to competing smart cities for 15 best projects
July 11, 2018

The Union government on Monday announced Rs 800 crore grant to cities that can compete for 15 best projects in different areas including public open spaces, sustainable mobility, urban governance and organisational innovation in low-cost dwellings. In addition to this, the government would provide a grant of Rs 2 crore each for 25 cities which includes over six state capitals for planned urban expansion. While launching the new schemes, Union Housing Minister, Hardeep Singh Puri said that the French lending agency, AFD, will offer an aid of approximately Rs 800 crore for the 15 best projects. The Central and State…

East-West Kolkata Metro successfully completes trial run
July 10, 2018

The trial run of the East-West Metro route in Kolkata has been unbeaten and passed off without any hurdles. Given the glitch-free run, the commercial service on the 3 km stretch between Salt Lake Sector V to the Stadium will commence soon. The East-West Metro route runs between Sector V in Salt Lake city to Howrah Maidan across the river Hooghly and covers a distance of 16.6 km. Anup Kumar Kundu, Director, East-West Metro, shared that the rake used in this run was one of the five to be used in the commercial service of the first phase. The tracks,…

Tamil Nadu to commence land pooling on housing projects
July 10, 2018

After the implementation of the Land Acquisition, Rehabilitation and Resettlement Act, 2013, the acquisition of land has become a costly affair. The State Assembly has passed a bill for launching the Land Pooling Area Development Scheme for housing and infrastructure projects. As per a provision in the Tamil Nadu Town and Country Planning Act, a portion of land acquired from the landlord will be constructed and then returned. O Panneerselvam, Deputy Chief Minister, shared that the land readjustment and land pooling are ways to involve the landowners as partners in development. The scheme can also curb the earlier tedious land…

Tamil Nadu RERA yet to appoint a Chairman
July 10, 2018

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) is still to appoint its chairperson and is not in accordance with the order of Central Advisory Council (CAC). The CAC looks into the issues involving RERA implementation and had advised the body to appoint a permanent regulator by June 30. The delay in appointing a head has raised questions among urban development experts over the efficient functioning of the authority which is presently run by bureaucrats and has the housing and urban development secretary serving as an interim chairperson. TNRERA came in force on June 22 last year, and since then, has…

Buyers of plots smaller than 4000 sq m to not be interviewed: GNIDA
July 10, 2018

The Greater Noida Industrial Development Authority (GNIDA) allowed changes in their industrial plots scheme which will provide significant relief to the buyers. As per the amendments, the authority will not interview the buyers for explaining the purpose of buying the property. The changes apply to government plots of an area smaller than 4,000 sq m. A draw of lots will be considered in the case of multiple buyers for a single plot. The move is aimed at inducing transparency and easing the plot allocation process. Buyers who purchase parcels larger than 4,000 sq m will need to explain the efficiency…

Bihar welcomes new building bylaws
July 10, 2018

The government in Bihar has approved the new building bylaws according to which there will be no bar on the height of houses built on 40 ft wide new roads and 30 ft wide old roads. The rules have been formulated for the management of building construction activities in the State. The new bylaws also call for an instant approval of a map to carry out construction on a plot measuring 300 sq m, having a building height of up to 10 m. Deputy CM, Sushil Kumar Modi, shared that the State cabinet will approve the new bylaws by the end…

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