Indian real estate news

NBCC plans to build a financial hub in Noida
February 19, 2019

State-owned NBCC is planning to build a financial hub in Noida with facilities for back offices and IT companies near the proposed Jewar airport. The company intends to use 3,500 acres of surplus land with Jaypee Infratech for construction of the said commercial hub, which is supposed to be similar to Bandra Kurla Complex (BKC) in Mumbai and Cyber City in Gurgaon. The company has identified four land parcels with two plots near the airport and a presentation regarding the construction has already been made before the Jaypee committee of creditors, shares AK Mittal, Chairman and Managing Director, NBCC. As…

Nagpur civic body levies tax on open land parcels
February 19, 2019

Consequent to the revaluation and assessment drive of new and leftover properties, Nagpur Municipal Corporation (NMC) has started to levy property tax on big open spaces across the city. This includes gardens, abandoned open lands, agricultural lands, and private open lands where no layouts have been laid. The property tax department has already initiated the process of obtaining Geographical Information System (GIS) mapping of these spaces. As revealed, the assessment of these lands has already begun. NMC gardens will also be included under the purview of property tax, shares Milind Meshram, Assistant Commissioner, NMC property tax. As reported further, the…

More than 25,000 ready flats lack legal compliances in Noida
February 19, 2019

Over 25,000 ready-to-move apartment owners in Noida are unable to avail possession since projects either lack a certificate of fire and structural safety or developers have long outstanding dues towards the Noida and Greater Noida authorities. The Confederation of Real Estate Developers’ Association of India (CREDAI NCR) claimed that most of the properties in the twin city are non-occupied owing to the outstanding payments such as compensation to farmers for the land acquired, for which negotiations are still on with the authorities. However, the authorities claim that only some flats have been delayed on account of pending dues, whereas others…

Lower tax collections to impact civic projects in Lucknow
February 19, 2019

The reduced tax collection by Lucknow Municipal Corporation (LMC) in 2018-19 is likely to impact infrastructure development, mainly road and drain construction, in the city in 2019-20. Against the set target of Rs 260 crores, the body could collect only Rs 172 crore from house tax, resulting in a deficit of Rs 88 crore. Ideally, LMC’s tax collection from the entire city should be Rs 600 crore; however, since the Corporation is unable to cover all the houses in a fiscal, the tax collection target was decreased to Rs 260 crore in 2018-19. As per the LMC officials, the reduced…

Warehousing and logistics to attract $10 billion investment in the next 4-5 years
February 18, 2019

On account of structured reforms including infrastructure status and Goods and Services Tax (GST), the Indian warehousing and logistics sector is projected to attract $10 billion investment in the next 4-5 years. The total warehousing space is expected to double to 200 million sq ft by 2022. Taking note of the rapid e-commerce expansion across the country, demand for warehousing spaces has recorded an uptrend in both Tier I and Tier II cities and is touted to trigger realty growth, particularly in the markets of Delhi NCR, Mumbai, Bangalore, Pune and Chennai. Tier II markets such as Lucknow, Ludhiana, Guhawati,…

CIDCO announces online lottery draw of 1,100 apartments in Navi Mumbai
February 18, 2019

The City and Industrial Development Corporation of Maharashtra (CIDCO) announced the results of the Mega Housing Scheme for as many as 1,100 unsold residential units at CIDCO Bhavan, Central Business District (CBD) Belapur. The 1,100 flats were a part of 14,838 homes that were doled out in October 2017. The applicants who failed to register in the last year’s draw participated in the scheme. Total, 57,700 valid applications were received by the Authority. Homes under the project are being developed at 11 locations in five nodes of Navi Mumbai. Key micro-markets where these homes will be constructed include Taloja, Kharghar,…

PMC seeks approval to hand over land for Pune metro rail project
February 18, 2019

Pune Municipal Corporation (PMC) has recently sought permission to rent 17 land plots worth Rs 20.68 crore to Maharashtra Metro Rail Corporation (Maha-metro) for the development of Pune metro rail project. The agreement is for the next 30 years, and the annual lease rent is Re 1. The proposal has already been tabled before the city improvement committee. According to the agreement, PMC is financially responsible to the tune of Rs 951.6 crore for the implementation of the metro rail project. A total of 17 lands, measuring 3,041 sq m will be leased out for the project in the first…

Construction of Jewar airport metro line to begin soon
February 18, 2019

With the completion of the techno-feasibility survey of the metro corridor from Pari Chowk to Jewar Airport, it is expected that the construction work on the first phase of Jewar airport metro line will soon begin. According to the said survey, 50,000 people are likely to travel on this route on a daily basis. The 29 km-long metro line will have an interchange metro station at Pari Chowk. The proposal regarding the funding of the project has already been presented before Uttar Pradesh Metro Rail Corporation (UPMRC) and preparations for providing multi-modal transportation facility to commuters travelling from Delhi NCR…

Navi Mumbai development body announces amnesty scheme
February 18, 2019

The City and Industrial Development Corporation (CIDCO) has come up with an amnesty scheme to govern the use of plots allotted for commercial, residential, warehouse and social facilities in Navi Mumbai. It has been noticed that several plots allotted by the development body are being misused and let out for other purposes. The development body has to spend a large amount on clearing encroachments on open plots. Giving one last chance to leaseholders of non-developed lands, the agency has directed them to execute a lease agreement within six months. Further, it has asked them to undertake development on these lands…

Government to grant uniform development rules to 7 corporations near Mumbai
February 18, 2019

In a bid to propel the real estate sector, the government has decided to grant uniform development rules to seven Mumbai Metropolitan Region (MMR)-based corporations (excluding Mumbai). These corporations include Navi Mumbai, Thane, Vasai-Virar, Mira-Bhayandar, Ulhasnagar, Kalyan-Dombivli and Bhiwandi-Nizampur. The decision has been taken keeping in mind their proximity to Mumbai and similar land use features. These corporations will be granted a base Floor Space Index (FSI) of 1.1 instead of the existing one, and a maximum FSI of three for slums and affordable housing projects, depending upon the width of the road. Under the new norms, 15 percent FSI…

Nagpur Metro: 19 km section to commence by February-end
February 17, 2019

Maharashtra Metro Rail Corporation Limited (MahaMetro) is more likely to commence the metro rail services on two stretches of Nagpur Metro covering 19 km by the end of February 2019. Trial runs on the corridors are underway. Certification from Research Design Standard Organisation (RDSO) and Commissioner of Metro Railway Safety (CMRS) will be received soon. Brijesh Dixit, Managing Director, MahaMetro, has shared that the 13 km-long stretch from Khapri to Sitabuldi (a section of the Reach 1 of the Nagpur Metro) and six km-long corridor from Lokmanya Nagar to Subhash Nagar, will be open for the public use by February-end. Nagpur…

Highway Ministry lays foundation stone for 5 highways in Ayodhya
February 17, 2019

The Central Government has recently laid the foundation stones for five national highway projects worth Rs 7,195 crore in Ayodhya, including stretches of Ram Vangaman Marg and Kosi Parikrama Marg. All these highway projects will cover a total length of 632 km, which will give direct connectivity from Ayodhya to Chitrakoot and Ambedkarnagar. Nitin Gadkari, Minister of Road Transport and Highways, has laid the foundation for these highways projects. Of all the proposed projects, beautification of Ayodhya section of Lucknow-Ayodhya highway would be carried out for Rs 55 crore, four-laning of Ayodhya-Akbarpur section of Ayodhya-Varanasi highway will cost Rs 1,081 crore, construction of…

Smart Cities Mission: 5 projects in Kohima underway
February 17, 2019

Under the Smart Cities Mission, the Kohima Municipal Corporation has approved five out of seven projects in Kohima. Kovi Meyase, Administrator, Kohima Municipal Council (KMC), has shared the information on the same. In Kohima, a total of seven smart city projects are being developed since September 2018 at the cost of Rs 116.63 crore. All the ongoing projects will be completed within a stipulated time, add Meyase. Talking about the progress rate of the ongoing projects under the Mission, officials have shared that the first phase of beautification of Kohima town at an estimated project cost of Rs 10.58 crore…

Haryana to develop a railway corridor along KMP E-way
February 16, 2019

The Haryana government has decided to construct a new railway corridor between Palwal and Sonipat, running parallel to Kundli Manesar Palwal (KMP) Expressway. The decision was taken by the State's Chief Minister, Manohar Lal Khattar to decongest traffic chaos on roads in Haryana and Delhi. To be named as the Haryana Orbital Rail Corridor project, about Rs 4,100 crore would be utilised for the development of the new rail corridor. The proposed corridor will connect all major industrial cities across the State. The project will be implemented by Haryana Rail Infrastructure Development Corporation (HRIDC) as a joint venture. The stakeholders…

Centre to set up 29 emergency landing airstrips
February 16, 2019

The Ministry of Road Transport and Highways is planning to develop about 29 emergency landing airstrips on national highways for emergency landings by fighter aircraft. The move was taken to ensure timely relief work at the time of natural calamities and fatal emergencies. The airstrips will be developed in States including Jammu and Kashmir, Punjab, Haryana, Rajasthan, Manipur and West Bengal. National highways connecting Odisha, Jharkhand and Chhattisgarh are also part of the plan. The emergency airstrips will be set up in Tamil Nadu and Andhra Pradesh. Mansukh Mandaviya, Road Transport and Highways Minister, has shared that the site survey…

Haryana government approves Delhi-Behror rapid transit corridor
February 16, 2019

The Haryana government has given its final nod to the Detailed Project Report (DPR) drafted for the Delhi-Gurgaon-SNB (Shahjahanpur-Neemrana-Behror) metro rail rapid transit corridor. The proposed rail project will give a major boost for regional mobility in the National Capital Region (NCR). The State government has sanctioned a sum of Rs 6,436 crore for the development of the project. For the next fiscal year 2019-20, the government has approved capital of Rs 500 crore to initiate the project. In December 2018, the National Capital Region Transport Corporation (NCRTC) board had approved the 106 km-long metro rail project. The board is…

Government launches PMAY-U mobile application
February 15, 2019

The Union Housing and Urban Affairs Minister, Hardeep Singh Puri, has launched a mobile application through which the beneficiaries of Pradhan Mantri Awas Yojana (Urban) can avail subsidy under the scheme. The move will allow the government to prepare a digital database of all the beneficiaries of the scheme. Existing beneficiaries can also upload pictures and videos of their completed homes and share testimonials on the mobile application. Secretary, Durga Shanker Mishra, also said that provision to permit applicants to apply for subsidy under the scheme through the mobile application would also be made. The State, as well as the…

Press Release

Motia Group ties up with co-working space provider AWFIS
February 15, 2019

 Motia Group ties up with co-working space provider AWFIS February 15, 2019 Motia Group, one of the leading real estate developers in Tri City announces its joint venture with the India’s largest shared workspace provider, AWFIS. Spreading to an area of 15,000 square feet, AWFIS has launched its first co-working space in Motia’z Royal Business Park, Zirakpur. The centre has seating capacity of over 300 customers and eyes to expand further in the region in the next 10 -12 months.

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