Indian real estate news

Rajasthan RERA: List of approved projects and agents
September 19, 2018

Rajasthan is among the most active states in the implementation of the Real Estate (Regulation and Development) Act (RERA) rules. The state regulator has finally made the list of approved projects and agents available on its website. The online portal can be used for registration of ongoing and new realty projects in the state as well as submitting complaints about errant builders. A regulatory authority has also been established for smooth execution of rules in the state. As per the latest data available on the Rajasthan RERA website, 683 realty agents have received registration certificates under the Act. Further, a…

Jaipur Authority revises deadline for minimum construction on Govt land
September 19, 2018

To provide relief to residents who were unable to construct houses under the government housing schemes, the Urban Development and Housing (UDH) department has decided to revise the deadline for construction. The move is expected to benefit many owners who purchased plots under the State’s government schemes but failed to carry the minimum construction as per the norms. Now, the Department has extended the deadline for minimum construction on such plots to December 31, 2018. Earlier, it was set till June 2, 2018. It has been observed that the Development authorities in many schemes have failed to provide the necessary…

Land conversion goes online in Karnataka
September 19, 2018

The Karnataka government has decided to simplify the land conversion process by taking it online. A plot owner seeking to convert his land from agricultural to non-agricultural can easily submit the change of land use request online. The move is anticipated to cut the interface between landowners and revenue authorities. RV Deshpande, Revenue Minister, Karnataka, has shared that the decision to go digital was taken after considering many complaints received from landowners about delay by revenue offices. To take the process online, the State government has already made the required amendments in Section 95 of the Karnataka Land Revenue Act,…

Hyderabad realty prices up by 26 percent since 2013: Report
September 18, 2018

According to a report by ANAROCK, the housing prices in Hyderabad have increased by 26 percent since 2013. As per the report, the growth in capital values of residential properties continued to be positive over the last six years, despite weak investor sentiment and political instability. Anuj Puri, Chairman, ANAROCK Property Consultants, has shared that the housing prices in Hyderabad are backed by IT/ITeS hubs and high liveability index. Hyderabad residential real estate has witnessed a linear growth in its average prices since Q4 2012, registering a five percent compounded annual growth during 2012-17. Hyderabad's residential market has experienced a…

Land exchange policy in Gurgaon favouring developers
September 18, 2018

The Municipal Corporation of Gurgaon (MCG) has observed that councilors are upset with the officials, as they are favouring developers by allotting them land under the land exchange policy. According to the sources, the urban local bodies (ULB) had introduced a policy mechanism for MCG to exchange the land under revenue ‘rastas’ with private developers. The policy was followed in lieu of the same land of equal value. The decision was taken as many of the revenue 'rastas’ were not being utilised properly. After the implementation of the policy, MCG had received many proposals for the land purchase. The developers…

Mumbai: CIDCO housing scheme receives over 1.3 lakh applications
September 18, 2018

After the announcement of over 14,000 affordable houses for the economically weaker sections (EWS) and the low-income groups (LIG), the City and Industrial Development Corporation (CIDCO) has received around 1.3 lakh applications for the houses launched under Pradhan Mantri Awas Yojana (PMAY). The Corporation will develop a total of 14,838 houses in different localities across Navi Mumbai including Ghansoli, Dronagiri, Kalamboli, Taloja, and Kharghar. CIDCO officials have shared that the housing scheme has received around 80,000 applications along with the deposit money. The Corporation is expecting the total number of applications to reach to 1.5 lakh. All the houses will…

Mumbai: Construction of Metro-7 extension to begin early 2019
September 18, 2018

The Mumbai Metropolitan Region Development Authority (MMRDA) is likely to commence the construction work on the extension of the Dahisar East-Andheri East corridor (Metro-7) up to the International Airport and Bhayander within six months. The Authority has recently floated tenders for the construction of the proposed corridor. MMRDA officials have stated that the stretch will be 13.5 km long, out of which 10 km will be an elevated route. The remaining 3.5 km would be an underground corridor. The metro rail project is expected to cost Rs 6,518 crore. The construction work on two flyovers in Mira-Bhayander area will also…

Greater Chennai civic body to announce revised property tax rates
September 18, 2018

After the directive passed by Madras High Court (HC) in June 2018, the Greater Chennai Municipal Corporation (GCMC) has decided to revise the property tax rates. In a bid to introduce the new tax rate system, the civic body has asked the residents to submit a self-declaration of the built-up area of their properties. Out of 12 lakh registered properties, only eight lakh property owners have submitted the self-declaration document. R Lalitha, Deputy Commissioner, Revenue, GCMC, has shared that a notice about tax revision will be issued to all property owners. Homeowners who have already paid taxes will have to…

BMC to serve notices to 40 builders in Mumbai
September 18, 2018

The Brihanmumbai Municipal Corporation (BMC) will issue stop work notices to around 40 builders in the city due to a violation of the debris dumping conditions. Officials have shared that the civic body has inspected 134 building constructions and debris dumping sites, and found that a few of the builders were defying the rules, thus damaging the environment. A while ago, the Supreme Court (SC) had repealed the Bombay High Court (HC) ban on new constructions for six months, and BMC was directed to file a compliance report. The municipal corporation decided not to issue the new construction permits with…

Thane: Work on bullet train to begin by Jan 2019
September 17, 2018

The construction work on India’s first high-speed train project, the 508 km-long Mumbai-Ahmedabad bullet train, is likely to commence by January 2019. The National High-Speed Rail Corridor Limited (NHSRCL), is the executing agency of the rail project. For the seabed work, boring machines would be placed in Vikhroli, Mumbai. Out of the 508 km alignment connecting Ahmedabad and Mumbai, 155.76 km will be spread in Maharashtra, 348.04 km in Gujarat, and 4.3 km in Dadra and Nagar Haveli. In Thane, the Joint Measurement Survey (JMS) of the land has been finished, and the land acquisition process will begin soon. Dhananjay…

Delayed online approvals halt projects worth Rs 70,000 cr
September 17, 2018

In Gujarat, several real estate projects worth Rs 70,000 crore have come to a halt due to a delay in receiving online permission from the local civic authorities. It has been observed that projects worth Rs 10,000 crore are already awaiting an approval from Ahmedabad Municipal Corporation (AMC) and Ahmedabad Urban Development Authority (AUDA). Developers’ community has opined that the Online Development Permission System (ODPS) has slowed down the entire building approval process. The online system has replaced the physical application process to infuse transparency. Builders have shared that around 35,000 affordable housing projects in the western and eastern parts…

Residents in Delhi can own only one parking slot: HC
September 17, 2018

The Delhi High Court (HC) has ordered that each flat owner will be entitled to get one parking space. People owning flats in group housing societies are allowed to own only one car parking slot. The decision was taken as parking of vehicles in open spaces leads to encroachment. The order was passed after a division bench of the Court had dismissed a writ petition filed by a city’s resident. The resident had sought access to more than one parking slot. The petitioner was fined with Rs 1 lakh in view of wasting the valuable judicial time on a completely…

Only 15 percent houses completed under PMAY (Urban) in 3 years
September 17, 2018

The Housing and Urban Affairs (HUA) Ministry has shared that about 15 percent of the total sanctioned houses under the Pradhan Mantri Awas Yojana (PMAY) – Urban have been completed in the last three years. Since 2015, the Central Government has approved a total 54.95 lakh affordable residential units under the scheme. According to the Ministry’s official data, as many as 8.55 lakh homes have been structured until August 2018. Nearly 30.4 lakh housing units are under construction. Under the ambitious housing project, around 4,320 cities and towns have been included. Till July 2018, about 11,226 housing projects have been…

Jewar Airport gets consent of 70 pc landowners; work to begin soon
September 17, 2018

After several delays, as many as 200 landowners have agreed to give their land parcels for the development of the proposed Jewar International Airport in Gautam Buddh Nagar district. With this, the Authority has gained 70 percent consent from the landowners. Officials have stated that the Uttar Pradesh government requires permission of 70 percent of the landowners for the successful land acquisition under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR). For the development of the first phase of the Airport project, the government needs to acquire around 1,300 hectares of land from…

Construction on Chennai Metro Phase-2 to commence soon
September 16, 2018

Chennai Metro Rail Limited (CMRL) is likely to commence the construction work for Phase II without procuring the centre’s nod for the same.  CMRL officials state that the work for the Phase II shall begin soon after the disbursement of loan from the Japan International Cooperation Agency (JICA). The Tamil Nadu government shall provide further aid in case of paucity of funds. The officials are expectant to receive the required sanction from JICA within a month or two. Chennai Metro Phase II will run on a stretch of 108 km and will have 116 metro stations in total. There will…

MHADA constructs 25 pc of total housing target in Mumbai
September 16, 2018

The Maharashtra Housing and Area Development Authority (MHADA) has managed to develop about 25 percent of the total affordable housing target in Mumbai. Officials have shared that the Authority has constructed a total of 2,500 houses in the last three years against its set target of 10,576 houses. Uday Samant, President, MHADA, has shared that large-scale encroachments and legal formalities pertaining to MHADA land have been the major hurdles in the development of estimated housing units. MHADA officials have been directed to clear all the encroached land and commence with the construction. The Authority had decided to develop a total…

Arunachal Pradesh announces three new districts
September 15, 2018

The Arunachal Pradesh government has recently passed a Bill to add three new districts in the State - Pakke-Kesang, Lepa Rada and Shi Yomi. Chowna Mein, Deputy Chief Minister, Arunachal Pradesh, tabled the Arunachal Pradesh Re-Organisation of Districts (Amendment) Bill. With the announcement of these three districts, Arunachal Pradesh will now have 25 districts. The Pakke-Kessang district will be located on the East Kameng district with five administrative units - Pakke-Kessangn, Seijosa, Pijiriang, Passa Valley and Dissingn Passo. The Lepa Rada district would be created on the Lower Siang district. The Shi-Yomi district would be developed on the West Siang…

Goa: Collem-Canacona road project awaits final nod
September 15, 2018

A four-lane road connecting Collem and Canacona in Goa shall be constructed under the Bharatmala Project. The Phase-1 of the ambitious highway project is expected to commence in the next year, 2019. Uttar Parsekar, Chief Engineer, Public Works Department (PWD), has informed that the Goa government has already prepared a Detailed Project Report (DPR) and tabled it before the Central Government for the final approval.  The proposed new road corridor will run through the mining belt in Dharbandora, Sanquem and Quepem, and therefore, a substantial part of the road will also include a mining corridor. A three-phase plan conjoining Sanquem…

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