Indian real estate news

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…

India-Bangladesh inaugurate three infra projects
September 15, 2018

India has collaborated with the neighbouring country, Bangladesh for three major infrastructure projects improving the connectivity quotient between the two nations. The proposed infra projects have been inaugurated recently via video conferencing. The three infrastructure projects include a 500 MW additional power supply from India to Bangladesh through the existing Bheramara (Bangladesh) - Baharampur (India) interconnection, Akhaura-Agartala rail network, and renovation of the Kulaura-Shahbazpur stretch of Bangladesh Railways. The Prime Minister of India, Narendra Modi, has shared that the project to supply an additional 500 MW power to Bangladesh was decided back in 2015 during his visit to the neighbouring…

Government sanctions Rs 200 crore for road infra
September 14, 2018

In a bid to improve the road connectivity in the country, the Minister of Road Transport and Highways, Shri Mansukh L Mandaviya, sanctioned Rs 200 crores for road construction and improvement. The project is touted to improve the connectivity between five States including Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, and Diu.In the last four years, National Highways (NH) spanning 33,000 km have been constructed, and another 53,000 km are under various stages of implementation. Under this project, the Government aims to construct two lakh kilometres of National Highways by 2022. The Minister further shared that the construction work has been approved…

Telangana to pick up land sales during elections
September 14, 2018

The possibility of an early Assembly election in Telangana is expected to give a rise to the sale of land. Telangana elections will be held along with other States including Madhya Pradesh and Rajasthan. Political contestants from various domains present their land for sale to improve their liquidity to meet the election expenditure. C Shekar Reddy, Former National President, CREDAI, has shared that land transactions have already started improving, and may continue growing until the next two months till the polling is over. A similar trend was observed in the previous elections. Majority of the deals finalised at this time…

Infra and housing sectors receive a boost in Haryana
September 14, 2018

The Haryana Chief Minister, who is also the Minister in-charge of Town and Country Planning Department, has rolled out multiple regulatory reforms pertaining to the infrastructure and the housing market in the State. In Faridabad, he has decided to constitute a Metropolitan Development Authority, similar to the Gurugram Metropolitan Development Authority (GMDA), to carry out infrastructural projects. He has further directed to relax the building construction rules for Haryana Shahri Vikas Pradhikaran (HSVP) sectors and allowed the construction of four-storey residential buildings in all colonies carved by HSVP or by private colonisers. The CM has revealed that the government is…

MahaRERA directs Lavasa civic body to refund buyer’s money
September 14, 2018

Lavasa Corporation, which had promised to deliver the houses by 2012 and 2016, has been directed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to refund the money to the buyers in full. MahaRERA officials have informed that these apartments were booked in 2010 and 2014 but faced hurdles due to the status quo order on construction by the Ministry of Environment and Forests (MoEF) in 2010 followed by a financial crunch. The distraught homebuyers’ appeal was in limbo for long since MahaRera ruled that the complaints did not belong to its jurisdiction as they were not sold to the…

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