Indian real estate news

Uttar Pradesh to introduce Lift Act for high-rise apartments soon
July 18, 2018

The Uttar Pradesh government has decided to introduce a set of norms as the Lift Act to ensure proper installation, operation and maintenance of lifts in all high-rise buildings in Noida, Greater Noida and Ghaziabad. In NCR, people living in high-rise buildings have demanded a set of rules regulating the installation and maintenance of lifts. It has been found that there are over 2,000 projects in the region having high-rise buildings. Till date, only 12 States in India have a lift and elevator regulation Act. Alok Kumar, President, FedAoA, Ghaziabad, has stated that the Uttar Pradesh government will soon formulate…

Ludhiana: New regularisation policy to be announced soon
July 17, 2018

In order to provide relief to plot owners and real estate developers, a new policy for regularisation of illegal colonies in Ludhiana is more likely to be tabled soon for approval. A couple of months back, in April, the policy to regularise illegal constructions was notified. The decision to bring amendments to the notified regularisation policy after receiving a poor response from developers. Tript Rajinder Bajwa, Housing and Urban Development Minister, Punjab, has asked for public suggestions and objections. All illegal colonies developed before March 19, 2018 would be regularised, adds Bajwa. Meanwhile, the builders have demanded the establishment of a…

Office space leasing up by 10 percent in H1 2018: Report
July 17, 2018

According to a recent report by CBRE South Asia, office space leasing has gone north by 10 per cent across top nine cities across the country during the first six months of 2018. Overall leasing activity has reached over 20 million sq ft during the same period in major cities such as Bangalore, Delhi NCR, Hyderabad, Mumbai, Pune, Chennai, and Kolkata. The report further reads that office space consumption in Bangalore, Delhi-NCR, Hyderabad and Mumbai accounted 80 per cent of the overall consumption. The leasing activity was dominated by small and mid-sized transactions. Around 44 per cent of small-sized transactions…

Guwahati civic body identifies over 26,000 beneficiaries under PMAY
July 17, 2018

The Guwahati Municipal Corporation (GMC) has identified a total of 26,981 beneficiaries under the Pradhan Mantri Awas Yojana (PMAY) - Urban. The civic body received over 37,000 applications for the same. It has been noted that about 1,467 people have applied under the In-situ slum redevelopment scheme. Nearly 1,068 applications received under credit linked subsidy scheme (CLSS). Officials have shared that a total of 26,981 people have been identified under affordable housing in partnership (AHP). About 1,380 people having myadi patta land have applied for beneficiary led construction (BLC). Similarly, 3,548 individuals with eksoniya land have also applied for BLC…

Goa RERA: List of approved projects and agents
July 17, 2018

The Goa Real Estate Regulatory Authority (Goa RERA) has approved a total of 233 ongoing real estate projects across the State under the Real Estate (Regulation and Development) Act (RERA). Till date, 94 agents have been given RERA certificates.  List of Goa RERA approved projects - Click to DownloadList of Goa RERA approved agents - Click to Download After much delay, the Goa government had launched its RERA website for registration of ongoing projects and realty agents under the Act in January 2018. The State government had already appointed an interim regulator. State RERA rules were notified in November 2017.…

Chhattisgarh RERA: List of approved projects and agents
July 17, 2018

In June, the Chhattisgarh government had launched RERA website for registration of ongoing projects and agents under the Real Estate (Regulation and Development) Act (RERA). The online mechanism of registration would allow developers to register their projects under the Act efficiently. As per the latest information available on the Chhattisgarh RERA website, a total of 572 ongoing real estate projects have been registered successfully. The RERA website gives you an option of checking approved projects based on districts and tehsils. Talking about RERA-registered agents, the regulatory authority has approved 260 real estate agents across the State. You can check all…

Press Release

Arvind Smartspaces announces Arvind Aavishkaar project
July 17, 2018

Arvind Smartspaces announces Arvind Aavishkaar project13th July 2018 Bangalore-based real estate developer, Arvind Smartspaces has announced the launch of its new project, Arvind Aavishkaar in Ahmedabad. Being constructed in the heart of the city, the project will span over 17,000 sq m and will constitute around 1,200 units, configured as 2BHK. The units measure 475-650 sq ft, and is price tagged Rs 20 lakh. 

Centre lays foundation stone for Purvanchal Expressway
July 16, 2018

The Prime Minister has laid the foundation stone of the ambitious 353-km-long Purvanchal Expressway. Estimated to cost Rs 23,000 crore, the expressway will connect some of the most important towns of eastern Uttar Pradesh such as Amethi, Barabanki, Faizabad, Sultanpur, Azamgarh, Ambedkar Nagar, Mau and Ghazipur with the State’s capital — Lucknow. Anticipated to be constructed in 36 months, the expressway will cut down travel time between Delhi and Ghazipur. The expressway will commence from Chand Sarai village on Lucknow-Sultanpur road (NH 731) and end about 18 km from the UP-Bihar order at Haidariya village in Ghazipur district. While addressing…

Foreign investment in Indian realty dip by 20 percent: Report
July 16, 2018

According to data released by research firm Venture Intelligence, Indian realty sector has attracted investments worth $1.08 billion in the quarter ending June 2018 across 11 different transactions. The figure is 20 percent lower in comparison to the previous year. The news comes at a time when global institutional investors’ have continued to show interest in the Indian real estate sector. The decline in numbers could be attributed to delayed conclusion of a few large deals. However, if experts are to be believed, the interest of institutional investors continues to remain intact, given the number and size of deals that…

Pune civic body set to extend building regularisation deadline
July 16, 2018

The drive started by Pune Municipal Corporation (PMC) on January 2018 to regularise unauthorised properties falling within its PMC limits has received an average response with only 75 property owners registering for it so far. According to officials of the civic body, the scheme was launched following the State government's orders. The civic body is now considering to extend the six month deadline which is set to expire in July, thus giving more time to property owners to apply. It is to be noted that most of the proposals have been rebuffed due to technical reasons, while some are still…

UP to pay twice the circle rate for Jewar airport land acquisition
July 16, 2018

At a meeting held recently, the Uttar Pradesh government has decided to acquire land for the much-hyped Jewar International Airport by paying twice the circle rate to nearly 3,000 landowners. The land will be obtained as per the provisions stated under the Land Acquisition Act, 2013 as acquiring land through negotiation does not seem to be feasible. Around 1,441 hectares of land required for the project has been notified as ‘urban/industrial township’ for which, the government is not willing to pay more than twice the circle rate. However, this could act as a major hindrance as landowners in eight villages…

Agra Municipal Corporation serves 50,000 property tax notices
July 16, 2018

The Agra Municipal Corporation (AMC) administration has issued notices to around 50,000 defaulters instructing them to deposit their outstanding due within one month, failing which a stringent action would be taken against them. Defaulters with a problem of property tax computation have also been asked to approach the house tax department to resolve the same within the next 15 days. It has been noted that some property owners have not cleared their dues for over the past five years and a list of all such defaulters is being made. According to Additional Municipal Commissioner, Vijay Kumar, the civic body is…

Panchayats to grant building approvals in Tamil Nadu
July 16, 2018

A ruling made by a division bench of Madras High Court (HC) constituting Justice M Sathyanarayanan and Justice N Seshasayee has made it clear that panchayats, in consultation with the town planning authorities, can utilise their executive authority for giving building approvals falling under their ambit. The verdict was announced on a Public Interest Litigation (PIL) registered by Tamil Nadu Unaided Polytechnic Management Association and the TN Nursery, Primary, Matriculation and Higher Secondary Schools Association. Further, the HC elucidated on the 'compulsory consultation' clause while relying on the Supreme Court directive, stating that such an advice could not be snubbed…

MCG to draft a redevelopment plan for Old Gurgaon
July 15, 2018

The Municipal Corporation of Gurgaon will draft a redevelopment plan for the core parts of the city, specifically for the areas in Old Gurgaon. The move represents a part of a policy that was announced by the State Urban Local Bodies Department. The policy will be implemented across Haryana and will include activities such as the widening of roads and lanes by acquiring a substantial amount of land in the area from the property owners. MCG Commissioner, Yashpal Yadav, shared that the plan would mainly cover areas in Old Gurgaon which have not been implemented with proper planning. The newer…

Thane: Housing societies get 3 months for waste management plan
July 15, 2018

The residents of large housing complexes in Thane were supposed to start their individual wet waste management process by July 15. The residents have now been granted an extension of over three months to prepare for it. Earlier the Thane Municipal Corporation had sent out notices to housing societies occupying an area of over 5000 sq m and commercial complexes generating a daily waste of over 100 kg to look for an eco-friendly method for self-management of wet waste. This attempt to turn Thane into a zero-waste city was initiated on June 15. The notice declared a penalty on the…

Tamil Nadu registers 10 lakh property documents in five months
July 15, 2018

The Tamil Nadu government had pushed the process of property registrations five months ago to the cyberspace. As a result, the State managed to obtain around 10 lakh registration within a short span. To facilitate speedy registrations, the government launched an upgraded portal of the registration department in February. The portal comes with an information technology-enabled service known as STAR 2.0 (Simplified and Transparent Administration of Registration). The implementation of this online portal eased the property registration process in Tamil Nadu and eliminated the need of a buyer or a seller to be physically present to produce the property documents…

Regularisation of villages to be affected due to lack of staff in Kolhapur
July 14, 2018

The illegal buildings in the 42 Kolhapur villages located in the city peripheries are planned to be regularised. The decision was announced by The Kolhapur Urban Area Development Authority (KUADA) which asked the owners of such properties to contact them before December 31, 2018. The KUADA covers the Kolhapur Municipal Corporation (KMC) along with these 42 villages. People residing in these areas need to seek regularisation to avoid demolition of their structures. There is not a fixed estimate of the illegal constructions in these areas, but around 50 percent of the regions outside gaothan regions are believed to be illegal…

TNRERA registers 113 real estate agents in H1 2018
July 14, 2018

A total of 113 real estate agents have been registered with the Tamil Nadu Real Estate Regulatory Authority in H1 2018. As per the TNRERA data, out of the total, about 81 have enrolled as individual agents. A proper application procedure is being followed for registering real estate agents who majorly belong to Chennai, and other parts of the State such as Madurai and Coimbatore. In June last year, The Real Estate (Regulation and Development) Act, 2016 came into effect countrywide. Although delayed, Tamil Nadu soon notified its rules and implemented the Act. As per TNRERA, real estate agents should…

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