Indian real estate news

Kolkata civic body partners with police to vacate unsafe buildings
April 27, 2018

In a joint operation, the Kolkata Municipal Corporation (KMC) has partnered with Kolkata Police to issue notices to shaky buildings that require immediate repair. In the last week, a total of 57 notices have been issued to the owners. According to sources, the upcoming monsoon season along with the recent thunderstorm where partial building collapses claimed three lives is the reason both the departments are taking precaution in advance. A senior KMC official stated that this is the second attempt when the authority is trying to inform the occupants and owners of such buildings. Involving the police would help the…

Govt to acquire RBI’s stake in National Housing Bank
April 27, 2018

According to sources, the Union government will soon acquire Reserve Bank of India’s (RBI) stake in housing finance regulator National Housing Bank (NHB).  The transfer of stake would be cash neutral and would not involve any cash outgo. Currently, RBI holds 100 percent stake in the NHB. To transfer RBI's stake in the NHB to the government, the Finance Bill 2018 has amended to the National Housing Bank Act, 1987. Sources further added that the Finance Bill 2018, which was passed by Parliament in the Budget session has received consent from the President following which, the Finance Ministry has commenced…

TN Govt: Completion Certificates mandatory for all buildings
April 27, 2018

In order to stop building violations, the Tamil Nadu government has made Completion Certificate (CC) compulsory for buildings falling under the ambit of Directorate of Town and Country Planning (DTCP) across the state. The provision instructs physical site inspection by planning authorities at two critical stages of construction to make sure that the building complies with the approved plan. A newly constructed building after getting planning permission from the DTCP cannot be occupied without obtaining CC or else utility services such as water and power supply will be disconnected. The government is determined to accept the proposal of Commissioner of Town…

Mumbai: Construction of commercial properties to attract higher FSI
April 26, 2018

According to Mumbai's new Development Plan 2034, the builder will now get increased floor space index (FSI) for redeveloping the private building and developing commercial plots. Developers building commercial complexes in Mumbai will now get FSI of 5, which was capped at 2.5. FSI is the ratio of built-up area to the size of the plot. Any construction or redevelopment in private residential societies will now attract FSI of 3. In suburbs, FSI will be capped at 2.5. Earlier, FSI for the redevelopment of old and dilapidated cessed buildings were only capped at 3. Shishir Baijal, Chairman, and MD, Knight…

Goa to extend deadline for regularisation of illegal properties
April 26, 2018

The Goa government has decided to extend the deadline to receive applications for regularisation of illegal houses. The government has drafted the ordinance for the same, which has already been approved by the Revenue Minister, Rohan Khaunte and Revenue Secretary. The draft has been tabled to receive approval from the cabinet. The Goa Regularisation of Unauthorised Construction Bill allows regularisation of structures in one’s private property - residential or commercial. Officials have shared that the draft has also been vetted by the law department. The ordinance is being issued to allow owners who missed the deadline for submitting their application…

Maharashtra approves Mumbai development plan 2034
April 26, 2018

The Maharashtra government has approved the development plan (DP) for the next 20 years, focusing on the development of affordable housing in Mumbai. The proposal has unlocked over 3,300 hectares of land falling under no development zones (NDZ). The identified land parcels include both public and privately owned lands. Officials have shared that the DP 2034 has made no compromise on open spaces, green cover areas and no development zones. Ajoy Mehta, Municipal Commissioner of Mumbai, has stated that out of all identified land parcels, about 2,100 hectares of the land will be utilised for the development of affordable housing…

Gujarat to go online for urban plan approvals from May 1
April 25, 2018

In a bid to stop pervasive corruption in the urban development department, the Gujarat government has decided to take the process for construction plan approvals online from May 1 without any human intervention. Further, the government has ordered officials to ensure all urban development plans are cleared within 48 hours of being uploaded. According to an informed source, construction plan approvals submitted by the private builders and individuals to the urban local bodies have been contentious with repeated allegations of rampant corruption by urban development authorities, municipal corporations, officials of the chief town planner and the urban development department. In…

Centre gives in-principal nod to Jewar airport, land acquisition still a hurdle
April 25, 2018

The Centre’s steering committee has given an in-principal approval to the proposed Greenfield Airport at Jewar for which, Detailed Project Report (DPR) and techno-economic feasibility report has been prepared by Price Waterhouse Coopers. The construction of the airport will take place in four phases and it is estimated to cost Rs 15,754 crore. The airport will comprise two runways with a capacity to handle 70 million passengers annually while the cargo airport will be developed to handle 3 million metric tonnes per year. The process of acquiring land has already been commenced by the district administration. In phase 1, around…

Maharashtra govt approves Kalyan business hub
April 25, 2018

Recently, Maharashtra government has approved Rs 1,000-crore Kalyan Growth Centre (KGC) project which is to be constructed on the lines of Mumbai’s Bandra-Kurla Complex (BKC). According to Chief Minister Devendra Fadnavis, the aim of this project is to develop a strong alternative to accommodate the aspirations of the generation-next in a development model. Fadnavis added that the objective is to finish the infrastructure within the next 3-4 years so that investment can start flowing in 7-8 years. Spread across 5,500 hectares of land, the project will amplify the land prices by three to ten folds, thus, benefitting the local people.…

Gujarat to review jantri rates on CAG’s recommendation
April 25, 2018

Gujarat government has recently instigated a review of jantri rates (annual statement of rates) in the state after the Comptroller and Auditor General (CAG) of India found huge losses to the state exchequer owing to irregularities in computation and use of the jantri rates for land. It is to be noted that jantri rates in the state have not been revised since 2011. As per the observations of the CAG report submitted in March 2018 “According to the instruction from the Gujarat high court, the government has planned an annual review of actual market rates of related areas through surveys…

Maharashtra reduces annual lease rent for housing societies and plot owners
April 25, 2018

The Maharashtra government on Tuesday decided to reduce the annual lease rent for housing societies, individual plot owners, cultural, social and religious organisations, orphanages and dharamshalas. The decision has come as a sigh of relief for individual plot owners or those holding a plot of less than 5,000 sq ft and housing societies who will now have to shell out only 1 percent of 25 percent of the plot’s Ready Reckoner rate (RR rate). Further, the annual lease rent for cultural, social and religious organisations along with orphanages and dharamshalas has been cut to only 0.5 percent of 25 percent…

Press Release

Essar Group announces complete sale of BKC-based commercial project
April 24, 2018

Essar Group announces complete sale of BKC-based commercial project24th April 2018 Essar Group sells its commercial project - Equinox Business Parks - in Mumbai’s Bandra-Kurla Complex (BKC) to Brookfield Asset Management for Rs 2,400 crore. Situated in Mumbai’s prime CBD and spanning 10 acres, Equinox Business Park features four towers with a leasable office space of around 1.25 million sq ft. Facilities that will be available here include food court, parking, commerce centre, banquet hall and cafeteria. The park is already occupied by Crompton Greaves, Tata Communications, Lafarge and Experian.

Diu: First Smart City to adopt 100 pc renewable energy
April 24, 2018

Under the Smart Cities Mission, Diu becomes the first city in India to run on renewable energy during the daytime. To encourage the use of renewable energy, the development authority is offering its residents a subsidy of Rs 10,000 to Rs 50,000 for installing 1-5KW rooftop solar panels. Until last year, Diu had been importing 73 percent of its electricity from Gujarat. Now, the city has installed a 9 MW solar park spread over 50 hectares of barren land and solar panels on the rooftops on 79 government buildings that are capable of generating 1.3 MW power annually. As a…

Pune: NOCs must for any construction along metro
April 24, 2018

The Maharashtra Metro Rail Corporation (MahaMetro) has mandated to acquire no-objection certificates (NOCs) for redevelopment and construction of projects within 20m of the Metro rail corridor and stations on both sides in Pune. Officials have shared that the decision to obtain NOCs was taken to avoid any mishaps during the construction of the Metro project. There is a provision under the Metro Act to mandate obtaining NOCs for any construction along the metro corridor. Officials have further stated that the NOCs will be granted to the Pune Municipal Corporation, not individuals. In Pune, the civic body approached the metro rail…

Press Release

Edelweiss Group, Parinee Group join hands for Worli-based commercial project
April 24, 2018

Edelweiss Group, Parinee Group join hands for Worli-based commercial project24th April 2018 Edelweiss Group collaborates with Parinee Group for a commercial project, Parinee Eminence in Worli, Mumbai, in the capacity of a distribution partner. The project is spread across 2.48 acres of land and offers office space ranging from 567-1,104 sq ft. The price range of boutique offices here start from Rs 2.12 crore.

Kerala to submit DPR for Thiruvananthapuram, Kozhikode metro projects soon
April 24, 2018

The Kerala government will soon table the Detailed Project Report (DPR) for Thiruvananthapuram and Kozhikode Light Metro projects to the Central Government for approval. The proposal was drafted considering all necessary guidelines as prescribed by the Government's new metro rail policy 2017. The State government has formed the Special Purpose Vehicle, Kerala Rapid Transit Corporation Ltd (KRTL) for the implementation of Thiruvananthapuram and Kozhikode metro project. The Delhi Metro Rail Metro Corporation (DMRC) has drafted the DPR. Officials have shared that Thiruvananthapuram and Kozhikode have been identified as the most feasible cities for the light metro project after considering several…

Odisha allocates Rs 4,265 crore for road projects
April 24, 2018

The Odisha government has allocated over Rs 4,265 crore for the development of road infrastructure across the State. About 1175 km of roads will be enhanced and improved along with the construction of nearly 40 bridges and five railway over bridges. Officials have stated that Rs 350 crore will be utilised for double-laning of State highways under State Highway Development Programme, Rs 80 crore for road projects under PPP mode, Rs 100 crore for Biju Expressway to improve connectivity in Western Odisha and KBK districts, Rs 400 crore for other road projects, and Rs 714 crore for maintenance and enhancement.…

Punjab identifies over 2 lakh beneficiaries under PMAY
April 24, 2018

The Punjab government has selected over two lakh beneficiaries across 80 towns in the State under the Pradhan Mantri Awas Yojana (PMAY). Till now, the State government has received over 3.5 lakh applications under the ambitious housing scheme. Officials have shared that the final proposal has been tabled to the Government for approval and budgetary allocations. Kavita Jain, Urban Local Bodies Minister, has informed that the State government conducted a survey to select eligible beneficiaries for providing affordable houses under PMAY to people living in urban areas. Out of 3.6 lakh applications received, nearly 2.25 lakh applicants have been selected…

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