Indian real estate news

Pimpri Chinchwad civic body to impose penalty on illegal structures
November 14, 2018

The Pimpri Chinchwad Municipal Corporation (PCMC) will soon be penalizing the illegal structures in the city. The property tax department has started computing penalty tax arrears and will prepare a tally in the coming 15 days.  Eknath Pawar, Corporator, PCMC, has shared that illegal constructions measuring up to 600 sq ft will receive a full waiver of arrears, while those up to 1,000 sq ft will get a 50 percent concession. Meanwhile, a penalty of 200 percent will be imposed on the illegal construction covering  more than 1,001 sq ft. Officials have informed that there are around 70,000 illegal properties in the city.  It is expected that about 32,000 such units will get full penalty waiver and around 20,000 structures need to serve a penalty of 50 percent. The move is anticipated to churn  around Rs 100 crore.

Karnataka to offer tax rebates for green buildings
November 14, 2018

To promote the development of eco-friendly buildings across Karnataka, the State government has tabled a proposal seeking to provide an array of incentives, including reduction in property tax and stamp duty. The move is anticipated to encourage the builders and homebuyers to opt for eco-friendly units. As per the proposed Karnataka Green Building Incentive Policy, the incentive benefits will be applicable to both residential and commercial buildings. The Urban Development Department (UDD) considered policies framed by other States such as Andhra Pradesh, Rajasthan, Punjab, Haryana, West Bengal and Sikkim. Mahendra Jain, Additional Chief Secretary, UDD, has shared that the policy…

Delhi: SC appointed Authority allows construction during daytime
November 14, 2018

The Supreme Court (SC) appointed Authority, Environment Pollution (Prevention & Control) Authority (EPCA) has ordered that all the construction activities will be permitted only during the daytime from 6 am to 6 pm. The Authority is also regulating the movement of private vehicles in Delhi. The EPCA is in agreement with the Central Pollution Control Board (CPCB) task force regarding the specific matter of allowing construction activities only during the specified hours in daytime. Earlier, ban on construction activities and industries using coal and biomass was imposed for 10 days. Previously, the EPCA had ordered to stop any construction activities…

Tamil Nadu releases Rs 75 crore for Coimbatore Airport expansion
November 14, 2018

The Tamil Nadu government has sanctioned a considerable amount of Rs 75 crore for the expansion of the Coimbatore Airport. SP Velumani, Municipal Administration Minister, Tamil Nadu, has announced the recent development. Officials have shared that a total of Rs 1,500 crore needs to be disbursed as compensation for acquisition of about 650 acres of land for the airport expansion. In the first phase, the State government has released Rs 75 crore for land acquisition. Around 24 blocks in the area have been marked for acquisition. Out of which, the first phase fund has been allocated for the seventh block,…

Uttar Pradesh RERA: List of approved projects uploaded on website
November 14, 2018

The Uttar Pradesh government had launched a portal for online registration of real estate projects and for filing complaints against errant developers in the state under the Real Estate (Regulation and Development) Act (RERA). Uttar Pradesh RERA approved projects and agents Projects 4,300 Agents 1,351 Developers 2,150 As of November 14, 2018, around 4,300 projects have been registered with the state regulator. Officials further share that 1,351 developers have successfully registered with Uttar Pradesh RERA. Several real estate brokers/agents have also been active in the registration process. So far, 2,150 real estate agents (individual and company) have been approved by…

Rajasthan RERA seeks State approval to mandate registration
November 13, 2018

The Rajasthan Real Estate Regulatory Authority (RERA) has tabled a proposal to the State government seeking permission to make RERA registration mandatory. The proposal intends to control the unregulated property dealers thereby bringing more transparency and professionalism in the real estate sector. According to the Act, property registration is mandatory to safeguard the interests of consumers. No sale and purchase of any plot, apartment or building will be facilitated without obtaining the RERA registration. Officials have shared that once the registration becomes mandatory, the Authority will take legal action against the property dealers operating without registration. After registration, the agents…

Around 40 percent work complete on Pimpri-Swargate corridor
November 13, 2018

The Maharashtra Metro Rail Corporation Limited (MahaMetro) has completed around 40 percent of the construction work on the Pimpri-Swargate Metro corridor. Out of the total 16.89 km-long stretch, around 11.5 km stretch from Pimpri to Range Hills will be elevated, and the remaining 5.09 km route running till Swargate will be underground. The elevated section from Pimpri to Harris Bridge is falling under the Pimpri-Chinchwad Municipal Corporation (PCMC) limits and passes over the 61 m wide Pune-Mumbai highway. Whereas, the stretch from Kharalwadi in Pimpri to the Empire Estate flyover, passes along the BRTS lane on the service road. The…

Gurgaon: Civic work in 32 illegal colonies to commence soon
November 13, 2018

The regularisation process for 628 unauthorised colonies across Haryana is already underway. Meanwhile, the urban local bodies department has decided to commence the civic work in 32 unregularised colonies in Gurgaon. The civic infrastructure provided will include water, sewer, street lights and road network in these illegal colonies. Rao Narbir Singh, Minister, Public Welfare Department, has shared that the property owners in these colonies can register their houses by paying the development charges. The payment of developmental charges will grant a no-objection certificate (NOC) required for the regularisation of the colonies. The State government has formed a new policy under…

Coimbatore civic body reimburses residents of slum clearance board units
November 13, 2018

The Tamil Nadu Slum Clearance Board (TNSCB) has repaid a total of Rs 44.75 lakh to 148 people who had invested in the housing units under the board. SP Velumani, Municipal Administration Minister, had issued the cheques regarding the same. As a part of the smart city project, the Coimbatore civic body was planning to restore and rejuvenate the encroached water bodies and channels. To speed up the lake restoration process, the occupants residing near the water body were relocated to new units. For availing alternative accommodation, the civic body asked occupants to pay Rs 36,000 for the unit. Later,…

Chandigarh Administration to issue notices for non-installation of solar units
November 13, 2018

The Chandigarh Administration will be issuing notices to the residential units that fail to install the rooftop solar power plants. The deadline for the same is set to November 17. The UT Administration had issued a notification mandating the installation of rooftop solar power plants in residential units measuring 500 sq yards and above. Around 10,000 houses in the city are yet to install solar power plants, including 417 houses in Sector 8, 493 in Sector 11, 643 in Sector 33, 419 in Sector 35 and 417 houses in Sector 36. Officials have shared that owners failing to comply with…

Property registration process goes online in Karnataka
November 13, 2018

The Karnataka government has decided to allow the registration of properties online. From now onwards, all property related services such as the sale and purchase will be done online. With this, citizens are no longer required to visit the sub registrar's office for the registration of their properties. Karnataka Chief Minister, HD Kumaraswamy has launched the Kaveri online services (http:kaverionline.karnataka.gov.in) as a dedicated portal for all property registration related services. The portal will offer nine different services such as procurement of certified sale deeds and encumbrance certificates (EC), a property valuation and stamp duty calculator, sub-registrar office locator, booking of…

Indian Railways to open over 800-kms of Dedicated Freight Corridor sections soon
November 12, 2018

Indian Railways is set to get an infrastructure boost as several stretches of the Dedicated Freight Corridor (DFC) spanning almost 800 kms is expected to open by early next year. According to a senior railway official, the 200 km Khurja-Bhadan stretch of the Eastern DFC will be opened by the end of November, 2018 while the 300-km Rewari (Haryana)-Madar (Rajasthan) stretch of the Western DFC will finish by the end of December 2018. The official further added that construction work on the 143-km Bhadan-Bhaupur stretch on the Eastern DFC and the 128-km Madar-Marwar stretch on the Western DFC will be…

RBI invalidates registration certificates of 31 NBFC’s
November 12, 2018

The Reserve Bank of India (RBI) has recently invalidated the registrations of 31 Non-Banking Finance Companies (NBFCs) for undisclosed reasons. In addition to this, the apex bank also cancelled the certificate of registrations of 17 NBFCs after a request made by them amid difficulties faced by the sector. According to an official statement by the bank, of the 31 companies which lost their registration, 27 are from West Bengal. Making it clear that no business activities should be carried out by these companies, the RBI also cancelled licence of four Uttar Pradesh based NBFC’s. Hyderabad-based Ramky Finance & Investment and…

Chennai Outer Ring Road renamed as ‘State Highway 234’
November 12, 2018

Chennai government has recently designated the status of ‘State Highway’ to the Chennai Outer Ring Road (CORR), which will now be called SH 234. While construction work on a small stretch of the 60-km-long highway is yet to be completed, commuters are already using the remaining 59 km of the road that links Vandalur to Minjur. According to an official of the Tamil Nadu Road Development Company (the company that manages the road), signages denoting the SH number will soon be installed on the highway. Numbering of the highways is done to simplify the management of roads and assets. It…

Press Release

Sobha Group announces Q2 FY’19 financial results
November 12, 2018

Sobha Group announces Q2 FY’19 financial results12th November 2018 Bangalore-based real estate developer Sobha Group, has generated a turnover of Rs 6,762 million during Q2 FY’19 on a consolidated basis. While the company’s Profit Before Tax (PBT) stood at Rs 891 million, its Profit After Tax (PAT) was Rs 602 million on a consolidated basis. Further, in Q2 FY’19, the company attained the new sales volume of 10,31,602 sq ft at a total valuation of Rs 7,408 million.

Noida authority to conduct auction of 442 plots
November 12, 2018

The Noida Authority will allot 442 residential plots this month in what is said to be the last residential allotment scheme in Noida. The plots are situated in different sectors of the city and will be allotted as per the prevailing circle rates. A survey of the vacant plots in different sectors was undertaken by the authority last week after which a tender was issued. Interested participants can apply from 13th to 28th November 2018. It is to be noted that of the 442 plots, 264 plots measures up to 200 sq m while the remaining 178 plots measures more…

Haryana approves Master Plan amendments to accelerate Global City project
November 12, 2018

In a bid to expedite the Global City project, the Gurugram Metropolitan Development Authority (GMDA) has requested for some amendments in the Gurgaon-Manesar Urban Complex Plan 2031. Under the first two revisions, the GMDA has sought for re-designation of the Global City project area as a special zone with 3 floor area ratio. Further, the civic body also requested to allow mixed land use in sector-36, 37B and 38B, which were previously allocated for industrial use. In addition to this, the civic body has requested that the 147 acres of land between NH-8 and Northern Peripheral Road (NPR), which is…

Mumbai gets connectivity boost
November 12, 2018

Railway Minister Piyush Goyal and Maharashtra Chief Minister Devendra Fadnavis recently commissioned the Nerul-Seawoods Darave-Belapur-Kharkopar suburban rail corridor in Navi Mumbai. The corridor is being constructed under phase I of the 27-km-long Nerul-Belapur-Uran corridor on the Harbour route. Regular train services on the newly built corridor will commence from November 12th. Apart from linking Thane on the Trans-Harbour corridor, it will connect Ulwe in Navi Mumbai to Chhatrapati Shivaji Maharaj Terminus and Panvel on the Harbour route. Goyal also inaugurated the induction of eight Mainline Electric Multiple Unit  or MEMU services between Vasai Road-Diva-Panvel-Pen and other several passenger facilities including…

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