Indian real estate news

RUDA finalises 32 Town planning Schemes across the city
July 10, 2018

Rajkot Urban Development Authority (RUDA) has finalised 32 town planning schemes in the city’s peripheral areas. These schemes are expected to trigger a progressive development for the commercial capital of Saurashtra. The surrounding villages across the city will also be developed, that will in return boost real estate around Rajkot. The town planning schemes have been finalised in areas of Mota Mauva, Nana Mauva, Mavdi, Raiya, Mota Mauva, Munjka, Kotharia and Vavdi. These areas are governed by the gram panchayats and lack essential civic amenities and a proper infrastructure. The residents in these areas often face challenges due to poor…

Tamil Nadu RERA: List of approved projects and agents
July 9, 2018

As of now, 28 States and Union Territories (UTs) have notified Real Estate (Regulation and Development) Act (RERA). The Tamil Nadu government had notified rules along with its RERA website for online registration of ongoing projects in the State. The State government has not appointed a permanent regulator yet. The Secretary, Housing and Urban Development Department has been appointed as an interim regulator. As per the latest information available on the Tamil Nadu RERA website, 561 real estate projects have successfully registered under the Act. About 290 realty agents have received the registration certificate, valid for five years. Interested homebuyers…

Gurgaon: Owners can now regularise unauthorised properties
July 9, 2018

The Municipal Corporation of Gurgaon (MCG) has provided another chance for the residents to regularise illegal constructions or structures built without attaining necessary approvals from the concerned authorities. The urban local bodies (ULB) department notified a new policy for regularisation of authorised properties in the city. It has been noted that there are some residential plots which are being used for commercial purposes without any approval. The new policy has been notified to enforce rules and ensure planned development in areas falling under municipal corporations in Gurgaon and other regions of the State. Officials have shared that the new policy…

Maharashtra to develop 1.2 million houses for poor by 2020
July 9, 2018

The Maharashtra government has announced that they will develop about 1.2 million houses for the poor across the State under the Pradhan Mantri Awas Yojana (PMAY) by 2020. Initially, the State government was supposed to complete all houses under the scheme by 2022. Under the PMAY housing mission, the Central Government will shell Rs 1.5 lakh to all people living under below poverty line (BPL) to build pucca houses. As per statistics, about 10 million such beneficiaries have been identified across the country in the Socio-Economic Census (SEC) conducted back in 2011. At the beginning of the mission, each State…

DDA mobile App to file complaints goes live
July 9, 2018

In order to curb illegal constructions in the city, Delhi Development Authority (DDA) has launched its mobile application where citizens can report complaints about all illegal and unauthorised construction activities in Delhi. You can install DDA App on your Android smartphone - Click Here Hardeep Singh Puri, Housing and Urban Affairs Minister, has stated that the launch of DDA mobile App will allow people to report about construction violations to the authorities. People can also attach media files such as photos and videos along with their complaints. The DDA has also formed a Special Task Force (STF) to bring coordination…

Patna: Leasehold properties to be converted into freehold
July 9, 2018

The Patna Municipal Corporation (PMC) has given its final nod for conversion of leasehold units into freehold properties falling within the limits of Patna Regional Development Authority (PRDA). Officials have shared that the recent change in the conversion of properties status would benefit tenants. Attaining of freehold property status will grant powers to a lessee in order to manage his property on his own terms. Property owners will have to make one-time payment of 25 per cent of the current price to become the real owner of the property. The generated amount from the landowners would be used for development…

Gr Visakhapatnam civic body to develop 12 slums under PMAY
July 8, 2018

The Greater Visakhapatnam Municipal Corporation (GVMC) will soon develop 12 slums under its jurisdiction under the ‘Affordable Housing in Partnership’ component of the Pradhan Mantri Awas Yojana (PMAY). The housing development project will be completed in three phases. About 4,780 flats have been completed as a part of the first phase of the project. In the second phase, the civic body will develop 14,280 houses in 22 districts covering over 140 acres. For identified slum areas, the corporation will develop 1,772 houses (G+3 model) spread over 11.56 acres. The identified slum areas include Sea Horse Junction, Chilakapeta, Mutyamamba Colony and…

Bihar RERA receives 460 applications for project registration
July 8, 2018

The Bihar Real Estate Regulatory Authority (Bihar RERA) has received about 460 applications for project registration under the Real Estate (Regulation and Development) Act (RERA) till June 30, 2018. The regulatory authority has set June 30 as the deadline for the registration of ongoing projects under the Act. Only 10 applications have been received from real estate agents to get RERA registered till date. Afzal Amanullah, Chairman, Bihar RERA, has stated that a total of 75 applications for project registration have been approved by the State's regulatory authority till June 30, 2018. However, the Authority has got few applications from…

Ahmedabad Metro: MEGA invites bids for East-West corridor
July 8, 2018

The Metro Link Express for Gandhinagar and Ahmedabad (MEGA) has invited bids for the proposed east-west corridor of Ahmedabad Metro rail project. The special purpose vehicle (SPV) has notified tender for design, manufacture, supply, installation, testing and commissioning of the electrical and mechanical system. The estimated cost of the project is around 600 crore. The SPV has set July 18, 2018 as the last date to participate in the bidding process. The tender will be opened on the same date. Bid security amount is Rs six crore. The Japan International Cooperation Agency (JICA) is funding the loan for the Ahmedabad…

Centre approves six metro rail projects
July 7, 2018

The Central Government has given in-principle nod for six metro rail projects. The proposed rail projects include the Phase IV of Delhi Metro along with new metro rail routes in Indore, Bhopal, Kanpur, Agra and Meerut. Approval for Delhi-Meerut corridor of the Regional Rapid Transit System (RRTS) has been granted as well. Durga Shankar Mishra, Secretary, Housing and Urban Affairs Ministry, has stated that all sanctions have been made under the new metro policy, notified in August 2017. The process of receiving financial approval for all proposed projects from the Public Investment Board (PIB) is under process. The government has…

DDA announces charges for land-use change in industrial plots
July 7, 2018

Delhi Development Authority (DDA) has announced charges applicable for permitting changed land-use in industrial plots, as residential and commercial. The decision was made in order to decongest industrial areas. The decision will make an impact on all existing industrial hubs based in the residential areas - Mayapuri, Lawrence Road, Patparganj and Okhla. Conversion charges for allowing residential use varies from Rs 14,328 to Rs 24,777 per sq m. Extra floor area charges (FAR) have been fixed from Rs 3,039 to Rs 7,597 per sq m for industrial areas. All these charges are dependant on the circle rates of adjoining residential…

Pune Authority to extend Hinjewadi-Shivajinagar metro corridor
July 7, 2018

The Pune Metropolitan Region Development Authority (PMRDA) has announced the extension of the Hinjewadi to Shivajinagar Metro route till Hadapsar. The development authority has asked the Delhi metro rail corporation (DMRC) to draft a detailed project report (DPR) for the proposed extended route. Kiran Gitte, Commissioner, PMRDA, has informed that considering the commuters' demand for a metro rail from Hadapsar area, the Authority has decided to extend the metro corridor. Moreover, Hadapsar is one of the busiest corridors. PMRDA will start the construction work on the Shivajinagar to Hadapsar Metro route in the second phase of the Pune Metro project.…

Projects under Smart City and AMRUT to be expedited in Thiruvananthapuram
July 6, 2018

The infrastructure development body of Thiruvananthapuram city will soon take off multiple projects under the Smart city and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) projects. Several projects will be fast-tracked such as the development of smart bus shelters, open gym, water kiosks, multi-level car parking under the Smart City project. AMRUT project will constitute of schemes like public transport programmes, open space/park, stormwater drainage programmes, drinking water programmes end others. These projects will be time bound. An officer with the Town Planning Department shared that 51 projects worth Rs 357.50 crore will be undertaken under AMRUT, that will…

Nearly 25000 affordable homes planned to be built in Bihar by 2022
July 6, 2018

Representing over 12,000 members across India, Confederation of Real Estate Developers’ Associations of India (CREDAI) was invited to work for the development of real estate sector in Bihar. The Deputy CM of the State, Sushil Kumar Modi, shared that Bihar has shown exemplary growth across sectors including road, infrastructure and credit schemes in the last 12 years. There is regular electricity supply across the State with Patna receiving it for 24 hours, other urban areas for 22 hours and rural areas for 18 hours. The CM claimed that there is not a single habitat in the State which does not…

Commercial property tax hiked in Chandigarh
July 6, 2018

The Chandigarh administration has hiked the commercial property tax by 10 per cent. This is the first time in 15 years after the imposition of the commercial property tax in 2003 that the rates have been revised. Out of the list of commercial property owners in Chandigarh, prepared by the civic body, the majority are yet to pay the revised tax. The authority will soon start sending notices to such property owners. The enhanced commercial property tax has been made effective across the Union Territory from April 1, 2018, onwards. Chandigarh Municipal Corporation had released the proposal to increase the…

CMDA proposes housing development in catchment areas near Avadi
July 6, 2018

A proposal is being considered by The Chennai Metropolitan Development Authority (CMDA) to reclassify the catchment area near Avadi, dropping down the ban imposed by the Madras high court on conversion of water bodies and wetlands into residential layouts. Environmentalists have warned against the move claiming that it will adversely impact the rainfall activity zone. However, CMDA maintains that the site was mistakenly declared as a waterbody. A reclassification notification has been published on the CMDA portal, where an application has been filed with the planning authority. The petition seeks to modify the land use pattern of a site mentioned…

Consumer body proposes inclusion of property portals under MahaRERA
July 6, 2018

Mumbai’s city-based consumer body, Mumbai Grahak Panchayat (MGP) has requested Maharashtra Real Estate Regulatory Authority (MahaRERA) to treat real estate websites as agents and subsume them in its ambit to augment transparency and accountability in the real estate sector. Through its letter to MahaRERA, MGP conveyed that all the real estate web portal companies, like real estate agents, should be asked to seek registration under MahaRERA within the next 60 days since they are also facilitating buying and selling of properties. MGP is expecting a response from MahaRera anytime soon. The consumer body adheres to the view that registration of…

MahaRERA tightens vigil on unregistered projects
July 5, 2018

The Maharashtra real estate regulatory authority (MahaRERA) has tightened the noose on local authorities in a bid to ensure registration of leftover projects in the State. So far, nearly 16,000 projects have been registered under MahaRERA. Through its letters to 85 authorities including municipal commissioners and collectors, MahaRERA has asked for a survey of realty projects and a report on the unregistered projects. In May this year, MahaRERA completed one year of its enforcement, and authorities announced that they will now primarily focus on the unregistered projects in the State. Registrations were received majorly from the established cities; however, they…

Page 3 of 392