Indian real estate news

Raipur to expedite Smart City projects: Commissioner
February 15, 2019

Smart City projects in Raipur, that are pending since 2018, are set to be accelerated. The news comes after the city saw a fall in the smart city ranking announced by Housing Ministry in February 2019. Raipur scored 39.47 marks in the ‘execution of smart city projects’ based on which, it was ranked 57th in the list. According to Shiv Anant Tayal, Commissioner and Managing Director of Raipur Smart City Limited, the city will soon carry out development work and ascertain that no heritage sites are damaged. He further added that the government would introduce music, sports and culture related…

Indore witnesses 15 percent growth in use of fly ash bricks
February 15, 2019

Indore has witnessed a 15 percent growth in the use of fly ash bricks in 2018 as compared to 2017. The surge can be attributed to the increase in construction activities in the city. According to Fly Ash Bricks Manufacturers Co-Operative Society, fly ash bricks, blocks and tiles will witness robust demand in the near future. However, its availability is limited due to restricted supply and high transportation cost. Abhishek Purohit, Vice-President, Fly Ash Bricks Manufacturers Co-Operative Society said that although government agencies and private developers have initiated the use of fly ash products, they have not yet completely substituted…

NCLT must inform regulators before attending RERA-registered cases: MahaRERA
February 15, 2019

Speaking on the issue of forum shopping at an event, the Maharashtra Real Estate Regulatory Authority (MahaRERA) Chairman, Gautam Chatterjee recommended that before taking up a real estate case, the National Company Law Tribunal (NCLT) should refer it to the respective State regulator, rather than trying to resolve it. He added that filing a case against a project with the NCLT will temporarily put a halt on the same for six to nine months. He further said that if a project is registered under Insolvency and Bankruptcy Code (IBC), it means that it has become insolvent and according to past…

Tamil Nadu appoints RERA Chairman
February 15, 2019

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has appointed the former Additional Chief Secretary to the Industries department, K Gnanadesikan as the Chairman of the State regulator. Gnanadesikan is the first Chairman of the regulatory authority ever since the Real Estate (Regulation and Development) Act (RERA) came into force in the State in June 2017. In addition to this, the State, through an order appointed Madurai-based advocate, V Jeyakumar and S Manohar, Engineer in Chief, Buildings, Public Works Department (PWD) as members of the regulatory authority. In another directive issued by the State, retired District Judge, N Balasubramaniam and former…

Pune civic body collects Rs 1,031 crore as property tax
February 14, 2019

The Pune Municipal Corporation (PMC) has generated a total sum of Rs 1,031 crore through property tax since April 1, 2018 to till date. As per the PMC officials, the revenue from property tax is expected to go up for the upcoming fiscal year, 2019-20 as more properties have been registered within the PMC limits. The civic body has nearly 1.67 lakh registered properties in the newly merged 11 villages. The total number of properties in the municipal limits has reached 10 lakhs. The civic body is aiming to churn a revenue of Rs 64 crore via property tax on…

Land pooling scheme moves ahead in Visakhapatnam
February 14, 2019

The Visakhapatnam Metropolitan Region Development Authority (VMRDA), which initiated the activity to pool nearly 2,300 acres of land across the district, has pooled 900 acres of till February 2019. Of the total pooled land, 209 acres of land has been pooled in Tri-Junction, an intersecting point in of five villages in Sabbavaram, Gajuwaka and Parawada mandals. The civic body has also pooled 80 acres of land in Dabbanda of Anandapuram mandal while 94 acres of land is pooled in Kothavalasa village in Bheemunipatnam Mandal. Another 88 acres of land have been pooled in SR Puram in Pendurthi mandal while 430…

Prime office rentals may spike by 6.6 percent in Bangalore this year: Report
February 14, 2019

According to a global real estate consulting, Knight Frank India, Bangalore and New Delhi’s office market has been ranked third and fourth across the globe in terms of prime office space rentals. Bangalore is expected to witness a surge of 6.6 percent in office rental values by 2019-end as compared to 2018 while New Delhi is expected to observe a 6.5 percent increase in prime office rental values. The report further added that robust demand from the IT/ITeS and start-up sectors along with a dearth of quality office spaces in top cities has led to an increase in rentals. In…

Government approves Patna Metro Rail Project
February 14, 2019

The Union government has given the nod to the Patna Metro Rail Project comprising of two corridors - Patna Railway Station to New Inter State Bus Terminal (ISBT) and Danapur to Mithapur. The metro project will be implemented in five years and is estimated to cost Rs 13,365.77 crore. Corridor 1 between Danapur Cantt and Mithapur will intersect the heart of city and link areas such as the Raza Bazar, the High Court, the Secretariat and the Law University Railway Station. Majority portion of the 16.94 km-long corridor will be underground, and a part of it will be elevated. It…

Centre to reward best-performing States/UTs for PMAY (U)
February 14, 2019

The Union Housing and Urban Affairs Ministry revealed that the States and Union Territories that have performed the best in implementing the Pradhan Mantri Awas Yojana (Urban) would be rewarded. The Ministry added that the purpose of these awards is to motivate other States and UTs to perform better and fulfil the government’s mission of providing Housing for All within the specified time-frame. As of date, around 15 lakh houses have been constructed as against the one crore target set by the government. The government has set 2022 as the deadline to achieve the same. There will be some special…

Buyers to approve extension of unfinished projects: MahaRERA
February 14, 2019

According to a directive issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA), it has decided to give a second chance to genuine real estate developers to complete their projects, if over 50 percent consumers of the halted project gives their consent. The time-frame for the extension would be set and it will be applicable over the existing one year extension that the Authority gives to real estate developers to finish incomplete projects. MahaRERA Secretary, Vasant Prabhu, said that nearly 90 percent of the complaints received by the Authority are related to project delays. The directive will allow consumers to…

Press Release

NBCC reports an increase in standalone PAT
February 14, 2019

State-owned Navratna PSU, NBCC (India) Limited has recently announced the financial results of the Company for the quarter and nine months ending December 31, 2018. The Profit after Tax (PAT) of the company for the December quarter stood at Rs 77.74 crore, reporting an upsurge of 25.61 percent as compared to the figures of the corresponding quarter of the last year.  The total standalone income from operations for the Oct-Dec 2018 quarter stood at Rs 1,651.62 crore, recording a growth of 24.98 percent, YoY. Further, the nine-month period, i.e. Apr-Dec 2018 witnessed an increase in the Company's total income from operations,…

Press Release

SOBHA Ltd recognised as one of the top 50 brands in Bangalore
February 14, 2019

India’s most admired and trusted real estate brand, SOBHA Limited has recently been recognised as one of the top 50 brands in Bangalore under the category 'Large enterprises' by Paul Writer. The award ceremony was held in Bangalore during the fourth edition of the Bangalore Brand Summit and Hot Brands 2019, and was marked by the presence of eminent industry experts. The top 50 brands were selected on the basis of popular voting, followed by a diligent evaluation by the jury.

Press Release

Poddar Housing announces plans for the affordable segment
February 14, 2019

With the aim of becoming the largest affordable housing development company in India, Poddar Housing and Development Ltd has announced its business expansion plans, wherein, it intends to deliver over 27,000 homes across Mumbai. The Company has recently held a first ever knowledge seminar with a vision to deliver superior value to its stakeholders. The event was marked by the presence of over 500 delegates and eminent industry experts who shared their insights on key policies such as RERA and PMAY along with market sentiments, government initiatives, booming affordable housing segments, green construction and the need for green housing policy.

Press Release

Adarsh Group launches three housing projects
February 13, 2019

Bangalore-based developer, Adarsh Group has launched three new housing projects - Adarsh Tranqville, Adarsh Wisteria and Adarsh Pinecourt in North Bangalore. The projects will be situated off Hennur Main Road and will together span across 22 acres. While Adarsh Tranqville and Adarsh Wisteria will constitute 106 and 24 villas, respectively in 3BHK and 4BHK configurations, Adarsh Pinecourt will comprise of 201 apartments in 2BHK, 2.5BHK and 3BHK configurations.

Infrastructure projects worth over Rs 8,000 crore planned for Bangalore
February 13, 2019

Giving a major thrust to connectivity in Bangalore, Karnataka Chief Minister, HD Kumaraswamy, has proposed a Rs 195 crore underpass at Goraguntepalya Junction connecting Tumkur Road and Outer Ring Road (ORR). Over the years, the Bangalore Development Authority (BDA) has shown interest in building a number of flyovers and underpasses to bypass Tumkur Road. The proposed connectivity project was first allocated to BDA. However, the civic body had asked the State cabinet to provide the required funds or allocate the project to Bruhat Bengaluru Mahanagara Palike (BBMP). Reportedly, huge parcels of land are required from the Air Force to implement…

Civic body keeps property tax unchanged in South Delhi for 2019-20
February 13, 2019

Announcing its budget for 2019-20, the South Delhi Municipal Corporation (SDMC) has exempted widows of armed and paramilitary forces, national and international sportspersons and sanitation workers from paying property tax. The corporation also rejected the proposal to increase property tax for 2019-2020 fiscal and decided to continue with the exemptions granted in the previous budget. According to an SDMC official, taxpayers who pay their property tax on time will get 15 percent rebate on taxable amount. Women, senior citizens and group housing societies will be eligible for 30, 30 and 20 percent rebate, respectively. The civic agency will also give…

Builders Association demands a check on cement price hike
February 13, 2019

The Builder’s Association of India (BAI) has demanded the Centre to constitute a regulatory authority in order to keep a check on the hike in cement prices. The said demand is in view of cartelisation by the cement manufacturers. Even though the price of raw materials used for manufacturing cement  and fuel prices has not gone up, the price of cement bags comprising of 50 kg cement has skyrocketed by a whopping 37 percent, shares R Radhakrishnan, a spokesperson from BAI. Accusing the manufacturers of monopoly, Radhakrishnan reveals that the manufacturers have stopped the supply of readymade concrete mixers and…

Foot overbridge connecting South Campus and Dhaula Kuan metro stations now open to public
February 13, 2019

A Foot-Overbridge (FOB) linking Delhi Metro’s Dhaula Kuan and South Campus has recently been opened for the public. The overbridge, which is a crucial link for the commuters using the Pink line and the Airport Express Line will facilitate the passengers travelling to and from the Terminal 3 of the International Airport to interchange trains for further commute. The FOB has been opened for the public post inspection by the Managing Director of Delhi Metro, Mangu Singh, in the presence of other senior officials, shares Anuj Dayal, Executive Director (Corporate Communication), Delhi Metro Rail Corporation. Reported as a technological masterpiece…

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