Indian real estate news

Chandigarh Administration adds five more villages under property tax ambit
November 5, 2018

The Chandigarh Administration has issued a notification to bring five villages under the ambit of property tax. The Administration has directed property owners to file their tax within a specified period of two months, beginning from November 1 to December 31, 2018. The newly added villages include Hallomajra, Kejheri, Palsora, Maloya and Dadumajra. All property owners paying their pending tax before December 31, 2018 would be entitled to receive a tax rebate of 10 percent on the full tax amount. If the owner fails to pay the outstanding tax within the stipulated time he will have to pay a penalty…

PMAY housing scheme facing troubles in Vadodara
November 5, 2018

The execution of Pradhan Mantri Awas Yojana (PMAY) in Vadodara based on a public-private partnership (PPP) model is experiencing slow down. Developers claim that the actual land available to them at the site is smaller as compared to what was mentioned in the tenders. Due to the complications, the developer is looking to pay a lesser premium to the civic body. The key issue pertains to a housing scheme on the Harni-Warasiya Ring Road. The developer had to construct 84 houses at the specific site and pay an amount of Rs 12 crore as a premium to the Vadodara Municipal…

Chennai: Registration department to digitise land documents
November 5, 2018

The Chennai registration department has decided to digitise land documents across the city. The Department will scan around 50 crore pages of property documents within a period of 180 days. The move is anticipated to be the most considerable digitisation measure involving a government department or agency in Tamil Nadu. Officials have shared that the department has already digitised land documents beginning from 2009. Now, the Department will scan property documents between 1865 and 2008. The State government has sanctioned an amount of Rs 89 crore for the same. An agency will be appointed to examine the documents, and tenders…

Bangalore Metro Phase 2 hit by land acquisition hurdles
November 5, 2018

Development of the Bangalore Metro (Namma Metro) Phase 2 has hit a roadblock on the back of land acquisition issues. The Bangalore Metro Rail Corporation Limited (BMRCL) is still struggling in acquiring land parcels for the proposed project. Officials have shared that the Corporation has acquired merely one-third of the land required for the project, whereas it needs to acquire about 131 hectares for the construction of Phase 2 metro project. BMRCL has acquired 74 hectare of land till date. BMRCL is yet to acquire land for the Byappanahalli-Jyothipura stretch, Jindal and BIEC stations (Nagasandra to BIEC line), two parcels…

Maharashtra Govt. registers 11 lakh labourers under safety scheme
November 5, 2018

The Maharashtra government has successfully registered around 11 lakh labourers working on construction sites across the State under the Atal Vishwakarma Sanman Yojana. All registered labourers are involved in the construction of residential and commercial real estate projects, pipelines, roads, and dams under the scheme. The scheme is aimed at the betterment and safety of the labourers. Sambhaji Patil Nilangekar, Labour and Employment Minister, has shared that there are around 27 lakh labourers employed at the construction sites in Maharashtra. Remaining 16 lakh labourers will be registered in the next 15 days under the scheme, adds Nilangekar. The State government…

Tamil Nadu RERA registers 34 projects in October
November 4, 2018

According to data available on the Tamil Nadu Real Estate Regulatory Authority (TNRERA) website, as many as 34 housing projects were registered with the State regulator in October 2018. Majority of these projects were located in the peripheral areas of Chennai falling under the purview of Kancheepuram and Tiruvallur districts. As per the norms laid under the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017, developers and promoters must register all ongoing real estate projects having a minimum of eight units with the regulatory authority. Residential layouts in Tamil Nadu are also covered under the Real Estate Act which…

Construction work on Namma metro Phase-II depots likely to begin
November 4, 2018

At a recently-held high-level meeting at Vidhana Soudha, the parent body of the Karnataka Industrial Areas Development Board (KIADB), the Commerce and Industries department assured officials of the Bangalore Metro Rail Corporation Limited (BMRCL) to fix the compensation amount for land owners of Kothanur and Hebbagoddi depots in a fortnight. With the government guaranteeing to provide a solution to the issue, construction work on these two depots under Phase-II of the Namma Metro can begin. While the Authority had already carried out civil works on metro lines along all routes, issues concerning land acquisition led to the delay in work…

Kolkata may get monorail services in Salt Lake and New Town
November 4, 2018

In a bid to explore faster commuting options, the West Bengal Housing and Infrastructure Development Corporation is planning to start monorail services in Salt Lake and New Town areas. Speaking at Kolkata regional dialogue on ‘Preparing for the Future of Urban Mobility’ organised by Bengal Chamber and The Energy and Resources Institute, West Bengal Housing Infrastructure Development Corporation (HIDCO) Chairman informed that a feasibility report along with the estimated cost analysis has already been prepared in this regard and the government is now looking for investors. As per HIDCO sources, the alignment of the monorail will start from Ultadanga station…

Hyderabad developers want RERA deadline extended
November 3, 2018

At the 4th annual general body meeting of Telangana Builders Federation (TBF), TBF General Secretary, Jakka Venkat Reddy, said that the builders are not aware of the process to register themselves with the State regulator. It is to be noted that registration of all real estate projects sanctioned between January 1, 2017 till August 31, 2018 under TS RERA by November 30, 2018 is mandatory. Reddy maintained that the three-month period given by the government (from August 31-November 30, 2018) is not enough for real estate developers to obtain all the documents required for registering themselves with the regulatory authority.…

Pune to makeover railways infrastructure
November 3, 2018

Rail infrastructure in Pune is set to get an overhaul as the Pune railway division has undertaken work on enhancing the infrastructure of smaller stations while simultaneously emphasising on improvising the amenities available at the Pune railway station. The railway division has already carried out platform extension work on Kadethan railway station, Manjari Budruk railway station and Khutbav railway station. According to Manoj Jhawar, official spokesperson of Pune railway division, Khutbav railway station’s platform extension work is nearing completion while work on the other two stations is still in progress. One of the three railway platform extension works undertaken at…

Delayed execution of Development Plan 2034 to hamper Mumbai’s realty growth: Experts
November 3, 2018

According to industry experts, the delay in implementation of the Excluded Part (EP) of Mumbai’s new Development Control Regulations (DCR 2034), which was to come into effect from October 24, 2018, may increase the holding costs. The State’s urban development body had recently postponed the DCR 2034 citing mistakes and typographical errors in the EP notification that required changes. On May 8, 2018, the government approved the new Development Plan (DP). However, the city is still following the DP of 1991. In September, the government approved the proposed alterations in the approved Floor Space Index (FSI) for development and redevelopment…

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Rustomjee Paramount receives Occupancy Certificate for D and E wing
November 2, 2018

Rustomjee Paramount receives Occupancy Certificate for D and E wing2nd November 2018 Paramount-the flagship luxury residential project of Rustomjee Group has received the occupation certificate for its D and E Wing. Being one of the largest developments in Khar and the only gated community project in Khar-Bandra area, Paramount had been meticulously designed by renowned architects. Boasting of aspirational living, the D and E Wing of the project comprises of 3 and 4 BHK units starting at Rs. 7.99 crores.   

North East: NHIDCL issues notices over slow pace of work
November 2, 2018

The National Highways and Infrastructure Development Corporation Limited (NHIDCL) has issued notices against the construction companies for the sluggish progress of the four-laning work of national highways in North East India. The notice was issued after monitoring the slow construction pace of the highway project of 397.37 km long. The four-laning national highway stretches from Nagaon bypass to Dibrugarh via Kaliabar Tinali, Dolabari, Gohpur and Numaligarh. Ajoy Ahluwalia, Executive Director, North East, NHIDCL, has shared that the Authority will review the progress of the construction work again after two-three months. If the snail pace continues, the Authority will cancel the…

Maharashtra Govt to expedite infra projects in Thane
November 2, 2018

The Maharashtra government has approved several infrastructure projects worth hundreds of crores in Thane. Now, the concerned authorities are strategising a plan to execute the proposed projects within stipulated time without exceeding the estimated budget. Some of the major infra projects in Thane include the Thane coastal road, Mulund-Ghodbunder foothill roads, Kalwa-Kharegaon link road and Thane Metro. All these projects have been proposed to ease the traffic congestion in the area. A bridge in Thane was announced by the State government, which will run parallel to the two existing bridges connecting Mumbai and Navi Mumbai. Estimated to be developed at…

Air pollution level is severe in residential colonies in Lucknow: Study
November 2, 2018

According to a report by the Indian Institute of Toxicology Research (IITR), the air pollution levels in residential areas in Lucknow are higher as compared to the pollution levels recorded in commercial areas. It has been always assumed that the air quality in residential areas is better than in the commercial areas on the back of more construction activities, traffic congestions and vehicular movement. However, the recent study refuted all such theories. With the highest PM 10 concentration of 226.8 per cubic metre of air pollution levels, Indiranagar is the most polluted area of the city. Highest PM 2.5 concentration…

Centre approves a river bridge from Assam to Meghalaya
November 2, 2018

The 19.3 km-long river bridge connecting Dhubri in Assam to Phulbari in Meghalaya is expected to be completed by 2026-27. The planned four-lane bridge will cut the travel distance between the two States by 203 km. Once the bridge is completed, it will become India's longest river bridge and will cut the travel time between the two destinations to just 20 minutes. Presently, vehicles usually take over 200 km-long detour using the Naranarayan Bridge, which is 60 km upstream. To execute the proposed project within the stipulated time, the National Highways and Industrial Development Corporation Limited (NHIDCL) has contacted the…

Noida Authority approves conversion of landholding rights
November 2, 2018

The Noida Authority has given its in-principal approval to convert landholding rights from leasehold  to freehold. In Noida, plots or flats are marketed on a leasehold basis instead of freehold. The decision is expected to have a significant impact on the real estate market in the city. Alok Tandon, Chairman, Noida Authority, has shared that the proposal will be tabled to Uttar Pradesh government for its final approval. A leasehold property is owned by the buyer on lease, usually for a period of 99 years. For this, the buyer has to pay a certain amount of lease rent for the…

All you need to know about Madhya Pradesh RERA
November 2, 2018

Being one of the most active states in implementing RERA rules across the country, Madhya Pradesh regulatory authority has granted a sizeable number of RERA registration certificates to ongoing projects and real estate agents in the state. 99acres.com gives you a brief outline of the current status of RERA rules in Madhya Pradesh. Madhya Pradesh had notified the Real Estate (Regulation and Development) Act (RERA) rules on October 22, 2016. The state has also launched its official RERA portal (rera.mp.gov.in) to address grievances of homebuyers against errant developers without leaving their houses. Since the legislation was rolled out on May 1, almost…

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