Indian real estate news

Haryana government approves affordable housing policy
June 3, 2018

The Haryana government has approved its affordable housing policy for core areas of municipalities across the State. As per the new policy, real estate projects would be allowed in core areas of municipal towns with an area of minimum one acre and maximum five acres. The floor area ratio (FAR) would be 250. A higher FAR (275) would be applicable for 2.5 to 5 acres. Moreover, the allotment rate has been fixed at Rs 4,000 per sq ft in hyper potential zones, Rs 3,000 per sq ft in high potential zones, Rs 2,500 for medium potential zones, and Rs 2,100…

Sikkim to soon get an alternative highway
June 3, 2018

The National Highway and Infrastructure Development Corporation Limited (NHIDCL) will soon construct a 250-km highway from Bagrakote in West Bengal to Gangtok in Sikkim to ensure smooth movement of traffic and military vehicles. Currently, Sikkim is connected to the rest of India through National Highway - NH 10. The route is prone to landslides during monsoon season. NH10 begins from Sevoke near Siliguri and concludes in Gangtok via Melli and Rangpo. The upcoming corridor will start from NH31C near Bagrakote in Jalpaiguri district and passes through Rhenock, Rorathang, Pakyong and Ranipool before ending at Gangtok (Sikkim). NHIDCL officials have shared…

Andhra Pradesh RERA receives 59 complaints till date
June 3, 2018

The Andhra Pradesh Real Estate Regulatory Authority (Andhra Pradesh RERA) has received a total of 59 complaints from aggrieved homebuyers. However, not a single complaint has been resolved as of now. You can check the status of complaints - CLICK HERE In December 2017, the State government had launched the beta version of its RERA portal. Within a month's time, the portal was made fully functional for the registration of ongoing projects and real estate agents across the State. Till now, the regulatory authority has received 46 applications for registration of projects. Out of all received applications, the authority has…

Kerala to notify fresh RERA norms soon
June 2, 2018

The Kerala government will soon notify fresh RERA rules across the State. Last year, the State government had notified RERA norms but repealed the notified norms as they were benefitting builders' community. The Real Estate (Regulation and Development) Act (RERA) was introduced to safeguard homebuyers from errant real estate developers. Considering the primary objective provisioned under RERA, the State government is expected to announce fresh rules and regulations under the Act. KT Jaleel, Local self-government minister, has informed that the new RERA rules would be based on the Central RERA Act. The final draft will be locked soon. Formation of…

India’s first underwater tunnel in Kolkata to be completed soon
June 2, 2018

The construction work of India's first underwater tunnel is in its final stage. The tunnelling work under the Hooghly river in order to provide metro connectivity between Howrah and Kolkata is expected to be completed in the coming weeks. The 520-metre twin tunnel will pose a major link for the 16.6-km long East-West Metro project in Kolkata. The tunnel is developed 30 metre below the riverbed. Travellers moving from Howrah to Mahakaran metro station will be under the water for about a minute. The metro train will pass through the tunnel at a speed of 80 km per hour. Of…

Andhra Pradesh RERA: List of approved projects and agents
June 2, 2018

Finally, the Andhra Pradesh Real Estate Regulatory Authority (Andhra Pradesh RERA) has published a list of approved projects and agents on its RERA website. Till now, the regulatory authority has approved eight ongoing projects across the State. The Authority has received 46 applications for registration of projects. About 38 projects are under scrutiny. Officials have shared that all pending applications will be approved soon. Check Andhra Pradesh RERA approved projects - Click to Download Furthermore, the Andhra Pradesh RERA has given RERA certificates to 10 real estate agents till now. The authority has received a total of 12 applications. Check…

Centre approves construction of 1.5 lakh houses under PMAY (U)
June 1, 2018

According to the Housing and Urban Affairs (HUA) Ministry, the union government has permitted construction of 1.5 lakh houses for the urban poor under the ambitious Pradhan Mantri Awas Yojana (Urban), taking the total tally to 47.52 lakh houses under the programme so far. An official release stated that the latest approval involves a total investment of Rs 7,227 crore with financial aid of Rs 2,209 crore by the Centre. The approval to construct 1.5 lakh houses for the urban poor was granted in the 34th meeting of the Central Sanctioning and Monitoring Committee. Maximum houses were sanctioned in Andhra…

Nagpur-Mumbai Samruddhi Expressway set to take-off
June 1, 2018

According to a senior government official, work orders for the ambitious Nagpur-Mumbai Samruddhi Expressway is likely to be issued by the Maharashtra State Road Development Corporation (MSRDC) in June. The corporation on Thursday disclosed the list of 13 lowest bidders for the 700 km project, which would be constructed in 13 packages. In a release, MSRDC Vice-Chairman and Managing Director Radheshyam Mopalwar said that post the result of the financial bids, the corporation shall immediately carryout the evaluation process of the valuation submitted by the financial bidders. After completion of the due diligence in next few days, the corporation may…

Uttar Pradesh govt signs MoU to expedite work on Jewar airport
June 1, 2018

A Memorandum of Understanding (MOU) on Tuesday was signed between the Uttar Pradesh government and Yamuna Expressway Industrial Development Authority (YEIDA), Noida and Greater Noida Industrial Development Authorities to observe and expedite construction work on the much awaited greenfield Jewar International Airport. Uttar Pradesh CM Yogi Adityanath and state’s Civil Aviation Minister Nand Gopal Gupta were present among others. According to state government officials, the signing of the MoU will commence the process of land acquisition. Presently, the sub divisional magistrate of Jewar is monitoring the public hearing for land acquisition.  Officials further added that YEIDA, the nodal agency of…

Andhra Pradesh govt to use GPS to prevent illegal sand mining
June 1, 2018

In a bid to curb illegal sand mining in Andhra Pradesh, the state government has decided to launch GPS tracking system by the of July 2018. Addressing a press conference, State minister R Sujayakrishna Ranga Rao said that the government will introduce GPS tracking system by July end this year to curb illegal transport of sand in the state. He added that strict actions has been initiated by the government to avoid interstate unauthorized transport of sand. There have been widespread reports of sand mafia post implementation of free sand policy in the state. According to Rao, there are 150…

Over 1,65,000 homebuyers availed CLSS under PMAY
May 31, 2018

Under Pradhan Mantri Awas Yojana (PMAY) - Urban, the Central Government had introduced the Credit-Linked Subsidy Scheme (CLSS). Since the launch of this ambitious housing scheme, about 1,65,000 homebuyers have benefitted from the CLSS. Till date, over 45 lakh affordable housing units under PMAY have been approved for construction. Of these, about 27 lakh houses are in various stages of completion. Over eight lakh units have been already completed in the last three years. To know detailed implementation progress of PMAY (Urban) - CLICK HERE To encourage more participation from developers for the scheme, the Government had introduced several PPP…

Cement output grows 6.3 percent in FY18: Report
May 31, 2018

According to a recent report by a credit rating firm, ICRA, cement output has gone up by 6.3 percent to 298 million tonne (MT) in 2017-18 as compared to the previous fiscal year. During FY 2016-17, cement production was 280 MT. The growth was witnessed on the back of increased cement demand in the key markets, especially in the second half. The report reads that the similar growth trend is expected to continue in the current financial year, 2018-19. Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Ratings, has stated that the growth is primarily driven by a pick-up…

Andhra Pradesh Land Acquisition Act receives clearance
May 31, 2018

All proposed amendments to the Right to Fair Compensation and Transparency in Land Acquisition and Rehabilitation and Resettlement (AP Amendment) Bill, 2017 has been finally approved by the President of India, Ram Nath Kovind. Anil Chandra Punetha, Chief Commissioner of Land Administration, Andhra Pradesh, has informed that the Act will now be gazetted. The Andhra Pradesh government had adopted alterations to the Bill similar to Telangana and Gujarat government. The final nod to the Land Acquisition Amendment Act 2017 would now fasten the acquisition of land for projects related to infrastructure projects. With this amendment, payment of 150 percent of…

Maharashtra to utilise salt-pan land for affordable housing
May 31, 2018

The Maharashtra government has decided to construct around 10 lakh affordable houses under Pradhan Mantri Awas Yojana (PMAY) on salt-pan land in Malwani, Gorai, Jogeshwari and Mulund. The salt-pan land will be converted into residential areas in coming decades under Mumbai’s Development Plan-2034. Currently, only 15 percent (330 hectares) of the salt-pans are open for construction. With this move, the entire 2,100 hectares (5,400 acres) of eco-sensitive salt-pans would be allowed for construction purposes. The salt pans in Mumbai Metro Region cover an area equivalent to about 3,900 football fields. The salt pans would not be considered as wetlands following…

Slum Rehabilitation Authority surveys over 3 lakh units in Mumbai
May 30, 2018

In a survey conducted by the Slum Rehabilitation Authority (SRA) in Maharashtra, over three lakh huts in Mumbai has been inspected till date to accommodate slum dwellers under the existing Slum Rehabilitation Schemes (SRS) and under the Central government’s ‘Housing for all’ by 2022 scheme. The survey is anticipated to go on for a long time since there are more than 2,379 major slum pockets, housing over 62 lakh people. The area of these slum colonies varies between 318.50-2.17 lakh sq m. As per a government resolution issued by the state housing department dated 16 May 2018, dwellers staying in…

Pune civic body proposes policy to stop fencing walls in housing complexes
May 30, 2018

From now onwards, the Pune Municipal Corporation (PMC) would not build any fencing wall to safeguard housing societies or slums from the possible flooding of rivers. A policy for the same is being considered after the civic body received flak from the National Green Tribunal (NGT) and Bombay High Court. The civic body’s plan is also the result of various complaints regarding encroachment on water bodies. In some instances, housing societies and slum dwellers have started asserting the land till the fencing wall during the redevelopment work. The proposal further stated that the outlay of prevailing walls will be recuperated…

Gurgaon civic body offers interest waiver on property tax dues till May 31
May 30, 2018

Municipal Corporation of Gurgaon (MCG) has recently announced waiver of interest on payment of pending property taxes by May 31. However, the announcement was made only three days ahead of the deadline, leaving a very small period for property owners to avail the benefit. In an official release, MCG commissioner Yashpal Yadav said that in order to avail interest waiver, property owners needs to deposit all their pending taxes by May 31 including property tax for the financial year 2018-19, at once. In order to promote online transactions, a discount of 1 percent has already been announced on cashless payments of…

Maharashtra CM provides free land to slum dwellers
May 30, 2018

Maharashtra Chief Minister Devendra Fadnavis and Union Transport Minister Nitin Gadkari had offered land ownership to slum dwellers for free. While ownership documents were issued to around 1,000 slum dwellers, the same were handed over with ground rent demand note, which is as high as Rs 1 lakh per annum. Interestingly, the Nagpur Improvement Trust (NIT) is computing the ground rent at 2 percent of lease premium, which is zero. The average ground rent for slum dwellers varies between Rs 5,000-10,000 per year. In NIT’s last board meeting, the decision to impose ground rent on slum dwellers was approved by…

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