Indian real estate news

Construction on Lokhandwala-Kanjurmarg metro route to begin by Dec 2018
August 14, 2018

The construction work on the 14.47 km-long Lokhandwala-Jogeshwari-Kanjurmarg stretch (Metro 6) is likely to commence by the December-end 2018. The Delhi Metro Rail Corporation (DMRC), which is executing the project on behalf of the Mumbai Metropolitan Region Development Authority (MMRDA), has already awarded the civil construction contract to J Kumar Infra Projects Ltd for the development of five stations and a viaduct. The project will be executed in three phases. In the first stage, a section of the corridor between Samarth Nagar in Lokhandwala and Mahakali Caves in Andheri East will be developed at a cost of Rs 867 crore.…

Chennai Metro Phase 2 to be extended till Poonamallee
August 14, 2018

The Chennai Metro Rail Limited (CMRL) has decided to extend the city's metro phase II project from Valasarawakkam to Poonamallee. The proposed corridor will run for nearly 13 km having 10 stations, including Karambakkam, Porur Junction, Sri Ramachandra Hospital, Iyyapanthangal Bus Depot, Kaatupakkam, Kumananchavadi, Karayanchavadi, Mullai Thottam, Poonamallee Bus Terminus and Poonamalle Bypass. The decision to extend the route would benefit thousands of commuters residing in the western part of the city. The plan of the extension was originally not part of the phase II project. The new route would be completed at a cost of Rs 3,850 crore. Chennai…

Over 31,500 projects registered under RERA till date: Report
August 14, 2018

According to a report by FICCI and Grant Thornton, about 31,500 real estate projects have been registered under Real Estate (Regulation and Development) Act (RERA) across the country till date. The report further reads that out of all the registered projects in India, Maharashtra accounted for about 54 percent of the overall registration. The regulatory authority of Maharashtra has registered over 17,000 ongoing real estate projects across the State so far. The new real estate Act was introduced on May 1, 2017, and all the States and Union territories (UTs) were directed to notify their respective RERA norms, launch online…

Madhya Pradesh RERA resolves over 800 complaints till date
August 14, 2018

Madhya Pradesh Real Estate Regulatory Authority (Madhya Pradesh RERA) has disposed of over 800 complaints filed by the homebuyers against the errant developers across the State. The details of disposed of complaints can be seen on the State's RERA official website. Check all Madhya Pradesh RERA resolved complaints - Click to Download It should be noted that the State's regulatory authority is one of the most active in the implementation of the new real estate Act across the country. The Madhya Pradesh RERA has registered over 1,900 ongoing projects across the State. Talking about agents, the Authority has issued certificates…

Ghaziabad authority to demolish 650 illegal buildings
August 14, 2018

The Ghaziabad Development Authority (GDA) will carry out demolition drive against all illegal and unauthorised properties and buildings in the city. The Authority has sealed around 30 such illegal units so far. The decision to identify and seal illegally constructed and dilapidated buildings was taken after the collapse of a five-storey under-construction building in Akash Nagar in July, taking two lives. Ritu Maheshwari, Vice Chairperson, GDA, has shared that there are over 650 illegally constructed buildings in the city. All of them would be sealed or demolished by the end of this month. The Enforcement Department, GDA has surveyed all…

Navi Mumbai freehold land can be ‘owned’ for 90 years now
August 13, 2018

The Maharashtra State government has given the nod to the long pending demand of Navi Mumbai residents to convert their leased land holdings into freehold. The move is anticipated to benefit around five lakh families living across 344 sq km in Navi Mumbai. As per the new initiative, the lease-holders can pay a 30 percent premium on the ready reckoner price and purchase the land for 90 years. An official from the Chief Minister's office shared that it was essential to retain the government’s hold on the land, and hence they decided to offer the benefits of freehold land by…

BRTS to commence on Pune-Mumbai Highway
August 13, 2018

The Bombay High Court has granted the permission to start the Bus Rapid Transit System( BRTS) along the Pune-Mumbai highway. Eknath Pawar, Pimpri Chinchwad Municipal Corporation’s leader, shared that they will carry out minor repairs like fixing the damaged barricades and repainting of signage before the BRTS route is thrown open to the public. The project is expected to ease daily travel between Mumbai and Pune.   The Pune Mahanagar Parivahan Mahamandal Limited (PMPML) is authorised to deploy traffic wardens at chows, merging points and pedestrian crossings. Necessary infrastructure has already been created on the route by PCMC. Earlier, the…

Kolkata extends the deadline for property tax payment
August 13, 2018

The New Town Kolkata Development Authority (NKDA) has decided to extend the last date for depositing the first quarter outstanding amount of assessment based property tax to September 2, 2018. The property owners failing to pay the tax within the deadline will be charged a penalty of 30 percent of the total amount. All the property owners of various categories that have failed to pay the tax on the earlier deadline of August 2 can now initiate the payment by the new deadline, with an added penalty of 10 percent. After the implementation of new UAA based system in April,…

UPRERA divisional bench to be set up in Noida
August 13, 2018

The Real Estate Regulatory Authority (RERA) will soon start its western UP bench in Greater Noida. Around 4,000 complaints pertaining to the issues over residential projects in Noida and Ghaziabad are pending to be addressed. Greater Noida Authority’s old office at Gamma 2 has been finalised as the operational centre for this division bench. The building has been vacant since the Authority shifted its operations to a new office space in Knowledge Park IV. Two bench members have been appointed to examine the cases in the Greater Noida office, whereas, the other two will investigate cases in Lucknow. The Greater…

Government fast-tracks third corridor of Pune Metro
August 13, 2018

The construction of the third key corridor of the Pune metro - Hinjewadi-Shivajinagar - will soon be gaining steam. As per the official notification issued by the Urban Development Department, the Hinjewadi-Shivajinagar Metro corridor has been categorised as a ‘vital project’. The classification as a ‘vital important urban transport project’ means that the Collectorate will have to release the land, finances and other assistance required for the project within one month after the project gains momentum. This is the first public-private partnership (PPP) project under the current Metro policy. The expected cost of the project is around Rs 8,313 crore.…

PCMC Smart City plan to be tabled soon
August 13, 2018

The Pimpri-Chinchwad Municipal Corporation (PCMC) will soon present a proposal regarding the work to be done under the Smart City project. The authority plans to table it in front of the general body on August 20, 2018, and execute it under the public-private partnership (PPP) model. Aligning with the Smart City mission, PCMC plans to digitise the city by laying a 750 km optical fibre network, installing CCTV cameras at various traffic junctions, establishing 60 smart city kiosks, 270 Wi-Fi hotspots and 150 variable message displays. The message display facility will allow a real-time disbursal of information on traffic status, various key city issues and other emergency services. Shravan Hardikar, Municipal Commissioner, shared that a corpus of Rs 593.67 crore has been allocated for the…

Mumbai: Construction norms eased near Arthur Road prison
August 12, 2018

In a first, the Maharashtra government has mitigated the earlier stringent norms on constructing structures around the Arthur Road jail. Under the present norms, construction activities were not allowed within 150 m radius of the prison boundary; however, the new rules will prohibit building activity within 20 m radius of the jail. The State will appoint an advisory committee in this regard that will assess ‘security factors’ before clearing the building proposals planned within a radius of 500 m of the jail. An official notification is likely to be issued soon. As per a town planning expert, the new norms…

MahaRERA to tackle complaints of unregistered projects: Bombay HC
August 12, 2018

The Maharashtra Real Estate Regulatory Authority (MahaRERA), which was implemented in the State on May 1 last year, has been granted the power to tackle consumer complaints by the Bombay High Court (HC). The two directives have been welcomed by the sector that has lost consumer confidence in the last few years. The division bench of HC, constituting Justice VM Deshpande and Justice RM Borde in its July 31, 2018 order, made the regulatory authority responsible for handling complaints pertaining to unregistered real estate projects. As per the previous guidelines, the authority was allowed to intervene only in projects registered…

UPRERA appoints its full-time Chairman
August 12, 2018

Uttar Pradesh has appointed the former Chief Secretary, Rajive Kumar, as the new full-time Chairman of the Uttar Pradesh Real Estate Regulatory Authority (UPRERA). Kumar, who retired on June 30, 2018, has replaced Nitin Ramesh Gokarn, Principal Secretary – Housing, who was an interim Chairman to the authority. Besides Kumar, the State has also appointed the former bureaucrats Bhanu Pratap Singh, Kalpana Mishra and Balvinder Kumar as members of the State regulator. Singh is an erstwhile IPS officer, while Mishra is from the judiciary. Retired IAS officer, Balvinder Kumar, has also served as the Vice-Chairman of the Lucknow Development Authority.…

Nearly 4.65 lakh homes delayed across India: Report
August 11, 2018

According to a report by a leading research firm, there is an inventory overhang of 4.65 lakh units in housing projects facing construction delays across the country. The total cost of projects facing delays is estimated to be Rs 3.3 lakh crore. The elongated delay has posed a threat to the revival of the real estate sector in some select markets. Industry bodies such as the National Real Estate Development Council (NAREDCO) and Confederation of Real Estate Developers Association (CREDAI), however, do not seem to agree with these figures. According to them, in the last two quarters, the sector has…

Educational setups to get 40 percent rebate on circle rate in Ghaziabad
August 11, 2018

As per the new circle rates implemented in Ghaziabad for the year 2018-19, the State has abolished the five percent rebate on rainwater harvesting, and offered up to 40 percent rebate on plots that would be utilised for constructing educational institutions in the city. The State will offer the rebate under two slots — 30 percent rebate on plots measuring 1,000-20,000 sq m and 40 percent rebate on plots measuring over 20,000 sq m. Previously, the State offered rebate on plots under four slots between 10 and 30 percent. Ritu Maheshwari, District Magistrate, Ghaziabad, said that the government has tried…

Bangalore-Mysore highway to be completed in 30 months
August 10, 2018

Six-laning of Bangalore-Nidagatta-Mysore road corridor is likely to be completed in next 30 months. Mansukh L Mandaviya, Minister of State for Road Transport and Highways, has informed about the same. In March, the National Highways Authority of India (NHAI) awarded the development of the proposed stretch in two packages. Six laning of Bangalore-Nidagatta section will run 56.2 km and will incur Rs 3447 crore. The project has been awarded to Dilip Buildcon Limited. The 61 km Nidagatta-Mysore section will utilise a total sum of Rs 2765 crore. On the proposed stretch, five bypasses have been identified at Bidadi, Ramanagara &…

Two new smart city projects in Chandigarh approved
August 10, 2018

The Chandigarh Smart City Ltd has approved two new smart city projects, including 24x7 water supply in Manimajra and bicycle sharing in the city. The tender and other related processes of both the approved projects would be issued soon. Officials have shared that the financial estimate of the projects will be locked immediately. However, the Municipal Corporation of Chandigarh has made a rough estimate of Rs 170 crore for the development of water supply project in Manimajra. The work will be carried out under the supervision of the project management consultant (PMC) and smart city board. The project will be…

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