Indian real estate news

Andhra Pradesh issues land pattas to 1.15 lakh families
February 13, 2019

The Andhra Pradesh government has recently issued land pattas to nearly 1.15 lakh families living in hilly regions of Vijayawada. Chief minister, N Chandrababu Naidu granted pattas worth Rs 7,500 crore to the identified beneficiaries. With this development, people living in hilly areas would get better infrastructure and civic amenities. Officials have shared that nearly two lakh families residing on the government lands have been demanding to get land pattas issued for the past 30 years. Considering the demand, the State government had conducted a survey and identified 1.15 lakh genuine beneficiaries residing in unauthorised properties in hilly areas.  Citizens are…

Meerut Expressway and Faridabad to have a direct road link
February 13, 2019

The National Highways Authority of India (NHAI) is preparing a Detailed Project Report (DPR) for a new corridor to ease traffic congestion on the Ring Road near Sarai Kale Khan in Delhi. The decision was made to provide hassle-free traffic movement between Delhi-Meerut Expressway (NH-9) and Faridabad in Haryana. Last year, the NHAI took over the Kalindi Kunj bypass project from the Public Works Department (PWD). To commence the construction work on the Kalindi Kunj project, the Ministry of Road Transport and Highways had notified the corridor between NH-9 near Sarai Kale Khan in Delhi and Kail Gaon, Ballabhgarh and…

Chennai Metro Phase 1 is now fully operational
February 12, 2019

After a long seven years, the Chennai Metro Rail Limited has completed the entire 45 km stretch of Phase I of Chennai Metro. The last leg of Phase 1 was completed with the inauguration of the 10 km-long corridor connecting AG-DMS to Washermanpet. Prime Minister, Narendra Modi and Chief Minister, Edappadi K Palaniswami, launched the last stretch. The opening of the new metro rail corridor will substantially cut the travel time from Washermanpet to the Airport. Now, the travel time between the two will be only 40 minutes by metro rail. The travel time from Chennai Central to the airport…

Karnataka: Govt approves DPR for Chitradurga-Mangaluru Highway
February 12, 2019

The Detailed Project Report (DPR) of the Chitradurga-Mangaluru road corridor (NH-173) from Mudigere Handpost to Nelliyadi Junction has been locked. The road corridor, which is a part of the Golden Quadrilateral, will be developed at Rs 2,500 crore. The road network has been approved to connect major metro cities across the country to improve freight movement. The development of the proposed road corridor is expected to trim down the travel distance by 196 km. The foundation stone for the project will be laid in March 2019 by Union Minister of Road Transport and Highways, Nitin Gadkari. Officials have shared that…

Centre approves Ahmedabad Metro Phase 2 project
February 12, 2019

The Central Government has given its final nod for the development of the 28.5 km long Ahmedabad-Gandhinagar Metro Phase 2, linking Gandhinagar to Motera. The estimated cost of the project is Rs 5,523 crore. The Ahmedabad-Gandhinagar corridor will have 20 stations. The decision was taken after the meeting between the metro authorities and the Public Investment Board (PIB). The final proposal has been tabled to the Finance Secretary for the final sanction. The formal announcement of the same would be made when Prime Minister Narendra Modi inaugurates the 6 km stretch of the Ahmedabad Metro connecting Vastral Gam to Apparel…

Rajasthan prepares draft of amended bylaws for green buildings
February 12, 2019

To attract more builders to develop green buildings in the State, the Rajasthan government has prepared a draft in order to provide relaxation in bylaws. The Urban Development and Housing (UDH) department has tabled the same following the proposal of the Indian Green Building Council. Officials have shared that the amended bylaws would bring in additional Floor Area Ratio (FAR) for projects under Jaipur Development Authority (JDA) for green buildings. Till 2018, Rajasthan had 83 Indian Green Building Council (IGBC) registered projects with around 103 million sq ft of green buildings. At present, the State government grants 7.5 percent extra…

Bihar inaugurates rural roads and bridges worth Rs 5,254 crore
February 12, 2019

The Bihar government has recently inaugurated several infrastructure projects worth over Rs 5,000 crore for the rural regions in the State. Nitish Kumar, Chief Minister, Bihar, has laid foundation stones for several rural roads and bridges. Officials have shared that the State Chief Minister has inaugurated around 1,229 rural roads and 25 bridges worth Rs 1,193 crore. Construction work on 1,052 road projects and 15 bridges worth Rs 1,037 crore was also inaugurated. Also, the foundation stones were laid for around 2,588 road projects and 58 bridges worth Rs 3,024 crore. To improve connectivity in rural parts of the State,…

Stamp duty in Mumbai up by 1 percent
February 12, 2019

Finally, the Maharashtra government has issued a notification regarding an extra one percent of stamp duty to be levied as a surcharge on property transactions in Mumbai. The additional charge will be applicable on all property deals from February 8, 2019. The State government is expecting to generate more than Rs 1,000 crore from this amendment. The revenue will be collected by the Stamps and Registration Department and passed on to the Mumbai Metropolitan Region Development Authority (MMRDA) to carry out several infrastructure projects in Mumbai, including nine Metro corridors, and the Versova-Bandra Sea Link (VBSL). The decision will now increase…

Press Release

Mahindra Lifespace executes an agreement to acquire land in Pune
February 12, 2019

Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the famed Mahindra Group has recently executed an agreement to acquire approximately seven acres of land in Pune, wherein, it plans to develop a mid-segment residential project with development potential of approximately 0.7 million sq ft. The Project falls under the jurisdiction of Pimpri Chinchwad Municipal Corporation and the said move is a part of the company’s pursuit to acquire land for business expansion.

Press Release

SOBHA conferred with two BAM awards 2019
February 12, 2019

One of the most admired and trusted real estate brands of India, SOBHA Limited has recently been conferred with the ‘Best CSR activity of the year award’ at Builders, Architects, and Building Materials (BAM) Awards 2019. Besides this, SOBHA Dream Acres, a unique residential development of the company, has been conferred with ‘Best Affordable Housing Project of the year’ award during the same award ceremony, held in Delhi recently.   The Chief guests at the ceremony included Nina Vaskunlahti, Ambassador of Finland and Rahul Shewale, Member of Parliament, Government of India.

Smart Cities Mission: Only 10 percent projects completed so far
February 11, 2019

Under the Smart Cities Mission, as many as 534 projects worth Rs 10,116 crore have been completed till date. According to the Urban Affairs and Housing Ministry, overall 5,151 projects worth Rs 2 lakh crore have been approved under the scheme, which are in various stages of implementation in the 100 cities. About 1,177 projects worth Rs 43,493 crore are underway while tendering has been initiated for 677 projects worth Rs 38,207 crore. Under the mission, 11 cities have Integrated Command and Control Centres (ICCC), controlling and monitoring water and power supply, sanitation, traffic movement, integrated building management, city connectivity,…

Centre to sanction 3 lakh more houses under PMAY before elections
February 11, 2019

Housing Ministry is planning to sanction three lakh more affordable houses under the Pradhan Mantri Awas Yojana (Urban) before the Lok Sabha election. With this, the overall sanction of houses under the ambitious housing scheme would reach around 75 lakh. As of now, the Ministry has sanctioned a total of 72 lakh homes across the country under PMAY. In 2015, the Central Government had launched the housing scheme, PMAY, to provide shelters to the homeless population in rural and urban centres across the country by 2022. Hardeep Singh Puri, Housing Minister, has shared that the total number of houses sanctioned…

Foundation stone for Jewar Airport to be laid by Feb-end 2019
February 11, 2019

Prime Minister, Narendra Modi is more likely to lay the foundation stone for the Jewar Noida International Airport (JNIA) by February-end 2019. The new airport will be a second airport facility after Delhi's Indira Gandhi International Airport (IGIA) for Delhi NCR region. Recently, the Uttar Pradesh government had allocated Rs 800 crore for the international airport in Jewar along the 165 km Yamuna Expressway. The allocated sum will be utilised for rehabilitation and settlement of farmer families. The State government has already released Rs 2,850 crore for land acquisition purposes. The Noida International Airport Limited (NIAL) will soon invite bids…

Tamil Nadu sanctions Rs 2,681 crore for Chennai Metro
February 11, 2019

The Tamil Nadu government has sanctioned a total sum of Rs 2,681 crore for the upcoming fiscal year, 2019-20, for the development of Chennai Metro Phase 2. The proposed metro corridor will be 118 km long, connecting the suburban areas to the city centre. During 2018-19, Rs 1,950 crore was allocated for the project. O Panneerselvam, Deputy Chief Minister, Tamil Nadu, has shared that the State government has allocated a total cost of Rs 40,941 crore for the coming financial year. A sum of Rs 2,681 crore has been approved for the metro rail project as share capitals and debt.…

Press Release

Godrej Properties launches Godrej Aqua
February 11, 2019

One of the leading real estate developers, Godrej Properties Limited has recently launched a new project in Bangalore by the name of Godrej Aqua, comprising of water secure homes. Having a saleable area of approximately 72,918 sq m, Godrej Aqua comprises of 2 and 3 BHK apartments with carpet area ranging in between 69 sq m to 116 sq m. Strategically located at Bellary Road, Godrej Aqua enjoys proximity to Hebbal, Yelahanka, and Devanahalli with smooth connectivity to the Outer Ring Road, Bangalore International Airport, and the Central Business District (CBD).  Post the launch of the new project, Godrej Properties…

Real estate sector attracts Rs 46,268 crore PE investments in 2018
February 11, 2019

According to a recent report by Cushman & Wakefield, the real estate sector has attracted investment worth over $6.8 billion or Rs 46,268 crore from private equity funds in the year 2018. However, the investment volume has dipped by 10.6 percent year-on-year. The report reads that the Non-Banking Finance Companies (NBFC) liquidity crisis has been the major reason behind lower investment volume in 2018. Investment had declined by 23.4 percent to Rs 8,450 crore during the last quarter of 2018. Office spaces led the investment inflows contributing 46.4 percent of the overall fund flows. Mumbai had attracted the maximum share…

Committee favours GST cut on under-construction and affordable units
February 11, 2019

As per the directive issued by the Central Government to identify the possibility of GST rate cut, the Group of Ministers (GoM) has approved the proposal of lowering GST rate on under-construction residential properties to five percent. Right now, a 12 percent GST is applicable on under-construction properties and units that have not received completion certificates. To boost the affordable housing segment, the committee has also favoured reducing GST rate on affordable units from eight percent to three percent without input tax credit (ITC). Officials have shared that the report of the committee would be tabled before the GST Council…

Govt to develop 65,000 km highways by 2022: Highway Ministry
February 10, 2019

Ministry of Road Transport and Highways has announced the development of 65,000 km of highway across the country by 2022. The estimated cost of the construction of highways would be around Rs 5.35 lakh crore. The information was shared by Nitin Gadkari, Road Transport Minister. Officials have shared the highways would be constructed under the Bharatmala Pariyojana. About 24,800 km of highways would be developed along economic corridors, inter corridors, feeder routes, and border roads. All these highways have been envisaged for construction under Phase-I of Bharatmala project. To expedite the completion of the proposed highway projects, the progress rate of…

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