Indian real estate news

Goa: Work on Chimbel IT park, Tuem hub to begin soon
April 21, 2018

The Goa government has announced that the construction work at Chimbel IT park will commence by the end of April 2018. The project is expected to be completed in 18-24 months. Apart from the IT park at Chimbel, the State government has plans to develop the Electronics Manufacturing Cluster (EMC) in Tuem. Both these real estate developments will attract electronic manufacturing and software companies to Goa. Officials have shared that the proposal to establish an Electronic System Design and Manufacturing (ESDM) hub and IT Park in Goa was tabled three years back. The IT Park at Chimbel and the Electronics…

MHADA to offer 4000 flats through lottery in Virar
April 21, 2018

The Maharashtra Housing and Area Development Authority (MHADA), Konkan division, will hold a housing lottery of 4000 flats in Virar in 2018. The project is located at Virat Nagar in Virar. Officials have stated that the construction work of houses has been completed. However, the prices of the flats have not been fixed yet. It was noted that the last housing lottery in Virar failed to allure maximum response due to the high prices of flats. Considering this, the Authority has now decided to slash the property prices this time. Earlier, the property prices were pegged up to Rs 24…

Haryana RERA to dispose of 60 complaints by June 2018
April 21, 2018

The Haryana Real Estate Regulatory Authority (Haryana RERA) has heard a total of 60 complaints filed by homebuyers. The Authority has announced that it will conduct hearings on Tuesdays and Thursdays every week. KK Khandelwal, Chairman, Haryana RERA (Gurgaon), has stated that the complaints will be disposed of within 60 days of their first hearing. All complaints will be disposed of by May or June 2018, adds Khandelwal. Officials have shared that once the complaint is registered, the Authority issues notices to the respondents, giving them up to 21 days to respond. The regulatory authority has already imposed a Rs…

Ludhiana MP directs officials to accelerate smart city projects
April 20, 2018

Three years post the announcement of Smart City mission, the Ludhiana Smart City Limited could implement only three projects on ground while remaining projects are still at the planning stage. Of these three projects, only the installation of solar panels has taken off while road signage and LED street lights project are yet to commence. According to the officials, technical glitches and other constraints led to the delay in execution of the projects. The LED street light project is likely to commence from May 1 as a survey street lights is still on. In a meeting held between district level…

Nagpur-Mumbai E-way construction to start by September
April 20, 2018

The land acquisition for the proposed Rs 46,000-crore Nagpur-Mumbai expressway is almost finished with 80 percent of the required land (8,603 hectares) in possession of the Maharashtra State Road Development Corporation (MSRDC). The bidding process for the marquee project will commence soon and construction for the same is anticipated to start by September. According to Radheshyam Mopalwar, VC & MD, MSRDC, the authority has 5,312 hectares of private land in possession which it acquired from 17,353 farmers. Now, around 2,000 hectares of privately held land is to be acquired. Overall, 9,157 sale deeds have been registered and the corporation has…

Survey: Corporates spend more on technology to improve user experience
April 20, 2018

According to the CBRE Asia Pacific Occupier Survey 2018, corporates are increasingly investing in technology to better utilise their workplaces and enhance end-user experience. Phil Rowland, CEO (Global Workplace Solutions), CBRE Asia Pacific, said that a perfect blend of robust portfolio expansion, an escalating workplace evolution and upswing in digital enablement tools is furnishing a generational mind-set shift in how occupiers view real estate. Apps for meeting rooms and desk booking, connected sensors and predictive analysis along with biometric authentication and air purification technology are some other features that occupiers anticipate landlords to provide. Ada Choi, Executive Director (Research), CBRE…

Maharashtra approves road projects worth Rs 11,355 crore in rural areas
April 20, 2018

Maharashtra Chief Minister on Thursday announced connectivity projects worth Rs 11,355 crore to be constructed in Nanded, Parbhani and Beed districts in the Marathwada region of Maharashtra. A 548-km long national highway project will be constructed at Nanded at an estimated cost of Rs 5,343-crore. The CM along with Nitin Gadkari, Union Minister for Surface Transport and Shipping laid the foundation stone for the project. In Beed, foundation stone was laid for road projects worth Rs 3,393.38 crore. Addressing a rally, the CM said that state government gives highest priority to infrastructure projects to usher in growth and development. He…

Bangalore: Most preferred city for office expansion
April 20, 2018

According to CBRE Asia Pacific Occupier Survey 2018, multinational companies looking to expand their office portfolio are preferring Bangalore. The report further revealed that China and India continue to be the most preferred markets for expansion followed by Singapore. Rajesh Pandit, Head (GWS and Asset Services), CBRE India, said that with every passing year, India further establishes itself as one of the world’s leading markets for expanding occupiers and the approach of multinational companies to occupy more office space in Bangalore and emerging cities are evidence to this fact. The survey further added that in the next two years, nearly…

Government inaugurates Rs 882 crore highway project in Bihar
April 19, 2018

The Central Government has laid the foundation stone for a highway project, covering 70 km, on the National Highway (NH) 2 in Bihar. The new stretch will be widened into a six-lane road and will incur Rs 882 crore. The road project will be extended from Aurangabad in Bihar to Chordahaon Bihar-Jharkhand border. Officials have shared that the new highway project will include one flyover, 15 underpasses, 7 major bridges, 24 minor bridges, 174 culverts, 12 foot over bridges, 26 bus bays, 7 truck lay bays and 2 wayside amenities. Apart from this project, the Government has announced several projects…

Telangana to implement land registration policy from June 2018
April 19, 2018

The Telangana government will introduce a land registration policy in June 2018. The policy will be implemented through online registration portal, Dharani, shares State's Chief Minister, K Chandrashekhar Rao. Once the policy is effective, both the seller and buyer will need to pay their visit to the registration office only once and their passbooks and registration papers would be issued to them. Applicants are required to take an appointment from the sub registrar's office in advance and fix a time slot. On the appointed day, buyer and seller need to submit their passbook and sale deed. The sub-registrar will register…

Centre proposes relaxation of coastal regulation zone rules
April 19, 2018

The Central Government has proposed a draft on coastal development rules with a significant relaxation of the buffer zone along the seashore. If approved and implemented, the amended laws will impact realty market of Greater Mumbai. The coast near Backbay, Marine Drive, Girgaum and Shivaji Park have been officially declared as 'bay' areas. The Union Ministry of environment, forest and climate change recommends slashing the coastal regulation zone (CRZ) to 50 metres from the existing 100 metres. The proposed rules, if approved, will enable real estate development closer to coastlines. More classifications have been suggested to delineate environmentally sensitive areas…

DTCP razes over 60 illegal properties in Gurgaon
April 19, 2018

The Department of Town and Country Planning (DTCP) has demolished over 60 residential units in an unauthorised colony in Bhangrola in Gurgaon. The illegal residential colony was being structured over a six-acre land without attaining any approval from the concerned authorities. The enforcement wing, DTCP, has razed structures including 60 under-construction houses, four labour hutments, and two material stores. The action was taken against the illegal colony after a complaint was registered with the Authority. Rajendra T Sharma, District Town Planner (Enforcement), DTCP, has shared that a total of 66 authorised units have been razed. The department had demolished around…

Press Release

Piramal Realty garners substantial response at flagship project launch
April 19, 2018

Piramal Realty garners substantial response at flagship project launch19th April 2018 Mumbai-based developer Piramal Realty announced the launch of its flagship project, Piramal Mahalaxmi in South Mumbai. The project drew a massive customer response and recorded nearly Rs 1,500 crore worth booking. On the first day of launch, 200 units were booked. Tower I comprises 2BHK and 3BHK apartments, measuring 739-1400 sq ft. 

Rajasthan RERA revises registration fee for real estate projects
April 18, 2018

Real estate developers in Rajasthan will now have to pay extra money to register their big projects with state’s regulator which will put extra financial burden on the consumers. Developers will now have to pay registration fee according to the size of the plot or land as the regulatory authority has decided to remove the cap of maximum registration amount. Consequently, the registration fee on big projects would evidently surpass the maximum registration amount. An RERA official claimed that the revision in registration fee is proposed as the amount is comparatively lesser than other states which was resulting in loss…

HUDA administrator returns 20 files, says no OC without physical inspection
April 18, 2018

After returning 20 files of Occupation Certification (OC), the HUDA administrator has ordered the estate officer to send the same only after physically inspecting the sites. Recently, HUDA was stuck in a controversy over irregularities in granting OCs. Investigation revealed that OCs were granted to unfinished buildings with false photographs. Certain buildings that violated the Haryana Building Code were also granted OCs. In February, six HUDA officials including the personal secretary to the administrator were charged for corruption. According to the rule, junior engineers of the authority conduct physical site inspection and prepare a report which is verified by the…

MahaRERA to have GIS-enabled platform to map realty projects
April 18, 2018

After completing one year of implementation, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is in the process of preparing a new feature on its website wherein, all the registered projects will be mapped on the Geographical Information System (GIS). While the announcement regarding this feature was made by the state’s Chief Minister last year, the project is eventually taking off now. Once functional, prospective homebuyers can view projects present in their area of interest, details of the projects and social amenities present in proximity. Post the implementation of RERA, it is mandatory for developers to register new and ongoing projects…

Gurgaon civic body razes 7 illegal buildings around ammunition depot
April 18, 2018

In a demolition drive carried out by by the Municipal Corporation of Gurgaon (MCG) on Monday, seven under-construction buildings were demolished and one was sealed for falling in the restricted zone around the ammunition depot. As per the officials, four of the seven structures were residential buildings. Three commercial buildings were also sealed by the civic body for illegal construction. According to a senior MCG official, the demolition drive was carried out on the direction of Punjab and Haryana High Court which restricts the construction of any building within 300 metres around the ammunition depot considered as restricted zone. The…

Hyderabad to witness over 30 mn sq ft of fresh office supply
April 18, 2018

According to a recent Colliers Research data, Hyderabad is set to get about 32.6 million sq ft of new office supply which is currently at various stages of construction. Around 95 percent of these upcoming office developments is concentrated in Secondary Business District (SBD) while the remaining five percent is dispensed among Peripheral Business District (PBD) and off Central Business District (CBD). Renowned builders including Phoenix, My home group, Embassy, Salarpuria Satva, DLF and Divyasree, Navayuga have constructed most of these new developments. Ritesh Sachdev, Senior Executive Director (Occupier Services), Colliers International India, said that Hyderabad market is expected to…