Indian real estate news

Projects under Smart City and AMRUT to be expedited in Thiruvananthapuram
July 6, 2018

The infrastructure development body of Thiruvananthapuram city will soon take off multiple projects under the Smart city and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) projects. Several projects will be fast-tracked such as the development of smart bus shelters, open gym, water kiosks, multi-level car parking under the Smart City project. AMRUT project will constitute of schemes like public transport programmes, open space/park, stormwater drainage programmes, drinking water programmes end others. These projects will be time bound. An officer with the Town Planning Department shared that 51 projects worth Rs 357.50 crore will be undertaken under AMRUT, that will…

Nearly 25000 affordable homes planned to be built in Bihar by 2022
July 6, 2018

Representing over 12,000 members across India, Confederation of Real Estate Developers’ Associations of India (CREDAI) was invited to work for the development of real estate sector in Bihar. The Deputy CM of the State, Sushil Kumar Modi, shared that Bihar has shown exemplary growth across sectors including road, infrastructure and credit schemes in the last 12 years. There is regular electricity supply across the State with Patna receiving it for 24 hours, other urban areas for 22 hours and rural areas for 18 hours. The CM claimed that there is not a single habitat in the State which does not…

Commercial property tax hiked in Chandigarh
July 6, 2018

The Chandigarh administration has hiked the commercial property tax by 10 percent. This is the first time in 15 years after the imposition of the commercial property tax in 2003 that the rates have been revised. Out of the list of commercial property owners in Chandigarh, prepared by the civic body, the majority are yet to pay the revised tax. The authority will soon start sending notices to such property owners. The enhanced commercial property tax has been made effective across the Union Territory from April 1, 2018, onwards. Chandigarh Municipal Corporation had released the proposal to increase the commercial…

CMDA proposes housing development in catchment areas near Avadi
July 6, 2018

A proposal is being considered by The Chennai Metropolitan Development Authority (CMDA) to reclassify the catchment area near Avadi, dropping down the ban imposed by the Madras high court on conversion of water bodies and wetlands into residential layouts. Environmentalists have warned against the move claiming that it will adversely impact the rainfall activity zone. However, CMDA maintains that the site was mistakenly declared as a waterbody. A reclassification notification has been published on the CMDA portal, where an application has been filed with the planning authority. The petition seeks to modify the land use pattern of a site mentioned…

Consumer body proposes inclusion of property portals under MahaRERA
July 6, 2018

Mumbai’s city-based consumer body, Mumbai Grahak Panchayat (MGP) has requested Maharashtra Real Estate Regulatory Authority (MahaRERA) to treat real estate websites as agents and subsume them in its ambit to augment transparency and accountability in the real estate sector. Through its letter to MahaRERA, MGP conveyed that all the real estate web portal companies, like real estate agents, should be asked to seek registration under MahaRERA within the next 60 days since they are also facilitating buying and selling of properties. MGP is expecting a response from MahaRera anytime soon. The consumer body adheres to the view that registration of…

MahaRERA tightens vigil on unregistered projects
July 5, 2018

The Maharashtra real estate regulatory authority (MahaRERA) has tightened the noose on local authorities in a bid to ensure registration of leftover projects in the State. So far, nearly 16,000 projects have been registered under MahaRERA. Through its letters to 85 authorities including municipal commissioners and collectors, MahaRERA has asked for a survey of realty projects and a report on the unregistered projects. In May this year, MahaRERA completed one year of its enforcement, and authorities announced that they will now primarily focus on the unregistered projects in the State. Registrations were received majorly from the established cities; however, they…

Tamil Nadu to open 27 sand quarries by August
July 5, 2018

The Tamil Nadu government will be opening 27 new sand quarries across the State in a streamlined approach for catering the requirements of the construction industry. Within a week, three quarries are planned to be opened in Thanjavur and Namakkal districts. This technology-driven project will also limit illegal mining and keep a check on smuggling of sand to the neighbouring states. An environment clearance (EC) was obtained by the sand wing of the public works department (PWD) from an expert committee of the State Environment Impact Assessment Committee (SEIAA) for quarries in Sarkarpalayam in Namakkal and Pavanamangalam and Vazhkai in…

Nagpur Authority issues notices to unauthorised layouts
July 5, 2018

The Nagpur Metropolitan Region Development Authority (NMRDA) pulled a string on 29 unauthorised layouts and slapped them with legal notices for not acquiring requisite sanctions in the Metro Region. Around 140 unauthorised buildings, too, have been issued notices, thereby increasing the total count to 1,468, from an earlier number of 1,328 buildings. From the East division in Kamptee tehsil, nearly 18 unauthorised layouts have been identified, whereas, from the West division in Nagpur (rural), Kalmeshwar and Hingna tehsils, six unauthorised layouts have been given notices. The northern division in Kamptee tehsil has one layout and, the South division in Nagpur…

Maharasthra Govt prohibits land dealings near Purandar Airport
July 5, 2018

The Pune collectorate and Maharashtra Airport Development Company (MADC) has delayed the land acquisition process at the proposed Purandar airport site. Taking advantage of this, several real estate agents have started purchasing land from farmers available around the proposed airport area and the ring road that will connect the airport with the rest of the city. The increase in the number of deals in these areas, as compared to the previous annual sales here, has been verified by the revenue department. The Pune district administration has taken up steps to restrict these activities by imposing a ban on land dealings…

Pimpri Chinchwad civic body collects Rs 181 cr property tax in Apr-Jun
July 4, 2018

The Pimpri Chinchwad Municipal Corporation has generated a total of Rs 181.68 crore as property tax during the first quarter of the current financial year, ending June 2018. The civic body has offered several schemes and offers to 1.72 lakh taxpayers. About 14,000 taxpayers have been benefitted from all announced schemes. The municipal corporation has offered concessions worth Rs 10.92 crore. Last year, the PCMC had collected Rs 187.46 crore as tax during the same period with concessions worth Rs 10 crore. Dilip Gawde, Joint Commissioner and Chief of the Property Tax Department, has informed that lack of knowledge about…

Uttar Pradesh sets housing targets under PMAY (Gramin)
July 4, 2018

The Uttar Pradesh government has set a target of houses to be developed under the Pradhan Mantri Awas Yojana (PMAY) - Gramin across the State for the current fiscal year, 2018-19. The State government has prepared a district-wise for the same. Anurag Shrivastav, Principal Secretary, Department of Rural Development, has stated that about 75 districts have been identified under the scheme. The government has shared the targets to all district commissioners, district magistrates and the chief development officers across the State. It has been identified that there are nearly 11,82,574 beneficiaries in the State. A total of two lakh houses…

Over 1.6 lakh houses are unoccupied in India: Housing Ministry
July 4, 2018

According to the Housing and Urban Affairs Ministry, about 1.6 lakh houses are vacant across India. Out of these, 70 percent of unoccupied houses are built in five States - Delhi, Maharashtra, Telangana, Uttar Pradesh and Andhra Pradesh. The statistics reveal that Delhi has the maximum number of vacant homes with 36,623 units. Maharashtra has 35,517 vacant residential units. About 18,000 units are vacant in Telangana, 12,000 in Uttar Pradesh and 11,000 in Andhra Pradesh. These vacant low-cost houses were developed under various urban housing schemes approved under Jawaharlal Nehru National Urban Renewal Mission (JNNURM), Rajiv Awas Yojana (RAY) and…

Telangana RERA website to go live on August 1, 2018
July 4, 2018

The Telangana Real Estate Regulatory Authority (Telangana RERA) will launch RERA website for registration of ongoing real estate projects and agents under Real Estate (Regulation and Development) Act (RERA) on August 1, 2018. The State government has recently joined hands with Mahaonline Ltd, a JV between the Maharashtra government and TCS, to develop and maintain the Telangana RERA website for the next three years. Arvind Kumar, Principal Secretary, Ministry of Administration & Urban Development, has informed that the beta version of the website is in process. After completing trial runs, the RERA portal will be officially launched in August. Officials…

MHADA to offer 7,300 homes through a lottery
July 3, 2018

The Maharashtra Housing and Area Development Authority (MHADA) is offering around 7,300 flats in the Mumbai Metropolitan Region (MMR) under its lottery scheme which is touted to be one of the biggest schemes to be held since the last 6-7 years. The lottery process is anticipated to commence next month and will offer 7,300 houses, of which, around 4,000 are constructed under the Pradhan Mantri Awas Yojana (PMAY). Around 2,000 houses each are situated at Khon near Kalyan and Shirdhon near Panvel, whereas nearly 3,300 homes are have been constructed at Virar. According to Vijay Lahane, Chief Officer, Konkan Division…

GST relaxation propels sale of affordable homes
July 3, 2018

Key government initiatives, especially pertaining to the Goods and Services Tax (GST), such as lower tax slab for affordable housing and no applicable GST on ready homes have given a thrust to the sale of these two segments in the last one year. The input tax credit, too, has played a vital role in boosting homebuyer sentiment. The majority impact on the sale of affordable homes was witnessed post the reduction in the initially announced GST tax slab of 12 percent to eight percent. The change was made effective from January 25, 2018. The reduced tax rate is pertinent to…

Kochi metro body awaits approval for Kakkanad township project
July 3, 2018

The Kochi Metro Rail Ltd (KMRL) is waiting for formal approval from the State government pertaining to the development of the proposed township at Kakkanad. The township will span over 17 acres and is anticipated to generate a revenue of nearly Rs 300 crore from the sale of apartments, commercial complexes and other amenities. According to A P M Mohammed Hanish, Managing Director, KMRL, the matter has been discussed in a meeting held with State’s Chief Secretary, and the State cabinet is in favour of giving the Kakkanad land to KMRL. The implementation of the project is important to facilitate…

PMC general body authorises drafting of DP for merged villages
July 3, 2018

Pune Municipal Corporation’s (PMC’s) general body has authorised drafting of the Development Plan (DP) for the villages merged with it. The inspection of properties and reservations at the ground level for the DP will start soon. According to a senior official, the process to draft DP will commence formally once the local self-governing body along with the improvement and standing committee gives a green signal. A coordinating team will also be formed to conduct the hearings. The official added that approval from the general body means that the actual and proposed land use can now be defined. Spaces for public…

Tamil Nadu mandates completion certificate for water and electricity connections
July 3, 2018

An order issued by the Tamil Nadu government has made it mandatory for all public buildings in the State to submit building completion certificate issued by the Department of Town and Country Planning (DTCP) without which, no water and electricity connections would be installed. To ensure if the building is in compliance with the approved plan, the order mandates examination of the structure at two stages of construction. The new rule will be applicable to all such buildings that had attained planning permission from DTCP after April 16. DTCP will only issue the building completion certificate after the owner submits…