Indian real estate news

SmartCity Kochi to develop more IT projects
October 4, 2018

To promote residential projects, SmartCity Kochi has decided to convert 12 percent of the allotted 246 acres of land into freehold. The move will, in addition, complement the development of the commercial IT buildings in the city. Manoj Nair, CEO, SmartCity Kochi, has shared that a proposal will be sent to the State administration to change the status of 29.5 acres of land from leasehold to freehold. The proposal will be made in accordance to the provisions allowed under the framework agreement of 2007 and the lease agreement signed with the Kerala government in 2011. According to these provisions, the…

Ghaziabad Development Authority plans 13,000 PMAY houses
October 4, 2018

The Ghaziabad Development Authority (GDA) will be constructing 13,500 houses under the Pradhan Mantri Awas Yojana (PMAY) by the end of 2019. The construction has already commenced for about 850 housing units. According to the GDA’s plan, around 13,500 houses will be constructed by 2018-19, 18,000 by 2019-20 and about 4,500 by 2020-21. Kanchan Verma, Vice Chairperson, GDA, has declared that the Authority would construct a total of 36,000 houses under the scheme by 2021. A detailed project report has already been sent to the Uttar Pradesh government for over 7,000 houses. As of now, the construction work has commenced…

Cabinet approves Metro projects for Bhopal and Indore
October 4, 2018

The Central Government has recently approved Metro rail projects for Indore and Bhopal. The proposed metro projects in Madhya Pradesh are expected to be developed at a cost of around Rs 14,441 crore over the next four years.  The Bhopal Metro project is estimated to cost Rs 6,941.40 crore. It will have two corridors spread over 27.87 km running from Karond Circle to AIIMS (14.99 km), and Bhadbhada Square to Ratnagiri Tiraha (12.88 km). The Indore line will be a 31.55 km-long corridor connecting Bengali Square-Vijay Nagar-Bhawarsala-Airport-Patasia-Bengali Square and is estimated to cost Rs 7,500.80 crore. Ravi Shankar, the Law…

Bangalore civic body seals over 140 illegal commercial units
October 4, 2018

The Bruhat Bengaluru Mahanagara Palike (BBMP) has sealed as many as 144 unauthorised commercial units developed in the residential complexes in the city in the last nine months. Moreover, the civic body has issued notices to about 2604 traders violating the zoning regulations in residential areas. In East zone, around 1,357 notices have been issued and 51 establishments have been closed down in areas including CV Raman Nagar, Shantinagar and Sarvagnanagar. Commercial activities have been put to a halt in four other zones namely south, west, Dasarahalli and Mahadevpura. In the Bommanahalli area, no notices were issued, and the shops…

Karnataka RERA collects Rs 8.8 crore from penalty
October 4, 2018

The Karnataka Real Estate Regulatory Authority (Karnataka RERA) has collected a total of Rs 8.83 crore as penalty from builders that have still not registered their projects under Real Estate (Regulation and Development) Act (RERA). The Authority had already listed a comprehensive database of about 970 unregistered real estate projects across the State on its official RERA portal. Buyers have been advised not to invest in such projects.   The Karnataka RERA was established in July 2017 and is quite active in implementing the RERA norms. RERA officials have shared that the Authority has approved a total of 2,019 ongoing…

Thiruvananthapuram authority adopts new norms to identify illegal properties
October 3, 2018

The town planning committee of Thiruvananthapuram Corporation has proposed new norms to identify unauthorised constructions in the city. The Committee has ordered the Engineering Wing to approve the viability of an applicant and keep a track on any kind of construction deviating from the original plan. The proposal is designed as per the Corporation-initiated housing schemes where applicants need to present stage-wise details of house construction to avail financial assistance. The Committee has also proposed to set up rainwater harvesting units for new constructions above 80 sq m and rainwater pits for new buildings above 60 sq m. Palayam Rajan,…

Noida Authority to approve building maps online
October 3, 2018

The Noida Authority has decided to introduce an online system for approving building plans for properties having an area up to 1,000 sq m. An online building plan approval system (OBPAS) window has already been created on the Authority's website for all the users to upload their building maps and other related documents. Officials have shared that the Authority receives four to five map requests of residential properties on a daily basis, which the Authority approves almost immediately. In 2017, around 1,000 building maps had been approved. SC Gaur, Chief Architect and Town Planner, Noida Authority, has shared that the…

Press Release

Rustomjee community Elements Off Juhu Circle receives occupation certificate
October 3, 2018

Rustomjee's community Elements Off Juhu Circle receives Occupation Certificate  3rd October 2018 Rustomjee Group's, flagship luxury development Elements Off Juhu Circle has received its Occupation Certificate (OC) for its G Wing. The same project had earlier received OC for other five of its prominent wings namely A, B, D, E and F. The G Wing comprises of limited 3BHK Garden view residences starting at Rs. 11.99 Cr onwards. The residences will include facilities such as podium garden, rooftop lounge, Multipurpose Court, fitness centre, indoor games room. A spa, toddler’s play zone and infinity edge pool on the rooftop will also be available.

Centre amends SEZ rules, permits merger of units
October 3, 2018

The Central Government has amended the specific rules governing Special Economic Zones (SEZs). As per the amended rules, merger of units in a similar zone is permissible. The Government has now put an end to the minimum area required to set up biotechnology and health SEZs. With the recent amendments, the SEZ units can now export prohibited goods, provided that the goods used for manufacture are imported. The procedure for claiming drawbacks has also been simplified. Previously, exporters had to submit the ARE-1 or an application for removal of excisable goods for shipping by air, sea, or land to claim…

Half of Hyderabad properties deviate from building plans: Civic body
October 3, 2018

As per the records of the Greater Hyderabad Municipal Corporation (GHMC), around 50 percent of the structures in Hyderabad have been identified for deviating building plans while 10 percent of the identified structures were found illegal. There are about 22 lakh households within the GHMC's jurisdiction. The violations found in these structures include the development of additional floors, construction of penthouses, non-compliance with the mandatory setback norms, unavailability of adequate parking space, and construction of flats in the earmarked area for the cellar. Officials have shared that these illegal structures are located in areas such as Banjara Hills, Punjagutta, Begumpet,…

Mumbai Grahak Panchayat to track non-RERA registered projects
October 3, 2018

Mumbai Grahak Panchayat (MGP) has urged homebuyers to file complaints of errant developers across the State on its official website. The attempt is carried out to monitor ongoing residential projects and to ensure that no developer is left out from getting registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA). To attain maximum registration, the consumer body will be conducting an online survey across the State to identify the number of projects that are still not registered with the Authority. The online survey will be open till October 10, 2018. Shirish Deshpande, President, MGP, has shared that the survey will…

Coimbatore civic body to go digital for building approvals
October 3, 2018

The Coimbatore Municipal Corporation has decided to introduce an online system for approving building plans from October 15, 2018 onwards. The decision will infuse transparency and fasten the approval process. It is aimed to help people who used to rush to corporate offices to receive requisite approvals. Once the system is in place, applicants will be able to upload their building plans online and receive approval with the digital signature of the concerned department. The applicants are required to pay an online scrutiny fee of Rs 500 while uploading the documents, irrespective of their location, municipality or panchayat. Licensed building…

Press Release

NAREDCO collaborates with Ministry of Housing and Urban Affairs
October 3, 2018

NAREDCO collaborates with Ministry of Housing and Urban Affairs 02nd October 2018 National Real Estate Development Council (NAREDCO) has signed a Memorandum of Understanding (MoU) with Ministry of Housing & Urban Affairs (MoHUA) to upscale the skill training and employment opportunities in the construction sector for the urban poor under Deendayal Antyodaya Yojana National Urban Livelihoods Mission (DAY-NULM). The collaboration will also focus on the alignment of skill training programs based on industry requirements and up-skilling of the construction workers.

Haryana to hike circle rates up to 25 pc in October
October 2, 2018

The district administration, Gurgaon, has decided to revise the circle rates of real estate properties in villages and sectors of sub-tehsil of Wazirabad, Badshahpur, Kadipur and Harsaru. The new rates will be applicable from October 10, 2018. This is the second time that the administration has decided to revise the circle rates. Earlier, the circle rates were revised in April. In March, the State government had announced to revise the circle rates twice a year. Officials have shared that the new rates would witness a hike of at least 10-25 percent compared to the previous financial year (2017-18). For example,…

BBMP commences widening work on Bannerghatta road
October 2, 2018

The Bruhat Bengaluru Mahanagara Palike (BBMP) is involved in a road-widening project at Bannerghatta Road. Of the proposed road project, the construction work on a 2.5-km has already begun. Officials have shared that the road-widening project will be completed along Bannerghatta Road as scheduled. The civic body has commenced widening work on Bannerghatta Road near the Jedimara and Kolifarm junctions. It was proposed to widen the 7.5-km corridor running between Jedimara and KoliFarm on NICE Road to 45 metres or 160 feet. At present, the width of the road ranges between 18 and 24 metres. The proposed road project will…

Ahmedabad Metro project spends over 3,000 crore till date
October 2, 2018

The upcoming Ahmedabad-Gandhinagar Metro rail project has incurred a sum of Rs 3,116 crore in the last four years beginning 2014. The Gujarat government expects the proposed metro corridor to be completed by the end of the year. Vijay Rupani, Chief Minister, Gujarat, has informed that the first phase of the Ahmedabad-Gandhinagar metro project was inaugurated in November 2014. The metro development authority has utilised a fund of Rs 226.37 crore for FY 2014-15, Rs 452.38 crore for FY 2015-16, Rs 1,112.67 crore for FY 2016-17 and Rs 1,324.35 crore for FY 2017-18. Till March 31, 2018, about 38 percent…

Circle rate hike in Gurgaon to hit housing sales: Builders
October 1, 2018

The homeowners, as well as builders, have not welcomed the recent proposal of the Haryana government to increase circle rates by 10-25 percent. An increase in circle rate is expected to surge the property prices proportionately in large parts of the city. In March 2018, the government had decided to revise the circle rates twice a year. Previously, the rates were revised in April, and new rates will come into effect on October 10. According to the developers, the rise is anticipated to have a negative impact on the real estate transactions, especially in areas of Wazirabad, Badshapur, Kadipur and…

Panvel civic body approves over 2,400 homes under PMAY
October 1, 2018

The Panvel municipal body has recently approved the construction of as many as 2,418 affordable homes at seven different areas in Panvel under the Pradhan Mantri Awas Yojana (PMAY). The cost of construction of multi-storey buildings having ground plus seven floors and ground plus 12 floors has been fixed at Rs 266 crore. Each beneficiary will receive a housing unit with a carpet area of 269 sq ft, amounting Rs 11 lakh. The construction of the units will start after obtaining approval from Maharashtra Housing and Area Development Authority (MHADA) and the Central Government. Ganesh Deshmukh, Commissioner, Pimpri-Chinchwad Municipal Corporation…