Indian real estate news

Lajpat Nagar-Mayur Vihar metro to operate from October
September 8, 2018

The Delhi Metro Rail Corporation (DMRC) has commenced test runs on the 9.7-km route on the Pink Line, connecting Lajpat Nagar and Mayur Vihar-1. The stretch is expected to become operational in October 2018. Mangu Singh, Managing Director, DMRC, has flagged off the trial runs. Officials have shared that the stretch will improve the connectivity for commuters from Ashram and Mayur Vihar. During the trial runs, the interface will be scrutinised to ensure no physical infringement with civil work. The movement of the train on the track would be monitored as well. The testing of various sub-systems of coaches would…

Odisha stands second in implementation of AMRUT scheme
September 7, 2018

Odisha has made significant progress towards the implementation of the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme. The State has secured the second position as per the National Level Rating Framework assessment up to 21 August 2018. AP Padhi, Chief Secretary, reviewed the projects and put pipe water supply at the top of the priority list. He directed the department to cover all the households and the entire population in the AMRUT cities through pipe water supply. He also instructed the department to complete the projects on time to ensure proper delivery of services while safeguarding the quality…

Gwal Pahari to remain under Gurgaon gram panchayat
September 7, 2018

The sessions court has declared that the ownership of 464 acres of prime land in Gurgaon’s Gwal Pahari village lies with the gram panchayat. The court announced this decision after considering 226 appeals of the Municipal Corporation of Gurgaon (MCG) over the disputed land. According to MCG officials, more than 300 of the 322 entities that are claiming the ownership of the land are villagers and owners of farmhouses. In addition, there are two real estate developers who have under-construction special economic zone (SEZ) projects in the area. The 322 entities have been asked to file an appeal before the…

Flat transfer fee down by 70 percent in Chandigarh
September 7, 2018

Transferring the ownership of flats in Chandigarh will now cost less as the Chandigarh Housing Board (CHB) has reduced the transfer fee by 58 to 70 percent. The new rates will be applicable for all the pending transfer cases in the city. The housing board in the city levies a UT- notified transfer fee on all residential properties. The fee is 15 percent of the revised consideration money or an unearned increase in case of a consensual transfer. The move is touted to provide substantial relief to the homeowners that were allotted houses in Sector 63. Until now, the residents…

IGI and Jewar Airport to be connected via 40 km elevated road
September 7, 2018

A high-speed 40 km connecting road has been proposed to link Delhi's Indira Gandhi International (IGI) Airport in Gurgaon and the planned Jewar Airport in Greater Noida. An e-tender has been floated to identify the consultant to do the feasibility study of the project. The consultant will further suggest the funding pattern and the revenue estimates for the project. Arunveer Singh, CEO, Yamuna Expressway Industrial Development Authority (YEIDA), shared that they will select the best-suited public transport system for the project. This will include options such as the Hyperloop, Tram, Rapid Rail Transport System (RRTS), Pod Taxi, Bus Rapid Transit…

Haryana proposes policy on return of unutilised land
September 7, 2018

In order to provide relief to landowners, the Haryana Government has decided to frame a new policy for the return of unutilised land. The policy will be under the provisions of Section 101-A of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement, 2013, (Haryana Amendment) Act, 2017. The policy aims to provide a procedure to de-notify land, return the unutilised land and various other activities for the landowners. The district level sub-committee will examine the issue, and provide recommendations on the opinion of the assigned acquiring department, and whether their consideration is to be accepted.…

DDA to approve the impending land pooling policy
September 7, 2018

The Delhi Development Authority (DDA) had drafted its land pooling scheme long ago. However, the much-delayed policy was put in the public domain for suggestions and objections in January this year. After about 734 responses, the DDA is expected to approve the scheme which is designed to make the tedious land acquisition process easier, and help the State meet its land requirements. The responses received by the Authority were being examined by a board of inquiry, followed by a public hearing. The board of inquiry approved the Land Pooling Policy. Its report shall be discussed in a board meeting chaired…

Telangana RERA website goes live
September 7, 2018

The Telangana government has finally launched its RERA official website with full functionality, including making online payments. The State government has delayed the roll-out of the website and authority that impacted the proper execution of norms provisioned under the Real Estate (Regulation and Development) Act (RERA). Arvind Kumar, Secretary, Municipal Administration & Urban Development, had shared earlier that the website was tested for its functionality to avoid any sort of technical glitches while making registration, preventing further delay in execution of the Act. The Government has studied RERA in Maharashtra and other States. Telangana RERA portal will allow real estate…

Issuance of land records goes digital in Karnataka
September 6, 2018

The Karnataka government has finally outsourced the issue of land records after making available the Record of Rights, Tenancy and Crops (RTC) or Pahani online for the public. Consequently, it has launched a digital wallet system to permit the local entrepreneurs to open an online account with the revenue department and issue RTC to the common mass. Munish Moudgil, Commissioner, Survey, Settlement and Land Records, has shared that the entrepreneurs are required to deposit Rs 1,000 in the e-wallet to issue RTC at Rs 10 per copy, after downloading it from the Bhoomi website.  At the launch of digital system…

Promoters seek modification in Tamil Nadu’s CDR draft
September 6, 2018

Finding the Draft Common Development Rules (CDR) 2018 unfair for all builders, the Federation of Tamil Nadu Flat and Housing Promoters Association and Metro Flat Promoters Association have requested the State government to reconsider a few points. P Manishankar, State President, Federation of TN Flat and Housing Promoters Association, avers that the norms outlined under CDR are favourable for the corporate builders. The members of the federation opine that the rules currently fail to benefit the low and middle-income groups, and thus appealed for granting a fair place in the proposed common development rules. As per the proposed rule, all…

Ahmedabad to witness new launches soon
September 6, 2018

Since demonetisation, the real estate market in Ahmedabad is expected to revive in the coming quarters, especially during the festive season. It has been estimated that around 100 new realty projects would be launched by November 2018. These new launches include both the commercial and residential properties. Ashish Patel, President, GIHED-CREDAI, has shared that several housing projects are at different stages of construction. Some of them are nearing completion, which are likely to be unveiled in November. Experts believe that the housing demand is expected to pick up during the festive season, around Diwali. However, developers are worried about their…

Press Release

Kohinoor Group join hands with Anarock for Tinsel County project
September 6, 2018

Kohinoor Group join hands with Anarock for Tinsel County project6th September 2018 Pune-based developer Kohinoor has joined hands with Anarock Property Consultants to market their iconic Tinsel County project in Hinjawadi PH 3. Apart from being the channel partner sales for the project, Anarock Property Consultants will provide full-time assistance and will be responsible for formulating the marketing plan. Under the project, 1 and 2BHK configurations are available at a starting price of Rs 33 lakh.

Karnataka to hike guidance value by up to 20 percent
September 6, 2018

The Karnataka government has proposed to increase the guidance value of properties by up to 20 percent. The decision is anticipated to generate a revenue of Rs 1,000-1,500 crore. Experts opine that the wide gap between the existing guidance value and prevailing market prices has been the primary reason for the hike in the guidance value. Guidance value is the base price at which properties are registered. Every city and locality have a different guidance value depending on the demand for land. The State government has put the proposal in public to gain suggestions and objections regarding the proposed revision…

Noida Authority urges owners to register rented properties
September 6, 2018

The Gautam Budh Nagar administration has urged property owners in Noida to register their rental properties with an agreement exceeding a year. To achieve this, the Administration has initiated a drive for a month to register rented properties in the city. Officials have informed that the decision to register rental properties has been taken to achieve the annual revenue collection target of Rs 2,523 crore for the current fiscal year. In Noida, a stamp duty of five percent is charged on the sale and purchase of a property, and two percent on rented properties. Keshav Kumar, ADM (Finance), Gautam Budh…

Press Release

Central Park bags award for promoting environmental sustainability
September 6, 2018

Central Park bags award for promoting environmental sustainability 6th September 2018 Central Park, a Delhi-NCR based developer, has been conferred with “Environment-Friendly Developer” by Green Siddhi, for their environment-friendly practices and initiatives. The developer has adopted various initiatives to promote an eco-friendly environment. These initiatives include complete water recycling, rainwater harvesting, pre-cast technology in the construction stage, and battery equipped vehicles to reduce air pollution. The key highlight of Central Park Resorts is the zero-vehicles on ground level to reduce noise and air pollution coupled with 20 acres of green space to improve air quality.

Maharashtra proposes penalty changes to regularise illegal structures
September 6, 2018

The Maharashtra government has recently proposed certain alterations in computing the penalties levied for the regularisation of illegal properties across the State. The notification of the same has already been issued by the State’s Urban Development Department (UDD). As per the revised calculation method, the department would consider compounding charges required for providing public amenities, utilities and services for the computation of penalty amount. All illegal constructions would be declared as compounded structures after paying the compounding charges, infrastructure charges and premium by the homebuyer. Sayli Udas-Mankikar, Senior Official, Observer Research Foundation's (ORF), has informed that the compounding charges are…

SC ban on construction to impact infra projects worth Rs 4.5 lakh crore
September 5, 2018

The elongated delay in the implementation of the solid waste management (SWM) policy led the Supreme Court (SC) to halt all the construction activities in States including Maharashtra, Madhya Pradesh and Uttarakhand. The decision will impact the development of infrastructure projects worth Rs 4.5 lakh crore. In Mumbai alone, the construction ban has put infra projects costing around Rs 2 lakh crore to a standstill. Nitin Kareer, Principal Secretary, Urban Development Department (UDD), Maharashtra, has shared that the SC ban applies to several projects across the State that have failed to formulate the waste management norms. Maharashtra has already framed a…

Nearly 10,000 housing units are delayed in Chennai: Report
September 5, 2018

According to an industry report, about 10,000 housing units worth Rs 6,500 crore are delayed in Chennai. It was observed that these delayed housing units are a part of several residential projects launched before 2013. The report further reads that a total of 5,75,900 flats worth Rs 4,64,300 crore are running behind their schedule in top seven cities across the country – Bangalore, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR), Delhi NCR, Kolkata and Pune. Most of them are at different stages of construction. Maximum stalled projects are located in MMR and Delhi NCR with 2,10,000 and 2,00,000 units, respectively. Prolonged…

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