Indian real estate news

Govt to start 5 metro rail projects in Bihar, UP and Gujarat
February 10, 2019

The Public Investment Board (PIB) has approved metro rail projects in Agra, Kanpur, Ahmedabad and Patna. Along with this, the Board has given a green signal to the Delhi-Ghaziabad-Meerut Rapid Rail Transit corridor. The Central Government is planning to initiate the development of the proposed projects worth Rs 56,000 crore before the Lok Sabha elections. Officials have shared that the financial implications of the proposed metro rail projects have been approved. The reports have been tabled to the Central Government for the final approval. As per the Detailed Project Report (DPR), the metro rail project in Patna will cost Rs…

DMRC inspects Dilshad Garden-New Bus Adda metro route
February 9, 2019

Metro Rail Safety Commissioner, SK Pathak, has recently inspected the Dilshad Garden-New Bus Adda section of the Delhi Metro’s red line extension. The report pertinent to the official inspection will be submitted after a week post which, the 9.41 km metro section will be ready for commissioning. Other than the high-speed testing, the track on trolly right from Dilshad Garden to New Bus Adda was also inspected by the Commissioner, shares a metro official. The project is expected to be ready for commissioning any time after 15th February 2019. Overcoming the hurdle of bustling traffic along the GT Road, the…

Bangalore Metro to reach Whitefield by 2021
February 9, 2019

The entire Phase 2 of the Bangalore Metro Rail Corporation Limited (BMRCL), comprising of a wide network of 128 km will become operational by 2024. The deadline for the same has already been pushed from 2020 to 2023. Despite the missed deadlines for the entire project, majority of the corridors in Phase 2 are likely to be completed by 2021. While the extension of the network on Kanakapura Road (Yelachenahalli to Anjanapura) and Mysore Road (Mysore Road to Kengeri) is set to become functional from 2020 onwards, the other lines will only be operational by 2021. These include metro lines…

Delhi government to survey city slums to ensure housing and rehabilitation
February 9, 2019

In order to ensure proper housing and identify the families living in the slums, the Delhi government has decided to carry out a survey of the slums in the city. A private agency, having experience of working with underprivileged sections has been roped in by the government for the said purpose. As per an estimate, close to 15-20 lakh people live in slums. The survey will provide an updated record of the people living in about 675 slums in the city, shares Bipin Rai, Member, Delhi Urban Shelter Improvement Board (DUSIB). The survey, which will be conducted under the Mukhyamantri…

Maharashtra to enable Aadhaar-based property registrations from March, 2019
February 8, 2019

As a major relief to the homebuyers, Maharashtra has made revisions to the Section 32A of the Registration Act, 1908, enabling Aadhaar-based property registration from March 2019. The decision will save the homebuyers from the hassle of bringing two witnesses for the property registration process. Although the amendment in the act was already made in 2018 and it even got a nod from the State, the new system could not be put into practice because of the Supreme Court’s verdict on Aadhaar. The Apex court in its ruling announced that any government scheme could be availed using the Aadhaar card.…

Bihar RERA issues notices to 51 builders
February 8, 2019

The Bihar Real Estate Regulatory Authority (Bihar RERA) has issued notices to 51 real estate developers for flouting RERA norms. Reportedly, the developers were engaged in advertising and selling ongoing unregistered projects. Section 3 of the Real Estate (Regulation & Development) Act, 2016, makes it mandatory for the builders and promoters to register their ongoing projects with the State regulatory failing which, they cannot advertise, promote or sell their projects. The regulatory authority has also decided to impose a penalty of Rs 10 lakh along with the project registration fee. Out of 51 notices, 46 have been sent to unregistered…

Tamil Nadu to devise alternate models for building affordable homes
February 8, 2019

The Fifth State Finance Commission has recommended the Tamil Nadu Slum Clearance Board to develop alternate managerial models for constructing affordable housing units for the deserving beneficiaries. It also emphasised upon the need to make these apartments well-maintained and financially sustainable. The second recommendation of the commission was to put such models into operations by utilising the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC) and shelter fund. On July 212 017, the State created shelter fund with an aim to fund ambitious housing projects for constructing affordable homes for the poor. Under the new draft housing policy, it has been…

Maharashtra to offer land on lease to slum-dwellers in non-SRA towns
February 8, 2019

The State Urban Development Department (UDD) has ordered the civic authorities to offer dwellings to encroachers on civic land, in towns where the government has not established any Slum Rehabilitation Authority (SRA). The allotment of civic land to the eligible beneficiaries will be made under the Pradhan Mantri Awas Yojana (PMAY). The government will lease up to 1,500 sq ft of land to eligible beneficiaries for 30 years at a rent of Re 1 per annum. Before initiating the process to offer land, a common layout plan for the intruded land has to be prepared by the civic body. It…

Repo rate cut to boost the economy and make loan affordable: Finance Minister
February 8, 2019

According to Finance Minister, Piyush Goyal, the Reserve Bank of India’s (RBI’s) decision to cut repo rate by 25 basis point and changing its policy stance to 'neutral' from ‘calibrated tightening’ will give a thrust to the economy. The decision will lead to softening of interest rates thereby, helping the homebuyers and small businesses to get credit at affordable rates. Economic Affairs Secretary, Subhash Chandra Garg has also lauded the Apex bank’s decision, calling it balanced and pragmatic. While reviewing the Foreign Portfolio Investment in April 2018, the central bank had limited the Foreign Portfolio Investors (FPI) exposure to 20…

RBI cuts repo rate by 25 bps
February 8, 2019

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) chaired by Governor, Shaktikanta Das has announced a repo rate cut  of 25 basis points lowering it to 6.25 percent from the existing 6.5 percent. This is the first instance of a repo rate cut since August, 2017. The meeting also saw the MPC changing its policy stance to ‘neutral’ from ‘calibrated tightening’ to provide resilience to meet growth challenges. Das added that it has been anticipated that farm output will slow down in 2019-20 fiscal. Headline inflation has also declined on the back of continuing deflation…

Gujarat Metro Rail Corporation conducts Ahmedabad metro trial run
February 8, 2019

The officials of Gujarat Metro Rail Corporation (GMRC) have recently conducted the first official trial run of the metro on the 1-km-long stretch between Vastral Gam and Apparel Park in Khokhra, Ahmedabad. The speed for the trial run was limited to 35 km/hr. However, the officials said that the same would be increased up to 90 km/hr for longer trial runs to be conducted on 6.5 km corridor between Apparel Park and Vastral Gam. According to the officials, the Railway Ministry’s Research Designs and Standards Organisation (RDSO) has already been informed about the trial run, and commercial runs can be…

DDA to launch a new housing scheme by February end
February 7, 2019

According to a Delhi Development Authority (DDA) official, the civic body is set to launch a new housing scheme by the end of February, 2019 through which it will allot as many as 10,000 flats. Most of the 1BHK apartments are situated in Narela and will be reserved for the Economically Weaker Sections (EWS). The proposal for the scheme will be tabled before the authority in a meeting headed by Lieutenant Governor, Anil Baijal. The scheme can be launched once it gets a nod from the authority. Originally, the civic body planned to allot around 21,000 apartments through the scheme…

Centre disburses subsidy worth Rs 8,300 crore to 3.77 lakh beneficiaries
February 7, 2019

Union Housing and Urban Affairs Minister, Hardeep Singh Puri has informed the Lok Sabha that the government has disbursed subsidy worth Rs 8,300 crore to over 3.7 lakh beneficiaries under the Credit Linked Subsidy Scheme (CLSS) – Pradhan Mantri Awas Yojana – Urban (PMAY-U). Launched in June 2015 by Prime Minister, Narendra Modi, PMAY-U is the government’s flagship scheme aimed at providing ‘housing for all by 2022’ by offering financial aid to the beneficiaries. In the same month, the Centre introduced CLSS under PMAY through which, it offered interest subsidy on home loans to the beneficiaries from the Economically Weaker…

Goa launches National Generic Document Registration System for land registration
February 7, 2019

Goa has recently launched National Generic Document Registration System (NGDRS), allowing citizens to process land registration online. Citizens will now have to visit the office of sub-registrar only once at the time of final registration. With this, Goa has become the fourth State after Punjab, Manipur and Andaman & Nicobar to have NGDRS in place. The State will also enable automatic stamp duty registration within a month. Law and Judiciary Minister, Nilesh Cabral, said that the new system would save the citizens from the hassle of visiting the office of sub-registrar office multiple times. Citizens will have to upload their…

Press Release

SOBHA Limited announces unaudited financial results
February 7, 2019

SOBHA Limited has recently announced its unaudited financial results for the quarter ended December 31, 2018. The total revenue of the company, stood at Rs 8.08 billion on a consolidated basis, reporting an upsurge of 19 percent as compared to the figures of the previous quarter. The company, backed by world-class products, multi-city operations and distinctive integration model, has reportedly delivered 7.78 million sq ft of developable area during the nine months of the financial year 2018-19.  

Pune Municipal Corporation may undertake town planning schemes
February 7, 2019

The government may allot 500 acres of land to Pune Municipal Corporation (PMC) for undertaking development under the Town Planning (TP) scheme in future. The TP schemes will benefit areas such as Balewadi, Baner, Mundhwa and the 11 villages which were newly merged. As per a PMC official, the civic body is currently checking the viability of the projects, and the Detailed Project Report (DPR) for the same would be prepared in future. Rajendra Raut, Official, Building Permission Department, PMC, said that the corporation is presently laying focus on Balewadi, Baner and Mundhwa since these areas are ideal for TP…

Pune to construct 71 km of Light Rail Transit
February 7, 2019

In a major connectivity boost, the Light Rail Transit (LRT) in Pune could soon become a reality. The project which has been included in the Comprehensive Mobility Plan (CMP) by the Pune Metropolitan Region Development Authority (PMRDA) and L&T Infra Engineering, would be built in two phases. The first corridor of the project would extend from Sinhagad Road to Veer Baji Pasalkar Chowk to Pune Cantonment and would be 9.08-km-long. In the next phase, construction on three different corridors - an 8.87 km line from Warje to Swargate, a 35.23 km-long stretch from Wagholi to Hinjewadi and a 17.81 km-long corridor from Chandani Chowk…

Pimpri Chinchwad civic body keeps property tax rates unchanged for 2019-2020
February 6, 2019

The Pimpri Chinchwad Municipal Corporation (PCMC) has decided to keep the property tax rates unchanged for the Financial Year (FY) 2019-2020, giving relief to around 5 lakh property owners. The civic body’s property tax department had suggested keeping the property tax rates unchanged for FY 2019-2020 at the weekly standing committee meeting headed by its Chairman, Mamata Gaikwad recently. To implement the 2018-2019 tax slab, the general body needs to give a nod to the proposal before February 20, 2019. In 2017-2018, the property tax department of the civic body had generated revenue amounting Rs 421 crore while it had…

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