Indian real estate news

Maharashtra Govt to expedite infra projects in Thane
November 2, 2018

The Maharashtra government has approved several infrastructure projects worth hundreds of crores in Thane. Now, the concerned authorities are strategising a plan to execute the proposed projects within stipulated time without exceeding the estimated budget. Some of the major infra projects in Thane include the Thane coastal road, Mulund-Ghodbunder foothill roads, Kalwa-Kharegaon link road and Thane Metro. All these projects have been proposed to ease the traffic congestion in the area. A bridge in Thane was announced by the State government, which will run parallel to the two existing bridges connecting Mumbai and Navi Mumbai. Estimated to be developed at…

Air pollution level is severe in residential colonies in Lucknow: Study
November 2, 2018

According to a report by the Indian Institute of Toxicology Research (IITR), the air pollution levels in residential areas in Lucknow are higher as compared to the pollution levels recorded in commercial areas. It has been always assumed that the air quality in residential areas is better than in the commercial areas on the back of more construction activities, traffic congestions and vehicular movement. However, the recent study refuted all such theories. With the highest PM 10 concentration of 226.8 per cubic metre of air pollution levels, Indiranagar is the most polluted area of the city. Highest PM 2.5 concentration…

Centre approves a river bridge from Assam to Meghalaya
November 2, 2018

The 19.3 km-long river bridge connecting Dhubri in Assam to Phulbari in Meghalaya is expected to be completed by 2026-27. The planned four-lane bridge will cut the travel distance between the two States by 203 km. Once the bridge is completed, it will become India's longest river bridge and will cut the travel time between the two destinations to just 20 minutes. Presently, vehicles usually take over 200 km-long detour using the Naranarayan Bridge, which is 60 km upstream. To execute the proposed project within the stipulated time, the National Highways and Industrial Development Corporation Limited (NHIDCL) has contacted the…

Noida Authority approves conversion of landholding rights
November 2, 2018

The Noida Authority has given its in-principal approval to convert landholding rights from leasehold  to freehold. In Noida, plots or flats are marketed on a leasehold basis instead of freehold. The decision is expected to have a significant impact on the real estate market in the city. Alok Tandon, Chairman, Noida Authority, has shared that the proposal will be tabled to Uttar Pradesh government for its final approval. A leasehold property is owned by the buyer on lease, usually for a period of 99 years. For this, the buyer has to pay a certain amount of lease rent for the…

Chhattisgarh RERA: List of approved projects and agents
November 2, 2018

In June, the Chhattisgarh government had launched its RERA website for the registration of ongoing projects and agents under the Real Estate (Regulation and Development) Act (RERA). The online mechanism of registration would allow developers to register their projects under the Act efficiently. As per the latest information available on the Chhattisgarh RERA website, a total of 842 ongoing real estate projects have been registered successfully. The RERA website gives you an option of checking approved projects based on districts and tehsils. Talking about RERA-registered agents, the regulatory authority has approved 310 real estate agents across the State. You can…

Press Release

Piramal Aranya receives a phenomenal response from homebuyers
November 1, 2018

Piramal Aranya receives a phenomenal response from homebuyers1st November 2018 The recently launched tower, Arav, at Piramal Aranya has received an astounding response within the first two weeks. Comprising of 2 and 3BHK units, Piramal Aranya has been exquisitely designed to provide a remarkable experience to the residents along with exhibiting contemporary opulence. Situated in the heart of Byculla, the project records a massive sale of Rs 750 Crores post the launch.  

Rajasthan RERA to constitute appellate tribunal soon
November 1, 2018

Lack of an appellate tribunal in Rajasthan has aggravated the concern of homebuyers across the State concerning the filed complaints under the Real Estate (Regulation and Development) Act (RERA). The Rajasthan Real Estate Regulatory Authority (Rajasthan RERA) has received over 500 complaints about delayed possessions and other reasons from the homebuyers under the Act. Officials have shared that the establishment of the appellate tribunal is under process. Once the appellate tribunal is in full-form, all pending issues will be resolved immediately. All the pending complaints can only be resolved after January 2019. As per RERA norms, homebuyers can register their…

Tamil Nadu to announce M-sand policy by April 2019
November 1, 2018

To address the issue of sub-standard manufactured sand  (M-sand) reaching the market, the Tamil Nadu government is working on to bring a policy to regulate the manufacture of the building material. The Public Works Department (PWD) had already begun drafting the policy in July 2018, but the State government may not release the policy this year. Officials have shared that the formulation of the policy will require more time. It is more likely to be notified by April 2019. One of the critical provision of the policy is to regulate the crusher units producing raw material for M-sand without gaining…

UPRERA directs authorities to audit stalled projects
November 1, 2018

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has directed all development authorities of the State to conduct an audit of all unfinished projects. The study will focus on identifying issues hindering the construction of the ongoing projects in the city. The regulatory authority has also recommended a monitoring committee to revive the stalled housing projects across the State. Abrar Ahmed, Secretary, UPRERA, has stated that a meeting was held recently and was attended by the CEOs of Noida Authority, Greater Noida Authority, Yamuna Authority, representatives of Ghaziabad Development Authority, Meerut Development Authority and Agra Development Authority. It was concluded…

Uttar Pradesh to acquire 1239 hectare land for Jewar Airport
November 1, 2018

To expedite the construction of Jewar International Airport, the Uttar Pradesh government has recently issued a notification for the acquisition of land. The District Administration had tabled a proposal to the State government for acquiring land parcels from six villages in Jewar for the development of the proposed Airport. Surya Pal Gangwar, Civil Aviation Special Secretary, Uttar Pradesh, has issued the notification for the same. Officials have shared that a total of 5,000 hectares of land would be acquired for the Airport, which is estimated to cost between Rs 15,000 and Rs 20,000 crore. For the first phase of the…

West Bengal to amend stamp duty rules
November 1, 2018

The West Bengal government is planning to make alterations in the existing stamp duty norms to make the land valuation process more transparent and accurate. The decision to change the norms was taken to assure homebuyers to get value for their money and to allow the civic authorities to collect the right share of revenue as stamp duty. The government is working closely with several State agencies, Departments including land and land reforms, public works, urban development, transport, environment, and forest before making changes in the West Bengal Stamp (Prevention of Under-valuation of Instruments) Rules. The State government is more…

PE investment in Q3 crosses Rs 11,000 cr mark, highest in 11 years
November 1, 2018

According to a recent study conducted by Cushman & Wakefield, private equity investment in India has gone north by nine percent in the first three quarters of 2018 to $5.6 billion as compared to the same tenure in the previous year. Inflows from institutional investors have gained maximum investment and stood at Rs 11,212 crore during the July-September 2018 period, which was the highest third-quarter performance in the past 11 years. The report reads that the commercial and office spaces accounted for nearly two-thirds of the overall investment volume during the quarter at Rs 7,140 crore. Anshul Jain, Country Head…

Bangalore registers 25 pc dip in unsold inventory: Report
October 31, 2018

According to a recent report by ANAROCK, Bangalore has registered the maximum dip in unsold housing inventory among seven major cities across the country till September 2018, as compared to unsold housing stock in the year-ago period. A 25 percent decline was registered during the last one year. The unsold housing units in Bangalore stood at 76,500 flats till September. However, it was 1,02,740 units in the year-ago period. After Bangalore, Pune followed with a 10 percent decline in unsold inventory which came down to 90,610 units in Q3 2018. The unsold stock was 1,01,020 units in Q3 2017. Delhi…

Maharashtra RERA shares list of approved projects and agents
October 31, 2018

Being the most active States across the country in the efficient implementation of the Real Estate (Regulation and Development) Act (RERA), the regulatory authority has shared an updated sheet of all registered ongoing projects and agents on the website. Out of 32,500 projects registered under the Act till date, Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of over 16,000 projects as of now. In terms of agents, the number of registered agents has crossed 18000-mark. You can check the Daily status of registered real estate agent and project - Click Here As per the latest information available…

Gujarat RERA: List of approved projects and agents
October 31, 2018

Gujarat’s real estate regulatory authority has finally shared the list of approved projects and agents on its website. Interested homebuyers may check the approved list of projects and agents before making any purchase decision. Experts advise buyers to only purchase realty properties from registered developers in order to avoid any hassles later on. It should be noted that only registered projects can be sold, marketed, or advertised as per the RERA rules. As of now, overall 3,880 real estate projects have successfully registered under Gujarat RERA. The Authority has issued RERA certificates to 702 real estate agents, till now. List…

Trilokpuri-Shiv Vihar metro line opens for public
October 31, 2018

The 17.86 km long Shiv Vihar–Trilokpuri Sanjay Lake metro corridor of the 59-km long Majlis Park-Shiv Vihar (Pink Line) is now operational. The stretch was inaugurated by Housing and Urban Affairs Minister, Hardeep Singh Puri. The recently inaugurated metro corridor will improve connectivity in the eastern and northern fringes of Delhi. Three interchange stations have been added - Welcome (Red Line), Karkarduma and Anand Vihar ISBT (Blue Line). The stretch will later be connected with the already operational Majlis Park – Lajpat Nagar corridor of the Pink Line. The route will boost the connectivity of nearby areas including Shiv Vihar,…

Jharkhand to construct 1.27 lakh homes for slum people
October 31, 2018

The Jharkhand government has decided to develop affordable homes for people living in slums across the State under Pradhan Mantri Awas Yojana (PMAY). Raghubar Das, Chief Minister, Jharkhand, has announced the same. The State government will construct nearly 1.27 lakh budget houses in slum areas. Officials have shared that the total estimated cost of construction of a housing unit would be around Rs 7.5 lakh. The Central Government will grant Rs 1 lakh as a financial aid, and Rs 1 lakh will be given by the State government. About 55 percent of the housing cost would be contributed by the…

Housing Ministry sanctions over 2 lakh more houses under PMAY
October 31, 2018

The Housing and Urban Affairs Ministry has sanctioned the construction of two lakh affordable homes in six States across the country for providing shelter to homeless people under Pradhan Mantri Awas Yojana (PMAY) - Urban. Officials have shared that as many as 2,15,083 extra houses have been approved, taking the total sanctioned housing units under the scheme to 62,53,731. The Ministry has sanctioned 1,00,704 houses in West Bengal, 50,271 houses in Uttar Pradesh, 41,707 homes in Andhra Pradesh, 20,499 houses in Maharashtra, 1,425 units in Nagaland, and 477 units in Dadra and Nagar Haveli. States No of Units approved West…

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