Indian real estate news

Gr Hyderabad authority to serve notices to errant builders
September 5, 2018

The Greater Hyderabad Municipal Corporation (GHMC) has decided to serve notices to builders who have not registered their projects under the Real Estate (Regulation and Development) Act (RERA). The Authority has sent text messages and e-mail alerts to non-registered builders who have sought permission from the civic body to register their projects under the Act. Officials have shared that the developers have been given a deadline of 100 days to get their projects registered under RERA, failing which the regulatory authority will impose a fine of three percent on the total estimated cost of the project. As many as 23,000…

Uttarakhand drafts solid waste management policy
September 5, 2018

After the directive issued by the Supreme Court (SC) to halt all the construction activities in several States on the back of the non-existence of a Solid Waste Management (SWM) policy, the Uttarakhand government has prepared a draft policy for effective solid waste management across the State. Officials have stated that the prepared draft will be tabled to various departments for suggestions and improvements. After the review, the policy will be submitted to the Cabinet for the final approval. The draft is based on the urban solid waste management action plan formulated by the Urban Development Directorate (UDD).  The ban imposed by the apex court on all construction activities will impact…

Agra civic body to use GIS to identify property tax defaulters
September 5, 2018

The Agra Municipal Corporation (AMC) has decided to use Geographic Information System (GIS) to identify property tax defaulters across the city. To achieve this, the civic body will soon commence a citywide survey. Officials have informed that there are about 1.8 lakh registered properties in Agra. Of all the registered units, the Municipal Corporation has collected taxes from about 80,000 units. The civic body has not received the property tax from around 100 residential and commercial wards in the city. Vijay Kumar, Additional Municipal Commissioner, AMC, has shared that GIS technology will formulate interactive queries, analyse spatial information, edit map…

Lavasa’s investors await NCLT’s final orders
September 5, 2018

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to defer the ruling on the cases of Lavasa investor’s whose money has been stuck because of pending orders. The cases will be considered only if they have been resolved in the presence of the National Company Law Tribunal (NCLT). The Corporation is facing insolvency proceedings as the National Company Law Tribunal (NCLT) has admitted a plea by the creditors of the cash-crunched firm. Under the Insolvency and Bankruptcy Code 2016 (IBC), creditors had initiated a corporate insolvency resolution process against the Lavasa Corporation. According to a MahaRERA official, Lavasa was…

Press Release

1.9 mn sq ft retail space added during H1 2018: CBRE
September 4, 2018

Approximately 1.9 mn sq ft retail space added during H1 2018: CBRE4th Sept, 2018 CBRE South Asia Pvt Ltd, announced the findings of its latest report ‘India Retail Market View H1 2018.’ As per findings, the H1 2018 saw fresh retail supply of 1.9 mn sq. ft. across seven cities led by Chennai, Hyderabad and National Capital Region (NCR). The period witnessed launch of VR Mall (1 mn sq ft), Chennai, L&T Next and L&T Next Galleria (totaling 0.65 mn sq. ft.), Hyderabad, and 32nd Avenue (0.25 mn sq. ft.), Gurgaon-NCR.

UPRERA to opt MahaRERA model for speedy resolution
September 4, 2018

The Uttar Pradesh Real Estate Regulatory Authority ( UPRERA) is considering to follow the rules of MahaRERA. The Authority has been trying to solve around 25 cases in a day and finish the hearings within 30 days. Members of UP-RERA shared that MahaRERA has been resolving maximum cases out of the court through amicable settlements, and the UP bench would like to follow the same method. In the last year, MahaRERA disposed around 2,200 complaints, and 80 percent of them were settled out of court. The Greater Noida bench is expected to become operational from September 4. Around  4,000 complaints filed…

Owners giving up land for bullet train project to get stamp duty refund
September 4, 2018

The National High-Speed Rail Corporation Limited (NHSRCL) has decided to compensate the people who have handed over their land for the bullet train project. The owners of such a land can get the stamp duty of any purchased property reimbursed, within three years of handing over the land. The payment initiated will be over and above the compensation amount given to the landowners. In most of the States, the stamp duty charged is five to seven percent of the total market value of the property, while one percent is charged as the registration fee. According to the sources, the railway…

Maharashtra Civic bodies to now decide fine on illegal structures
September 4, 2018

The Maharashtra State government has issued a notification that allows Municipal Corporations (MC) to decide a fee for compounding illegal structures. MCs have been granted this right as the current fee structure is very expensive, and the owners of the illegal structures have not come forward to regularise their constructions. As per the notification, the citizens can send their suggestions and objections within a month from the date of publication of the notification. Previously, the Urban Development Department (UDD) had issued rules regarding the regularisation of illegal structures on payment of a penalty. After the payment of the compounding fee,…

MahaRERA rules may be adopted by six other States
September 4, 2018

The government representatives of six States namely Goa, Gujarat, Uttar Pradesh, Telangana, Chhattisgarh and Karnataka are considering to adopt the rules and regulations of MahaRERA and have sought a detailed outline of the Act from the Maharashtra Real Estate Regulatory Authority. Vasant Prabhu, MahaRERA Secretary, shared that discussions have been carried out between the State representatives and MahaRERA officials. In September, a workshop showcasing the functionality of MahaRERA will be arranged at Yashwantrao Chavan Academy of Development Administration. Hardeep S Puri, Minister of Housing and Urban Affairs, will be a part of the workshop. As per an official from the…

Press Release

Indo Innovations launches premium seating range
September 4, 2018

Indo Innovations launches premium seating range4th Sep 2018 India’s leading office furniture company Indo Innovations, has recently launched its premium luxury seating range in India. The new range of furniture comprises of Alpine, Youth, Zen and Emerald and is a blend of functionality and aesthetics. It is made of high-quality and durable material which not only provides quality and comfort but also enhances office appeal.

Zirakpur residents refuse to pay property tax
September 4, 2018

Zirakpur Municipal Corporation has failed to deliver to the repeated requests of the residents for providing basic civic amenities. This has resulted in the residents to stop paying the property tax. As per the residents, the matter has been raised multiple times through memorandums, letters, e-mails and social media platforms but the municipal council has not responded to it. The residents are still seeking a clean environment and a way to solve their problems. The issues majorly relate to roads, sewerage, garbage, street lights, stray cattle, poultry farms, encroachments, no-objection certificates (NOCs) to builders, traffic lights for Singhpura area, and…

Poor waste management leads to construction ban in Chandigarh
September 4, 2018

The elongated delay in the notification of the waste management policy regulations by the Chandigarh Municipal Corporation led the Supreme Court to halt all the construction activities in the city. The constructions are held until the MC came up with the rules. Chandigarh is the only Union Territory that is reprimanded along with three other States including Maharashtra, Madhya Pradesh, and Uttarakhand. The bench comprised by Justices Madan B Lokur and S Abdul Nazeer have put across a fine of Rs 3 lakh each on the selected areas, as they were unable to frame the State policy despite orders. The…

AP govt to decide LIG plot prices in Dakamarri
September 3, 2018

The Visakhapatnam Urban Development Authority (Vuda) is seeking a clarity from the State government about the prices of the LIG plots at “Fortune Hills” in Dakamarri. Previously, a square yard of the LIG plot was priced at Rs 6,000 per sq ft. Following a surge in land prices, it has become unfeasible to sell off the plots at the previous rates as the minimum price in the area has gone up to Rs 9,000 per sq ft, as per the sub-registrar’s office rate. The Authority had released the notification in April this year.  As per the notification applications were invited…

Mumbai to introduce single window system for building approvals
September 3, 2018

The Maharashtra government is contemplating to launch a single-window system for building approvals and processing other building construction applications. The move is anticipated to expedite the approval process and keep a check on corruption. It will make things easy for the public, and also help in improving the country’s ranking. The five planning authorities in the city: Brihanmumbai Municipal Corporation (BMC), Mumbai Metropolitan Region Development Authority (MMRDA), Maharashtra Housing and Area Development Authority (MHADA), Slum Rehabilitation Authority (SRA) and Maharashtra Industrial Development Corporation (MIDC) and two more agencies, the Mumbai Metro Rail Corporation (MMRC) and the Mumbai Port Trust (MPT),…

Illegal structures served notices in Bangalore
September 3, 2018

The Bruhat Bengaluru Mahanagara Palike (BBMP) has issued notices to more than 2,000 buildings having unlicensed hoardings/structures. Notice has also been issued against people failing to respond to the previous public notice stating the voluntary removal of publicity material. V Sreenidhi, Counsel for BBMP, had previously informed that in regard to the public notices issued, the civic body had received responses from 1,800 out of the 4,178 owners of unlicensed structures. Around 400 applicants responded three days after the deadline of 20th August, and owners of around 2,000 buildings have not at all responded. The BBMP has been directed by…

Pune civic body confiscates properties due to non-payment of rent
September 3, 2018

The Pune Mahanagar Parivahan Mahamandal Limited (PMPML) and the city's public transport utility body have initiated strict action against the tenants for non-payments of rent. The city's public transport body has confiscated properties of five tenants who have been directed to make the payments of arrears at the earliest. While initiating action towards the defaulters, notices were served to every tenant directing them to make payment of the arrears and renew the contract. The PMPML did not receive any feedback from the tenants about the notices, following which the authority initiated the process of sealing the properties. The rent arrears…

President approves bills allowing reconstruction of old buildings
September 3, 2018

The three State bills namely The Maharashtra Apartment Ownership (Amendment) Bill, the Gujarat Agricultural Lands Ceiling (Amendment) Bill, 2015 and the Gujarat Agricultural Lands Ceiling (Amendment) Bill, 2017 have received an approval from the President of India. There are various buildings in Mumbai that were in a dilapidated condition and required a major overhaul. The bills passed aim to smoothen the reconstruction process of such buildings. The Maharashtra Apartment Ownership (Amendment) Bill will facilitate reconstruction of buildings by considering majority consent of the owners instead of a unanimous consent. Many buildings could not be reconstructed earlier in the absence of…

PMRDA to ensure Lavasa Master Plan accords to hill station policy
September 3, 2018

The Pune Metropolitan Region Development Authority (PMRDA) has ordered Lavasa Corporation to adhere to the rules as per the State’s hill station policy. The Lavasa Corporation is facing a cash crunch. The corporation is facing insolvency proceedings as the National Company Law Tribunal (NCLT) has admitted a plea by the creditors of the debt-ridden firm. Under the Insolvency and Bankruptcy Code (IBC), a corporate insolvency resolution process has been initiated against the Lavasa Corporation. Kiran Gitte, PMRDA Chief, shared, that since it is a financial issue and not a planning issue, Lavasa or the next chosen promoter taking over the…

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