Indian real estate news

Rajasthan RERA yet to form appellate tribunal
February 6, 2019

Almost one year and 10 months since the enactment of the Real Estate (Regulation and Development) Act (RERA), homebuyers and real estate developers are yet to have a proper plan in place. Homebuyers and builders are upset over the fact that the State is sitting on the proposal submitted by the constituting authority and appellate tribunal without taking any action. Aimed at enhancing transparency in the sector, the act has not been implemented properly in the State due to the desultory efforts of the State government, leaving potential homebuyers and builders in a dilemma, complain the developers. The community is…

Dehradun grants 20 percent rebate on commercial and residential property tax
February 6, 2019

The Dehradun Municipal Corporation (DMC) has announced a 20 percent rebate for people who pay their property tax till February 28, 2019. The move is said to encourage people to pay property tax and increase revenue of the corporation. According to Dehradun Mayor, Sunil Uniyal Gama, to facilitate the process, the municipal body has established camps in seven wards and deployed sufficient officials. The rebate will be applicable on commercial and residential properties, and the same will be mentioned on the receipt generated online. The municipal body plans to collect revenue of Rs 25 crore from 80,000 households, including commercial…

Delhi Development Authority launches single-window portal for land pooling
February 6, 2019

Union Minister of Housing and Urban Affairs, Hardeep Singh Puri has launched the Delhi Development Authority’s (DDA) single-window portal for land pooling. The portal will allow owners of adjacent land parcels falling under K-1, L, N and P-II planning zones to register their land. The portal offers a user-friendly experience and constitutes information with general guidelines and instructions, zone-wise maps and applicable charges. Puri said that the private sector has an active role to play in gathering land parcels and developing social and social infrastructure on the same. The new policy will enable the development body to play the role…

NBFC crisis decelerates growth of construction equipment sector
February 5, 2019

According to Indian Construction Equipment Manufacturers' Association (ICEMA), construction equipment sector’s growth has hit a roadblock ever since the Non-Banking Financial Company (NBFCs) started facing the liquidity crunch after the Infrastructure Leasing & Financial Services (IL&FS) default. ICEMA President, Arvind Garg said that before the IL&FS crisis, the sector was growing at around 20 percent which has now reduced to 10 percent. In the last few months, the IL&FS and its subsidiary companies have defaulted on several debt instruments owing to lack of funds. Garg informed that 90-95 percent of equipment used in construction is financed with NBFCs being the…

Chennai notifies common building rules
February 5, 2019

Chennai’s Municipal Administration and water supply department have notified the Tamil Nadu Combined Development and Building Rules, 2019 under which, high-rise constructions with over 12 m height will have to undergo stringent multiple checks during their construction stage. The move comes after an 11-storeyed under-construction building at Moulivakkam collapsed in 2014, killing 61 people. One of the significant features of the common building rules is that it has brought the entire State under one umbrella of development control regulations, which until now were different for the Directorate of Town and Country (DTCP) and Chennai  Metropolitan Development Authority (CMDA). The new…

Mumbai civic body announces 2019-20 budget
February 5, 2019

The Brihanmumbai Municipal Corporation (BMC) has announced a Rs 30,692-crore budget for 2019-20 fiscal with a focus on creating civic infrastructure. The civic body exceeded its 2018-19 budget by 12.60 percent and did not announce any new taxes in the existing one. Around 51 percent of the funds have been allocated to bridges, roads and traffic, information and technology, stormwater drains, sewerage disposal, water supply and health department. While no new project announcements were made in the budget, the Corporation will emphasise on big-ticket projects such as the Goregaon-Mulund link road, the coastal road project and up gradation of Sewage Treatment Plants (STP). The civic…

Spend on infra projects in Mumbai touches Rs 75,000 crore
February 5, 2019

Speaking to reporters after inaugurating Central Railways first Rajdhani Express between Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai and Hazrat Nizamuddin, Delhi, Union Minister Piyush Goyal asserted that the Government has spent Rs 75,000 crore on infrastructure development in Mumbai  so far. In contrast to an investment of Rs 1,171 crore in railways during the 2009-2014 period, a corpus of almost Rs 4,345 crore has been spent between 2014 and 2018. Talking about the progress of Phase 3-A of the Mumbai Urban Transport Project (MUTP), he said that the Centre along with the State cabinet has given the nod to the…

CREDAI Indore demands extension of PMAY benefits to all categories
February 5, 2019

In a bid to boost affordable housing segment, Confederation of Real Estate Developers of India (CREDAI), Indore has requested the government to extend the benefits of Pradhan Mantri Awas Yojana (PMAY) to other projects as well. The financial crunch faced by the sector has halted its progress, thereby, slowing down the demand for affordable properties. According to CREDAI Indore Chapter Chairman, Liladhar Maheshwari, affordable housing segment will progress only if the benefits are extended to other property categories. A stockpile of under-construction properties with no takers is still lying in the market. Goods and Services Tax (GST) along with stamp…

Ghaziabad civic body may approve building plans online
February 5, 2019

The Ghaziabad Development Authority (GDA) may soon initiate the practice of approving building maps online, a move that would help the civic body to put a break on unauthorised constructions in the city. A team constituting GDA officials was recently sent to Bangalore to understand the functioning of the Bangalore Development Authority (BDA), which has adopted the practice of approving building maps online since 2008. The team has submitted their analysis to the GDA Vice-Chairperson, Kanchan Verma. It is to be noted that there is no human intervention in BDA’s online building map approval process. Verma added that the civic…

Chandigarh Smart City project gets Rs 100 crore in 2019-20 budget
February 4, 2019

The Chandigarh Union Territory (UT) administration has earmarked Rs 375 crore for the Municipal Corporation (MC) in its Budget for 2019-2020 fiscal. It has allocated Rs 56 crore more than what was allotted in the previous budget. However, the same was not enough to pull the civic body out of the financial crisis. Of the Rs 375 crore, Rs 100 crore have been allocated to the civic body for commencing smart city projects. In the current budget, the civic body was allocated Rs 120 crore for various developmental works. However, the same has not taken off yet. At the Chandigarh…

Noida to ban floor-wise sale of homes under new policy
February 4, 2019

The Noida Authority’s much-awaited decision to change land ownership type from leasehold to freehold will limit the buying and selling rights of property owners. It will impact homes constructed on individual plots as property owners will not be allowed to sell or register their floors independently. Considering this, Noida will only allow conversion of land from leasehold to freehold for 90 years, after which, the lease will not be renewed. Although a decision on freehold conversion of property is still awaited, officials believe that the authority will not make any revisions in the city’s bylaws related to the sale and…

Extension of tax sops for affordable housing to boost steel demand
February 4, 2019

According to All India Induction Furnaces Association (AIIFA) Secretary General, Kamal Agarwal, the Union cabinet’s proposal to extend tax sops for real estate developers constructing affordable housing units until FY 2019-20 would trigger robust demand for long steel products such as TMT bars. The move will further boost supply in the affordable segment. Finance Minister, Piyush Goyal, in his Interim Budget 2019-20 speech in the Lok Sabha announced the extension of benefits under Section 80-IBA of the Income Tax Act for affordable housing projects sanctioned till March 2020. Besides, the Centre also increased the limit for rolling over capital gains…

Uttar Pradesh to build 600 km-long Ganga Expressway
February 4, 2019

Uttar Pradesh is set to get a major connectivity boost as the State has announced to construct a 600 km-long expressway – the Ganga Expressway. The declaration was made at a cabinet meeting chaired by Chief Minister (CM) Yogi Adityanath at Allahabad (now Prayagraj). The expressway will link Allahabad with the western area of the State. The 4-laned access-control road will be expandable to 6 lanes and would require more than 6,500 hectares of land and an investment entailing Rs 36,000 crore. The expressway will commence at Meerut in the western part of the State and will intersect areas such…

Bangalore: Begur Road widening project set to become a reality
February 4, 2019

The widening of the Begur Road in Bangalore, which connects Bannerghatta Road to Electronics City is set to become a reality. The Bruhat Bengaluru Mahanagara Palike (BBMP) has issued an official notification in this regard for procuring land for the project. The civic body has proposed to increase the breadth of the road from the existing 30 ft to 80 ft. The widening of the 3.6 km-long road will take place in two phases, with phase-1 anticipated to involve a cost of Rs 42 crore. A total of 750 properties needs to be procured for the project. The Bangalore Development…

Only 1,892 homes constructed in Maharashtra under PMAY in 2018-19
February 4, 2019

According to official data available, Maharashtra has built 1,892 homes in 2018-19 under the flagship Pradhan Mantri Awas Yojana (PMAY), most of which are constructed in the Mumbai Metropolitan Region (MMR), Pune and Shrirampur. The State has set the target of constructing 19 lakh affordable homes by 2020 and is currently lagging far behind as disclosed by the data. In 2017-18, the State had constructed 55,695 houses, while it built 1.69 lakh homes in 2016-17. It has not even completed 10 percent of the State’s total target ever since the inauguration of the scheme in 2015. Further, the State cabinet…

CIDCO housing scheme: Over 68,000 applications received
February 3, 2019

In Navi Mumbai, the City and Industrial Development Corporation (CIDCO) had launched a lottery scheme for over 1,100 budget flats under the Pradhan Mantri Awas Yojana (PMAY). For the scheme, over 68,000 applications have been received by the Corporation. Officials have shared that out of all the received applications, a total of 51,622 applicants have submitted the registration fees. The online draw of the houses will be held on February 14, 2019 at 11 am.   Priya Ratambe, Public Relation Officer (PRO), CIDCO, has shared that the Corporation had launched a dedicated website, lottery.cidcoindia.com, to simplify the process of registration for…

Pimpri Chinchwad: Over 70 slums to be developed under smart city mission
February 2, 2019

Under the Pimpri Chinchwad Smart City project, a total of 71 slum rehabilitation projects will be carried out. Out of the identified slums, there are 34 undeclared slums. According to the 2011 census, the population in all the slums is around 1.47 lakh. Officials have shared that there are 16 slums each on lands belonging to the Maharashtra Industrial Development Corporation (MIDC), 25 slums are developed on the State government land, six slums are constructed on the land belonging to the municipal corporation, and eight slums are on land owned by Pimpri Chinchwad New Township Development Authority. Under the Jawaharlal…

Maharashtra to roll out 150 town planning schemes soon
January 31, 2019

The Maharashtra government is planning to implement 150 town planning schemes in the coming years using drone-based survey and Geographical Information System (GIS) mapping. Officials have shared that all the 27 municipal corporations and 250 municipal councils across the State have been asked to table proposals for town planning schemes on the lines of the Mahalunge Mann town planning scheme in Pune. The Pune Metropolitan Region Development Authority (PMRDA) has already proposed 10 town planning schemes. About 40 more planning schemes are in the pipeline. With the use of drone technology and GIS mapping, the authorities would be able to…

Page 6 of 452