Indian real estate news

World’s largest Hyperloop demo track to be built in Pune
June 22, 2018

The Pune Metropolitan Region Development Authority (PMRDA) has announced that the world's largest demonstration track for Hyperloop technology will be developed in Pune at an estimated cost of Rs 3000 crore. The demonstration track will be 15 km long. The track will run between Wakad and the Gahunje Stadium, informs Kiran Gitte, Commissioner, PMRDA. The demonstration track is expected to be completed in two-three years. Virgin Hyperloop One will develop a high-speed hyperloop between Mumbai and Pune. The development authority is supplying land for the project, while Virgin Hyperloop One will provide 100 percent investment. Once the project is completed,…

Himachal Pradesh RERA: 14 agents registered till date
June 22, 2018

Till now, a total of 14 real estate agents have registered themselves with the Himachal Pradesh Real Estate Regulatory Authority (RERA). The RERA Act was introduced to bring transparency and to protect the interest of homebuyers in all real estate activities and to establish an adjudicating mechanism for speedy dispute redressal. List of Himachal Pradesh RERA approved agents - Click to Download The Himachal Pradesh government has launched an official RERA website for the registration of projects and agents in the state. All developers can easily register themselves and their projects on the dedicated portal. The state government had notified…

Bangalore Metro issues tender for Vellara-Shivajinagar corridor
June 22, 2018

The Bangalore Metro Rail Corporation Limited (BMRCL) has issued tenders for the development of an underground stretch from Vellara Junction to Shivajinagar. The underground corridor is 2.8 km long and will be developed as a part of the city's metro Phase-II, running from Gottigere to Nagawara. The Gottigere-Nagawara route is 21.42-km long. In the past, tenders were announced for a 13.91 km long underground corridor that got called off due to exorbitant amounts quoted by the bidders. This time, the metro corporation has made some design alterations. The BMRCL has decided to develop the underground route from Fathima Bakery near…

MP govt to modify 60-year-old Land Records Act
June 21, 2018

The government of Shivraj Singh Chouhan is set to bring an amendment bill to alter 122 sections of the Madhya Pradesh Bhu Rajaswa Sahita 1959 (Madhya Pradesh Land Records Code) in the 14th Assembly session that will start on June 25.  Uma Shankar Gupta - Minister for Revenue described the step as 'revolutionary’. She further shared that a lot of changes came after the enactment of the Land Records Code about 60 years ago. Thus, on Tuesday the cabinet approved necessary changes through an amendment bill which will be presented before the House in the upcoming session next week. Previously,…

Shillong: 100th City Under Smart Cities Mission
June 21, 2018

On Wednesday, the Housing and Urban Affairs Ministry shared that after the evaluation of the proposal submitted by Shillong, it has been selected as the 100th city to receive funding under the Centre's flagship Smart Cities Mission. The ministry had kept on hold the final slot for the Smart Cities Mission for the Meghalaya capital. Meghalaya was selected for its inclusion in the scheme as the city was not able to submit its proposal due to state elections on February 27. An official release stated that until now, 99 smart cities had been selected in four rounds of competition and…

Kolkata: Commercial developers move to peripheral business districts
June 21, 2018

Kolkata, the prime financial and commercial hub in eastern India has important industrial sectors in the region. The companies present in the area have maintained regional headquarters in the city's central business district (CBD). The issues about the project and precinct-level infrastructure, congestion, parking and low supply of grade-A office space have resulted in an increased preference for office space in the secondary and peripheral business districts in greater Kolkata Metropolitan Area (KMA). Secondary business districts (SBDs) have developed over two stretches in Kolkata: Park Circus Connector Topsia and Rashbehari Connector Kasba Industrial Estate. With an increase in population, the…

Goa: Illegal buildings ordinance receive Governor’s approval
June 21, 2018

Governor Mridula Sinha has given her acceptance to the rule of granting one month’s extension for regularising illegal structures in private properties. On June 15, the extended one month period for accepting applications came into force, the day the governor granted the consent to the Goa Regularisation of Unauthorised Construction (Amendment) Ordinance, 2018. An extension of 30 days has been allowed to individuals to apply for regularisation of illegal structures that were constructed on private land. The department has already received around 4,500 applications.  The application count is 1,700 in north Goa and 2,800 in South Goa. Since the Act…

Builders in Karnataka can choose land title insurance in future
June 21, 2018

Land title insurance, a scheme that is mandatory under the Real Estate Regulatory Authority (RERA), will soon become a reality in Karnataka leading to a hike in property prices. Land title insurance is a scheme that will provide safety to both builders and buyers against any loss from defects in the property title. Litigation cost is also covered if the builder seeks a legal remedy against a defective claim. Industry trackers say that the expected annual premium would be priced around 0.1 percent of the land value, because of which property cost would eventually rise. The real estate sector is…

MHADA to develop six lakh affordable homes in Mumbai
June 20, 2018

The Maharashtra Housing and Area Development Authority (MHADA) has got around 60 proposals since the Authority has been accorded a status of planning authority by the State government. Of all received proposals, the Authority has given the final nod to six proposals. The decision will fasten the redevelopment process of 114 MHADA layouts across Mumbai and reduce red-tapeism. Layouts are located in areas such as Malad, Kalachowki, Goregaon, Bandra, Santacruz, Andheri, Borivli, Vikhroli, Chembur, Kurla and Dahisar. The redevelopment process is more likely to generate over six lakh new houses in Mumbai in years to come, fulfilling the Government’s agenda…

Uttar Pradesh RERA: List of approved projects uploaded on website
June 20, 2018

The Uttar Pradesh government had launched a portal for online registration of real estate projects and for filing complaints against errant developers in the state under the Real Estate (Regulation and Development) Act (RERA). As of June 20, 2018, around 3,800 projects have been registered with the state regulator. Officials further share that 1,307 developers have successfully registered with Uttar Pradesh RERA. Several real estate brokers/agents have also been active in the registration process. So far, 1,637 real estate agents (individual and company) have been approved by the regulatory body. The list of all approved projects, agents, and developers has…

Tamil Nadu RERA revises fee for filing complaints
June 20, 2018

The Tamil Nadu Real Estate Regulatory Authority (Tamil Nadu RERA) has increased the fees for filing complaints against the developers and projects under the Real Estate (Regulation and Development) Act (RERA). The fee revision comes into immediate effect. Now, for making complaints with the Authority under Section 31, RERA Act, the Authority will charge Rs 1,600. The hiked fee includes an additional payment of Rs 600 towards postage charges. Section 31 reads that any aggrieved homebuyer can file a complaint with the authority for any violation of the provisions of the Act. Similarly, the fee has been increased for the…

MahaRERA scans 500 projects in Pune violating norms
June 20, 2018

The Maharashtra Real Estate Regulatory Authority (MahaRERA), Pune bench, has identified 500 real estate projects violated norms provisioned under the Real Estate (Regulation and Development) Act (RERA). Officials have shared that it is mandatory for all registered developers with registered ongoing projects to update information about the completion status and the number of units sold, as per the Section 11 under RERA. Violation of this norm will attract a penalty of five percent of the estimated cost of the project. FD Jadhav, Deputy Secretary, MahaRERA, Pune, has stated that about 500 registered projects in Pune have failed to update information…

NCR shares 20 percent of overall office space absorption: Report
June 20, 2018

According to a recent report by Colliers Research, the National Capital Region (NCR) has accounted for 20 percent of the overall office space absorption annually. With this, the region becomes the second largest office market across the country after Bangalore. Improved infrastructure, superior metro rail connectivity, the abundance of premium commercial and office spaces and new upcoming SEZ and non-SEZ supply contributed as the primary reasons to attract several multinationals and corporate houses across the globe to the NCR. Sanjay Chatrath, Executive Director, NCR, Colliers International India, has stated that several civic developments in the past and economic growth in…

Chhattisgarh govt launches RERA website
June 20, 2018

The Chhattisgarh government has finally launched its official RERA website for registration of ongoing real estate projects and property developers under the Real Estate (Regulation and Development) Act (RERA). All developers and promoters involved in developing real estate projects can now register online. Till now, a total of 240 applications of project registration have been received by the authority. Over 240 agents have applied to gain RERA certificate. Similarly, over 150 developers have also applied to get them registered under the Act. To know more about registered projects and agents - Click HERE As per the latest information available on…

MahaRera powers diminish with new IBC Ordinance
June 19, 2018

MahaRera, Maharashtra's realty sector regulatory body has questioned the motive behind government’s decision to treat homebuyers as financial creditors by empowering them to drag their builders to NCLTs, claiming that the move diminishes its powers. Mumbai Grahak Panchayat (MGP), a city-based consumer body also responded with similar views, adding that it was more suitable if the government empowered Rera itself, since it is an exclusive law to inspect the concerns of the real-estate sector.  President Ram Nath Kovind, on June 6 had announced the Insolvency Bankruptcy Code (Amendment) Ordinance 2018. The code recognises homebuyers as financial creditors under the insolvency…

Jaipur Development Authority to regularise camps at PRN colonies from June 27
June 19, 2018

The Jaipur Development Authority (JDA) will set up camps from June 27 to regularise colonies in Prithvi Raj Nagar (PRN) scheme. Considering the Rajasthan High Court orders, a ban was imposed on regularisation until the time zonal plans were prepared. The regularisation camps will be constituted after the preparation of four zonal plans for orderly development. This project will represent an end to the prolonged wait of residents of PRN scheme. The JDA has released the schedule for organising camps that began on June 27 and continue till July last week. More than 25 colonies will be regularised in phase-I.…

Regularise illegal construction in Alandi by Sept 12: AMC
June 19, 2018

A deadline of September 12 has been set up by Alandi Municipal Council (AMC)  to regularise illegal construction in Alandi.  Last year, a notification was issued by the state government's urban development department under the Maharashtra Regional Town Planning Act for regularisation of construction in commercial, residential and industrial zones. Illegal buildings in red zones, blue lines of rivers, buffer zones and on hill slopes will not be regularised. The owners need to provide complete details of unauthorised construction approved by licensed architects to AMC by September 12, 2018. Property owners are also required to submit Google images of their…

Ludhiana civic body uploads maps to support town planning schemes
June 19, 2018

The civic authorities of Ludhiana have uploaded detailed maps of town planning (TP) schemes of the city and similar information on their official website. People can access the maps with a single click, instead of visiting Municipal offices. Soon, the process to accept online applications for building plan approvals will begin, and a requirement for a copy of the TP scheme plan will also be initiated. People can acquire the copy from the MC website, and avail it with online applications for building plan approvals.  The concept focusses on making people aware of the TP schemes of their respective localities.…

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