Indian real estate news

Nashik civic body revises property tax hike by up to 50 percent
September 2, 2018

The Nashik Municipal Corporation (NMC) has decided to slash the property tax rates up to 50 percent. Tukaram Mundhe, Municipal Commissioner, NMC, has announced the revision of the property tax. Recently, the civic body had increased the property tax rate. The revised tax will not apply to properties built before April 2018. The new tax rate would be applicable to constructions came into existence post-April 1, 2018. The municipal corporation has identified a total of 300 such buildings. The rateable value varies from location to location. For example, the tax for RCC/load bearing residential units was 50 paise per sq…

Ameerpet-LB Nagar metro to become operational in September
September 2, 2018

The 16-km long Hyderabad metro corridor, running between Ameerpet and LB Nagar, will become operational from September 15, 2018. The corridor will have these stations - Ameerpet, Punjagutta, Erra Manzil, Khairatabad, Lakdi-ka-pul, Assembly, Nampally, Gandhi Bhavan, Osmania Medical College, MG Bus Stand, Malakpet, New Market, Musarambagh, Dilsukh Nagar, Chaitanyapuri, Victoria Memorial and LB Nagar. NVS Reddy, Managing Director, HMR, has shared that the safety clearance will be issued by the Commissioner of Metro Rail Safety (CMRS) soon after the signalling Independent Safety Assessor (ISA) certificate is submitted by the L&T Metro Rail Hyderabad. The route has already got other safety…

Ghaziabad authority demolishes over 100 illegal properties
September 2, 2018

The Ghaziabad Development Authority (GDA) has so far demolished over 100 unauthorised buildings in the city. The development authority had issued a directive to identify all unauthorised buildings and dilapidated structures in the city. Ritu Maheshwari, Vice Chairperson, GDA, has informed that the Authority has identified a total of 650 such illegal properties in Ghaziabad. Of them, a total of 104 structures have been demolished till date. The remaining unauthorised units will be sealed or demolished in the coming weeks. All illegal structured dairies and boundary walls in Rajnagar Extension, Modinagar, and Chiranjiv Vihar have been scrapped during the latest…

Maharashtra approves four new infra projects
September 1, 2018

The Maharashtra government has approved the development of four major infrastructure projects across the State. The government has provided nod for the Concession Agreement (CA) of these infra projects. Estimated to be developed at a cost of Rs 17,000 crore, the construction work of the sanctioned projects would commence within a period of two months. These four projects include augmentation of Mumbai-Pune Expressway, construction of a 17-km long Bandra-Versova Sea-Link, Thane creek bridge-3 and Bhiwandi-Kalyan-Shil-Phata road. With this approval, the Maharashtra State Road Development Corporation (MSRDC) will soon establish a special purpose vehicle (SPV) to get funding via bank loans.…

Rajasthan revokes ban on allotment of barren land in Jaisalmer
September 1, 2018

The long standing demand of the public has finally been heard as the State cabinet has decided to revoke ban on allocation of barn revenue land to individuals in Jaisalmer for colonisation. The decision comes in the wake of the announcement made by the Chief Minister Vasundhara Raje during her August 24 Rajasthan Gaurav Yatra in Jaisalmer. The revenue department prepared a proposal post the announcement was made, which received nod of the cabinet. According to sources, the land reserved as forest and wildlife areas, has been exempted from the allotments. The government will soon invite applications for allotment of…

Dilshad Garden-New Bus Adda metro to open by mid-November
September 1, 2018

The Delhi Metro Rail Corporation (DMRC) will commence rail services between Dilshad Garden in Delhi and New Bus Stand in Ghaziabad by the mid-November 2018. The information was announced by Ritu Maheshwari, Vice Chairperson, Ghaziabad Development Authority (GDA). The 9.41 km-long Dilshad Garden-New Bus Adda metro corridor will connect Delhi Metro's Red Line up to Rithala. The new corridor will be an elevated section comprising of eight stations - Shahid Nagar, Raj Bagh, Rajendra Nagar, Shyam Park, Mohan Nagar, Arthala, Hindon River Station and New Bus Adda. Officials have shared that the corporation has already started conducting the trial runs.…

Uttar Pradesh Govt to execute projects worth Rs 10,000 crore
August 31, 2018

According to an official statement, in a meeting held recently, Uttar Pradesh Chief Secretary and Infrastructure and Industrial Development Commissioner, Anup Chandra Pandey has agreed to execute projects worth more than Rs 10,000 crore in the State after a one-on-one interaction with 25 investors. Several industrialists related with these projects were among those investors present in the meeting. An official release issued by the Gautam Budh Nagar district information office revealed that Pandey has also instructed the concerned officials to personally contact these investors and ascertain that they get all the admissible facilities under the government policies. He even asked…

NGT orders Bihar to check illegal sand mining
August 31, 2018

A bench of National Green Tribunal (NGT) chaired by its Chairperson Justice Adarsh Kumar Goel has recently ordered the State cabinet to form a team and check unauthorized sand mining which is being carried out in Ganga and Son rivers at Koilwar and Patna. A team constituting the District Magistrate, an officer of the Mines and Mineral Department and the Senior Superintendent of Police (SSP) Patna has been asked to form that will have a look at the situation and take suitable action accordingly within a month. The bench was hearing a plea filed by an applicant against illegal sand…

Centre may convert vacant offices to houses for poor
August 31, 2018

In a review meeting on infrastructure headed by Prime Minister Narendra Modi, ways of providing housing facilities to the poor were discussed. Using non-functional government offices, vacant homes and unutilised land of public sector undertakings emerged as a key point of the discussion. The PM evaluated the progress of the government’s ambitious Pradhan Mantri Awas Yojana (PMAY) in rural and urban areas under which it aims to achieve the target of constructing three crore homes in villages and one crore in urban areas by the year 2022. According to sources, the Urban Housing Ministry has been told by the PM…

Chandigarh Municipal Corporation to include first 15 sectors under GIS mapping
August 31, 2018

Chandigarh Municipal Corporation’s (MC’s) tax department has recently issued property tax notices in the residential localities of the first 15 sectors of the city. The civic body has concurrently created Geographic Information System (GIS) mapping of the houses falling in these sectors. The move comes to monitor tax evaders in the future along with offering the residents a platform to file property tax online by the end of the current fiscal. The portal will soon provide the link where, homeowners can pay their property tax online. The biggest advantage of GIS mapping is that it has all the details of…

Kerala to receive concessional refinance for house construction
August 30, 2018

In a bid to provide relief to people affected by the recent Kerala floods, the National Housing Bank (NHB) will provide Rs 200 crore of refinancing for the construction and repair of houses. The amount will be provided at a concessional rate for repairing the houses damaged in the floods. The last date to file income tax return has also been extended for 15 days by the Income tax department for all citizens of the State. Rajiv Kumar, Financial Services Secretary, shared that Rs 200 crore will be granted from the refinance scheme of NHB under Affordable Housing Fund. The…

Press Release

Bobby Mukherji & Associates designs luxurious private jet terminals
August 30, 2018

Bobby Mukherji & Associates designs luxurious private jet terminals30th Aug 2018 Bobby Mukherji & Associates has designed one of the world’s most luxurious private jet terminal, the YU Lounge, as the New Caribbean Gateway. The state-of-the-art terminal will deliver uniquely-crafted door-to-door arrival and departure experience to super high net worth individuals and families. The terminal will comprise of three lounges - Crew Lounge, Arrival Lounge, and Departure Lounge.

Karnataka set to regularise B khata properties
August 30, 2018

Cheering thousands of homeowners, the Karnataka government is planning a scheme to regularise the B Khata properties that are under the corporation limits. To proceed with the scheme, necessary amendments will be made in the Karnataka Land Revenue Act, 1964. This move will help the property owners in obtaining an A khata by paying improvement and conversion fee. The owners will also be eligible to apply for bank loans. The move is anticipated to double the value of properties as they will gain a legitimate status. Manjunath Prasad, Bruhat Bengaluru Mahanagara Palike (BBMP) Commissioner, shared that the move will facilitate…

Haryana plans five new cities along KMP Expressway
August 30, 2018

The Haryana Government is all set to develop five new cities along the Kundli-Manesar-Palwal Expressway. The cities will be developed within two kms on either side of the expressway and will be named as 'Panchagram'. However, the said cities shall bear unique names. A draft of Panchagram Development Authority Bill has been prepared by the government, and the same shall be introduced in the State Assembly after the Cabinet's approval. The KMP Expressway is expected to completely transform the industrial scenario in Haryana. The move will facilitate the entrepreneurs and give a fillip to the industrial sector along with creating…

PMC’s approval mandatory for construction in TOD zones
August 30, 2018

The Pune Municipal Corporation (PMC) will now be the sole authority granting permissions for constructions in the Transit-oriented Development (TOD) zones along the Metro corridor. As per the law, only the local governing body retains the right to grant such permissions. In Pune, PMC is the only planning authority that is present for regulation of the municipal limits. Thus, the right of granting building permissions solely vests with PMC. This means that other authorities like MAHA Metro and Pune Metropolitan Region Development Authority (PMRDA) cannot participate in granting the building permission for Metro corridors within the PMC limits. The transit-oriented…

RWAs in NDMC receive Rs 10 crore as citizen’s fund
August 30, 2018

The New Delhi Municipal Council (NDMC) has received a separate budget known as the ‘citizen's fund’ to execute public works. In a meeting held with the NDMC Chairperson, officials and more than 80 RWAs, Arvind Kejriwal, Chief Minister Delhi, set aside an amount of Rs 10 crore that will enable residents of NDMC areas to spend on public utility facilities, as per their wish. The residents will be the decision makers of what work they need to carry out in their respective areas. The initiative has been started as an experiment with a budget of Rs 10 crore. It is touted…

Goa Governor approves TCP Bill comprising zonal changes
August 30, 2018

The Goa Town and Country Planning (Amendment) Bill, 2018 has received an approval from the government. The plan allows the Town and Country Planning Department (TCP) to change land zoning as per individual requests. Goa Governor, Mridula Sinha, has given her assent to the bill. In the assembly, it was concluded that the bill is passed to give justice to people. Manohar Parrikar, Chief Minister, has stated that a committee comprising of the opposition members and experts will be formed to frame the rules for the bill. The bill consists of three new planning tools namely the accommodation reservation, Transferable…

Uttar Pradesh RERA: List of approved projects uploaded on website
August 29, 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 August 29, 2018, around 4,000 projects have been registered with the state regulator. Officials further share that 1,323 developers have successfully registered with Uttar Pradesh RERA. Several real estate brokers/agents have also been active in the registration process. So far, 1,867 real estate agents (individual and company) have been approved by the regulatory body. The list of all approved projects, agents, and developers has…

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