Indian real estate news

Nagpur civic body to regularise 425 slums
January 31, 2019

The Nagpur Municipal Corporation (NMC) has decided to regularise about 425 slum areas developed on the government land. The civic body has directed an agency to conduct a survey of slums in the city. The firm will also collect applications from slum dwellers and certify them. The corporation will pay the agency Rs 179 each for collecting the required documents and Rs 25,000 per hectare for carrying out the survey. The agency will assist dwellers in filing the application forms and also help the beneficiaries to submit the form online. Earlier, the State government had appointed an agency but it…

Centre urges SC to set up committee to hear land acquisition cases
January 31, 2019

In order to resolve cases related to land acquisition in the country, the Central Government has urged the Supreme Court (SC) to formulate a constitution bench to address a large number of petitions filed under Section 24 of the Land Acquisition Act, dealing in fair compensation to landowners. The decision was taken after considering a large number of pleas awaiting adjudication under Section 24(2) of the land acquisition act by a constitution bench. The Chief Justice, Ranjan Gogoi, has stated that a special committee will be formed soon to hear pending petitions related to land acquisition cases. In March 2018,…

Centre approves 4 lakh more houses under PMAY
January 31, 2019

The Central Government has approved the construction of four lakh more units in urban areas across the country under the Pradhan Mantri Awas Yojana (PMAY). With this approval, the total number of sanctioned houses under the scheme has reached about 72.5 lakh since the announcement of the ambitious housing scheme. The decision on the same was taken at the meeting of the Central Sanctioning and Monitoring Committee (CSMC) of the PMAY (Urban). Durga Shanker Mishra, Secretary, Union Housing and Urban Affairs, has shared that the pace of approving houses under the scheme is on track and it is on its…

Namma Metro Phase 2 to be extended till Challaghatta
January 31, 2019

At an estimated budget of Rs 140 crore, the Karnataka government has approved the construction of a new metro station and multi-level parking at Challaghatta as part of Phase 2 of the Namma Metro project. For the speedy development of the station, the State government would grant Rs 70 crore for the project. The remaining funds will be financed by Bangalore Metro Rail Corporation Limited (BMRCL). Officials have shared that the Bangalore Metro Phase 2 will be extended from Kengeri till Challaghatta, covering a distance of 1.8 km. The depot for the extended line would be established at Challaghatta. The…

Budget 2019-20: Housing Ministry outlay to touch Rs 50,000 crore
January 31, 2019

In the Interim Budget 2019, to be presented on February 1, it is expected that the Government might announce Rs 50,000 crore for the Housing and Urban Affairs Ministry to expedite the implementation of various infrastructure projects across the country. For the last fiscal, 2018-19, the Government had allocated Rs 41,000 crore. In another news, it was reported that the Finance Minister would grant a total budget of Rs 20,000 crore for the metro rail expansion in the country, which would be 25 percent higher from Rs 15,000 crore announced last year. An expansion plan of metro rail services could…

Press Release

Rustomjee launches uber luxury project
January 31, 2019

Rustomjee launches uber luxury projectJanuary 29, 2019 Leading real estate developer, Rustomjee launched a luxury project ‘Rustomjee Crown’ located in Prabhadevi, Mumbai. Spread across 5.75 acres, the architectural marvel boasts of ‘Thoughtfully Built’ three, four and five bed residences ranging from 1335-2528 sq ft, overlooking the Arabian Sea. Rustomjee Crown is conceptualised by the renowned Architect Hafeez Contractor and designed by Bangkok’s leading interior design firm PIA Interiors and is the choicest location for the affluent class who prefer discreet opulence. 

Pune civic body proposes 4 FSI across transit route
January 30, 2019

The Pune Municipal Corporation (PMC) has proposed a Floor Space Index (FSI) of four across the high capacity mass transit route (HCMTR). The municipal corporation will be constructing a 36-km mass transit route across the city that will cross several regions including Bopodi and Pune University. The HCMTR will cover Paud Road, Karve Road, Dattawadi, Swargate, Lullanangar, Wanowrie, Ramwadi, Vimannagar, and Vishrantwadi. Officials have stated that the proposed FSI has been locked as per the transit-oriented development policy, while the activists have alleged it an attempt to woo builders before elections. Sushil Mengade, President, City Improvement Committee, has shared that…

Road Ministry proposes Chennai-Trichy Highway
January 30, 2019

Under the second phase of Bharatmala Pariyojana, the Ministry of Road Transport has proposed a greenfield highway between Chennai and Trichy. The highway is planned to subsequently be extended up to Thanjavur, Pillaiyarpatti and Tuticorin. There is another four-lane highway project underway between Thanjavur and Pillaiyarpatti, which will become the linking highway for the entire stretch. While the Chennai-Trichy Highway will span a length of 310 km, the one running between Pillaiyarpatti and Tuticorin will be a 160 km-long route. The National Highways Authority of India (NHAI) has already acquired the land for four-laning about 82 km of the Thanjavur-Pillaiyarpatti…

Rajasthan Housing Board plans to sell homes at 40 pc discount
January 30, 2019

The Rajasthan Housing Board (RHB) has recently initiated its plan to sell unsold housing units at a discount of 30-40 percent. The decision has been taken post the directions of the Urban Housing and Development Minister (UDH), Shanti Dhariwal. Owing to a prolonged slowdown in the real estate market, RHB homes have failed to lure the homebuyers because of which a large number of houses are unsold. At present, the housing board has an unsold inventory stock of around 11,349 units in cities like Jaipur, Jodhpur, Kota, Udaipur, Alwar, and Bikaner. The said initiative will help to bridge the wide…

Karnataka Govt approves metro line to KR Puram
January 30, 2019

The Karnataka government has approved the implementation of the Metro’s Outer Ring Road (ORR) line, connecting Central Silk Board Junction to KR Puram in Bangalore. The approval received includes seeking funds from the Centre, land acquisition and shifting of utilities.  The cost of the project, which was earlier estimated at Rs 4,202 crore, has now been revised to Rs 5,994.90 crore. An escalation in the estimated land cost from Rs 173.33 crore to Rs 559.10 crore, owing to an increased requirement of private lands and high guidance value, is being considered as the prime reason for the increase in the…

Govt inaugurates Atal Setu over Mondovi River in Goa
January 30, 2019

The Chief Minister of Goa, Manohar Parikar, along with Union Minister for Roads, Transport and Highways, Nitin Gadkari inaugurated the 5.1 km-long cable-stayed bridge on the Mandovi River. Named as Atal Setu, this is the third bridge over the river and the third longest cable-stayed bridge in India. Vehicular traffic on the bridge connecting the State to North Goa will be allowed from February 4, 2019, onwards. The approach ramp for vehicles coming from Margao is yet to be completed. Even the flyover that will lead the traffic from Ponda to the bridge is also running way behind schedule. The…

Press Release

Piramal Realty inaugurates World-Class Experience Centre at Piramal Mahalaxmi
January 30, 2019

Piramal Realty, the real estate arm of the Piramal Group in a joint venture with Omkar Realtors, has recently inaugurated its World-Class Experience Centre at Piramal Mahalaxmi- a flagship project in South Mumbai. The Experience Centre, which has been designed in collaboration with internationally acclaimed partners, showcases a perfect fusion of the rich culture and contemporary living reflecting the quintessence of Piramal Mahalaxmi which is also one of the most sought-after addresses in Mumbai.

IT Dept to issue certificates to PMAY beneficiaries now
January 30, 2019

To expedite the approval process for disbursing home loans at subsidised rates to the selected beneficiaries under Credit-Linked Subsidy Scheme (CLSS) component of the Pradhan Mantri Awas Yojana (PMAY), the Central Government has roped in the Income Tax Department to provide a certificate to the identified beneficiaries on the basis of their salary and income tax paid. The move is expected to alter the dynamics of sanctioning of interest subsidy under the ambitious housing scheme, PMAY (Urban) across the country. Officials have stated that until now, beneficiaries had to visit bank branches to avail subsidised loans after submitting requisite documents.…

Gurgaon civic body to take over eight private colonies by January end
January 29, 2019

Directed by the Chief Minister of the State, the Municipal Corporation of Gurgaon (MCG) is now all set to take over eight colonies by the end of January 2019. The Department of Town and Country Planning (DTCP) has been directed to recover the funds from the developers of these colonies as mentioned in the Detailed Project Report (DPR), shares MCG Commissioner, Yashpal Yadav. The decision was made in a meeting chaired by the Chief Minister in Chandigarh. The meeting was conducted to discuss the takeover of the colonies by the Civic body, Yadav shares further. Owing to the inability of…

Centre launches Rs 3,000 crore highway projects in Rajasthan
January 29, 2019

The Ministry of Road Transport and Highways has inaugurated four highway projects in Rajasthan. The highway projects including three projects in Bikaner and one in Nagaur District would be developed at an estimated budget of Rs 3,237 crore. Nitin Gadkari, Road Transport and Highways Minister, has shared that many highway projects will be developed in the State in the coming years under the Bharatmala project.  To improve connectivity in tribal, backward and border areas across the State, the Ministry has announced several corridors under the ambitious road development project, Bharatmala Pariyojana. At the launch event, Gadkari has inaugurated Bikaner-Phalodi road…

Last stretch of Chennai Metro Phase 1 to open in February first week
January 29, 2019

The last stretch of the Chennai Metro Phase 1, which is a 9.5 km stretch between DMS and Washermanpet, is likely to become functional from February 6 onwards. However, the work for obtaining the recommendations of the safety commissioner for the said stretch is still under progress. As revealed by the official sources, the opening of the stretch is further subjected to administrative decisions of the Chennai Metro Rail Limited (CMRL) and government approvals. The 45 km Phase 1 project, which was earlier planned to be completed by the end of January had to be postponed to the first week…

Thiruvananthapuram authority builds over 1,000 homes under PMAY
January 29, 2019

Under the Pradhan Mantri Awas Yojana (PMAY), the Thiruvananthapuram Corporation has become the first authority in Kerala to develop over 1,000 affordable houses. The State government has identified about 9,027 beneficiaries for the scheme. Officials have shared that the houses under PMAY are being developed in phases. Nearly 1,370 beneficiaries were a part of the first Detailed Project Report (DPR), while the second DPR will provide residential units to 1,834 families. The remaining houses will be completed under various DPRs. To provide housing units under the scheme, approximately Rs 361 crore would be utilised. The Central and State governments are…

Centre approves over Rs 1 lakh crore for PMAY houses
January 29, 2019

To provide shelters to the homeless population in India, the Central Government, in collaboration with State governments, had launched an ambitious housing scheme, Pradhan Mantri Awas Yojana (PMAY). As per the official records, the Central Government has approved over Rs 1,00,000 crore for the development of the scheme. Under the housing scheme, the Government will develop crores of homes in urban and rural part of the country by 2022. As of now, around 68.5 lakh houses have been sanctioned under PMAY (Urban). Of these, nearly 35.67 lakh houses are under construction. A total of 12.45 lakh houses have already been…

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