Indian real estate news

SC puts ban on construction activities in Delhi NCR till Nov 10
October 31, 2018

The Supreme Court appointed Authority - Environment Pollution Control Authority (EPCA), has ordered to stop any construction activities in Delhi NCR from November 1 till November 10, 2018. The order will ban construction activities including excavation and civil construction. The 10-day ban has been taken as a measure to control air pollution level in Delhi and adjoining areas. Halting all construction activities are expected to control further deterioration of air quality. Like every year, the air quality level is anticipated to be deteriorated during festival season and stubble burning in neighbouring States. It is a precautionary measure. All industries using…

Madhya Pradesh RERA: List of approved projects and agents
October 31, 2018

Several months after the implementation of the Real Estate (Regulation and Development) Act (RERA) across the country, Madhya Pradesh has emerged as one of the most active States in the execution of RERA norms. The State government has already launched an online portal and a permanent regulatory authority. Experts advise buyers to only purchase real estate from registered developers to avail RERA protection. As per the Madhya Pradesh RERA website, 1,988 real estate projects have been successfully registered with the State regulator till date. A total number of 1,486 promoters have been also registered with the Madhya Pradesh RERA. Meanwhile, 468…

Bombay HC orders single allotment for Maharashtra housing schemes
October 30, 2018

The Bombay High Court has recently ordered that no individual will be entitled to get more than one house developed under the Maharashtra housing schemes. The Court had passed the order following a public interest litigation (PIL) submitted by a resident of Oshiwara, where 39 units out of 63 have been allotted to the High Court judges. A division bench constituting Justice BR Gavai and Justice Bharti Dangre shared that floating the scheme for allotment of houses at a concessional rate is permissible. The High Court has directed the State government to formulate a scheme under which a person will…

Trichy civic body to withdraw tax revision
October 30, 2018

The Federation of the Trichy City Residents Welfare Associations (FTCRWA) has urged the Trichy Municipal Corporation to withdraw the revision of property tax implemented in September 2018. The civic body had revised property tax slabs by classifying the 65 wards into three zones. Zone A constituted the properties located on main roads, Zone B includes the properties situated near main roads and Zone C has properties structured away from the main roads. The revision of property tax has resulted in increase of tax amount up to 87 percent. The revised rate would be applicable from April 2018. The civic body…

Metro rail to extend to 15 more cities
October 30, 2018

The Housing and Urban Affairs Ministry has shared that several metro rail projects covering over 515 km in various parts of India are already operational, while many other metro rail projects covering 664 km are under various stages of implementation in at least 15 cities across the country. As of now, as many as 10 cities have functional metro rail networks including Kolkata, Delhi, Chennai, Bangalore, Hyderabad, Jaipur, Gurgaon, Mumbai, Kochi and Lucknow. Hardeep S Puri, Housing and Urban Affairs Minister, has shared that the State governments have been directed to prepare the detailed project report (DPR) of several proposed…

Smart City work to pick up pace in Muzaffarpur
October 30, 2018

In order to accelerate the Smart City projects in Muzaffarpur, the city will soon get an additional commissioner and two deputy commissioners. Suresh Kumar Sharma, Housing Minister, Bihar, has shared that the appointments are being created to speed up the ongoing development work in the town area under the Smart Cities Mission. The Central Government has already announced 100 cities which would be developed under the Smart Cities Mission. Under the Mission, the smart city projects will be implemented by the Ministry of Urban Development in collaboration with the State governments. Muzaffarpur is one of the four cities in Bihar…

Madras HC reserves land acquisition amendment order
October 30, 2018

The Madras High Court has reserved orders on several pleas challenging the amendments made by the Tamil Nadu government to the Land Acquisition Act, bypassing the Central Land Acquisition Act enacted in 2013. Under the Act, the amendments facilitating the State government to acquire lands for specific purposes were brought in on January 21, 2014. The amendments have saved the Tamil Nadu Acquisition of Lands for Industrial Purposes Act, Tamil Nadu Highways Act, and Tamil Nadu Acquisition of Lands for Harijan Welfare Act from bringing inconsistency in view to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation…

Tamil Nadu Govt. revises FSI for residential units
October 30, 2018

The Tamil Nadu government has revised the floor space index (FSI) for all residential buildings across the State. The recent order has increased the free FSI from 1.5 to 2. The decision to increase the FSI is intending to reduce the cost of a housing unit in Tamil Nadu. Edapaddi K Palaniswami, Chief Minister, Tamil Nadu, has announced the detailed guidelines for the revised rate. As per the revised guidelines, the allowable premium FSI has been increased to 50 percent for road width 18 m and above. For roads measuring 12 m to 18 m, the allowable premium FSI has…

Press Release

Honorable Minister Hardeep Singh Puri felicitates Amit B Wadhwani
October 29, 2018

Honourable Minister Hardeep Singh Puri felicitates Amit B Wadhwani26th October, 2018 One of the most sought after names in Mumbai’s real estate sector; Amit B Wadhwani, Managing Director, Sai Estate Consultants, Chembur Pvt Ltd, was honoured with the ‘Cutting Edge in Real Estate Consultancy’ award by Union Minister of Housing & Urban Affairs Mr. Hardeep Singh Puri at a prestigious Conclave held in Delhi. The conclave was held to appreciate the leaders who have contributed phenomenally to the growth of the infrastructure sector.

PMC proposes provisions for PMAY projects in its annual budget
October 29, 2018

Contemplating the soaring prices of construction material on account of increasing fuel prices, the Pune Municipal Corporation (PMC) has sought for budgetary provisions for the flagship Pradhan Mantri Awas Yojana (PMAY) of the Central government. The civic body, in a proposal tabled in the City Improvement Committee, has said that the Central Selection and Monitoring Committee (CSMC) finalises the cost of the property at the time of sanctioning the projects. Hike in petrol and diesel prices, however, lead to a surge in the prices of construction materials. This means that the fee of the contractor along with the consultants would…

UP Housing board to construct 5,000 homes under PMAY
October 29, 2018

Uttar Pradesh Housing Development Board has decided to build 5,000 homes under the government’s ambitious Pradhan Mantri Awas Yojana in the district by 2021. The move is aimed at providing residences to the poor for which the government requires around 12.5 acres of land. It is to be noted that the State government has already requested the district administration to find a suitable plot and transfer the same to the housing board, free of cost. According to Neha Singh, Executive Engineer, UP Housing Development Board, Bareilly, the government has not been able to build a single home under this scheme…

Allottees file complaints against BDA under RERA
October 29, 2018

Karnataka Real Estate Regulatory Authority (Karnataka RERA) has issued notices to Bangalore Development Authority (BDA) for a delay in providing civic amenities at various sites in the city. The move to issue notices was taken after receiving complaints from allottees against the development authority under Real Estate (Regulation and Development) Act (RERA). As of now, the Karnataka RERA has received around 800 complaints under the Act. It has been noted that the number of complaints against BDA is rising. Officials have shared that most of the complaints filed by the allottees are for failing to execute the projects due to lack…

Funds worth Rs 5,008 Crore disbursed as housing loan subsidy under CLSS-PMAY (U)
October 29, 2018

According to the Ministry of Housing and Urban Affairs Secretary, Shri Durga Shanker Mishra, the government has till date disbursed a total housing loan subsidy of Rs 5,008 crore to 2.3 lakh Credit Linked Subsidy Scheme (CLSS) beneficiaries under Economically Weaker Sections (EWS)/Lower Income Group (LIG) and Middle Income Group (MIG) categories. Mishra was delivering a keynote speech on CLSS with Housing Finance Companies and banks where he apprised them on the development made so far under the ambitious Pradhan Mantri Awas Yojana (Urban) [PMAY (U)]. Dakshita Das, Managing Director and Chief Executive Officer, National Housing Bank (NHB), Dr Chandramani…

MGP survey: 50 pc projects lack RERA registration in Maharashtra
October 29, 2018

An online survey conducted by Mumbai Grahak Panchayat (MGP) has revealed that nearly 50 percent real estate projects in Mumbai and Pune have not been registered under Real Estate (Regulation and Development) Act (RERA). The online survey has collected over 1,200 complaints from homebuyers. Non-registration of projects under the Act leads to confusion among buyers. Shirish Deshpande, Chairman, MGP, has informed that lack of awareness was a major issue behind non-registration of projects under the Act. MGP officials have shared that they will table the issue to the State's regulatory authority, MahaRERA. A provision of imposing a penalty on such…

Rajasthan RERA to mandate registration of property dealers
October 29, 2018

The Rajasthan Real Estate Regulatory Authority (Rajasthan RERA) has tabled a proposal to mandate registration of property dealers under the Real Estate (Regulation and Development) Act (RERA). The proposal has been shared with the State government for a final nod. As of now, only ongoing projects and developers/builders are mandated to get registered under the Act. Officials have shared that the move to mandate registration of property dealers under the Act will infuse transparency and suffice the intention behind the implementation of the new real estate Act. Property dealers are currently operating without attaining RERA certificate. Once the State government…

Bangalore civic body to introduce new policy to prevent infrastructure problems
October 28, 2018

To provide better social infrastructure and facilities to the residents, the Bruhat Bengaluru Mahanagara Palike (BBMP) has formulated a new policy, as per which, contractors for each ward will be responsible for the state of roads and garbage problems. BBMP is currently formulating a set rules for these contractors. Once implemented, the new policy will not only address the needs of the stakeholders but will ascertain complete transparency. According to a BBMP official, under the current system, the civic body awards a tender to the same contractor to undertake work in different parts of the city. Shortage of manpower leads…

NBFC cash crisis clatters real estate sector: Report
October 28, 2018

According to a report by a leading real estate consultant, the existing liquidity crunch in Non-Banking Financial Company (NBFCs) has shaken the Indian real estate sector and could further impact fund inflows to developers and homebuyers. The sector might witness consolidation on account of liquidity crisis, which could lead to a slowdown in demand and supply. It is to be noted that the NBFCs have been under pressure ever since the IL&FS group defaulted on short-term loans. It is also anticipated that the issue could impact Indian real estate’s growth story for short to mid-term by freezing private equity (PE)…

Thiruvananthapuram Corporation to give 50 pc subsidy for solid waste management units in societies
October 28, 2018

In a meeting held between the apartment residents’ associations and builders, Thiruvananthapuram Mayor, V K Prasanth, announced that apartment complexes that will install waste management facilities will get 50 percent of the cost incurred subsidised (up to Rs 1 lakh) from the Thiruvananthapuram Corporation. The civic body has also made it compulsory for new building plans to have provisions for installation of solid and liquid waste management systems without which, no building plan will be approved. It is to be noted that the civic body had previously engaged in a conflict with local self government department when it insisted on…

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