Indian real estate news

MahaRERA initiates proceedings against 120 Pune and Mumbai-based developers
October 27, 2018

According to the Maharashtra Real Estate Regulatory Authority (MahaRERA) Chairman, Gautam Chatterjee, as of May 2018, the regulatory authority has identified as many as 300 ongoing projects in Mumbai and Pune which had not obtained the required approvals from the concerned agencies during their development stage. The developers did not pay heed to the repeated requests made by MahaRERA and refused to register their projects with the State regulator, following which action was initiated against them. Of the 300 projects, the Authority is currently hearing cases against 120. The hearing on the remaining will commence soon. Chatterjee added that the…

Sarai Kale Khan mega terminal to have unique crowd management system
October 27, 2018

Connectivity in Delhi NCR is set to get a major boost as the government plans to have a unique crowd management system for the proposed mega terminal at Sarai Kale Khan in Delhi. The terminal will see convergence of three Regional Rapid Transit System (RRTS) corridors - Delhi to Meerut, Alwar and Panipat. One of the most unique features of the mass transit system is that it will have two separate platforms for entering and exiting the train. The terminal will be constructed in proximity to the Sarai Kale Khan ISBT, Hazrat Nizamuddin railway station and the upcoming Hazrat Nizamuddin…

Kolkata witnesses maximum new launches in Q3 2018: Report
October 27, 2018

According to a report released by a global real estate consultant, Kolkata witnessed maximum new launches across top seven cities of the country in Q3 2018. The city saw nearly 4,050 units being launched, a substantial rise of 59 percent and 500 percent over Q2 2018 and Q3 2017, respectively. New launches across top seven cities (Delhi NCR, Chennai, Mumbai Metropolitan Region (MMR), Pune, Bangalore, Hyderabad and Kolkata) stood at 52,150 units in Q3 2018, compared to 50,600 units in Q2 2018, witnessing a jump of three percent. However, new launches recorded a 51 percent surge in new housing compared…

Ghaziabad civic body to impose 12 pc penalty for late tax payment
October 26, 2018

The Ghaziabad Municipal Corporation (GMC) has decided to impose a penalty of 12 percent on owners defaulting in payment of house tax. The proposal has come into force with immediate effect. Pramod Kumar, Additional Municipal Commissioner, GMC, has shared that the decision to impose the penalty on tax defaulters is prudent as many owners have not paid taxes for years. The non-payment of tax dues for many years has led the corporation to bear substantial revenue losses. The Uttar Pradesh Nagar Nigam Adhiniyam is responsible for the functioning of the municipal corporation, including provisions to impose penalties for late payment…

Aviation Ministry approves Cargo Airport in Alwar
October 26, 2018

The Aviation Ministry has given an approval to the proposed Greenfield Cargo Airport at Alwar, Rajasthan. The proposed airport will facilitate business on the Delhi-Mumbai Industrial Corridor (DMIC). Meanwhile, the authorities have reserved land measuring 636 hectares for the first phase of the Kotkasim Aerocity, which will be developed as one of the biggest cargo and logistic hubs in North India. The proposed Airport will be developed on the areas of Kotkasim and Tejara Tehsil. The Airport is expected to promote economic activities in the area with substantial employment opportunities. This will offer improved connectivity to surrounding areas. Being close…

Rajasthan fails to implement three land bills
October 26, 2018

The Rajasthan government had passed three legislative Bills including the Rajasthan Land Pooling Schemes, Apartment Ownership and Urban Land (Certification of Titles). Till date, no further action has been taken on the passed bills. The Urban Development and Housing Department has failed to frame rules and regulations for the same as the department did not receive the Central Government's approval. Shrichand Kriplani, Urban Development and Housing Minister, Rajasthan, has shared that the rules for Apartment Ownership Bill and State’s Land Pooling Bill have not been framed. The Land Pooling Bill was passed in the early months of 2018. The Rajasthan…

Bombay HC asks Pimpri Chinchwad body to submit report on illegal units
October 26, 2018

The Bombay High Court has directed the Pimpri Chinchwad Municipal Corporation (PCMC) to submit an affidavit describing the measures adopted to demolish the illegal constructions under its limits from October 1, 2018 onwards. The decision was made considering a Public Interest Litigation (PIL) filed by a social worker for the same. Rajan Patil, Joint City Engineer, PCMC, has shared that a total of 221 illegal structures, having a total area of 1, 23, 319 sq ft, have been demolished from June to September 30, 2018. The civic body had issued 893 notices to owners of such properties. Between October 2016…

Nagpur civic body to recover Rs 322 cr tax dues
October 26, 2018

Cash-strapped Nagpur Municipal Corporation (NMC) will soon implement plans to collect property tax arrears amounting Rs 322 crore. The Corporation has seized several properties which have defaulted property taxes. Officials have shared that the civic body had set a target to achieve Rs 45 crore as property tax in October 2018. The Corporation is hunting for such properties to achieve the target. In the last two days, officials have recovered over Rs 1.5 lakh from Dharampeth and Mangalwari zone. It has been found that the highest number of tax defaulters were from Laxmi Nagar zone, where the arrears amounted to…

Patiala to expand its municipal limits
October 26, 2018

Patiala Municipal Corporation has decided to extend its jurisdiction by adding more areas of the city under its ambit. The body will include all the peripheral areas with the construction of new buildings under its limits. New areas identified to be included in the Patiala civic body limits are Sirhind bypass, Rajpura Road, Officer Enclave, Nabha Road, remaining part of Hira Bagh Colony, Khedi Gujran Road, Sangrur Road, Bhadson Road and Sanaur Road. To achieve this, the civic body is drafting a detailed report which will be soon shared with the State government for the final approval. Once the proposed…

Press Release

OYO enters into long-term rental spaces
October 25, 2018

 OYO enters into long-term rental spaces22nd October, 2018 OYO announced its entry into the long-term fully managed housing rentals - OYO Living that offers upgraded living experiences at an affordable price for India's young and growing population. Perfectly befitting the changing housing needs of India, OYO Living will offer a first of its kind, end to end managed, comfortable, and high-quality living experience that eliminates the hassles of finding, accessing and managing everyday housing.

Press Release

Sumadhura Group offers luxurious abodes for NRI buyers
October 25, 2018

Sumadhura Group offers luxurious abodes for NRI buyers11th October, 2018  Sumadhura Group, is a premiere real estate brand located in Bangalore. It is an ISO 9001:2015 certified organization that has a portfolio of 46 projects, 42 world-class residential and four commercial projects, across India’s top metropolitan cities- Bangalore and Hyderabad. The brand has carved a niche in luxury segment and offers elegant abodes that explicitly caters to the comfort and convenience of NRI homebuyers.

SC puts stay order on Chardham project in Uttarakhand
October 25, 2018

The Supreme Court (SC) has recently put a stay order on the approval to the Chardham Mahamarg Vikas Pariyojna given by the National Green Tribunal (NGT). The ambitious road project proposes providing all-weather connectivity to four holy towns of Uttarakhand namely Yamnotri, Gangotri, Kedarnath and Badrinath. The SC bench comprising Justice, Rohinton Nariman, and Justice, Abdul Nazeer, passed the stay order in reply to an application filed by an NGO alleging that the Tribunal’s nod to the project is not as per the order of the Apex Court. The Green Tribunal had constituted a committee headed by former Uttarakhand High…

Banks raise home loan interest rates up by 20 bps
October 25, 2018

In the first week of October, the Reserve Bank of India (RBI) had decided to keep their key lending rates unchanged. However, various banks and other housing finance institutions continue to hike interest rates on home loans. The Indiabulls Housing Finance has recently announced an increase in interest rates on home loans by up to 20 basis points. Whereas, HDFC has increased their rate by 10 basis points. The RBI is expected to increase the repo rate by 25 basis points in the upcoming monetary policy review. According to Indiabulls, the rate of interest on new home loans for women…

HC to Tamil Nadu Housing Board: No favouritism in allotments
October 25, 2018

The Madras High Court (HC) has directed the Tamil Nadu Housing Board (TNHB) to allot housing units to eligible beneficiaries. The decision was made considering several allotments made to ineligible individuals under ‘public quota’. With this, all concerned authorities have been ordered to verify the eligibility criteria of various occupants of the residential units under the State’s housing board. Hundreds of TNHB flats are located in localities such as Peters Colony, Royapettah, CIT Nagar, Cox Square, Foreshore Estate, and Mandaveli. It has been observed that many allotments have been made in the name of ineligible candidates due to favouritism. However,…

Council recommends incentives to promote green buildings in Telangana
October 25, 2018

The CII-Indian Green Building Council (IGBC) has suggested the Telangana government to provide incentives to entities adopting eco-friendly technologies. Incentivising such entities would promote more commercial and residential spaces to go green. C Shekar Reddy, Chairman, IGBC Hyderabad, has shared several incentivising methods. The Council has recommended to reduce permit fee by 20 percent, slash impact fee up to 20 percent, and cut water and sewerage tariff by 10 percent. A faster clearance system should be adopted. A provision of rebate in property tax by 10 percent has been proposed as well. Previously, the cost of construction of green structures…

RERA implementation: Around 28 States and UTs notify rules
October 25, 2018

Since the implementation of Real Estate (Regulation and Development) Act (RERA), as many as 28 States and Union Territories (UTs) have notified the RERA norms across the country. The information has been shared by the Ministry of Housing and Urban Affairs (MoHUA). The Ministry has shared that 20 States and UTs have also established the real estate appellate tribunals under the legislation. Out of the established tribunals across the nation, seven are regular tribunals while 13 represent interim real estate appellate tribunals. Rajeev Jain, Spokesperson, Housing Ministry, has stated that out of 28 States, most of the States have launched…

Puducherry Govt drafts proposal for affordable housing
October 25, 2018

As per the directive issued by the Housing and Urban Affairs Ministry, the Puducherry government has formulated a draft regarding affordable housing to ensure that no individual is homeless in the territory. The town and country planning department has posted the draft copy on their official website https://tcpd.py.gov.in/announcements to seek comments and suggestions from the public on or before November 12, 2018. The draft policy, affordable housing and habitat policy for the Union Territory, is aimed at providing affordable housing to the economically weaker sections (EWS), low-income groups (LIG) and other weaker sections of the society such as scheduled castes…

Press Release

Central Park introduces intelligent living
October 25, 2018

Central Park introduces intelligent living 25 October 2018 Central Park, a Delhi-NCR based developer, has launched a new project Clover Floors at Flower Valley which includes beautifully designed intelligent homes for the new-age consumers. The floors offer a stilt + 4 setting, elevator access,  four floors and an optional basement and terrace. The floor will also comprise of facilities such as integrated fans, ACs, lights, video-door phones, panic buttons and smoke sensors, and various third-party automation devices to provide a greater control and convenience.

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