Indian real estate news

Budget 2019-20: Govt. may hike outlay for Metro by 30 percent
January 29, 2019

In the upcoming Interim Budget for the coming fiscal year, 2019-20, scheduled to be presented on February 1, the Government is likely to raise the budget allocation for the metro rail expansion across the country. The budget outlay is expected to be increased up to 30 percent. Moreover, the Central Government may announce the expansion of the metro rail network across 16 cities in 2019-20. Officials have shared that the Ministry of Housing and Urban Affairs had urged for an average 20 percent hike in outlay. However, it is now expected that the Government might hike the fund allocation for the metro rail…

Centre approves Rs 6,800 crore road projects in Bihar
January 28, 2019

To boost infrastructure status in Bihar, the Central Government has announced several road and bridge projects worth over Rs 6,800 crore. Officials have shared that the Government has approved the construction of a four-lane bridge parallel to Vikramshila Setu, which connects Naugachia with Bhagalpur. National Highways Authority of India (NHAI) will construct a four-lane bridge over the Ganga river at an estimated cost of Rs 1,900 crore. The widening of seven roads will be completed at Rs 4,900 crore. A road network of seven roads covering 357 km across the State would be developed. Two of these roads would be…

Press Release

Stanza living launches real estate app
January 28, 2019

World-class student residence provider, Stanza Living, has recently launched the Stanza Estate app for the real estate owners. Launched as a part of the company’s growth strategy, the app is designed to enable quick and efficient listing of properties. Further, it will also aid the property owners, brokers, real estate consultants and developers to efficiently partner with Stanza Living and create bespoke and high-quality student accommodations in key educational hubs like Bengaluru, Hyderabad, Chennai, Pune, Indore, and Ahmedabad.

SEBI proposes amendments in REITs and InvITs
January 28, 2019

To make REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) more lucrative for investors, the Securities and Exchange Board of India (SEBI) has proposed new norms to provide flexibility to the issuers in terms of fundraising. SEBI has given a month's time till February 18, 2019, to seek all suggestions and feedback on the proposed norms. As per the proposal, minimum allotment and trading lot for publicly issued REITs and InvITs will be slashed. At the time of issuance, the minimum application and allotment lot shall be of 100 units. The value of an allotment lot would be…

Ministry launches Akshardham-Saharanpur highway project
January 28, 2019

To decongest traffic movement in Delhi and its adjoining areas, the Central Government will develop several highway projects worth Rs 50,000 crore. Recently, Nitin Gadkari, Road Transport and Highways Minister, has laid the foundation stone for a Rs 2,820 crore highway project which will connect Akshardham to the Eastern Peripheral Expressway (EPE) on Baghpat Road. The high-speed signal-free 31.3 km-long road corridor from Akshardham to Saharanpur bypass will decongest traffic movement and reduce the pollution levels in Delhi NCR. The six-lane access controlled highway project will pass through areas such as Akshardham, Geeta Colony, Shastri Park, Khazuri Khas, Delhi/UP border,…

GST imposition hits joint venture projects in real estate
January 28, 2019

A recent study by the rating agency, ICRA, revealed that the imposition of Goods and Services Tax (GST) on Joint Venture (JV) developments in real estate has proved to be a deterrent towards the growth of such deals in the country. As per the report, the share of JV ventures amongst the total new residential launches in India declined from 93 percent in FY 2017 to 71 percent in FY 2018. The year-on-year decline in the share of JV ventures is said to be a result of the complications posed by the incidence of GST on such projects. As per…

Maharashtra plans an integrated city in Raigad
January 28, 2019

After Navi Mumbai and Navi Mumbai Airport Influence Notified Area (NAINA), the Maharashtra government is planning to set-up another integrated township in Raigad, about 100 km away from Navi Mumbai. The new township project will span over 19,147 hectares and will be built on the banks of the Kundlik river. The government has already issued a notification regarding the land acquisition for the project. City and Industrial Development Corporation (CIDCO) will take on the role of the special planning authority for the same. The project is planned to be built across four talukas in the Raigad district, namely Roha, Alibaug,…

Ministry lays foundation stone for two highway projects in MMR
January 27, 2019

The Ministry of Road Transport has laid the foundation stones for two highway projects in the Mumbai Metropolitan Region (MMR). Nitin Gadkari, Road Transport and Highways Minister, has launched projects including eight-laning of the Vadape-Thane bypass (of NH-3) and four-laning of the road connecting Shahapur, Murbad, Karjat and Khopoli. Officials have shared that the highway projects will be developed at an estimated cost of Rs 1,600 crore. The Vadape-Thane bypass project will be developed at Rs 1,183 crore and will be executed by MEP Infra on hybrid annuity mode. The bypass project envisages constructing a new railway over-bridge (ROB) and two new…

Government to connect Navi Mumbai airport via waterways
January 27, 2019

The Central Government is planning to connect the upcoming Navi Mumbai International Airport to neighbouring cities of Mumbai, Thane, Kalyan, and Vasai via waterways. The information was shared by the Minister for Road Transport and Highways, Nitin Gadkari at the foundation laying ceremony of two highway projects in Thane. Officials have been directed to conduct studies to churn out the possibility of connecting the upcoming airport to nearby metros via water routes. Nitin Gadkari has already discussed plans with Mumbai Port Trust and a feasibility test had shown favourable results. The water-based transport modes such as hovercrafts, seaplanes, and airboats…

Pune: RR rates to be revised from April 2019
January 26, 2019

In Pune, the Revenue Department is more likely to increase the ready reckoner (RR) rates in the fringe areas in the city. The revised rates would be announced on April 1, 2019. Officials have shared that the department had not revised the rates in 2018 and continued with the same RR rates prevalent in 2017. But, now several areas are getting developed in fringes. Regions such as Bhosari and Manjri have seen many new launches in recent quarters. Moreover, there are many upcoming areas in the State where the RR rates are low. It has also been noted that the…

RERA committee plans to amend registration norms
January 26, 2019

The committee established to address issues in the implementation of the Real Estate (Regulation and Development) Act (RERA) across the country is planning to amend a provision of the act. As per the Section 6 of the act, regulatory authorities are unable to extend the registration granted to any real estate project for more than 12 months. If the norm is amended, authorities would be able to extend the registration of the project beyond a year from the scheduled date of completion. The Forum for People’s Collective Efforts (FPCE) has objected the proposal. Any amendment in the norms will dilute…

Affordable homes in Uttar Pradesh likely to become expensive
January 25, 2019

In an attempt to attract private builders towards the affordable housing segment, the Uttar Pradesh government is likely to increase the cost of residential units under the Pradhan Mantri Awas Yojana (PMAY) by Rs 2 lakh. At present, the flats under the scheme are being priced at Rs 4.5 lakh. The issue of the price hike has been taken up in the meeting of the State government with the builder’s association. Till date, a total of 10,786 units have received approval from the State government under the ambitious housing scheme. Out of these, around 780 flats would be constructed by…

Aqua Metro line connecting Noida, Gr Noida opens for public
January 25, 2019

Finally, the metro rail linking the twin-cities of Noida and Greater Noida has become operational. The new metro corridor, also known as the Aqua Line was inaugurated by the Uttar Pradesh Chief Minister, Yogi Adityanath. The newly inaugurated metro will run between Sector 71 station in Noida and the Depot Station in Greater Noida. The stretch has a total of 21 stations on the corridor - 15 of them in Noida and six in Greater Noida, covering a distance of 29.7 km. The train will halt on the Sector 76, 101, 81, NSEZ, Noida Sector 83, 137, 142, 143, 144,…

Mumbai Metro: Over 650 residents to be relocated
January 25, 2019

More than 650 residents from Girgaum and Kalbadevi will be provided temporary accommodation by Mumbai Metro Rail Corporation Limited (MMRCL) to give way for the Mumbai metro 3 project. Out of 687 families who are likely to be affected by the construction of the said metro line, around 541 families have already been shifted and the remaining 146 would be shifted by the end of February, 2019. The process of signing the agreements with the remaining families is still under process. It is expected that 19 buildings including 277 residential units and over 346 commercial units would be affected by…

Rajasthan RERA: List of approved projects and agents
January 25, 2019

Rajasthan is among the most active States in the implementation of the Real Estate (Regulation and Development) Act (RERA) rules. The state regulator has finally made the list of approved projects and agents available on its website. The online portal can be used for registration of ongoing and new realty projects in the State as well as submitting complaints about errant builders. A regulatory authority has also been established for smooth execution of rules in the State. As per the latest data available on the Rajasthan RERA website, 761 realty agents have received registration certificates under the Act. Further, a…

Centre signs Rs 2,470 crore loan agreement for Chennai Peripheral Ring Road project
January 24, 2019

Chennai is set to get a major road infrastructure boost as the State Cabinet will soon expedite the land acquisition process for the 133.65 km-long Chennai Peripheral Ring Road project. The four-lane highway will connect Ennore and Katupalli ports in the northern region with the East Coast Road at Mamallapuram. A two-lane service road on each side of the highway will also be constructed to allow widening of highway and laying of pipelines in future. The Central Government has signed a loan agreement worth Rs 2,470 crore with Japan International Cooperation Agency (JICA) to commence work on phase-1 of the project…

Nagpur civic body keeps property tax structure unchanged for 2019-20
January 24, 2019

Nagpur residents are set to breathe a sigh of relief as the Nagpur Municipal Corporation (NMC) has decided to keep the property tax unchanged for 2019-20. A proposal in this regards has been submitted by the Property Tax Department before the standing committee. The decision will be taken at a meeting scheduled on January 25, 2019. The tax department quoted provision 99 of Maharashtra Municipal Corporation Act, 1949 and said that the proposal to keep the tax structure unchanged will be submitted before the general body meeting to be held on February 20, 2019. As per the proposal, the tax…

Ahmedabad civic body scales down 2018-19 budget by 61 percent
January 24, 2019

After making revisions in its annual budget for 2018-19, Ahmedabad Municipal Corporation (AMC) has scaled it down by 61 percent from last year. The civic body, which allocated Rs 1,400 crore for projects such as bridges and roads, drainage system and water supply among others, disclosed that it will now spend just Rs 556 crore as per the revised budget. Reportedly, there was a shortfall of 34 percent in the civic body’s revised budget and actual spending in 2017-18. The Corporation, which later revised its budget to Rs 553.49 crore for 2017-18 spent only Rs 366.31 crore. According to an…

Page 8 of 452