Indian real estate news

About 20 new villages to come under Gurgaon municipal limits
June 18, 2018

At least 20 more villages in Haryana will now be included under the jurisdiction of Municipal Corporation of Gurgaon (MCG). The newly included villages are Bajghera, Dhankot, Sikanderpur, Ullawas, Behrampur, Kankrola, Bhagrola, Gopalpur and Wazirbad. Officials have stated that the residential colonies in and around these villages will now fall within MCG limits. Till now, there are around 50 villages and 150 colonies under the municipal corporation. Soon, a satellite survey of all newly included villages will be carried out. A report will be shared with the State government for the final approval once the survey is done. On the…

Regulations for Tamil Nadu RERA notified
June 18, 2018

The Tamil Nadu government has notified regulations of the Tamil Nadu Real Estate Regulatory Authority (TNRERA). The notified regulations unlock the procedures to be taken into consideration while registering ongoing real estate projects, filings complaints and grievances and solving the cases under the Act. Officials have shared that the recently notified regulations have provided a format which needs to be served at the time of withdrawing the 70 percent deposits from the bank account at different stages of construction of the project. Now, the complainant can check the status of all the cases pending or resolved by the real estate…

Office leasing transactions up by 60 percent in last 5 years: Report
June 18, 2018

According to a recent report by JLL, the commercial absorption across top eight cities of India have gone up by 60 percent in the last five years. It has been observed that about 1700 lease transactions in Grade A buildings have been made in 2017 as compared to about 820 transactions made in 2013. However, the average size of transactions has dipped. The size per transaction has dropped from 31,000 sq ft in 2013 to 27,000 sq ft 2017. Ramesh Nair, CEO and Country Head, JLL India, has stated that office absorption is at an interesting cusp. The net absorption…

Group housing societies in Ghaziabad to have waste disposal system
June 18, 2018

The Ghaziabad Development Authority (GDA) has directed all group housing societies in the city covering area of more than 2,000 sqm to establish a waste treatment plant on the premises to get building plan approvals. Ritu Maheshwari, Vice-Chairperson, GDA, has said that the disposal of waste is a big problem for the Authority. The absence of proper solid waste plant worsens the situation. Ghaziabad generates nearly 1,100 tonnes of civic waste daily. The city will soon have the Galand solid waste plant. In addition, the development authority makes the development of a separate waste treatment plant for all group housing…

MahaRERA to mandate land title insurance for projects soon
June 18, 2018

The Maharashtra Real Estate Regulatory Authority has decided to mandate land title insurance for all registered developers under the Real Estate (Regulation and Development) Act (RERA). The decision was taken considering the keen interest was shown by the insurance companies in granting title insurance for all registered real estate projects under the Act. Gautam Chatterjee, Chairman, MahaRERA, has informed that the Authority, at present, is not in a state to implement the clause immediately as there is no insurance player providing such a cover. The Authority will draft a detailed proposal for the same and the rules will be implemented…

Karnataka RERA: List of approved projects and agents
June 18, 2018

After Maharashtra, Karnataka is the second most active state in the implementation of the Real Estate (Regulation and Development) Act (RERA) rules. The Karnataka government had launched an online portal for registration and filing complaints under RERA, and a regulatory authority for smooth execution of rules in the state. As per the latest information (as on June 18, 2018) available on the Karnataka RERA website, about 1,165 realty agents have applied for registration under the Act. Further, applications of 2,263 projects have been submitted to the portal. Of these, 1,902 projects have been successfully registered with the regulatory authority. Meanwhile, a…

Uttarakhand HC halts construction work of roads and dams
June 17, 2018

On Monday, The Uttarakhand High Court put forward an order to hold the construction activities along river banks, including the development of roads and construction of hydroelectric power projects in the state. The construction is put on hold, till the disposal sites are identified and become operational. The order stated that The Ministry of Environment,  Uttarakhand Environment Protection & Pollution Control Board, Forest and Climate Change and Revenue Agencies, are aiming to identify relevant waste disposal sites that are 500 metres distant from the river banks for disposal of waste and excavated material. It further states that all the construction…

Pune: 20-foot overbridges set to be built on PPP model
June 17, 2018

The technical committee of the Pune Municipal Corporation (PMC) is discussing a proposal regarding the construction of 20-foot overbridges in the city. The proposal states that these facilities will be built on public-private partnership (PPP) basis. The locations for the development of overbridges have been finalised, and the bridges will help the pedestrians cross congested roads safely. A civic official shared that once the technical committee approves the proposal, it will then be sent to the standing committee and after being accepted, the tenders will be issued. A senior official further shared that commuting has become a hassle for residents…

Kochi Metro to lease out 70% of commercial space for revenue generation
June 16, 2018

Kochi Metro authorities are expecting to lease around 70% of the total commercial space in metro stations in the next two months. This step is foreseen as a development that will help boost alternative revenue generation of the Kochi Metro Rail Limited (KMRL). Mohammed Hanish, Managing Director, KMRL, averred that various institutions, including leading banks, are leasing out space in some of the metro stations in the town. Five leading banks are in the process of signing agreements with them and a few of them have already signed for leasing out space for their corporate offices. Libraries and dormitories have also approached the metro authorities for the same. Other modes of alternative revenue such as allotting metro pillars for erecting billboards also seen as revenue generators. A police station near Cusat Metro station would soon be inaugurated. Solar power will be used to…

Chennai: Centre requests state to share revised metro proposal
June 16, 2018

The Central government has urged the state to revise its proposal as per the recent metro policy for the Phase 2 metro rail project covering a distance of 107.55km. The Metro Phase-2 has been planned with three corridors that will link the northern and southern suburbs with the rest of the city. The anticipated cost for the project is Rs 85,047 crore.  Durga Shanker Mishra, secretary, The ministry of housing and urban affairs (MoHUD) shared that the state is preparing the proposal as per the new metro rail policy. The final plan will be submitted soon and will be taken…

PCMC begins construction of parallel road in Pimpri
June 15, 2018

In a bid to reduce traffic congestion on the Pune-Mumbai highway, the Pimpri Chinchwad Municipal Corporation (PCMC) has commenced constructing a road parallel to the railway tracks in Pimpri. Part of the city’s Development Plan (DP), the upcoming road will cut down travel time from Pimprigaon and Pimpri camp to Kasarwadi. According to BJP corporator Asha Shedge, construction work on Swargate-Pimpri Metro route is underway in Pune and Pimpri Chinchwad. The civic body has also closed two lanes of grade separator for vehicular traffic to allow MahaMetro to construct pillars for the metro viaduct which has increased traffic on the…

UP inaugurates Rs 235 crore Alambagh Bus Terminal
June 15, 2018

A new ‘world class’ bus terminal has recently been constructed in Lucknow at a cost of Rs 235 crore that boasts of amenities such as a shopping mall, gaming zone and six-screen multiplex. The high-end bus terminus has been constructed under a Public-Private Partnership (PPP) model by the Uttar Pradesh State Road Transport Corporation (UPSRTC) and Shalimar Group. It has air-conditioned waiting rooms and also offers inter-modal connectivity with a Metro station. Inaugurating the terminal, Uttar Pradesh CM Yogi Adityanath said that better transportation facilities are a must for holistic development of a city. Apart from a six-screen multiplex, the…

UAE commits investment worth $75 bn in Maharashtra infra projects
June 15, 2018

The United Arab Emirates' (UAE) key decision makers and business leaders have made investment commitments in infrastructure, ports and urban housing - including slum redevelopments projects to Maharashtra Chief Minister Devendra Fadnavis, who is on an official visit to Middle East, USA and Canada to attract foreign investments into the state. The CM along with the Indian Ambassador to UAE, Navdeep Suri, discussed investment opportunities in the state for Abu Dhabi Investment Authority (ADIA), which committed to investment worth $75 billion in India through the National Investment and infrastructure fun. The authority has partnered with several private banks including Kotak…

Gurgaon: Owners of illegal properties to pay demolition charges
June 14, 2018

The Department of Town and Country Planning (DTCP), Gurgaon, has urged the deputy commissioner to issue recovery notices to the owners of illegal and unauthorised properties to bear the expenses of demolition and sealing drives carried out by the department. Officials have shared there were over 110 such owners, who had violated the land use norms between 2008 and 2017. The illegal properties were located in Sohna, DLF 2, Farrukhnagar and Pataudi. The department has spent Rs 29 lakh as the demolition cost. Officials have stated that the department issues a restoration order against the violators, demanding them to conform…

Punjab government approves new building norms
June 14, 2018

The Punjab government has recently given its final nod to the new building norms. The approved building rules will be effective once the notification is made. With this approval, a builder can now buy unlimited floor area ratio (FAR) for group housing, commercial, public office, hotel and industrial buildings. Further, the State government has now allowed enhancing the permissible FAR for residential plotted development and educational buildings from 0.20 percent to 1 percent. The revised norm would be applicable for rental properties, hostels, multiplexes, and commercial use in group housing projects. In addition, the new building norms include a five…

Ambala civic body extends deadline for depositing property tax
June 14, 2018

The Ambala Municipal Corporation has decided to extend the last date for depositing the outstanding amount of property tax till June 30, 2018. Earlier, the deadline for settling the pending property tax amount was May 31, 2018. All taxpayers depositing the due amount within the stipulated time will enjoy a waiver of 100 percent interest on the property tax. The deadline has been revised for all types of properties - commercial, residential and State government, informs Dharamvir Singh, Commissioner, Ambala Municipal Corporation. Officials have shared that owners of properties within the limits of the civic body, who have not paid…

Maharashtra to address complaints of non-RERA projects
June 14, 2018

The Maharashtra government has decided to identify a group of professionals and form a committee to address homebuyers complaints received against unregistered projects with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Officials have informed that MahaRERA has authority to take action against the unregistered projects. Recently, a complaint registered by a plot owner for not registering the project under RERA. The High Court directed the State government to submit its reply to a petition filed. The State Housing Department has reverted that the State's regulatory authority would take necessary steps in the case. Vasant Prabhu, Secretary, MahaRERA, has informed that…

Uttar Pradesh forms a joint venture to develop Jewar Airport
June 13, 2018

The Uttar Pradesh government has established a joint venture company to develop the proposed international airport at Jewar. With this, the State government has also granted its final approval to the project. The government has formed a company, Noida International Airport Limited between the State government, Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority. The Uttar Pradesh government and Noida Authority will have 37.5 percent share in the company, while the GNIDA and YEIDA will have 12.5 percent each. The cabinet has also given its final nod for the development of the Jewar airport…

Page 8 of 392