Indian real estate news

Gujarat RERA resolves 57 complaints till date
August 26, 2018

Gujarat Real Estate Regulatory Authority (Gujarat RERA) has resolved about 57 complaints filed by the homebuyers against the developers across the State. Consumers can check complete details of all resolved complaints on its RERA website. Check all Gujarat RERA resolved complaints - Click to Download Since the implementation of Real Estate (Regulation and Development) Act (RERA), the Authority has registered over 3,300 ongoing real estate projects across the State. Apart from project registration, the regulatory authority has granted RERA certificates to 620 real estate agents. Gujarat is now the third most active State across the nation after Maharashtra and Uttar…

Andhra Pradesh govt to inaugurate 3 smart city projects in Vizag
August 26, 2018

The Andhra Pradesh government will soon inaugurate three smart city projects in Visakhapatnam - all abilities park, floating solar power plant at Mudasarlova and solar street lighting - developed under Smart Cities Mission. All three projects would incur Rs 390 crores. The smart street project would stretch over 19.5 km. Officials have informed that the initial two phases of the Vizag smart city projects are on the verge of completion. In Visakhapatnam, a total of 17 smart city projects have been completed. Overall 51 such projects have been proposed under the scheme. M Hari Narayanan, Commissioner, Greater Visakhapatnam Municipal Corporation…

Mumbai civic body rejects OC applications of 110 buildings
August 26, 2018

The Brihanmumbai Municipal Corporation (BMC) has rejected applications received to get occupancy certificates (OC) of 110 buildings in Mumbai since January 2018. The municipal corporation has refused to grant the OC as all buildings have violated the construction norms. It has been identified that many of these buildings have been occupied despite not receiving the certificate from the civic body. Officials have shared that the civic body has received a total of 497 applications for occupancy certificates in the last eight months. Of all received applications, BMC has approved 337 applications and granted OCs. It has been noticed that most…

Centre approves 330-km road project in Telangana
August 25, 2018

The Central Government has granted permission for the development of the Regional Ring Road (RRR) in Telangana. The 330-km long road project will connect these urban clusters - Sanga Reddy, Gajwel, Choutuppal, Kadthal, Shadnagar and Chevella. K Chandrasekhar Rao, Chief Minister, Telangana, has shared that the RRR project will be developed beyond the 153-km Outer Ring Road (ORR). The road will be constructed with modern infrastructure facilities such as ramps, grade separation, lane dividers and elevated sections. Tummala Nageswara Rao, Roads and Buildings Minister, Telangana, has directed concerned authorities to prepare a DPR of the proposed road project. The State…

Smart Cities Mission: 97 SPVs established in selected cities
August 25, 2018

The Housing and Urban Affairs Ministry has informed that about 97 special purpose vehicles (SPVs) have been set up in 100 selected cities to execute smart city projects under Smart Cities Mission. Officials have shared that 82 project management consultants (PMCs) have been identified, too. The Ministry further revealed that work tenders of about 1,686 smart city projects Rs 63,000 crore have already been issued. Over 1,200 projects worth Rs 38,000 crore are at the development stage. Launched back in 2015, the Ministry has identified 100 cities which would be developed as Smart Cities, equipped with smart infrastructure backed by…

NHAI to develop 950-km road projects in Chhattisgarh
August 25, 2018

The Ministry of Road Transport and Highways will develop several road projects including highways covering 950 km in Chhattisgarh under Bharatmala project. The Government has already announced the construction of 290.08 km of roads across the State as new National Highways during 2017-18. Under the Bharatmala project, the Ministry is responsible for development and maintenance of national highways. The Ministry has full control over declaring State Roads as new National Highways after considering the requirement of connectivity and availability of funds. Officials have shared that the total density of national highways in Chhattisgarh is at 23.4 km per 1000 sq…

Pune Municipal body gives nod to new IT parks in the city
August 24, 2018

In a bid to boost the Information Technology (IT) industry, Pune Municipal Corporation (PMC) has given the nod to IT zones in Aundh, Baner, Balewadi and Kharadi. With this, the city is set to get 1 lakh sq ft of additional space for IT parks. According to the officials of the civic body, while Kharadi is anticipated to witness nearly 60 lakh sq ft of construction, Aundh, Baner and Balewadi will see around 40 lakh sq ft of new IT space. Industry stalwarts claim that around 1 lakh new job opportunities will be created by the development of these parks.…

UP to overhaul infrastructure of pilgrimage centres in Govardhan and Vrindavan
August 24, 2018

Renowned pilgrimage centres in Govardhan and Vrindavan are set to get an overhaul as authorities in the State are planning to enhance the existing infrastructure. According to Nagendra Pratap, CEO of Brij Tirth Vikas Parishad and Vice-Chairman of Mathura Vrindaban Development Authority, the government will install solar lights on streets and CCTV cameras in Govardhan and Vrindavan. There are also plans to construct toilets and restaurants near the Radha Rani temple. Pratap added that the government has already started working on the proposed multi-level parking at Jubilee Park and Dempier Nagar. Shailja Kant Mishra, Vice-President of Brij Tirth Vikas Parishad…

Ahmedabad-Mumbai bullet train project hit by land acquisition issue
August 24, 2018

One of Union government’s ambitious project, the Mumbai to Ahmedabad bullet train has hit a roadblock with land-related issues in Gujarat and Maharashtra. While the government is expected to overcome land acquisition in Gujarat, the protests in Maharashtra are a sign of worry. According to a report published by a leading daily, if the government is not able to settle the existing land-related issue in Maharashtra, the high-speed train might run initially only on the Bilimora-Ahmedabad stretch in Gujarat. In the Palghar district of Maharashtra, protests related to land acquisition are being staged by locals and farmers. It is to…

Delhi displaces Gujarat from top spot in NCAER investment rankings
August 24, 2018

A report released by India’s oldest economic policy research institute – the National Council of Applied Economic Research (NCAER), has ranked Gujarat third in the list of investment ranking. The State lagged behind on various competitive fronts and slipped two places, losing its position to Delhi (at the top) and Tamil Nadu. Unlike the government’s Department of Industrial Policy and Promotion (DIPP) rankings, that are established on action plans of government departments and industries, the NCAER rankings are based on cognisance of the organisations operating in the States. Under NCAER’s Investment Potential Index (N-SIP), the competitiveness of Indian States is…

MMR and NCR witness maximum delayed projects: Report
August 24, 2018

As per a report by a leading property consultant, the total estimated cost of delayed residential projects (launched before 2013) is Rs 4.64 lakh crore while around 5.76 lakh units are running behind their schedule. Liquidity crunch, delay in environmental clearances, land disputes and non-RERA compliance are said to the key factors leading to delayed possession. While the government has taken several proactive measures to usher transparency and efficiency in the sector including implementation of RERA and GST, it has not been able to address the issue of delayed possession satisfactorily. As per data revealed in the report, Mumbai Metropolitan…

Maharashtra opens unused industrial land for development
August 24, 2018

A notification issued by the Maharashtra Urban Development Department (UDD) states that large parcels of unused industrial land in the Mumbai Metropolitan Region (barring Mumbai) can now be used for residential and commercial development. The move will allow unutilised industrial lands and non-operational industries to be used for constructing residential and commercial projects and malls. Interested developers are required to take an approval from the Civic Commissioner and pay a premium equal to the Ready Reckoner (RR) Rate of the unused plot before commencing their projects. The UDD had issued a common notification for corporations of Kalyan-Dombivali, Thane, Bhiwandi, Ulhasnagar…

Haryana RERA to keep a check on unregistered projects
August 23, 2018

The Haryana Real Estate Regulatory Authority’s (Haryana RERA) Gurgaon bench has directed that all real estate projects be considered under the ambit of RERA, regardless of whether they are registered with the authority or not. Headed by KK Khandelwal, Chairman, Haryana RERA, the Gurgaon bench has expanded its scope for the settlement of projects. RERA has been announced as the actual regulator of the real estate sector and has also revoked the dilution of the Act’s provisions by Haryana. The judgement by the Gurgaon bench mentioned that RERA 2016 Act had listed certain categories of projects that do not require registration…

Govt allows mixed land use in New Town, Kolkata
August 23, 2018

The New Town Kolkata Development Authority has allowed the homeowners to use their ground floors for commercial activities. The decision has come after the ground floors in the residential buildings of the neighbouring Salt Lake were allowed to be infused into shops. The government will charge a nominal fee for changing the usage of the floors. In 2010, the State Urban Development Department had permitted the conversion of residential properties. Various shops had emerged on the ground floor of houses along the First Avenue as well as FE Block opposite Central Park. The commercial spaces range from banks to restaurants.…

Press Release

Omkar realtors to launch country’s biggest mixed-use realty hub
August 23, 2018

Omkar realtors to launch country’s biggest mixed-use realty hub23rd Aug, 2018 Mumbai based Omkar Realtors & Developers to launch one of the country’s biggest mixed-use realty hub with an estimated budget of Rs 22,000 crore under the brand name Omkar International District (OID). Adjacent to Andheri highway, the project spreads over 65 acres and will see a record 10 million sq. ft development. Of this, six million sq.ft, is dedicated to residential development while four million sq.ft will be used for retail and commercial development.

Kolkata: Road to Phoolbagan opens after six years
August 23, 2018

To facilitate the construction of Kolkata's East-West Metro’s underground station, the Phoolbagan intersection was shut down in 2012. As per a letter issued by the Kolkata Metro Rail Corporation (KMRC), the principal agency of the project, the road has been restored and is ready for use now. For the last six years, movement of vehicles was suspended on the east-west road passing through the Phoolbagan-CIT Road-Narkeldanga crossing. The deadline of the Metro project was pushed ahead several times because of the recurring hurdles affecting the Phoolbagan stretch. The stretch was itself witnessing a lot of issues that further postponed the…

Gujarat launches online system to grant NA certificates
August 23, 2018

The non-agricultural certificates can now be facilitated online in Gujarat. The government has introduced an online system for getting the non-agriculture (NA) certificate, and the revenue department has issued a government resolution (GR) in this regard. The decision is aimed to ease the application process as the applicants for non-agricultural purposes are not required to get documents verified by multiple departments any longer. Previously the applications took two to three years to get the final NA approval. It is mandatory to apply for NA certification online, and district officials have been given the responsibility to check the land records online,…

Press Release

Sumadhura Group to foray into commercial real estate
August 23, 2018

Sumadhura Group to foray into commercial real estate23rd Aug 2018 Bangalore-based real estate developer Sumadhura Group, has recently announced its plan to enter into the commercial real estate segment, with a project that would offer 1 million sq ft of grade A+ office space in Whitefield. With over 30 residential projects, the group already has a strong presence in Bangalore and Hyderabad. The current portfolio of the group includes 5 million sq ft of projects under construction and of 8.2 million sq ft of space under planning stage.

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