Indian real estate news

Pune civic body’s 2019-20 draft budget emphasises on affordable housing
January 24, 2019

At a meeting chaired by Pimpri Chinchwad New Township Development Authority (PCNTDA) President Sadashiv Khade, the authority’s Chief Executive Officer, Satishkumar Khadke presented the draft budget for the year 2019-20. The civic body in its Rs 679.89-crore draft budget proposed to construct 5,000 affordable homes under the flagship Pradhan Mantri Awas Yojana (PMAY) along with an industrial museum, a helipad, Sanvidhan Bhavan and a Vipasanna Centre. According to Khadke, the helipad will be constructed on a one-acre plot in Moshi and will take a year to construct. A guesthouse on the same plot will also come up. Interestingly, PCNTDA Budget…

RERA panel members divided over provisions under the Act
January 24, 2019

At a meeting held recently, a government-appointed panel constituting housing ministry officials, real estate regulators and representatives of builders and consumers saw divided opinions over effective implementation of the Real Estate (Regulation and Development) Act (RERA). According to the sources, while some members were in favour of barring homebuyers for taking up their housing-related disputes to their respective State regulators, others were in favour of giving real estate authorities across States an opportunity to settle disputes within six months before declaring insolvency proceedings against real estate developers. Certain developers were also in favour of changing a provision under the real…

Centre approves Dilshad Garden-New Bus Adda Ghaziabad metro corridor
January 24, 2019

After missing two deadlines, the Centre has finally given the nod to the Dilshad Garden-New Bus Adda Ghaziabad metro corridor at a cabinet meeting headed by Prime Minister Narendra Modi. The 9.41 km-long stretch is an extension of the Delhi metro’s red line and is anticipated to strengthen public transport to the National Capital Region (NCR). The total completion cost of the project is estimated at Rs 1,781.21 crore, of which the Centre has approved its share of financial assistance worth Rs 324.87 crore. Following the Centre’s approval, the new metro stretch will be inspected by the Commissioner for Metro…

Centre to announce 3,000 km highway projects under Bharatmala 2.0
January 23, 2019

In order to improve connectivity across the country, the Central Government had launched an ambitious highway development project, Bharatmala Pariyojana. After announcing several highway projects under the scheme, the Central Government is planning to announce the development of 3,000 km of highway projects under the second phase of the Bharatmala. A Detailed Project Report (DPR) of the highways is under process. Considering that forest and wildlife clearances have been hindering highway projects for years, the National Highways Authority of India (NHAI) has urged the consultants to avoid road alignments through national parks and wildlife sanctuaries to prevent any delays. Officials…

Gujarat govt. sets June 2020 deadline for Ahmedabad Metro project
January 23, 2019

The Gujarat government has directed the Gujarat Metro Rail Corporation Limited (GMRC) to complete the metro project in Ahmedabad by June 2020. Recently, a meeting was held with the metro officials to ensure timely completion of the project. Officials have shared that the Corporation has plans to launch a 6 km-long metro corridor running from Vastral to Apparel Park by the end of February 2019. Moreover, the metro officials are developing the 6 km underground stretch of metro between Apparel Park and Shahpur. IP Gautam, Managing Director, GMRC, has stated that the underground tunnel from Apparel Park to Kalupur has…

Rajasthan develops maximum highway projects in last four years: Ministry
January 23, 2019

As per the official data of the Road Transport and Highways Ministry, the Rajasthan government has been ranked first in developing national highway projects across the country since 2014-15. In terms of expenditure, Uttar Pradesh has utilised the maximum funds for the development of highway projects. The State government has utilised Rs 14,800 crore for highway construction in 2018. In 2014-15, the expenditure was around Rs 2,240 crore. Officials have shared that Maharashtra ranked second both in highway construction and expenditure between 2014-15 and 2017-18. The data has revealed that the pace of highway construction in the State has increased…

Chhattisgarh RERA: List of approved projects and agents
January 23, 2019

In June 2018, the Chhattisgarh government had launched its RERA website for the registration of ongoing projects and agents under the Real Estate (Regulation and Development) Act (RERA). The online mechanism of registration would allow developers to register their projects under the Act efficiently. As per the latest information available on the Chhattisgarh RERA website, a total of 912 ongoing real estate projects have been registered successfully. The RERA website gives you an option of checking approved projects based on districts and tehsils. Meanwhile, the regulatory authority has registered about 590 developers across the State. Talking about RERA-registered agents, the…

Chennai: AG-DMS to Washermanpet metro line to open in February
January 23, 2019

The Chennai Metro Rail Limited (CMRL) is more likely to inaugurate a section running from AG-DMS to Washermanpet in the first week of February 2019. The inauguration of the metro route will conclude the Chennai Metro Phase I project. Earlier, the route was scheduled to be inaugurated on January 30, 2019, but the launch day has been rescheduled to the first week of February. Officials have shared that the Chennai Metro is considering two dates - February 6 or 10 for the launch of the corridor. The inaugural ceremony will be held at the Chennai Central Metro Rail station, for…

Budget 2019-20: Realty sector expects higher cap on interest deductions
January 23, 2019

The real estate sector has high hopes from the Interim Budget 2019-20, which is scheduled to be announced on February 1 this year. Several announcements to improve the overall market scenario are expected. Some of the most popular demands of the realty sector include a slash in GST rate for under-construction properties, the inclusion of stamp duty under the ambit of GST, allocation of funds for affordable housing, and a higher cap on interest deductions on home loans. To benefit the homebuyers, the experts are hoping that the Interim Budget would raise the cap on deductions available to buyers on…

Budget 2019-20: Industry urges budgetary allocation for affordable housing
January 22, 2019

In the upcoming interim budget, scheduled on February 1, the real estate sector is anticipating game-changing announcements to boost the market sentiment in the ensuing years. The real estate experts are expecting the government to extend dedicated budgetary allocations to meet the target of constructing one crore affordable homes proposed under the Pradhan Mantri Awas Yojana (PMAY) within the stipulated time. The budget allocation for the credit-linked subsidy scheme (CLSS) for the fiscal year, 2019-20 can further augment the growth in the housing sector, especially the affordable segment which has the Economically Weaker Sections (EWS) and Lower Income Groups (LIG)…

Budget 2019-20: Real estate industry demands single window clearance system
January 22, 2019

On February 1, 2019, the Finance Minister, Arun Jaitley will present an interim budget for the fiscal year, 2019-20. The real estate sector is expecting several announcements to help boost the overall scenario of the sector. One of the prime demands of the realty experts continues to be a single window clearance system for the sector. The demand for a single-window clearance mechanism in real estate has been long-standing for years now. Developers, investors and financiers are of the opinion that having a system like this will help uplift the status of the realty landscape in India. It has been…

Andhra Pradesh to announce new building norms
January 22, 2019

The Andhra Pradesh government will announce new building codes for energy efficiency under the Andhra Pradesh Energy Conservation Building Code (APECBC) 2017. Andhra Pradesh was the first State to formulate such building norms. Officials have stated that the new building code will help reduce pollution and save power. Chief Secretary, Anil Chandra Punetha has reviewed the proposed energy conservation guidelines. Officials have been directed to focus on energy security and achieve around 20 percent energy savings through energy conservation building code-complied buildings. All commercial buildings should comply with APECBC 2017 norms, adds Punetha. The commercial buildings consume more than 31…

Government approves new coastal norms in Tamil Nadu
January 22, 2019

The Ministry of Environment has approved the draft policy of the Coastal Regulation Zone (CRZ) norms in Tamil Nadu. With this approval, builders would be able to construct structures at a distance of up to 50 m from the sea, and temporary structures at about 10 m from it. All the buildings along the coast, which were earlier termed as unauthorised, will now be regularised under the new regulations. SK Bharathi, President, South Indian Fishermen Association, has shared that the fishermen were never allowed to build any facilities near the shore. Now, with these amended norms, they will be able…

Gurgaon: DTCP approves 19 affordable housing projects
January 22, 2019

In Gurgaon, the Department of Town and Country Planning (DTCP) has granted licences to 19 new affordable housing projects. In 2018, the department had received around 69 applications for affordable housing licences in Gurgaon. The applications were submitted after the State government had amended its Affordable Housing Policy to extend an existing cap of 300 acres in Gurgaon district to 1,935 acres. Officials have shared that the department has accepted 19 applications till date. About five applications have been rejected due to various shortcomings. The remaining 45 applications are under scrutiny. KM Pandurang, Director General, DTCP, has stated that the…

Centre inaugurates 39 highway projects in Andhra Pradesh
January 22, 2019

To improve the connectivity quotient in the State, Nitin Gadkari, Minister for Road Transport and Highways, has recently inaugurated and laid the foundation stone of 39 National Highway (NH) projects in Andhra Pradesh. The road development projects will have a length of 1,384 km and utilise an overall investment of Rs 16,878 crore. The construction of 11 road-over-bridges (ROBs) under SethuBhartam scheme has been approved, too. In 2014, the total length of highways in the State was 4,193 km, which has now been increased to 7,246 km by 2018-end. Under the Bharatmala project, about 2,520 km of road projects costing…

Press Release

Lodha Developers International Limited announces buy-back programme
January 22, 2019

The subsidiary of Lodha Group, one of the leading real estate developers in India, has recently announced a buy-back programme for its dollar denominated bonds which are due in 2020. The Company has entered into agreement with J.P Morgan Securities PLC for repurchasing up to US$65 million of the said bonds on its behalf. The group, post the buy-back procedure, will reduce its gross debt and provide liquidity to the bondholders.

Slum Rehabilitation Authority revises eligibility rules
January 21, 2019

As per the revisions made in the eligibility rules by the Slum Rehabilitation Authority (SRA), only one person from a family comprising any number of people will be entitled to get a tenement under various slum rehabilitation schemes. An affidavit filed by the authority in response to a Public Interest Litigation (PIL) stated that only the person who is actually staying in the hutment shall be eligible. Any other person, even if their name is registered in the electoral roll, shall not be eligible to get the reconstructed tenement against that structure. The affidavit made it clear that one person can…

Tamil Nadu approves common building rules
January 21, 2019

The State government has recently given the nod to the Tamil Nadu Common Development Promotion Rules for Municipalities, Municipal Corporations, Town and Village Panchayats, 2018 by making certain amendments in the draft. The move will allow commercial development along the roads with a minimum width of nine metres instead of the earlier limit of 10 m and will expedite single window clearance for construction of projects in the State. According to the officials, the new regulations will allow construction of commercial structures under non-high rise (stilt + five) category along the roads that are nine metres wide. Buildings with more…

Page 9 of 452