Indian real estate news

Affordable housing to offer 8 billion sq ft development opportunity by 2022
June 13, 2018

According to a recent report by CARE Ratings, the construction of affordable houses across the country under Pradhan Mantri Awas Yojana (PMAY) is more likely to offer 6-8 billion sq ft development opportunity till 2022. Under PMAY, the Government has announced the development of over 40 million housing units across the country in both urban and rural centres. To promote more private participation and expedite the completion process, the Government has launched several policies and reforms. The announcement of the Credit-Linked Subsidy Scheme (CLSS) is one such scheme offered by the Government to allure more buyers. Lately, the Housing Ministry…

Registration of illegal properties banned in Maharashtra
June 13, 2018

The Maharashtra government has directed the civic bodies and the planning authorities to prepare and submit a list of illegal and unauthorised properties across the State to the department of stamps and registration. The stamps and registration department has been ordered to not register any illegal property in the State. Officials have shared that the civic bodies will soon publish the list of unauthorised properties on its websites and in the daily newspaper. Experts have opined that the number of illegal properties have gone up in the recent past and have become a major concern in the State. Several developers…

Punjab RERA resolves over 100 complaints till date
June 13, 2018

The Punjab Real Estate Regulatory Authority (Punjab RERA) has passed orders and judgments to over 100 complaints received from the homebuyers against developers and builders across the State. As per the data available on Punjab RERA website, a total of 105 complaints have been resolved till date. The passed orders can be downloaded. The regulatory authority has received over 2000 complaints since the implementation of RERA rules in Punjab. Check all resolved complaints under Punjab RERA - Click to Download Talking about the implementation status of the registration of projects and developers, the Punjab RERA has approved 534 ongoing projects.…

Centre increases carpet area for MIG flats under PMAY
June 13, 2018

The Central Government has again revised the carpet area of houses for the middle-income group (MIG) under Pradhan Mantri Awas Yojana (PMAY). The Government has increased the carpet area of units eligible for subsidy under credit linked subsidy scheme (CLSS) to 160 sq m or 1,722 sq ft for MIG-I and 200 sq m or 2,153 sq ft for MIG-II. In November 2017, the Housing Ministry had enhanced the carpet area for MIG houses under PMAY. The carpet area in the MIG-I category increased from 90 sq m to up to 120 sq m. Similarly, the carpet area of MIG-II…

PMAY project: PCMC set to build 568 dwellings in Akurdi
June 12, 2018

Pimpri Chinchwad Municipal Corporation (PCMC) has decided to build 568 housing projects at Akurdi for the economically weaker sections under Pradhan Mantri Awas Yojana (PMAY). The decision comes after PCMC’s proposal of building 60,000 affordable houses on a public-private partnership format under PMAY.  Officials shared that the estimated cost of construction will be Rs 54 crore and the project will be completed in two-and-a-half years. A total floor space index (FSI) of 2.5 has been allocated for the project. The land will be privately owned under PPP model. The project focuses on having good roads, schools, healthcare, water and drainage…

Centre urges Bengal govt to switch to RERA
June 12, 2018

An official shared that the Centre will soon be sending a team to advise the West Bengal government for switching over to the Real Estate Regulatory Act (RERA) for the protection of homebuyer interest. Previously, when the Centre was trying to implement RERA in the country, the West Bengal Housing Industry Regulation Act, 2017 (HIRA), was the Act that the state had executed on its own which was quite disturbing.  Abhay Upadhyay, president of the Forum For People's Collective Efforts shared that West Bengal is the first state in the country post RERA having a separate Act. The Act is…

Housing Minister: UP seeks 15 lakh homes under PMAY
June 12, 2018

State Union minister for housing and urban development - Hardeep Puri, said on Sunday that Uttar Pradesh had sought around 15 lakh urban houses that will be built in the state. He shared that his government had sanctioned 1,430 projects under Pradhan Mantri Awas Yojana (PMAY) Urban in UP. In the first phase, around 4.12 lakh houses are being constructed at an investment of Rs 1,512 crore. The amount has been disbursed and is entirely funded by the Centre. The net investment will be Rs 6,500 crore. He further said that the previous government had laid down a burden of…

Thiruvananthapuram banks focus on low-income sector
June 12, 2018

The credit-linked subsidy scheme (CLSS) under Pradhan Mantra Awas Yojana (PMAY) has not struck a chord with people belonging to middle-income groups. Owing to this, many lending institutions are now focussing on the economically weaker sections with many customised offers and simple norms.  PMAY loan Mela was organised by the city corporation last week after observing the change in the attitude of banks. The Project officials told that a total of 198 beneficiaries that belong to the economically weaker sections had been granted loans by financial institutions, which includes even new generation banks. On the first day of the loan…

MahaRera: Recovery warrants against developers
June 12, 2018

In the last two months, recovery warrants against developers who refused to comply with the orders to refund homebuyers under Section 40(1) of Real Estate (Regulation and Development) Act have been issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). Revenue officers such as a tehsildar retain the power to execute searches, seize a property, freeze bank accounts and also put it on auction blocks, according to Section 18 of the Maharashtra Land Revenue Code (MLRC). MahaRERA Secretary, Vasant Prabhu shared that 11 recovery warrants have been issued so far. These warrants include one each in Mumbai city, Chandrapur, Thane and Raigad. Six warrants were issued in Pune, including five against one developer. In April, Kapadnis had issued recovery warrant against many developers, and the developers were then served a show cause notice under RERA Section 63, as to why a penalty should not be imposed on them. Despite the…

Chennai civic body eases land reclassification process
June 11, 2018

In a bid to avoid unreasonable delay in processing the reclassification of land use applications in the Chennai Metropolitan Area (CMA), the Chennai Metropolitan Development Authority (CMDA) has introduced a series of measures including admission of such applications directly by the planning authority. The reclassification applications until now were admitted to the concerned local body, which would then be sent to the civic body for processing. As per a recent directive by the CMDA, the reclassification proposals may also be submitted directly to the CMDA along with all the documents prescribed under the checklist, in addition of submitting the same…

Jaipur Development Authority sanctions 4 new housing schemes
June 11, 2018

In a project work committee meeting held on Friday, the Jaipur Development Authority (JDA) has given nod to four new housing schemes. Applications under the new schemes could soon be invited by the authority. A total of 1250 plots will be created under the housing schemes, of which, 496 plots measuring 42-120 sq m will be created while up to 300 plots measuring 92-162 sq m will be constructed under Dharam Vihar housing scheme in Jaipur tehsil. Around 269 plots measuring 45-72 sq m will be constructed under Kesar Vihar housing scheme in Sanganer tehsil while blueprints of 189 plots…

Delhi Master Plan 2021 changes: 300 responses so far
June 11, 2018

Over 300 suggestions and objections have been received by the Delhi Development Authority (DDA) to its proposed alterations for Delhi Master Plan 2021. On May 26 this year, the civic body invited public suggestions and objections to its proposed modifications after a Supreme Court directive. Based on the feedback, a public hearing will be held by DDA soon on the proposed modifications. In order to provide relief to traders and shopkeepers facing the sealing drive, the civic body had processed the modifications by proposing some amendments in Delhi Master Plan 2021. On May 15, the SC directed the Centre to…

Warehousing: GST execution and infra status propel PE funding
June 11, 2018

Key government initiatives such as Make in India, implementation of the Goods & Services Tax (GST) and infrastructure status for the logistics sector including industrial parks, cold chains and warehousing facilities has helped in pushing demand and attracting private investment in logistics and warehousing sector across the country. According to Ramesh Nair, CEO and Country Head, JLL India, logistics and warehousing have witnessed Private Equity (PE) investments of Rs 15,000 crore since 2014 and has emerged as one of the biggest growth areas in recent times. The sector accounted for around 10 percent of the total PE investment in 2017…

Delhi RERA: List of approved projects and agents
June 11, 2018

The Delhi government has recently put its RERA website live to allow developers and agents to register themselves and their ongoing projects with the regulatory authority under the Real Estate (Regulation and Development) Act (RERA). The Delhi government had launched an online portal for registration and filing complaints under Delhi RERA. Now, the Delhi RERA website has published a list of approved real estate projects, developers and agents with their complete details. As of now, 11 ongoing projects have been approved by the regulatory authority. Overall 40 agents (individual and company) have received RERA certificates. As per the latest information…

Tender for Odisha-West Bengal coastal highway project to be floated soon
June 10, 2018

The Central Government has announced that the tender for the first phase work of the proposed 450 km coastal highway project from Gopalpur in Odisha to Digha in West Bengal would be floated by the National Highway Authority of India (NHAI) soon. Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, has stated that the proposed coastal highway project would improve State's economy and tourism sector. Apart from the coastal highway, the State government will start development of 250 km long ring road around Bhubaneswar, bypassing Bhubaneswar and Cuttack. The State government has already approved the NHAI proposal for the…

Work on Shivajinagar-Swargate underground corridor to commence soon
June 10, 2018

The Maharashtra Metro Rail Corporation (MahaMetro) has invited bids for the 5-km long underground corridor of the Pune Metro rail. The underground route will connect agriculture college in Shivajinagar and Swargate. Officials have shared that the State's metro authority would complete the project in two phases. The tenders for the first phase, including the construction of tunnels between agriculture college and the northern end of Budhwar Peth station, and design and construction of Civil Court and Shivajinagar stations has been floated. Phase-I includes the development of the two metro stations and a tunnel crossing the Mutha river after the Civil…

Housing Minister: Guard against fraudulent activities in PMAY’s name
June 9, 2018

Speaking at a press conference, union housing minister Hardeep Singh Puri on Thursday requested homebuyers to remain cautious of ‘fly-by-night’ operators who are luring them in the name of Pradhan Mantri Awas Yojana-Urban in the National Capital Region. While responding to a query related to bogus developers offering flats under the flagship scheme, he asked people to verify all details before purchasing a home. Talking about the Smart City Mission, the minister averred that projects constructed under the scheme such as 'smart intelligence system' has led to a fall in crime against women and elderly. He added that as many…

UP govt to approve new authority for constructing industrial township in Gr Noida
June 9, 2018

The Uttar Pradesh government is all set to give the final approval to an administrative authority that will be responsible for constructing the proposed Integrated Industrial Township Greater Noida Limited (IITGNL) in Greater Noida, the launch of which was mooted two years ago. According to a proposal, the IITGNL is seen as the flagship project for the Delhi Mumbai Industrial Corridor Development Corporation Limited (DMICDC) and it will work towards creating a sustainable and smart community. KK Singh, General Manager, Greater Noida Authority, said that a new authority has been planned for this project as around 50 percent of the…

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