Indian real estate news

BBMP launches redesigned website
December 28, 2016

The Bruhat Bengaluru Mahanagara Palike (BBMP) has redesigned its website and launched an improved version to enhance the online experience. The services currently offered by BBMP’s website include online payment of property tax and advertisement tax as well as building plan approval. Further, Manjunath Prasad, Commissioner, BBMP, and Kiran Kumar, Chairman, Indian Space Research Organisation (ISRO), have signed a pact enabling BBMP to use high-resolution satellite data by ISRO in order to collect footprints of… Read More

Chandigarh Housing Board plans e-auction of vacant properties
December 28, 2016

Chandigarh Housing Board (CHB) intends to carry out e-auctions for its vacant properties starting January 2017. The auctions will offer residential as well as commercial properties once a week. This plan was initially supposed to commence from August 2016 but got delayed due to certain issues. CHB officials stated that the authority has identified the properties to be offered in auction. The plan is to offer a commercial property once a week and a residential… Read More

Noida Authority begins digitisation of property records
December 28, 2016

Noida Authority is striving to take all its processes online in order to become a smarter civic body. The Authority has already digitised the records of 16,300 properties in the first phase of the project, which included industrial, institutional, and commercial properties. According to Deepak Agarwal, Chief Executive Officer (CEO), Noida Authority, the second phase is expected to witness the digitisation of housing properties while the third and fourth phases will include the group housing… Read More

Coimbatore to commence work on 10 smart city projects by January 2017
December 27, 2016

The Coimbatore Corporation officials recently confirmed that tenders for 10 projects under Centre’s Smart Cities Mission would be invited by January 2017. The city corporation commissioner and project engineers recently attended a video conference with the officers of the ministry of urban development to list out and discuss the various developments (such as setting up of transaction advisor for the lake development projects and the non-motorised corridor). The corporation will soon call for tenders for… Read More

Hospitality deals halved in 2016
December 27, 2016

Enjoying a decent growth with plentiful investments in 2015, India's hospitality sector saw a surprising 50 percent dip in deals in 2016. According to a study by Venture Intelligence, the sector saw just six deals till November against 18 in the previous year. The total fund raised from the deals was also lower at $86 million compared with $284 million in 2015. The survey excluded investments in unconventional hospitality companies such as OYO. While last… Read More

Underground metro project work commences in South Mumbai
December 27, 2016

The soil testing and geo-technical investigations have finally started in portions of Azad Maidan and Oval Maidan, for the most ambitious metro rail projects in Mumbai. The testing and investigations are being carried out ahead of tunneling work on the above said stretches by the Mumbai Metro Rail Corporation (MMRC). Metro-III corridor (Colaba-Bandra-Airport-Seepz) will be a 33.5-km long underground rail link, which is expected to be operational by 2020. The proposed link is likely to… Read More

HUDA to postpone sector launches in Pataudi and Farrukhnagar
December 27, 2016

Fearing losses due to the downturn in the realty space after demonetisation, the Haryana Urban Development Authority (HUDA) is considering to postpone launches of new residential sectors in Pataudi and Farrukhnagar areas of Gurgaon district. As per HUDA’s plan, 800 acres of land in seven villages was to be acquired for new sectors in Pataudi and Farrukhnagar. The authority had planned to spend around Rs 1,875 crore on the project. Out of the budgeted amount,… Read More

NMMC allows underground, stilt parking in housing societies
December 26, 2016

Navi Mumbai Municipal Corporation (NMMC) has decided to allow development of underground and stilt parking spaces in housing societies. The move is aimed at solving the issue of parking on the road which greatly hampers traffic in Navi Mumbai. NMMC’s decision is in keeping with the Centre’s direction asking car buyers to show proof of parking space for registering new cars. Ankush Chavan, Additional Commissioner, NMMC, explained that the pay-and-park facilities on the roads will… Read More

Realty near infrastructure projects to become more expensive from 2017
December 26, 2016

Central government intends to commence Value Capture Financing (VCF) for executing its infrastructure projects. Expected to be announced in 2017, the proposal would make purchasing real estate near infrastructure projects more expensive. VCF is a popular financing tool in use across the world. The basic idea behind VCF is that large investments by the government for infrastructure development results in the economic development of the area which hikes land prices and benefits property owners. Hence,… Read More

Greater Noida homebuyers protest against delayed deliveries
December 26, 2016

Homebuyers in Greater Noida recently staged a protest against the delayed deliveries of apartments this year. The protest was executed by the members of Noida Extension Flat Owners Welfare Association (NEFOWA) outside the Greater Noida Industrial Authority (GNIDA) office. The protestors questioned the lax attitude and inaction of the Authority against the developers who have been unable to deliver their projects as per the timeline promised. The Authority faced the ire of the buyers who… Read More

Dehradun authority amends construction byelaws for cantonment areas
December 26, 2016

Dehradun’s Garhi Cantonment Board has proposed amendments for its rules that govern construction in cantonment premises. The proposed changes in the construction byelaws include provisions for solar power, rainwater harvesting, and drainage, among other things. Jakir Hussain, Chief Executive Officer, Garhi Cantonment Board, explained that the existing guidelines have been unable to address the problems faced by the cantonment areas. Hussain added that Dehradun will soon turn into a smart city and the new provisions… Read More

Delayed infrastructure projects in Mumbai to receive a boost
December 25, 2016

Several infrastructure projects in Mumbai that have been lying on the drawing board for quite some time will soon receive a boost with the Prime Minister expected to lay their foundation stones soon. Prime Minister Narendra Modi will be launching the Mumbai Trans-Harbour Link, two metro projects, two flyovers as well as the Kurla-Vakola elevated road. According to the Mumbai Metropolitan Region Development Authority (MMRDA) Mumbai urgently needs infrastructure upgrades. These projects will ease the… Read More

Centre allots Rs 160 crore to Uttar Pradesh for urban housing
December 25, 2016

Central government has allotted Rs 160 crore to Uttar Pradesh for its proposal to construct 11,286 houses in 34 towns for its urban poor. The selected towns include Barwar, Maholi, Pali, Ranipur, Suriyawan, Sikandra, and Chughuli. The proposal has been approved by the Ministry of Housing and Urban Poverty Alleviation (HUPA) The central assistance for the programme will be more than half of the Rs 384 crore estimated to be involved in the construction of… Read More

Properties in South Delhi get identification cards
December 25, 2016

The South Delhi Municipal Corporation has commenced issuing Unique Property Identification Code (UPIC) cards for the properties in its jurisdiction. The civic body has also inaugurated the ‘Link your Record’ programme for the property holders. The scheme will have a pilot run for 15 days before being properly inaugurated. The scheme will allow tax payers to directly access their digitised records as well as to upload their documents. The same will later be vetted by the… Read More

Lucknow Development Authority lowers land conversion charges
December 25, 2016

Lucknow Development Authority (LDA) has eased the way for residential property holders to get their land usage converted to commercial. The civic body has announced that conversion charges, which used to be based on circle rates, will now be calculated as per LDA sector rates. This decision will considerably reduce conversion charges in the city and the new rates are anticipated to be about 30-40 percent below circle rates. This can be beneficial to the… Read More

Land acquisition for Hyderabad metro picks up pace
December 24, 2016

With the deadline for Hyderabad metro rail approaching, the Special Task Force (STF) had a review meeting in the state capital recently. The meeting, chaired by K Pradeep Chandra, Chief Secretary, STF, was called to monitor the progress of the much-awaited project and discuss actionables to expedite the acquisition of properties in Sultan Bazar, Badichowdi, Putlibowli, Yousufguda, and Jubilee Hills areas. During the meeting, Chandra directed the Secretary of Minorities Welfare, to immediately handover reports… Read More

Karnataka to launch Model Village scheme soon
December 24, 2016

H Anjaneya, Social Welfare Minister, Karnataka, has announced that the state government will soon roll out Mukhya Mantri Adarsh Gram Yojane (CMAGY) on the lines of central government’s flagship scheme, Pradhan Mantri Adarsh Gram Yojana (PMAGY). The programme will aim at comprehensive development of selected villages to ensure that they have the required physical and social infrastructure. The government scheme would also work towards eliminating the disparity between social classes through ensuring high literacy rate,… Read More

Delhi Metro prepares for 6 new corridors under Phase IV
December 24, 2016

Delhi Metro Rail Corporation (DMRC) has got in-principle approval from the Delhi government to develop six new corridors under Phase IV. The proposal submitted by DMRC includes a 28.92-km-long Janakpuri (West) to RK Ashram metro route will establish a link between two Phase III corridors and one Phase II corridor of Blue Line metro. The Janakpuri-RK Ashram corridor, which will have 25 stations, will connect the two existing corridors lying parallel to the Ring Road… Read More