05 Feb 2025

The developer of Chintels Paradiso in Gurugram's Sector 109 has commenced the demolition of six residential towers deemed unsafe by the district administration. The demolition began with Tower H, initially through manual dismantling, with mechanical demolition expected to follow. This decision follows a structural audit ordered after a 2022 incident where a ceiling collapse in Tower D led to casualties. The entire demolition process is anticipated to take around six months. Meanwhile, the developer is seeking approvals to reconstruct the towers, and discussions continue regarding the fate of the remaining three towers, with homeowners demanding rent compensation and project transparency.Read more

04 Feb 2025

The Haryana government has allotted 4,533 residential plots of 100 square yards each to beneficiaries in 20 districts under the Mukhyamantri Gramin Awas Yojana 2.0. The initiative, aimed at improving rural housing for the underprivileged, aligns with the central government's vision of housing for all. Beneficiaries will also receive financial aid for home construction, ensuring comprehensive support. Districts like Ambala, Gurugram, Hisar, and Panipat are among those benefiting. The program will be implemented in phases, creating jobs and uplifting rural living standards. This scheme underscores Haryana's commitment to poverty alleviation and rural development.Read more

04 Feb 2025

India's affordable housing supply has dropped by 36% in two years, from 3,10,216 units in 2022 to 1,98,926 in 2024, as per PropEquity. The top nine cities, including NCR, Mumbai, and Hyderabad, face significant shortages as developers shift towards luxury housing. NCR saw just 2,672 affordable units in 2024, while Hyderabad recorded a 69% drop, with only 13,238 units. In contrast, luxury housing supply rose by 48%. Experts estimate a need for 1.5 crore homes in tier-1 cities over five years and urge government incentives like tax cuts for developers and home loan rebates for buyers to address the crisis.Read more

04 Feb 2025

In 2024, NCR achieved a record 12.7 mn sq-ft of office-leasing, with the average deal-size rising 29% YoY to 40,025 sq-ft. Gurugram remained dominant, leasing 7.65 mn sq-ft, driven by DLF Cyber City and Udyog Vihar, while Noida saw a 48% rise, leasing 3.92 mn sq-ft, boosted by sectors like 62 and Greater Noida Expressway. India-facing businesses led demand, constituting 44%, followed by flex spaces at 29%. Average rents increased by 3% to INR 88/sq ft/month, with CBD Delhi being the priciest. The hybrid work model and demand for quality spaces spurred leasing growth.Read more

04 Feb 2025

NAREDCO Maharashtra has formed a strategic alliance with the International Finance Corporation (IFC) EDGE team, facilitated by the NextGen team. This collaboration aims to unlock global financing opportunities while promoting sustainable real estate practices. The agreement was formalised with the signing of a Letter of Collaboration by key representatives from IFC and NAREDCO Maharashtra. Through this partnership, the IFC EDGE team will offer technical guidance on green building standards, while NAREDCO Maharashtra will advocate for their inclusion in local incentive programs. This initiative seeks to empower real estate stakeholders, fostering the adoption of sustainable practices to establish Maharashtra as a frontrunner in green development.Read more

03 Feb 2025

The average flat sizes across seven major Indian cities increased by 8% annually in 2024, reaching 1,540 sq ft compared to 1,420 sq ft in 2023, as per Anarock's report. Over a six-year period, flat sizes rose by 34%, with notable growth in NCR (29%) and Bengaluru (30%). Hyderabad saw a decline in average flat sizes. Luxury housing supply in NCR surged, reducing affordable housing's share. Cities like Pune, Kolkata, and Chennai also recorded steady increases, reflecting changing consumer preferences for larger homes.Read more

03 Feb 2025

The Alluri Sitharama Raju (ASR) district is advancing its tribal housing project under the PM Jan Man scheme, with 23,766 out of 25,578 houses sanctioned and 226 already completed. The project, set for completion by March 2026, aims to uplift Particularly Vulnerable Tribal Groups (PVTG). Additionally, 576 roads and 1,660 water supply connections are planned under Jal Jeevan Mission, with 257 villages equipped so far. New Anganwadi centres and multi-purpose community hubs are also being established to improve access to education, healthcare, and essential services for tribal communities in the region.Read more

03 Feb 2025

The Odisha government has launched a survey to provide permanent housing under PMAY-G, aiming to include over 50,963 pending applicants and new beneficiaries. The initiative, inaugurated by Minister Rabi Narayan Naik in Puri district, will run for two months. Eligibility criteria have been relaxed, allowing families with incomes up to INR 15,000 and assets like two-wheelers or refrigerators to qualify. Fees have been waived, encouraging participation. Part of a national scheme targeting two crore houses by 2029, Odisha has already approved 28.25 lakh homes, with 23 lakh completed. Damaged homes will also receive support under the Antyodaya Gruha Yojana.Read more

31 Jan 2025

The Odisha government is set to launch a survey for identifying beneficiaries under the PM Awas Yojana-Rural (PMAY-R) initiative. The survey, expected to conclude in two months, will ensure a comprehensive and discrimination-free list of eligible households. The eligibility criteria have been relaxed, enabling families earning up to INR 15,000 per month and those owning two-wheelers or refrigerators to apply. Additionally, households affected by natural disasters or mishaps will be included under the Antyodaya Gruha Yojana if missed during the PMAY survey. A portal will facilitate online and offline applications for the scheme.Read more

31 Jan 2025

Authorities from Kochi Corporation recently announced that the construction of flats under the Pradhan Mantri Awas Yojana (PMAY) for rehabilitating residents from Kalvathy, Koncheri, and Thuruthi Colony has been completed. The project benefits 394 landless and homeless families. Two flat complexes have been built in Thuruthy-one by the municipal corporation and the other by Cochin Smart Mission Ltd. These complexes include residential units, parking, daycare centres, shop spaces, and other amenities. Inauguration is expected in March following the completion of sewage treatment plants.Read more