01 Sep 2023

The Pune Municipal Corporation (PMC) has made significant progress in waste management by removing 2.34 lakh metric tonnes of construction and demolition debris using its dedicated transport service this year. This effort prevents improper disposal of debris in public spaces and riverbeds, with a focus on environmental preservation. Civic activists commend this initiative and call for stricter measures against illegal dumping, urging the PMC to expand the service and establish specialized disposal centres.Read more

01 Sep 2023

In September last year, Maharashtra pioneered e-registrations for primary property sales, utilizing blockchain for document security and verification. A self-help portal aided buyers and developers, streamlining the process. Maharashtra's move follows its successful implementation of e-registrations for rental agreements in 2014. With nearly 9,000 documents registered online within a year and around 300 developers adopting e-registration, the convenience and efficiency have been embraced. This method allows buyers to complete registrations and stamp duty payments online, reducing foot traffic at registration offices. Positive reception from buyers and developer bodies showcases the potential to transform property registration, benefiting the real estate sector and homeowners.Read more

31 Aug 2023

In Anni, Himachal Pradesh's Kullu district, eight multi-storey buildings collapsed in a domino effect following relentless monsoon showers. Fortunately, local authorities had evacuated these structures by August 15, preventing any casualties. While the exact cause remains under investigation, some point to the unusually heavy rainfall this season, while others highlight inadequate drainage systems in the region. This incident underscores the urgent need for reinforced construction standards in areas susceptible to extreme weather.Read more

31 Aug 2023

A recent report by Knight Frank India and NAREDCO predicts India's real estate sector to soar to a worth of USD 5.8 trillion by 2047, effectively doubling its contribution to the national GDP from 7.3% to 15.5%. This growth, backed by private equity investments and an evolving housing demand, indicates a major economic shift. With a surge in luxury housing demand and expanding sectors like warehousing, India's real estate landscape is poised for unprecedented expansion.Read more

31 Aug 2023

Bollywood icons have long exhibited a keen interest in real estate investments. Recently, actress Kajol expanded her property holdings by acquiring a commercial unit in Mumbai's Andheri suburbs. The "DDLJ" star purchased a 2,100 sq ft space in the Signature Building. Similarly, Ajay Devgn bought commercial units in the same building earlier this year, paying a substantial Rs 45 crores for five units. Hrithik Roshan's production house secured office space, while Alia Bhatt's production house purchased a lavish apartment. Singer Sonu Nigam also invested in multiple office spaces in Andheri West. These instances highlight how Bollywood's influence intertwines with real estate, shaping Mumbai's property landscape.Read more

30 Aug 2023

The Delhi Government is set to increase circle rates by 35% for residential and commercial properties to align them with rising market values. The move aims to bridge the gap between property market rates and government valuation. Similar revisions are observed in Gujarat due to economic growth, while Maharashtra maintains rates to sustain the real estate sector amid challenges. Karnataka's Guidance values also witnessed a spike recently. These adjustments highlight the dynamic nature of real estate and its interaction with economic factors and policies. Despite rate hikes, the real estate markets in major Indian cities continue to flourish.Read more

30 Aug 2023

The Mohali administration is proactively addressing the welfare of residents affected by upcoming demolitions near the Air Force Station's boundary wall. To provide alternative housing, the administration is taking control of land within Economically Weaker Sections (EWS) colonies within housing society projects. Displaced residents will be allotted this land to rebuild their homes before demolition occurs, following a Punjab and Haryana High Court directive. This approach demonstrates the administration's commitment to balancing development with citizens' well-being. The initiative highlights the challenges of urban development and the importance of inclusive housing solutions, emphasizing collaboration among governments, developers, and regulatory bodies.Read more

30 Aug 2023

The "Puneeth Rajkumar Housing Complex," a project by the Bangalore Development Authority (BDA) that includes 322 upmarket villas in north Bengaluru, is almost finished. The property, which is situated on 31 acres of land, has necessary features including a clubhouse, park, and sports facilities. On a first-come, first-serve basis, the villas will be sold through an online application process. A 320-unit residential building has also been built by BDA nearby. The project demonstrates BDA's dedication to improving Bengaluru's housing alternatives and is projected to generate significant interest from purchasers looking for contemporary and well-equipped homes.Read more

29 Aug 2023

In a bid to clamp down on the rise of unauthorized constructions and instil transparency, officials from the building branch in Ludhiana will now maintain comprehensive online records via the challan management system (CMS). Previously, the uploading of challans occurred monthly or yearly, with many languishing as "pending." This approach shift involves daily data monitoring and necessitates officials to promptly upload solutions. Amid multiple complaints about construction persisting post-sealing, the MC commissioner's transfer has taken place. The civic body, facing financial loss and criticism, aims for effective enforcement via digital reforms.Read more

29 Aug 2023

India's office sector is poised for a strong finish in 2023, with expected gross leasing of 40–45 million square feet across top markets. Domestic demand remains resilient, driven by a positive economic outlook. The global economic forecast for 2023 has improved, influencing India's office demand. Q2 2023 saw 50 percent QoQ growth in leasing, reflecting positive sentiments and a domestic economic revival. Tech and domestic occupiers play pivotal roles in office space leasing. H1 2023 witnessed 22 million square feet of new supply, showcasing developers' adaptability. This growth trajectory underscores responsiveness to evolving dynamics, with robust supply projected for 2023.Read more