22 Aug 2023

The Kolkata Municipal Corporation's health department is struggling to clear garbage from 5,000 vacant plots in the city, mainly due to untraceable owners or their refusal to clean. To address this, they propose a special clean-up drive, adding the expenses to property owners' tax bills. If owners don't comply, the solid waste management department will conduct the drive and charge owners; particularly dengue-prone areas are targeted.Read more

22 Aug 2023

The Ghaziabad Development Authority (GDA) is combatting illegal constructions by notifying nine banks to verify property legality before granting loans. The move comes in response to unauthorized building in GDA zone 7. The goal is to prevent multi-storey constructions on single-storey plots and deviations from sanctioned layouts. While GDA can take actions like demolition, the challenge lies in banks granting loans without checking legality. GDA directs banks to verify layout plans and cease loans for illegal properties. However, some bank officials suggest that RBI's clear directives are essential for effective change. GDA's collaboration with banks aims to ensure lawful urban development and curb unauthorized constructions.Read more

22 Aug 2023

A total of 170 real estate projects across Mumbai and Pune regions are pushing for deregistration due to various challenges, including financial strains and changing market demands. Mumbai's suburban district sees 8 projects, Mumbai city 4, Thane 21, Raigad 29, Palghar 7, and Pune leads with 63. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had previously highlighted criteria for deregistration, emphasizing the ongoing scrutiny process for such requests. Developers are looking at reshaping projects in response to shifting local demands, with some hinting at potential reintroductions post-resolutions.Read more

21 Aug 2023

In response to the National Monument Authority (NMA)'s concerns over real estate construction around protected monuments, the Indian government has mandated stricter banking scrutiny for projects adjacent to heritage sites. Banks are now required to conduct rigorous due diligence before approving loans for such projects. Developers encroaching on lands near monuments will be blacklisted and reported as fraudulent, facilitating strict action by relevant authorities. This move coincides with the government’s plan to reintroduce a bill in Parliament that prohibits construction within 100 meters of protected monuments, signalling a robust commitment to preserving the country's rich cultural heritage amidst rapid urbanization.Read more

21 Aug 2023

Ahmedabad has been named India's most affordable city for homebuyers, according to the latest Affordability Index by real estate consultancy Knight Frank. In H1 2023, Ahmedabad registered a low ratio of 23% between monthly instalments and average household income, followed by Pune and Kolkata at 26%. In contrast, Mumbai recorded a high ratio of 55%, marking it as the least affordable city in India. The report also highlights shifts in housing demand due to RBI's rate hikes to curb inflation, impacting the under Rs 50 lakh price segment significantly. Despite increased EMIs, housing demand continues to sustain at multi-year highs.Read more

21 Aug 2023

The Indian healthcare industry has attracted substantial private equity investments of over Rs 27,000 crore in recent years, with notable deals involving Manipal Hospitals, Sahyadri Hospitals, and ASG Eye Hospital. The sector's growth is driven by expanding facilities, mergers, and acquisitions, especially in response to post-Covid consolidation, resulting in higher quality healthcare preferences and improved revenue projections. These trends are backed by strong demand for healthcare services, with ICRA predicting a healthy revenue growth of 8-10% in FY24, further cementing the industry's positive trajectory.Read more

21 Aug 2023

India's drive towards advancement and mitigating the outflow of skilled individuals has materialized as the Smart Cities Mission. Launched in 2015 by the central government, this initiative underscores the notion of smart cities as metropolises that leverage technology to optimize efficiency, promote citizen welfare, and ensure sustainability. With nearly a quarter of the designated 100 cities nearing completion, the endeavor demonstrates cutting-edge attributes such as intelligent waste and traffic management, alongside robust digital infrastructure. This effort not only establishes a prototype for nationwide urban growth but also holds immense significance due to its capacity to invigorate India's economy, furnish citizens with enhanced amenities and prospects, and ultimately bolster global competitiveness.Read more

19 Aug 2023

In the bustling real estate hub of Noida, Uttar Pradesh, where the prevailing issues revolve around project delays and unfinished constructions, a mere 5% of the issued Recovery Certificates (RCs) by the real estate ombudsman have seen successful recovery since 2018. This disheartening statistic highlights the persistent challenges faced by homebuyers in receiving compensation and raises concerns about the effectiveness of regulatory measures in the region's property market. Despite efforts to address grievances, the majority of unresolved cases continue to test the efficacy of consumer protection mechanisms.Read more

19 Aug 2023

A builder's encroachment on a playground and internal road in Nagpur's Rajiv Nagar and Sita Nagar has disrupted sports, fitness, and recreational activities for residents. Despite a contempt order from the Nagpur bench of the Bombay High Court, Nagpur Municipal Corporation (NMC) officials are neglecting the situation. The builder, Praful Deshmukh and Co, breached the playground's compound wall to store construction materials, affecting children's play and senior citizens' fitness routines. The encroachment also damaged the playground's surface and internal roads. Despite regulations, the builder's actions reveal a disregard for community recreational spaces and rule provisions.Read more

19 Aug 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated realty developers to establish grievance redressal cells within their projects to address homebuyer complaints systematically and promptly. These cells must have at least one designated grievance redressal officer. The compliance to this directive will be a significant criterion in MahaRERA’s forthcoming project evaluation and grading system, set to launch in January 2023. Developers are instructed to display the officers' names and contact details prominently at project sites and on their websites. This initiative is part of MahaRERA's broader strategy to enhance transparency and accountability in the real estate sector, safeguarding homebuyers' interests in Maharashtra.Read more