07 Aug 2023

An expert committee has proposed targeted measures to revive over four lakh stalled real estate projects across India, focusing on areas around Delhi and Maharashtra. The recommendations include a project-wise approach to insolvency, a four-year moratorium on payments in Noida, and specific provisions to safeguard home buyers' interests. Headed by G20 sherpa Amitabh Kant, the committee's initiatives aim to alleviate the burden on builders and expedite the possession process for homebuyers. With proposed amendments to the Insolvency & Bankruptcy Code, this move represents a vital step towards resolving a longstanding issue in the housing sector.Read more

07 Aug 2023

The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.Read more

05 Aug 2023

In July 2023 property registrations in Mumbai are expected to reach 10,214 units, a 10% decline from last year, but revenue collection remains steady at INR 832 crores. Despite a dip in overall registrations, the luxury segment (properties valued at INR 1 crore and above) continues to thrive, accounting for 57% of the registrations. This sustained demand in the higher price segment, coupled with resilience against interest rate hikes, underscores the ongoing strength of Mumbai's residential market.Read more

05 Aug 2023

Residents of Logix Zest in Noida, India, are facing a financial setback as they are required to pay an additional Rs. 90 lakhs for power expenses, on top of the already hefty Rs. 3 crore they had paid earlier. The sudden escalation in costs has raised concerns about transparency and accountability, leading residents to demand a thorough breakdown of expenses and an independent audit. The real estate sector in Noida may suffer reputational damage due to incidents like these, prompting potential homebuyers to exercise caution and research before investing. The management of Logix Zest has promised to address residents' concerns in an upcoming meeting.Read more

05 Aug 2023

In a bid to expedite property transactions exceeding Rs 50,00,000, Jaipur's state government has launched the enlistment of private site inspectors. Addressing the dearth of government inspectors, this move aims to alleviate delays in property deals. The directive mandates site inspections for properties surpassing the Rs 50,00,000 threshold, whether priced or valued by the government. Applicants vying to be empanelled inspectors must be registered valuers for financial institutions, comply with 2017 Valuation Rules, and hold diplomas or degrees in civil engineering, town planning, or architecture.Read more

05 Aug 2023

AG Enviro Infra Projects and Metro Waste Handling are partnering to construct two waste plants in Mumbai to process 1,200 tonnes of construction waste daily, producing precast concrete products. The Bombay Municipal Corporation is recruiting supervisors to oversee the plant construction. One plant in Gorai will handle waste from the western suburbs, and the other in Shilphata will process waste from the eastern suburbs and the city. The BMC has introduced the "Debris on Call" facility to ensure proper waste disposal and prevent unauthorized dumping. The plants will process drains and paver blocks, with AG Enviro Infra Projects and Metro Waste Handling selling the products. The plants are scheduled to be operational by February 2024.Read more

04 Aug 2023

Pune is set to reach an impressive milestone, with flex space projected to account for 10% of the city's total office area by 2025. According to a report by Colliers, the thriving technology sector and the adoption of hybrid work models have fuelled this growth. In 2023, Pune's flex space stock stands at 5.4 million square feet, marking a four-fold increase since 2018. This robust growth positions Pune ahead of other top Indian cities in flex space penetration, indicating a transformative shift in the city's work environment.Read more

04 Aug 2023

Ranchi Municipal Corporation (RMC) has initiated a crackdown on unmapped structures in Ranchi, India, issuing 100 notices to property owners who have constructed buildings without proper approvals. The move aims to regulate urban development, address safety concerns, and bring illegal constructions under control. By enforcing compliance with building codes and regulations, RMC seeks to ensure public safety and formalize urban planning. The action highlights the need for better monitoring and enforcement mechanisms, as well as public awareness campaigns.Read more

03 Aug 2023

Union Bank of India, Bank of Baroda and Yes Bank have issued e-auction sale notices for the sale of immovable assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The online auction will be conducted on a dedicated platform, where interested bidders must register themselves beforehand to qualify. Properties sold at these auctions will be offered on a an "as is what is," "whatever there is," and "without recourse basis". Therefore, the rules of caveat emptor apply. Interested bidders are required to register on the designated e-auction platform, and meet the specific eligibility criteria to participate.Read more

03 Aug 2023

In an astonishing development, Hyderabad's luxury housing market has witnessed a remarkable 14-fold increase in sales in the first half of 2023, according to CBRE South Asia's latest report. The surge, driven by enhanced amenities, spacious living preferences, and rising NRI investments, cements Hyderabad, Delhi-NCR, and Mumbai as robust luxury housing markets, accounting for nearly 90% of sales across India's top seven cities. The trend reflects a shifting preference towards opulent living, signaling a thriving demand for luxury properties in India and propelling the real estate sector on an upward trajectory.Read more