08 Aug 2023

The Kolhapur Municipal Corporation (KMC) has announced plans to provide new 270 sq ft homes at the same location for the families of Kamgar Chal, following the issuance of relocation notices due to the dilapidated condition of five buildings. While promising swift construction, the KMC has called for temporary evacuation and discontinued utilities from August 1. Some residents have voiced concerns over the plans and potential commercial exploitation of the vacated land, seeking reassurances that they will not be moved to the outskirts of the city.Read more

08 Aug 2023

More than 6,300 property owners in Bengaluru have filed objections to errors found in draft cards under the Urban Property Ownership Records (UPOR) project. The project, which aims to issue property cards for 25 lakh properties within BBMP limits, faced discrepancies including wrong property dimensions and name printing. Commissioner Manjunath acknowledged the issues but emphasized that the objections constitute less than 3% of the total cards issued. The officials are committed to correcting the errors in the final cards, with the remaining wards expected to be surveyed in the coming months.Read more

08 Aug 2023

The redevelopment of Malad Ganga Cooperative Housing Society in Mumbai's western suburbs met with a temporarily hurdle recently when minor society member filed a petition to halt the project on account of concerns of having to relocate their business establishments. The court ruled in favour of the redevelopment project and has allowing work to resume without interference. Mumbai has been witnessing a surge in housing society redevelopments projects with Bandra-Khar-Santacruz belt recording 780 projects in 2022. Recently, Kolte Patil inked a deal to redevelop two projects in Bangur Nagar in Goregaon and Kalpatru announced a redevelopment project in Borivali.Read more

07 Aug 2023

Civic bodies across India frequently organize e-auctions for plots, units, and shops to stimulate the real estate sector. These auctions offer opportunities to acquire properties at subsidized costs in prime locations. Bidders are required to pre-register and meet eligibility criteria before participating. The Uttar Pradesh State Industrial Development Authority (UPSIDA) is conducting an e-auction for industrial plots on August 10th, 2023. Other cities like Bhubaneswar and Hyderabad have also recently held e-auctions for shops and residential plots to attract businesses and home seekers.Read more

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