28 Feb 2023

The Kolkata Metropolitan Development Authority (KMDA) has initiated a campaign to reclaim its plots that have been encroached upon in Kasba and Patuli near the EM Bypass. The authorities have launched a demolition drive to bring down the illegal constructions on the plots and fence off the land. The KMDA plans to auction off the parcels of land after the removal of the unauthorized structures, generating substantial revenues for the state coffers.Read more

28 Feb 2023

Despite the COVID-19 pandemic and rising construction costs, the premium residential real estate market in Bengaluru is experiencing strong growth, according to a report by Savills India. The average capital and rental values of premium housing properties have grown at an average of 4 percent YoY. Central Bengaluru has the highest average capital values at around Rs 19,000 and Rs 15,500 for completed and under-construction projects, respectively. South Bengaluru had the highest YoY increase in premium housing prices at around 8 percent in 2022.Read more

24 Feb 2023

The Maharashtra Real Estate Regulation Authority announced this week that 313 significant projects throughout the state have received show-cause notices as a result of a report from an external auditor that identified a number of issues. The watchdog hired a reputable audit firm as part of its duty to examine projects at a micro level and the letters have been given to projects that the firm red-flagged, according to an official statement.Read more

23 Feb 2023

Co-living is gaining popularity as a cost-effective housing solution for young, single professionals, particularly millennials and Gen Z, who are facing challenges in finding suitable housing options. Traditional landlords often prefer to rent to families, and hostels and PGs (paying guest accommodations) come with a long list of terms and conditions that make them unattractive options. This is where co-living comes in as a reasonable and convenient alternative.Read more

21 Feb 2023

According to CBRE India, Mumbai has been ranked as the seventh most preferred destination for cross-border investment in the real estate sector in the Asia Pacific region. The consultant's '2023 Asia Pacific Investor Intentions Survey' revealed that Mumbai ranks ahead of Shanghai, Hanoi, and Seoul on the list. This is the first time in the last two years that any Indian city has been included in the list. The survey found that Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore.Read more

17 Feb 2023

The Nashik Municipal Corporation (NMC) has discovered 1.3 lakh residential and commercial properties that have been built without obtaining proper approvals from the organization. The NMC is now issuing notices to the owners of these properties to hear their side of the story. If their explanations are not satisfactory, the NMC will impose additional property tax, which will result in an estimated additional revenue of Rs25 crore from these unauthorized constructions.Read more

15 Feb 2023

According to the updated deadline established by the Centre, the Maharashtra State Government is set to construct 3.75 lakh homes throughout Maharashtra under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) by December 2024. These 3.75 lakh units are a component of the state's 15.82 lakh sanctioned units from 2015, of which 6.93 lakh, or 44%, have been finished.Read more

14 Feb 2023

The Economic Survey of India has reported that the country's housing market has witnessed a recovery in the current fiscal year due to the release of pent-up demand, despite rising interest rates on home loans and appreciation in property prices. According to the survey, which was tabled in Parliament, housing sales have increased and the demand for housing loans has picked up, leading to a decline in unsold housing inventories and an increase in housing prices.Read more

09 Feb 2023

A car and bike rally protest were conducted this Sunday at Char Murti Chowk by disgruntled allottees who claim to be waiting for as many as 13 years for possession of their flat. More than one lac homebuyers from over 25 housing projects are affected. Homebuyers in Greater Noida now intend to send a large number of postcards to the President after protesting ceaselessly for 10 Sundays over the delay in receiving possession of and registration of their flats.Read more

07 Feb 2023

The real estate market in Mumbai saw an increase in property registrations in January 2023, with a total of 8,694 units registered, according to Knight Frank India. This is a 7% year-on-year increase, with 84% of these properties being residential and the remaining 16% being non-residential. The data encompasses both primary and secondary market transactions, covering all property types, including residential, commercial, and others. Despite a 7% decrease compared to December 2022, which saw 9,367 units registered, the strong consumer inclination towards purchasing homes has driven the residential property sales in Mumbai.Read more