Gujarat RERA to buy INR 44 crore GUDA plot near Sargasan
Author : PNT Bureau
Gujarat's Real Estate Regulatory Authority (RERA) is initiating the construction of RERA Bhavan, a new office complex in Gandhinagar, consolidating the RERA authority and tribunal under one roof. The 3,500 square meter plot for the Bhavan has been acquired from the Gandhinagar Urban Development Authority (GUDA). This signifies the authority's commitment to streamlining operations and enhancing regulatory efficiency in the state's real estate sector. The move comes after a two-year planning phase and reflects GujRERA's dedication to fostering transparency and improving access for services for stakeholders in the evolving real estate landscape....
Ahmedabad civic body set to auction 150 undeveloped plots
Author : PNT Bureau
The Ahmedabad Municipal Corporation (AMC) is set to conduct a fresh round of auctions for approximately 150 plots measuring less than 2,000 square meters. This decision comes after the lukewarm response to larger plot auctions in February 2023. Potential buyers have shown a preference for smaller plots suitable for bungalows or compact corporate offices. In response, the AMC's standing committee has directed officials to assess and prepare 10 to 15 smaller plots for sale in the western parts of the city. This adjustment in approach aims to cater to evolving buyer preferences and maximize participation in future auctions, aligning with current market demands....
Greater Noida achieves 84 percent of its Rs 60,000 crore investment target
Author : PNT Bureau
The Greater Noida Authority has successfully implemented 84% of its ambitious Rs 60,000 crore investment target set by the Uttar Pradesh government. Country Group leads with a Rs 2,000 crore investment, followed by Eldeco and Iris committing Rs 1,000 crore each, and Purvanchal contributing Rs 800 crore among the builders. This robust financial infusion underscores their confidence in the project's potential and aligns with a broader trend of huge investments in the real estate sector. These strategic allocations fortify the industry's growth trajectory and contribute significantly to the overall economic landscape....
Four arrested, including fake ED official, in Mumbai extortion case
Author : PNT Bureau
Four individuals, including one impersonating an Enforcement Directorate (ED) official, were arrested in Mumbai for attempting to extort Rs. 164 crore ($22 million) from a prominent developer. Involved in real estate, the suspects threatened the victim with an ED case, captured on CCTV at a Bandra coffee shop. A FIR has been filed against seven individuals, with two more suspects sought by the police. The extortion attempt stemmed from an alleged monetary dispute between the victim and one of the wanted suspects. The complainant reported the incident to the police, leading to the arrest of the accused....
GHMC awaits Rs 1,500 crore funding to complete construction of 30,000 2-BHK houses
Author : PNT Bureau
The Greater Hyderabad Municipal Corporation (GHMC) is currently facing uncertainty in completing the construction of 30,000 2-BHK houses in the city. These 2-BHK homes, initiated in 2015 by the previous government, are aimed at providing dignified and fully subsidized housing for underprivileged families. While 68,800 2-BHKs have already been distributed in various localities, the remaining 31,000 units are at a standstill awaiting the government's budgetary approval of Rs 1,500 crore for funding. The construction has been on hold for the last one and a half years, and GHMC plans to resume work once the required funds are released by the government....
Andhra Pradesh Chief Minister disburses Rs 47 Crore in interest reimbursement for housing loans
Author : PNT Bureau
Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has disbursed nearly Rs 47 crore in interest reimbursement to over four lakh beneficiaries as part of the Navaratnalu-Pedalandariki Illu Scheme. The biannual disbursement targets easing the financial burden on those who availed housing loans. Beneficiaries are entitled to interest reimbursement exceeding 3% on a bank loan of Rs 35,000, allowing them to pay minimal interest on housing loans for houses constructed in Jagananna Colonies. Chief Minister Reddy highlighted the scheme's strategic move to make homeownership financially viable, aligning with the government's commitment to affordable housing and inclusive development in Andhra Pradesh....
DDA's quick disbursement of Rs 460 Crore sets a new standard
Author : PNT Bureau
Delhi Development Authority (DDA) achieved a milestone by disbursing over Rs 460 crore to 2,300+ bidders in its recent housing scheme, showcasing a positive shift in work culture. Lt Governor VK Saxena's directive ensured prompt crediting of Earnest Money Deposits (EMDs) within 15 days, reducing bureaucracy for applicants. The DDA's efficient handling surpasses many private builders, with EMDs already credited for most bidders. Under Saxena's strategy, the DDA sold over 8,000 units in the past year, reflecting commitment to responsive governance. Ongoing housing schemes include penthouses, HIG, and MIG flats, setting a standard for public administration in Delhi....
PMAY-G 2.0 and PM JANMAN initiatives drive rural transformation in India
Author : PNT Bureau
India's rural landscape is witnessing transformation through initiatives like Pradhan Mantri Awas Yojana-Gramin (PMAY-G 2.0) and Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN). The upcoming interim Budget 2024-25 is set to prioritize the holistic development of the poor, youth, women, and farmers, with an 85% boost in financial aid for PMAY-G, aiming at Rs 2.39 lakh per rural pucca house. PMAY-G has achieved significant progress, completing 25.4 million houses out of the targeted 29.5 million. A revamped urban affordable housing scheme and the PM JANMAN initiative, benefiting tribal communities, align with Prime Minister Modi's commitment to uplift marginalized sections and bridge the rural-urban gap....
Maharashtra government relaxes FSI norms and rolls out incentives for IT sector investments
Author : PNT Bureau
The Maharashtra state government is enticing major tech companies to invest in its IT sector by easing regulations and offering incentives. It allows a higher Floor Space Index (FSI) of 3 within industrial estates for IT townships, fostering vibrant tech hubs. Additional FSI of 3-5, based on road width, is granted for data centers and IT offices. IT/ITES industries are now permitted in Mumbai's No Development Zones to spur employment. The minimum required area for Integrated IT Townships is reduced from 25 acres to 10 acres. The strategy, anchored in the 2023 IT/ITES policy revision, aims to attract investments and boost economic development in Maharashtra....
ED seizes assets worth Rs 30 crore in Kerala real estate case
Author : PNT Bureau
In a recent development, the Enforcement Directorate (ED) has seized 62 immovable properties linked to Heera Construction Company, its managing director Abdul Rasheed, Heera Educational and Charitable Trust, and sister company Hera Summer Holiday Homes. The assets, valued under the Prevention of Money Laundering Act (PMLA), include properties owned by Rasheed's trust and associated businesses. The central agency confirmed the attachment in a statement, marking a significant move in their efforts to curb financial irregularities and money laundering activities associated with Heera Construction and its affiliated entities....
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