13 Aug 2024

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has introduced a mandatory three-day training program for all 7,000 registered real estate agents to tackle skill and ethical issues. Agents must complete the course within a year or risk losing their registration. The training will cover the Real Estate (Regulation and Development) Act, relevant rules, and client interaction best practices. UP-RERA aims to enhance professionalism and trust in the real estate sector. The initiative, supported by training institutes, is expected to improve service quality and accountability in real estate transactions.Read more

13 Aug 2024

Delhi's Lieutenant Governor V.K. Saxena has announced that all properties in the city will be registered with the National Generic Document Registration System (NGDRS) by January 2025. Already implemented in all 22 sub-registrar offices, the NGDRS has registered 231,000 properties, aiming to simplify registration, enhance transparency, and reduce fraud. This digitised system allows online management of registration tasks, quick document retrieval, and integration with various municipal systems, including the Delhi Development Authority (DDA) and Municipal Corporation of Delhi (MCD), streamlining the property registration process and improving service efficiency.Read more

12 Aug 2024

Flexible office space provider Incuspaze is expanding its footprint with a new 57,351 sq. ft. lease at Hiranandani Light Hall Business Park in Mumbai. This addition is part of a broader strategy that includes acquiring 580,000 sq. ft. in Delhi NCR and 115,000 sq. ft. in Whitefield, Bangalore. The company aims to increase its total workspace by 2 million sq. ft. over the next two years, focusing on South India. Incuspaze's expansion aligns with rising office space demand in Mumbai, where leasing activity has doubled year-over-year, highlighting the shift toward flexible work environments.Read more

12 Aug 2024

The Brihanmumbai Municipal Corporation (BMC) will maintain the current property tax rates for 2024-25 without implementing any revisions. This decision, influenced by past rejections of proposed hikes in 2020-21 and 2022 due to the pandemic, means property owners will not face an increase after nearly a decade. The property tax calculation currently relies on the Stamp Duty Ready Reckoner rates. Despite the lack of a rate hike, BMC collected INR 4,856 crore in 2023-24, surpassing its target of INR 4,500 crore. The BMC's cautious approach aims to balance revenue needs with citizens' financial burdens.Read more

12 Aug 2024

Deloitte is expanding its footprint in the National Capital Region (NCR) by leasing 175,000 square feet of office space at Prestige Trade Tower near Delhi airport. This marks Prestige Group's first commercial project in NCR and reflects Deloitte's broader strategy to enhance its operations in key markets. The new space, part of Deloitte's recent acquisition of 1 million square feet in Bengaluru, is expected to cater to the firm's growing needs. Despite a 16% drop in NCR's leasing activity year-over-year, Aerocity's appeal and new developments continue to attract significant investments.Read more

12 Aug 2024

The SRA is actively implementing the Slum Rehabilitation Scheme, overseeing transit rent payments to slum dwellers. With 25 nodal officers appointed to recover arrears and a new policy requiring advance payments, developers have deposited over 700 crores, aiding in the reduction of complaints. Legal proceedings under the Maharashtra Slum Areas Act have been initiated against defaulters, and an online complaint system has been launched. Additionally, an Authorised Account Officer will review pending rent issues, ensuring effective resolution and improved scheme management.Read more

09 Aug 2024

The Mumbai Metropolitan Regional Development Authority is working on two separate projects that will link Thane and Bhayander. The two separate projects include a 5.5 km long tunnel of INR 41 crore followed by an 9.5 km long flyover road worth INR 28 crore. An MMRDA official said the flyover road will feature eight lanes due to the presence of mangroves adjacent to the bay shore. The main focus of the project, besides connecting suburbs, would be controlling the traffic situation on NH48. This project is different from the Thane-Borivali project that will pass beneath Sanjay Gandhi National Park.Read more

09 Aug 2024

The extended Green Line of Namma Metro, from Nagasandra to Madavara, will begin commercial operations by October. This 3-km extension, part of Phase II, includes new stations at Manjunathnagar, Chikkabidarakallu, and Madavara. The Bangalore Metro Rail Corporation Limited (BMRCL) will start trial runs soon and expects an additional 25,000 to 30,000 riders. The construction at Madavara is nearing completion, with the hold of power supply almost finished and trial tests planned within the next few weeks. The extension will improve access to the Bangalore International Exhibition Centre and ease travel for passengers from nearby areas.Read more

09 Aug 2024

Gujarat International Finance Tec-City (GIFT City) has signed a Memorandum of Understanding (MoU) with the National Forensic Sciences University (NFSU) to advance skills in financial and cyber security. The partnership focuses on international arbitration, fraud investigation, data security, and anti-money laundering, aiming to enhance education, training, and research in these critical areas. A Centre of Excellence will be established to provide top-tier training and expertise to businesses within GIFT City, promoting innovation and excellence in India's premier smart city and International Financial Services Centre (IFSC).Read more

09 Aug 2024

MahaRERA is launching its new platform, MahaCRITI, at midnight on August 31. The updated website will enhance user experience with real-time data analytics and personalised dashboards for homebuyers, promoters, and agents. However, from August 13 to August 31, the current system will be offline, causing temporary interruptions: promoters and agents cannot submit new applications online, and homebuyers must file complaints manually. Online hearings for existing complaints will continue as usual. The overhaul, prompted by rising website traffic, aims to improve functionality and transparency in regulatory processes. The new platform will be operational starting August 31.Read more