PNT Reporter

19 Jun 2023

The Nashik Municipal Corporation (NMC) has issued a warning to builders in the city, instructing them to adhere to safety guidelines and exercise caution while carrying out excavation work during the monsoon season. The NMC's action comes after a road in Govind Nagar area suffered partial collapse last year due to excavation activities, causing disruptions in vehicular movement. In response, the NMC has written to real estate organizations, including CREDAI and NAREDCO, requesting them to inform their members about the need for extra precautions during rainy season construction activities.Read more

PNT Reporter

19 Jun 2023

Delhi Development Authority (DDA) has raised concerns over the delay in laying water and sewer lines at the Jailorwala Bagh rehabilitation housing project for slum dwellers. In a letter to Lieutenant Governor V Saxena, DDA alleged that the project's inauguration and house allotment were hindered due to the Delhi Jal Board's (DJB) delayed approvals. The absence of a water and sewer network has caused significant delays. Additionally, DDA highlighted the reliance of Kalkaji rehabilitation project residents on water tankers due to the lack of a regular water supply by DJB.Read more

PNT Reporter

19 Jun 2023

According to property consultancy Anarock, the average size of newly launched apartments in India's major cities has seen a significant increase, with a 5% annual surge during the first quarter of 2023. This reflects the evolving real estate market, where developers are catering to the rising demand for larger living spaces. Among the cities, Delhi-NCR experienced the most prominent surge, with average flat sizes expanding by 50%. The trend signifies a shift from previous preferences for compact homes, driven by affordability and millennial lifestyle trends.Read more

PNT Reporter

16 Jun 2023

The Income Tax Department's Intelligence and Criminal Investigation Wing has launched an extensive probe into two tehsil offices in Gurugram over non-disclosure of property registry data for the past five years. Prior irregularities include arrests of officials accepting bribes, misrepresentation of property types, and unauthorized issuance of 1,200 land registries. The investigation highlights the necessity of transparency and stringent oversight in land registry processes to ensure public interest and administrative accountability.Read more

PNT Reporter

16 Jun 2023

Kaveri 2, the new property registration system in Karnataka, is currently facing severe backlash due to frequent technical glitches. The once-revolutionary platform has caused a major slowdown in property registrations, with only 25% of the normal volume being processed daily. These ongoing issues have alarmed revenue officials and frustrated the public. Despite the initial hurdles, district registrar Pavan Pandit urges the public and stamp vendors to embrace the new system, assuring that these teething problems will be addressed promptly.Read more

PNT Reporter

16 Jun 2023

Real estate prices in Raigad have spiked due to a monopoly in the minor minerals market, increasing construction costs by 200 INR per sqft. A company linked to a Thane leader's family allegedly controls this market, pledging extra royalties to the government. This unethical practice prompted a wave of complaints, with no significant resolution yet. The local administration has pledged to revisit the issue as homebuyers await an intervention to counter this unchecked exploitation of resources.Read more

PNT Reporter

16 Jun 2023

A dramatic rise in property prices is gripping Indian metropolises, with 43 of the top 50 cities experiencing a significant upswing in the last quarter of FY 2022-23. According to the National Housing Bank, prices peaked at an 11% increase in several urban areas, led by Kolkata. In the midst of this, the Reserve Bank of India's decision to hold the repo rate steady at 6.5% offers some relief to prospective homebuyers, assuring stable Equated Monthly Installments. As real estate volatility escalates, potential investors are advised to tread cautiously.Read more

PNT Reporter

16 Jun 2023

The insolvency and bankruptcy cases of real estate companies have been making steady progress in terms of resolutions, despite facing numerous complexities, including a large number of troubled homebuyers. Experts believe that the government's potential changes to the code, allowing resolutions based on the nature of projects instead of a rigid framework for the entire property sector, could further enhance performance in this regard.Read more

PNT Reporter

15 Jun 2023

Web Werks and Iron Mountain Data Centres have joined forces to expand their data centre campus in Rabale, Navi Mumbai. The collaboration aims to establish the third facility, MUM-3, which will be operational in the second half of 2025. MUM-3 will have a capacity of 32 megawatts and be designed as a Tier III data centre. The expansion also includes the approval for an extra power substation to support the increased capacity. Web Werks and Iron Mountain have strategic plans to establish data centres in Bangalore and Hyderabad as well.Read more

PNT Reporter

15 Jun 2023

The Union Housing and Urban Affairs Ministry has extended the implementation deadline for the Smart City Mission until June 2024, causing concerns among the residents of Dehradun. The second phase of the Smart City Mission, launched in 2017 with a budget of over Rs 1,400 crore, includes Dehradun as part of the scheme. However, residents have been complaining about the poor execution of the Smart City projects, leading to delays, disorganization, and inconvenience. While government representatives insist that projects are progressing smoothly, residents argue that simply installing a few smart features is not enough to create a smart city.Read more