22 Jan 2025

CREDAI Maharashtra has entered into a partnership with SuperHumanRace to develop Regional Emissions Inventories, aiming to enhance sustainability in the state's real estate sector. This initiative will help developers adopt environmentally conscious practices while addressing carbon risks and bolstering global competitiveness. The collaboration involves leveraging cutting-edge AI and machine learning technologies to quantify emissions across the real estate value chain. Experts highlighted the initiative's potential to align Indian urban development with global climate goals, attract climate-conscious investors, and prepare for carbon regulations. The project underscores the critical need for sustainable infrastructure amidst India's rapid urbanisation.Read more

21 Jan 2025

Maharashtra's registration and stamps department is set to implement the 'one state, one registration' initiative, enabling citizens to register property documents at any sub-registrar office, regardless of property location. The move, aimed at reducing congestion and expediting processes, is part of a 100-day deadline set by the Chief Minister. Meanwhile, discussions on ready reckoner rates are ongoing, with stakeholders urging stability to avoid negative impacts on the middle class. The department has already recorded INR 39,000 crore in revenue this fiscal year, progressing toward its annual target of INR 55,000 crore.Read more

21 Jan 2025

Kalyan-Dombivli Municipal Corporation (KDMC) has moved to an entirely online system for building plan approvals, eliminating the need for builders and developers to visit offices for permissions. This change, initiated in the new year, is aimed at enhancing transparency and easing the approval process. Builders can now submit plans, track the status of their applications, and address pending documents online through the BPMS software. The move was welcomed by local developers, who appreciate the convenience and efficiency of the digital platform.Read more

21 Jan 2025

India's residential real estate sector has witnessed a 46.8% year-on-year (YoY) surge in under-construction supply, driven by robust demand. Bengaluru leads with an impressive 114% YoY growth, followed by Gurugram at 98%. The average price of under-construction properties stands at INR 12,064 per square foot, with affordable options in Ahmedabad and Kolkata, while Mumbai and Delhi continue to cater to premium buyers. Developers are accelerating project timelines to meet rising demand across segments. This increase highlights the market's resilience and adaptability, catering to diverse homebuyer preferences from affordable housing to luxury developments.Read more

21 Jan 2025

In a major relief to Indiabulls Real Estate (IBREL) and Embassy Group, the National Company Law Appellate Tribunal (NCLAT) has approved their long-pending merger, overturning the Chandigarh NCLT's earlier order that stalled the process. The NCLAT affirmed the legitimacy of the valuation process, clearing tax-related concerns and ensuring compliance with regulatory requirements. The merger, delayed for 18 months, will create a pan-India real estate entity, combining IBREL's North India presence with Embassy's South India operations. This ruling sets the stage for enhanced market competitiveness and growth, strengthening the combined firm's position in India's real estate sector.Read more

21 Jan 2025

The Bombay High Court dismissed Abdul Linganmata's application seeking regularisation of his structure in Assolda, Goa. Linganmata's property, located in an orchard zone, was built without necessary permissions or land conversion, making it an illegal structure. Despite claiming the structure had existed for decades, the High Court agreed with previous rulings that his property was a new, unauthorised construction. The court emphasised that the Regularisation Act only applies to irregular, not illegal structures, and therefore, Linganmata's application could not be entertained.Read more

21 Jan 2025

The government has initiated the process to monetise Bharat Sanchar Nigam Limited's (BSNL) heritage telecom factory in Kolkata, marking the third attempt to monetise the organisation's properties. Located opposite the Kolkata Race Course, the freehold property includes a heritage building constructed in 1947, with a total area of 52,178 square metres. While previous efforts to monetise BSNL properties in Barrackpore and Madhyamgram were unsuccessful due to a lack of bidders, the Alipore factory's unique heritage aspect is expected to attract interest. BSNL plans to shift the current operations to its larger Kharagpur unit.Read more

20 Jan 2025

In response to rising complaints about incomplete housing projects, the Kolkata Municipal Corporation (KMC) has introduced stricter regulations to hold real estate developers accountable. Developers must now sign an undertaking to apply for an occupancy certificate (OC) post-construction. Mayor Firhad Hakim warned of penalties, including water supply disconnection, for non-compliance. Inspectors will verify project adherence within three days of completion, issuing certificates within 45 days if standards are met. This initiative aims to protect homebuyers from developers abandoning projects without proper certifications, a persistent issue in areas like Garden Reach and Tollygunge. The KMC's measures signal a robust push for transparency and buyer protection.Read more

20 Jan 2025

The Hyderabad Disaster Response and Asset Monitoring and Protection Agency (HYDRAA) demolished 13 illegally constructed villas near Neknampur Lake in Manikonda, including six completed structures and seven under construction. Built within the lake's Full Tank Level (FTL) and buffer zones, these structures violated environmental regulations despite previous demolition efforts. HYDRAA Commissioner A.V. Ranganath emphasized the need for stricter enforcement to prevent such violations. Environmentalist Madhulika Chaudhary highlighted the ecological impact and called for clearer boundary markings for the 108-acre lake. This action reflects Hyderabad's ongoing struggle to balance rapid urbanization with the preservation of its vital ecosystems.Read more

20 Jan 2025

Chandigarh property owners are grappling with delays and confusion due to errors made during the UT estate office's digitalization of property records. Many properties were incorrectly categorized as 'resumed,' creating hurdles for owners seeking transfers or updates. With corrections taking over a year and errors affecting hundreds of properties, residents face prolonged bureaucracy. Grievance camps in late 2023 revealed over 250 cases, some unresolved. Deputy Commissioner Nishant Kumar Yaday has announced special correction camps to address the backlog and streamline the process. Property owners are advised to monitor records closely as the estate office works to resolve these challenges efficiently.Read more