13 Sep 2024

The Chhattisgarh government has received approval from the Centre for the construction of 8,46,931 houses under the Pradhan Mantri Awas Yojna (PMAY) in rural areas. This follows the government's pledge to build 18 lakh houses in the state, addressing a backlog amidst the poor implementation of the scheme in the state. The government has now allocated the state's share of funding and included beneficiaries from previous housing schemes as well. The state government has also requested a separate housing scheme for surrendered Naxalites and those affected by Maoist violence. Alongside PMAY, the state has launched its own "Niyad Nellanar" initiative for village development and completed most of the houses sanctioned under the PM-JANMAN scheme for Particularly Vulnerable Tribal Groups.Read more

13 Sep 2024

The Goa government recently announced a review of the permits granted for real estate projects by DLF and Bhutani Infra due to local protests. Town and Country Planning Minister Vishwajit Rane stated that his department would reassess permissions for DLF's villa project in Reis Magos and Bhutani Infra's project in Sancoale, with potential cancellation if rule violations are found. Locals claim extensive hill cutting, and a breach of planning laws. Rane noted that no new permits for hill cutting have been issued in six months and plans to discuss strengthening regulations with Chief Minister Pramod Sawant.Read more

13 Sep 2024

The much-anticipated redevelopment of the Rajaji Nagar colony in Thiruvananthapuram is finally moving forward, with the tender for the project being awarded. The INR 9 crore project is expected to be completed within nine months and will involve the construction of 248 units, along with infrastructure improvements. However, the project has faced delays due to allegations of some residents not being the true beneficiaries, leading to protests. While the initial plan was to relocate 189 families, only a few are being relocated now due to resistance from the residents.Read more

13 Sep 2024

The GDA board has approved the Unified Master Plan 2031 for Ghaziabad after nearly two years of revisions. The plan spans 33,543.1 hectares across Ghaziabad, Loni, and Modinagar/Muradnagar. With a projected population of 4.8 million by 2031, it allocates 39.8% of the area for residential development and 2.2% for commercial use. The plan features TOD zones along the 1.5 km rapid rail corridor and metro lines and includes a Special Development Area around the Duhai RRTS depot. After multiple revisions and delays, it is now set to be reviewed by the state government for final approval.Read more

13 Sep 2024

The Delhi High Court has taken action to assist the residents of over 300 urbanised and declared urban villages in Delhi who face severe difficulties in transferring ownership of their ancestral properties. For years, these villagers have struggled with getting their properties "mutated" into their names, which is essential for repairs, dividing the property, or taking loans. The lack of a clear policy has led to many legal issues and hardships. Local activists are calling for changes to the law.Read more

13 Sep 2024

The Reserve Bank of India (RBI) has imposed penalties on Godrej Housing Finance, Aadhar Housing Finance, and HUDCO for non-compliance with regulatory guidelines. Godrej was fined for failing to secure independent valuations on large loans, while Aadhar charged interest before loan disbursement. HUDCO was penalized for lapses in customer risk categorization and asset management practices. These penalties, totaling INR 13.5 lakh, reflect the RBI's efforts to ensure regulatory compliance and uphold financial sector stability.Read more

12 Sep 2024

Nearly 60% of stalled projects under the three industrial authorities in Uttar Pradesh have sought assistance from the state government's rehabilitation package, aiming to unlock the registration of over 63,000 flats within a year. As of August 2024, 93 out of 161 projects have utilized the package, contributing INR 953 crore, with an expected INR 2,250 crore to be collected. Chief Minister Yogi Adityanath urged strict action against non-compliant developers, including land allotment cancellations and sealing unused flats. In Noida, 22 of 57 stalled projects opted for the package, raising INR 304.35 crore. Greater Noida and YEIDA projects have also joined, facilitating flat registrations. NAREDCO is advocating for extended relief measures due to industry challenges, including Covid-19 and environmental restrictions.Read more

12 Sep 2024

Earlier this month, Australia's REA Group, largely owned by News Corp, announced it is considering acquiring UK-based property portal Rightmove. This potential deal has boosted Rightmove's shares by 24%, reaching their highest value since March 2022, and positioned the company as the top gainer on the FTSE 100 index. Rightmove, valued at GBP 4.36 billion, generates most of its revenue from property listings and advertising. Analysts view the deal as a strong investment opportunity amid easing UK interest rates. REA, which has until September 30 to formalize an offer, could create a global real estate powerhouse. Despite REA's stock falling 5.3%, Rightmove remains profitable, supported by its thriving lettings business.Read more

12 Sep 2024

Karnataka Deputy Chief Minister D K Shivakumar announced the expansion of a new online building plan approval system across Bengaluru, simplifying the process for sites up to 4,000 square feet. The 'Nambike Nakshe' scheme, initially piloted in two zones, allows provisional approvals by architects or engineers, with final approval online. Shivakumar outlined plans for the repairing of damaged roads and praised BBMP efforts in flood prevention and addressed contractor protests over payments, emphasising that the government will assist within legal limits while discouraging pressure tactics. Awareness campaigns for cleanliness are also being implemented.Read more

12 Sep 2024

The Sports City project in Noida, Sector 150, was halted in 2021 after a Comptroller and Auditor General (CAG) audit highlighted several issues with the land allotment process. The concerns raised by the CAG led to the suspension of the project, which has remained on hold since then. According to officials, the Noida Authority is now reviewing the project and considering its future progress. The Noida Authority plans to discuss it in an upcoming board meeting, where a final decision may be made on whether to lift the ban and resume work on the Sports City development project.Read more