PNT Reporter

08 Jun 2023

The delay in replacing the SEZ Act with the DESH Bill has affected the rental collection of large office parks. Corporates are hesitant to lease space at SEZ parks, causing vacancies to persist. Global macro headwinds and the delayed bill implementation have further slowed down leasing decisions. However, there is optimism that once the DESH Bill is enacted, occupiers and developers can plan for the future and reverse the current market underperformance.Read more

PNT Reporter

08 Jun 2023

The Patna Municipal Commissioner has instructed newly registered architects, engineers, structural engineers, and town planners to expedite the approval process for building maps. Emphasizing efficiency, smaller buildings are expected to receive approval within seven days, while larger structures should be processed within 15 days. The Patna Municipal Corporation organized a training program for these professionals, focusing on the utilization of a software tool to streamline the approval process. The aim is to promote sustainable urban development by enforcing stricter regulations and ensuring standardized procedures in construction projects while considering long-term impacts on the city's infrastructure.Read more

PNT Reporter

07 Jun 2023

A cabinet led by Chief Minister Naveen Patnaik has approved a new rural housing scheme called 'Mo Ghara' to benefit those excluded from existing housing schemes. With a budget of Rs 2,150 crore, the scheme aims to provide housing assistance to four lakh families over the next two years. Eligible beneficiaries can avail loans up to Rs 3 lakh with subsidies and rebates. The scheme also covers processing fees, registration fees, stamp duties, and legal consultation fees.Read more

07 Jun 2023

The state cabinet has approved a 50% reduction in premium rates to promote cluster redevelopment in Mumbai. The move aims to accelerate the approval process for housing projects and provide affordable homes within the city. Experts believe the reduced premium rates will encourage more developers to participate but stress the importance of timely approvals and building public confidence. The government hopes this initiative will revitalize the real estate sector and transform Mumbai's urban landscape.Read more

PNT Reporter

07 Jun 2023

Mumbai's Municipal Commissioner, Iqbal Chahal, has endorsed the use of Transfer of Development Rights (TDR) for redeveloping older buildings on internal, private layout roads. This move, conditioned on road dimensions and proximity to public roads, is expected to invigorate urban renewal of numerous aged structures. The decision also insists on a deed to assure perpetual private access. However, the stance on TDR for landlocked plots remains undecided. Despite this, the decision anticipates a promising transformation in Mumbai's real estate scene.Read more

PNT Reporter

07 Jun 2023

The recent auction conducted by the Chandigarh Housing Board (CHB) witnessed a disappointing outcome, with only two out of the total 123 properties finding buyers. The auction included residential freehold and commercial leasehold properties, but the majority remained unsold. This follows a trend of low success rates in previous auctions by the CHB. Experts attribute the challenges to factors such as high collector rates and limited demand for leasehold properties. The CHB continues to explore electronic bidding procedures to attract interested buyers, with eligibility open to residents from across the country, including NRIs.Read more

PNT Reporter

07 Jun 2023

The Delhi Development Authority (DDA) is set to launch a monumental housing scheme for 23,000 flats, with approval expected in June. The project, offering phased distribution and newly eligible applicants, will be launched subject to the authority's approval. Individuals owning property less than 67 square meters in Delhi are now eligible to apply, marking a significant shift in DDA regulations. The sale of approximately 16,000 units from old schemes will be temporarily suspended to prevent confusion. The DDA is taking proactive measures to enhance the appeal of these new flats, including infrastructure improvements and certain buyer concessions.Read more

PNT Reporter

06 Jun 2023

The Nagpur Metropolitan Region Development Authority (NMRDA) has launched the Gunthewari scheme 2.0, allowing for the regularization of over 1.5 lakh unauthorized plots. Owners of these plots can apply for regularization on the NMRDA's website from June 1 to August 31. The scheme aims to benefit financially backward individuals who have been waiting to build their dream homes. While the NMRDA will recover charges of ?56 per sq. ft, the expenditure for providing basic amenities will be higher. The scheme excludes certain areas and is expected to generate significant revenue for the NMRDA.Read more

PNT Reporter

06 Jun 2023

Residents in multiple areas of Gurugram are complaining about the construction of stilt plus four-floor buildings, citing noise and air pollution. They have submitted a petition urging the district administration to revoke the policy allowing such structures on residential plots. The policy is currently under review after facing protests, with a panel analysing the situation and seeking expert opinions. Concerns about population density, weakened foundations, and health hazards from construction dust have been raised. The decision on the policy's future is expected by the end of the following month.Read more

PNT Reporter

06 Jun 2023

The Tamil Nadu Housing Board (TNHB) is facing a significant challenge with nearly 8,000 unsold houses spread across the state. However, a solution is now on the horizon as the board has made the decision to allocate over 2,800 of these houses to police personnel in the Sholinganallur and Athipattu areas of Chennai under the 'own your house' scheme facilitated by the Tamil Nadu Police Housing Corporation Limited (TNPHCL).Read more