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Hyderabad: Govt. to spend Rs 50,000 crore on infra upgrades

Telangana government has plans to infuse a sum of Rs 50,000 crore to uplift the infra status in Hyderabad in the next five years. KT Rama Rao, Minister for Urban Development and Municipal Affairs (MA&UD) has shared that the fund would be utilised for the development of the Hyderabad Urban Agglomeration area. A corpus of Rs 50,000 crore is being readied by the Telangana government, which would go into the development of the Hyderabad Urban Agglomeration (HUA) region. KT Rama Rao, Minister for Urban Development and Municipal Affairs (MA&UD) has shared the information. HUA region comprises the core of the city as well as its outskirts falling within the Outer […]
Nagpur civic body to levy triple tax on buildings without OC

The Nagpur Municipal Corporation (NMC) has proposed a penalty of threefold property tax on residential structures lacking the Occupancy Certificate (OC). As the Nagpur Municipal Corporation (NMC) plans to levy threefold property tax on residential structures lacking the Occupancy Certificates (OCs), it may affect as many as 90 percent of the buildings in the city. Tukaram Mundhe, Commissioner, NMC, avers that the occupancy certificate is mandatory as per the building byelaws stated under the Maharashtra Regional and Town Planning (MRTP) Act, 1966. Therefore, all the building owners should obtain OC to avoid penalties. Nagpur has around 3,000 buildings that were served notices under the MRTP Act, but penalties were not levied until […]
Mumbai: Authority commences work on a new underground metro corridor

The Mumbai Metropolitan Region Development Authority (MMRDA) has begun the construction of 3.1 km-long new Metro Line 7A. The proposed metro corridor would comprise two stations and would connect Line 7 with the Chhatrapati Shivaji International Airport. The Mumbai Metropolitan Region Development Authority (MMRDA) has commenced the development of the Metro Line 7A.  The reach of the new metro would be 3.1 km, out of which 2.1 km-long section would be underground and would include a twin-tunnel. The corridor would establish connectivity between Metro Line 7 and the Chhatrapati Shivaji International Airport. Other areas that are expected to benefit from the improved connectivity include Andheri and Dahisar (East). According to an MMRDA […]
PMAY progress report: Centre approves 93 percent of total housing units

The Central Government has approved around 93 percent of the total planned housing units under the Pradhan Mantri Awas Yojana-Urban (PMAY-U). By far, as many as 1.03 crore housing units have been sanctioned across the country under the said scheme. To provide affordable pucca houses to the homeless population of the country, the Central Government has approved over 1 crore houses in urban parts of the country under the Pradhan Mantri Awas Yojana – Urban (PMAY-U). Against the humongous target of 1.2 crore units, the Government has sanctioned nearly 1.03 crore units across the States and Union Territories (UTs). Of the approved units, approximately 61 lakh units are under-construction and nearly […]
Ahmedabad: Over 4.6 lakh properties registered in last two years

Ahmedabad witnessed registration of over 4.6 lakh property and land deals between February 2018 and February 2020. While the number of listings in 2018 was 2.31 lakh, it increased by 0.34 percent, i.e. 2.33 lakh in 2019. Despite the overall slowdown in the real estate market, Ahmedabad observed as many as 4.65 lakh property registrations in the last two years. As per the estimates, nearly 2.31 lakh properties were listed in 2018 and about 2.33 lakh residential units  and plots were registered in 2019. It is to be noted that the number of registrations in 2019 grew marginally by 795 documents as the online response remained meek. Of the 2.33 lakh properties […]
Environment Ministry proposes new norms for clearance of realty projects

The Ministry of Environment, Forest and Climate Change (MoEFCC) has drafted the Environment Impact Assessment (EIA) notification 2020 to curb the construction violations across the country. The new draft would replace the EIA notification 2006. The Ministry of Environment, Forest and Climate change (MoEFCC) has proposed a new set of environment clearance norms in its Environment Impact Assessment (EIA) notification 2020. Earlier, the environment approvals to construction projects  were given as per the criteria stated in the EIA notification 2006; however, the new draft would replace the former set of rules. The Ministry has placed the EIA report in the public domain on March 12, 2020 and has sought views and comments […]
Hyderabad: GHMC to table new reform to add 50 more wards

The Greater Hyderabad Municipal Corporation (GHMC) has decided to increase the number of municipal wards in Hyderabad through delimitation process. An Act in this regard is expected to be passed soon. Amid the preparations to roll out a new reform, the Greater Hyderabad civic body, GHMC has plans to add 50 more wards, taking the total number of wards to 200. At present, Hyderabad has about 150 wards, and the population of each ward varies from 40,000 to 50,000. The civic body is planning to create a ward for every 30,000 to 35,000 population. According to senior officials of GHMC, while some divisions such as Ramanthapur, Uppal, AS Rao Nagar and […]
Mumbai-based realty portal Makaan.com may sell or form JV with MagicBricks or Quikr

NEW DELHI: People Group, which owns and operates real estate portal Makaan.com, has entered into talks with potential buyers, to sell the venture, at a time when the country’s online property space is being seen as the next battleground for global risk capital and strategic investors. MagicBricks. com and online web and mobile classifieds company Quikr are among those believed to have held early-stage discussions with the promoters of Makaan.com, according to two sources with direct knowledge of the developments. A potential transaction could see promoters of Mumbai-based venture, either outright sell its entire stake, or enter into a joint venture with a new backer, which could see the promoters [...]
Ahmedabad metro to push city’s real estate market

Apart from a suitable budget and a strategic location, physical infrastructure also plays an important roll in the decision of buying a property. The approval for the Ahmedabad Metro Rail Project Phase-1 is expected to lift the real estate market of the city. The metro phase 1 stretch covers two corridors – the North-South corridor starting from APMC, Vasna to Motera Stadium followed by the East-West corridor starting from Thaltej Gam to Vastral Gam. If you are planning to buy a house in Ahmedabad, then localities near the upcoming Ahmedabad to Gandhinagar metro belt can be considered for good returns. “In almost all metropolitan cities across India, investing near the [...]
Wells Fargo’s former India realty investment team launching residential funds

Capitedge India Investment Advisory, a realty fund and asset management firm floated by six former members of Indian realty team of American banking giant Wells Fargo, is coming out with a residential properties-focused fund in India. This would mark its first fresh fundraising exercise after floating an independent investment advisory firm, which is also managing the remaining assets of Wells Fargo after it shut operations in the country last year. While the founding partners are closely associated in operations, Hiral Soni is driving the domestic fundraise and investment strategy, as per the company website. She was previously with Marvel Realtors and had later also set up a boutique investment banking [...]