2023-08-18
Prime Minister Narendra Modi announced an upcoming government program to provide interest relief on bank loans for people seeking to buy homes in metropolitan areas in his speech on the 77th anniversary of Independence Day. The program aims to support middle-class families living in urban areas without their own homes. Modi highlighted the difficulties encountered by urban poor people who lack adequate homes. By announcing the new program, he highlighted the government's commitment to resolving this problem.
2023-08-18
The development of the PMRDA region is being hampered by proposals for five town planning projects that were filed in January but are now awaiting state government approval. Officials from the Pune Metropolitan Region Development Authority (PMRDA) had expected clearance by April, but the holdup is preventing work. The proposed schemes are modeled, focusing on pooling land parcels for economical, sustainable, and equitable development through cooperative public participation.
2023-08-17
On Independence Day, Hemant Soren, the chief minister of Jharkhand, announced the commencement of the "Abua Awas Yojna," which will spend Rs 150 billion building homes for the needy over the next two years. Soren praised the government's efforts to develop the state and uphold its obligations when hoisting the national flag at the Morabadi Ground. The 'Abua Awas Yojna' aims to offer three-room houses for all within two years, costing Rs 150 billion.
2023-08-17
According to the affordability index study by Knight Frank India, high home loan rates contributed to the affordability of residential properties across eight major Indian cities in the first half of 2023. The Affordability Index was released for the top 8 cities. Ahmedabad was the most affordable city having an (Equated Monthly Instalment) EMI-to-income ratio of 23%, followed by Pune and Kolkata with an EMI-to-income ratio of 26% each. Bengaluru and Chenna’s ratios stood at 28% each, while National Capital Region (NCR) stood at 30% and Hyderabad at 31%. Mumbai stood last with a ratio of 55%.
2023-08-17
The Buildings & Factories (B&F) Business of Larsen & Toubro (L&T) Construction has recently secured orders in India. The company has secured an order from the Uttar Pradesh Cricket Association to design and build a cricket stadium in Varanasi on a turnkey basis. The area of work includes Main Ground as per ICC standards, a display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen and dining areas, and a practice ground.
2023-08-17
A total of 31 Maharashtra real estate projects, located in Mumbai, Pune, Nagpur, and Nashik, have requested to be deregistered with the authority Maharashtra Real Estate Regulatory Authority (MahaRERA). Following this, MahaRERA has opened the door to similar objections. With this, 170 projects in Maharashtra are now eligible to be deregistered. According to officials of MahaRERA, this is in addition to the 139 similar applications that have already been submitted during the last two months.
2023-08-17
BHIVE, a Bengaluru-based coworking startup, intends to raise Rs 400 crore for a coworking-focused CAT-2 alternative investment fund (AIF) to drive its expansion. The proposed new fund will acquire completely constructed commercial real estate buildings in prime locations with clear titles and occupancy certificates, with a capital of a predetermined amount. The previous year has seen BHIVE solidify its position as Bengaluru's top co-working provider, finalizing deals worth more than Rs 200 crore.
2023-08-17
Century Real Estate, a Bengaluru-based real estate developer, proposes to invest Rs 3,400 crore to launch 9 million square feet (msf) of projects in Bengaluru, that includes commercial spaces and residential launches, with a potential revenue of Rs 9,000 crore by the end of next financial year. The business also intends to develop a 7 msf integrated commercial park in north Bengaluru with lesser residential and retail space within three to five years.
2023-08-16
The serene environment surrounding Neyyar Dam, which is prized for its natural beauty, is under threat as unauthorized structures expand within protected forest land. The irrigation department has issued a warning after discovering the illegal presence of seven resorts and countless other structures in the ecologically sensitive zone. Notably, development is strictly forbidden within a 100-meter radius of the dam, yet these structures continue fiercely.
2023-08-16
Haryana Chief Minister Manohar Lal Khattar has introduced the Mukhya Mantri Awas Yojana (MMAY) to provide locals with housing advantages. CM Khattar announced the scheme's launch during a virtual interaction under the 'Vishesh Charcha' program, seeking to provide housing aid to economically disadvantaged households across the state. The program is expected to serve approximately one lakh families who do not have enough accommodation, with plots or flats allocated based on a survey.
