2023-08-25
In order to begin the renovation of 68 outdated and dilapidated buildings held by the Life Insurance Corporation of India (LIC) in South Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) intends to send LIC warnings. According to MHADA, it will now issue notices for redevelopment proposals of these buildings to LIC, and in a stipulated time frame of six months, LIC will be required to submit its redevelopment proposal.
2023-08-25
The Detailed Project Report (DPR) for the Metro train project connecting the Bhubaneswar Airport and Trishulia, Cuttack, was delivered on Wednesday to the Odisha government. Delhi Metro Rail Corporation (DMRC) was given the assignment of developing the DPR. According to official sources, the DMRC created the DPR and delivered it to Chief Secretary P K Jena in Bhubaneswar after conducting traffic studies, geotechnical analyses, topographical surveys, and environmental and social impact analyses.
2023-08-24
Joyous Housing Limited's outstanding loan from PNB Housing Finance has been bought by Omkara ARC for 784 crore rupees. The deal was made at par and assisted the mortgage lender in getting rid of a sizable non-performing asset. In a stock exchange release, PNB Housing Finance stated that it had successfully resolved a significant corporate non-performing account (NPA) worth 784 crore rupees, or roughly 1.3% of the loan asset as of June 30, 2023.
2023-08-24
Due to the recent land acquisitions made by numerous developers, it is projected that there will be a major increase in the number of housing unit launches in Delhi-NCR throughout the next holiday season. They did this with the intention of satisfying the rising demand for residences. Developers like DLF, Godrej, L&T, TARC, Signature Global, and County Group have all formulated plans for launches in the latter half of the year. According to Cushman & Wakefield, residential debuts during the first half of this year have already more than doubled in number compared to the same period last year.
2023-08-24
The Delhi Real Estate Regulatory Authority (DRERA) has ordered national capital real estate promoters and builders to "appoint an 'Allottee Grievance Cell' for each project with a dedicated telephone number to redress allottee grievances”. Additionally, it has mandated that they display their names, addresses, the projects' RERA registration numbers, and the names and contact information of the Allottee Grievance Officer and Allottee Grievance Cell at each project's construction site.
2023-08-24
Honer Homes, a city-centric construction company, announced the launch of a gated community project worth Rs 30 billion in this neighbourhood, which is billed as the largest in the city. According to the Promoter-Director of Honer Prime Housing, the project is now under construction and will have a total built-up area of 7.8 million square feet. This vast area will house 3,266 apartments spread across around 28 acres of land.
2023-08-24
With an investment of more than Rs 20 billion, Provident Housing, a wholly-owned subsidiary of the Puravankara Group, is preparing for its next phase of growth. Over the next four years, this investment will be used to build a massive residential building that will cover 5.8 million square feet. Adopting sustainable living practices is the main focus of this endeavour.
2023-08-24
The Pradhan Mantri Awas Yojana (Urban), a central government flagship program administered by the housing ministry since 2015, is making unfavourable progress in 23 of the districts of Punjab. Only 11 districts have completed more than half of the authorized pucca houses, raising concerns about the state's capacity to complete these housing units by the 2024 deadline. Only 75,704 of the 1,32,235 dwellings authorized by the state have been built, leaving a completion rate overall of 57 percent—significantly lower than the 76 percent average for the country.
2023-08-23
State Housing Minister Atul Save stated that the upcoming housing strategy will prioritize the provision of affordable and sustainable housing options and is expected to be finalized by November. In response to demands from potential homebuyers, the minister reaffirmed his commitment to streamlining the approval procedure. The upcoming housing policy debates will cover topics such as the establishment of specialized townships, alterations to the Rent Control Act, the abolition of impediments to slum redevelopment, and the refinement of redevelopment strategies.
2023-08-23
Mumbai is evolving, with several massive infrastructural projects underway across the MMR that promise to change the entire dynamics of the real estate sector in Mumbai and the surrounding region. These infrastructure improvements will increase connectivity and greatly shorten the journey for commuters. Boisar is one such area that has huge growth potential given its strategic location and future development prospects. It has good social infrastructure in place like renowned educational institutions, healthcare facilities, retail outlets etc. It is definitely an emerging residential powerhouse that has excellent future prospects for development.
