2023-08-19
The developer and landowners of a project in Bengaluru have been ordered by the Karnataka Real Estate Regulatory Authority to form an association of allottees under the Karnataka Cooperative Societies Act 1959 or Companies Act and to pay the associated fees. “The developer is called upon to establish the association within 30 days and the entire formation shall be borne by the respondent jointly or severally,” the order mentioned.
2023-08-19
The Link Road and the Western Express Highway (WEH) in Mumbai's western suburbs were once thought to be far from the city's commuting lifeline, its suburban railway network, and thus not the first choice of many homeowners. However, a 20-kilometer metro line connecting the Dahisar and Andheri micro markets via these arterial roads has aided the rise of housing demand in these locations, said real estate experts from Mumbai.
2023-08-18
Wave City, the first hi-tech city in North India, spans an area of 4200 acres and effortlessly combines modern conveniences with advanced technology. This innovative development, which promotes intelligent and sustainable living, is situated next to a 14-lane section of National Highway NH-24 and is the largest Pre-Certified Platinum Rated Green Township in the area. Wave City has successfully distributed over 11,000 possession letters to its esteemed residential and commercial unit holders and currently, more than 4000+ families have found their abode within its premises.
2023-08-18
The proposed master plan-2041 for the Dadri Noida Ghaziabad Investment Region (DNGIR) was approved by the Noida Authority at its 210th board meeting. It would be called "New Noida" and will cover 21,000 hectares of land in the Gautam Budh Nagar and Bulandshahr areas. New Noida is intended to develop into an industrial center, in contrast to the 16,000-hectare existing residential-focused Noida city.
2023-08-18
In response to an increase in complaints about real estate development near protected monuments, the government has directed banks to do thorough due diligence before lending to projects near heritage sites. Lenders have been instructed to place developers who breach property near landmarks on a blacklist, flag them as fraudulent, and help the relevant government take strong action against them.
2023-08-18
The Noida Authority board of directors has approved the establishment of a dedicated enforcement cell inside the planning wing to monitor unauthorized buildings by homeowners and developers who violate permitted plans. To examine construction projects and guarantee strict adherence to authorized maps, 20 junior engineers will be hired through outsourcing, according to the officials. In case of any deviation from the approved map, there will be action against the builders or residents concerned as per the provisions of the bylaws.
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%.
