Daily interesting real estate news
2024-03-04
Urban Development in Uttar Pradesh: New GIS-Based Master Plan Initiatives
In Uttar Pradesh, 51 cities gear up for development under a new GIS-based master plan in the upcoming financial year. Currently, eight cities have approved plans, with 28 nearing final approval and 23 in outlining stages. The master plan, crucial for land management, details land parcel usage. Ghaziabad, Kanpur, and Prayagraj await finalization. Notably, Lucknow's plan awaits revision pending UP state capital region notification.
2024-03-04
Shimla Expansion: Himachal Pradesh's Township Proposal at Jathia Devi
The Himachal Pradesh government eyes a new township near Shimla at Jathia Devi. Estimated at Rs 1,374 crore, the project awaits approval from the Union Ministry of Housing. The government plans for 80% residential occupancy within 5-10 years, generating 6,600 direct jobs and an equal number indirectly. The funding pattern involves Rs 512 crore from the ministry and Rs 862 crore from the state government.
2024-03-03
Maharashtra Real Estate: MahaRERA Cracks Down on Projects for Report Delinquency
568 registered projects in Maharashtra face scrutiny by MahaRERA for not updating project reports in the first two quarters of last year. 303 projects are under radar for unpaid penalties, while 265 paid penalties but failed to update reports. MahaRERA warns of suspending projects and stricter measures if orders are not followed. Officials urge developers to comply for transparency and buyer confidence.
2024-03-02
BMC's Crackdown on Construction Sites: Penalties to Curb Air Pollution
The BMC imposes a collective fine of Rs 82.5 lakh on ongoing construction sites citywide to curb air pollution, following SOPs released last October. Penalties were levied for not keeping premises clean, burning garbage, and unauthorized dumping of construction waste. Ward-level teams are enforcing norms, with 800 stop-work notices issued and seven sites sealed. Despite penalties, citizens report non-compliance, highlighting ongoing challenges.
2024-03-01
Uttar Pradesh's Real Estate Surge: Projects Worth Rs 50,000 Crore to Generate Job Opportunities
Uttar Pradesh anticipates a real estate boom with projects worth over Rs 50,000 crore, creating numerous job opportunities for the state's youth. These ventures, including M3M India Private Limited's Rs 7,500 crore investment, promise over 14,000 jobs. Abhinandan Lodha's luxury project in Ayodhya, with Rs 3,000 crore investment, aims to generate 1,000 jobs. Additionally, logistics projects like the Sharaf Group's Rs 1,250 crore investment in Moradabad promise further employment.
2024-02-29
Empowering the Economically Weaker: 20 New Homes Allotted in Odisha Pahala
The Housing and Urban Development Department kickstarts the allotment process of 20 ready-to-move-in houses for economically weaker sections in Pahala. Developed under the Housing for All Policy, the project reserves 10% of units for EWS individuals. Each unit boasts facilities like elevators, parking, and 24x7 utilities. With prices set at Rs 8.4 lakh, applicants pay a 1% registration fee. Transparency ensured through a new SOP.
2024-02-29
Government Unveils PM-Surya Ghar: Mufti Bijli Yojna to Revolutionize Solar Power Access
The government greenlights PM-Surya Ghar: Mufti Bijli Yojna, allocating Rs 75,021 crore to offer Rs 78,000 subsidy for solar plant installation and free power up to 300 units monthly for one crore households. Launched by Prime Minister Narendra Modi on February 13, 2024, the scheme aims to revolutionize energy solutions, promising affordable and sustainable solar power. Subsidies range from 40% to 60% of system costs, capped at 3 kW.
2024-02-28
Thiruvananthapuram : Tensions Flare as City Council Approves Draft Master Plan Amidst Disagreements
The city council approves the draft master plan 2040 amidst tensions between ruling and BJP councillors. Regulations on multi-storied building construction based on road width postponed for now. Kerala Municipality building rules to apply. Draft plan suggests limits on building size based on road width. Land type change not allowed in protected areas post master plan approval. Meeting turns chaotic over oral resolutions and alleged BJP actions.
2024-02-27
Pune's Outer Ring Road Receives Rs 10,519 Crore Allocation for Land Acquisition
Pune's outer ring road, under development by MSRDC, receives Rs 10,519 crore for land acquisition in Maharashtra's interim budget. Officials aim to complete acquisition by June, with 90% of land secured for the western phase. The proposed 136.80 km-long road aims to ease Pune's congestion by diverting traffic. Additionally, Rs 22,225 crore is allocated for land acquisition for the Virar-Alibag multimodal corridor.
2024-02-26
Ashiana Housing to Invest Rs 400 Crore in senior citizens residential Project in Chennai
Ashiana Housing will invest Rs 400 crore in developing a senior citizens residential Project, Ashiana Vatsalya, in Chennai. This is company's eighth senior housing project in the country and its second senior housing project in Chennai. Ankur Gupta, joint managing director, stated that the investment will be primarily from internal funds with a 8-10% loan. Spanning 17.9 acres within Mahindra World City, the project will be completed in eight years across five phases, starting with 258 units.