Daily interesting real estate news

Secunderabad cantonment board eyes two-fold jump in commercial assets

Revising it existing land use plan, the Secunderabad Cantonment Board (SCB) has decided to make way for more commercial properties - double the current count of 10,000 - to bring in extra moolah into its coffers. The board has sent its proposal to the principal director of Southern Command, Pune, for approval and will table it at the next meeting, if given the green signal.

About 16 more bajri mining leases issued in Rajasthan

In a relief to the construction industry and people building their own homes, the state mining department has issued 16 more bajri (sand) mining leases, bringing the total number of bajri mines operational in the state to 28. The approval will end the scarcity of sand for the construction of houses and buildings, and 90 percent of the total demand of the entire state would be met.

Despite curbs, construction in full swing in many areas in Gurugram

Despite the ban on construction activities under the GRAP-3 regulations implemented by CAQM with an immediate effect, the first day saw a very subdued effect of restrictions. Spot visits to multiple locations such as Sector 7, Sadar Bazaar, Pataudi road, and New Railway Road, among others, revealed that many contractors were unaware of the ban and were awaiting directions from their seniors and civic authorities.

Smartworld Developers raises Rs 250 crore from Motilal Oswal

Realty firm Smartworld Developers Pvt Ltd has raised Rs 250 crore from Motilal Oswal to build existing housing projects and fund future growth plans. Smartworld Developers, which has been set up by promoters of M3M Group in 2021, in October last year announced an investment of around Rs 3,000 crore to develop the company's first two residential projects in Gurugram.

Mumbai: 2,500 Bhendi Bazaar families' wait for homes gets longer

A four-member technical committee comprising senior BMC engineers visited the Rs Rs 4,000-crore Bhendi Bazaar redevelopment project to check for alleged violations in the building plans, Mirror has learnt. The ambitious redevelopment project meant to rehabilitate members of the Bohra community and touted as the largest in the city received a stop-work notice from the BMC two months ago, exacerbating grievances over delay in getting better homes.

Ludhiana civic body, Glada discuss transfer of colonies again

A joint meeting of Greater Ludhiana Area Development Authority (Glada) and MC officials was held at the MC zone-D office in Sarabha Nagar. The issue of transfer of Glada colonies to the MC was discussed again at the meeting. The MC general house had rejected this proposal last December citing poor financial condition. MC commissioner Shena Aggarwal asked MC and Glada officials to conduct a joint survey in these colonies within a week.

Homebuyers don't get timely help from Rajasthan RERA

Many distressed city homebuyers who have been up in arms over the delay in delivery of flats are facing difficulty. According to the rules prescribed under the Real Estate (Regulation and Development) Act, 2016, authority must dispose of complaints within the stipulated period of 60 days. However, there are instances where homebuyers are waiting for months and still their complaint has not been resolved.

Construction activities banned, more curbs in Delhi-NCR

With pollution levels worsening, the Centre's air quality panel directed authorities to impose a ban on construction and demolition activities in Delhi-NCR, except in essential projects, and other curbs under the GRAP III. Delhi's 24-hour average air quality index stood at 397 at 4 pm, the worst since January.

Will first bring down delinquency in corporate loans before restarting finance: PNB Housing

Going ahead with its stated objective to downsize its corporate loan exposure, city-based PNB Housing Finance wants to bring down the delinquency levels before it starts financing the sector again, its MD and CEO Girish Kousgi said. In the second quarter ended September 2022, the company's corporate loan book share reduced to 10 per cent with an exposure of Rs 5,708 crore.

Noida authority allows registration of 300 units at Wave Mega City Centre

The Noida Authority has allowed Wave Group to register around 300 properties in its Megacity Centre project after the company cleared Rs 16 crore in lease dues earlier this month. The properties include both commercial and residential units. Wave Group is committed to fulfilling its commitment to homebuyers. The Wave Megacity Centre project was launched across 6.6 lakh sqm in sectors 25 and 32 in 2011-12.