Daily interesting real estate news

Shyam Steel plans to invest Rs 2,500 crore to expand its production capacity

Shyam Steel, a TMT bars producer and manufacturer, plans to undertake investments of around Rs 2,500 crore in brownfield and greenfield projects to expand its production capacity from current 0.7 million tonnes a year to 1 million tonnes a year by April 2023. Shyam Steel reported a turnover of Rs 4,500 crore in the last fiscal year and will be looking to double it to Rs 9,000 crore in the next three years' time.

Ghaziabad development body to adopt Gujarat model for land pooling policy

The money raised from this remaining developed land will be used for local area development, officials said. Local area development entails strengthening the existing infrastructure of a place where fresh development is not possible.

Ludhiana: Builders fume over rise in rates of construction material

An urgent meeting of the executive body of the Ludhiana Builders' Association (LBA) was called to discuss the problem being faced by the builders due to spike in the rates of construction material. According to the businessmen, the rates of white sand, steel, cement and all other material used in construction have increased by such extent that the cost of construction has risen manifold.

Gurugram civic body sees 66% jump in stamp duty earnings in Apr-Aug 2022

MCG has recorded a 66% jump in revenues from stamp duty in the first five months of this fiscal as compared to the same period last year attributing this to an increase in the number of registries. The civic body has earned Rs 123 crore from stamp duty between April 1 and August 31 - a large hike from the Rs 74.3 crore collected in these five months in 2021.

Indore development body to give 2.64 hectares land for metro station

Indore Development Authority (IDA) expressed agreement to handover 2.64 hectares of land situated at Vijay Nagar Square for a metro rail’s station but has demanded equal value of land or its market price. The urban development and housing department had approached IDA to transfer its 2.64 hectares of land situated at Vijay Nagar Square.

Chandigarh housing board fixes Rs 200 crore reserve price for five-acre IT Park land

The Chandigarh Housing Board (CHB) has fixed a reserve price of Rs 200 crore for the sale of 4.95 acres of land to a private builder or company for developing a planned residential area at IT Park. The board has sent the matter to the UT administration for approval. The CHB has also framed terms and conditions to dispose of the land through e-tender mode.

Indian Bank hikes MCLR by 0.10% across tenors.

State-owned Indian Bank has revised the marginal cost of funds-based lending rates (MCLR) by 0.10 per cent across tenors, which will make most of the consumer loans costlier. The benchmark one-year MCLR will be 7.75 per cent from September 3 against the existing rate of 7.65 per cent.

Lucknow development body starts e-auction for commercial plots

To facilitate investors willing to buy plots in the capital city for commercial usage, the Lucknow Development Authority has launched an e-auction facility for the properties on its website. With this, investors can look for plots for hotels, malls, fuel stations, factories and educational institutions. The portal will showcase all details, including rates, of the available plots.

Over 50% directors of Unitech board resigned in last two years

Over two years after the Supreme Court ordered an overhaul of the Unitech board, half the directors have resigned due to a lack of progress in the delivery of flats to over 10,000 homebuyers, some of whom booked these apartments more than a decade ago. Hiranandani group founder and MD Niranjan Hiranandani and former NBCC chairman and MD AK Mittal have put in their papers, joining HDFC MD Renu Sud Karnad and former SBI MD B Sriram, who quit a few months ago.

Raze properties built on stormwater drains: Karnataka CM to BBMP

Chief minister Basavaraj Bommai ordered officials to raze properties obstructing rajakaluves (stormwater drains). The CM personally inspected areas in Mahadevapura which witnessed severe flooding following heavy rain. He inspected the area near DNA apartment and Columbia hospital, Shantiniketan Layout, Ecospace and Sakra World hospital drain.