Daily interesting real estate news
2022-08-30
Unauthorised colonies outside Panchkula will now get basic facilities
Unauthorised colonies outside the city and MC area will now get basic facilities. The district town planning department has issued a list of requirements. If the builder/developer fulfills these, they will get approval for some basic facilities. A 6-month deadline has been given to legalise the illegal colonies. On the classification and criteria for application, the DTP said four categories have been formed.
2022-08-30
Agricultural Bank of China's property bad loans jump 19% in H1 2022
SHANGHAI: Agricultural Bank of China Ltd (AgBank), the country's third-largest commercial lender by assets, said that the value of its property bad loans rose 19% in the first half of this year. AgBank's non-performing loan ratio for the sector hit 3.97% at the end of June, compared to the bank's overall NPL ratio of 1.41%, it said.
2022-08-30
Macrotech Developers to raise up to Rs 250 crore through NCDs
Realty firm Macrotech Developers Ltd said its board has approved raising of up to Rs 250 crore through the issuance of of listed, rated, secured, redeemable, transferable, non-convertible debentures. The company did not disclose the utilisation of the proceeds of the proposed Non-Convertible Debentures (NCDs) issue. Macrotech Developers has a major presence in Mumbai Metropolitan Region (MMR) and Pune market. The company has recently forayed into Bengaluru.
2022-08-30
Punjab government to come out with real estate policy to check unplanned development
Punjab government will come out with a comprehensive real estate policy to check illegal and haphazard development in urban areas, said Housing and Urban Development. The cabinet minister assured the developers that all their legitimate demands will be considered sympathetically and he will discuss them with the chief minister.
2022-08-30
Removal of Supertech twin towers debris to take 90 days: Edifice Engineering
Top officials along with the Noida police commissioner inspected the twin tower demolition site as the issue of debris management remained a concern for them as well as residents of nearby societies. Edifice Engineering said it would take 90 days to clear the debris, estimated to be around 80,000 tonnes of concrete, steel and iron. A meeting with residents was held at the Emerald Court society in the afternoon by officials of Edifice Engineering, Jet Demolitions, Central Building Research Institute and the Noida Authority.
2022-08-29
One tree a must for even 50 sq meter plot, plans Nashik civic body
The Nashik Municipal Corporation (NMC) is in the process of introducing a new policy for obtaining building permission that will make tree plantation mandatory even for smaller plots of 50 sqm (539 sq ft)..As per the new policy, builders or developers will have to plant one tree for every 50 sqm of the plot. For instance, if the builder or developer is developing a building project on 1,000 sqm, he has to plant 20 trees.
2022-08-29
Berger Paints to commission Rs 1,000-crore manufacturing plant in Lucknow in November
Berger Paints Ltd is looking to operationalise the fully-automated paints manufacturing plant near Lucknow in November. The total investment in the plant will be around Rs 1,000 crore against an earlier estimate of Rs 800 crore, and the cost overrun is due to the addition of a few new product lines and higher construction material prices.
2022-08-29
Arunachal Pradesh cabinet approves tenancy bill to boost rental housing market
Arunachal Pradesh cabinet approved the Arunachal Pradesh Tenancy Bill, 2022, which aims for creating a vibrant, sustainable and inclusive rental housing market in the state. The Bill envisages striking balance on the rights of tenant and landlord and create an accountable and transparent ecosystem for renting of premises in disciplined and efficient manner.
2022-08-29
Administration orders strict action against errant builders in Jamshedpur
The district administration officials to act tough with errant builders and realtors who are violating building plans on land leased out by Tata Steel and other entities. During a meeting with senior officials and Tata Steel’s land department staff, it was pointed out that many builders in prime market areas like Bistupur, Sakchi and others, are illegally converting basement areas, which should be used for parking purposes, into commercial places such as shops, warehouses and offices.
2022-08-29
Bengaluru metro's phase III needs Rs 13,000 crore
The Bengaluru Metro Rail Corporation Limited (BMRCL) is set to expand its footprint to more areas. With the Detailed Project Report (DPR) for the third phase prepared, the Namma Metro has to spend a whopping Rs 13,000 crore to execute their grand plans. Officials said that the DPR will be sent to the state Cabinet for their approval. Once it has been approved, the project will be expanded so that the metro network can see an additional 44.65 kilometres.