Daily interesting real estate news
2023-08-24
Delhi RERA orders developers to establish an allottee grievance center.
The Delhi Real Estate Regulatory Authority (DRERA) has ordered national capital real estate promoters and builders to "appoint an 'Allottee Grievance Cell' for each project with a dedicated telephone number to redress allottee grievances”. Additionally, it has mandated that they display their names, addresses, the projects' RERA registration numbers, and the names and contact information of the Allottee Grievance Officer and Allottee Grievance Cell at each project's construction site.
2023-08-24
Honer Homes announces Honer Signatis, a Rs 30 billion megaproject.
Honer Homes, a city-centric construction company, announced the launch of a gated community project worth Rs 30 billion in this neighbourhood, which is billed as the largest in the city. According to the Promoter-Director of Honer Prime Housing, the project is now under construction and will have a total built-up area of 7.8 million square feet. This vast area will house 3,266 apartments spread across around 28 acres of land.
2023-08-24
Provident Housing has unveiled a Rs 20 billion Sustainable Living Project.
With an investment of more than Rs 20 billion, Provident Housing, a wholly-owned subsidiary of the Puravankara Group, is preparing for its next phase of growth. Over the next four years, this investment will be used to build a massive residential building that will cover 5.8 million square feet. Adopting sustainable living practices is the main focus of this endeavour.
2023-08-24
Punjab's inability to reach its housing goals raises concerns.
The Pradhan Mantri Awas Yojana (Urban), a central government flagship program administered by the housing ministry since 2015, is making unfavourable progress in 23 of the districts of Punjab. Only 11 districts have completed more than half of the authorized pucca houses, raising concerns about the state's capacity to complete these housing units by the 2024 deadline. Only 75,704 of the 1,32,235 dwellings authorized by the state have been built, leaving a completion rate overall of 57 percent—significantly lower than the 76 percent average for the country.
2023-08-23
Affordability and sustainability will be prioritized in the upcoming housing policy.
State Housing Minister Atul Save stated that the upcoming housing strategy will prioritize the provision of affordable and sustainable housing options and is expected to be finalized by November. In response to demands from potential homebuyers, the minister reaffirmed his commitment to streamlining the approval procedure. The upcoming housing policy debates will cover topics such as the establishment of specialized townships, alterations to the Rent Control Act, the abolition of impediments to slum redevelopment, and the refinement of redevelopment strategies.
2023-08-23
Boisar witnessed a surge in property prices over the last three years.
Mumbai is evolving, with several massive infrastructural projects underway across the MMR that promise to change the entire dynamics of the real estate sector in Mumbai and the surrounding region. These infrastructure improvements will increase connectivity and greatly shorten the journey for commuters. Boisar is one such area that has huge growth potential given its strategic location and future development prospects. It has good social infrastructure in place like renowned educational institutions, healthcare facilities, retail outlets etc. It is definitely an emerging residential powerhouse that has excellent future prospects for development.
2023-08-23
KMC launches a city-wide campaign to demolish old structures.
According to a building official, around 150 structures that threaten residents and passersby have been recognized. Particular focus is being placed on 50 of these homes where urgent section removal is required. This action will be eased by an express order issued under Section 411 (4) of the Kolkata Municipal Corporation (KMC) Structures Rule, which authorizes the municipal commissioner to demolish unsafe components of old buildings that are beyond repair.
2023-08-23
CEO Harmohan Sahni, Raymond Realty expects to generate Rs 2,000 crore in revenue from the start of a project in Mumbai by the end of FY24.
Raymond Realty intends to develop a premium 2,3,4 BHK apartment complex in Mumbai's Bandra micro-market, with a target revenue of Rs 2,000 crore. Depending on clearances, the company hopes to begin construction on the 0.6 million square foot project by the end of the current fiscal year. Overall, including the Bandra project, the company has a topline potential of roughly Rs 27,000 crore, taking into account the 100-acre land block it holds in Thane, near Mumbai.
2023-08-23
Vaishnavi Group is planning a $1,850 billion investment in the commercial sector.
Vaishnavi Group, a real estate company based in Bengaluru, intends to invest 1,850 crore over the following four years to expand its commercial sector. According to a top firm official, the move is in reaction to the city's increased demand for commercial real estate. Up until five years ago, the developer's primary focus was on residential developments, with occasional ventures into the commercial sector. However, a large rise in the market for commercial real estate in 2015–16 prompted this change in approach.
2023-08-23
Expert panel suggests reforms to insolvency law, among other things, to resurrect stalled real estate projects.
A team of experts made many recommendations to the Centre for reviving dormant real estate projects in the nation, including changes to the insolvency law and the creation of a program giving discounted interest rates. According to the Committee's Report on Legacy Stalled Real Estate Projects, a plan granting subsidized interest rates, similar to MSME, is recommended to incentivize financial institutions to fund stalled projects.