Daily Real Estate News Digest (21st August 2018)

Max Estates set to invest Rs 1,500 crore to build portfolio of office spaces

Max Estates Ltd., the real estate arm of Max Venture & Industries Ltd., is set to invest about Rs 1,500 crore over the next three years to build a portfolio of office spaces.

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Logistics, warehousing H1 leases up 45%; GST, infra status pushes demand

The policy initiatives including implementation of the Goods & Services Tax and providing infrastructure status has bolstered the activity India’s logistics and warehousing. Leasing activity in the segment has shown a 45% year-on-year growth in the first half of 2018 to touch 10 million sq ft across top seven cities, showed data from CBRE South Asia.

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Oberoi Sky Heights gets BMC notice for amalgamating flats

Oberoi Sky Heights in Oshiwara, has received a notice from the BMC for irregularities. According to the BMC, smaller flats have been amalgamated to create larger 3- and 4-BHK flats without requisite permissions. 

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Rajasthan to reserve 2% houses under govt schemes for transgenders

Agreeing to the long-pending demand, the Rajasthan government has decided to reserve 2% houses for transgenders in all the housing schemes to be launched by Rajasthan Housing Board, development authorities and urban improvement trusts.

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Chennai goes high-tech to get property measurements right

The revenue department of Greater Chennai Corporation is all set to go high-tech: It plans to purchase differential global positioning system equipment and set up a base station on the top floor of Amma Maligai on the premises of Ripon Buildings to measure new properties.

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Consumer forum directs Chandigarh-based builder to refund Rs 43 lakh

The commission directed Omaxe Chandigarh Extension Developers Limited to refund Rs 43.24 lakh, along with 9% interest, and pay Rs 1.33 lakh as compensation and litigation cost.

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Rainwater harvesting must for houses in Nagpur with over 125 sq meter built up area

If a house has more than 125 sq mt or 1,500 sq ft built-up area, then rainwater harvesting will be mandatory and architects will have to attach a No Objection Certificate from the groundwater survey department for further approval. “Plans will be approved only on fulfilling these norms,

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Indiabulls Housing Finance postpones rate hike for Kerala customers by two months

Indiabulls Housing Finance has decided to postpone the interest rate hike for its Kerala-based customers by two months and also waive the penalty for delay in payment of August and September EMIs for its home loan customers. As part of its "relief measure, the housing finance company has also decided to waive the processing fee for home improvement loans to customers whose homes have been affected.

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AAI serves demolition notices to 70 buildings in Surat for height violation

Airports Authority of India has served violation notices to realtors and housing society presidents of more than 70 buildings in 17 residential projects for penetrating the approach surface of the runway-22 on Vesu side of Surat airport. 

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Chandigarh housing board plans to give land for residential projects to Punjab, Haryana

Even as the employees of the UT administration are waiting for implementation of housing scheme since 2008, Chandigarh Housing Board plans to provide space to Punjab and Haryana for their employees in the upcoming project IT Habitat at Rajiv Gandhi Chandigarh Technology Park 

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Indore civic body to act against unauthorized commercial use of residential property

Indore Municipal Corporation officials have decided to act against unauthorized commercial use of residential property across the city. 

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Mumbai-based builder asked to compensate home buyer for delay in delivery

MahaRERA has directed a Mumbai-based realty developer to repay 5% of the total payment made by the home buyer as compensation towards delay in possession.

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