Daily Real Estate News Digest (27th August 2018)

New development plan for Mumbai likely to get state govt's nod by next week

The state government is likely to approve the city's new development control plan (2012-2034) by next week. The government will also publish a transition policy which will mention the procedure in case builders want to amend their plans for ongoing projects in accordance with the new plan.

ET Realty

Centre approves 1.12 lakh more houses under PMAY-Urban

The Centre has approved construction of nearly 1.12 lakh more affordable houses for urban poor in eight states under the Pradhan Mantri Awas Yojna, with Andra Pradesh bagging the largest share of over 37,000 housing units

ET Realty

Housing society allowed to end redevelopment deal with slack builder

The Bombay high court recently upheld an arbitrator’s decision permitting a housing society in Tilak Nagar, Chembur, to terminate its decade-old redevelopment contract with a builder. Till date, there has been little progress in the redevelopment work.

ET Realty

Gurugram: OC to be cancelled of over 150 homes in DLF phases 3 and 5

The department of town and country issued an order directing builders and the discom to disconnect power and water supply to 157 houses in DLF phases 3 and 5 — out of which 70 are built on plots for economically weaker sections — as the owners had constructed additional floors. The occupation certificates too will be canceled for these owners.

ET Realty

Conversion of closed industries to residential plots may shrink Thane-Belapur industrial belt

The state government policy of converting closed industrial units to residential plots in Navi Mumbai is likely to affect the shape of the 2,500 hectares of the Trans Thane Creek (TTC)-MIDC industrial zone, popularly known as the Thane-Belapur industrial belt.

ET Realty

Gujarat may soon follow Maharashtra redevelopment model

Creaky, low-rise housing societies and commercial complexes in Ahmedabad have often turned into legal battlegrounds involving developers and a handful of members when it came to redevelopment. Gujarat is likely to announce a redevelopment policy, loosely modeled on the Maharashtra law, soon.

ET Realty

Just 10 sand mining sites open for auction in Nashik after new norms

The state government’s stringent moves for environment protection have ruled out the possibility of sand mining at 42 out of the 52 proposed locations in the district.

ET Realty

Nashik civic body holds auction of tax defaulters' properties

The Nashik Municipal Corporation’s move to auction tax defaulters’ properties witnessed subdued response on Friday as only two of the 120 could be sold. The NMC has now decided to take possession of the remaining 118 properties at a nominal rate of Re 1. It has also submitted a proposal to the standing committee for its approval.

ET Realty

Town planning schemes in 25 smart cities, including Pune

Town planning schemes or local area-based plans will be prepared on a pilot basis in 25 cities, including Pune, as a part of the Smart Cities Mission.

ET Realty

Owners of 1,000 plots along Mumbai metro II-B line object to DCR

The owners of more than a 1,000 plots whose buildings fall under the elevated Metro II-B line, which will run from DN Nagar in Andheri to Mandale in Mankhurd via Bandra, have submitted their objections to the BMC against the MMRDA’s new Development Control Regulations 

ET Realty

IBC ordinance sweetens deal for homebuyers

The government of India has amended the Insolvency and Bankruptcy Code 2016 to grant the status of a “financial creditor” to a homebuyer. The President of India has also granted his assent to the IBC (Amendment) Ordinance

Live Mint

HC pulls up police for not lodging FIR against real estate firm on cheating complaint

The Delhi High Court has pulled up the police for not lodging a case of cheating against a real estate firm (Today Homes and Infrastructure Pvt Ltd) for allegedly cheating several persons by inducing them to invest in its project to build a mall in north Delhi on a false promise of ownership of shops and has directed registration of an FIR.

Business Standard

Emaar India to complete, deliver 10K units by 2019-end at Rs 1,000 cr cost, says new CEO

Emaar Properties will complete all delayed projects, comprising 10,000 units, in India by the end of next year and has secured fund as well as ramped up workforce for execution.

Times of India

IndAS dented net-worth of nine major listed real estate firms by 18 percent

The adoption of new accounting standard IndAS has dented the net-worth of nine major listed real estate firms by 18 percent and revenues by 23.6 percent sequentially in June quarter, according to a report.

Devdicourse

Co-working firm Awfis eyes aggressive expansion after fund infusion

With a war chest of $20 million raised from Sequoia Capital and a family fund run by Yes Bank founder Rana Kapoor’s daughters, home-grown co-working operator Awfis is planning to expand aggressively in the next one year taking its total capacity to around 40,000 seats, 60 per cent more than its present level of 25,000.

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