Daily Real Estate News Digest (30th July 2018)

Kashi among smart cities set for town planning revamp

Giving a big boost to age-old heritage cities feeling constrained by their congested lanes, unplanned housing activity, heavy population pressure, scarce green spaces etc. in their Smart City mission crusade, the Union ministry of housing and urban affairs has asked them to revamp their town planning model based on future needs and offered financial assistance for it.

ET Realty

DTCP plans to seal illegal EWS houses in Gurugram

The department of town and country planning is planning to launch a crackdown on illegal houses belonging to the economically weaker section in the city’s licensed colonies next week.

ET Realty

Punjab completes 1.4 lakh online property registrations

The Punjab revenue department has so far completed 1.38 lakh online property registrations under the new system. Punjab additional chief secretary (revenue) said Punjab had become the first state in the country to launch online registration of real-estate property.

ET Realty

No free Google maps for builders in Hyderabad, realty hit

Real estate activity in Greater Hyderabad Municipal Corporation and Hyderabad Metropolitan Development Authority limits has taken a hit due to Google not allowing developers and builders to utilize its maps. The applicants have to upload proposed building or layout sites with coordinates details like longtitude and latitude while applying for permissions online through the Development Permissions Management System, but with Google declining them access, have not been able to do so.

ET Realty

NBCC may take up stranded projects of Jaypee, Amrapali

NBCC is likely to take up the projects to ensure their completion, and hand them over to their bona fide owners, said government officials familiar with the development. In return, NBCC has sought full control of the finances through an escrow account.

ET Realty

Probe against BMC legal department over Rs 500 crore plot case

After the Supreme Court dismissed the BMC's special leave petition claiming rights over a prime 14,000 sqm plot in Jogeshwari (E), civic chief Ajoy Mehta has ordered an inquiry against the legal department. The plot is estimated to be worth Rs 500 crore.

ET Realty

Real estate: Developers seen affected by drop in refinancing deals

Refinancing transactions, the lifeline for the realty sector, have dropped by almost 50%, compared with a year ago, when such deals were at their peak, signalling poor quality of projects, coupled with slow sales and high debt. In the past two years, developers mainly relied on refinancing to meet their debt servicing obligations and, sometimes, to reduce cost of debt, given cash flow constraints. Such refinancing provided a cushion for developers to hold prices despite slowing sales.

Live Mint

Housing sales in resale market up 10-12 per cent on price correction: ANAROCK

Housing sales in secondary property markets have revived, rising by 10-12 % over last one year, due to a fall in prices and no GST on completed units, according to real estate consultant ANAROCK.

Ansal Housing vs I-T department: Realtors await verdict on taxing unsold ready-to-move inventory

Realty developers across the country are awaiting the outcome of a crucial case between Ansal Housing & Construction and income tax department with regards to unsold inventory and its treatment for imposing tax.

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