1.Despite incentives, barely 8% cessed buildings redeveloped.
Merely eight per cent of the 16,000-odd cessed buildings in Mumbai have been redeveloped since 1999, when the state government decided to offer incentives to private developers in return for rehabilitating tenants of such properties free of cost. The Mumbai Transformation Support Unit (MTSU), which has arrived at these figures as part of its year-long cessed buildings mapping exercise, has in its final report suggested that the government should axe the politically populist policy of free housing for tenants of cessed buildings. These are pre-1969 tenanted properties in the island city that pay a minimal repair cess to MHADA. The findings show that the policy has not benefited the four lakh families living in these buildings.
2.Compensate landowners, else erring official to pay Rs 1 lakh: HC to Punjab.
Taking serious note of the inordinate delay being caused in payment of compensation to landowners in Punjab, the Punjab and Haryana High Court has told the state government to ensure that no further delay is caused in this regard. If the state fails to do so, a division bench has held, then the erring official will have to pay a penalty of Rs 1 lakh in each such case which reaches the High Court. The High Court has also passed strictures against Punjab for causing “unnecessary delay”.
3.RBI rate cut likely to perk up property scene in Tricity.
The Reserve Bank of India’s move to cut key rates for the first time in three years by a sharp 50 basis points may kickstart property transactions in Tricity, which have seen a major slowdown over the past year. The correction in residential property prices in Chandigarh, Mohali and Panchkula has ranged from 15 to 25 per cent during this period. Property dealers prefer to call it a “stable market” — when prices of marlas and kanals have not been going through the roof.
4.Looking for a career in Real Estate?
Is the Indian real estate sector the right place to make a serious career in now? Compared to more developed countries, the Indian real estate sector still lacks sophistication and transparency. However, it continues to be in the limelight of domestic and international investments. This has naturally brought on the need for better, more capable human resources.
5.Realty players to protest decision deficit, clearance delays.
Mumbai's realty sector has taken a decision to protest decision deficit and policy paralysis in the state and central governments and various agencies. A large number of realty organisations, including Maharashtra Chamber of Housing Industry (MCHI) and Confederation of Real Estate Developers' Association of India (Credai), have joined hands to go on a token strike and sit-in dharna on May 3 to protest the lack of continuity in policies and inordinate delays in getting clearances for various projects.
6.DLF falls after exclusion from BSE Sensex.
Shares in India's biggest real estate developer DLF fell as much as 2.5 percent after the Bombay Stock Exchange (BSE) said it will replace the company in India's benchmark 30-share Index with pharma major Dr Reddy's Laboratories. DLF has taken a beating from investors with the company's market value eroding almost 84 percent to $6.4 billion compared with the peak of over 2 trillion rupees ($38.4 billion) in early 2008.
7.Tata Housing announces winners of its project
Arvind and Smart Value Homes LLP, a special purpose vehicle (SPV) created by Arvind Real Estate and Smart Value Homes Ltd, a 100 per cent subsidiary of Tata Housing Development Company Ltd, announced the list of the beneficiaries of their affordable housing project near Ahmedabad on Monday. The JV, which is developing the mega integrated sustainable green township, spread across 135 acres, declared the 950 winners of the first phase of “Shubh Griha” project through a lucky draw. Since the commencement of booking in February, the project was subscribed by over 9 times and received over 4 times dully filled application forms across India for 950 apartments, priced between Rs 7, 92,300 and Rs 12, 33,100, according to a company statement here.
8.Before you shop for home loan, check these.
Living in your own home is the dream of every household and interest rate is an important consideration in home buying decision. The Reserve Bank of India cut the rates for the first time in three years which has led the banks to announce a reduction in their lending rates. While you may be thinking to go ahead with your decision you deferred for a while, consider the following points to make the most out of your home purchase.
9.After govt clarification, NMC starts clearing hsg projects post-clarification
The town planning department of the Nashik Municipal Corporation has started clearing pending residential building plans after the state clarified on 20% reservation for economically weaker sections in housing projects over 2,000 sq mt in size.
10.Realtors add designer touch to luxury living.
Designers are lending their names to residential projects by adding bespoke features. Like fashion brands, individual designers are endorsing projects that reflect the progressive lifestyle of a discerning few who are willing to shell out a premium for all things superior. Legendary rock star Mick Jagger’s daughter Jade Jagger is adding her design flair to 70 apartments in Equinox Realty’s 400-unit residential project in Hebbal in Bangalore. These apartments of 4,000-6,000 sq ft are priced between Rs 5 crore and Rs 10 crore.
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