The proposed implementation of Goods & Services Tax will not increase prices of real estate, especially of affordable housing, said M. Venkaiah Naidu, Minister for Urban Development, Housing and Poverty Alleviation. “GST will not increase prices, especially not for affordable housing. We have already exempt affordable housing from service tax, and my ministry is addressing… Read More »
Dubai-based developer Emaar Properties PJSC said on Sunday that it has hired a new chief executive to head development.”John Carfi has joined Emaar Properties as CEO of Development,” a company spokesperson told Zawya Projects in an email. Carfi joins Emaar from Australian property group Mirvac, where he was head of residential. Mirvac said in a… Read More »
The Mumbai Metropolitan Region Development Authority’s (MMRDA) long-pending plan to develop Wadala on the lines of Bandra-Kurla Complex (BKC) is finally gaining momentum. After over three years of wait, the draft for the Wadala Master plan is now ready and awaiting deliberations by the internal committee. “The Wadala Master plan draft is ready, but some… Read More »
The proposed 9.89-km Bandra-Versova sea link has got an environmental clearance.Though the clearance was given last October before the term of the state environment impact assessment authority (SEIAA) expired, it was issued only in February.The issuance was delayed as the Maharashtra State Road Development Corporation (MSRDC) had not fulfilled all requirements.“Now that MSRDC has complied… Read More »
In a bid to boost regional air connectivity, the Cabinet Committee on Economic Affairs (CCEA) has approved the revival of 50 unserved or underserved airports at a cost of Rs 4,500 crore over a period of three years starting FY-18. Separately, in a meeting on Monday evening, the union cabinet approved India’s accession to the… Read More »
The Planning Committee of Municipal Corporation Greater Mumbai has recommended increasing the total area available for affordable housing in the city by over 80 hectare to 787.28 hectare in its Development Plan for 2034. The Revised Draft Development Plan 2034 (RDDP 2034) had earlier provided for 707.13 Ha of land for affordable housing in the… Read More »
The planning committee’s report on the draft Development Plan-2034 is likely to help BMC create more affordable houses than the 10 lakh planned earlier. For, it has renamed no-development zones (NDZ) as special development zones (SDZ). In the plan submitted to the mayor, the panel allowed smaller SDZ plot owners to develop their land after… Read More »
Piramal Realty, the real estate arm of the Piramal Group, will be spending Rs 1,800 crore on its residential project spread over 8.4 acre in Mulund suburb of Mumbai, said a top company official. This is part of the company’s total planned investment of Rs 16,000 crore for executing projects and buying land parcels over… Read More »
Throughout 2016, the number of new residential project launches was lower than units sold. With all states staring at the approaching deadline to implement their versions of the Real Estate Regulation & Development Act (RERA), most will definitely fall in line, said JLL India. “This landmark law will enforce hitherto unprecedented transparency and accountability requirements… Read More »
Singapore’s sovereign wealth fund GIC Pte. Ltd and private equity firm Blackstone Group Lp have emerged as the two top global investors in India’s real estate sector after almost a decade of investing in the country. Canada’s Brookfield Asset Management Inc. is fast moving into the big league. GIC and Blackstone, which have different investment… Read More »
