Real Estate News Update for February 02
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Industry
GURUGRAM: The ongoing debate between developers and allottees of affordable housing projects over maintenance and upkeep of common areas, lifts and sewage treatment plants has come to an end with town and country planning department (DTCP) issuing clarification in the matter.
Regulatory
CHENNAI: The Enforcement Directorate has conducted searches at the offices of leading Chennai-based cement manufacturer-- India Cements Ltd.-- as part of a foreign exchange violation investigation, official sources said on Thursday. The searches were launched on Wednesday at two office premises of the company in Chennai and one in Delhi, under the provisions of the Foreign Exchange Management Act (FEMA), the sources said.
Residential
KOLKATA: A special housing scheme for the middle class residing in rented houses, slums and unauthorised colonies will help revive sales of affordable homes that has taken a beating following hike in home loan interest rates and rise in home prices, key players of the real estate industry said on Thursday after Union finance minister Nirmala Sitharaman indicated during the budget speech that such a scheme was in the works.
Industry
MUMBAI: The BMC has asked the government to take a holistic approach even as the latter has proposed 40% of all Transfer of Development Rights (TDR) to be used in any construction project in the city must come from the Dharavi redevelopment project (DRP). The BMC, as planning authority for the city, recently submitted its objections/suggestions to government.
Industry
NEW DELHI: As anticipated, the Interim Budget 2024 made no big-bang announcements for the Indian real estate industry. Finance minister Nirmala Sitharaman made few announcements focussed towards affordable housing, middle-class housing, rooftop solarization and transit oriented development.
Residential
BENGALURU: Amidst a surge in apartment construction, the Karnataka State Government is considering the need for a distinct act to govern rules and regulations related to apartments. Currently governed by the Karnataka Apartment Ownership Act of 1972, apartments face numerous challenges within this framework. The implementation of the Real Estate (Regulation and Development) Act (RERA) in 2016 has added complexity and confusion to the existing regulations.
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