Eight years after Parliament passed the Real Estate (Regulation and Development) Act, 2016, the Union Ministry of Housing and Urban Affairs is in the process of reviewing the functioning of the Act, including by holding regular meetings with homebuyers and setting up a data collection unit within the Ministry, The Indian Express has learnt.
Bangalore, often referred to as the Silicon Valley of India, stands out as a vibrant city characterized by its booming infrastructure and thriving IT hubs. The influx of multinational companies and the city’s dynamic economy has spurred the growth of its real estate market. In recent years, there has been a notable shift towards sustainable and eco-friendly buildings in Bangalore, reflecting a broader global trend towards environmental consciousness.
Greens have expressed dismay over the move of the Navi Mumbai Municipal Corporation (NMMC) dividing the wetland in sector 60, Nerul, in two parts (TS Chanakya wetland as Pocket-A and NRI wetland as Pocket-B) in the Development Plan published in the government gazette on February 23 this year. However, the draft Development Plan of Navi Mumbai published in August 2022 had shown the area collectively as a wetland.
Registration of properties in Mumbai city has gone up 8 per cent so far this month to around 14,150 units compared to March last year, reflecting strong demand, according to a report. Real estate consultant Knight Frank said the registration of properties in Mumbai city (area under BMC jurisdiction) has reached nearly 14,150 units by 6.30 pm on March 31.
Housing sales in Gurugram fell 12 per cent year-on-year in January-March, while the demand for residential properties increased in Noida by 19 per cent, according to Anarock. Real estate consultant Anarock's data showed that housing sales in Gurugram's primary market (first sale) declined 12 per cent to 8,550 units in the January-March period this year from 9,750 units in the year-ago period.
In contrast, Noida saw a 19 per cent increase in housing sales to 1,600 units during January-March this year from 1,350 units in the corresponding period of the previous year
Net leasing of office space rose 44 per cent annually in this quarter across eight major cities on higher demand from corporates for expansion of their businesses, according to Cushman & Wakefield. According to data released on Saturday by real estate consultant Cushman & Wakefield (C&W) India, the net leasing of office space stood at 115.14 lakh (11.5 million) square feet (sq ft) during January-March as against 80.09 lakh (8 million) sq ft in the year-ago period.
The Indian real estate sector has undergone significant growth, projected to become a $5.8 trillion industry by 2047, as per the collaborative report titled “India Real Estate: Vision 2047” by NAREDCO and Knight Frank.
People belonging to the economically weaker section of the society are set to get a new address with the housing and urban development department initiating the allotment process of 20 ready-to-move-in houses built for them by a private developer in the Pahala area.
Fossil fuels have powered human progress for centuries, but their unimpeded use has left us with a ‘substantial possibility’ of the global temperature rise breaching the 2° Celsius threshold by mid-century, despite significant efforts to counter global warming. Notably, the Global North accounted for about 75% of the cumulative global emissions until the last century.
Shapoorji Pallonji Real Estate has launched 180 luxury apartments in its project in Bengaluru with a saleable area of 4.3 lakh square feet and is eyeing a revenue potential of almost ₹500 crore, the company said.
