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Real estate prices in Raigad have spiked due to a monopoly in the minor minerals market, increasing construction costs by 200 INR per sqft. A company linked to a Thane leader's family allegedly controls this market, pledging extra royalties to the government. This unethical practice prompted a wave of complaints, with no significant resolution yet. The local administration has pledged to revisit the issue as homebuyers await an intervention to counter this unchecked exploitation of resources.Read more
A dramatic rise in property prices is gripping Indian metropolises, with 43 of the top 50 cities experiencing a significant upswing in the last quarter of FY 2022-23. According to the National Housing Bank, prices peaked at an 11% increase in several urban areas, led by Kolkata. In the midst of this, the Reserve Bank of India's decision to hold the repo rate steady at 6.5% offers some relief to prospective homebuyers, assuring stable Equated Monthly Installments. As real estate volatility escalates, potential investors are advised to tread cautiously.Read more
The insolvency and bankruptcy cases of real estate companies have been making steady progress in terms of resolutions, despite facing numerous complexities, including a large number of troubled homebuyers. Experts believe that the government's potential changes to the code, allowing resolutions based on the nature of projects instead of a rigid framework for the entire property sector, could further enhance performance in this regard.Read more
Web Werks and Iron Mountain Data Centres have joined forces to expand their data centre campus in Rabale, Navi Mumbai. The collaboration aims to establish the third facility, MUM-3, which will be operational in the second half of 2025. MUM-3 will have a capacity of 32 megawatts and be designed as a Tier III data centre. The expansion also includes the approval for an extra power substation to support the increased capacity. Web Werks and Iron Mountain have strategic plans to establish data centres in Bangalore and Hyderabad as well.Read more
The Union Housing and Urban Affairs Ministry has extended the implementation deadline for the Smart City Mission until June 2024, causing concerns among the residents of Dehradun. The second phase of the Smart City Mission, launched in 2017 with a budget of over Rs 1,400 crore, includes Dehradun as part of the scheme. However, residents have been complaining about the poor execution of the Smart City projects, leading to delays, disorganization, and inconvenience. While government representatives insist that projects are progressing smoothly, residents argue that simply installing a few smart features is not enough to create a smart city.Read more
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In Ahmedabad, low engagement with the Gujarat Regularization of Unauthorized Development Act (GRUDA) 2022 has prompted new regulations mandating unanimous consent from society members for regularization applications. Of the 36,349 applications received, only 2% have been approved, predominantly for residential constructions. The need for total consensus, owners bearing parking provision costs, and high impact fee regulation costs are primary deterrents, slowing the pace of regularization. The AMC is navigating these challenges as it reshapes the city's urban development.Read more
Haryana Chief Minister Manohar Lal Khattar has announced the regularization of unauthorized colonies with certain criteria in the state, providing legal recognition and access to amenities for residents. Additionally, a property identification correction campaign has been launched to assist citizens in rectifying any errors in property details. The government is conducting a comprehensive survey to collect data on families, which will help in designing targeted welfare schemes. The reinstatement of invalidated ration cards and ensuring benefits for financially vulnerable households are among the other initiatives mentioned by the Chief Minister.Read more
The Lucknow Development Authority (LDA) cracked down on illegal constructions in zone 5, sealing an illegal hotel, row houses, and five unauthorized structures during an anti-encroachment drive. The LDA took action against a two-storey building constructed without approval, a three-storey hotel without necessary permits, and four row houses violating construction norms. These measures reflect the LDA's commitment to maintaining the integrity of urban development, promoting adherence to building regulations, and ensuring a safe and sustainable environment in Lucknow.Read more
In an escalating urban nightmare, 298 illegal colonies have sprung up across Gurgaon and neighboring areas in the past 17 years. Following a directive from the Director-General, 14 district town planners (DTPs) are under investigation for their failure to prevent these illicit settlements. The Haryana Government is now mulling over the legalization of these colonies, subject to specific criteria. As the probe continues, it highlights the enforcement inadequacies and the urgent need for more effective urban planning strategies.Read more
U.N.-Habitat warns that the global urban slum population is set to triple, reaching 3 billion by 2050, fueled by rapid urbanization and an escalating housing crisis. Eight countries, including Nigeria, the Philippines, and India, are expected to bear half of this increase. Housing scarcity is now a global problem, with even developed countries like the US, Britain, and Germany facing severe shortages. The Kenyan President's strategy to build 250,000 affordable homes annually signals the urgent need for governments worldwide to prioritize housing in their development plans.Read more
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