The Hyderabad housing market continues to see strong buying and selling activity in 2022, with residential sales up 28% year-on-year (YoY). A total of 31,046 units were sold in the city for the whole year, the highest number of sales recorded in the city since 2011. The number of new launches in Hyderabad also increased significantly, at a rate 23% over the same period last year. Most of new housing units launched were in West Hyderabad with Tellapur, Kollur, Gandipet and Narsingi among the most popular.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to issue show-cause notices to over 18,000 developers in the state over failure to update details of their registered projects on the MahaRERA website within the stipulated 3-month time frame. Upon receiving the notice, the developers have 1-months’ time to respond or risk facing punitive action. The 18,000 projects in question are a mix of old, newly registered and lapsed projects Mumbai, Pune, Thane and Nagpur.Read more

Authorities in the Himalayan town of Joshimath have evacuated nearly 200 people from their homes, after hundreds of buildings in the area developed cracks. According to several press statements, cracks were reported in more than 600 houses in recent weeks. The damage has been attributed thus far to land subsidence. Experts claims Joshimath lies on an ancient landslide deposit of sand and stone, and not on the main rock making it naturally vulnerable to land subsidence. Undercutting by river currents of Alaknanda and Dhauliganga and increased construction on account of hydraulic projects nearby are also being attributed as contributing factors.Read more

With a goal of providing better service to homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is gearing up to launch new version of their current web portal with enhanced services. The new and improved web portal version 2.0 will use the latest AI / ML technology to reduce time and effort spent in documenting and resolving complaints and speed up the process of acting against defaulters. The hope to enhance ease of service provided to customers and provide swift justice by taking into account the best practises established in other RERAs around the country and other comparable bodies.Read more

According to a study published by PropTiger, real estate sales in the past year grew by a staggering 50 percent with a 101 percent increase in the number of new launches across the top eight cities in India. Mumbai and Pune led with a combined share of 56 per cent in overall sales in 2022. Nearly 26 percent of all sales transactions were concentrated in the Rs 45-75 lakh price bracket. Mumbai led new supply in 2022 with a 39 percent share in overall launches, followed by Hyderabad with 19 percent and Pune with 18 percent. Experts see 2023 as a year of smooth sailing for the real estate sector even with the steady increase in interest rates for home loans and hikes in property prices.Read more

According to a report published by real estate consultant Knight Frank India, 1,21,850 properties in Mumbai's BMC region were registered in 2022, indicating a 9 percent YoY growth from 1,11,913 units registered in the previous year. Of the properties registered, over 86 per cent are said to be residential properties. Post pandemic, the real estate industry has bounced back in increased vigour with the year 2022 clocking in maximum registrations compared to the preceding ten years. These registrations have been supported by solid demand, consistent income, and positive economic growth despite the absence of any government incentives and the presence of headwinds.Read more

The defence ministry has released a circular stating it has reduced construction restrictions around naval sites in India, particularly Mumbai City. The authorities have brought the restriction down from 500 meters to 50 meters. This comes as a big relief to many housing societies who’s dilapidated buildings could not be redeveloped due to these restrictions. Several societies were left in a lurch a few years ago when the BMC abruptly halted their redevelopment, after demolition had taken place, because the defence ministry did not issue a no objection certificate. Now only projects within 50 metres of a defence facility will need the local military authority's NOC for construction.Read more

Homebuyers from over 15 residential complexes got together in Noida to protest the delay in registration of their houses. These buyers have purchased flats in popular projects such as Supertech Eco Village Ajnara Homes, Apex Golf Avenue, JM Florence, La Residentia, Casa Greens One and Amaatra Homes. One of the primary reasons for the delay in registration is due to non-payments of dues by builders to the local authorities. The builders and authorities have been unable to settle on a rate of interest to be paid and therefore the authorities have halted issuance of all necessary approvals for the projects to be completed and registrations to take place.Read more

In Odisha, of the 32.36 lakh families eligible for housing under the Pradhan Mantri Awaas Yojana-Gramin, more than 14 lakh families still await houses and housing assistance. The rural development ministry had set a target of 26.95 lakh houses under the PMAY-G to Odisha from 2016-17 to 2021- 2022. The PMAY-G, formerly known as the Rajiv Gandhi Awas Yojana, along with the Pradhan Mantri Awaas Yojana-Urban, were implemented as flagship missions of the government of India by the Ministry of Housing and Urban Affairs in an effort to address the urban housing shortage amongst EWS, LIG and MIG categories including slum dwellers.Read more

On account of worsening air pollution conditions, the Centre’s air quality panel ordered for the implementation of stage III restrictions under the Graded Response Action Plan (GRAP) in Delhi-NCR which meant banning all non-essential construction and demolition work. As of 30th December 2022, the average AQI for Delhi stood at 399, considered borderline hazardous. The experts committee at GRAP believes the air quality is likely to further deteriorate in the coming days due to calm winds and stable atmospheric conditions.Read more