UP-RERA has introduced new guidelines for Quarterly Project Reports (OPRs), allowing developers to submit reports without incurring late fees after uploading the Occupation or Completion Certificate. This aims to ease pressure on developers while ensuring compliance. However, all pending OPRs must be filed before applying for project registration extensions. UP-RERA will alert developers if OPRs are overdue, with late fees re-imposed if not addressed. These updates aim to enhance transparency and accountability, fostering better communication between developers and homebuyers, and ultimately leading to a more reliable housing market in Uttar Pradesh.Read more

In a key meeting chaired by Lieutenant Governor VK Saxena, the Delhi Development Authority (DDA) introduced the Sasta Ghar Housing Scheme 2024, offering 34,000 affordable flats starting at INR 11.5 lakh for LIG and EWS families. The initiative includes flats in Ramgarh Colony, Siraspur, Loknayakpuram, Rohini, and Narela. Additionally, the DDA announced the General Housing Scheme 2024, the Dwarka Housing Scheme 2024 with e-auction flats, and several community development measures. These steps aim to improve housing access and living conditions across Delhi, benefiting economically disadvantaged residents.Read more

The Navi Mumbai Municipal Corporation (NMMC), led by Commissioner Dr. Kailas Shinde, has ramped up its demolition efforts against unauthorised constructions. Recent actions targeted several illegal buildings across sectors, including Sector-04 Airoli, Vashi village, and Karave Gaon, resulting in the demolition of structures and fines totaling INR 30,000. Despite previous notices, the construction continued, prompting NMMC to employ heavy machinery for effective enforcement. Key officials, including Assistant Commissioners and Junior Engineers, were actively involved. The NMMC plans to maintain these rigorous measures to enforce compliance and uphold urban planning standards.Read more

Lansum Properties has acquired a 3.6-acre land parcel in Kokapet, Bengaluru, for INR 200 crore to develop a high-end residential project. The company secured INR 250 crore in financing from IndusInd Bank for construction and project development. The luxury project will feature three and four-BHK units starting above INR 2.4 crore and will include 55 floors, benefiting from Hyderabad's unlimited floor space index regulations. Hyderabad's luxury property market is thriving, with sales for homes above INR 1 crore up 50% year-on-year, and land prices in Kokapet have nearly doubled since 2021.Read more

Larsen & Toubro (L&T) is working on a major coastal road project involving two tunnels. Due to delays, L&T has requested an additional 181 days, extending the deadline to 30 September, to complete the remaining work. While both tunnels are operational, L&T requires extra time to finalise tasks such as integrating mechanical and electrical systems, installing tetrapods, and site clearance. The extension request cites challenges such as early partial commissioning, operational traffic, and various disruptions, including weather and utility issues. The BMC reports that 91% of the work is completed, raising concerns about a potentially rushed inauguration.Read more

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has introduced a mandatory three-day training program for all 7,000 registered real estate agents to tackle skill and ethical issues. Agents must complete the course within a year or risk losing their registration. The training will cover the Real Estate (Regulation and Development) Act, relevant rules, and client interaction best practices. UP-RERA aims to enhance professionalism and trust in the real estate sector. The initiative, supported by training institutes, is expected to improve service quality and accountability in real estate transactions.Read more

Delhi's Lieutenant Governor V.K. Saxena has announced that all properties in the city will be registered with the National Generic Document Registration System (NGDRS) by January 2025. Already implemented in all 22 sub-registrar offices, the NGDRS has registered 231,000 properties, aiming to simplify registration, enhance transparency, and reduce fraud. This digitised system allows online management of registration tasks, quick document retrieval, and integration with various municipal systems, including the Delhi Development Authority (DDA) and Municipal Corporation of Delhi (MCD), streamlining the property registration process and improving service efficiency.Read more

Flexible office space provider Incuspaze is expanding its footprint with a new 57,351 sq. ft. lease at Hiranandani Light Hall Business Park in Mumbai. This addition is part of a broader strategy that includes acquiring 580,000 sq. ft. in Delhi NCR and 115,000 sq. ft. in Whitefield, Bangalore. The company aims to increase its total workspace by 2 million sq. ft. over the next two years, focusing on South India. Incuspaze's expansion aligns with rising office space demand in Mumbai, where leasing activity has doubled year-over-year, highlighting the shift toward flexible work environments.Read more

The Brihanmumbai Municipal Corporation (BMC) will maintain the current property tax rates for 2024-25 without implementing any revisions. This decision, influenced by past rejections of proposed hikes in 2020-21 and 2022 due to the pandemic, means property owners will not face an increase after nearly a decade. The property tax calculation currently relies on the Stamp Duty Ready Reckoner rates. Despite the lack of a rate hike, BMC collected INR 4,856 crore in 2023-24, surpassing its target of INR 4,500 crore. The BMC's cautious approach aims to balance revenue needs with citizens' financial burdens.Read more

Deloitte is expanding its footprint in the National Capital Region (NCR) by leasing 175,000 square feet of office space at Prestige Trade Tower near Delhi airport. This marks Prestige Group's first commercial project in NCR and reflects Deloitte's broader strategy to enhance its operations in key markets. The new space, part of Deloitte's recent acquisition of 1 million square feet in Bengaluru, is expected to cater to the firm's growing needs. Despite a 16% drop in NCR's leasing activity year-over-year, Aerocity's appeal and new developments continue to attract significant investments.Read more