In 2023, India's commercial real estate thrives with $5.4 billion investments, led by Global Capability Centers, while global markets decline significantly.
India's aerocities are booming, evolving into self-sustaining urban ecosystems. These airport-centric developments are attracting businesses, transforming cityscapes, and driving Non-Aeronautical Revenues for airports.
India Aims for Developed Real Estate Sector by 2047 for Sustainable Urbanization
Chennai's SPR Highliving District, home to the city's tallest building, offers luxury living, extensive amenities, and a commitment to modern urban infrastructure.
Pradhan Mantri Awas Yojana (Urban), launched in 2015 to provide housing for all in urban areas, has been extended to December 31, 2024, to complete approved houses.
PMAY-U: Govt extends Pradhan Mantri Awas Yojana - Urban till Dec 2024, aiming for 'Housing for All' with eligibility criteria and subsidies for various income groups.
Maharashtra plans to issue property cards to apartment owners in MahaRERA-registered projects. These cards will detail carpet area, utilities, loan info, and land extract.
The Centre is funding infrastructure improvements in Noida to enhance urban living, addressing issues like housing shortages and vacant properties, according to Naidu.
Urban development has approved a 1% increase in stamp duty for the Metro rail corridor, raising it to 7.5%, while discussions on boosting FSI continue.
Chandigarh's Smart City project, costing Rs 6,200 crore, will focus on sectors 17, 22, and 35, with plans for pedestrianized zones, 24x7 water, and smart solutions.
Bhubaneswar will soon host a World Trade Center, enhancing its smart city project with significant commercial and hotel developments in the area.
Faridabad is transforming into a smart city with plans for improved infrastructure, new residential projects, and affordable housing options, enhancing its appeal against Gurgaon.
Credai Maharashtra praises state's decision to reserve 20% of flats for the weaker section in developments on one acre of land. The policy aims to reduce slums and provide affordable housing.
Bombay High Court directs BMC and MHADA to take responsibility for dilapidated buildings, amidst rising building collapse incidents.
Ahmedabad's developers are optimistic as the state government accelerates infrastructure projects, enhancing the city's real estate growth and attracting investment.
Karnataka's government moves to regularize illegal buildings through the Akrama-Sakrama scheme, expanding the cutoff date for applications to end of 2013.
Navi Mumbai Municipal Corporation defends 'One Time Planning' project in Bombay High Court, estimating Rs 12,821 cr for ultra-modern infra development.
Gujarat's state government will launch a comprehensive new housing policy aimed at urban areas, including slum rehabilitation and affordable housing development within a month.
The Orissa government is set to build 5,000 affordable homes in Bhubaneswar, in collaboration with private developers, targeting low-income groups.
During a visit to India, British PM David Cameron pledged UK government funding for the Mumbai-Bangalore corridor project, foreseeing significant economic benefits and job creation.
Environment Ministry to ease green norms, paving the way for more high-rise buildings in cities, potentially boosting real estate construction.
Ahmedabad Urban Development Authority (AUDA) has frozen agricultural land conversion, affecting investors planning farmhouses. Only 5% conversion is allowed, impacting land sharks.
The Prime Minister's Office has intervened to expedite the long-pending Real Estate Regulatory Authority Bill, addressing inter-ministerial concerns and seeking to protect buyers' interests.
CREDAI urges faster environmental clearances to meet the rising housing demand. Lalit Kumar Jain highlighted project delays due to the Ministry of Environment.
West Bengal government plans to allow real estate builders to resume construction of townships after a six-month halt. The state may grant 14Y clearance for projects if 51% is set aside for commercial purposes.