Indiabulls Real Estate recently reported a 23 per cent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended September 30. Its net profit stood at Rs 61.64 crore in the year-ago period. Real Estate on Tuesday said it will acquire 140 acre land at Manesar in Gurugram to develop an integrated township and commercial building.

In a filing to the BSE, the Mumbai-based developer said that its wholly-owned subsidiary Loon Land Development Ltd has “entered into definitive agreement(s) to acquire a land parcel/development rights on approx 140 acre land, situated at Sector 79, Manesar, Gurugram, for development of integrated township and commercial building”.

Indiabulls Real Estate recently reported a 23 per cent increase in its consolidated net profit at Rs 75...

Last month, the ministry approved construction of nearly 1.12 lakh more affordable houses for urban poor, taking the total number of number of houses being funded under the PMAY (Urban) to 54, 95,443.

NEW DELHI: Over 15 per cent of the 54.95 lakh houses sanctioned in last three years under the Centre’s flagship Pradhan Mantri Awas Yojana (Urban) have been completed, according to data provided by the Housing and Urban Affairs (HUA) Ministry.

While the government has set a target of one crore houses to be constructed in urban areas across the country over a period of seven years from 2015 to 2022 and claims the work is on full swing, the opposition Congress has questioned its seriousness citing the “small target achieved” so far.

Last month, the ministry approved construction of nearly 1...

Real estate developers who procured occupation certificates fraudulently to be taken to task

Chairman of Gurugram Haryana Real Estate Regulatory Authority (HARERA) K K Khandelwal has made it clear that in projects where construction is 40 percent complete, refund may not be allowed to ensure that the project is completed. He has also said that real estate developers who procured occupation certificates fraudulently will be taken to task.

The purpose of RERA is to balance the interests and protect the rights of the key stakeholders – builders, buyers and agents. “But our first priority is to ensure that home buyers get possession of their homes,” said Khandelwal, adding that 66 percent projects have been completed in Gurugram (with minor differences) even after 20 to 25 percent delay.

He ...

Yes, you heard it right. South of Gurugram is the next best area on the boom. While experts are already claiming that Sohna, also known as South of Gurugram will continue to rise up to new heights for at least next 15 years, there is no denying the fact that being real close to Gurugram which is a leading industrial and financial hub, Sohna will definitely make into the list of the top fastest growing cities in India.

With just 15 minutes drive from Golf Course Extension Road, South of Gurugram boasts of a great location and is easily accessible from all the major cities in Delhi NCR, i.e. Faridabad, South Delhi, Gurugram and Noida...

This has to be done in light of an order by Haryana Rera’s Gurugram bench, which has clarified that mere filing of application does not exempt a project from registration

NEW DELHI: At least 200 real estate projects in Haryana, which got exemptions from registration with the Real Estate Regulatory Authority (Rera) on the basis of their developers applying for completion or occupation certificates before the Haryana rules came into effect, will now have to be registered with the regulator.

This has to be done in light of an order by Haryana Rera’s Gurugram bench, which has clarified that mere filing of application does not exempt a project from registration.

Obviously, the implications are huge, not only in Gurugram but in other parts of NCR like Noida and Ghaziabad and also states like...

If the Reserve Bank of India (RBI) move on June 6 to hike key interest rate by 25 basis points ruffled some feathers in the real estate sector, its decision to expand the scope of priority sector lending (PSL) that came as a major boost for affordable housing did the smoothening.

Loans given under priority sector lending are cheaper than those provided by the banks in their ordinary course.

“In order to bring greater convergence of the priority sector lending guidelines for housing loans with the affordable housing scheme, and to give a fillip to the low-cost housing for the economically weaker sections and lower-income groups, it has been decided to revise the housing loan limits for PSL eligibility,” the RBI said in a notification.

The Central bank would issue a circular in this regard o...

The latest approval entails an investment of Rs 7,227 crore with central assistance of Rs 2,209 crore, the ministry said in a release

The Centre has approved construction of 1.5 lakh houses for urban poor under the Pradhan Mantri Awas Yojana (Urban), taking to 47.52 lakh the tally of houses under the programme so far, the Housing and Urban Affairs (HUA) Ministry said today.

The latest approval entails an investment of Rs 7,227 crore with central assistance of Rs 2,209 crore, the ministry said in a release.

The approval was given in the 34th meeting of the Central Sanctioning and Monitoring Committee at its meeting held here yesterday, it added.

Andhra Pradesh was sanctioned 56,512 houses, while Uttar Pradesh got 23,060, Madhya Pradesh 17,920, Jharkhand 14,526 and Maharashtra 13,506 houses.