Real Estate News and Updates Chandigarh, Mohali, Zirapkur

RERA

The Government of India has enacted the Real Estate (Regulation and Development) Act, 2016. Some sections of the Act were enforced with effect from 01/05/2016 and the rest of the Act came into force from 01/05/2017. Under the Act, all the States have to appoint a Real Estate Regulatory Authority to carry out the purposes of the Act.

See List of RERA Registered Real Estate Projects (Punjab)
See List of RERA Registered Real Estate Projects (Haryana)

Chandigarh Property News

The Tribune, Chandigarh

18 March 2019: Panchkula: Now, register 4th floor as separate unit

The Haryana Government has finally allowed registration of fourth floor as independent dwelling unit in residential areas across the state. However, the registration of the fourth floor will come at a price as building owners will have to shell out external development charges (EDC) and registration charges on the land cost. See Details

Money Control

14 March 2019: Explainer | All you need to know about India’s first Real Estate Investment Trust

REITs are investment vehicles that own, operate and manage a portfolio of income-generating properties for regular returns. REITable properties in our country will include commercial assets – primarily office spaces – that can generate steady rental income. They will operate like mutual funds or shares. REITs will have to be mandatorily listed on exchanges and traded like securities. Small investors can buy units of REITs from both primary and secondary markets just as they buy shares or mutual funds. See Details

The Times of India, Chandigarh

01 November 2018: Chandigarh: Need Based Changes in Industrial Area Allowed

The industrialists had submitted that the open courtyards inside industrial plots were a major threat to the safety of machinery and material due to rising theft cases besides direct exposure to rough weather conditions. Moreover, with changing times, the industrialists have also added certain statutory activities which had resulted in covering of open courtyards See Details

ET Realty

15 October 2018: Co-working: The Indian demand-supply dynamics

Partnership with co-working players results in a win-win scenario for space owners. Co-working players get to acquire supply in most efficient way which makes the model risk-averse and asset-light to a large extent. For space owners they not only get occupancy for their space but also an opportunity to share upside of the co-working business model. See Details

The Indian Express, Chandigarh

10 October 2018: Chandigarh: UT decides to allow transfer of leasehold flats to allottees

The owner of a flat in a group housing society will now be able to get it registered in his name as the UT Administration on Tuesday decided to allow the transfer of flats (leasehold) to allottees in such societies October 20 onwards. See Details

The Indian Express, Chandigarh

08 October 2018: Chandigarh Housing Board clears need-based changes in units for compound fee of Rs 200 per sq ft

The CHB, at its meeting on Friday, decided to allow any additional construction in the rear courtyard or terrace but with the condition that the total area should not be in excess of 150 sq ft or 50 per cent of the area of the courtyard or terrace, whichever is less. And, this would apply only to MIG and HIG categories of dwelling units. See Details

Times of India

05 October 2018: RBI’s status quo brings cheer for real estate developers

Real estate developers heaved a sigh of relief after RBI kept the key policy rates unchanged and said any hike in the interest rate would have affected housing demand during the upcoming festival season. See Details

Anuj Puri, of Anarocks

03 October 2018: E-Commerce Vs Malls – Indian Retail Finds Its Way

Various factors like design, product, diverse tenant mix, catchment area, amenities etc. play a significant role in determining the success of malls – but the most influencing factor today is the mall’s ability to provide an impactful ‘experience’ to the discerning buyers. This is also the factor single-largest factor that separates mall shopping from e-commerce. Over the past years, several developers ventured into retail space and built malls without a detailed understanding of the dynamics related to the sector. As a result, these malls failed. See Details

ET Realty

27 September 2018: Chandigarh starts compiling data of notices sent to building owners for violations

They are even demanding permission of box type construction of shop-cum-offices (SCOs) in first phase sectors, construction of upper floors on booths and bay shops for storage purposes, expansion of parking facility in markets and shifting of vendors from markets. See Details

Anuj Puri, of Anarock

14 September 2018: Technology In India Real Estate – From Crowdfunding To Blockchain

Simply put, after identifying a property, a buyer can access title records, encumbrances, property taxes, etc. from Government records. Further, using a passcode/private security key of the seller, a buyer (or his representative) will be able to access all previous property records such as maintenance payments, ownership, etc. See Details

Times of India, Chandigarh

13 September 2018: Let us sell properties on freehold: Chandigarh MC to V P Singh Badnore

The position will ease if we are able to sell our property. Around 500 properties of the MC are lying vacant in the city and a good amount of revenue can be collected, which can be collected, which can be utilised for development works.” See Details

Economic Times, Chandigarh

07 September 2018: Chandigarh housing board reduces flats’ transfer fee by 70%

The biggest relief is to the people who were allotted houses in Sector 63 and paying Rs 7-to-10 lakh for the transfer of flat. Now that fee is between Rs 75,000 and Rs 3.75 lakh. See Details

Anuj Puri, of Anarock

23 August 2018: RERA – Still Rare On The Ground

There can certainly be circumstances under which a project can be delayed for which the developer cannot be held responsible. Among such extenuating circumstances, the failure by concerned Government authorities to furnish timely development permits without good reason probably counts the highest. See Details

Money Control

20 July 2018: 5 major factors driving real estate growth in Tier II and Tier III cities

Scarcity of land resources, high land and construction-related costs, unaffordable property prices, high inventory levels and declining demand are forcing developers and investors to shift their focus towards Tier II and III cities. See Details

Economic Times, Chandigarh

16 July 2018: India’s office leasing crosses 20 million sq ft in 2018 first half: Report

Continuing the trend, office space take-up was dominated by small- and medium-sized transactions. Small-sized transactions with less than 10,000 sq ft space accounted for around 44% of the transaction activity. See Details

Economic Times, Chandigarh

12 July 2018: Decaying organic matter may be used to build low cost houses

Scientists have created construction material from peat – decaying organic matter – and oil shale ash, that could reduce costs of building a house nearly tenfold. Scientists from the University of Tartu and the Estonian University of Life Sciences wanted to create a self-supporting construction material based on local natural resources and waste that could be used to 3D print houses up to two-storeys high directly at the construction site. See Details

Economic Times, Chandigarh

09 July 2018: Best time for NRIs to invest in India

Non-resident Indians (NRIs) are looking forward to investing in India as the real estate market has become more lucrative for them post RERA and GST. NRIs are not only interested in commercial properties but residential ones too. See Details

The Times of India, Chandigarh

08 July 2018: IT Park shuts door for big guns in Phase II

IT giants with big requirements will not be able to find space at Rajiv Gandhi Chandigarh Technology Park (popularly knows as IT park) in the city. See Details

The Times of India, Chandigarh

07 July 2018: Lack of land: Board to rejig employee housing scheme

In a bid to accommodate more units/flats, the Chandigarh Housing Board (CHB) has decided to rejig its Employee Housing Scheme 2008. See Details

Economic Times, Chandigarh

03 July 2018: Building plans to move fast on record update in Chandigarh

The urban planning department of the UT administration has decided to end the confusion among residents and architects owing to non-updation of control sheets. The decision has been taken to effectively implement the self-certification scheme on request of a city-based architects association. See Details

Housing

02 July 2018: Is GST applicable on flats booked before the introduction of GST?

The Goods and Services Tax (GST) has replaced the earlier twin taxes of service tax and VAT (Value Added Tax) levied from the buyers of an under-construction property, in addition to various taxes paid by the builders on the materials and services used in construction activities. See Details

Economic Times, Chandigarh

29 June 2018: Fire NOCs to be mandatory for homes in Chandigarh

To ensure fire safety norms are complied with, the Chandigarh Municipal Corporation (MC) is all set to make no objection certificates (NOC) mandatory for residential buildings. See Details

The Tribune, Chandigarh

28 June 2018: Property dealers urge Chandigarh administration to reduce collector rates

With prices of properties in Chandigarh falling in the past few years, property dealers of the city have urged the administration to reduce collector rates. See Details

United News of India, Chandigarh

26 June 2018: Punjab to digitalise property registration

Punjab will be the first state to go digital in property registration on June 27, when the Chief Minister, Captain Amarinder Singh, launches the National Generic Document Registration System in Amritsar through video conferencing. See Details

The Tribune, Chandigarh

15 June 2018: Consultant submits plan to CHB

People will have an opportunity to own a house at Rajiv Gandhi Chandigarh Technical Park (IT Park) as the consultant hired by the Chandigarh Housing Board (CHB) has submitted a plan for the construction of 1,130 flats. See Details

The Tribune, Chandigarh

03 June 2018: Property registration: Pay Rs 5,000 for ‘tatkal’ booking

After feeding in the property details, the user can check the applicable collector rates, exemptions, etc, as prompted by the system. Every time, a login is initiated, an alert is sent on the registered mobile number. See Details

The Economic Times

07 May 2018: Chandigarh: Houses having area of 1 kanal but no solar panel to get notices

Currently, the Central government has been providing 30% subsidy to the residents for installing the solar panels. “This is a good opportunity for the residents. We are hopeful that a good number of residents will show interest in the remaining days and apply for the same to use solar energy,” Kumar added. See Details

The Economic Times

01 May 2018: One year of RERA: Tardy implementation restricts gains

As RERA takes root — along with low interest rates, stable property prices and the government’s loan subsidy for affordable housing — its positive impact is already visible. There has been an eight per cent hike in housing demand in Q1, 2018, compared to Q4, 2017. Home sales registered a 33 per cent rise in the top nine cities during this period. In fact, housing sales exceeded new supply by five per cent during the last two years. See Details

Times of India: Chandigarh News

21 Apr 2018: Chandigarh – Freehold conversion steep rates kill demand

Residential properties in city were freely allowed to convert to freehold till April 2012, when the practice was discontinued. The decision to again allow conversion of leasehold residential properties to freehold was announced in August last year. All the hype, however, fizzled out soon after local MP Kirron Kher made the announcement on August 18, 2017 amidst much fanfare. See Details

Economic Times Realty

18 Apr 2018: Haryana to invest Rs 125 crore to construct over 700 flats in Panchkula

Haryana housing board is constructing three housing societies in Sector 31, Panchkula. The project will be completed by 2022 and a total of Rs 125 crore will be spent towards it, said housing board officials. See Details

Time of India: Chandigarh News

14 Apr 2018: Architects call for streamlining of self-certification procedure

Architects have urged the Chandigarh administration to simplify processes adopted for self-certification and conversion of shop-cum-flat to shop-cum-office. See Details

Time of India: Chandigarh News

13 Apr 2018: Soon, Pay Property Tax Online with OTP

Sources in the MC revealed that the hired private agency has already fed the data of all the residential and commercial properties separately See Details

Realty Myths

09 Apr 2018: The new paradigm shift in the real estate market has created a ‘Wait & Watch’ situation: Dr. Niranjan Hiranandani

The new paradigm which the Indian economy and real estate have faced, in terms of the new regulatory regime, created a ‘wait and watch’ situation which in turn, majorly impacted sales across India. The new regulatory regime seems to be positive in terms of enhancing buyer confidence, while the incentives and policy tweaks are directed only at the Affordable Housing segment. From the perspective of real estate as an industry, we would have preferred the incentives and policy tweaks to be applicable to all segments, and there is a psychological impact on the real estate development community which works across price segments and buyer categories. See Details

Times of India: Chandigarh News

06 Apr 2018: Commercial property tax hike: MC to issue a notice soon

CHANDIGARH: It is for the first time since the imposition of the property tax in 2004 that the charges of commercial property tax will be increased. Though the matter of increasing the commercial property tax system was brought up a number of times in the past 14 years in the general house meetings, the house did not give its consent. See Details

Economic Times Realty

31 Mar 2018: Fund-starved Chandigarh civic body has few takers for pricey commercial properties

CHANDIGARH: High reserve prices of the properties, leasehold nature of such properties and slump in the real estate market are being held as the key reasons behind the cold response from public in terms of showing interest in such properties. Since the collector rate of all the nature of properties of the city is higher than the neighbouring states, rates of these commercial properties have been set accordingly. See Details

Business Fortnight

20 Mar 2018: Stringent norms, extended lull seen weighing on realty sector

Transactions of distressed assets are happening in various avatars. There are developers who want to get out of the business and are engaging in distress asset sales. Then there are joint development, joint ventures and development management models where a larger developer steps in and takes over the marketing, sales and construction of a project from the existing firm, in return for a share in revenue or profit or a management fee. See Details

Hindustan Times

17 Feb 2018: Longest slowdown in history: Realty market stagnant in Chandigarh

CHANDIGARH: The buyer activity is mostly limited to the plotted developments, and in the resale market. The city doesn’t have a primary market. For new properties buyers have to move to the periphery. See Details

Times of India: Chandigarh News

30 Jan 2018: Dip in real estate prices in Tricity: Economic Survey

CHANDIGARH: Despite the real estate sector showing signs of improvement all over the country, the property prices in Chandigarh continue to tumble, reveals recently-released report of Economic Survey. See Details

Times of India: Chandigarh News

30 Jan 2018: Mohali as next big IT hub: Real-estate sector builds a good foundation for growth

Riding on the double-digit growth recorded last year, the district’s real-estate sector is expected to continue improving in 2018. See Details

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