raghav estates

Prime Minister Narendra Modi on December 18 will inaugurate the Metro Line-5 of the Mumbai Metro network that will connect Kapurbawdi in Thane West to Kalyan via Bhiwandi. The PM, along with Maharashtra CM Devendra Fadnavis, will also lay the foundation stone for the Metro Line-9 (Dahisar- Mira Bhayander). The Mumbai Metropolitan Region Development Authority (MMRDA) is in the process of selecting contractors and general consultant for the project after the project was approved in October 2017. The project is expected to be completed by 2022.

A decision that would benefit small land owners in Pune and boost inclusive housing, the Maharashtra government has given its approval to the Pune Metropolitan Region Development Authority (PMRDA) for granting transfer of development rights (TDR) for acquiring land in areas, where it has proposed infrastructure projects. The new norm is part of the Development Control and Promotion Regulations that was approved on December 10.

On December 6, the National Green Tribunal (NGT) had issued orders to ban construction activities up to 75 metres from the boundary of stormwater drains (SWDs), also referred to as rajakaluves. Aimed at preserving the Bellandur and Agara lakes that have become highly polluted, the decision by NGT implies serious trouble for those structures that have been built, following the old buffer zone rules. As per earlier NGT regulations, a buffer area of 50 metres for primary stormwater drains, 35 metres for secondary ones and buffer area of 25 metres for tertiary drains has been allowed. Karanataka government will file an appeal, seeking review of the recent ruling.

Cracking the whip on developers who have failed to deliver projects, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) on December 13 directed eight builders in the region to either complete 13 of their ongoing projects in a year or face legal action. The developers have reportedly assured the authority that they would deliver as many as 7,800 units across these 13 projects by the end of 2019 after a review meeting of their projects with UPRERA official.

In a report by the Urban Land Institute and PwC, India’s financial capital Mumbai has been ranked 13th among 22 Asian markets that have huge investment potential. Mumbai has emerged as the most attractive Indian city in the Asia Pacific region, followed by information technology capital Bengaluru and national capital New Delhi. In terms of development potential next year, Mumbai has ranked ninth while Bengaluru and New Delhi has been placed 14th and 13th, respectively.