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Chennai development body to e-auction plots along Outer Ring Road in January

Chennai Metropolitan Development Authority has announced e-auctioning of plots along Chennai Outer Ring Road in Jan, marking a step forward in transforming the 62-km corridor into a thriving eeconomic zone. Nearly 80% of work on the Master Plan for CORP is complete, say CMDA officials. CMDA aims to develop CORP into a vibrant economic corridor featuring premium housing, industries, warehousing, hotels and urban forests, with areas such as Minjur, Red Hills, Poonamallee, and Vandalur integrated with the third master plan. CORR, connecting Minjur in the north with Vandalur in the south, was part of the first master plan but areas along it remain largely underdeveloped. Now, CMDA plans to unlock its economic potential by concentrating on key infrastructure nodes such as Parandur airport, port near Minjur, Meenambakkam Airport and Kilambakkam terminus. Select parcels along CORR will be e-auctioned, said a CMDA official. The land parcels, located between Poonamallee and Vandalur, cover 20km. CMDA is also working on a comprehensive flood drainage plan While there are distinct plans for Poonamallee, Vandalur, Minjur, and Red Hills, the first is positioned to become a business district and multi-modal connectivity hub, thanks to its location near Bengaluru highway, metro connectivity and proximity to the planned Thirumazhisai New Town. Vandalur is set to evolve into a cosmopolitan hub, Minjur an industrial and multi-model hub with portal based development, while Red Hills is palnned as an eco-sensitive zone with urban forests. 

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Deep Financial Consultants director buys apartments for rs106cr in Mumbai Worli

Jagdish Naresh Master, prominent stock market investor and director of finanical services firm Deep Financial Consultants, has acquired a luxury sea view apartment in super premium residential tower in Mumbai plush Woril locality for over rs 106 crore. Interestingly his wife Urjita Jagdish Master also a stock market investor and director of Deep Financial Consultants too acquired a luxury apartment on the 59th floor of the same tower for over Rs 105 crore just last month. The newly purchased apartment is spread over a total of over 7,139 sq ft area in one of the wings of the tower Oberoi Three Sixty West on Dr Annie Besant Road and is on the 60th floor and 44th habitable floor. The transaction values the apartment at nearly Rs 1.50 lakh per sq ft ranking it among the most expensive deals for a residence anywhere in the country. The buyer has now paid over Rs 3.97 crore in stamp duty charges alone for the registration of the deal. As the same apartment has been transacted within three years of earlier registration that attracted stamp duty of Rs 2.86 crore, the new buyer has paid the differential stamp duty, showed the document accessed through Zapkey.com. This rule is aimed at aligning stamp duty payments with current property valuation and preventing revenue loss for the state government exchequer. Residential property sales in the top eight cities have soared to an unprecedented high in 2024, fuelled by strong demand across mid-income, premium and luxury segments. The year is also expected to conclude with an all-time high sales activity. Mumbai has been leading the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals. South and central Mumbai, home to India’s most expensive apartments, have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years. 
 

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Assam CM announces 300cr residental colony in AMCH

Construction of a residential colony at the prestigious Assam Medical College and Hospital (AMCH) in Dibrugarh was announced by chief minister Himanta Biswa Sarma on Tuesday. With an estimated investment of Rs 300 crore, the project aims to provide a significant boost to medical infrastructure in upper Assam. The announcement came during a comprehensive review meeting at AMCH, where CM assessed the existing facilities and infrastructure of the medical institution. AMCH principal and chief superintendent Dr Sanjeeb Kakati presented a detailed overview of the medical college's operations. The new residential colony at AMCH represents our commitment to improving healthcare infrastructure in Assam. This project will significantly enhance the living conditions for our medical staff and contribute to better healthcare delivery. The CM's visit to Dibrugarh was marked by multiple high-level meetings over various civic and safety concerns. Earlier in the day, he chaired a crucial road safety meeting at the CM's Secretariat, attended by top police officials, including DGP GP Singh, special DGP Harmeet Singh, commissioner and SPs from nine upper Assam districts. Emphasising the importance of road safety during the festive season, Sarma issued strict directives to law enforcement agencies. "We must maintain heightened vigilance until Jan 15 to prevent road accidents during the new year celebrations. There will be zero tolerance for drink driving and rash driving. We are looking at comprehensive solutions to address the waterlogging problem in Dibrugarh. Our govt is committed to improving the urban infrastructure and quality of life for residents. The CM concluded his three-day visit to Dibrugarh before departing for Guwahati.
 

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Government plans zero collateral housing laons for low annd middle  income groups

The government is firming up a zero-collateral housing loan scheme for low- and middle-income groups which will offer up to Rs 20 lakh with minimal documentation or third-party guarantee, said people familiar with the matter. Amendments to the Credit Risk Guarantee Fund Scheme for Low-Income Housing (CRGFTLIH) are being examined to pave the way for the scheme, they said, adding that the loan could have a tenure of 30 years. Under the existing provisions, housing loans up to Rs 8 lakh are eligible for guaranteed cover. "The idea is to make credit available for those homebuyers who do not have any documented income or minimal supporting documents. Talks are on between the ministries of finance and housing & urban affairs, National Housing Bank and other commercial banks to firm up the parameters such as eligible income and equated monthly instalment and net monthly income ratio. A bank executive said up to 70% of the loan amount in default will be guaranteed under CRGFTLIH. Changes to its operational guidelines dealing with the extent of the guarantee and coverage period are being examined. In August, the government increased the corpus fund of Credit Risk Guarantee Fund Trust (CRGFT) to Rs 3,000 crore from Rs 1,000 crore to provide benefit of credit risk guarantee on affordable housing loans to EWS and LIG households. Under Pradhan Mantri Awas Yojana-Urban 2.0, government assistance of Rs 2.30 lakh crore will be provided to 10 million urban poor and middle-class families through states or union territories to construct, purchase or rent a house at an affordable cost in urban areas in five years.
 

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Noida YEIDA completes 1400 registries for industrial plots

The Yamuna Expressway Industrial Development Authority (YEIDA) has executed 1,400 registries out of the 3,040 industrial plots allotted so far. The increasing interest in completing registries has been driven by the development of the upcoming Noida International Airport, which has significantly boosted the region's appeal. Officials said that over 1,200 of these registries were executed in the past one-and-a-half years alone. With these formalities now finalised, the allottees are expected to begin construction and make their industries operational within the next three to four years. Major industrialisation will be visible in the next three to four years when Apparel Park, Toy Park and Medical Devices Park become functional. YEIDA plans to issue fresh notices to remaining allottees, urging them to complete the registry process for plots where checklists have already been issued. According to the authority, the registry process, which was sluggish until 2022, has accelerated in recent years. Previously, only about 30 to 35 registries were completed annually. The industrial plots span key sectors such as 24, 28, 29, 32 and 33. In Sector 29's Apparel Park, 149 plots have been allotted, with 75 lease deeds executed so far.
 

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Supreme court issues landmark directives to curb illegal constructions

In a significant judgment, the Supreme Court on Tuesday said unauthorised constructions cannot be legitimised merely due to administrative delays, passage of time, or monetary investments and issued a slew of directions to curb illegal constructions. A bench comprising Justices J B Pardiwala and R Mahadevan said even the post-construction violations must trigger swift corrective action, including demolition of the illegal part and penalties for erring officials. The bench also upheld the demolition of unauthorised commercial constructions in a residential plot in Meerut, emphasising the need for strict adherence to urban planning laws and accountability of officials. The court issued a slew of comprehensive directions in larger public interest to streamline urban development and enforcement. All necessary service connections, such as, electricity, water supply and sewage, should be given by the service providers to the buildings only after the production of the completion and the occupation certificate, it said. The development must be in conformity with the zonal plan and usage and any modification to such plan and usage must be taken by strictly following the rules in place and in consideration of the larger public interest and the impact on the environment. Banks and financial institutions should sanction loan against any building as a security only after verifying the completion certificate. The top court directed its registrar to circulate a copy of judgment to all high courts to enable them to refer it while considering such disputes. The judgment pertained to the appeals, including the one filed by Rajendra Kumar Barjatya, against the Allahabad High Court's 2014 decision directing demolition of the illegal structures on a plot in Shastri Nagar, Meerut. 
 

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