Realty News Roundup: Single-Window Clearance System For Building Permissions Soon; PropTiger.com Launches Online Property Sale 'YoHo'
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
Top News
The Centre has announced to set up a single-window clearance system to provide building permissions and lay out approvals. At a summit organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) , Union Urban Development Minister M. Venkaiah Naidu said the system would be launched by early 2016. At the same event, Nandita Chatterjee, secretary, Ministry of Housing and Urban Poverty Alleviation (HUPA) , urged real estate builders to develop a mobile app to show the property location to their prospective customers. Read more.
In another development, National Buildings Construction Corporation Ltd (NBCC) has said that it will launch an online real estate portal by mid-November. NBCC Chairman and Managing Director AK Mittal said that the portal would list half a million properties in the next one-two years. Read more.
Real estate advisory firm PropTiger.com has launched online property sale YOHO (Your Home) in the Delhi-National Capital Region (NCR) . The sale will showcase 4-D view of listed properties. According to this report on PropGuide, YOHO will run from September 17 to 23 on PropTiger.com and Makaan.com.
Off the front page
The commercial real estate market in India is showing more green shoots. In what could be the biggest deals in India's commercial real estate leasing, pharmaceutical firm Abbott India has reportedly bought an office space in Mumbai's Bandra-Kurla Complex for Rs 1,400 crore. Read more.
Online real estate analytics platform PropEquity has released a list of 19 best Tier-II cities in India. The list ranks Kochi number one real estate market. The study has considered demand for homes and better project execution among other factors while ranking the cities. Click here to know the status of other cities.
Fashion TV has announced its fourth branded luxury home project in India. The Lucknow-based new project will be developed by New Modern Buildwell, with an investment of Rs 1,000 crore. Read more.
Opinion
"It's time to give India's real estate sector a volume boost, and low-cost construction and affordable homes are the way to go. It is not only a political agenda for governments but also an economic necessity for the country," says Niranjan Hiranandani, Co-founder and Managing Director, Hiranandani Group, in this article in Business World. Read here.