17 Jun 2024

The Greater Noida Industrial Development Authority (GNIDA) demolished illegal structures in Tusyana village, reclaiming approximately 75,000 square metres of land worth an estimated INR 150 crore. Acting on the CEO's directives, bulldozers cleared ongoing unauthorised construction by local colonisers attempting to develop an illegal colony. The authority warned against land-grabbing, instructing vigilance and action against encroachments. Officials cautioned the public against investing in unauthorised colonies and advised verifying details with GNIDA before purchasing land in Greater Noida to avoid legal issues and unplanned development.Read more

14 Jun 2024

Colliers' 2023 Sustainability Report highlights its commitment to a greener future through climate action, diversity, and healthy workspaces. The firm achieved a 24.8% reduction in greenhouse gas emissions per square foot, validated by the Science Based Targets initiative. Women in management roles increased to 33.5%, and over 35% of large offices received a WELL Health-Safety Rating. In India, Colliers implemented eco-friendly practices and secured LEED and WELL certifications for several offices. The firm collaborates with real estate stakeholders to promote sustainable practices, helping clients achieve green certifications and mitigate environmental risks. Colliers sets a positive industry example, enhancing both business and environmental sustainability.Read more

14 Jun 2024

The long-delayed and controversial Mumbai-Goa highway, specifically the 84-kilometre stretch between Panvel and Indapur, is expected to be fully completed by December this year. This development promises improved connectivity and smoother travel between the two major cities. The ongoing project aims to enhance road infrastructure, ensuring safer and more efficient transportation for commuters. Anticipated to be finalized by the end of the year, the upgrade is expected to alleviate congestion and reduce travel time, providing a boost to regional connectivity and facilitating easier access for both local and long-distance travellers along this vital route.Read more

13 Jun 2024

India's infrastructure development is set to receive a significant boost with the collaboration between Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL). These two financial giants signed a Memorandum of Understanding (MoU) on June 3, 2024, to provide long-term funding for critical infrastructure projects across the country. The partnership aims to streamline financing for infrastructure projects, allowing for larger loans and attracting more investors. The MoU, signed by PNB's MD and CEO, Atul Kumar Goel, and IIFCL's MD, Padmanabhan Raja Jaishankar, is expected to unlock new funding avenues, propelling India's infrastructure growth.Read more

13 Jun 2024

Reliance Industries Limited (RIL) is launching a massive project to create a global economic hub in Navi Mumbai, covering 3,750 acres. Secured through a sub-lease for INR 13,400 crore, this development aims to decongest Mumbai and create a parallel economic engine. RIL plans to leverage its expertise in large-scale industrial projects to build a world-class facility focused on integrated digital services. The project will foster innovation, collaboration, and job creation, transforming Navi Mumbai into a thriving economic and industrial centre with advanced infrastructure and improved connectivity, especially with the new Mumbai Trans Harbour Link.Read more

12 Jun 2024

Residents of 14 high-rise apartments in Greater Noida West will soon receive visits from Noida Power Company Limited (NPCL) officials as part of a new multi-phase inspection program. Triggered by recent power outages affecting buildings like Panchsheel Hynish and Supertech Eco Village 1, the initiative aims to assess and improve the electrical infrastructure within these societies. NPCL teams will evaluate the capacity, maintenance, and safety of internal power networks, issuing notices for required repairs. This effort seeks to address resident concerns, enhance electrical safety, and reduce future outages, with plans to eventually inspect all 104 high-rises in the area.Read more

11 Jun 2024

The Central Railway carried out platform widening, and extension works at Thane and CSMT stations over the weekend to facilitate longer passenger trains. The work was carried out in a 36-hour shutdown from 1-2 June on the CSMT-Byculla and CSMT-Vadala Rd lines. Platforms 5 and 6 at Thane were widened using concrete blocks to ease passenger movement. Platforms 10 and 11 were extended at CSMT using a new signalling system. Over 250 workers completed the works within the shutdown period to resume train services on schedule.Read more

11 Jun 2024

With over 8,551 kilometres of new projects awarded in FY24 and a target to double that figure by FY25, India's road network is on an ambitious trajectory. The surge in toll revenue, predicted to exceed INR 1 lakh crore by 2028, is attracting Infrastructure Investment Trusts (InvITs) and unlocking new funding avenues. Backed by the government's asset monetization program, this road expansion promises a more connected, efficient, and prosperous India. As toll collections soar and investor confidence grows, the road sector emerges as a cornerstone of India's economic growth story.Read more

10 Jun 2024

The Brihanmumbai Municipal Corporation (BMC) recently demolished a 50-year-old bakery in Byculla, Mumbai, occupying 500 square meters of land owned by the civic body. The bakery, which had been operating in the Kamathipura area since 1974, was allegedly hindering the redevelopment process of the area. Despite being provided an alternate location in Goregaon by the BMC, the bakery owner continued to use both premises, leading to a legal battle. The court ultimately ruled in favour of the BMC, allowing the demolition to proceed under the supervision of 25 BMC officials and 20 police officers. The civic body has already issued a letter of intent for the redevelopment of the 3,400 square meter area, which includes 117 tenants, ensuring the creation of a 22-story rehabilitation wing, a 35-storey sale tower, and a new public playground. This case sets a precedent for the BMC's renewed efforts to reclaim illegally occupied plots across Mumbai for public benefit.Read more

07 Jun 2024

India's Global Capability Centres (GCCs) are experiencing a remarkable surge, with a 17% year-on-year increase in office space leasing to 22.5 million square feet in the financial year 2023-24. The growth is primarily driven by sectors like Engineering and Manufacturing, BFSI, and Technology, with GCCs accounting for a 29% share of total office leasing in the last quarter. Geographically, Bengaluru, Hyderabad, and Delhi NCR lead the GCC expansion. India's strategic focus on digital technology, coupled with its competitive talent and rental costs, are instrumental in attracting global players to establish and expand their GCC presence in the country. The report projects India to host over 1,900 GCCs by 2025, with a professional talent pool exceeding 2 million.Read more