29 Apr 2024

Mahatma Jyotiba Phule Mandai, commonly known as Crawford Market, is undertaking a phased redevelopment. After undergoing Phase 1 renovations from 2015-2018, the heritage market is set to open this summer. The redevelopment includes the iconic fountain as well as an open space in its center, and the new market building will cater to fish and meat sellers. The project aims to enhance the market's appeal and functionality to visitors while preserving its historical significance. Once complete, the revitalized market will honor its past while gaining amenities to better serve customers for years to come.Read more

26 Apr 2024

The Bombay High Court upheld the Dahanu Taluka Environment Protection Authority's (DTEPA) order allowing the Jawaharlal Nehru Port Authority (JNPA) to develop a greenfield port at Vadhavan, Palghar district. It rejected petitions by Conservation Action Trust and National Fish-worker's Forum challenging the order. The court observed that DTEPA considered all relevant aspects and proposed mitigation measures. However, JNPA still needs clearances from various authorities. The court acknowledged DTEPA's earlier stance against a port in the 'ecologically fragile' Dahanu, but noted changes allowing ports in such areas. The INR 76,220 crore project, a JNPA-Maharashtra Maritime Board joint venture, spans 17,471 hectares.Read more

25 Apr 2024

The National Highways Authority of India (NHAI) aims to raise INR 54,000 crores through project-based funding and asset monetization in the upcoming financial year. In the 2024 fiscal year, NHAI accrued INR 38,334 crores from project-based financing and its monetization program, including Toll Operate Transfer (ToT) and Infrastructure Investment Trust (InVIT). ToT allows private companies to operate select highways, while InVIT pools investments for infrastructure projects, generating returns for investors. NHAI plans to monetize 33 highways across India, totaling 2471 kms, generating INR 49,314 crores in the previous fiscal year. With asset monetization remaining a key financial strategy, NHAI has raised INR 1.08 trillion out of its INR 1.60 trillion target. The road sector, aided by initiatives like InVIT, has witnessed significant growth, attracting global investors and driving economic development while modernizing India's transport network.Read more

24 Apr 2024

The Brihanmumbai Municipal Corporation (BMC) has identified 74 vulnerable landslide-prone areas in Mumbai, out of a total of 160. These areas, mostly natural hillocks and elevated lands, pose significant risks, with 15 in Ghatkopar, 9 in Kurla, and 5 in various other locations. The eastern suburbs have the highest number of vulnerable sections. Following a tragic landslide in Pune in 2017, the Geological Survey of India provided recommendations, prompting BMC to take action. Landslide-prone areas are categorized into high, medium, and low-risk zones, with population estimates for each. BMC's disaster management cell is training locals on landslide warnings and evacuation procedures. Recent incidents have led to temporary resettlement efforts.Read more

23 Apr 2024

Reliance MET City in Haryana's Jhajjar district exemplifies India's prowess in creating futuristic urban centers. Led by Reliance Industries Limited (RIL), the project boasts over 540 companies across diverse sectors, with a surge in plot bookings to INR 1913 crore in the past financial year. Featuring essential amenities like hospitals and schools, MET City aims to accommodate a diverse workforce while promoting a vibrant social environment and work-life balance. With a focus on sustainability, community development, and collaboration with Reliance Foundation, MET City emerges as a model for integrated, eco-friendly urban development, poised to drive economic growth and innovation in North India.Read more

22 Apr 2024

The BMC has initiated the alignment of Gokhale and Barfiwala bridges in Mumbai, addressing a six-foot gap between them. Supervised by IIT-B and VJTI experts, the process began with removing the top layer of Barfiwala flyover. Due to election regulations, the existing contractor for Gokhale bridge reconstruction will be responsible for merging the structures. The deadline for completion is set for June 30, with an allocated budget of INR 3 crore. VJTI confirmed the feasibility of merging without demolishing Barfiwala flyover, prioritizing structural integrity and public safety.Read more

22 Apr 2024

The government has announced an ambitious plan to significantly reduce the debt of the National Highways Authority of India (NHAI) from the current level of INR 3.4 trillion over the next five years. This is aimed at allowing NHAI to focus more on expanding India's national highway network by freeing it from huge debt servicing obligations. Key elements of the plan include prepaying old high-interest debt, swapping it with cheaper loans, utilizing funds raised through InVITs, and retiring bonds maturing between 2025-2030 followed by those extending up to 2040. The move comes as NHAI's debt has increased 14-fold since 2015 and a major portion of its budget now goes towards debt repayment instead of new construction.Read more

19 Apr 2024

The newly opened NaMo Grand Central Park in Thane is one of India's largest urban parks, spread over 25 acres. Inspired by the iconic Central Park in New York and Hyde Park in London, it features four themed gardens, a lake, amphitheater, children's play areas, and walking/jogging trails. The park aims to provide city residents access to nature and green space while also hosting cultural events. In its first two months it has attracted large crowds despite some challenges in transportation access and addressing specific needs across all ages.Read more

18 Apr 2024

The Coastal Road, inaugurated partially on March 12, has witnessed heavy traffic, with almost 4.5 lakh vehicles taking the route, averaging 19,500 vehicles per day. Efforts are underway to bridge the gap between the southbound arm's Worli end and the Bandra-Worli Sea Link. It is currently operating from Monday to Friday, 8 a.m.- 8 p.m., with restricted entry from Worli after 5 p.m. Residents note its impact on traffic flow, with ongoing efforts to address bottlenecks. The road promises to enhance connectivity and alleviate congestion, representing a significant advancement in Mumbai's transportation infrastructure.Read more

18 Apr 2024

The industrial and logistics sector in India has shown significant momentum in Q1 2024, according to a report by Savills India. Absorption rates soared to 13.5 million sq. ft., marking a 22.7% year-on-year increase from Q1 2023. Tier I cities dominated with 78% of the absorption, while tier II and III cities contributed 22%. Notably, 3PL and manufacturing sectors sustained demand, with FMCG also witnessing a surge. The report indicates a 4% rise in supply compared to Q1 2023, primarily driven by tier I cities. Grade A spaces, meeting ESG standards, attracted significant demand.Read more