09 Aug 2024

The extended Green Line of Namma Metro, from Nagasandra to Madavara, will begin commercial operations by October. This 3-km extension, part of Phase II, includes new stations at Manjunathnagar, Chikkabidarakallu, and Madavara. The Bangalore Metro Rail Corporation Limited (BMRCL) will start trial runs soon and expects an additional 25,000 to 30,000 riders. The construction at Madavara is nearing completion, with the hold of power supply almost finished and trial tests planned within the next few weeks. The extension will improve access to the Bangalore International Exhibition Centre and ease travel for passengers from nearby areas.Read more

09 Aug 2024

Gujarat International Finance Tec-City (GIFT City) has signed a Memorandum of Understanding (MoU) with the National Forensic Sciences University (NFSU) to advance skills in financial and cyber security. The partnership focuses on international arbitration, fraud investigation, data security, and anti-money laundering, aiming to enhance education, training, and research in these critical areas. A Centre of Excellence will be established to provide top-tier training and expertise to businesses within GIFT City, promoting innovation and excellence in India's premier smart city and International Financial Services Centre (IFSC).Read more

09 Aug 2024

MahaRERA is launching its new platform, MahaCRITI, at midnight on August 31. The updated website will enhance user experience with real-time data analytics and personalised dashboards for homebuyers, promoters, and agents. However, from August 13 to August 31, the current system will be offline, causing temporary interruptions: promoters and agents cannot submit new applications online, and homebuyers must file complaints manually. Online hearings for existing complaints will continue as usual. The overhaul, prompted by rising website traffic, aims to improve functionality and transparency in regulatory processes. The new platform will be operational starting August 31.Read more

08 Aug 2024

Aryan Khan, son of Shah Rukh Khan, has purchased two floors in South Delhi's Panchsheel Park for INR 37 crore, paying INR 2.64 crore in stamp duty. This property, previously owned by his parents, holds sentimental value. The transaction, registered in May 2024, signifies Aryan's connection to his family's roots. In parallel, Aryan is set to direct a web series titled Stardom, while his sister Suhana Khan has also been making notable investments and strides in the film industry. The Khan siblings are establishing their identities and expanding their family legacy in new directions.Read more

08 Aug 2024

Mumbai's Chhatrapati Shivaji Maharaj Terminus (CSMT) is set for a significant upgrade as Central Railway (CR) fast-tracks the extension of Platforms 12 and 13, moving the completion date from December to August. The extension will increase platform lengths to accommodate 24-coach trains, enhancing capacity by 20%. CR General Manager R.K. Yadav reported 40% of the work is complete, and the expedited timeline is due to simpler construction compared to past extensions. The upgrade aims to address overcrowding at CSMT, which handles over 1,200 local and 100 long-distance trains daily.Read more

08 Aug 2024

As India's 77th Independence Day approaches, premium resort costs are expected to rise by 15-60% due to a projected five-day weekend from August 15-19. Hotels such as The Oberoi Sukhvilas and ITC Grand Bharat have dramatically raised their prices, with the latter starting at INR 132,000 per night. Suryagarh Jaisalmer and Narendra Bhawan Bikaner both anticipate increased occupancy and pricing. The Radisson Hotel Group forecasts a 20% increase in resort demand, driven by travellers' desire for extraordinary experiences. Despite increased last-minute rates, hotels' appealing offerings are increasing interest, contributing to robust development in India's luxury hospitality sector.Read more

08 Aug 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to lease seven plots in Bandra-Kurla Complex (BKC) to raise approximately INR 5,497 crore for infrastructure projects. The plots, spread across commercial and residential uses, have reserve prices of INR 3.4 lakh and INR 3.5 lakh per square metre, respectively. Estimated revenues include INR 3,657 crore from commercial leases and INR 2,290 crore from residential ones. This initiative aims to support Mumbai's infrastructure amidst financial challenges, including a projected INR 75,000 crore cost for Metro projects. MMRDA's leasing strategy reflects its commitment to enhancing urban development and economic growth.Read more

07 Aug 2024

Real estate developer Ashar Group has set a new benchmark in Mumbai's luxury property market by selling a 9,527 square foot triplex apartment in The Legend by Ashar to Apco Infratech for INR 172 crore. Located in Pali Hill, Bandra, the triplex spans the top three floors of an 11-storey building, formerly the residence of actor Dilip Kumar. The sale price translates to a record INR 1,81,000 per square foot. The buyers paid INR 9.30 crore in stamp duty for the transaction, registered on July 23. The Legend by Ashar is expected to be completed by the end of 2027, with all necessary approvals from MahaRERA.Read more

07 Aug 2024

The Chennai Metropolitan Development Authority (CMDA) has introduced deemed No Objection Certificates (NOCs) for residential buildings taller than five floors or 18 metres, aiming to streamline approvals and accelerate construction. Since launching its online system in May 2022, CMDA's monthly approvals have doubled, but delays of up to 45 days were common. The new process reduces approval time to 30 days, with automatic NOC issuance if departments fail to respond within 10 days. This change is expected to speed up project timelines, benefiting developers and addressing Chennai's growing housing demand.Read more

07 Aug 2024

The Maharashtra government has reintroduced benefits for converting leasehold plots to freehold at a reduced rate, reinstating concessions that were briefly retracted in March. Under the new rules effective from June 28, housing societies can convert their plots by paying just 5% of the Ready Reckoner (RR) rate if they choose self-redevelopment, with a requirement to allocate 25% of new area to affordable housing under PMAY. Alternatively, a 10% RR rate fee is available for builder-driven redevelopments. This initiative impacts approximately 1,600 leasehold plots in Mumbai and 1,800 statewide, aiming to enhance property ownership and support affordable housing.Read more