PNT Reporter

10 Dec 2024

The Capital Region Development Authority (CRDA) announced plans to invite tenders for various projects totaling INR 11,467 crore, including significant construction works in Amaravati. During the 41st CRDA meeting chaired by Chief Minister Chandrababu Naidu, approvals were granted for the construction of 360 kilometers of trunk roads costing INR 2,498 crore, along with reservoirs and gravity canals valued at INR 1,585 crore. Additionally, residential complexes for officers will be constructed with a budget of INR 3,523 crore. The Minister for Municipal Administration and Urban Development confirmed that tenders for these projects would be issued immediately, with work set to begin in January.Read more

PNT Reporter

10 Dec 2024

Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.Read more

PNT Reporter

10 Dec 2024

The Union Ministry of Housing and Urban Affairs has received 28 proposals from 23 states for the creation of new cities, in line with the central government's initiative to address urbanization. In February 2021, the government announced plans to develop eight new cities with an allocation of INR 8,000 crore. The 15th Finance Commission recommended funding of INR 1,000 crore per city. An expert committee was formed to finalize bid parameters, and after the North-Eastern states submitted revised proposals, 28 proposals were received. These submissions are under review by the relevant authorities.Read more

PNT Reporter

09 Dec 2024

The Uttar Pradesh government, through the Yamuna Expressway Industrial Development Authority (YEIDA), has launched a township in Sector-24A, Noida, just 15 minutes from Jewar International Airport. Offering 451 residential plots of various sizes at a competitive price of INR 25,900 per square metre, the project aims to provide affordable housing and boost regional economic growth. Notably, 17.5% of the plots are reserved for farmers. The township's strategic location near Film City and the MotoGP track enhances its appeal. With registrations surpassing 34,000 and a lottery scheduled for December 27, this initiative is set to transform the area's real estate and economic landscape.Read more

PNT Reporter

09 Dec 2024

Kolkata's first metro link to the airport is nearing completion, with trial runs for the 7-kilometre Noapara-Jai Hind stretch starting in December 2024 and an official launch set for March 2025. Part of the Yellow Line's Phase I expansion, the link aims to ease traffic congestion and provide a seamless commute for air travelers. Multi-line connectivity will enhance access from both southern and northern Kolkata, reducing dependency on taxis and private vehicles. With key infrastructure like fire doors and travelators being finalized, the project aligns with global urban mobility trends, promising enhanced transportation, tourism, and economic growth for the city.Read more

PNT Reporter

09 Dec 2024

Bollywood actor Shraddha Kapoor has leased a luxurious apartment in Mumbai's upscale Juhu area for a monthly rent of INR 6 lakh. The apartment, spanning 3,929 square feet, is located on the third floor of a high-end residential tower. Kapoor has paid the full rental amount for the 12-month lease term in advance. The deal, which was registered earlier this week, also includes access to four car parking spaces. Juhu remains a sought-after location for Bollywood celebrities, known for its proximity to the beach and premium amenities.Read more

PNT Reporter

06 Dec 2024

BEML Ltd has secured a INR 3,658 crore contract from Chennai Metro Rail Ltd (CMRL) for the design, manufacture, supply, testing, and commissioning of Standard Gauge Metro Rolling Stock. The project includes 210 metro cars, to be delivered as 70 three-car train sets, and a 15-year maintenance contract. These trains will operate in Unattended Train Operation (UTO) mode, serving three major corridors. The entire metro network will span 118.9 km, with delivery starting in January 2027 and completion by April 2029.Read more

PNT Reporter

06 Dec 2024

The Tamil Nadu government's plan to develop a greenfield airport at Hosur has been hindered by a policy from the Centre. The proposed location falls within 150 km of Bengaluru airport, where no new airports can be developed until 2033 due to a concession agreement between the Civil Aviation Ministry and Bangalore International Airport Ltd. Meanwhile, Tamil Nadu is advancing plans for a new airport at Parandur, 65 km from Chennai, with an investment of INR 20,000 crore. Additionally, plans are underway to expand Salem airport to accommodate larger aircraft.Read more

PNT Reporter

06 Dec 2024

Starting December 1, Goa's Tenant Verification Act mandates landlords to verify tenants or face a fine of INR 10,000. Enforced to curb rising criminal activities involving non-residents, the law emphasises community safety and accountability. Chief Minister Pramod Sawant highlighted its importance in addressing security concerns, supported by a state-wide police drive examining 200,000 tenants since September. Landlords must now collect identification documents and conduct basic background checks before renting properties. While compliance challenges may initially impact the rental market, the government plans to offer workshops and resources to ease the process, aiming to foster a safer environment across the state.Read more

Parvinder Singh , CEO, Trident Realty

06 Dec 2024

The Delhi-NCR real estate sector faces significant challenges from air pollution, leading to construction bans under the Graded Response Action Plan (GRAP). These restrictions cause delays, disrupt cash flows, and lead to labor shortages, complicating developers' commitments under RERA regulations. To adapt, developers can use prefabricated materials to reduce waste and emissions, implement pollution control measures like dust-absorbing barriers and anti-smog guns, and focus on low-pollution tasks such as interior work during bans. Engaging with authorities to seek exemptions for compliant projects and conducting public awareness campaigns can also help. Embracing sustainable practices ensures project continuity while contributing to environmental responsibility, striking a balance between development and ecological priorities.Read more