20 Sep 2024

Earlier this week, Chief Minister Eknath Shinde outlined several key developments, including the anticipated September launch of the first phase of Metro 3, connecting Bandra Kurla Complex with Aarey, with the second phase due in a year. He also committed to reducing Mumbai's slum population by building three million affordable homes, with MMRDA, CIDCO, and MHADA spearheading the effort alongside private developers. Shinde highlighted the role of increased housing supply in potentially lowering real estate prices and shared plans to unveil major infrastructure projects before the assembly elections, which are projected to occur in two phases in November.Read more

20 Sep 2024

Shri Ajoy Mehta, Chairman of Maharashtra Real Estate Regulatory Authority (MahaRERA), retires today, marking the end of an impactful career in public administration. His roles included Maharashtra's Chief Secretary, Commissioner of the Municipal Corporation of Greater Mumbai, and head of state power companies, where he introduced key reforms. During the COVID-19 pandemic, Mehta implemented a successful medical strategy that earned global recognition. As MahaRERA Chairman since 2021, he enhanced transparency in the real estate sector, empowered homebuyers, and introduced mandatory disclosures for developers. His tenure has left a lasting legacy in public health, urban planning, and real estate regulation, setting benchmarks for future governance.Read more

19 Sep 2024

Sumitomo, a leading Japanese real estate developer, recently acquired a 2-acre land parcel in Worli, Mumbai, from Bombay Dyeing for INR 440 crore, enhancing its presence in India. Earlier in 2023, Sumitomo completed one of the year's biggest deals by purchasing a 22-acre land parcel in Worli for INR 5,200 crore through its subsidiary, Goisu Realty. Additionally, Goisu Realty leased 3 acres in the Bandra-Kurla Complex (BKC) for 80 years, at over INR 2,067 crore. These investments underscore India's growing appeal to foreign investors and Sumitomo's focus on India's rapid urbanization.Read more

19 Sep 2024

Chief Minister Eknath Shinde recently inaugurated the bow-string arch bridge in Mumbai, connecting Marine Drive to Bandra, as part of the Coastal Road project aimed at reducing travel time. The bridge, operational since 13th September, has significantly cut travel time to ten minutes and will be open to northbound traffic on weekdays. Mr. Shinde highlighted the bridge's impact on reducing South Mumbai's traffic and announced future extensions to Versova, Bhayander, Virar, and Palghar. The project, including its connection to Vadhvan Port, marks a major milestone in Mumbai's infrastructure and transportation network.Read more

19 Sep 2024

Earlier this month, Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, announced its acquisition of a land parcel from Hindalco Industries Limited. This transaction, finalised in September 2024, involves a plot located in the Mumbai Metropolitan Region. The company plans to develop a mixed-use project on the site, which spans approximately 24.5 acres. The deal, which included a stamp duty of INR 37.61 crore and a registration fee of INR 30,000, signifies a strategic expansion in Birla Estates' real estate portfolio, aiming to leverage the growing potential of the area.Read more

18 Sep 2024

Union Minister Nitin Gadkari recently announced the government's goal to clear INR 2 lakh crore worth of highway projects by December 2024, despite the National Highways Authority of India's (NHAI) rising debt and reliance on budgetary funds. Projects worth INR 51,000 crore have already been approved, with additional projects under review. To address funding, the government will utilize alternatives like toll-operate-transfer (TOT) and infrastructure investment trusts (InvITs). While the Bharatmala Pariyojana project won't receive new approvals in 2024-25, the remaining 8,375 kilometers will be integrated into Vision 2047. Gadkari also discussed future satellite-based tolling systems.Read more

18 Sep 2024

The Ahmedabad Municipal Corporation (AMC) seized the Highland building on CG Road after property taxes of INR 1.84 crore remained unpaid for the 2023-24 fiscal year. Despite multiple notices, the owner or occupant did not settle the dues. Following an unsuccessful auction to recover the outstanding amount, the AMC took over the property. This action reinforces the AMC's commitment to enforcing property tax regulations, emphasizing the importance of timely payments to support municipal services and infrastructure development.Read more

18 Sep 2024

NAREDCO has proposed key regulatory changes to address height restrictions imposed by aviation rules in major cities like Mumbai, Chennai, and Kolkata. In a recent meeting, NAREDCO advocated for relocating aviation facilities away from central urban areas, extending shielding benefits to include buildings, and using more accurate contour data for height regulation. They also suggested conducting aeronautical studies as an alternative to demolishing buildings that breach height limits and called for flexibility in approach surface regulations. Additionally, NAREDCO reminded the government of two previously unimplemented recommendations and stressed the necessity of these reforms to effectively balance real estate growth with aviation safety.Read more

17 Sep 2024

Suzlon Energy has sold its headquarters, One Earth in Hadapsar, Pune, for INR 440 crore to OE Business Park Pvt Ltd, supported by 360 ONE Alternates Asset Management. The company has leased back the property for up to five years, with the option to sublease parts of it. This sale-and-leaseback transaction is part of Suzlon's strategy to adopt an asset-light model, freeing up capital to support its growing 4 GW order book and drive long-term growth. The move aligns with Suzlon's goal of maintaining operational stability and creating sustainable value for its stakeholders.Read more

17 Sep 2024

During its 54th board meeting, the Himachal Pradesh Urban Development Authority (HIMUDA), chaired by Town and Country Planning Minister Rajesh Dharmani, sanctioned several significant projects. These include a new drinking water supply line and a 15-lakh-litre water tank for Mountain City Jathiya Devi, six 3-BHK deluxe flats in Bilaspur, six 2-BHK flats in Shimla, and two twin towers with 24 3-BHK flats in Solan. The board also decided to implement a standard operating procedure for land acquisition and reviewed various ongoing and planned projects. Dharmani emphasised the need for timely execution, innovative solutions, and resolving land disputes to ensure project success.Read more