12 Sep 2024

Mumbai Metro Rail Corporation (MMRC) hosted a site visit for Japan's House of Councillors members, including Mr. Kazuhiko AOKI, at BKC station of Metro Line-3. Senior officials from MMRC briefed the delegation on the project's progress, challenges, and its potential to revolutionise Mumbai's connectivity. Following the briefing, the members rode the Metro Line-3 from BKC to Marol Naka. They expressed approval of the project's advancement and the effective utilisation of Japan's Official Development Assistance (ODA), which significantly contributes to improving city mobility and access.Read more

12 Sep 2024

Bollywood director Karan Johar has signed a three-year lease for a luxury duplex in Mumbai's Bandra West, renting a condo on the 2nd and 3rd floors of a Pali Hill tower for INR 8.10 lakh monthly, rising to INR 8.93 lakh in the third year. The total rental value over three years exceeds INR 3.06 crore. Johar also leased his Bandra apartment to actor Imran Khan for INR 9 lakh monthly. High-end properties in Mumbai's prime areas, like Bandra and Worli, are in high demand, driving up rental prices due to limited availability and the growing allure of luxury living.Read more

11 Sep 2024

IBM has renewed its lease for 830,000 square feet in Bengaluru's Embassy Golf Links Business Park, marking a significant office leasing transaction in India this year. The ten-year lease, costing INR 143 crore annually, involves a monthly rate of INR 140 per square foot, with planned escalations of 12% and 15% after five and eight years, respectively. Despite the rise of remote work, demand for office space remains strong, with India's leasing market up 19% in the first half of 2024. IBM's continued expansion underscores the importance of physical office environments amid evolving work trends.Read more

11 Sep 2024

The Chennai Metro Rail Limited (CMRL) plans to develop commercial properties around phase-two metro stations at key locations, including Thirumangalam, Alandur, Vadapalani, KK Nagar, Mandaveli, Anna Nagar West, Thousand Lights, and Koyambedu. These developments aim to integrate the public transit with the commercial spaces, enabling the passengers to access the workplaces and the shopping complexes directly from the stations via walkways or subways. CMRL is seeking the state government funds and collaborating with agencies like MTC and CMDA. This initiative is part of a transit-oriented development strategy to boost non-fare revenue, which increased by 65% in 2022-2023, aiding financial sustainability.Read more

11 Sep 2024

The Union Cabinet has approved a new 309 km rail line connecting Indore and Manmad. This project will cost over INR 18,000 crore. It will create the shortest rail route between Mumbai and Indore. The rail line will pass through six districts in Maharashtra and Madhya Pradesh. The project is expected to be completed in seven to eight years, i.e. it will be completed by 2027. The project will introduce 30 new stations and benefit about 30 lakh people. It aims to improve connectivity, increase freight traffic, and promote tourism in the region.Read more

10 Sep 2024

Godrej Properties Limited (GPL) has emerged as the top bidder in a recent e-auction by Haryana Shehri Vikas Pradhikaran (HSVP), securing two prime plots in Gurugram for INR 515 crore. The 3.6-acre plot on Golf Course Road and the 1.97-acre plot in Sector 39 offer opportunities to develop over 1 million square feet of residential space, potentially generating revenues exceeding INR 3,400 crore. This acquisition aligns with GPL's strategy to expand its footprint in key markets. The projects, set to launch in fiscal year 2025, reflect growing demand and infrastructure improvements in Gurugram.Read more

10 Sep 2024

The National Buildings Construction Corporation (NBCC) has achieved a significant milestone by selling 1.81 lakh square feet of commercial space at World Trade Centre (WTC), Nauroji Nagar, for INR 908.48 crore. The auction saw public sector undertakings acquiring 1.21 lakh square feet for INR 596.25 crore, while private buyers obtained 0.60 lakh square feet for INR 312.23 crore. This sale, marked by a high price of INR 62,261 per square foot, is part of NBCC's larger urban redevelopment project replacing 628 old government quarters with modern infrastructure, furthering Delhi's commercial growth.Read more

10 Sep 2024

The Indian government has approved the transfer of 256 acres of salt pan land in Mumbai to the Maharashtra government, advancing the Dharavi Redevelopment Project. This Union Cabinet decision supports the creation of rental housing for Dharavi's slum dwellers. The land, situated in Kanjurmarg, Wadala, and Mulund, will be leased for 99 years to facilitate the project. Aimed at improving living conditions for over one million residents, this initiative marks a crucial step in addressing Mumbai's urban housing challenges while ensuring transparency and accountability in its execution.Read more

10 Sep 2024

Ashley Biharilal Nagpal, promoter of furniture brand EBCO, and his wife, Bianca A Nagpal, purchased a luxurious apartment in Mumbai's Oberoi 360 West for over INR 115.5 crore. The 7,139 sq. ft. residence, located on the 60th floor, is priced at approximately INR 1.62 lakh per sq. ft., making it one of India's most significant residential deals. This transaction, finalized on August 28, highlights Mumbai's booming luxury real estate market, which continues to break records amid strong demand from high-net-worth individuals.Read more

09 Sep 2024

The Cabinet recently approved three major railway projects worth nearly INR 6,500 crore. These include two new rail lines and one multi-tracking project, expected to be completed by 2028-29. The projects will cover seven districts across Odisha, Jharkhand, Chhattisgarh, and West Bengal, adding nearly 300 route kilometers to the Indian Railways network. Key projects include a new line between Jamshedpur and Asansol, line doubling between Sardega and Bhalumuda. These initiatives will enhance connectivity, particularly for freight transport, benefiting around 1,300 villages and 30 lakh people. The projects will also reduce carbon emissions equivalent to planting 9.7 crore trees.Read more