05 Sep 2024

The Mumbai Metropolitan Region Development Authority (MMRDA), in collaboration with the Slum Rehabilitation Authority (SRA), has launched a major redevelopment initiative for slum dwellers in Mata Ramabai Ambedkar Nagar, Kamaraj Nagar, and Nalanda Nagar. Rent cheques are being distributed, with residential tenants receiving INR 15,000 per month and commercial property holders up to INR 35,000. Eligible residents will also receive free 300 square feet homes with modern amenities and earthquake-resistant features. The project, aimed at improving living standards and supporting local businesses, includes the development of a Business District Center and various community facilities. The initiative highlights MMRDA's commitment to sustainable urban development.Read more

05 Sep 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) launched its new website, MahaCRITI, on September 1. This platform, designed for streamlined complaint filing and regulatory processes, includes instructional videos to aid users. Training sessions for stakeholders, including developers, agents, and lawyers, have been ongoing, covering registration, project updates, and complaint filing. To date, 550 developers, 350 agents, and over 250 lawyers have participated in the training. The website has seen 2,766 users change passwords, 581 promoters update their information, and 17 homebuyer complaints filed. The platform aims to enhance efficiency in real estate transactions and regulatory compliance.Read more

04 Sep 2024

The Asian Infrastructure Investment Bank (AIIB) has approved a INR 914 crore loan for Kochi Metro's Phase II, specifically for the Pink Line, connecting JLN Stadium to Infopark. Kochi Metro Rail Limited (KMRL) initiated construction in July with state funds due to delayed AIIB funding, and will sign the loan contract in October. Afcons Infrastructure Ltd will build the 11.2 km via duct for INR 1,141 crore, aiming to complete it within 20 months. The Pink Line, costing INR 1,957 crore in total, includes ten new stations, with system and signaling work expected to finish four months afterward.Read more

04 Sep 2024

Cognizant is reportedly considering selling its Chennai headquarters, located on a 15-acre parcel in Okkiyam Thoraipakkam within Chennai's IT Corridor. The 400,000 square-foot property, expected to fetch INR 750-800 crore, has been listed with international property consultant JLL. The company aims to vacate the premises by year-end, consolidating operations into other city campuses. This move follows Cognizant's strategy to streamline operations and reduce non-core real estate holdings, as seen in their recent sales of offices in Hyderabad and Chennai's Siruseri. Meanwhile, Cognizant faces a legal probe in Maharashtra over allegations of bribery involving L&T and environmental permits for their Pune campus, stemming from a 2013-14 incident.Read more

04 Sep 2024

The Navi Mumbai Municipal Corporation (NMMC) has implemented strict measures to curb noise and air pollution caused by ongoing construction and redevelopment projects within its jurisdiction. In response to citizen complaints and a directive from the Mumbai High Court, NMMC Commissioner Dr. Kailas Shinde formed a committee to develop a Standard Operating Procedure (SOP) for pollution control and safe blasting practices. The SOP, approved on July 26, 2024, includes guidelines for monitoring construction sites, with local officers required to conduct weekly inspections until foundation work is complete. Violations will result in legal action under relevant laws, reinforcing NMMC's commitment to minimizing environmental impact and ensuring public safety.Read more

03 Sep 2024

India's real estate sector is rapidly embracing sustainability, driven by mandatory reporting regulations from SEBI. In Q2 2024, green-certified office space leasing soared to 13 million square feet, encompassing 826 transactions. Major industries, including technology and manufacturing, are leading this shift, with 70-80% of their leasing focused on green buildings. Bengaluru and Mumbai dominate, holding 75% of the market share. SEBI's new ESG disclosure rules are expected to further boost green building adoption. Nearly 67% of Grade A office spaces in top cities are now green-certified, reflecting a significant industry trend towards sustainability.Read more

03 Sep 2024

Bollywood actress and politician Kangana Ranaut has purchased an office space in Mumbai's Andheri suburb for over INR 1.56 crore. The 407-square-foot property, located on the 19th floor of a commercial project under construction, was bought at INR 38,391 per square foot. The purchase required a stamp duty payment of around INR 9.37 lakh. Ranaut's acquisition highlights a growing trend among high-net-worth individuals and celebrities investing in real estate as a stable asset. This move aligns her with other Bollywood stars who have diversified their portfolios through strategic property investments in Mumbai's lucrative market.Read more

03 Sep 2024

Earlier this month, the Navi Mumbai Municipal Corporation (NMMC) and CIDCO conducted a demolition operation in Ghansoli, Navi Mumbai, targeting unauthorized constructions. Despite prior notices from the Encroachment Department, the concerned parties failed to address the issue, prompting punitive action under the directives of Commissioner Dr. Kailas Shinde and guidance of Dr. Rahul Gethe. The operation dismantled an illegal structure at Dattnagar, Ghansoli Village, belonging to Smt. Jaywanti Halya Mhatre and others, and two unauthorized shops in Ghansoli Nagar. The demolition involved heavy machinery and was supported by police and municipal officials. These actions highlight NMMC's commitment to enforcing municipal regulations and curbing illegal construction activities in the city.Read more

02 Sep 2024

India has become a top destination for Global Capability Centers (GCCs), with firms leasing nearly 53 million square feet of office space in major cities since 2022, according to a CBRE and Zyoin report. The report reveals that 67% of GCCs intend to expand their office space by at least 10% over the next two years, underscoring strong future demand. GCCs accounted for 37% of total office leasing in H1 2024, highlighting their growing influence in the real estate market. This trend is driven by India's skilled workforce, cost-effectiveness, and supportive government policies, positioning the country as a prime hub for global business.Read more

02 Sep 2024

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has urged homebuyers to file claims swiftly following the Corporate Insolvency Resolution Process (CIRP) initiated against Supertech Realtors, Ajnara Realtech, Rudra Buildwell Constructions, and others by the National Company Law Tribunal (NCLT). With pending complaints and enforcement proceedings suspended, homebuyers must submit claims to the appointed Insolvency Resolution Professional (IRP) to avoid financial losses. UP-RERA's intervention highlights the ongoing challenges in India's real estate sector and underscores the importance of timely action to protect consumer rights.Read more