28 Aug 2024

The Greater Noida Authority is raising the one-time rent for residential properties to 15 times the annual rent after September 15. Currently, the annual rent for residential properties and group housing is 1% of the total premium, with a one-time payment set at 11% of the total premium. For other property types, including industrial and commercial, the one-time rent will also increase significantly. The new rates will apply to new allotments made after June 15, while those who have already paid will not be affected.Read more

28 Aug 2024

The real estate sector in India is showing a more tempered but still positive outlook, according to the Knight Frank-NAREDCO Real Estate Sentiment Index Q2, 2024 report. While current and future sentiment scores have moderated from their all-time highs, the industry remains resilient, with notable activity in residential and office markets. Developers and financial institutions are adopting a cautious approach, anticipating potential macroeconomic and geopolitical developments that could impact market confidence, while remaining optimistic about the sector's long-term prospects.Read more

28 Aug 2024

The Western Railway and the Palghar collectorate have begun acquiring 122 properties for the fifth and sixth lines between Borivali and Virar, aimed at reducing stress on the fast corridor for the suburban trains. The project that is overseen by the Mumbai Rail Vikas Corporation (MRVC) and sanctioned at INR 2,184.02 crore, is scheduled to start by December 2027.The plans include constructing larger platforms at Vasai and several service buildings. Tenders have been awarded for various constructions, including the relay room, Foot Over Bridges, and major bridges. The work is progressing, with alignments, estimates, and designs finalized.Read more

27 Aug 2024

Mumbai Central Terminus, a century-old railway station, is set to undergo a transformative redevelopment worth an estimated INR 1,500 crore. The Rail Land Development Authority (RLDA) has devised a comprehensive plan to remodel the 32.5-acre premises, catering to the projected rise in footfall, enhancing passenger amenities, and integrating with other public transport modes. The redevelopment will also include the construction of skyscrapers for commercial and office spaces. The RLDA had earlier upgraded CSMT at a cost of INR 2,450 crore. Spearheaded by the Railway Ministry, the project aims to modernize Mumbai's infrastructure and contribute to the city's growth.Read more

27 Aug 2024

Bengaluru Metro has launched trial runs for the 3.14 km Green Line extension between Nagasandra and Madavara. Initial tests began on August 20, with trains operating at speeds of 3-35 km/h. Commercial operations are expected by the end of October, with potential public access by mid-September. The INR 298 crore project aims to alleviate traffic along Tumakuru Road, benefiting nearby areas like Nelamangala. Despite construction delays since 2017, major structural work is complete. Service disruptions are planned on specific dates, but the extension is set to significantly enhance Bengaluru's public transport infrastructure.Read more

27 Aug 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is launching the MahaRERA Complaint and Regulatory Integrated Technology Implementation (MahaCRITI) system on September 1. To ensure a smooth transition, MahaRERA will conduct classroom and virtual training sessions starting August 29. These sessions will guide stakeholders, including project promoters, developers, agents, and complainants, on using the new system's features, such as personalized dashboards and real-time assistance through AI chatbots. Training will cover registration, compliance, and complaint management. A second phase of training will follow the system's launch, providing additional guidance on routine tasks and issue resolution.Read more

26 Aug 2024

Andhra Pradesh Chief Minister N. Chandrababu Naidu has announced plans to establish 100 new industrial parks, each spanning 100 acres, to boost economic growth and attract investments. This initiative aims to expand the state's industrial base, currently supported by 53 parks, and focus on sectors like food processing, aquaculture, and horticulture. Naidu has directed a review of existing infrastructure and emphasised the need for development in underserved regions. Additionally, improvements in port infrastructure through Public-Private Partnerships (PPP) will support these new parks. The plan is set to create job opportunities, foster entrepreneurship, and position Andhra Pradesh as a manufacturing hub.Read more

26 Aug 2024

Bengaluru Metro Rail Corporation Limited (BMRCL) has launched a crucial geotechnical survey for Phase 3 of its metro expansion, costing INR 5.50 crore. This phase will add 44.65 kilometres of new routes, including a 32.15-km stretch from JP Nagar 4th Phase to Kempapura and a 12.5-km section from Hosahalli to Sunkadakatte Depot. The new network will intersect existing Blue and Red Lines and connect with the suburban rail system. Land acquisition for new stations is underway, and BMRCL is also exploring a double-decker metro line to enhance urban transit.Read more

26 Aug 2024

The Mumbai State Government is planning to redevelop the area around Mantralaya, Vidhan Bhavan, and ministers' bungalows into a modern complex named Mahavista, inspired by Delhi's Central Vista. The Public Works Department (PWD) will issue a global tender for innovative 3D designs to replace outdated structures, addressing space constraints and modernising facilities. With a deadline for design submissions set for August 26, the project aims to balance historical significance with contemporary functionality, potentially setting a new standard for government architecture and urban planning in Mumbai.Read more

26 Aug 2024

UP-RERA reviewed real estate projects that failed to upload essential maps and land documents on its portal, classifying them as "projects in abeyance." Chairman Sanjay Bhoosreddy highlighted the risks to buyers, as some promoters advertise RERA registration numbers without proper approvals, potentially misleading investors. The review identified approximately 400 non-compliant projects, with 160 lacking both maps and land records. UP-RERA has warned promoters to comply immediately or face punitive action. The authority advised buyers to avoid these projects until thorough due diligence ensures transparency and protects their interests.Read more