16 Aug 2024

Astrea Real Estate Developers, a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres of land in Coimbatore for INR 370.17 crore, marking PML's second retail project in Tamil Nadu. The acquisition involved purchasing equity in several entities and direct land purchases. PML holds a 67.1% stake in Astrea, with Reco Zinnia holding 32.9%. The project is part of PML's strategy to expand its retail portfolio in major Indian cities. The development is expected to enhance Coimbatore's retail landscape, following the success of Phoenix MarketCity and Palladium in Chennai.Read more

16 Aug 2024

The Union Cabinet's approval of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, led by Prime Minister Narendra Modi, is a significant move towards providing affordable housing for all in India. With an investment of 10 lakh crore, including INR 2.30 lakh crore in government assistance, the scheme aims to benefit one crore urban poor and middle-class families over the next five years. Industry leaders have lauded the initiative for its potential to improve living standards, boost the real estate sector, create jobs, and drive economic growth. The scheme builds on the successes of its predecessor and sets new standards for urban development.Read more

16 Aug 2024

Maharashtra's new Logistics Policy aims to transform the state into a global logistics hub, targeting INR 30,573 crores in revenue and 500,000 jobs over the next five years. The policy seeks to reduce logistics costs from 14-15% of GDP to 10-11%, supported by the development of 10,000 acres of infrastructure. Key initiatives include the International Mega Logistics Hub in Navi Mumbai-Pune, costing INR 1,500 crores, and the Nagpur-Wardha National Mega Logistics Hub. With a focus on sustainability and technological integration, the policy also supports private investment and MSMEs, enhancing the state's competitive edge.Read more

16 Aug 2024

Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd's focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.Read more

15 Aug 2024

The Delhi High Court has appointed Mukesh Gupta, an advocate and former Vice Chairman of the Central Administrative Tribunal, as the arbitrator in a legal dispute between former cricketer Yuvraj Singh and Brilliant Etoile Private Limited. The case involves allegations of privacy violations and delays in delivering a INR 14 crore apartment in Hauz Khas. Singh claims the builder failed to meet quality standards and improperly used his image after a promotional agreement expired. The arbitration, under the Delhi International Arbitration Centre's guidelines, will address all factual and legal arguments raised by both parties.Read more

15 Aug 2024

The Mumbai Metro Rail Corporation (MMRCL) has started preliminary work on the Metro 11 underground corridor connecting Wadala to Regal Cinema, involving a geo-technical survey crucial for the Detailed Project Report. This revised route, passing through Byculla, Bhendi Bazar, and Crawford Market, aims to better serve high-density areas and commercial districts. Expected to cost INR 16,000 crore, the project will reduce reliance on buses and taxis in congested areas, offering a more efficient transportation alternative. The Japan International Cooperation Agency (JICA) is prepared to discuss funding once approvals are in place, marking a significant step in enhancing Mumbai's infrastructure.Read more

15 Aug 2024

As India celebrates 77 years of Independence, the real estate sector is buzzing with special offers from developers, reflecting strong homebuyer confidence. Siddha Sejal Group and Chandak Group are leading the charge with compelling deals on premium projects. Siddha Sejal Group's ALTAIRE COLLECTION at Siddha Sky in Sion NX is offering smartly designed residences with a 77% discount on stamp duty & registration rates. Chandak Group's 'Forever Homes Fiesta' provides attractive discounts across four prime projects. These offers make luxury living more accessible, allowing aspiring homeowners to secure their dream homes at unbeatable prices, while celebrating the spirit of freedom and prosperity.Read more

15 Aug 2024

Mumbai's Siddhivinayak Temple will receive a INR 500 crore upgrade to improve facilities for devotees during the Ganesh festival. Spearheaded by local politicians, the plan includes enhanced access via Mumbai Metro Line 3, new pathways, widened roads, and removal of nearby unauthorized structures. Vendors will be relocated, and new amenities like expanded shoe racks and restrooms will be added. Modern upgrades will feature new signage, Wi-Fi, and CCTV. The renovations aim to accommodate the temple's 40,000 daily visitors and enhance their festival experience.Read more

14 Aug 2024

UP-RERA has introduced new guidelines for Quarterly Project Reports (OPRs), allowing developers to submit reports without incurring late fees after uploading the Occupation or Completion Certificate. This aims to ease pressure on developers while ensuring compliance. However, all pending OPRs must be filed before applying for project registration extensions. UP-RERA will alert developers if OPRs are overdue, with late fees re-imposed if not addressed. These updates aim to enhance transparency and accountability, fostering better communication between developers and homebuyers, and ultimately leading to a more reliable housing market in Uttar Pradesh.Read more

14 Aug 2024

In a key meeting chaired by Lieutenant Governor VK Saxena, the Delhi Development Authority (DDA) introduced the Sasta Ghar Housing Scheme 2024, offering 34,000 affordable flats starting at INR 11.5 lakh for LIG and EWS families. The initiative includes flats in Ramgarh Colony, Siraspur, Loknayakpuram, Rohini, and Narela. Additionally, the DDA announced the General Housing Scheme 2024, the Dwarka Housing Scheme 2024 with e-auction flats, and several community development measures. These steps aim to improve housing access and living conditions across Delhi, benefiting economically disadvantaged residents.Read more