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Mumbai Metro launches WhatsApp Ticketing service for enhanced commuter experience

Maha Mumbai Metro Operations Corporation Ltd. has unveiled a groundbreaking WhatsApp-based ticketing service, aimed at enhancing commuter convenience and efficiency. Inaugurated by women commuters during the Navratri celebrations, this service is available on Metro Lines 2A and 7. It enables passengers to purchase tickets effortlessly through WhatsApp, fostering digital adoption and promoting eco-friendly practices. Commuters can generate multiple tickets in one transaction, making group travel even more convenient....
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PM Modi celebrates Gati Shakti's success in streamlining India's infrastructure development

Prime Minister Narendra Modi has praised the achievements of the PM Gati Shakti National Master Plan for Multimodal Connectivity, which has significantly enhanced infrastructure efficiency over the past three years. Launched in October 2021, the initiative integrates various infrastructure schemes from different ministries and state governments, improving seamless movement of goods and addressing supply chain bottlenecks. The plan has identified numerous infrastructure gaps and aims to develop sustainable solutions, ultimately fostering entrepreneurship and innovation across India....
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Madhya Pradesh launches "Sampada-2.0" for e-registration and e-stamping of property documents

Chief Minister Mohan Yadav inaugurated the "Sampada-2.0" project, a new technology-driven system for e-registration and e-stamping of property documents in Madhya Pradesh. The initiative aims to simplify the property registration process, allowing citizens to complete transactions online from within the state, outside it, or even abroad. This digital system is designed to save time, reduce unnecessary fees, and eliminate corruption. Yadav emphasized that "Sampada-2.0" aligns with Prime Minister Modi's vision of making daily life easier through technology, and he expressed confidence that this innovation will set a benchmark for the entire country....
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Deal News

A residential flat spanning 1,053 square feet sold in Godrej City - Woods in Raigad's Rasayani for INR 1.3 crores

• A residential flat spanning 963 square feet sold in Kalpana The Olympia in Raigad's Panvel for INR 1.2 crores
• A residential flat spanning 805 square feet sold in Tharwani Palladian in Raigad's Kharghar for INR 92.97 lakhs
• A residential flat spanning 1,015 square feet sold in CIDCO Valley Ship in Raigad's Kharghar for INR 81.25 lakhs
• A residential flat spanning 748 square feet sold in Aniruddha Heights in Raigad's Kamothe for INR 78 lakhs
• A residential flat spanning 1,053 square feet sold in Godrej City - Woods in Raigad's Rasayani for INR 1.3 crores

Bank Auctions

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Residential
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Vastral, Ahemdabad

ICICI Bank is auctioning a flat in Vastral, Ahmedabad, on November 15, 2024. The auction will be held from 11:00 AM to 12:45 PM, providing a prime opportunity to invest in a desirable location.

EMD: ₹ 481000

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Builders & Projects

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Mumbai: Transcon delivers 148 SRA units to Santacruz residents

Transcon Developers has successfully delivered 148 SRA units to residents of Sai Durga SRA Co-operative Housing Society in Santacruz (W), Mumbai, as part of their Ramdev Plaza project. This milestone was celebrated in a ceremony attended by Shri Ashish Shelar, who praised Transcon's dedication to improving urban living. Director Shraddha Kedia-Agarwal expressed Transcon's commitment to providing sustainable, quality housing for the community. Designed with functionality and comfort, these units offer essential amenities and a secure environment. This accomplishment reinforces Transcon's focus on social responsibility and aligns with its mission to collaborate with authorities and deliver impactful projects that elevate urban living standards in Mumbai....
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Godrej Properties secures six new land parcels worth INR 9,650 crore for housing projects

Godrej Properties has made significant strides in its growth by acquiring six new land parcels in the July-September quarter, aimed at developing housing projects worth INR 9,650 crore. This acquisition reflects the company's strategy to expand in the midst of rising housing demand driven by urbanization. Utilizing a combination of direct purchases and partnerships for joint development, Godrej has also secured a total of eight new parcels this fiscal year, offering an estimated saleable area of 11 million square feet and a potential booking value of INR 12,650 crore. With 63 percent of its annual land acquisition target already met, Godrej is reinforcing its market position....
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OYO's Innov8 enters the managed office space market

OYO-owned Innov8 has launched a new vertical in the managed office space sector, signaling its expansion into this growing market. With plans to add 4 million square feet of managed office space in India over the next three years, the startup is investing INR 50 crore to develop high-quality infrastructure. Innov8 aims to construct Grade A buildings featuring premium amenities, including a significant project in Mumbai. Established in 2015 by Malik, Innov8 currently operates in nine cities, serving over 350 brands, including notable names like Swiggy and PhonePe. OYO acquired the company in 2019 for approximately INR 220 crore (USD 31.84 million)....
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Oberoi Realty receives NCLT approval for Nirmal Realty takeover

In August 2024, Oberoi Realty received approval from the National Company Law Tribunal (NCLT) to acquire Nirmal Lifestyle through the corporate insolvency resolution process. Nirmal Lifestyle holds rights to over 20,000 square meters of land in Mulund West, Mumbai, located adjacent to Oberoi's Eternia project, offering valuable expansion potential. Oberoi Realty will settle Nirmal's INR 273 crore debt, purchasing the company's equity for INR 1 lakh, making Nirmal Lifestyle a fully-owned subsidiary. Additionally, Oberoi plans to raise INR 6,000 crore to fund future projects through phased issuance of shares and other instruments. With these moves, Oberoi Realty is strengthening its foothold in Mumbai's competitive real estate market, enhancing its growth outlook, especially in suburban and high-growth regions....
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Trending Project

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Sea Krest

Mumbai City, India

By Sugee Group

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Law & Policy

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Goa revamps land rates to boost revenue and attract investment

The Goa revenue department has announced plans to revise land rates after a four-year interval, aiming to capitalise on the growing interest from high-net-worth individuals. A committee has been established to analyse and recommend updated base rates for various land categories, while ensuring ease of business in the registration process. Following a significant increase in property rates in coastal talukas, this initiative seeks to enhance government revenue and streamline property transactions....
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GDA revives Indirapuram Extension Project with INR 5 crore infrastructure investment

The Ghaziabad Development Authority (GDA) has announced a plan to develop a land parcel under the long-shelved Indirapuram Extension scheme, allocating INR 5 crore for essential infrastructure like roads, parks, and a sewer network. Covering 30,000 square metres, the project will feature 47 residential and three commercial plots, set to be auctioned within a year. GDA officials project revenue of over INR 285 crore, with residential plots priced at INR 95,000 per square metre and commercial parcels at INR 1.15 lakh. The initiative comes after years of delays caused by farmer protests and legal challenges over land compensation....
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BBMP cracks down on illegal PGs amid rising concerns for safety and compliance

The BBMP has uncovered 148 new illegal paying guest (PG) accommodations in the past month, raising the total to 2,330. Of these, 658 violate regulatory guidelines, with the east zone reporting the highest number of unauthorized PGs. Recent incidents, including a murder in Koramangala, have heightened concerns about safety. In response, the BBMP and police introduced new guidelines, as residents in east and Mahadevapura zones call for stricter actions. Authorized PGs also face scrutiny, with 595 out of 2,180 registered PGs found non-compliant. Special Commissioner Suralkar Vikas Kishore emphasized the need for intensified inspections and enforcement....
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Deadline set for redefining administrative boundaries in Rajasthan

The Registrar General and Census Commissioner of India has imposed a December 31 deadline for any changes to the boundaries of administrative units, enabling the Bhajan Lal Sharma government to dissolve new districts formed under the previous Congress administration. The census office has indicated that boundaries will be frozen starting January 1, 2025. Following this announcement, the government is considering merging smaller districts such as Dudu, Khairthal-Tijara, Kekri, Salumber, Sanchore, and Shahpura. A cabinet sub-committee, led by Madan Dilawar, is reviewing the creation of 17 districts established by the Ashok Gehlot government....
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Haryana Government struggles to define Aravali Hills amid supreme court directive

In response to a Supreme Court directive earlier this year, the Haryana government is grappling with defining the Aravali Hills. The Department of Town and Country Planning has raised concerns over the need for comprehensive mapping before establishing a definition. The forest department highlighted the lack of high-resolution imagery, proposing collaboration with agencies for better satellite data. Compounding the issue, past agreements on the Aravali definition have yet to reach a consensus among the four states involved. As the Supreme Court prepares for a hearing, analysts suggest that political motives may be hindering progress towards adequate environmental protections....
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Taxation & Finance

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UP estate department imposes 9.15% interest on late payments to enforce timely dues

In a significant policy shift, the Uttar Pradesh estate department has introduced stringent penalties for property owners who delay their dues, imposing a staggering 9.15% annual interest rate on overdue payments exceeding four months. This move aims to enforce timely payments among occupants in the state's 52 government colonies, including notable areas in Lucknow. While officials acknowledge maintenance issues like irregular water supply and seepage in Dalibagh Colony, they emphasise that prompt payment is essential. An online payment system has been in place to streamline processes and mitigate ongoing challenges in property management....
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Delhi: DMRC requests INR 6,200 crore from government in revised Budget

The Delhi Metro Rail Corporation (DMRC) has formally requested over INR 6,200 crore from the Delhi government to address its urgent financial needs as it prepares for the revised budget for 2024-25. DMRC requires INR 4,872 crore for immediate payment, including INR 2,872 crore for a loan from the Japan International Cooperation Agency (JICA) and over INR 2,000 crore for exchange rate fluctuations. Additionally, DMRC seeks INR 724.74 crore for Phase 3 completion and INR 400 crore for initiating Phase 4, which can be paid in installments as needed, along with INR 1,645.72 crore to reimburse operating losses from previous years....
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Nadaprabhu Kempegowda Layout landowners demand betterment charge collection

Landowners in Nadaprabhu Kempegowda Layout are facing difficulties due to the Bengaluru Development Authority's (BDA) delays in collecting betterment charges, which are essential for obtaining legal status for their properties. Without "A" khata status, owners struggle to secure loans and face legal limitations. The BDA has approved the collection of these charges, yet inaction continues to hinder property transactions and development in the area....
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Branded housing demand fuels debt reduction and growth for India's Real Estate giants

Residential sales across India's top seven cities hit a new peak in the last year, with a strong buyer demand for branded developers. The top eight listed real estate companies saw remarkable sales growth, significantly reducing their debt. DLF Ltd. achieved a 165% debt reduction, gaining surplus cash of INR 2,896 crore, while Kolte Patil reduced debt by 107%, with INR 37 crore in surplus cash. Lodha reduced its net debt by 83%. The collective booking values for these companies jumped 234%, from INR 27,144 crore in FY2019 to INR 90,573 crore in FY2024, according to investors....
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Financial News

Warehousing & Logistics

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Mahindra Logistics introduces bold new brand identity'

Mahindra Logistics has launched a new brand identity featuring a dynamic icon that embodies its ambition and commitment to progress. This identity unifies all business segments and emphasises the company's focus on providing customised, integrated supply chain solutions, driven by the collective strength of its employees....
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Hospitality & Retail

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Bata's New Gurugram HQ: celebrating 130 years with innovation and sustainability

Bata marked its 130th anniversary with the opening of a new, eco-conscious headquarters in Gurugram, emphasising innovation and sustainability. Designed with "Blue-Sky Thinking," the space fosters creativity, collaboration, and flexibility through modern features like hot seating, smart technology, and sustainable systems such as solar power and water recycling. The office has earned Platinum LEED and GRIHA certifications. CEO Gunjan Shah highlighted Bata's commitment to innovation, employee well-being, and environmental responsibility. The new headquarters reflects Bata's dedication to blending tradition with modernity, preparing the company for a sustainable, forward-thinking future....
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Infrastructure

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BMC's proposal for higher FSI at Mahalaxmi Race Course rejected by State Government

The Urban Development Department announced that Regulation 13(10) will not be included in the Development Control and Promotion Regulations (DCPR) 2034, affecting the redevelopment of Mumbai's Mahalaxmi Race Course. The Brihanmumbai Municipal Corporation (BMC) had proposed a 1.33 Floor Space Index (FSI) for the club, gymkhana, and stables on the 58.3-acre site, envisioning facilities like sports amenities, a clubhouse, and a veterinary hospital. However, the state government approved only an FSI of 0.3 for the 32-acre club area and maintained the existing built-up area for the 26.3-acre stables. The decision aligns with environmental priorities and heritage conservation, emphasizing sustainable development and the enhancement of public spaces within the Mahalaxmi Race Course area....
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Karnataka to launch Cauvery Stage VI Project to meet Bengaluru's water needs

Karnataka Chief Minister Siddaramaiah announced the upcoming Cauvery Stage VI project, designed to meet Bengaluru's rising water needs, following the launch of the Cauvery Stage V project at T.K. Halli. Stage V adds 775 million liters daily (MLD) to the city's supply, costing INR 4,600 crore, benefiting 110 newly incorporated villages. The planned Stage VI aims to add 500 MLD, backed by an additional 6,000 million cubic feet (TMC) of water, with a budget of INR 5,200 crore. Additionally, nine new sewage treatment plants (STPs) with a 500 MLD capacity are planned, costing INR 2,000 crore, supporting sustainable water management for Bengaluru's future growth....
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Iconic Building

Canterbury Cathedral, UK

Canterbury Cathedral, located in Canterbury, Kent, UK, isn't just any church. It is one of the oldest and most famous Christian structures in England, founded in 597 AD. This majestic cathedral, a masterpiece of Gothic architecture, has been a place of pilgrimage for centuries, especially after the martyrdom of Archbishop Thomas Becket in 1170. While it may not be the largest cathedral, Canterbury Cathedral remains a pivotal site in the Anglican Church. Visitors from around the world come to admire its stunning stained glass windows, intricate stone carvings, and the revered shrine of Thomas Becket. The cathedral complex is expansive, including the cloisters, chapter house, and a tranquil garden. Additionally, the cathedral's Bell Harry Tower rises to an impressive 236 feet, offering panoramic views of the surrounding area. Fun Fact: Canterbury Cathedral is a UNESCO World Heritage Site, celebrated for its historical and architectural significance. Its rich history and spiritual impo ...

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Property Dictionary

Malmatta Patrak / Property Index Card

The Malmatta Patrak or the Property Card is an extract obtained from the urban land records register of the Government of Maharashtra. It is recognised as a record-of-right, certified by the government and is considered an important proof of ownership. It contains details of the history of ownership of the land and the encumbrances attached to it. This card can be obtained from the city survey officer or downloaded from the official government website for land records.

International News

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Chinese banks to cut interest rates on existing mortgages beginning October 25

China's leading banks will lower interest rates on existing mortgages from October 25, following a Central Bank directive aimed at easing financial pressure on homeowners. The move aligns with anticipated economic incentive measures, as Finance Minister Lan Fo'an is expected to reveal a package focused on economic recovery. Recent measures include rate cuts and relaxed home buying rules, but analysts believe more is needed. An incentive of around two trillion yuan (USD 283 billion) is expected, focusing on real estate, consumption, and infrastructure. Analysts warn that anything less may disappoint markets, especially after a recent briefing failed to introduce new initiatives....
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UAE on track to surpass renewable energy targets for 2030

The International Energy Agency's (IEA) Renewables 2024 report indicates that the UAE is on its way to surpass its renewable energy capacity goals for 2030, despite the MENA region's target of 201 gigawatts potentially falling 26% short. Key challenges to achieving these ambitions include the need for faster auction processes, improved regulatory frameworks for solar photovoltaic systems, and greater market participation. The report highlights that streamlining tendering and PPA processes, enabling self-consumption, and promoting industrial electrification could significantly boost growth. Addressing these challenges is vital for the region to enhance its renewable energy capacity and meet its 2030 objectives....
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Home Loan Rates

For Salaried For Self-Employed
Bank RLLR From (%) To (%) From (%) To (%)
SBI Term Loan 9.15 8.5 9.65 8.5 9.65
HDFC Bank -- 8.75 9.95 8.75 9.95
Canara Bank 9.25 8.5 11.2 8.55 11.25
ICICI Bank -- 9.25 9.9 9.4 10.05
Kotak Mahindra Bank -- 8.75 9 8.75 9
Punjab & SindBank 8.45 8.5 10 8.55 10
Bank of Baroda 9.15 8.4 10.6 8.4 10.6
Federal Bank -- 8.8 10.25 10.2 10.3
IndusInd Bank -- 8.35 10 8.35 10
Bank of Maharashtra 9.3 8.35 10.4 8.45 10.9
Punjab National Bank 9.25 8.4 10.1 8.9 10.6
Bandhan Bank -- 9.16 13.33 9.16 13.33
RLLR - Repo Linked Leading Rate
* Last updated on 03-10-2024
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