24 Sep 2024

The Karnataka state government is actively searching for a suitable location to build a second international airport in Bengaluru. The decision is driven by the city's growing development needs, increasing passenger traffic, and cargo pressure. After extensive evaluation, the final site appears to be near Nelamangala, situated along National Highway 75. The government had examined several locations, and based on the Airports Authority of India's (AAI) technical standards, the site between Nelamangala and Kunigal seems to be the chosen location. The existing Kempegowda International Airport (KIA) has been experiencing a surge in air traffic, prompting the development of a second international airport.Read more

24 Sep 2024

The Noida Metro Rail Corporation (NMRC) has issued an expression of interest (EOI) for the commercial development of three plots totalling 44,151 square metres near the Okhla Bird Sanctuary metro station. The EOI aims to attract experienced firms and institutions skilled in commercial real estate, covering areas like project management and financing. The plots, designated for commercial use under the Noida Master Plan and Building Byelaws 2010, are available for lease for up to 60 years. Developers are expected to create buildings designed to last at least 100 years.Read more

23 Sep 2024

GMR Group plans to develop around 1,500 acres of land near its airports in Delhi, Hyderabad, and Goa, along with building a greenfield airport in Bhogapuram, Andhra Pradesh. Their projects include industrial, hospitality, and commercial developments, with a focus on expanding Hyderabad as a hub for future commercial, IT, and healthcare projects. The Aerocity initiatives emphasize integrated commercial spaces, job creation, and enhancing social infrastructure. Partnerships with developers like Prestige Group and Bharti Realty support these ambitions, marking a paradigm shift in airport-adjacent real estate and stimulating local economies.Read more

23 Sep 2024

The Madhya Pradesh Industrial Development Corporation (MPIDC) plans to build residential complexes for workers in industrial areas such as Ujjain and Bhopal. The initiative aims to address the housing needs of employees who work far from city centers, particularly in key industrial zones like Pithampur. The project will start with the construction of 1,362 flats in Pithampur, costing INR 211 crore, and will include EWS units, studio apartments, and 2 BHK and 3 BHK flats. This move aims to create self-sustained industrial ecosystems, reduce commute times, and support local industries.Read more

23 Sep 2024

The Brihanmumbai Municipal Corporation (BMC) has announced a INR 1,481 crore project for a transportation and commercial hub at the Dahisar octroi naka site. Covering 18,604 square metres, the hub will accommodate 450 interstate buses and 1,400 cars and feature recreational, retail, and hospitality amenities. It aims to act as a central terminus connecting with BEST buses and the Metro to ease traffic congestion. Strategically located along the Western Express Highway, it will serve buses from Gujarat, Rajasthan and northern states. The BMC's plan includes integrating commercial spaces to ensure the project's financial feasibility. Previously, the BMC declined transferring the land to the Dharavi Redevelopment Authority, citing its importance for civic projects.Read more

20 Sep 2024

This is the fourth attempt in six years to develop the Sabarmati Riverfront, as the Sabarmati Riverfront Development Corporation Limited (SRFDCL) has released a Request for Proposal (RFP) for two excellent plots on the riverfront. Situated on both the east and west banks, the plots are reserved for mixed-use commercial and recreational enterprises; residential developments are not permitted. Two plots are available for purchase: WGN-05, which is 4,420 square meters and costs INR 23,676 per square meter, and EGN-01, which is 3,045 square meters and costs INR 20,833 per square meter. The RFP is open for applications from September 13 to October 15.Read more

20 Sep 2024

NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) have signed an MoU to develop a 13.88-acre site on Pankha Road, New Delhi, valued at approximately INR 1,600 crore. The project aims to create a modern blend of residential and commercial spaces, utilizing NBCC's construction expertise and MTNL's strategic assets. This partnership reflects the growing trend of public-private collaborations in India's real estate sector, focusing on revitalizing urban areas and optimizing underutilized assets. The development promises to significantly enhance New Delhi's real estate landscape with high-quality amenities.Read more

20 Sep 2024

A recently released report by Colliers India indicates a shift in India's office market from "Supply-led" to "Occupier-driven" signalling imminent growth. Demand from GCCs and domestic-origin occupiers will remain strong, boosting the market over the next 2-3 years. While the top six cities dominate, tier II cities are emerging as key growth hubs. Engineering, manufacturing, and BFSI sectors are expected to lease 11-12 million sq ft of office space annually between 2025-27, up from 8-9 million sq ft previously. Flex spaces will expand, accounting for 15-20% of leasing. Bengaluru leads, but Hyderabad, Chennai, and Pune are gaining traction. Rental rates vary, with premium CBD spaces favoured by BFSI, while engineering and manufacturing firms balance central and peripheral locations.Read more

19 Sep 2024

The Noida International Airport, initially set to open in September, is now projected to commence operations by April 2025 due to steel procurement delays. During a review meeting, Chief Minister Yogi Adityanath emphasized resolving construction issues at the government level and warned of a daily INR 1 million fine on the airport concessionaire, YIAPL, if further delays occur. With land acquisition for Phase 2 underway, the project's completion remains a priority, focusing on connectivity, infrastructure readiness, and addressing farmer concerns. The airport's phased development aims to enhance regional growth and connectivity.Read more

19 Sep 2024

Last week, the Ahmedabad Municipal Corporation (AMC) demolished over 35 illegal structures in the Sarkhej Ward. Despite issuing notices under Section 260 of the Gujarat Provincial Municipal Corporation (GPMC) Act, 1949, and sealing the construction sites, developers did not comply. Consequently, the AMC proceeded with the demolition in coordination with Sarkhej police. The operation targeted unauthorized residential row houses and commercial units near Hid Park and Masjid-e-Abeda, resulting in the dismantling of 17 residential and 18 commercial units.Read more