04 Sep 2023

Noida Authority has granted a month-end deadline, expiring on August 31, for 14 defaulting developers to create escrow accounts in a bid to recover outstanding dues. Six developers have already complied by initiating such accounts. This initiative, enforced after 59 developers owing a combined Rs 7,000 crore were asked to establish escrow accounts two months earlier, aims to prevent funds diversion. CEO Lokesh M underlined efforts to address builder-buyer concerns and warned of recovery certificates if dues aren't cleared. Additionally, the Authority seeks to oversee the Ganga Jal project, introduce electric buses, and advance elevated road plans.Read more

04 Sep 2023

The Mangaluru Urban Development Authority (Muda) has revealed that the draft of the revised master plan for Mangaluru city is expected to be completed within three months. This update was shared during a council meeting held by the Mangaluru City Corporation (MCC). The MCC Commissioner stressed the importance of transparency and collaboration, urging Muda officials to engage with corporators to ensure diverse perspectives are considered in the master plan. The meeting also addressed issues related to water scarcity and property assessments. It marked the conclusion of the current mayor's term and set the stage for upcoming mayoral elections.Read more

04 Sep 2023

Table Space Technologies, a pioneering managed workspace provider, plans to invest Rs 1,000 crore in FY23–24 for a 4.5 million-square-foot expansion. CEO Amit Banerji reveals the company's strong growth, having added 3.2 million square feet in 2022–23 with an investment of Rs 800 crore. The innovative 'TS Suites' will offer premium pre-built offices on short-term contracts, backed by cutting-edge technology. A recent capital infusion of over $325 million aids expansion in key Indian office markets. Table Space aims to exceed 8 million square feet by 2023's end. Its robust portfolio includes clients like Google, Apple, AMD, and Mastercard.Read more

04 Sep 2023

The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.Read more

02 Sep 2023

In a transformative move, 315Work Avenue has secured a substantial 1.62 lakh square feet of office space in Pune's Raheja Woods through a five-year lease, expanding their total tower footprint to 2 lakh square feet. With escalating rentals and strategic expansion plans, this pioneering coworking provider showcases Pune's significance as they manage 2 million square feet across prime Indian locations. The firm's upfront deposit of Rs 4 crore emphasizes commitment. This comes amid India's surging flexible office space market, which has grown by 75 percent post-pandemic to 53 million square feet, with flexible providers capitalizing on the evolving hybrid work model.Read more

02 Sep 2023

Shriram Housing Finance Limited (SHFL) and the International Finance Corporation (IFC) have announced a collaboration to introduce a green housing finance solution for self-built homes. Harnessing IFC's Excellence in Design for Greater Efficiency (EDGE) certification, the partnership aims to promote eco-friendly construction in the affordable housing sector. The initiative, funded by the European Union, anticipates a potential $1.4 trillion green housing market by 2030, emphasizing India's commitment to sustainable urbanization.Read more

01 Sep 2023

Avadi Municipal Corporation in Chennai has introduced QR code-enabled identity cards for residents to streamline property tax collection and address grievances efficiently. These plastic cards feature a QR code and property ID, allowing residents to scan and use it for property tax payment, accessing services, and reporting issues like garbage or water supply concerns. Around 11,000 cards have been distributed among the 87,000 assessed properties. This initiative aims to enhance citizen services through QR codes, simplifying tax payment processes and reducing the need for physical visits to government offices. However, residents have reported a lack of awareness about its functionalities.Read more

01 Sep 2023

Eqaro Guarantees has joined forces with Maxemo Capital, an NBFC-ND firm specializing in customized MSME loans and working capital financing, marking a transformative moment in India's co-living sector. This partnership enables small co-living operators to access short-term liquidity through advanced capital against rent receivables backed by guarantees. Collateral-free loans are also extended, boosting operators' expansion efforts. The innovative alliance aims to bridge the credit gap in the co-living landscape, redefining growth prospects and financial stability while empowering underserved segments. This strategic synergy propels the co-living industry into a new era of agility and success.Read more

01 Sep 2023

Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.Read more

31 Aug 2023

The Margao Municipal Council (MMC) has chosen caution over immediacy in deciding on revised plinth area rates, which are crucial in calculating construction license fees for buildings. The MMC deferred discussions on the proposed rates, which were met with resistance due to significant fee increases. The Shadow Council for Margao and real estate developers expressed opposition to the surge in fees ranging from 38% to 45%. The cautious approach indicates responsiveness to public sentiment and stakeholder concerns. While this deferral may be temporary, it offers an opportunity for deeper deliberation on potential implications before reaching a conclusive resolution.Read more