12 Aug 2024

The Brihanmumbai Municipal Corporation (BMC) will maintain the current property tax rates for 2024-25 without implementing any revisions. This decision, influenced by past rejections of proposed hikes in 2020-21 and 2022 due to the pandemic, means property owners will not face an increase after nearly a decade. The property tax calculation currently relies on the Stamp Duty Ready Reckoner rates. Despite the lack of a rate hike, BMC collected INR 4,856 crore in 2023-24, surpassing its target of INR 4,500 crore. The BMC's cautious approach aims to balance revenue needs with citizens' financial burdens.Read more

12 Aug 2024

Deloitte is expanding its footprint in the National Capital Region (NCR) by leasing 175,000 square feet of office space at Prestige Trade Tower near Delhi airport. This marks Prestige Group's first commercial project in NCR and reflects Deloitte's broader strategy to enhance its operations in key markets. The new space, part of Deloitte's recent acquisition of 1 million square feet in Bengaluru, is expected to cater to the firm's growing needs. Despite a 16% drop in NCR's leasing activity year-over-year, Aerocity's appeal and new developments continue to attract significant investments.Read more

12 Aug 2024

The SRA is actively implementing the Slum Rehabilitation Scheme, overseeing transit rent payments to slum dwellers. With 25 nodal officers appointed to recover arrears and a new policy requiring advance payments, developers have deposited over 700 crores, aiding in the reduction of complaints. Legal proceedings under the Maharashtra Slum Areas Act have been initiated against defaulters, and an online complaint system has been launched. Additionally, an Authorised Account Officer will review pending rent issues, ensuring effective resolution and improved scheme management.Read more

09 Aug 2024

The Mumbai Metropolitan Regional Development Authority is working on two separate projects that will link Thane and Bhayander. The two separate projects include a 5.5 km long tunnel of INR 41 crore followed by an 9.5 km long flyover road worth INR 28 crore. An MMRDA official said the flyover road will feature eight lanes due to the presence of mangroves adjacent to the bay shore. The main focus of the project, besides connecting suburbs, would be controlling the traffic situation on NH48. This project is different from the Thane-Borivali project that will pass beneath Sanjay Gandhi National Park.Read more

09 Aug 2024

The extended Green Line of Namma Metro, from Nagasandra to Madavara, will begin commercial operations by October. This 3-km extension, part of Phase II, includes new stations at Manjunathnagar, Chikkabidarakallu, and Madavara. The Bangalore Metro Rail Corporation Limited (BMRCL) will start trial runs soon and expects an additional 25,000 to 30,000 riders. The construction at Madavara is nearing completion, with the hold of power supply almost finished and trial tests planned within the next few weeks. The extension will improve access to the Bangalore International Exhibition Centre and ease travel for passengers from nearby areas.Read more

09 Aug 2024

Gujarat International Finance Tec-City (GIFT City) has signed a Memorandum of Understanding (MoU) with the National Forensic Sciences University (NFSU) to advance skills in financial and cyber security. The partnership focuses on international arbitration, fraud investigation, data security, and anti-money laundering, aiming to enhance education, training, and research in these critical areas. A Centre of Excellence will be established to provide top-tier training and expertise to businesses within GIFT City, promoting innovation and excellence in India's premier smart city and International Financial Services Centre (IFSC).Read more

09 Aug 2024

MahaRERA is launching its new platform, MahaCRITI, at midnight on August 31. The updated website will enhance user experience with real-time data analytics and personalised dashboards for homebuyers, promoters, and agents. However, from August 13 to August 31, the current system will be offline, causing temporary interruptions: promoters and agents cannot submit new applications online, and homebuyers must file complaints manually. Online hearings for existing complaints will continue as usual. The overhaul, prompted by rising website traffic, aims to improve functionality and transparency in regulatory processes. The new platform will be operational starting August 31.Read more

08 Aug 2024

Aryan Khan, son of Shah Rukh Khan, has purchased two floors in South Delhi's Panchsheel Park for INR 37 crore, paying INR 2.64 crore in stamp duty. This property, previously owned by his parents, holds sentimental value. The transaction, registered in May 2024, signifies Aryan's connection to his family's roots. In parallel, Aryan is set to direct a web series titled Stardom, while his sister Suhana Khan has also been making notable investments and strides in the film industry. The Khan siblings are establishing their identities and expanding their family legacy in new directions.Read more

08 Aug 2024

Mumbai's Chhatrapati Shivaji Maharaj Terminus (CSMT) is set for a significant upgrade as Central Railway (CR) fast-tracks the extension of Platforms 12 and 13, moving the completion date from December to August. The extension will increase platform lengths to accommodate 24-coach trains, enhancing capacity by 20%. CR General Manager R.K. Yadav reported 40% of the work is complete, and the expedited timeline is due to simpler construction compared to past extensions. The upgrade aims to address overcrowding at CSMT, which handles over 1,200 local and 100 long-distance trains daily.Read more

08 Aug 2024

As India's 77th Independence Day approaches, premium resort costs are expected to rise by 15-60% due to a projected five-day weekend from August 15-19. Hotels such as The Oberoi Sukhvilas and ITC Grand Bharat have dramatically raised their prices, with the latter starting at INR 132,000 per night. Suryagarh Jaisalmer and Narendra Bhawan Bikaner both anticipate increased occupancy and pricing. The Radisson Hotel Group forecasts a 20% increase in resort demand, driven by travellers' desire for extraordinary experiences. Despite increased last-minute rates, hotels' appealing offerings are increasing interest, contributing to robust development in India's luxury hospitality sector.Read more