20 Jul 2023

The NMC has successfully sold Plot No. 2 of the Orange City Street Project, earning Rs 51.5 crore and bringing the total revenue from the project to Rs 207 crore. The buyer has already commenced work at the site, which was auctioned six months ago for Rs 13,166 per square foot. NMC has now floated an EoI for the sale of Plot No. 4, expecting to fetch Rs 48–50 crore. With 17 more plots yet to be auctioned, the project has become a highly profitable venture for the civic body. The NMC also plans to auction three additional plots in the near future.Read more

20 Jul 2023

In a display of frustration, residents of Gurugram's Sushant Lok and Sector 40 took to the streets, armed with banners and slogans. Convening at Rajpath Marg, the protesters united to form a human chain. They embarked on a march towards the Millennium City metro station, making their demands known. The protest had an immediate impact, causing disruptions to the flow of traffic in the area. This demonstration was held to draw attention to their concerns and advocate for change in the face of neglected upkeep.Read more

19 Jul 2023

Coimbatore Police in India will launch a new software system designed to enhance security and management in mansions and hostels. The software aims to centralize resident information, provide real-time monitoring through CCTV integration, and enable quick response to security breaches. It will streamline administrative tasks, facilitate online payments, and offer a grievance redressal mechanism. The initiative reflects the police department's commitment to leveraging technology for public safety, ensuring a safer and more secure environment for residents while improving law enforcement effectiveness.Read more

19 Jul 2023

ICRA, a credit rating agency, predicts a positive outlook for retail mall operators in FY2024. They expect an 8-10% year-on-year increase in rental income supported by healthy retail sales and contracted rental escalations. Retail trading values are anticipated to improve by 4-5%, with strong sales in categories such as jewellery, electronics, and apparel. Rental rates are projected to rise by 3-4% due to higher contracted escalations and lease renewals. Despite healthy leasing activity, vacancy levels are projected to remain between 18-19% in FY2024 due to the high new supply of retail space.Read more

18 Jul 2023

Former Congress leader Rahul Gandhi is reportedly preparing to relocate to a three-bedroom residence in Nizamuddin East, South Delhi, previously owned by late Delhi Chief Minister Sheila Dikshit. This move follows his disqualification from the Lok Sabha and subsequent eviction from his official bungalow. Gandhi's new home, in contrast to his previous Lutyens Delhi bungalow, is a modest dwelling overlooking the historic Humayun’s Tomb. The decision comes despite the Congress party's ongoing efforts to challenge his conviction at the Supreme Court.Read more

18 Jul 2023

SEBI, the capital markets regulator, plans to auction 22 properties associated with Bishal Group companies and NVD Solar to recover funds that were illegally collected from investors. The auction, scheduled for August 14, includes properties such as land parcels, flats, and a residential building located in West Bengal. Interested bidders are advised to conduct due diligence before submitting their bids. The companies in question had raised funds without complying with regulations, and SEBI's actions aim to protect the interests of deceived investors.Read more

18 Jul 2023

The Brihanmumbai Municipal Corporation (BMC) has proposed collaboration with the Maharashtra Housing and Area Development Authority (MHADA) to tackle unauthorized constructions in Mumbai. The BMC seeks to establish joint teams for inspections, as MHADA holds the authority for granting repair permissions. The proposal emerged due to difficulties faced by BMC officials when investigating complaints about unauthorized constructions in cessed buildings.Read more

18 Jul 2023

Indore's newly-established Metro line has sparked a dramatic surge in the local real estate market. With property values in regions adjacent to the metro, including Super Corridor, Indore-Ujjain Road, and Rau, soaring exponentially, the demand for commercial and residential properties is at an all-time high. This growth has spurred a slew of new developments, particularly in areas offering room for expansion. As the metro network continues to expand, the real estate boom is expected to extend to neighbouring cities, paving the way for potential investors eyeing lucrative returns.Read more

17 Jul 2023

The Municipal Corporation of Gurgaon (MCG) has instructed its engineering wing to conduct a thorough survey of properties in Zone 3 after reports of developers and property owners using potable water for construction purposes surfaced. Residents have complained about the inconvenience caused by builders using potable water for construction, leading to reduced water pressure and inadequate supply for the community. The MCG recognizes the severity of the problem and plans to take strong action against those found using potable water for construction.Read more

17 Jul 2023

The Mumbai Municipal Corporation (BMC) has unveiled plans to revamp fifteen slums located in the suburban areas of the city, aiming to improve living conditions and infrastructure. A budget of Rs 5 crore has been allocated for each slum, with the funds coming from the District Planning Committee (DPC). The renovation plan includes the construction of cement tunnels to consolidate underground utilities and widen roads. The DPC meeting, attended by MLAs representing the suburban areas, approved a budget of Rs 977 crore for various civic projects, including infrastructure improvement, slum rehabilitation, skill development initiatives, and women and child welfare schemes.Read more