06 Jul 2023

The NGT-formed committee has recommended imposing penalties on 84 hotels in Ghaziabad for engaging in illegal groundwater extraction. The fines, ranging from Rs 10 to Rs 50 lakh per hotel, are calculated retrospectively for five years. Ghaziabad has experienced a significant decline in groundwater levels, with depletion of 6.1 metres in the past six years. This highlights the pressing need for sustainable water management practices in the area. The NGT is set to hear the case soon, drawing attention to the environmental impact of unregulated groundwater extraction and the importance of conserving this vital resource.Read more

06 Jul 2023

SETTL, a leading full-stack co-living operator, is planning to expand its operations to Pune, Noida, and Chennai after establishing a strong presence in Bengaluru, Gurugram, and Hyderabad. With a focus on providing quality rental accommodation to working professionals, SETTL aims to become the top player in the premium co-living segment. The company has witnessed significant revenue growth and targets a revenue of Rs. 41 crore in the coming year, along with plans to offer 5000 beds. Despite the challenges faced by the co-living segment during the pandemic, SETTL is optimistic about the increasing demand for rental accommodation as people return to work from their hometowns.Read more

05 Jul 2023

A cave-in near Magathane Metro station in Borivli East has resulted in prompt action by the Brihanmumbai Municipal Corporation (BMC) and safety measures by the Mumbai Metro Operation Corporation Limited (MMMOCL). The incident was caused by deep excavation conducted by a builder for a private project, leading to the collapse of a stormwater drain chamber and potential risks to the station's foundation. The BMC has issued a stop work notice and filed an FIR against the responsible builder, while the MMMOCL is working closely with the BMC to ensure the safety of metro services and implement necessary measures at the site.Read more

04 Jul 2023

India's Securities and Exchange Board (SEBI) is closing 16 of its smaller offices as it re-evaluates its real estate needs in light of increased technology adoption. SEBI plans to leverage technology to reach investors nationwide, while maintaining a physical presence through investor service centres established in partnership with stock exchanges. The move reflects SEBI's commitment to cost optimization, efficiency, and improved investor services. The regulator aims to adapt to the digital age and evolving market ecosystem while addressing the needs of India's growing investor base.Read more

04 Jul 2023

In the first half of 2023, India's real estate sector received $2.6 billion in private equity investments, with the office segment accounting for the largest share. However, this represents a 20 percent decline from the previous year as investors adopted a cautious approach. Despite global concerns, a rebound is expected in the second half of 2023, and overall, PE investments are projected to reach $5.6 billion, reflecting a 5.3 percent YoY growth. Mumbai attracted the highest investments, followed by the NCR and Bengaluru.Read more

04 Jul 2023

According to a circular from the Ahmedabad Municipal Corporation (AMC), after getting building use (BU) authorization, builders who disregard trees would face enforcement action. After gaining BU approval, the AMC will mandate that builders plant trees and construct tree guards that are tall enough, as well as ensure that builders maintain the trees. The AMC will take legal action if the tree planting regulations are not followed, and the garden department will check for compliance. The circular intends to encourage accountability and openness in tree-planting procedures among contractors and to ensure sustainable development methods.Read more

03 Jul 2023

According to CBRE South Asia Pvt. Ltd, Mumbai hosts an impressive 77% of India's high-rise buildings. The city's skyline evolution is primarily due to scarce land availability and rapid urbanization. This growth, while creating premium real estate, has also led to a rise in land prices. Other Indian cities like Hyderabad, Kolkata, and Noida trail behind, contributing 8%, 7%, and 5% to the high-rise landscape, respectively. The majority of these towering structures are residential, signalling Mumbai's upward trajectory in addressing urban housing needs.Read more

03 Jul 2023

Chief Minister M K Stalin inaugurates the Periyar Memorial Samathuvapuram, a housing project aimed at promoting inclusivity and providing improved living conditions for marginalized communities. The Samathuvapuram consists of 100 refurbished houses and repaired infrastructure, benefiting individuals from various social categories. The project faced delays due to legal issues but has now been completed with the government's financial support. This initiative reflects the government's commitment to social equality and unity, following the vision of Periyar.Read more

03 Jul 2023

The Kolkata Municipal Corporation (KMC) buildings department has compiled a comprehensive list of vulnerable buildings in Kolkata that are at risk of collapsing. Several areas, including Burrabazar, Chitpore, and MG Road, have particularly deteriorating structures. However, due to limited resources and time constraints, the civic body faces challenges in demolishing all hazardous buildings. Evacuation difficulties have been encountered, but the KMC remains determined to tear down high-risk sections with police assistance, aiming to mitigate potential dangers during the monsoon season.Read more

01 Jul 2023

The Pune Municipal Corporation (PMC) is intensifying its investigation into the illegal use of residences for commercial purposes. Collaborating with the Maharashtra State Electricity Distribution Company Limited (MSEDCL), PMC is scrutinizing commercial electric meter data to identify violators. The crackdown, which has already resulted in significant penalty collections, could affect up to 1 lakh properties across the city. Despite appeals for voluntary self-reporting, few have complied, leading to stricter actions and increased penalties.Read more