05 Feb 2025

The Maharashtra Government plans to construct one lakh affordable homes through MHADA over the next two years to address growing housing demand. Deputy CM Eknath Shinde announced a new state housing policy, with Mumbai identified as a key growth hub. MHADA aims to develop eight lakh homes, including rental units for working women, students, and seniors. With over 71,600 applications for 3,662 MHADA lottery homes, demand remains high. The government is also prioritizing cluster redevelopment and slum rehabilitation in Mumbai, Pune, and Thane, reinforcing its commitment to affordable housing and urban development.Read more

04 Feb 2025

Wankhede Stadium, an iconic landmark in Indian cricket, recently celebrated its 50th anniversary with a grand event hosted by the Mumbai Cricket Association (MCA). Sponsored by Sugee Group, the evening was filled with nostalgia and performances by renowned artists, accompanied by a spectacular laser show. The event brought together cricketing legends, including Sunil Gavaskar, Sachin Tendulkar, Rohit Sharma, and Ajinkya Rahane, to honour the stadium's historic legacy. Groundsmen and support staff were also recognised for their contributions. The occasion reinforced Mumbai's cricketing heritage and its continued role in shaping future generations of players.Read more

04 Feb 2025

Bollywood director Subhash Ghai and his wife, Mukta Ghai, sold their 1,760 sq. ft. apartment in Andheri West's Rustomjee Elita for INR 12.85 crore on January 22, 2025. Purchased in 2016 for INR 8.72 crore, the sale reflects a 47% appreciation. The property fetched INR 72,000 per sq. ft., exceeding Andheri's premium rates of INR 65,000 per sq. ft. This transaction aligns with Mumbai's luxury housing boom, following recent high-profile sales like Amitabh Bachchan's INR 83 crore Andheri duplex and Akshay Kumar's INR 4.25 crore Borivali flat. Improved infrastructure and surging demand for high-end properties continue to bolster Mumbai's real estate market.Read more

04 Feb 2025

Kochi Metro Rail Ltd (KMRL) has issued a request for proposal (RFP) to prepare the detailed project report (DPR) for its 18 km Phase III Metro line from Aluva to Angamaly via Kochi airport. The Ministry of Housing and Urban Affairs has granted in-principle approval for financial assistance. The project will feature 15 stations, including a 3 km underground section at Nedumbassery. KMRL is also assessing independent corridor feasibility and potential future extensions to Kochi GIFT City. The new line aims to reduce congestion and enhance urban transport, marking a major step in Kochi's infrastructure growth.Read more

Vriti Gothi

04 Feb 2025

The 2025 Union Budget, presented by Finance Minister Nirmala Sitharaman, introduces several measures impacting India's real estate sector. Key provisions include raising the TDS threshold for rent to INR 6 lakh, extending the updated tax return filing window to four years, and allowing tax deductions on multiple self-occupied properties. The income tax exemption limit has increased to INR 12 lakh, boosting middle-class purchasing power. The home loan interest deduction limit has been raised from INR 2 lakh to INR 5 lakh, supporting affordable housing. While developers welcome infrastructure investments and the Urban Challenge Fund, industry leaders emphasize the need for direct incentives like industry status and streamlined approvals to sustain growth.Read more

03 Feb 2025

The Maharashtra government has approved the Metro 8 corridor, connecting Navi Mumbai International Airport to Mumbai's Chhatrapati Shivaji Maharaj International Airport, under a Public-Private Partnership (PPP) model. The 35-km corridor, featuring 20 stations, will integrate key hubs like Kurla and Mankhurd while enhancing multimodal connectivity. CIDCO will prepare the project report, with an estimated cost of INR 15,000 crore and a six-year completion timeline. While Metro 8 aims to boost airport accessibility, its success hinges on careful execution, financial sustainability, and learning from previous PPP challenges.Read more

03 Feb 2025

Bengaluru's urban infrastructure is set for major upgrades with Phase 3 of the Metro scheduled for completion by December 2029, covering 44.65 km across two key corridors at a cost of INR 15,611 crore. Complementing this, the BDA plans to allocate 30,000 housing units, with 10,615 flats already completed and 14,909 under construction. The city is also strengthening traffic management through AI-based ASTRAM systems and enhancing public safety with vehicle tracking under the Nirbhaya Fund. Meanwhile, Karnataka's revised policies aim to simplify mining leases and attract investments via its Global Capability Centre Policy 2024-29, reinforcing Bengaluru's tech hub status.Read more

31 Jan 2025

The UK government, in collaboration with the Department for Transport (DfT) and Crossrail International (CI), has signed a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA). The partnership, announced during the World Economic Forum, aims to accelerate Mumbai's metro expansion and establish a world-class, integrated transport system. The MoU focuses on sustainable urban growth, innovation, and knowledge exchange, leveraging expertise from UK institutions like Transport for London and Network Rail. The initiative is set to bolster UK-India ties while promoting economic growth and advanced infrastructure development.Read more

31 Jan 2025

The National Payments Corporation of India (NPCI) has leased 1.15 lakh sq ft of office space in Goregaon, Mumbai, for INR 2.15 crore per month, totaling over INR 136 crore for a five-year period. The lease includes a 15% rent escalation after three years. This expansion aligns with NPCI's efforts to bolster India's digital payments infrastructure. The move reflects the rising demand for premium commercial real estate in Mumbai, driven by growing digitalization and hybrid work trends. Goregaon's strategic location and connectivity make it a preferred destination for corporate expansions.Read more

31 Jan 2025

The Trichy metro project, estimated at INR 10,917 crore, is facing delays as the Chennai Metro Rail Limited (CMRL) has yet to commence work on the detailed project report (DPR). Despite the completion of a detailed feasibility report (DFR) in August 2023 confirming the project's viability, the state government has prioritized metro projects in Chennai, Coimbatore, and Madurai. The proposed metro network includes two corridors spanning 45 km, aiming to alleviate congestion and boost economic growth. However, funding challenges and lack of government focus have stalled progress, requiring strong advocacy and financial planning to advance the project.Read more