PNT Reporter

11 Dec 2024

The Andhra Pradesh government has approved the first phase of the Visakhapatnam metro rail project, covering about 46.23 kilometers with three main corridors. These include a 34.40 km route from Steel Plant Junction to Kommadi, a 5.08 km segment from Gurudwara to Old Post Office Junction, and a 6.75 km line from Thatichetlapalem to Chinna Waltair. The estimated cost for this phase stands at Rs 11,498 crore. Phase two will introduce a new corridor connecting Kommadi to Bhogapuram. It will be developed after the Bhogapuram airport becomes operational. A revision of the Comprehensive Mobility Plan (CMP) is also underway to support these developments.Read more

PNT Reporter

11 Dec 2024

NR Narayana Murthy, the founder of Infosys, has set a new benchmark for residential property prices in Bengaluru by purchasing a second flat in Kingfisher Towers for INR 50 crore. This luxury apartment, located on the 16th floor, spans 8,400 sq ft and includes five parking spaces. The property, located in the city's CBD, commands a price of INR 59,500 per sq ft. Kingfisher Towers, built on the site of Vijay Mallya's ancestral home, includes 81 high-end apartments and has witnessed notable sales, with other prominent owners such as Kiran Mazumdar-Shaw.Read more

PNT Reporter

11 Dec 2024

Info-x Software Technology Pvt Ltd, led by its director Rishi Parti, has acquired a 16,000 sq ft penthouse in The Camellias, an ultra-luxury residential project in Gurugram. The deal, valued at INR 190 crore, was registered on December 2, with the company paying INR 13 crore in stamp duty. This transaction is among the priciest apartment deals in India, reflecting the growing demand for luxury real estate. The Camellias has seen a surge in high-profile buyers, including business leaders and entrepreneurs. Property values in areas like Gurugram and Delhi's Lutyens Zone are now on par with Mumbai's elite neighbourhoods.Read more

PNT Reporter

10 Dec 2024

Namma Metro, Bengaluru's rapid transit system, is India's second-longest operational metro network, spanning 76.95 km with 68 stations. Operational since 2011, it has transformed urban mobility, connecting key areas through the Purple and Green Lines. Phases 2 and 3 aim to expand the network by adding 116.65 km, including extensions to IT hubs and new lines. The metro faces challenges like delays, cost overruns, safety concerns, and operational inefficiencies. Despite these issues, Namma Metro's increasing ridership and financial sustainability underscore its critical role in easing Bengaluru's traffic woes and supporting the city's economic and urban growth.Read more

PNT Reporter

10 Dec 2024

The Capital Region Development Authority (CRDA) announced plans to invite tenders for various projects totaling INR 11,467 crore, including significant construction works in Amaravati. During the 41st CRDA meeting chaired by Chief Minister Chandrababu Naidu, approvals were granted for the construction of 360 kilometers of trunk roads costing INR 2,498 crore, along with reservoirs and gravity canals valued at INR 1,585 crore. Additionally, residential complexes for officers will be constructed with a budget of INR 3,523 crore. The Minister for Municipal Administration and Urban Development confirmed that tenders for these projects would be issued immediately, with work set to begin in January.Read more

PNT Reporter

10 Dec 2024

Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.Read more

PNT Reporter

10 Dec 2024

The Union Ministry of Housing and Urban Affairs has received 28 proposals from 23 states for the creation of new cities, in line with the central government's initiative to address urbanization. In February 2021, the government announced plans to develop eight new cities with an allocation of INR 8,000 crore. The 15th Finance Commission recommended funding of INR 1,000 crore per city. An expert committee was formed to finalize bid parameters, and after the North-Eastern states submitted revised proposals, 28 proposals were received. These submissions are under review by the relevant authorities.Read more

PNT Reporter

09 Dec 2024

The Uttar Pradesh government, through the Yamuna Expressway Industrial Development Authority (YEIDA), has launched a township in Sector-24A, Noida, just 15 minutes from Jewar International Airport. Offering 451 residential plots of various sizes at a competitive price of INR 25,900 per square metre, the project aims to provide affordable housing and boost regional economic growth. Notably, 17.5% of the plots are reserved for farmers. The township's strategic location near Film City and the MotoGP track enhances its appeal. With registrations surpassing 34,000 and a lottery scheduled for December 27, this initiative is set to transform the area's real estate and economic landscape.Read more

PNT Reporter

09 Dec 2024

Kolkata's first metro link to the airport is nearing completion, with trial runs for the 7-kilometre Noapara-Jai Hind stretch starting in December 2024 and an official launch set for March 2025. Part of the Yellow Line's Phase I expansion, the link aims to ease traffic congestion and provide a seamless commute for air travelers. Multi-line connectivity will enhance access from both southern and northern Kolkata, reducing dependency on taxis and private vehicles. With key infrastructure like fire doors and travelators being finalized, the project aligns with global urban mobility trends, promising enhanced transportation, tourism, and economic growth for the city.Read more

PNT Reporter

09 Dec 2024

Bollywood actor Shraddha Kapoor has leased a luxurious apartment in Mumbai's upscale Juhu area for a monthly rent of INR 6 lakh. The apartment, spanning 3,929 square feet, is located on the third floor of a high-end residential tower. Kapoor has paid the full rental amount for the 12-month lease term in advance. The deal, which was registered earlier this week, also includes access to four car parking spaces. Juhu remains a sought-after location for Bollywood celebrities, known for its proximity to the beach and premium amenities.Read more