18 Sep 2024

The Ahmedabad Municipal Corporation (AMC) seized the Highland building on CG Road after property taxes of INR 1.84 crore remained unpaid for the 2023-24 fiscal year. Despite multiple notices, the owner or occupant did not settle the dues. Following an unsuccessful auction to recover the outstanding amount, the AMC took over the property. This action reinforces the AMC's commitment to enforcing property tax regulations, emphasizing the importance of timely payments to support municipal services and infrastructure development.Read more

18 Sep 2024

NAREDCO has proposed key regulatory changes to address height restrictions imposed by aviation rules in major cities like Mumbai, Chennai, and Kolkata. In a recent meeting, NAREDCO advocated for relocating aviation facilities away from central urban areas, extending shielding benefits to include buildings, and using more accurate contour data for height regulation. They also suggested conducting aeronautical studies as an alternative to demolishing buildings that breach height limits and called for flexibility in approach surface regulations. Additionally, NAREDCO reminded the government of two previously unimplemented recommendations and stressed the necessity of these reforms to effectively balance real estate growth with aviation safety.Read more

17 Sep 2024

Suzlon Energy has sold its headquarters, One Earth in Hadapsar, Pune, for INR 440 crore to OE Business Park Pvt Ltd, supported by 360 ONE Alternates Asset Management. The company has leased back the property for up to five years, with the option to sublease parts of it. This sale-and-leaseback transaction is part of Suzlon's strategy to adopt an asset-light model, freeing up capital to support its growing 4 GW order book and drive long-term growth. The move aligns with Suzlon's goal of maintaining operational stability and creating sustainable value for its stakeholders.Read more

17 Sep 2024

During its 54th board meeting, the Himachal Pradesh Urban Development Authority (HIMUDA), chaired by Town and Country Planning Minister Rajesh Dharmani, sanctioned several significant projects. These include a new drinking water supply line and a 15-lakh-litre water tank for Mountain City Jathiya Devi, six 3-BHK deluxe flats in Bilaspur, six 2-BHK flats in Shimla, and two twin towers with 24 3-BHK flats in Solan. The board also decided to implement a standard operating procedure for land acquisition and reviewed various ongoing and planned projects. Dharmani emphasised the need for timely execution, innovative solutions, and resolving land disputes to ensure project success.Read more

17 Sep 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF) have signed a Memorandum of Understanding (MoU) to transform Mumbai into a global financial center. Chief Minister Eknath Shinde highlighted expectations for Mumbai's GDP to double and emphasized the creation of a special central cell within MMRDA to drive this vision. Deputy Chief Minister Devendra Fadnavis outlined initiatives like the Atal Setu-MTHL bridge and port expansions to boost infrastructure and the digital economy. The MoU aligns with the NITI Aayog's report, aiming to increase the region's GDP to $1.5 trillion by 2047, create 25-28 lakh jobs, and establish Mumbai as a leading global fintech and financial hub.Read more

17 Sep 2024

RealtyNXT hosted the India PropTech Demo Day 2024 at Mumbai's Jio World Convention Centre, gathering over 200 participants, including investors, developers, and PropTech startups. The event showcased innovative real estate technology solutions from 12 top startups, tackling challenges such as AI-driven property management and sustainable water solutions. Esteemed jury members evaluated the startups, facilitating impactful discussions. The event fostered collaboration, with many startups securing key follow-up meetings, positioning PropTech as a transformative force in the Indian real estate industry.Read more

16 Sep 2024

Bollywood actor and BJP MP Kangana Ranaut has sold her Pali Hill bungalow in Mumbai for INR 32 crore to Kamalini Holdings. The ground-plus-three-storey property, spanning 3,075 square feet with a 565 square feet garage, was sold at INR 1.04 lakh per square foot. Ranaut had bought the property in 2017 for INR 20.7 crore and converted it into an office for her production house, Manikarnika Films. Despite being partially demolished by BMC in 2020 due to structural violations, the property's value grew significantly as reflected in its sale price. The Pali Hill area is known for housing Bollywood celebrities and high-end luxury properties.Read more

16 Sep 2024

CREDAI-MCHI, representing the real estate industry in the Mumbai Metropolitan Region (MMR), has urged the government to review the GST framework impacting redevelopment, affordable housing, and rehabilitation projects. In a submission to Goa's Chief Minister and GST Council member, Shri Pramod Sawant, the organization highlighted issues like the lack of Input Tax Credit (ITC), which raises costs for both developers and homebuyers. CREDAI-MCHI seeks flexibility in GST rates and calls for relief on redevelopment schemes, especially for slum rehabilitation and dilapidated buildings. The body emphasizes real estate's role in economic revival and the need for affordable housing solutions in Mumbai.Read more

16 Sep 2024

Dr. P.P. Vava, a member of the National Commission for Safai Karamcharis, visited the Navi Mumbai Municipal Corporation (NMMC) headquarters to commend their cleanliness initiatives and welfare efforts for sanitation workers, referred to as "Swachhata Mitra" and "Safai Mitra." He praised NMMC's work and offered suggestions for future improvements. During his visit, he inspected vehicles and equipment used for cleanliness and interacted with workers. The event also honored social advisor Girender Nath and coordinator Sandeep Charan, with NMMC Commissioner Dr. Kailas Shinde presenting NMMC's efforts to ensure the dignity, safety, and health of sanitation workers.Read more

13 Sep 2024

Incuspaze has expanded its footprint in Bengaluru by leasing 325,000 square feet of office space at QUBE Software Park, Outer Ring Road, catering to over 5,000 seats. This follows a recent lease of 156,000 square feet in Whitefield, as the company targets one million square feet of space in the city within a year. With Bengaluru's IT sector driving demand for scalable workspaces, Incuspaze plans to add two million square feet across key South Indian cities. Established in 2016, the company now operates 4 million square feet across 44 locations in 18 cities.Read more