YEIDA approves software park and mixed-use plots to boost industrial growth
The Yamuna Expressway Industrial Development Authority (YEIDA) is set to establish its first Software Technology Park in Sector 28, covering 100 acres and aimed at IT and IT-enabled services companies. Earlier this week, Chief Minister Yogi Adityanath announced that the IT sector would receive industry status, granting various benefits to IT firms. YEIDA is also discussing plots with major Indian IT companies, including Infosys and Wipro. Additionally, a scheme for 20 mixed-use land plots will be launched during the upcoming Navratri festival, integrating industrial, residential, commercial, and essential facilities....
Karnataka aims for USD 50 billion economic output with new global capacity centres policy
The Karnataka Government launched a draft Global Capacity Centres (GCC) policy aiming to generate USD 50 billion in economic output and attract 500 new GCCs by 2029, creating 350,000 jobs. The policy focuses on establishing Global Innovation Districts, with state-of-the-art technology parks in Bengaluru and beyond. Key features include incentives for anchor investors, customised packages for mega projects, and a Centre of Excellence for AI in Bengaluru. The policy emphasizes expanding the GCC ecosystem outside Bengaluru through recruitment support and infrastructure incentives. It aims to strengthen Karnataka's position as a global hub for innovation and business transformation....
Piramal Pharma Solutions invests USD 80 million to expand Lexington facility and double capacity
Piramal Pharma Solutions, the contract development and manufacturing division of Piramal Pharma Ltd, is investing USD 80 million (around INR 670 crore) to expand its Lexington facility. The expansion, set for completion by early 2027, will add 24,000 square feet of manufacturing space, advanced machinery, and a new laboratory. This will more than double production capacity from 104 to over 240 batches annually and create 40 new jobs. The facility focuses on sterile injectable drugs, supporting the company's antibody-drug-conjugate program. With the injectables market projected to surpass USD 20 billion by 2028, the expansion positions Piramal for significant growth....
Banganga Tank restoration faces setbacks as BMC seeks new contractor
The Brihanmumbai Municipal Corporation (BMC) D-ward has issued a tender worth INR 1.2 crore for desilting Banganga Tank in Walkeshwar after a previous contractor caused damage to the heritage steps by using an excavator. Following public outrage and a registered FIR, BMC terminated the contract with Savani Heritage Conservation. Although the contractor completed 10 to 12 percent of the work under a separate INR 4.5 crore contract, fresh tenders are now set to be floated....
Neo Tidel Parks launched in Thanjavur and Salem to boost IT Sector in Tier-II and Tier-III cities
Tamil Nadu Chief Minister MK Stalin inaugurated two Neo Tidel parks in Thanjavur and Salem, each with a capacity of around 1,000, as part of the initiative to promote IT jobs in tier-II and tier-III cities. The parks, covering 55,000 sq ft and built at a cost of INR 29.5 crore, have attracted significant interest from IT and health-tech companies. TIDCO's managing director noted strong client negotiations, with more work orders anticipated soon. Additional parks in Vellore and Tirupur are set to launch by year-end, building upon the government’s commitment to enhance tech infrastructure in the state....
Dharavi Redevelopment: State government assigns salt-pan land in Kanjurmarg, Bhandup and Mulund for PAP
Earlier this month, the Maharashtra government approved acquiring 255.9 acres of environmentally sensitive salt-pan land from the Central government to house individuals excluded from the Adani Group-led Dharavi Redevelopment Project. While the Central government approved the transfer in September, environmental activists and Dharavi residents have opposed it. Salt pans help mitigate flooding, raising concerns about environmental hazards. The land will be used for affordable housing for those ineligible for Dharavi’s redevelopment. Opposition parties claim the plan prioritizes corporate interests over residents' needs. Environmentalists warn of potential flooding, referencing the deadly 2005 deluge, urging the government to reconsider its approach....
Princeton Digital Group and Mindspace REIT partner to build largest data centre campus in India
Princeton Digital Group has partnered with K Raheja Corp's Mindspace Business Parks REIT to create its largest data centre campus in India at Mindspace Airoli West. The agreement includes a 20-year lease for five buildings across 16 acres, adding one million square feet to Princeton's portfolio. The project will enhance the REIT's total footprint to 1.6 million square feet, supporting the growing demand for data centres in Navi Mumbai, a hub for infrastructure and AI technology....
Karnataka launches India's first Knowledge Health Innovation Research City
Karnataka's government launched India's first Knowledge Health Innovation Research-City (KHIR-City) on 26 September 2024. Inspired by global hubs like Singapore's Biopolis and the US's Research Triangle Park, this 2,000-acre, INR 40,000 crore project aims to create 1 lakh jobs and foster growth in the health and research sectors. KHIR-City will house universities, hospitals, and industries to drive healthcare innovation and economic development. With an advisory committee of notable experts, the initiative blends global expertise with local talent to position Bengaluru as a global healthcare leader, accelerating research, development, and commercialization in India's healthcare landscape....
Madhya Pradesh: Ujjain to launch its first IT Park with INR 67 crore investment
Rajesh Rathod, Executive Director of MPIDC, announced Ujjain's first IT Park, a major development to enhance the region's tech landscape. Spanning 2.16 hectares, the project will unfold in two phases, with an initial investment of INR 67 crore. The park will house IT enterprises and startups, offering plug-and-play spaces with advanced infrastructure, including an incubation center and research facility. Focused on job creation for local youth, the initiative aims to foster innovation and economic growth. A memorandum between MPIDC and the state's technical education department will ensure alignment with industry needs....
Gujarat: Cognizant to establish a tech-fin centre in GIFT City in 2025
Cognizant is set to establish a tech-fin centre in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, by February 2025. This strategic hub will cater to clients in the banking, financial services, and insurance sectors, starting with 500 associates and growing to 2,000. The initiative highlights Gujarat's appeal for global companies and aims to drive sustainable growth while creating local job opportunities. Cognizant's presence in India, with over 70% of its workforce based there, reinforces its commitment to innovation and community enhancement through its various initiatives....
Maharashtra CM approves PMRDA budget of INR 3,838 crore
On September 24, Chief Minister Eknath Shinde approved a PMRDA budget of INR 3,838.61 crore, nearly double last year's allocation. During the meeting, he stressed the importance of expert planning for affordable housing in the Pune Metropolitan Region and the need for plenty of open spaces. Shinde called for a lottery for the remaining 1,620 houses under the PMAY scheme and urged the acceleration of 6,000 additional units. Discussions included the regularization of fees under the Gunthewari Act, forming a disaster response team, and constructing new fire stations. PMRDA Commissioner Mhase confirmed INR 982 crore for the comprehensive mobility plan to address traffic congestion....
Delhi: 10 flats in Dwarka sold at DDA e-auction on September 24
The Delhi Development Authority (DDA) successfully sold all 10 flats in Dwarka during the first day of an e-auction, which included a penthouse and several High-Income Group (HIG) units, all fetching prices above the reserve amounts. The auction will continue for two more days, with expectations that all remaining flats will also sell due to strong demand. This follows the DDA's previous achievements in selling out flats in Rohini and Jasola. Additionally, on August 6, the DDA announced three new housing schemes aimed at addressing the growing housing demand in Delhi and catering to various income groups....
MPSEDC to issue new tenders for Sinhasa IT Park as investment exceeds INR 100 crore
MPSEDC is preparing to issue tenders for the remaining 12 plots in Sinhasa IT Park by year-end. So far, the corporation has allocated 33 plots to IT and ITES firms, despite eight plots facing encroachment issues. These companies have committed to investing over INR 100 crore and aim to generate employment for approximately 1,500 people. Seven of the allotted companies have already begun operations, while the others are still developing their facilities. MPSEDC has also sold 30,000 square feet of space in the park's building and plans to lease additional sections to various technology-focused enterprises....
Adani Ports and SEZ (APSEZ) handled 183 million metric tonnes (mmt) of cargo from April to August 2024, with a 7% year-on-year growth in Q1 of FY25. However, operations were disrupted by a worker strike at the Gangavaram Port and severe weather issues in Kutch. Despite this, APSEZ maintains its volume target of 460-480 mmt for FY25. APSEZ is focused on expansion, signing an agreement to develop a 5.7 mmt berth at Kandla and acquiring an 80% stake in Astro. The company aims for significant growth, aiming to become one of the world's largest private port companies by 2030....
RLDA invites bids for the commercial development of land parcel in Miraj
The Rail Land Development Authority (RLDA) has invited bids for the commercial development of a prime land parcel located north of the Miraj Railway Station in Maharashtra. The strategic location, proximity to the Sangli-Miraj highway, and the area's reputation as a medical hub offer immense potential for the site's development. With a reserve price of INR 8.60 crore and a lease period of 99 years, the plot presents an attractive investment opportunity for businesses and developers seeking to capitalize on Miraj's growing prominence as an emerging medical and commercial hub....
MUDA and Hootagalli CMC dispute leaves Mysuru layout residents without basic services
Residents of Mysuru's outskirts, in over 33 layouts approved by the Mysuru Urban Development Authority (MUDA), are struggling due to the lack of basic amenities like water and underground drainage. A dispute between MUDA and the newly-formed Hootagalli City Municipal Council (CMC) has left residents in limbo, as MUDA has not handed over these layouts to the CMC. Despite paying taxes to MUDA, residents are deprived of services. The CMC has requested the transfer of these layouts only after MUDA ensures all amenities are provided, with MUDA officials stating they will address the issue....
Maharashtra township inspections reveal delays in amenities and limited water supply
A state-appointed panel has inspected only two of 30 integrated township projects in Maharashtra, both in Nagpur, despite its mandate to assess water availability, construction progress, amenity spaces, and economical housing provisions. Delays in the construction of promised amenities were found, with significant work yet to begin, particularly in Pune and Konkan. Residents have raised concerns about inadequate water supply, with many relying on tankers. The committee plans to report water issues to the government and verify compliance with the state's township policy. Experts express concerns over the slow pace of inspections ahead of the assembly elections later this year....
Delhi-NCR housing market booms with 13,300 new units expected in Q3 2024
The supply of new residential properties in Delhi-NCR is projected to triple to 13,311 units during July-September 2024, compared to 4,147 units in the same period last year, according to PropEquity. This surge is driven by strong demand and increased developer activity. Housing sales in the region are expected to rise 22%, reaching 10,263 units from 8,411 units last year. However, across nine major cities, including Delhi-NCR, new launches are set to decline to 93,693 units, down from 1,05,655, while sales may drop 18% to 1,04,393 units, reflecting broader market trends....
Macrotech Developers acquires majority stakes in three digital infrastructure firms
Macrotech Developers has acquired Ivanhoe Warehousing India's stakes in three digital infrastructure entities-Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4, and Bellissimo In City FC Mumbai 1-for a total of INR 239.56 crore. The acquisition increases Macrotech's ownership to 70% in Bellissimo Digital Infrastructure and 66.67% in both Palava Induslogic 4 and Bellissimo In City FC Mumbai 1. This move aligns with Macrotech's strategy to expand its digital infrastructure presence in the industrial and logistics sectors while also boosting annuity income. Macrotech expects to close the deal within 30 days....
PCMC identifies 2,500 unauthorized structures in Blue Floodline zones, plans demolition drive
The Pimpri Chinchwad Municipal Corporation (PCMC) has conducted a comprehensive survey of the blue floodline areas across the twin cities, identifying over 2,500 structures. The civic body has already served notices to the owners of more than 50% of these establishments, with plans to initiate a demolition drive against unauthorized constructions. This survey, the first of its kind, focuses on constructions in all blue floodline areas, marking the zones where the highest flood discharge of the river reaches on an average of every 25 years. The survey reveals that most of the structures are located along the Pavana river, with over 60% being residential in nature....
MPIDC allocates 3,000 plots in Pithampur's Sector 7 for industrial and residential development
The Madhya Pradesh Industrial Development Corporation (MPIDC) has allocated nearly 3,000 plots under the land pooling scheme in Sector 7, Pithampur, including 2,900 residential and 95 commercial plots. The industrial sector, spanning over 2,000 hectares, is being developed at an estimated cost of INR 2,400 crore, with 1,351 hectares to be acquired from private landowners. While MPIDC has secured 450 hectares, it continues to seek consents from reluctant landowners. Additionally, 350 hectares from the forest department may be included. Compensation consists of 20% cash and 80% in developed plots. The project aims to promote industrial and residential growth....
Karnataka Government struggles to acquire 85,000 acres needed for satellite townships in Bengaluru
The Karnataka Government is tackling the complex task of acquiring 85,000 acres for satellite townships around Bengaluru. The Karnataka Housing Board (KHB) needs 10,000 acres for five townships, while the Bangalore Metropolitan Area Development Authority (BMRDA) requires 75,000 acres for its five townships. Balancing development with farmers' interests, as many depend on their land for their livelihoods, is crucial. Challenges include high land costs, scarcity, and potential governance changes. The government is working to build consensus through raitha adalats and innovative compensation models. Despite these efforts, the future of the townships remains uncertain and needs careful management....
Daikin invests INR 1,400 crore in Indian subsidiary to boost local manufacturing
Daikin Industries has invested INR 1,400 crore in its Indian subsidiary to enhance local manufacturing of air conditioners and components. This significant capital infusion, the largest to date, comes as part of their ongoing business expansion, particularly for phase two of their Sri City plant in Andhra Pradesh. The funds will be allocated for construction, research and development, skill development, and brand building, aiming to increase the localisation of their products from 75% to nearly 90%. Daikin competes in the INR 30,000 crore Indian air conditioner market alongside Tata-owned Voltas, LG Electronics, and Havells-owned Lloyd....
MMRDA and WEF join forces for sustainable development, targeting INR 300 billion GDP by 2030
The Mumbai Metropolitan Region Development Authority (MMRDA) signed a Memorandum of Collaboration (MoC) with the World Economic Forum (WEF), marking it as the first parastatal agency to do so. The partnership aims to advance sustainable urban development and enhance economic growth in the Mumbai Metropolitan Region (MMR), projecting its GDP contribution to reach INR 300 billion by 2030. It emphasises global expertise, job creation, and infrastructure innovation, while supporting Maharashtra's climate goals. Prof. Klaus Schwab highlighted the MoC's potential to position Mumbai as a leading global city....
Sanjay Shirsat takes charge as CIDCO Chairman, commits to freehold land initiative for Navi Mumbai
Sanjay Shirsat, the newly appointed chairman of the City and Industrial Development Corporation (CIDCO) aims to transform leasehold land in Maharashtra into freehold, addressing long-standing demands from Navi Mumbai residents. He took office earlier this week, succeeding a position that had been vacant for four years. While residents advocate for freeholding, CIDCO maintains that acquired land remains leasehold. Shirsat pledged to seek government support and emphasised the importance of timely project completion, focusing on the interests of those affected and the broader community in Navi Mumbai....
BMC issues INR 918 crore tender for new flyovers to ease traffic between Ghatkopar and Vashi
The Brihanmumbai Municipal Corporation (BMC) has issued an INR 918 crore tender to construct two flyovers connecting Ghatkopar, Mankhurd, and Vashi to ease traffic. One flyover will extend from the Ghatkopar-Mankhurd Link Road (GMLR) towards Vashi, while the other will connect the Sion-Panvel highway to GMLR. Concerns have arisen over the flyovers' alignment with the ongoing Metro Line 8 project. The flyovers aim to reduce congestion and improve connectivity in key Mumbai areas....
UP Government approves YEIDA Master Plan 2041 to boost development near Noida Airport
The Uttar Pradesh government recently greenlit the ambitious YEIDA Master Plan 2041, set to transform the region surrounding the Noida International Airport in Jewar. Covering 3,352 sq km across six districts, the plan includes mega projects such as a medical device park, semiconductor park, olympic park, and an aerotropolis. With zoning reforms and enhanced infrastructure, the plan aims to balance industrial growth with urban development, positioning the region as a global hub....
Punjab Government raises INR 2,945 crores in online property auction for urban development
The Punjab Government recently raised INR 2,945 crores through an online auction of residential and commercial properties across the state. The auction, covering various property types such as group housing, commercial land, shops, and multiplexes, was well-received by the public. Chief Minister Bhagwant Mann credited the success to the government's investor-friendly policies and confirmed that all proceeds will be reinvested into development initiatives. Approved bidders will be required to make a 10% deposit, with possession granted upon payment of 25% of the total bid value. The auction reflects strong public interest in both residential ownership and business opportunities....
Brookfield Asset Management aims to expand infrastructure investments in India
Brookfield Asset Management plans to increase its investment in Indian infrastructure, building on the USD 13 billion already committed, viewing India as the "brightest spot" in emerging markets. Arpit Agrawal, head of Brookfield's infrastructure operations in India, highlighted the firm's focus on digitalisation, decarbonisation, and deglobalisation, which align well with India's growth. Brookfield is exploring new investments in fibre optics, smart meters, and gas pipelines, alongside its existing stakes in telecom towers and data centres. Agrawal also emphasized India's favorable economic conditions, including predictable currency depreciation. Brookfield manages nearly USD 29 billion in Indian assets and sees continued growth opportunities....
Vadodara-Mumbai Expressway nears 60% completion, set for 2025 launch
The Vadodara-Mumbai Expressway in Maharashtra is about 60% complete and is set to be fully operational by July 2025. This eight-lane expressway will connect key hubs, including the Mumbai-Goa highway, Navi Mumbai International Airport, JNPA, and the Mumbai-Pune Expressway. Managed by the National Highway Authority of India's Thane unit, the project features segments like a 2.25 km Sasupada-Ghodbunder bridge and a 26.4 km stretch in Palghar, both nearing completion. The Morbe tunnel excavation is complete, with another tunnel planned. While some parts, like the Acchad-Dahisar underpass, lag behind, the project promises to enhance connectivity across Maharashtra....
Karnataka Government considers Nelamangala site for new international airport in Bengaluru
The Karnataka state government is actively searching for a suitable location to build a second international airport in Bengaluru. The decision is driven by the city's growing development needs, increasing passenger traffic, and cargo pressure. After extensive evaluation, the final site appears to be near Nelamangala, situated along National Highway 75. The government had examined several locations, and based on the Airports Authority of India's (AAI) technical standards, the site between Nelamangala and Kunigal seems to be the chosen location. The existing Kempegowda International Airport (KIA) has been experiencing a surge in air traffic, prompting the development of a second international airport....
NMRC Seeks experienced developers for major commercial project near Okhla Bird Sanctuary
The Noida Metro Rail Corporation (NMRC) has issued an expression of interest (EOI) for the commercial development of three plots totalling 44,151 square metres near the Okhla Bird Sanctuary metro station. The EOI aims to attract experienced firms and institutions skilled in commercial real estate, covering areas like project management and financing. The plots, designated for commercial use under the Noida Master Plan and Building Byelaws 2010, are available for lease for up to 60 years. Developers are expected to create buildings designed to last at least 100 years....
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