GMR Airports to acquire 10% stake in Delhi Airport from Fraport for USD 126 million
GMR Airports Infrastructure (GIL) recently announced a share purchase agreement with Fraport AG to acquire its 10% stake in Delhi International Airport (DIAL) for USD 126 million. This deal will increase GIL's stake in DIAL from 64% to 74%, with the Airports Authority of India (AAI) retaining a 26% share. The transaction is pending approval from AAI and GIL's shareholders and is expected to close within 180 days. BS Raju of GMR Group acknowledged Fraport's significant technical support and partnership. The acquisition is deemed a related party transaction under SEBI regulations, with no other promoter interests in DIAL....
Ahmedabad Municipal Corporation introduces blockchain for TDR and certificate issuance
The Ahmedabad Municipal Corporation (AMC) is set to revolutionise its Transferable Development Rights (TDR) management by integrating blockchain technology. Moving away from error-prone manual processes, the new system will use blockchain to digitise TDRs, enhance transparency, and prevent fraud. The initiative will also extend to digital issuance of various certificates and licences. Key features include automated smart contracts, a public verification portal, and a comprehensive audit trail. Additionally, Optical Character Recognition (OCR) and e-signatures will streamline document processing and approvals, ensuring a secure and efficient system....
Dholera SIR emerges as a major hub, attracting INR 3,000 crore in investments
Dholera Special Investment Region (SIR) in Gujarat is emerging as a major destination for real estate investors, drawing annual investments between INR 2,000-3,000 crore primarily from north Indian regions like Punjab, Haryana, Delhi, Gurugram, and Noida. The project is being developed through a joint initiative between the Centre and Gujarat state government and is managed by DICDL. The project is nearing completion of its first phase, which has boosted investor confidence. The partnership between Tata Electronics and Synopsys for a semiconductor plant in Dholera further highlights the area's potential as a future hub for technological and industrial development....
CapitaLand Investment to invest USD 1.15 billion in India's data centre sector by 2028
CapitaLand Investment (CLI) plans to invest 1.15 billion USD in India's data centers, aiming for a 244 MW capacity over 3-4 years. The Singapore-based company targets doubling its funds under management (FUM) in India to 7.4 billion USD by 2028. Investments will focus on business parks, IT parks, logistics, and warehouses, while also exploring renewables and real estate private credit. CLI operates across major Indian cities and is developing four data centers. The company's strategic growth includes raising third-party capital, joint ventures, and expanding its lodging portfolio. India remains a key market, with significant potential for future growth....
Bommasandra-Hosur Metro extension nears feasibility completion
The feasibility study for South India's first interstate metro project, extending 23 km from Bommasandra to Hosur, is nearing completion despite facing opposition. Chennai Metro Rail Limited (CMRL) has sought support from Bangalore Metro Rail Corporation Limited (BMRCL) for project implementation. The study, conducted by Balaji RailRoad Systems, examines crucial factors like ridership, train types, and station alignments. Though the Tamil Nadu government funded the feasibility report, BMRCL may contribute during the implementation phase. Hosur, a major industrial hub, faces severe traffic congestion, which the metro aims to alleviate....
Interarch Building Products to invest INR 95 crore in new Andhra Pradesh plant
Interarch Building Products Ltd is investing INR 95 crore to establish a pre-engineered building (PEB) manufacturing plant in Nellore, Andhra Pradesh. The company has inaugurated Phase 1, a 4-acre facility costing INR 40 crore, funded by internal accruals, which will enhance its capacity by 20,000 tonnes annually. Phase 2, recently groundbreaking, will span 6 acres and increase the total capacity by 40,000 tonnes to 200,000 tonnes per year. This phase, covering 200,000 square feet, is expected to be operational in 7-8 months with an investment of INR 57 crore....
Greater Noida Authority offers 22 commercial plots through an e-auction process
The Greater Noida Industrial Development Authority (GNIDA) has unveiled a new scheme offering 22 commercial plots, ranging from 1,500 to 19,000 square metres, through an e-auction. With the upcoming Noida International Airport driving land demand, this initiative presents a rare opportunity for realtors. Registrations began on 29 August 2024 and will close on 19 September 2024. The plots, located in prime sectors, vary in Floor Area Ratio (FAR), offering flexibility in development. Allotments will be leasehold for 90 years, with the revenue directed towards Greater Noida's infrastructure development....
Amaravati to transform into AI city with new development plans
Andhra Pradesh Chief Minister N. Chandrababu Naidu has unveiled ambitious plans to develop Amaravati into an Artificial Intelligence (AI) city, emphasising technology integration in urban planning. Naidu's vision includes a futuristic design for the Capital Region Development Authority (CRDA) building, a revived HappyNest residential project, and expanded land acquisition of 3,558 acres. Additionally, Naidu plans to enhance transport infrastructure with Metro projects in Vijayawada and Visakhapatnam, involving investments of up to INR 17,400 crore. These initiatives aim to position Amaravati as a leading smart city, driving innovation and investment in the region....
Flexible offices rises to 12.7% of total leasing in 2024
In the first half of 2024, flexible office spaces captured their highest share of total office leasing volumes, rising to 12.7% from 10.2% in 2019, according to a report by Cushman & Wakefield and Table Space. This growth reflects a shift in business preferences post-pandemic, with demand for flexible offices surging-106,554 seats were filled in H1 2024 alone. The IT sector leads this trend, accounting for 50% of flexible workspace absorption. The expansion of flex offices, driven by the need for adaptable and cost-effective work environments, positions 2024 as potentially a record year for this sector....
Chennai's Kolathur to host new ornamental fish trade centre as part of INR 1,000 crore development initiative
Chennai is set to boost its ornamental fish trade with a new centre in Kolathur, inaugurated by Chief Minister M.K. Stalin. Covering 3.93 acres in Siva Sakthi Colony, the two-storey facility will include 188 shops, office spaces, and parking, aimed at transforming Kolathur into a major fish trading hub. This development is part of a broader INR 1,000 crore North Chennai Development Scheme, which includes six additional projects like community halls, modern laundry hubs, and lake improvements. The initiative seeks to enhance infrastructure and local amenities, supporting both economic growth and community well-being in the region....
Stamp Duty revenues of INR 2,045 crore drive Mumbai metro network and infrastructure growth
The Mumbai Metropolitan Region Development Authority (MMRDA) has collected over INR 2,045 crore from stamp duty on home registrations between 2022 to 2024. This funding, along with support from the state government, global financial institutions, and other sources, will be used to finance major infrastructure projects, including Mumbai's metro rail network. MMRDA has now secured approximately INR 1,16,611 crore in debt financing for these projects. Additional funds are expected from urban local bodies, and MMRDA plans to issue bonds worth INR 14,000 crore, with the first tranche of INR 1,400 crore to be released soon....
MMRDA seeks INR 14,000 crore state-guaranteed bond issuance to boost Mumbai infrastructure
The Mumbai Metropolitan Region Development Authority (MMRDA) is set to issue bonds worth INR 14,000 crore, with an initial phase of INR 1,400 crore, to fund infrastructure projects in Mumbai. The bonds, approved for up to INR 50,000 crore, will be secured by land parcels and guaranteed by the state government. This strategy shifts from auctioning plots in the Bandra-Kurla Complex to leveraging capital markets for funding. The bonds, with a 50-year tenure and an option to redeem after 15 years, aim to enhance mobility, housing, and services in the densely populated region, setting a precedent for future infrastructure financing....
Vilas in Chitrapuri colony faces scrutiny for violating building regulations
Chitrapuri Colony, home to the Telugu Cine Workers' Co-operative Housing Society in West Hyderabad, faces scrutiny for violating building regulations. Civic authorities recently demolished six villas, which exceeded the 225 units permitted. Despite warnings from Manikonda Municipality, unauthorised construction continued, leading to potential legal actions. The society violated a 2009 government order by constructing additional floors beyond the approved G+1 structure. Manikonda officials, supported by Hyderabad Disaster Response (HYDRAA), threaten to carry out further demolitions if the society does not comply. The society's president offered to pay penalties, but enforcement remains stringent as public support for HYDRA's actions grows....
Delays in Jog Flyover repairs put Mumbai at risk of potential disasters
Mumbai's deteriorating infrastructure, particularly the condition of key flyovers, is raising serious concerns. The Jog flyover in Andheri East has become a focal point of a dispute between the MMRDA and BMC over responsibility for repairs, causing delays that have rendered the structure unsafe. An April 2024 audit by VJTI deemed the flyover dangerous, urging repairs within a month. However, the BMC is still undecided on how to proceed, despite a recent incident where a large slab fell from the flyover. The situation is part of a broader infrastructure challenge in Mumbai, with several other bridges also in urgent need of repairs, underscoring the need for immediate action to prevent potential disasters....
The Cabinet approves 12 industrial cities with an INR 28,602 crore investment
The Union Cabinet approved the development of 12 new industrial cities across 10 states with an investment of INR 28,602 crore to enhance India's manufacturing capabilities. Strategically located along six major industrial corridors, developers will build these cities as greenfield smart cities, adhering to global standards. The initiative, part of the National Industrial Corridor Development Programme, aims to create 1 million direct and 3 million indirect jobs by 2027. Having secured environmental clearances and completed land acquisitions, this initiative will transform India's industrial landscape and significantly boost economic growth and global competitiveness....
Andhra Pradesh's smart cities achieve 85% project completion under mission
Under India's Smart Cities Mission, Andhra Pradesh's four cities - Kakinada, Visakhapatnam, Tirupati, and Amaravati - have completed over 85% of their urban development projects, totaling INR 5,657 crore out of the planned INR 6,620 crore. Kakinada and Tirupati led with INR 2,000 crore in completed projects each, while Visakhapatnam achieved INR 1,575 crore. Amaravati lags, with INR 746 crore completed out of INR 930 crore planned. Despite challenges, the progress underscores a strong commitment to enhancing urban infrastructure and living standards across these cities, setting a benchmark for others in India....
Raipur Municipal Corporation (RMC) to launch co-working and incubation centre for startups
The Raipur Municipal Corporation (RMC) is set to open a co-working and incubation centre at the Inter-State Bus Terminal (ISBT) in Bhatagaon, initially offering 150 seats with plans to expand to 500. Managed by the Raipur District Urban Public Service Society (RDUPSS), the centre aims to support local entrepreneurs with modern amenities like conference rooms and recreational areas. Commissioner Abinash Mishra emphasised the project's timely completion. This initiative aligns with national trends, promoting innovation and entrepreneurship, and is expected to boost Raipur's startup ecosystem, driving economic growth and job creation in the region....
LDA progresses with Edium City Project, acquiring 12 hectares of land in Lucknow
The Lucknow Development Authority (LDA) has recently acquired over 12 hectares of land in Piyarepur village for the Edium City project, also known as the Mohan Road scheme. This process began 15 days ago and involved signing agreements with local farmers. This is part of a bigger plan to turn the area into a modern urban center with roads, sewers, and green spaces. To address concerns, the LDA has increased compensation rates for farmers in Piyarepur. A budget of INR 225 crore has been set for the first phase of the development. This project will focus on roads, sewers, and other infrastructure....
State authorities additional property registration offices in urban and rural Maharashtra
The Maharashtra state government is planning to establish additional property registration offices in both urban and rural areas, especially in regions with high transaction volumes, ahead of the upcoming assembly elections. This initiative responds to widespread complaints about the inadequate conditions of current registration offices, which are often cramped and poorly maintained. The proposal for new offices, submitted last week, aims to ease the burden on existing facilities, particularly in urban areas with over 8,000 monthly transactions and rural areas with 5,000 to 6,000 transactions. These new offices are expected to improve service quality by alleviating overcrowding and enhancing infrastructure, addressing issues such as inadequate seating and drinking water facilities. This move is seen as a crucial step in managing the growing demand for property registration services....
RLDA invites bids for land near Shri Mata Vaishno Devi Katra Railway Station in J&K
The Rail Land Development Authority (RLDA) is inviting bids for the commercial development of two land parcels near Shri Mata Vaishno Devi Katra Railway Station in Jammu & Kashmir. These strategically located parcels, bordered by Station Road, railway buildings, and vacant land, offer prime opportunities for building hotels, shopping complexes, and marriage halls. With a combined area of over 15,000 square meters and a 60-year lease, the developments are expected to boost the local economy, create jobs, and accommodate the growing number of tourists visiting the shrine, which saw over 9.5 million pilgrims in 2023....
CHB will begin repairing the Dhanas rehabilitation colony after an 11-year delay
The Chandigarh Housing Board (CHB) has finally initiated repairs at the Dhanas rehabilitation colony after 11 years of neglect. The board will allocate INR 71 lakh to restore common areas, including columns, beams, and roofing. The colony, which houses over 25,000 residents in 8,448 flats, had seen severe deterioration since its creation under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Under pressure from residents, the CHB has begun surveying additional rehabilitation colonies for similar repairs, funded by a newly established revolving fund. The repairs should significantly improve residents' living conditions....
Water Worship ceremony completed at Navi Mumbai Municipal Corporation's Morbe Dam
Navi Mumbai, distinguished as the only municipal corporation in post-independence India to own a dam, celebrated the full capacity of its Morbe Dam with a traditional water worship ceremony. Located on the Dhavari River in Khalapur Taluka, the dam has a capacity of 450 million liters per day and was filled by the end of August this year, thanks to substantial rainfall. The event was attended by MLA Shri Ganesh Naik, Municipal Commissioner Dr. Kailas Shinde, and other officials. MLA Naik highlighted the strategic significance of the dam and stressed the need for exploring additional water sources due to the city's growing population. Dr. Shinde praised the dam's capacity and announced ongoing efforts to ensure equitable water distribution. Despite the abundant reserve of 191.463 million cubic meters, residents are encouraged to use water wisely....
South Mumbai road concretisation to begin on October 1
The long-pending road concretisation project in South Mumbai is finally set to begin on October 1, following multiple delays and setbacks. The Brihanmumbai Municipal Corporation (BMC) had faced obstacles, including contract termination in January, but has now cleared the way for the work to proceed. According to additional commissioner Abhijit Bangar, both tenders have been approved, and the work orders are expected to be finalized soon. This initiative promises to improve the quality of roads in South Mumbai, addressing long-standing issues with potholes and uneven surfaces....
Apple expands manufacturing in India with Tata's new assembly plant in Hosur
Apple Inc. is expanding its manufacturing presence in India with a new assembly plant by Tata Group in Hosur, Tamil Nadu. The INR 6,000 crore facility, set to begin operations in November, is a key component of Apple's strategy to boost its Production-Linked Incentive (PLI) program. This move reflects Apple's commitment to strengthening its footprint in India and diversifying its global supply chain to mitigate risks from geopolitical tensions and disruptions. The Hosur plant will significantly increase Apple's production capacity, meeting growing demand for iPhones in both domestic and international markets. This expansion is expected to create thousands of jobs, supporting local economic growth and advanced manufacturing skills....
PFC commits INR 21,000 crore to develop India's largest container port at Vadhavan
The Power Finance Corporation (PFC) has committed INR 21,000 crore towards developing the Vadhavan Port, set to become India's largest container port with a total project cost of INR 76,220 crore. Located in Palghar, Maharashtra, the port aims to enhance India's logistics and trade capabilities by handling 298 million tons annually, including 23.2 million TEUs of container traffic. The project, developed by Vadhavan Port Project Ltd, will integrate road and rail links, aligning with dedicated freight corridors. This investment marks PFC's strategic shift towards infrastructure, supporting India's vision of becoming a global economic powerhouse....
The ambitious Dharavi redevelopment project in Mumbai continues to face land acquisition hurdles
The Adani Group's USD 619 million redevelopment of Dharavi, Mumbai's vast slum, faces major challenges due to difficulties in land acquisition. Despite winning the bid last year, securing land for the 240-hectare project has proven difficult due to local political opposition and pre-existing government plans. Dharavi, home to around 700,000 residents, is intended to be transformed into a modern urban hub, but issues with land and inclusivity are causing delays. The project aims to begin construction following a detailed eligibility survey, with a seven-year timeline, but unresolved land issues may lead to significant setbacks....
Gurgaon's South City 1 residents demand action as civic neglect continues
Residents of South City 1 are voicing their frustration over the neglect of basic civic amenities, five years after the area was handed over to the Municipal Corporation of Gurgaon (MCG). Persistent issues, such as pothole-ridden roads, inadequate water supply, and poor drainage, have significantly affected their daily lives. A recent protest saw residents holding signs and demanding immediate action from MCG, highlighting the disrepair of roads, sanitation concerns, and frequent flooding during monsoons. Despite meeting with MCG officials and receiving assurances that these issues would be addressed, residents remain cautious but hopeful that their demands will lead to concrete improvements in their living conditions....
Affordable housing sees 41% growth in Mumbai's suburban areas amid government support
After a prolonged slowdown, affordable housing in Mumbai's real estate sector is showing recovery from a slump, particularly in the under INR 30 lakh segment. A study by Liases Foras reported a 41% growth in this segment during the March-June 2024 quarter, with an increase in activity in peripheral areas like Vasai-Virar, Boisar, and Dombivli. Despite new projects and government incentives like the Pradhan Mantri Awas Yojana, awareness and implementation challenges continue to persist. Experts predict a potential 'V' shaped recovery pattern, but brokers in key areas note that sales are slower than expected due to a lack of scheme awareness....
Government boosts grants for rental housing under PMAY-U 2.0
The Union government has significantly increased grants for rental housing under the revamped Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0), approved on August 9, 2024. The scheme now offers INR 1.5 lakh per unit for constructing one-bedroom rental flats, up from INR 60,000, with central and state governments sharing the costs. Aimed at addressing the previous scheme's shortcomings, PMAY-U 2.0 seeks to enhance rental housing availability for working women, students, and migrant workers by encouraging private sector participation and optimizing government resources. Detailed guidelines are expected soon....
MMRDA seeks waiver on premium payments for Ramabai Ambedkar Nagar redevelopment project
The Mumbai Metropolitan Region Development Authority (MMRDA) is advocating for a waiver on premium payments for government land in the INR 4,000 crore Ramabai Ambedkar Nagar slum redevelopment project in Ghatkopar. The project, covering 331,495 square metres, aims to provide modern homes for 16,000 slum dwellers and improve infrastructure. MMRDA's proposal, awaiting state government and Cabinet approval, could significantly reduce costs, ensuring the project's completion within three years. This initiative is set to enhance living conditions, promote economic growth, and serve as a model for future slum rehabilitation efforts in Mumbai....
India's SWAMIH fund targets 20,000 homes annually amidst INR 15,530 crore stalled project crisis
Stalled real estate projects in India, caused by poor execution, fund mismanagement, and excessive land acquisition, have led to significant distress among homebuyers. In response, the government launched the SWAMIH Fund in 2019, raising INR 15,530 crores to support incomplete projects. Despite this, only 32,000 homes have been delivered in five years. The Fund now targets 20,000 annual completions, but success hinges on better developer coordination and transparency. Calls for mandatory audits and stricter land banking regulations highlight the ongoing need for accountability in the real estate sector....
Thane and Pune Metro extensions to enhance connectivity and boost real estate markets
The Union Cabinet has greenlit two major metro projects in Thane and Pune, with a combined value exceeding INR 15,000 crore. Thane's 29-kilometre ring corridor, featuring 22 stations, is expected to transform local transportation and raise property demand, potentially increasing prices by 10-20%. Meanwhile, Pune's Swargate to Katraj underground line will enhance connectivity between key commercial zones. Both projects are slated for completion by 2029, promising significant impacts on real estate and urban mobility in Maharashtra's rapidly growing cities....
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