India's Real Estate Boom: Urbanisation drives record sales and new housing supply
India's real estate market is booming, with a 33% year-on-year growth in sales of 4.1 lakh units across the top eight cities in 2023. However, the sector faces challenges with 4.1 lakh stalled dwelling units valued at INR 4.1 lakh crore. Government initiatives like PMAY-U and policy reforms have boosted demand, with new housing supply hitting a record 5.2 lakh units in 2023. Despite this, stalled projects remain a significant issue, prompting calls for solutions like mandatory RERA registration and exploring financing options to revive these projects and sustain the market's momentum....
Tembo Global Industries announces new divisions for infrastructure and defence sectors
Tembo Global Industries Ltd. has launched two new divisions, Tembo Global Infra Ltd. and Tembo Defense Products Ltd., marking a strategic expansion. Tembo Global Infra Ltd. focuses on enhancing project execution efficiency, while Tembo Defense Products Ltd. aligns with the "Make in India" initiative to boost self-reliance in defence manufacturing. "The introduction of these divisions marks a new era of innovation and excellence," said Sanjay Patel, MD of Tembo Global Industries. These divisions reinforce the company's commitment to growth, innovation, and maintaining high-quality standards, ensuring unparalleled value for stakeholders....
Mumbai flyover crisis falling slab sparks urgent repair request as BMC seeks MMRDA help
Following a serious incident where a slab fell from the Jog Flyover on Mumbai's Western Express Highway, injuring a driver, the Brihanmumbai Municipal Corporation (BMC) has asked the Mumbai Metropolitan Regional Development Authority (MMRDA) to address the urgent repairs. A recent Veermata Jijabai Technological Institute (VJTI) audit found the flyover's superstructure in poor condition. However, BMC hesitates to act due to ongoing legal disputes involving Hiranandani Constructions Pvt Ltd (HCPL), responsible for maintenance since 2005. HCPL, citing INR 64 crore in expenditures and legal issues, has not addressed the repairs. MMRDA, previously overseeing the flyover, is now expected to intervene....
Maharashtra government allocates INR 15,940 crores for 41 railway projects
Railway Minister Ashwini Vaishnaw announced a budget of INR 15,940 crore for Maharashtra's railway projects, part of an ongoing investment totaling INR 1.3 lakh crore. Key initiatives include redeveloping 128 stations under the Amrit Bharat Station scheme and adding 250 new local trains over the next five years. Maharashtra has achieved full railway electrification and lays 180 km of new tracks annually. Significant upgrades to Mumbai's suburban network, serving millions daily, are planned under the Mumbai Urban Transport Project. Experts highlight urgent needs to tackle congestion and improve connectivity for the growing population. The Railway Ministry aims to boost service frequency and safety with advanced systems like Kavach 4.0....
Mumbai's Green Future: BMC to construct INR 116-crore eco-friendly office
The BMC is launching a INR 116-crore net-zero building in Santacruz to meet the Centre's 2070 net-zero emissions target. This eco-friendly project will replace the H/East ward office, utilising energy-efficient systems, rainwater harvesting, and sewage treatment to convert waste into reusable resources. The building aims to achieve net-zero certification under LEED and IGBC standards, with a completion timeline of ten years. This initiative aligns with upcoming elections, emphasising environmental compliance and sustainability....
Dharavi redevelopment faces major hurdle in relocating 1 lakh households
The Dharavi redevelopment project, a joint venture between the Adani Group and the Maharashtra government, has reached a critical juncture. The blueprint is ready, but relocating an estimated one lakh households is a major hurdle. Dharavi Redevelopment Project Limited (DRPPL) will build nearly 1.5 lakh homes for these residents on around 1,000 acres across Mumbai, dubbed 'Nav Dharavis'. Finding suitable land is challenging due to Mumbai's space constraints, with 540 acres identified but facing environmental and regulatory issues. The project's ambitious seven-year timeline for relocation and rehabilitation, and a total 17-year completion goal, hinges on overcoming land acquisition, relocation, and community acceptance challenges....
Historic Sion road over bridge to shut down for three-year reconstruction
Mumbai's 112-year-old Sion Road Over Bridge (ROB) will shut down completely from midnight on July 31, 2024, for a major demolition and reconstruction project. The bridge, vital for connecting Sion East and West, will be rebuilt to enhance safety and traffic flow. The project, beginning August 1, 2024, and ending July 31, 2026, will significantly impact traffic. Diversion plans include rerouting through Sion Hospital Junction, K.K. Krishnan Menon Road, and St. Rohidas Marg. No-parking zones will be enforced to manage congestion. Despite short-term inconveniences, the new bridge promises improved commute efficiency....
Inauguration of Chennai Metro Phase 2 Tunnelling Work: A milestone in urban development
Chennai is set for a public transport transformation with the expansion of its metro rail network. The recent start of tunnelling work for Chennai Metro Rail Phase 2 at Royapettah is a significant milestone. This project, costing INR 61,843 crore, will add 116.1 kilometres across three new corridors, linking key areas like Madhavaram, Siruseri SIPCOT, Lighthouse, Poonamallee Bypass, and Sholinganallur. Scheduled for phased completion by 2028, with the first phase operational by 2025, this expansion aims to reduce traffic, improve air quality, and enhance residents' quality of life, marking a substantial commitment to sustainable urban development....
Mumbai's Metro 3 project, set to open its first phase from Aarey Colony to Bandra Kurla Complex (BKC) by September 2024, faces delays due to a contractor falling behind schedule. The Mumbai Metro Rail Corporation (MMRC) identified a joint venture led by J Kumar Infra as responsible for the incomplete work at six stations. Despite progress in other areas, 5% of station work remains unfinished, leading to a penalty of INR 2 crore for negligence during the monsoon. The state government remains optimistic about meeting the revised deadline, with the project currently 98% complete....
Goa's urban bodies struggle with structural audits due to resource constraints
Urban local bodies in Goa struggle to conduct structural audits of dilapidated buildings due to a lack of resources, technical expertise, and jurisdictional authority over private properties. Municipal councils identify unsafe buildings and issue notices for demolition or repair but rely on the Goa College of Engineering for government building audits. The Corporation of the City of Panaji has conducted five audits, while other councils face similar challenges. Addressing these issues requires increased funding, technical support, and collaboration among stakeholders to enhance building safety standards and ensure the integrity of structures across Goa....
Completion times for major construction projects improve across Indian cities: Anarock
From 2014 to mid-2024, the average completion time for large under-construction projects in India's top seven cities dropped from 6.1 to 4.9 years, per Anarock data. In Chennai, small projects averaged 3 years and large ones 3.6 years. Hyderabad's small projects took 3.1 years and large ones 4.2 years. Bangalore's small projects averaged 3.5 years and large ones 4.8 years. Kolkata saw the longest time at 5.7 years for large projects. Developers in NCR and MMR faced delays due to outright land purchases and regulatory restrictions. Overall, stronger financial health has improved project execution...
JSCL launches green building project along Tawi riverfront for urban sustainability
Jammu Smart City Ltd (JSCL) is set to enhance urban sustainability by developing green buildings along the Tawi riverfront. This initiative aims to incorporate energy-efficient designs, renewable energy sources, and sustainable materials, contributing to a lower carbon footprint and improved living conditions. The Tawi riverfront project, inspired by Gujarat's Sabarmati riverfront, seeks to beautify the river while enhancing its natural purification capabilities. It will create recreational, residential, commercial, and green spaces on reclaimed land. A recent meeting involving JSCL leadership and real estate consultants focused on strategic planning and land monetisation, emphasising the project's potential to boost tourism and revitalisation in Jammu....
NHAI plans to monetise 12 projects through InvIT in FY25
The National Highways Authority of India (NHAI) plans to transfer 12 highway stretches, totalling 850 km, to the National Highways Infrastructure Trust (NHIT) in the current fiscal year, aiming to raise up to INR 20,000 crore. This is part of a broader asset monetisation strategy targeting INR 54,000 crore through various modes. Last year, NHAI raised INR 16,000 crore via NHIT for 889 km of highways. The funds, crucial for reducing borrowings and continuing highway construction, will be raised through a mix of debt and unit capital. NHIT plans to issue bonds, potentially raising INR 2,000-3,000 crore....
Karnataka's 'Beyond Bengaluru' initiative: Fostering sector-specific growth across the state
Karnataka's "Beyond Bengaluru" initiative aims to decentralise industrial development by establishing sector-specific clusters in cities like Belagavi for aerospace and Mangaluru for fintech and animation. This strategy seeks to replicate Bengaluru's IT sector success across diverse industries, attracting over 300 companies and creating 3,000 jobs in smaller cities. With a focus on regulatory ease and incentives, Karnataka aims to balance economic development statewide, leveraging its robust educational infrastructure and expanding renewable energy capacity. Challenges include regional competition and airport logistics, with solutions like reopening HAL airport under consideration, underscoring the state's commitment to sustainable and inclusive growth....
MahaRERA to launch AI-powered grading system for real estate projects in Maharashtra
Homebuyers in Maharashtra will soon have a valuable tool at their disposal with the Maharashtra Real Estate Regulatory Authority (MahaRERA) set to launch an AI-powered grading system for real estate projects. Announced in September 2023, this initiative aims to enhance market transparency by grading projects on construction quality, financial health, legal clearances, and overall project overview. Each parameter will weigh 25% in the final grade. With over 46,000 registered projects, this system will empower buyers to make informed decisions, reduce risks, and promote high standards among developers. The AI-powered grading function is expected to be operational within a month....
Coimbatore's new masterplan faces delay due to 3,000 public petitions
Coimbatore's draft masterplan, a comprehensive 600-page document released in February 2024, faces delays due to overwhelming public participation. Authorities received over 3,000 petitions, surpassing expectations. The plan addresses population growth, infrastructure needs, and industrial development while identifying city challenges and proposing solutions. Many petitions, particularly from rural areas, request reclassification of agricultural land, raising concerns about real estate interests. Authorities are meticulously verifying each petition, causing an additional four to five-month delay. The finalised masterplan will guide Coimbatore's development, providing a clear framework for future growth and investment....
Hyderabad's Musi River revitalisation project must tackle 12,000 illegal structures in the buffer zone
Hyderabad's ambitious Musi River revitalization project is hindered by extensive development within its 50-metre buffer zone, surpassing earlier limits. This zone, crucial for river protection, hosts 12,000 buildings and 200 open plots, including apartments, gated communities, houses, and graveyards. The Musi Riverfront Development Corporation (MRDCL) is mapping these encroachments, crucial for restoration plans. Chief Minister K. Chandrashekhar Rao plans discussions with local legislators for support in acquiring affected properties. While removal is essential, fair compensation and rehabilitation are planned, including potential 2BHK apartments for affected families. Balancing development needs with environmental restoration remains pivotal for project success....
Bengaluru Airport City: A 45 million sq. ft. vision for a future commercial hub
Bengaluru Airport City Limited (BACL) is set to transform the area around Kempegowda International Airport (KIA) into a sprawling 45 million square feet commercial and hospitality hub by 2038. This development will prioritise commercial office spaces, with nearly 2 million square feet dedicated to Global Capability Centres (GCCs) by 2026, attracting major corporations and multinational companies. The transit-oriented design, featuring two metro stations within the city, promises a 20% premium in rental rates. Additionally, a 2.5-kilometre underground tunnel is planned to improve connectivity, linking the eastern and western parts of the city and enhancing access from the Whitefield IT corridor. This project aligns with Bengaluru's broader trend of office space expansion, with the city's stock expected to reach 330-340 million square feet by 2030, driven by strong IT and BFSI sectors....
Amaravati property prices soar as Chandrababu Naidu returns as Chief Minister
Following Chandrababu Naidu's return as Chief Minister of Andhra Pradesh, Amaravati's real estate market has experienced a significant surge, with property prices rising dramatically. Naidu's vision to transform Amaravati into a world-class capital city, which stalled after his 2019 electoral loss, is now being revived. This includes ambitious infrastructure projects and sustainable urban planning. The renewed development has spurred increased real estate activity and investor confidence. However, challenges such as financial resource management and pending litigation with local farmers remain. Overall, Naidu's leadership is reigniting hopes for Amaravati's growth and development....
New Namma Metro extension promises smoother commutes for Bengaluru residents
Bengaluru anticipates smoother commutes with the imminent 3.7 km extension of the Green Line, linking Nagasandra to Madavara. Overcoming delays from land acquisition and the pandemic, operations are set to begin by July or August pending safety clearances. The extension introduces three new stations-Manjunath Nagar, Chikkabidarakallu, and Madavara (BIEC)-costing INR 298 crore each, improving access for Madanayakanahalli, Makali, and Nelamangala residents, including proximity to Bangalore International Exhibition Centre. Plans for a 54.21 km extension to Tumakuru are underway, potentially expanding the city's longest Metro line with 19 stations. This expansion aims to bolster Bengaluru's public transit, fostering economic growth and easing commutes citywide....
Proposed GHMC merger with Secunderabad Cantonment brings hope and concerns to residents
The proposed merger of 5,200 properties in Secunderabad's civilian areas with GHMC has sparked optimism for enhanced civic services, tempered by concerns over bureaucratic hurdles. Residents fear continued MoD oversight for construction on B3 land, potentially delaying projects. Uncertainty looms over land near military installations, subject to case-by-case handling, complicating property transactions. Apprehensions about new military stations and road closures add to anxieties. While promising improved infrastructure, addressing these issues through transparent communication is critical for a smooth transition, balancing civilian needs with military security concerns....
Deputy CM Bairwa unveils Rajasthan's landmark road safety action plan
Rajasthan will be the very first Indian state to adopt a 10 year road safety action plan, aiming to reduce road accidents by 50% by 2030. Deputy Chief Minister Mr. Prem Chand Bairwa announced on July 8 that the plan, supported by a government policy, will raise public awareness and promote compliance with the road safety rules. The World Bank will assist in developing the plan and policy, incorporating global best practices. The plan will be implemented in three stages (2025-2027, 2027-2030, 2030-2033), focusing on speed limits, safe distances, traffic signals, road barriers, pedestrian safety, seatbelts, helmets, and vehicle insurance....
Malang Gad landslide leads to Forest Department crackdown on illegal shops and houses
Malang Gad, also known as Haji Malang Hill, witnessed a tragic landslide that claimed one life and injured two others. In response, the forest department initiated the demolition of 90 out of over 800 illegal structures, primarily targeting commercial shops. The Peer Haj Malang Dargah Baba Trust, asserting ownership of the land, opposed the demolition, alleging political motives, and filed a case. Civil judge A S Lanjewar intervened to halt further demolition, but by then, 90 structures had already been razed. The area gained significant attention in January when Chief Minister Eknath Shinde pledged to resolve the issue. The forest department's demand for documents culminated in the demolition, which occurred under tight security measures....
Mahalaxmi Racecourse lease agreement signed for 30 years by BMC and RWITC
Mumbai is set to gain a massive new central park, but the approval process has sparked controversy. The Brihanmumbai Municipal Corporation (BMC) has acquired a 120-acre plot from the iconic Mahalaxmi Racecourse to develop a 300-acre "world-class Mumbai Central Public Park," including 175 acres from the Mumbai Coastal Road project. The Royal Western India Turf Club (RWITC) will retain 92.6 acres for horse racing but must seek BMC approval for a modern clubhouse. Despite the park's potential to increase green space in densely populated Mumbai, the project faces opposition from the Shiv Sena (Uddhav Thackeray faction) and concerns over the historic racecourse's future. Balancing heritage preservation with urban living improvements is crucial for the project's success....
MMRDA proposes a INR 3.97 crore project to alleviate traffic at BKC One junction
The Mumbai Metropolitan Region Development Authority (MMRDA) proposes a new link to ease traffic at Bandra Kurla Complex (BKC) connector and BKC One Junction. The link will connect Plot C-80 to Plot C-79, running below the BKC connector from SEBI building to Avenue 5 and Avenue 3. This signal-free route aims to distribute traffic across three alternative routes, improving flow and reducing congestion. It will enhance connectivity for vehicles from the BKC connector to key locations like the National Stock Exchange and Mumbai Cricket Association. The estimated construction cost is INR 3.97 crore, with bids due by July 19....
Uttar Pradesh Government initiates phase II of Noida International Airport project
The Uttar Pradesh government has initiated Phase II of the Noida International Airport project, acquiring land for the airport including maintenance, repair, and overhaul hub. They aim to acquire 1365 acres, mainly from Karauli Bangar, Dayanatpur, Kuraib, Ranhera, Mudharh, and Beerampur, at a cost of INR 4,898 crores. So far, 237 hectares have been taken from Birampur, Dayantpur, and Mudharh. Compensation distribution is nearly complete, with plans to relocate 13,000 affected families to Falaida Bangar and Modalpur. Yamuna International Airport Pvt Ltd. plans test flights by November, aiming for commercial operations by April 2025....
JICA completes funding for Mumbai metro line 3 with final loan tranche
Earlier this month, the Japanese International Cooperation Agency (JICA) signed an agreement to provide the final tranche of INR 4,657 crore for Mumbai Metro Line 3. This completes the funding for the 33.5 km underground metro line from Colaba to SEEPZ in Andheri, operated by the Mumbai Metro Rail Corporation (MMRC). The loan agreement, signed by Manisha Sinha from the Department of Economic Affairs and Japan's Ambassador Hiroshi Suzuki, marks the conclusion of JICA's support, which began in 2013. The project's revised cost is INR 37,276 crore, with JICA funding 57.09% (INR 21,280 crore). The line will connect key business districts, educational institutions, and airports, serving over 1.6 million commuters daily....
RLDA's redevelopment project to modernise Nagpur Railway Station by 2025
The Rail Land Development Authority (RLDA) is redeveloping Nagpur Railway Station in Maharashtra to transform it into a modern transportation hub capable of accommodating up to 98,000 passengers daily. The project includes creating dedicated arrival and departure areas, connecting platforms via separate foot over bridges, and constructing a spacious 108-meter-wide concourse with amenities and retail options. The west side will feature a multi-level plaza with a 3,420 sqm parking area, while the east side will have separate arrival and departure buildings with a 13,250 sqm unified basement for parking. The project is 33% complete and aims to preserve the station's heritage while modernizing its functionality. Completion is expected by December 2025....
YEIDA expands land acquisition to 4,600 acres near Noida International Airport with INR 990 crore investment
The Yamuna Expressway Industrial Development Authority (YEIDA) is acquiring an additional 1,861 hectares (4,600 acres) near Tappal, Aligarh, to support industrial and manufacturing projects around the upcoming Noida International Airport. This expansion aims to counter unauthorised developments hindering progress on the 2,597 hectares (6,420 acres) of designated land. Key projects include a 950-hectare (2,347-acre) multimodal logistics park with an INR 990 crore investment. YEIDA CEO Arun Vir Singh emphasised the urgency to address illegal constructions and secure the area, ensuring Tappal's development into a significant industrial hub in western Uttar Pradesh....
AIIB considers INR 22,108 crore funding for Madurai and Coimbatore metro projects
The Asian Infrastructure Investment Bank (AIIB) is showing strong interest in financing metro rail projects in Madurai and Coimbatore, marking a crucial development in Tamil Nadu's urban mobility efforts. AIIB recently inspected the proposed 11.368 km Madurai metro route and plans to assess a similar 10.74 km route in Coimbatore soon. With Chennai Metro Rail Limited (CMRL) having prepared Detailed Project Reports (DPRs), the Coimbatore project is estimated at INR 10,740 crore, while Madurai's is INR 11,368 crore - totaling INR 22,108 crore. Pending Ministry of Finance approval, AIIB's potential investment could transform public transport, alleviate congestion, and spur economic growth in these cities....
Haryana Government allocates INR 1,179 crore for critical infrastructure upgrades
The Government of Haryana has allocated INR 1,179 crore from infrastructure augmentation charges to improve the infrastructure in the region. This IAC was collected by several Haryana government agencies. With a rise in population the infrastructure in the region remained unchanged since it was first developed in the 1990s. With four floor plan approval by the govt.in 2019, many property owners transformed their two-floor unit to four-floor building. However, these units were not sustainable due to lack of key infrastructure like roads, electricity and drainage systems. The new government order will impose penalties on owners who built units illegally....
MMRDA considers one-time debt settlement for Mumbai Metro Line 1
The Eknath Shinde government has shelved plans to acquire Mumbai Metro Line 1, opting instead for a one-time debt settlement. The state cabinet directed MMRDA's executive committee to settle the INR 1,700 crore debt owed by Mumbai Metro One Pvt Ltd (MMOPL), which is 74% owned by Reliance Infrastructure and 26% by MMRDA. Serving 4.6 lakh passengers daily, Metro Line 1 is Mumbai's oldest metro and operates under public-private partnership. Facing insolvency, MMOPL had agreed to a debt settlement with six lenders, including SBI and IDBI Bank. The MMRDA commissioner will meet with lenders to finalise the arrangement....
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