MahaRERA shifts back to MahaIT platform to ensure service continuity during festive season
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has acknowledged technical issues with its newly launched 'MahaCRITI' website, causing delays and affecting real estate stakeholders. To mitigate disruptions, especially during the Diwali and Dussehra festive season, MahaRERA has decided to temporarily restore the previous website, MahaIT, effective from October 5. The rollback aims to ensure smooth operations for homebuyers, developers, and agents. Chairman Manoj Saunik held a meeting to address these concerns and urged cooperation from all parties while the older platform is reactivated to resolve the challenges....
Bengaluru Metro Phase 3 begins with geotechnical investigations on key routes
The Bengaluru Metro's Phase 3 project has commenced, featuring geotechnical investigations critical for determining the placement of pillars and stations across 22 stations. This phase includes the 32.15-kilometre Outer Ring Road segment, known as the Orange Line, and a 12.5-kilometre stretch from Kadabagere to Hosahalli. An extended section of the Green Line is set for inspection by the Commission for Railway Safety, following successful trial runs. The project, with an extension to Madavara costing INR 298 crore, aims to significantly enhance connectivity for commuters travelling between Tumakuru and Bengaluru....
PM Modi inaugurates key stretch of Pune Metro, marks completion of first phase
Prime Minister Narendra Modi virtually inaugurated a 3.68-km section of the Pune Metro from District Court to Swargate, marking the completion of the first phase of the project. In his speech, he criticized the previous Congress-led UPA government for delaying the metro's progress, stating that no work had been done until his administration laid the foundation in 2016. The Prime Minister also launched projects worth INR 11,200 crore and laid the foundation for the metro's extension to Katraj. He emphasized the importance of modernizing Pune's transport and infrastructure to boost urban development and connectivity in Maharashtra....
Construction of residential skyscrapers has surged globally over the last decade due to rapid urbanisation and land scarcity. Developing cities like Mumbai are at the helm of this evolution, with over 800 high-rise structures already in use and another 200 currently under construction. While skyscrapers are seen as a symbol of progress and luxury by many, the reality is far more complex. These towering structures often compromise comfort, safety, and sustainability. They require more resources to build and maintain, and their environmental impact is significant. They are unsuited for Indian weather and infrastructure and can reduce access to natural ventilation and sunlight if not planned well. By focusing on low-rise, high-density developments, urban planners and developers can offer a better quality of life and a more sustainable future for residents....
Kochi Metro Rail Ltd proposes new line from Kazhakkoottam to Putharikandam
Kochi Metro Rail Ltd (KMRL) has proposed a new Thiruvananthapuram Metro line from Kazhakkoottam Junction to Putharikandam Ground, spanning 14.9 km. This shift follows the scrapping of plans for a Pallippuram starting point, influenced by potential NHAI objections regarding road excavations. KMRL's Managing Director, Loknath Behera, highlighted the advantages of the new alignment, which connects key areas such as Technopark and the legislative assembly, and suggested future extensions to Pallippuram, Kudappanakunnu, and Neyyattinkara in phase II. The project’s phase I is estimated to cost INR 4,673 crores, with KRTL having been dissolved in 2022....
Mumbai: Kishore Mishrilal Bang acquires two luxury apartments in Mahalaxmi for INR 45.69 crore
Kishore Mishrilal Bang, promoter of Nirmal Bang Securities, has acquired two luxury apartments in the under-construction Raheja Modern Vivaria project in Mahalaxmi, south Mumbai, for approximately INR 45.69 crore. The combined carpet area of the apartments is 5,255 square feet, reflecting the increasing appeal of high-end real estate in the city. Developed by K Raheja Corp Homes, the project is expected to be completed by 2028 and replaces a former textile mill. This acquisition underscores the growing trend of luxury living among prominent business figures in Mumbai....
MHADA pushes for cluster redevelopment to expedite Mumbai’s housing woes
MHADA pushes for cluster redevelopment to expedite Mumbai’s housing woes
MHADA has issued 1,200 notices to developers and housing societies to regain control over stalled redevelopment projects, leveraging a 1976 amendment to the Maharashtra Housing and Area Development Act. This allows MHADA to independently supervise redevelopment if no plans are submitted within six months. Vice President Sanjeev Jaiswal highlighted this initiative at the CREDAI-MCHI Redevelopment exhibition, noting 850 notifications under Section 79(A), 300 under 79(B), and 70-80 under 91(A). Jaiswal warned developer against offering excessive incentives, which delay projects. With over 14,000 cessed buildings in South Mumbai, the government is pushing for cluster redevelopment to expedite the process and improve housing....
Maha Mumbai Metro extends services for Navaratri, adds 12 late-night trips for festival-goers
Maha Mumbai Metro Operation Corporation Ltd. has extended its train services from October 7 to October 11, 2024, to accommodate the surge in late-night commuters during the Navaratri festival. The metro will introduce twelve additional trips between Gundavali and Andheri West, increasing the total number of trips to 294. The last trains will depart at 12:30 AM, running every 15 minutes during extended hours to ensure safe and convenient transportation for festival-goers. This initiative reflects the metro's dedication to providing reliable, accessible public transport, allowing passengers to fully enjoy the celebrations without transportation concerns....
Navi Mumbai international Airport set for take-off: Trial flight on October 5
The Navi Mumbai International Airport (NMIA) has completed its runway construction, with a trial flight scheduled for October 5, attended by Prime Minister Narendra Modi. CIDCO chairman Sanjay Shirsat expressed optimism about the project, anticipating domestic operations by March 2025 and international flights by June 2025. Developed by Adani Airports and CIDCO, NMIA will feature four terminals and is expected to alleviate pressure on Mumbai's existing airport....
Mumbai Metro Line 09 wins Gold 4-Star Safety Award, setting benchmark in urban infrastructure
During the recent WSO INDIA OHS&E Professional Development Symposium, the Mumbai Metropolitan Region Development Authority (MMRDA) received the prestigious Gold 4-Star Trophy for its Mumbai Metro Line 09 project, known as the Dream Line. This recognition underscores MMRDA's strong commitment to maintaining high safety and health standards in the construction industry. Under the adept leadership of Dr. Sanjay Mukherjee, MMRDA prioritises the welfare of its workers while ensuring projects are executed efficiently. Spanning 13.581 kilometres and featuring seven stations, this corridor will significantly improve regional connectivity and establish new benchmarks for safety practices in future urban infrastructure developments....
Karnataka government mandates e-khata for property registration to curb fraudulent transactions
The Karnataka government has made e-khata mandatory for property registration starting in October to battle fraud, urging property owners to obtain it quickly as physical khatas will be phased out. Revenue Minister Krishna Byregowda highlighted that the e-khata system, already in 12 districts, will expand statewide. To aid this transition, the revenue department has digitised property records and will collect GPS coordinates as unique identifiers for each property. Additionally, the government is expediting applications to regularise Bagar Hukum land, with 160 committees handling 9.8 lakh applications, while 81.8% of land parcels are now linked to Aadhaar....
CREDAI-MCHI hosts landmark 'Ease of Doing Redevelopment' Exhibition showcasing key solutions for housing societies
CREDAI-MCHI recently hosted the first-of-its-kind 'Redeveloping Mumbai: Ease of Doing Redevelopment (EODR)' exhibition at the Jio Convention Centre this week. The exhibition facilitated connections between over 900 housing societies and 40 leading developers. A key highlight was the launch of the Ease of Doing Redevelopment Report, showcasing insights into Mumbai's redevelopment landscape. The event featured discussions on streamlining processes and a commitment to transparency and inclusivity from government officials. A panel discussion included industry leaders, enhancing the dialogue on legal frameworks and redevelopment strategies....
Mumbai: MMRDA to redevelop Ramabai Ambedkar Nagar and Kamraj Nagar slums
The Mumbai Metropolitan Region Development Authority (MMRDA) has approved a significant sum of INR 8,498 crore for a Slum Rehabilitation Scheme at Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar (East). This project aims to rehabilitate approximately 17,000 slum dwellers over 48 months, providing free housing and essential infrastructure. The initiative, supported by the Government of Maharashtra, will enhance living standards while promoting sustainable urban development and aiding the Eastern Freeway extension....
Mumbai Metro Line 5 achieves major milestone with successful span installation over Majiwada Flyover
Metro Line 5, also known as the Orange Line, is a key addition to Mumbai's transit system, stretching 24.90 km and featuring 15 elevated stations to connect areas like Thane, Bhiwandi, and Kalyan. The project aims to alleviate traffic congestion and offer efficient public transportation. A recent milestone in the project was the successful erection of two special spans-57.50 and 46 meters long-using high-capacity cranes, completed efficiently in just five hours. This achievement showcases the technical expertise and careful planning of the construction team, with the line expected to be completed by 2025, pending logistical factors....
MMRDA secures INR 31,673 crore loan from PFC for key infrastructure projects in MMR
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a significant loan of INR 31,673.79 crores from Power Finance Corporation (PFC) to finance nine key infrastructure projects. This funding will cover 80% of the total project costs and includes initiatives such as the Thane Coastal Road, the Eastern Freeway extension, and multiple elevated roads and bridges. These developments aim to improve connectivity and enhance the quality of life in MMR, transforming its transportation landscape....
Rising Sun Holdings expands portfolio with INR 395 crore office acquisition in Pune
Rising Sun Holdings, co-owned by Adar Cyrus Poonawalla, has acquired approximately 2.20 lakh sq ft of office space across four floors in Pune's Cerebrum IT Park for a total of INR 395 crore. The seller, Zawareh Soli Poonawalla, facilitated the sale through four separate transactions. This significant investment aligns with Rising Sun Holdings' strategy to expand its presence in India's commercial real estate sector. The company has also diversified into hospitality and other high-value real estate segments, reinforcing its role as a major player in the market despite global economic challenges....
Nvidia renews 375,000 sq ft lease in Pune's Yerwada, strengthening its India operations
Nvidia Corp has renewed its 375,000 sq ft office lease in Pune's Yerwada for a long-term period of 10 years, with a monthly rent set at INR 81 per sq ft. The agreement includes a 5% annual rent escalation, aligning with market standards for premium office spaces. Nvidia's presence in India, particularly in Pune, underscores the region's significance as a technology hub, driving advancements in AI, cloud computing, and more. As demand for tech solutions rises, Pune's commercial real estate market is expected to experience further growth in the coming years....
Mumbai's Future: NITI Aayog's Master Plan targets slum rehabilitation, business districts, and tourism hubs
NITI Aayog has introduced an ambitious master plan to transform the Mumbai Metropolitan Region (MMR) into a global economic hub. The proposal includes developing 10 planned cities, 2 tourism hubs, and 7 business districts, focusing on rehabilitating 2.2 million slum households into affordable housing. The plan identifies seven core industries to drive growth and aims to enhance tourism significantly. Infrastructure improvements will include substantial office, hotel, and warehousing space, as well as new educational and healthcare facilities....
Casper Realty's INR 891 crore land deal in Mohali to boost retail and commercial development
Casper Realty, a subsidiary of Phoenix Mills (PML), has acquired two prime land parcels in Mohali, Punjab, for INR 891 crore. Spanning over 13.14 acres and auctioned by the Greater Mohali Area Development Authority (GMADA), these plots are designated for commercial use. Managing director Shishir Shrivastava stated the company plans to develop a retail-led mixed-use destination, featuring retail spaces, cinemas, dining options, commercial offices, and hotels. This expansion aligns with PML's strategy, enhancing its extensive retail portfolio and contributing to Mohali's economic growth and urban development....
DDA's Sasta Ghar and Madhyam Vargiya Housing schemes sell over 1,100 flats in one day
All flats offered by the Delhi Development Authority (DDA) in Rohini have been sold out, including over 700 Lower Income Group (LIG) units from the Sasta Ghar Housing Scheme 2024. The auction, which started on September 10, saw more than 1,100 flats sold on the first day. The DDA has introduced three housing schemes, including the Sasta Ghar, Madhyam Vargiya, and Dwarka Housing Schemes, providing a range of flats at competitive prices. The Madhyam Vargiya scheme offers approximately 5,400 flats starting at INR 29 lakh, while the Dwarka scheme includes 173 premium flats available through e-auction....
CREDAI-MCHI applauds Maharashtra CM's contribution to agriculture and sustainable growth
CREDAI-MCHI congratulated Maharashtra Chief Minister Shri Eknath Shinde on receiving the 2nd World Agriculture Prize for his contributions to environmental protection and sustainable development. The organization emphasized its support for initiatives that foster socio-economic growth and a greener Maharashtra. CREDAI-MCHI President Domnic Romell highlighted the alignment of sustainable agriculture with real estate goals, while Secretary Dhaval Ajmera praised the Chief Minister's commitment to farmers. The event featured discussions on global food security, showcasing collaboration between government and private sectors in promoting sustainable practices....
MMRDA's 158th meeting approves key infrastructure projects and revised development plan for Mumbai
The 158th MMRDA meeting, chaired by Chief Minister Eknath Shinde, focused on enhancing connectivity and infrastructure in the Mumbai Metropolitan Region. Key decisions included the revision of the Backbay Reclamation development plan, which prioritizes residential and commercial zoning while preserving natural features. Additionally, an access-controlled highway was approved to improve travel times between key areas, along with the establishment of a Project Implementation Unit for the Economic Master Plan. These initiatives aim to bolster Mumbai's status as a global economic hub....
Utpal Sheth purchases a luxury sea-view apartment inWorli, Mumbai for over INR 123 crore
Utpal Sheth, CEO of Rare Enterprises, recently purchased a luxury sea-view apartment in Mumbai's upscale Worli area for over INR 123 crore. The apartment, located on the 54th floor of Oberoi Three Sixty West, offers 15,795 square feet of space, including a large balcony. The deal, registered earlier this week, involved a stamp duty of around INR 7.40 crore. Mumbai's real estate market continues to thrive, with record-high sales in 2023, led by South and Central Mumbai's high-value transactions involving prominent business leaders and celebrities....
Morgan Stanley secures 1.1 million sq. ft. office space in Oberoi Commerz III, Mumbai
Morgan Stanley has consolidated its Mumbai Global In-house Centre operations into a single campus at Oberoi Commerz III, marking a significant investment in the region. With a lease covering 1.1 million sq. ft. and a rental payout exceeding INR 2,122 crore over nearly ten years, this move underscores the firm's commitment to India. The expansion aligns with a broader trend of multinational companies growing their global insourcing centres in India, reflecting the country's robust talent pool. Despite global economic uncertainties, India's office sector continues to thrive, achieving record leasing figures in recent months....
Mumbai Metro Aqua Line Phase 1: Aarey-BKC connector to become operational from 1st October 2024
Mumbai's first underground Metro, the aqua line, is set to begin operations from Aarey Colony to Bandra-Kurla Complex (BKC) by 1st October, pending safety clearance. This 12.5 km stretch is part of the larger 33.5 km Colaba-Seepz-Aarey Metro Line 3. Once inaugurated, the line will operate 96 daily services, connecting key locations like the Chhatrapati Shivaji Maharaj International Airport and the Marol Naka station. With a capacity of 650,000 passengers per day, the project aims to enhance Mumbai's urban transit system, reducing travel time while promoting inclusivity through women operators and staff involvement....
Deepika Padukone's KA Enterprises invests INR 17.78 crore in luxury apartment in Bandra West
KA Enterprises LLP, owned by Bollywood star Deepika Padukone and her father, Prakash Padukone, has made a notable entry into the real estate market with the purchase of a luxury apartment in Mumbai's Bandra West for about INR 17.78 crore. This property, situated in the sought-after Sagar Resham Co-operative Housing Society near Bandstand, spans approximately 1,846 square feet and includes a designated parking space. In a related transaction, Deepika's mother-in-law, Anju Bhavnani, acquired an adjacent apartment for around INR 19.13 crore. This growing trend of celebrity investments in Bandra West includes notable figures like Aamir Khan, Tripti Dimri, K.L. Rahul, and Athiya Shetty, highlighting the area's appeal as a prime residential hotspot....
In a significant move for India's infrastructure, Highways Infrastructure Trust (HIT) has secured the highest bid of INR 6,661 crore to acquire two road stretches along the Hyderabad-Nagpur corridor. Backed by KKR's Singapore arm, HIT outperformed competitors like Adani Road Transport and IRB Infrastructure in the National Highways Authority of India's (NHAI) monetization initiative. This project, part of the toll-operate-transfer (ToT) model, is the first of the financial year, contributing to NHAI's ambitious goal of raising INR 54,000 crore from operational roads. With 33 stretches identified for monetization, this effort underscores the increasing investment in India's road network....
HOMETHON 2024: NAREDCO's largest property expo returns with exclusive offers and 1,000+ projects
The HOMETHON Property Expo 2024, organised by NAREDCO Maharashtra, will take place from October 4 to 6 at the JIO World Convention Centre in Mumbai. Following last year's success with 55,000 visitors and INR 1,050 crore in sales, this year's expo promises over 1,000 projects from leading developers, covering a wide range of prices from INR. 19 lakhs to 9 crores. Bollywood stars Riteish and Genelia Deshmukh will serve as brand ambassadors. Attendees can benefit from attractive home loan offers and exclusive discounts, enhancing the home-buying experience....
Prithviraj Sukumaran acquires INR 30.6 crore duplex in Mumbai's Pali Hill
Prithviraj Sukumaran's production company has acquired a duplex in Mumbai's upscale Pali Hill for INR 30.6 crore, confirming the area's appeal among Bollywood stars. Apco Infratech has also purchased a sea-view triplex for INR 155 crore in the same neighbourhood. Pali Hill, known for its luxury properties and celebrity residents, continues to attract high-profile investments, with local property prices starting around INR 1 lakh per square foot. The area's rich cultural legacy and stunning views reinforce its status as a prime residential choice for affluent buyers, ensuring ongoing demand in Mumbai's luxury real estate market....
MHADA proposes price caps to ensure affordable housing for EWS and LIG in Maharashtra
The Maharashtra Housing and Area Development Authority (MHADA) has proposed capping the prices of housing-stock and amenities for the Economically Weaker Section (EWS) and Lower Income Group (LIG) in all state housing projects. This move aims to prevent developers from charging open market prices, undermining affordable housing efforts. Under the 2020 Unified Development Control and Promotion Regulations (UDCPR), 20% of plots over 4,000 sq. m. must be allocated for EWS and LIG housing. The proposal includes limiting additional charges to the actual cost or 5%, whichever is less. MHADA seeks approval from the urban development department for this cap....
BDA replaces paper khata with e-khata system for all new property transactions
The Bangalore Development Authority (BDA) is mandating the switch to the e-khata system for all properties within its jurisdiction, impacting over 2 lakh properties. This new digital system replaces the traditional paper khata to enhance transparency and prevent issues such as double registrations, illegal transactions, and fraud. Existing khata holders need an e-khata only if they sell, transfer, or gift their property. Each property will be assigned a unique ID through the Kaveri-2 software. Applications for e-khata can be made online via the Karnataka Seva Sindhu portal, with processing taking 3-5 days. This update aims to streamline and secure property transactions....
CREDAI-MCHI, the leading real estate developers' association in Mumbai, will host the Ease of Doing Redevelopment (EODR) exhibition on September 28, 2024, at the Jio Convention Centre. The expo will connect housing societies with top developers and Project Management Consultants (PMCs), aiming to simplify and accelerate the redevelopment process. Supported by government bodies like MHADA, SRA, and BMC, the event features prominent developers such as Rustomjee and Adani Realty. With over 500 registered societies, attendees can explore redevelopment solutions and engage with experts. The event underscores CREDAI-MCHI's commitment to streamlining Mumbai's housing redevelopment....
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