08 Aug 2024

Aryan Khan, son of Shah Rukh Khan, has purchased two floors in South Delhi's Panchsheel Park for INR 37 crore, paying INR 2.64 crore in stamp duty. This property, previously owned by his parents, holds sentimental value. The transaction, registered in May 2024, signifies Aryan's connection to his family's roots. In parallel, Aryan is set to direct a web series titled Stardom, while his sister Suhana Khan has also been making notable investments and strides in the film industry. The Khan siblings are establishing their identities and expanding their family legacy in new directions.Read more

08 Aug 2024

Mumbai's Chhatrapati Shivaji Maharaj Terminus (CSMT) is set for a significant upgrade as Central Railway (CR) fast-tracks the extension of Platforms 12 and 13, moving the completion date from December to August. The extension will increase platform lengths to accommodate 24-coach trains, enhancing capacity by 20%. CR General Manager R.K. Yadav reported 40% of the work is complete, and the expedited timeline is due to simpler construction compared to past extensions. The upgrade aims to address overcrowding at CSMT, which handles over 1,200 local and 100 long-distance trains daily.Read more

08 Aug 2024

As India's 77th Independence Day approaches, premium resort costs are expected to rise by 15-60% due to a projected five-day weekend from August 15-19. Hotels such as The Oberoi Sukhvilas and ITC Grand Bharat have dramatically raised their prices, with the latter starting at INR 132,000 per night. Suryagarh Jaisalmer and Narendra Bhawan Bikaner both anticipate increased occupancy and pricing. The Radisson Hotel Group forecasts a 20% increase in resort demand, driven by travellers' desire for extraordinary experiences. Despite increased last-minute rates, hotels' appealing offerings are increasing interest, contributing to robust development in India's luxury hospitality sector.Read more

08 Aug 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to lease seven plots in Bandra-Kurla Complex (BKC) to raise approximately INR 5,497 crore for infrastructure projects. The plots, spread across commercial and residential uses, have reserve prices of INR 3.4 lakh and INR 3.5 lakh per square metre, respectively. Estimated revenues include INR 3,657 crore from commercial leases and INR 2,290 crore from residential ones. This initiative aims to support Mumbai's infrastructure amidst financial challenges, including a projected INR 75,000 crore cost for Metro projects. MMRDA's leasing strategy reflects its commitment to enhancing urban development and economic growth.Read more

07 Aug 2024

Real estate developer Ashar Group has set a new benchmark in Mumbai's luxury property market by selling a 9,527 square foot triplex apartment in The Legend by Ashar to Apco Infratech for INR 172 crore. Located in Pali Hill, Bandra, the triplex spans the top three floors of an 11-storey building, formerly the residence of actor Dilip Kumar. The sale price translates to a record INR 1,81,000 per square foot. The buyers paid INR 9.30 crore in stamp duty for the transaction, registered on July 23. The Legend by Ashar is expected to be completed by the end of 2027, with all necessary approvals from MahaRERA.Read more

07 Aug 2024

The Chennai Metropolitan Development Authority (CMDA) has introduced deemed No Objection Certificates (NOCs) for residential buildings taller than five floors or 18 metres, aiming to streamline approvals and accelerate construction. Since launching its online system in May 2022, CMDA's monthly approvals have doubled, but delays of up to 45 days were common. The new process reduces approval time to 30 days, with automatic NOC issuance if departments fail to respond within 10 days. This change is expected to speed up project timelines, benefiting developers and addressing Chennai's growing housing demand.Read more

07 Aug 2024

The Maharashtra government has reintroduced benefits for converting leasehold plots to freehold at a reduced rate, reinstating concessions that were briefly retracted in March. Under the new rules effective from June 28, housing societies can convert their plots by paying just 5% of the Ready Reckoner (RR) rate if they choose self-redevelopment, with a requirement to allocate 25% of new area to affordable housing under PMAY. Alternatively, a 10% RR rate fee is available for builder-driven redevelopments. This initiative impacts approximately 1,600 leasehold plots in Mumbai and 1,800 statewide, aiming to enhance property ownership and support affordable housing.Read more

07 Aug 2024

Bollywood singer Sonu Nigam sold a 2,131-square-foot commercial property in Andheri West for INR 7 crore on June 28, 2024. The deal, priced at INR 32,848 per square foot, was made to two buyers from Delhi and includes two car parking slots. This sale follows his father's INR 12 crore Versova purchase and Nigam's own investment of INR 11.37 crore in Andheri last year. The trend of celebrity investments in Mumbai's real estate market is growing, as seen with high-profile transactions like cricketer Yashasvi Jaiswal's INR 5.38 crore purchase and other notable deals.Read more

07 Aug 2024

The Bandra-Versova Sea Link in Mumbai faces significant challenges, leading to a cost increase to INR 18,120 crore from the initial INR 11,332 crore. The Maharashtra government has extended the project deadline by 508 days due to design changes demanded by local fishermen and other complexities. The 17.17-kilometer sea link, essential for easing traffic congestion, now requires the Maharashtra State Road Development Corporation to secure an additional INR 6,788 crore to cover the overruns. Experts highlight the need for better planning and community engagement in future projects to avoid such escalations.Read more

06 Aug 2024

In 2023, India's private lending market rose with USD 7.8 billion invested, marking a notable rise from USD 5.3 billion in 2022. This growth, driven by NBFCs and private credit funds, expands financing options but raises concerns. Intense competition drives interest rates down, exemplified by Hubergroup's 12.5% return on INR 1,500 crore loan, down from previous years. New, less-experienced players entering the market heighten risk assessment worries. Despite challenges, increased competition fosters innovation and supports small businesses. Fintech firms, employing AI and data analytics, offer potential solutions, reshaping the lending landscape and promoting financial inclusion amidst regulatory caution for sustainable growth.Read more