07 Jul 2023

The cost of establishing a disposal plant in Dhandari, under the Smart City Mission, aimed at managing the substantial construction and demolition (C&D) waste of Ludhiana, has escalated significantly. Originally estimated at Rs 2.7 crore, the project's expenses have now surged to Rs 7.6 crore. The plant was intended to efficiently handle the city's vast quantities of C&D waste. However, the substantial cost escalation poses a challenge to the project's implementation. The increased financial burden could impact the timely completion and effectiveness of the plant, potentially requiring additional funding or reassessment of the project's scope.Read more

06 Jul 2023

A controversy has emerged in Vadodara over the deteriorating condition of decade-old houses in Jivannagar and Himmatnagar. Residents, pointing to signs of rapid decay like visible cracks, seepage, and falling concrete, have lodged complaints about their living conditions. Despite officials blaming poor maintenance, residents insist the issues stem from shoddy construction. Demands have been made for new homes or relocation permissions. Meanwhile, Himmatnagar residents have asked for their scheme's consideration for redevelopment, asserting their readiness for such a process.Read more

06 Jul 2023

The KHB colony in Amargol Phase 2, near Navanagar, faces various challenges with inadequate infrastructure and basic amenities. Despite the construction of over 500 houses, residents suffer from a lack of essential services and the negligence of housing board officials. The scarcity of drinking water and unsanitary conditions are major concerns, while damaged roads, overgrown vegetation, and safety hazards worsen the situation. The demand to hand over the colony to the HDMC remains unanswered. Corporator Manjunath Burli emphasizes the need for the KHB to provide basic facilities until the transfer takes place.Read more

06 Jul 2023

The NGT-formed committee has recommended imposing penalties on 84 hotels in Ghaziabad for engaging in illegal groundwater extraction. The fines, ranging from Rs 10 to Rs 50 lakh per hotel, are calculated retrospectively for five years. Ghaziabad has experienced a significant decline in groundwater levels, with depletion of 6.1 metres in the past six years. This highlights the pressing need for sustainable water management practices in the area. The NGT is set to hear the case soon, drawing attention to the environmental impact of unregulated groundwater extraction and the importance of conserving this vital resource.Read more

06 Jul 2023

SETTL, a leading full-stack co-living operator, is planning to expand its operations to Pune, Noida, and Chennai after establishing a strong presence in Bengaluru, Gurugram, and Hyderabad. With a focus on providing quality rental accommodation to working professionals, SETTL aims to become the top player in the premium co-living segment. The company has witnessed significant revenue growth and targets a revenue of Rs. 41 crore in the coming year, along with plans to offer 5000 beds. Despite the challenges faced by the co-living segment during the pandemic, SETTL is optimistic about the increasing demand for rental accommodation as people return to work from their hometowns.Read more

05 Jul 2023

A cave-in near Magathane Metro station in Borivli East has resulted in prompt action by the Brihanmumbai Municipal Corporation (BMC) and safety measures by the Mumbai Metro Operation Corporation Limited (MMMOCL). The incident was caused by deep excavation conducted by a builder for a private project, leading to the collapse of a stormwater drain chamber and potential risks to the station's foundation. The BMC has issued a stop work notice and filed an FIR against the responsible builder, while the MMMOCL is working closely with the BMC to ensure the safety of metro services and implement necessary measures at the site.Read more

04 Jul 2023

India's Securities and Exchange Board (SEBI) is closing 16 of its smaller offices as it re-evaluates its real estate needs in light of increased technology adoption. SEBI plans to leverage technology to reach investors nationwide, while maintaining a physical presence through investor service centres established in partnership with stock exchanges. The move reflects SEBI's commitment to cost optimization, efficiency, and improved investor services. The regulator aims to adapt to the digital age and evolving market ecosystem while addressing the needs of India's growing investor base.Read more

04 Jul 2023

In the first half of 2023, India's real estate sector received $2.6 billion in private equity investments, with the office segment accounting for the largest share. However, this represents a 20 percent decline from the previous year as investors adopted a cautious approach. Despite global concerns, a rebound is expected in the second half of 2023, and overall, PE investments are projected to reach $5.6 billion, reflecting a 5.3 percent YoY growth. Mumbai attracted the highest investments, followed by the NCR and Bengaluru.Read more

04 Jul 2023

According to a circular from the Ahmedabad Municipal Corporation (AMC), after getting building use (BU) authorization, builders who disregard trees would face enforcement action. After gaining BU approval, the AMC will mandate that builders plant trees and construct tree guards that are tall enough, as well as ensure that builders maintain the trees. The AMC will take legal action if the tree planting regulations are not followed, and the garden department will check for compliance. The circular intends to encourage accountability and openness in tree-planting procedures among contractors and to ensure sustainable development methods.Read more

03 Jul 2023

According to CBRE South Asia Pvt. Ltd, Mumbai hosts an impressive 77% of India's high-rise buildings. The city's skyline evolution is primarily due to scarce land availability and rapid urbanization. This growth, while creating premium real estate, has also led to a rise in land prices. Other Indian cities like Hyderabad, Kolkata, and Noida trail behind, contributing 8%, 7%, and 5% to the high-rise landscape, respectively. The majority of these towering structures are residential, signalling Mumbai's upward trajectory in addressing urban housing needs.Read more