PNT Reporter

08 Jun 2023

The 2022-23 fiscal year saw a powerful rebound in India's residential housing sector, fuelled by robust consumer sentiment and pent-up demand following the pandemic, reports RBI. After two years of irregular closures, housing project launches showed steady growth. While credit growth, particularly in housing and personal loans, signalled solid domestic household demand, housing inflation remained moderate, influenced by the evolving hybrid work culture. The RBI predicts a positive trajectory for the services sector in 2023-24.Read more

PNT Reporter

08 Jun 2023

Builders in Nashik, India, are facing delays in obtaining building approvals due to a flawed online system. They plan to meet with Deputy Chief Minister Devendra Fadnavis to discuss the issue and propose a purely online software system. This problem is not unique to Nashik, as other Indian cities also struggle with streamlining the approval process. Builders must navigate multiple government agencies, adding time and cost to the process. The need for a more efficient system is crucial to reduce burdens on builders and encourage real estate investment.Read more

PNT Reporter

08 Jun 2023

Larsen & Toubro's Power Transmission & Distribution Business has achieved key milestones for NEOM's largest green hydrogen plant. NEOM Green Hydrogen Company (NGHC) is constructing a mega plant in Saudi Arabia's NEOM region, with an investment of USD 8.4 billion. L&T has been awarded contracts worth USD 2.779 billion to establish renewable energy generation, storage, and grid infrastructure for the project. This includes a 2.2 GWac PV solar plant, 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.Read more

PNT Reporter

08 Jun 2023

Info Edge has announced an international audit into Rahul Yadav-backed proptech startup, 4B Networks, following the firm's consistent failure to provide essential financial information. Allcheckdeals, an Info Edge subsidiary, has invested a sum of ?288 crore in the startup, yet 4B Networks has continually ignored requests for financial transparency. Info Edge has thus contracted Deloitte Touche Tohmatsu India LLP to conduct a forensic audit, signalling a potential financial crisis within the company. The event underscores the need for financial accountability in startups, especially when substantial investor funds are involved.Read more

PNT Reporter

07 Jun 2023

The Noida Authority recently conducted a successful online auction for four duplex villas, with three of them sold at prices higher than the base price. The auction generated significant interest from potential buyers, resulting in a revenue of Rs 6.47 crore. The authority's efficient management of the auction process highlights its role in contributing to the growth and development of Noida.Read more

PNT Reporter

07 Jun 2023

In a decisive move against unauthorized urban development, Gurugram's Department of Town and Country Planning (DTCP) demolished 18 farmhouses and a road network in six unlawful colonies. The action was taken within the Kaliyawas, Iqbalpur, and Jataula village areas, in compliance with the Haryana Development and Regulation of Urban Areas Act, 1975. District Town Planner Manish Yadav urged the public to avoid investing in such illegal establishments, underlining the importance of verifying land legitimacy before purchase. The crackdown underscores the DTCP's resolve in maintaining lawful urban development.Read more

PNT Reporter

07 Jun 2023

Nashik Municipal Corporation (NMC) has revealed that about 100 city buildings have non-functional rainwater harvesting systems. As a response, an inspection drive is planned for July to ensure that all systems are operational. The corporation also introduced a 5% property tax rebate for buildings with functional systems and warns of fines for non-compliance. NMC’s previous similar drive in 2019 found over 60 buildings with defunct systems. This new initiative underscores NMC’s commitment to conservation and sustainable use of water resources in the city.Read more

PNT Reporter

06 Jun 2023

CBRE South Asia Pvt. Ltd is set to fortify its Consulting and Valuation (C&V) business, particularly in government advisory. Over the next two years, the company plans to double its advisory team size and expand to over 20 new cities. This strategic expansion accompanies an enhancement of its portfolio in infrastructure, healthcare, and education sectors. CBRE's C&V division has maintained a consistent growth rate of 25% Y-o-Y for the past five years and now manages a portfolio worth $25bn. With these steps, CBRE reaffirms its commitment to provide superior real estate solutions and anticipates a 50% growth in this business line in the next two years.Read more

PNT Reporter

06 Jun 2023

The Indore district administration has served notices to 53 occupants of properties near Patnipura Square to substantiate their land ownership claims. This action follows a rival claim by the Madhya Pradesh State Road Transport Corporation (MPSRTC) over the disputed land. With the upcoming hearing scheduled for June 5, the occupants, some of whom have been on the land for generations, face a precarious situation. Meanwhile, MPSRTC has already allotted funds for developing a shopping complex on part of the said land, intensifying the controversy.Read more

PNT Reporter

06 Jun 2023

Greater Noida Industrial Development Authority (GNIDA) has unveiled a scheme offering 22 commercial plots valued at Rs 1,100 crore for public auction. This initiative, aimed at stimulating the region's economy and providing residents with convenient access to everyday necessities, allows potential investors to pay in flexible instalments. The plots, intended for the development of commercial complexes, are located in strategic sectors across the city. Online applications for the scheme are open until June 19.Read more