PNT Reporter

12 Dec 2024

The Thane-Borivali twin tunnel project is set to transform connectivity between Mumbai and Thane, reducing travel time from 90-120 minutes to just 15 minutes and shortening the distance from 23 km to 12 km. The INR 18,800-crore project will feature a 11.8-km underground twin tunnel beneath the Sanjay Gandhi National Park. The project includes three lanes per tunnel, with one reserved for emergencies, and will be completed by mid-2028. Environmental considerations include the use of recycled sewage water, while a combination of in-situ rehabilitation and relocation is planned for affected residents.Read more

PNT Reporter

12 Dec 2024

The Union Cabinet has approved the Rithala-Narela-Kundli metro corridor, connecting Haryana, Delhi, and Uttar Pradesh via a 26.5-km extension of the Delhi Metro's Red Line. The corridor, with 21 stations, will enhance connectivity to Narela and Rohini, supporting housing and educational developments. Notably, it marks the sixth NCR city connected by the Delhi Metro. Other ongoing projects include the Lajpat Nagar-Saket G Block and Inderlok-Indraprastha extensions and 65 km of Phase IV priority corridors, such as the Pink, Golden, and Magenta Lines, expected to open in phases by 2026. These expansions aim to ease travel and boost regional growth.Read more

PNT Reporter

12 Dec 2024

Deputy Chief Minister Samrat Choudhary announced that the Patna metro rail is set to begin operations on August 15, 2025, coinciding with Chief Minister Nitish Kumar's development agenda ahead of state elections. The project is part of the INR 32,506.90 crore supplementary budget, which also funds road repairs, new medical colleges, and a tourism hub in Kaimur. Despite opposition protests, the budget passed by voice vote, with INR 3,028.91 crore allocated to social welfare. The metro's launch is expected to boost Bihar's infrastructure and economy while benefiting marginalized communities through enhanced connectivity and modernization efforts.Read more

PNT Reporter

11 Dec 2024

Info-x Software Technology Pvt Ltd, led by its director Rishi Parti, has acquired a 16,000 sq ft penthouse in The Camellias, an ultra-luxury residential project in Gurugram. The deal, valued at INR 190 crore, was registered on December 2, with the company paying INR 13 crore in stamp duty. This transaction is among the priciest apartment deals in India, reflecting the growing demand for luxury real estate. The Camellias has seen a surge in high-profile buyers, including business leaders and entrepreneurs. Property values in areas like Gurugram and Delhi's Lutyens Zone are now on par with Mumbai's elite neighbourhoods.Read more

PNT Reporter

11 Dec 2024

NR Narayana Murthy, the founder of Infosys, has set a new benchmark for residential property prices in Bengaluru by purchasing a second flat in Kingfisher Towers for INR 50 crore. This luxury apartment, located on the 16th floor, spans 8,400 sq ft and includes five parking spaces. The property, located in the city's CBD, commands a price of INR 59,500 per sq ft. Kingfisher Towers, built on the site of Vijay Mallya's ancestral home, includes 81 high-end apartments and has witnessed notable sales, with other prominent owners such as Kiran Mazumdar-Shaw.Read more

PNT Reporter

11 Dec 2024

The Andhra Pradesh government has approved the first phase of the Visakhapatnam metro rail project, covering about 46.23 kilometers with three main corridors. These include a 34.40 km route from Steel Plant Junction to Kommadi, a 5.08 km segment from Gurudwara to Old Post Office Junction, and a 6.75 km line from Thatichetlapalem to Chinna Waltair. The estimated cost for this phase stands at Rs 11,498 crore. Phase two will introduce a new corridor connecting Kommadi to Bhogapuram. It will be developed after the Bhogapuram airport becomes operational. A revision of the Comprehensive Mobility Plan (CMP) is also underway to support these developments.Read more

PNT Reporter

10 Dec 2024

Namma Metro, Bengaluru's rapid transit system, is India's second-longest operational metro network, spanning 76.95 km with 68 stations. Operational since 2011, it has transformed urban mobility, connecting key areas through the Purple and Green Lines. Phases 2 and 3 aim to expand the network by adding 116.65 km, including extensions to IT hubs and new lines. The metro faces challenges like delays, cost overruns, safety concerns, and operational inefficiencies. Despite these issues, Namma Metro's increasing ridership and financial sustainability underscore its critical role in easing Bengaluru's traffic woes and supporting the city's economic and urban growth.Read more

PNT Reporter

10 Dec 2024

The Capital Region Development Authority (CRDA) announced plans to invite tenders for various projects totaling INR 11,467 crore, including significant construction works in Amaravati. During the 41st CRDA meeting chaired by Chief Minister Chandrababu Naidu, approvals were granted for the construction of 360 kilometers of trunk roads costing INR 2,498 crore, along with reservoirs and gravity canals valued at INR 1,585 crore. Additionally, residential complexes for officers will be constructed with a budget of INR 3,523 crore. The Minister for Municipal Administration and Urban Development confirmed that tenders for these projects would be issued immediately, with work set to begin in January.Read more

PNT Reporter

10 Dec 2024

The Union Ministry of Housing and Urban Affairs has received 28 proposals from 23 states for the creation of new cities, in line with the central government's initiative to address urbanization. In February 2021, the government announced plans to develop eight new cities with an allocation of INR 8,000 crore. The 15th Finance Commission recommended funding of INR 1,000 crore per city. An expert committee was formed to finalize bid parameters, and after the North-Eastern states submitted revised proposals, 28 proposals were received. These submissions are under review by the relevant authorities.Read more

PNT Reporter

10 Dec 2024

Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.Read more