19 Sep 2024

Chief Minister Eknath Shinde recently inaugurated the bow-string arch bridge in Mumbai, connecting Marine Drive to Bandra, as part of the Coastal Road project aimed at reducing travel time. The bridge, operational since 13th September, has significantly cut travel time to ten minutes and will be open to northbound traffic on weekdays. Mr. Shinde highlighted the bridge's impact on reducing South Mumbai's traffic and announced future extensions to Versova, Bhayander, Virar, and Palghar. The project, including its connection to Vadhvan Port, marks a major milestone in Mumbai's infrastructure and transportation network.Read more

19 Sep 2024

Sumitomo, a leading Japanese real estate developer, recently acquired a 2-acre land parcel in Worli, Mumbai, from Bombay Dyeing for INR 440 crore, enhancing its presence in India. Earlier in 2023, Sumitomo completed one of the year's biggest deals by purchasing a 22-acre land parcel in Worli for INR 5,200 crore through its subsidiary, Goisu Realty. Additionally, Goisu Realty leased 3 acres in the Bandra-Kurla Complex (BKC) for 80 years, at over INR 2,067 crore. These investments underscore India's growing appeal to foreign investors and Sumitomo's focus on India's rapid urbanization.Read more

18 Sep 2024

The Ahmedabad Municipal Corporation (AMC) seized the Highland building on CG Road after property taxes of INR 1.84 crore remained unpaid for the 2023-24 fiscal year. Despite multiple notices, the owner or occupant did not settle the dues. Following an unsuccessful auction to recover the outstanding amount, the AMC took over the property. This action reinforces the AMC's commitment to enforcing property tax regulations, emphasizing the importance of timely payments to support municipal services and infrastructure development.Read more

18 Sep 2024

Union Minister Nitin Gadkari recently announced the government's goal to clear INR 2 lakh crore worth of highway projects by December 2024, despite the National Highways Authority of India's (NHAI) rising debt and reliance on budgetary funds. Projects worth INR 51,000 crore have already been approved, with additional projects under review. To address funding, the government will utilize alternatives like toll-operate-transfer (TOT) and infrastructure investment trusts (InvITs). While the Bharatmala Pariyojana project won't receive new approvals in 2024-25, the remaining 8,375 kilometers will be integrated into Vision 2047. Gadkari also discussed future satellite-based tolling systems.Read more

18 Sep 2024

NAREDCO has proposed key regulatory changes to address height restrictions imposed by aviation rules in major cities like Mumbai, Chennai, and Kolkata. In a recent meeting, NAREDCO advocated for relocating aviation facilities away from central urban areas, extending shielding benefits to include buildings, and using more accurate contour data for height regulation. They also suggested conducting aeronautical studies as an alternative to demolishing buildings that breach height limits and called for flexibility in approach surface regulations. Additionally, NAREDCO reminded the government of two previously unimplemented recommendations and stressed the necessity of these reforms to effectively balance real estate growth with aviation safety.Read more

17 Sep 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF) have signed a Memorandum of Understanding (MoU) to transform Mumbai into a global financial center. Chief Minister Eknath Shinde highlighted expectations for Mumbai's GDP to double and emphasized the creation of a special central cell within MMRDA to drive this vision. Deputy Chief Minister Devendra Fadnavis outlined initiatives like the Atal Setu-MTHL bridge and port expansions to boost infrastructure and the digital economy. The MoU aligns with the NITI Aayog's report, aiming to increase the region's GDP to $1.5 trillion by 2047, create 25-28 lakh jobs, and establish Mumbai as a leading global fintech and financial hub.Read more

17 Sep 2024

Suzlon Energy has sold its headquarters, One Earth in Hadapsar, Pune, for INR 440 crore to OE Business Park Pvt Ltd, supported by 360 ONE Alternates Asset Management. The company has leased back the property for up to five years, with the option to sublease parts of it. This sale-and-leaseback transaction is part of Suzlon's strategy to adopt an asset-light model, freeing up capital to support its growing 4 GW order book and drive long-term growth. The move aligns with Suzlon's goal of maintaining operational stability and creating sustainable value for its stakeholders.Read more

17 Sep 2024

During its 54th board meeting, the Himachal Pradesh Urban Development Authority (HIMUDA), chaired by Town and Country Planning Minister Rajesh Dharmani, sanctioned several significant projects. These include a new drinking water supply line and a 15-lakh-litre water tank for Mountain City Jathiya Devi, six 3-BHK deluxe flats in Bilaspur, six 2-BHK flats in Shimla, and two twin towers with 24 3-BHK flats in Solan. The board also decided to implement a standard operating procedure for land acquisition and reviewed various ongoing and planned projects. Dharmani emphasised the need for timely execution, innovative solutions, and resolving land disputes to ensure project success.Read more

17 Sep 2024

RealtyNXT hosted the India PropTech Demo Day 2024 at Mumbai's Jio World Convention Centre, gathering over 200 participants, including investors, developers, and PropTech startups. The event showcased innovative real estate technology solutions from 12 top startups, tackling challenges such as AI-driven property management and sustainable water solutions. Esteemed jury members evaluated the startups, facilitating impactful discussions. The event fostered collaboration, with many startups securing key follow-up meetings, positioning PropTech as a transformative force in the Indian real estate industry.Read more

16 Sep 2024

Bollywood actor and BJP MP Kangana Ranaut has sold her Pali Hill bungalow in Mumbai for INR 32 crore to Kamalini Holdings. The ground-plus-three-storey property, spanning 3,075 square feet with a 565 square feet garage, was sold at INR 1.04 lakh per square foot. Ranaut had bought the property in 2017 for INR 20.7 crore and converted it into an office for her production house, Manikarnika Films. Despite being partially demolished by BMC in 2020 due to structural violations, the property's value grew significantly as reflected in its sale price. The Pali Hill area is known for housing Bollywood celebrities and high-end luxury properties.Read more