23 Sep 2024

The Brihanmumbai Municipal Corporation (BMC) plans to renovate forty seven municipal markets in Mumbai. Fourteen will be directly managed by BMC, while twenty, including Pali Market and Park Site Market, will follow a Public-Private Partnership (PPP) model. Modernization efforts include improved infrastructure, like loading platforms, elevators, and cold storage for perishables. A focus on sustainability includes waste recycling and energy capture from market waste. BMC will use an online system for vendor stall allocation and install CCTVs for enhanced security. Increased rent and fees will fund maintenance, while additional space will be rented out to offset costs. The project aims to create modern, sustainable markets to benefit vendors and customers.Read more

23 Sep 2024

Kochi Metro Rail Limited (KMRL) began work on the flyover and CEZ Metro station for the Phase II Pink Line project last Saturday, with Industry Minister P Rajeev presiding over the inauguration. Afcons Infrastructure Ltd started the piling for the 11.2 km flyover, part of the INR 1,957.05 crore project, which had a 20-month completion timeline. The entire Phase II was expected to be finished in two years. KMRL had secured INR 914 crore in financial support from the Asian Infrastructure Investment Bank (AIIB). Preliminary work, including test pilings and soil testing, had been completed. System and signaling installation followed, though alternative route plans to alleviate traffic disruption were still pending.Read more

20 Sep 2024

Shri Ajoy Mehta, Chairman of Maharashtra Real Estate Regulatory Authority (MahaRERA), retires today, marking the end of an impactful career in public administration. His roles included Maharashtra's Chief Secretary, Commissioner of the Municipal Corporation of Greater Mumbai, and head of state power companies, where he introduced key reforms. During the COVID-19 pandemic, Mehta implemented a successful medical strategy that earned global recognition. As MahaRERA Chairman since 2021, he enhanced transparency in the real estate sector, empowered homebuyers, and introduced mandatory disclosures for developers. His tenure has left a lasting legacy in public health, urban planning, and real estate regulation, setting benchmarks for future governance.Read more

20 Sep 2024

Earlier this week, Chief Minister Eknath Shinde outlined several key developments, including the anticipated September launch of the first phase of Metro 3, connecting Bandra Kurla Complex with Aarey, with the second phase due in a year. He also committed to reducing Mumbai's slum population by building three million affordable homes, with MMRDA, CIDCO, and MHADA spearheading the effort alongside private developers. Shinde highlighted the role of increased housing supply in potentially lowering real estate prices and shared plans to unveil major infrastructure projects before the assembly elections, which are projected to occur in two phases in November.Read more

20 Sep 2024

Indian tycoon Harish Ahuja, owner of Shahi Exports, recently purchased a GBP 21 million (USD 27 million) property in London's Notting Hill. His son, Anand Ahuja, and Bollywood star daughter-in-law, Sonam Kapoor, plan to redevelop part of the property for their personal use, while another section may be converted into apartments. Despite a downturn in the UK luxury real estate market, driven by changes to Britain's "non-dom" tax rules, Indian buyers have remained active. This includes major deals such as Adar Poonawalla's GBP 138 million Mayfair purchase and Ravi Ruia's GBP 113 million mansion acquisition.Read more

20 Sep 2024

Deloitte India has leased approximately 81,000 sq. ft of premium office space in Mumbai's Oberoi Commerz III, spanning the 30th and 31st floors. This deal, costing INR 2.09 crores per month with a 15% rent increase every three years, follows another significant lease in Delhi's Aerocity. With plans to house 30% of its global workforce in India, Deloitte aims to achieve INR 20,000 crore in annual revenue by 2027. This expansion reflects India's vital role in Deloitte's global strategy, leveraging the country's strong office market and talent pool.Read more

19 Sep 2024

Earlier this month, Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, announced its acquisition of a land parcel from Hindalco Industries Limited. This transaction, finalised in September 2024, involves a plot located in the Mumbai Metropolitan Region. The company plans to develop a mixed-use project on the site, which spans approximately 24.5 acres. The deal, which included a stamp duty of INR 37.61 crore and a registration fee of INR 30,000, signifies a strategic expansion in Birla Estates' real estate portfolio, aiming to leverage the growing potential of the area.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

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

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