Category: Industry

Explore updates on Industry real estate focusing on warehouses, logistics parks, and manufacturing hubs. Learn about infrastructure development, market demand, rental yields, and investment opportunities shaping this fast-growing segment.

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RBI Sets Final Rules for Easing Bank Loans to REITs, InvITs

MUMBAI: On Wednesday, the Reserve Bank issued final amendment directions that allow commercial banks to lend to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), while maintaining essential safeguards regarding exposure limits, asset quality, and repayment structures. The final directions incorporate feedback from stakeholders following the draft norms. Key changes include allowing overseas branches of Indian banks to engage in REIT financing through syndication, with specific caps on contributions (20%) and risk weight (150%). The requirement for an insolvency mechanism has been modified to include a broader stipulation for an “effective recovery mechanism” in overseas jurisdictions. The central…

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Patna Civic Body Approves Leasehold to Freehold Conversions

PATNA: The empowered standing committee of the Patna Municipal Corporation (PMC) has approved a proposal to transition leasehold residential properties to freehold ownership. Residents in areas such as Rajendra Nagar, Shri Krishnapuri, PIT Colony, and Beur will be eligible for full ownership rights upon payment of a conversion fee set at 10% of the existing circle rate. This proposal was a key discussion point in the 23rd ordinary meeting of the empowered standing committee on Tuesday, during which members ratified 18 agenda items aimed at enhancing municipal administration. Led by mayor Sita Sahu, this policy seeks to address longstanding legal…

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Tamil Nadu to set land survey guideline values by June-end

CHENNAI: Tamil Nadu’s Minister for Commercial Taxes and Registration, T Logesh Tamilselvan, has instructed officials to ensure that all land survey numbers in the state are assigned a market guideline value by the end of June. He also emphasized the need for quicker and more user-friendly registration services. The Minister issued these directives during the inaugural performance review meeting for senior officials at the 160-year-old district registrar’s office on Rajaji Salai, Chennai, on Tuesday. The meeting was attended by J. Kumaragurubaran, Secretary of Commercial Taxes, Registration, and Hindu Religious and Charitable Endowments, as well as Inspector General of Registration, G…

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Hyderabad: Banjara Hills ₹1,000 Crore Land Auction Dispute

Representative image HYDERABAD: A significant land auction organized by the Hyderabad Metropolitan Development Authority (HMDA) in Banjara Hills has sparked controversy, with two claimants asserting that part of the high-value government land slated for auction overlaps with their properties. The contention revolves around an 8.24-acre parcel in survey No. 102/1 of Hakeempet village, which HMDA intends to auction on June 19. This land is among the most sought-after in the city, with an estimated valuation of nearly Rs 1,000 crore. HMDA has set a base price of Rs 99 crore per acre, anticipating bids between Rs 130 crore to Rs…

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Delhi CM: No Demolition of O-Zone Colonies

NEW DELHI: Delhi Chief Minister Rekha Gupta announced on Tuesday that there will be no demolition actions against existing constructions in the colonies and villages within the O-Zone area. In a meeting held at the Secretariat, Gupta discussed the matter with senior officials and public representatives, including MPs Manoj Tiwari and Ramvir Singh Bidhuri, MLA Arvinder Singh Lovely, as well as senior officers from the Municipal Corporation of Delhi (MCD) and the Delhi Development Authority (DDA). Approximately 91 unauthorized colonies and a dozen old villages, housing around 15 lakh people, are located in the O-Zone area, which encompasses the eco-sensitive…

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Chennai Developers Warn of Rising Home Prices Due to Material Costs

A ₹1 crore house may soon see a price hike of about 10% due to a more than 23% rise in construction material costs. Industry experts point to escalating prices of gelatin and diesel, linked to the West Asian conflict, and a supply shortage caused by the shutdown of unauthorized quarries. They caution that these increased material costs are likely to be passed on to homebuyers. Recent price adjustments indicate significant rises in various construction inputs such as ready mix concrete (RMC), M-sand, P-sand, aggregates, and materials for road construction. For instance, the price of RMC has surged by ₹300…

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VDA to Launch Three Mega Townships in Varanasi After 32 Years

VARANASI: The Varanasi Development Authority (VDA) is launching three integrated townships as part of its first major initiative since the Lalpur Awas Yojana in 1994. This plan includes a Sports City near the under-construction international cricket stadium at Ganjari, with an investment of ₹400 crore from the state government, and close oversight from Chief Minister Yogi Adityanath, aimed at enhancing urban development in the city. According to VDA vice-chairman Purna Bora, the two upcoming projects — the 250-acre Anand Kashi Township at Kallipur and the 165-acre Rudra Vihar Township at Madhni — are on the brink of launch, while the…

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RWA Pushes for Fire Safety Audits in Noida Hotels and Highrises

NOIDA: Following the recent fire incidents in Noida and Delhi, the Federation of Noida Residents Welfare Associations (FONRWA) has reached out to the GB Nagar police commissioner, urging immediate measures to enhance fire safety standards in the city. The federation is requesting a thorough inspection of hotels, guest houses, and paying guest accommodations, along with the verification of Fire No Objection Certificates (NOCs) in high-rise residential and commercial buildings. They are also demanding action against illegal constructions, the improper use of basements, and breaches of approved building plans. “The recent fire tragedies in Delhi and Noida should act as a…

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Arnya Realestates Fund Invests ₹1,000 Crore in 11 Projects

MUMBAI: Arnya Realestates Fund Advisors, a real estate investment manager, has allocated over Rs 1,000 crore to various residential projects across India via its inaugural debt fund and direct investments. This move reflects the growing trend of alternative investment funds increasing their presence in the housing sector. The investments comprise 11 transactions that span five key locations including Mumbai, Pune, Bengaluru, Chennai, and Hyderabad. Key developers involved in these projects include Casagrand, MAIA Estates, Gami Group, and Vaishnavi. Many of these projects are at advanced approval stages, while some have already started sales in critical residential markets like Bengaluru. The…

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MCD Dismantles 94 Properties, Seals 114 After Deadly Hotel Fire

Representative Image NEW DELHI: Since June 1, the MCD has taken action by demolishing 94 properties and sealing 114 others as part of its initiative to combat unauthorized constructions, according to officials on Saturday. This initiative was sparked by a tragic fire incident in Malviya Nagar that resulted in 21 fatalities. The Municipal Corporation of Delhi (MCD) reported that it has demolished 12 properties and sealed 79 others, with enforcement teams operating across various zones under the support of Delhi Police. “The corporation has ramped up coordinated demolition and sealing actions against properties violating building bylaws throughout all of Delhi,”…