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.
BMC Seeks Developers for Mumbai Slum Rehab on 26 Parcels
MUMBAI: On Thursday, the BMC announced the invitation for Expressions of Interest (EOI) from qualified developers to undertake slum rehabilitation projects on 26 civic-owned land parcels, as per Regulation 33(10) of the Development Control and Promotion Regulations 2034. BMC’s latest initiative comes four months after it sought EOIs for 64 Slum Rehabilitation Authority (SRA) schemes, covering approximately 49,000 structures over an area of about 8.4 lakh sq m, which attracted insufficient interest. A senior civic official commented, “BMC acts as the planning authority for 64 SRA schemes, of which 17 have been suspended. EOIs were solicited for 47 schemes in…
NBCC Signs Deal with RIICO for ₹3,700 Crore Jaipur Project
NEW DELHI: State-owned NBCC has signed a Memorandum of Understanding (MoU) with the Rajasthan State Industrial Development & Investment Corporation Ltd (RIICO) to develop a project worth ₹3,700 crore in Jaipur. In a statement released on Thursday, NBCC announced the MoU with RIICO for the development of Rajasthan Mandapam and associated infrastructure near Jaipur International Airport. The project is estimated to be around ₹3,700 crore. NBCC will serve as the Executing Agency for this 95-acre project. According to the statement, “RIICO will provide NBCC with an initial interest-free advance of ₹50 crore, while NBCC will secure the remaining funds through…
New Policy to Regularise 25,000+ Mumbai Buildings Without OC
MUMBAI: Ashish Shelar, the Guardian Minister for Mumbai Suburbs, announced on Thursday that a new government policy will soon regularize over 25,000 buildings in the city that have been denied Occupation Certificates (OC). This initiative, ahead of the upcoming civic polls, will provide significant relief to thousands of residents living in these structures who have been classified as “unauthorized occupants.” The decision was made during a meeting attended by the Brihanmumbai Municipal Corporation (BMC), along with the urban development, revenue, and co-operation departments, according to Shelar. “We are creating a policy to issue OCs for buildings constructed under the BMC’s…
MIDC Notifies Three Developers, PMRDA Over Hinjewadi Traffic Issues
The Maharashtra Industrial Development Corporation (MIDC) has issued notices to three developers—Gera Developments, Godrej Properties, and VTP Realty—due to hazardous traffic conditions created on several roads in Hinjewadi Phase-III. Officials reported that vehicles carrying excavated material and ready-mix concrete were leaving muddy residue on the roads, creating dangerously slippery conditions. MIDC Executive Engineer RG Totla mentioned in the notice that this has resulted in four to five two-wheelers slipping on these roads. MIDC has mandated that the developers install tyre wash pits at their construction sites and ensure vehicles are cleaned before entering public roads. Additionally, the developers are required…
RBI Signs ₹3,472 Crore Deal for New Office at Nariman Point
Representative image MUMBAI: In a landmark transaction, the Reserve Bank of India (RBI) has finalized an agreement with Mumbai Metro Rail Corporation Ltd (MMRCL) to acquire a 4.2-acre plot at Nariman Point for ₹3,472 crore, which will house its new office complex. This year, the Wadia Group’s Bombay Dyeing and Manufacturing Company sold a 22-acre parcel in Worli to Goisu Realty, a subsidiary of Japanese developer Sumitomo, for ₹5,200 crore. MMRCL representatives stated that the sale deed for the Nariman Point plot was officially registered on September 5, allowing the central bank to progress with its new office complex in…
Noida’s Ground Coverage Cap to Align with Major Bylaw Changes
NOIDA: The Uttar Pradesh government is set to eliminate limits on ground coverage and increase the Floor Area Ratio (FAR) for industrial, residential, and commercial projects. This initiative aims to facilitate both vertical and horizontal growth through the introduction of new uniform building bylaws for the Noida, Greater Noida, and YEIDA industrial development authorities. The aim is to simplify construction regulations, stimulate investment, and resolve ambiguities arising from varying rules across jurisdictions. The proposed regulations are informed by a comparative analysis of bylaws from states including Telangana, Gujarat, Tamil Nadu, Maharashtra, and Odisha, along with best practices from Singapore, Japan,…
Noida Authority to Demolish 60 Buildings, Flats Up to ₹65L
NOIDA: On Wednesday, the Noida Authority launched a demolition operation against illegal constructions in Salarpur Khadar village, where 39 developers are accused of erecting about 60 buildings across 24 plots. Many of these constructions are six to seven stories tall and marketed as 1BHK to 3BHK flats priced between Rs 30 lakh and Rs 65 lakh. A team of 50 officials, equipped with six earthmovers and tractor-trolleys, initiated the demolition process. Police were also deployed on-site for security. While officials began dismantling structures on certain identified plots, they faced delays when farmers presented court-issued stay orders. However, demolitions proceeded on…
Lucknow body sells ₹300 crore property in e-auction
LUCKNOW: The LDA recently conducted an e-auction, successfully selling property valued at over Rs 300 crore. Two school plots of 3,500 sqm each in Sector-N of the Basantkunj scheme were sold for Rs 14 crore each, aimed at establishing private schools to serve the Basantkunj area and nearby housing colonies under the Pradhan Mantri Awas Yojana. Additionally, a commercial plot in the Central Business District that was originally valued at Rs 51 crore fetched an impressive Rs 76 crore. A 288 sqm plot in Sector-4 of Gomtinagar Extension, listed at Rs 95 lakh, sold for Rs 2.76 crore. Furthermore, a…
Embassy REIT Denies Sterling Wilson’s ₹100-Crore Claim
Embassy Office Parks REIT has dismissed claims from Sterling Wilson Renewable Energy and Sterling Wilson Pvt Ltd regarding a supposed Rs 100-crore payment owed by Embassy Energy Pvt Ltd (EEPL), a subsidiary of the REIT. In a regulatory filing on Tuesday, the REIT described the allegations as “frivolous, false and vexatious,” noting that several judicial forums have already ruled against them. Embassy REIT stated that the dispute originates from 2018, prior to its public offering and before EEPL became part of the trust. Sterling Wilson alleges that EEPL has not fulfilled its payment obligations. However, both the National Company Law…