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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Brookprop pays ₹20.47L to settle REIT rule breach with Sebi

NEW DELHI: Brookprop Management Services, managing Brookfield India Real Estate Trust, settled an alleged REIT norms violation with the Securities and Exchange Board of India (Sebi) by paying Rs 20.47 lakh on Monday. “With the acceptance of the settlement terms and receipt of the settlement amount (Rs 20.47 lakh), the adjudication proceedings initiated through the show cause notice (SCN) dated June 11, 2024, are resolved under the settlement Regulations,” stated Sebi in its order. The notice alleged that the applicant used borrowed funds to facilitate the distribution of Net Distributable Cash Flow (NDCF). This resolution followed the entity’s application to…

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Puravankara Subsidiary Wins Malabar Hill Redevelopment Project

NEW DELHI: Puravankara, through its wholly owned subsidiary Purva Blue Agate, has secured redevelopment rights for a residential society located in Malabar Hill, Mumbai. This 1.43-acre project has the potential for 0.7 million sq ft of development, which will provide new homes for current residents as well as create a significant number of units for sale. “With this acquisition, our redevelopment portfolio in Mumbai now amounts to 4.25 million sq ft, with a potential Gross Development Value (GDV) of ₹10,500 crore,” stated Rajat Rastogi, CEO – West & Commercial Assets at Puravankara. The projected revenue for this project is estimated…

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Maharashtra to Set Discounted Property Tax Rate This Week

PUNE: The state government and Pune Municipal Corporation (PMC) officials are set to meet on Wednesday to finalize the future approach regarding property tax implementation at discounted rates in 32 merged areas. Residents from these merged areas are requesting that the state impose property taxes at reduced rates, arguing that the PMC has levied heavy taxes following the integration of these regions into municipal limits. Last year, the state government directed the PMC to levy “twice the property tax rate charged by the grampanchayat before the merger,” in response to citizen demands. However, PMC officials stated they could not comply…

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Pune Civic Properties at Risk Due to No GPS Mapping

PUNE: The Pune Municipal Corporation’s plan to map its 3,000 properties via GPS to protect them from encroachment remains unfinished even after five years. The initiative was launched in 2021-22, prompted by the discovery that a municipal community hall was being misused for weddings by a former corporator. A contractor was subsequently hired to execute the project, but activists report that it appears to have stalled. Vijay Kumbhar from Surajya Sangharsh Samiti, a citizens’ group, remarked, “The project has not delivered the desired results and seems to have been sidelined, especially as the civic body is initiating another round of…

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Karnataka’s hike in property registration fee sparks backlash

DHARWAD: The state government’s decision to raise property registration fees by 2% has provoked significant backlash from the public and opposition parties, which are now urging an immediate reversal. Deputy opposition leader Arvind Bellad criticized the Congress government’s “anti-people policies” that are adding to the burdens of citizens already facing rising costs. “The government has suddenly doubled the property registration fee. For low-income and middle-class families, this increase—raising stamp duty and registration charges to 7.6%—is a heavy burden,” he remarked, calling for a return to the previous rates. Citizens claim that the state government has used the guise of “better…

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Ludhiana body warns defaulters: Pay dues or lose plots

LUDHIANA: Defaulting allottees of residential and commercial plots within Glada’s jurisdiction are being urged to settle their dues promptly, or risk losing their properties. In a statement released on Saturday, a Glada superintendent confirmed that notices are being dispatched to defaulters. Failure to pay dues will initiate the cancellation of property allotments. The Glada district office has already revoked the allotments of SCO 104 Dugri Phase-1 and SCO 03 Dugri Phase-1 and 2. Allottees facing cancellation will have a month to appeal to the relevant authority for the restoration of their allotment. Should they miss this deadline, the process to…

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Ludhiana body warns defaulters: Pay dues or lose plots

LUDHIANA: Allottees of residential and commercial plots in urban estates under the jurisdiction of GLADA are urged to settle their dues promptly, or they risk losing their properties. In a press release issued on Saturday, a GLADA superintendent announced that notices are being sent to defaulters. Failure to pay these dues will trigger the cancellation process for the concerned properties. So far, the allotments for SCO 104 in Dugri Phase-1 and SCO 03 in Dugri Phase-1 and 2 have already been canceled. Those whose allotments are being or have been canceled have a month to appeal to the competent authority…

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PWD Chooses 7 Sites for Delhi Redevelopment Project

NEW DELHI: The Public Works Department (PWD) has identified seven residential land areas for a redevelopment and commercialization initiative through a public-private partnership (PPP) model, officials confirmed on Friday. Officials have selected seven sites – Vikas Bhawan-1 (ITO), Timarpur, Gulabi Bagh, Kalyanvas, Probyn Road, Sindhora Khurd, and Sindhora Kalan, as part of this redevelopment project aimed at addressing future housing needs and optimizing public land usage. “The information regarding land sizes and existing structures at these sites has been provided to the National Buildings Construction Corporation (NBCC). After receiving their PPP proposal, we will proceed with the project,” stated a…

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Delhi to Launch Portal for Investors to Find Land Parcels

NEW DELHI: In a bid to enhance the ease of doing business and simplify land allocation in the national capital, the Delhi government plans to establish a centralized portal to assist investors in identifying suitable land parcels, officials stated. This decision emerged from a recent review meeting led by the Ministry of Home Affairs focused on reducing compliance barriers and streamlining regulations in Union Territories, they mentioned. The portal will be created by the Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), which will receive map-based data support from Geospatial Delhi Limited (GSDL). The IT Division of DSIIDC has been…

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K Raheja Targets 1.5-Acre Famous Studios in ₹650 Crore Deal

Representational AI Image. Famous Studios, a landmark in South Mumbai renowned for film, television, and advertising shoots since 1946, is on the verge of a change in ownership with a transaction valued at approximately ₹650 crore, according to sources familiar with the matter. Real estate developer K Raheja Corp is in advanced negotiations to purchase the 1.5-acre site located on Dr E Moses Road, which overlooks the Mahalaxmi Racecourse and has hosted numerous generations of Bollywood and advertising luminaries. “The company is expected to finalize the deal as a joint development agreement, involving the sharing of developed space with the…