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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Amaravati Phase I on Track, Completion Expected Next Year: Minister

Representative AI image VIJAYAWADA: P Narayana, the Municipal Administration and Urban Development Minister, has confirmed that all projects in Amaravati are on track. He rejected opposition criticism regarding the capital city development, stating that comparisons between the costs of iconic structures and regular buildings were designed to mislead the public. During a review meeting on Wednesday, Narayana assessed the progress of Amaravati’s construction with representatives from contracting firms and senior officials. He expressed optimism that the first project phase would finalize on time. The discussion included updates on government buildings, road networks, and land pooling scheme layouts currently under development.…

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Nagpur Civic Body Plans Property Tax Hike After ‘No New Tax’ Budget

Sure! Here’s a rewritten version of your content: NAGPUR: No new taxes or increases to existing taxes were proposed in the budget presented by the Nagpur Municipal Corporation standing committee on June 27. However, a suggestion to raise property tax by 10% is on the agenda for the committee’s first meeting post-budget, scheduled for July 10. The proposed increase aims to generate an additional ₹15.42 crore in revenue for the NMC. This proposal comes from the property tax department as part of the annual tax rate revisions. The decision now hinges on the approval of standing committee chairperson Shivani Dani.…

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Delhi’s Drone Property Survey Pilot Project to Launch Soon

NEW DELHI: The Municipal Corporation of Delhi (MCD) is initiating a pilot project utilizing drones and advanced mapping technologies to enhance property tax assessment. Officials note that this initiative aims to identify properties that have not been assessed or are under-assessed, thereby addressing revenue losses. This pilot project follows the signing of memorandums of understanding (MoUs) with four agencies on June 2, under the “Pilot Drone-based Geospatial Survey and Digital Twin Initiative.” The agencies will independently carry out surveys employing drone-based aerial imagery, LiDAR mapping, GIS asset mapping, Digital Twin technology, 3D city modeling, and advanced data analytics, with no…

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Delhi CM Orders Probe into Stamp Duty Evasion via GPAs

NEW DELHI: Chief Minister Rekha Gupta has issued stringent orders to address the misuse of power of attorney aimed at avoiding stamp duty. She instructed that all power of attorney documents executed for non-blood relations be reviewed and decisions made by stamp collectors in Delhi within 30 days. This initiative is expected to mitigate revenue loss in immovable property registrations and tackle the land mafia along with irregular practices observed in sub-registrar offices, according to a statement from the Chief Minister’s Office. The General Power of Attorney (GPA) documents granted in favor of individuals outside immediate family (parents, spouses, children,…

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OC Amnesty Scheme for Pre-2016 Mumbai Buildings Approved

MUMBAI: The BMC standing committee has approved an amnesty scheme to issue occupation certificates (OCs) for buildings where families reside but lack these documents. Just under two weeks ago, the committee members requested a review of the scheme. On June 25, the committee called for clearer guidelines, accountability for developers and architects, and the inclusion of corporators’ feedback prior to endorsing the proposal. The proposal, originally presented in April, faced delays due to concerns over a clause limiting eligibility to housing units up to 80 sq m (860 sq ft). BJP Leader of the House Ganesh Khankar highlighted that ordinary…

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NCW Closes PRIME Offices Fund at ₹4,000 Crore

Representative AI image NEW DELHI: Nuvama and Cushman & Wakefield Management (NCW), a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield, has successfully closed its PRIME Offices Fund with a corpus of approximately ₹4,000 crore. The fund, initially launched with a target of ₹3,000 crore, saw its size increase in response to investor interest and opportunities in India’s office market. Currently, the fund has allocated about 45% of its capital towards its office investment strategy. Designed to offer Indian investors access to high-quality commercial office assets, the PRIME fund’s portfolio includes over 70 occupiers, with more than…

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WSB Partners Invests ₹75 Crore in Sowparnika Projects

Representative AI image NEW DELHI: WSB Partners has made a ₹75 crore investment in Sowparnika Projects to aid in the developer’s expansion within Bengaluru. This marks WSB Partners’ ninth investment in the company, with the funds primarily allocated for growth capital. In the past four years, WSB Partners has invested over ₹500 crore across six transactions with Sowparnika, involving six residential projects focused on mid-income housing in Bengaluru and other southern markets. According to Ramji Subramaniam, managing director of Sowparnika Projects, this latest investment will enhance the company’s financial flexibility and bolster its growth objectives in Bengaluru. Published On Jul…

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Dharavi Phase I Redevelopment to Finish in 18 Months: Deputy CM

MUMBAI: On Tuesday, Maharashtra Chief Minister Devendra Fadnavis stated that the Dharavi Redevelopment Project is more than just a housing scheme; it represents an economic transformation. He confirmed that the first phase of approximately 10,000 homes is set to be completed in the next 18 months. During the legislative assembly session, Fadnavis highlighted that eligible residents will be rehabilitated on-site, while others will be offered homes at nearby locations. Additionally, he mentioned that the state has identified 19 cluster redevelopment projects across Mumbai as part of its urban renewal strategy. The Dharavi Redevelopment Project aims to transform Asia’s largest slum…

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Delhi Development Body Seeks Builders for TOD Policy

Representative AI image NEW DELHI: The Delhi Development Authority (DDA) is progressing with its Transit Oriented Development (TOD) policy and has initiated the process for inviting developers, officials announced on Wednesday. As part of the TOD policy, a designated 500-meter zone on either side of metro corridors and a 500-meter radius around rapid rail stations has been earmarked for organized development. This initiative will allow for the development of 207 square kilometers of land that can accommodate mixed-use areas, office spaces, guest houses, and studio apartments, as per the DDA. In a statement, the DDA said, “To effectively implement the…

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One Lakh Patta Holders Affected; Ramsar Freeze Halts South Chennai Growth

CHENNAI: Over 100,000 patta holders in South Chennai are facing a housing and ownership crisis due to construction valued at approximately ₹1 lakh crore being stalled. This is largely a result of the CMDA freezing planning approvals surrounding the Pallikaranai Ramsar site last October, according to the Confederation of Real Estate Developers’ Associations of India (CREDAI). During a press conference on Tuesday, CREDAI urged the CMDA to reconsider the 1-km Ramsar influence zone that covers 3,358 hectares (8,397 acres), which has made large areas of Velachery, Pallikaranai, Perungudi, Sholinganallur, and Perumbakkam unviable for future construction. Viswajith Kumar, vice-president of CREDAI’s…