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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Karnataka Sets Rules for Layout Approvals on Converted Land

BENGALURU: The Karnataka Department of Rural Development and Panchayat Raj has issued guidelines for the design approval process for layouts on converted lands within gram panchayat limits but outside designated planning areas. As stated, under Section 199(B) of the Karnataka Gram Swaraj and Panchayat Raj (Amendment) Act, 2025, the appropriate authority—either the Gram Panchayat or a government-nominated authority—must secure prior approval from the competent planning authority with jurisdiction over the layout plan. This approval is essential prior to issuing a new ‘khata’ or Property Identification (PID) number for construction-related sites, the statement noted. Developers are mandated to submit an application…

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Chennai Patta Transfers Delayed Despite Digitized Land Records

CHENNAI: While the Survey and Settlement Commissionerate has digitized land records and enabled software integration between revenue and registration departments to facilitate patta transfers, city residents are still experiencing delays. Several applicants report waiting weeks to see title changes in their patta post-registration. Previously, the process for buyers and sellers was tedious, requiring mandatory visits to taluk offices for patta transfers, land measurements, and other services related to land records. Now, the system has transitioned online, significantly reducing the time needed to obtain documents and diminishing opportunities for corruption. Under the updated system, title changes in the patta can occur…

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Kolkata’s Sector V to Pay Property Tax via UAA Next Year

KOLKATA: NDITA has submitted its final proposal to the state regarding the implementation of the unit area assessment (UAA) system for property tax collection in Sector V. This draft proposal from NDITA outlines that the property tax for each holding will be calculated by multiplying its annual valuation by the applicable tax percentage set by the government, ensuring that no property tax exceeds 30% of the annual value of land and buildings in the region. An NDITA official shared, “Several modifications have been incorporated into the draft, which has been approved by the valuation board. The completed proposal is now…

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NA Tax Scrapping Awaits GR; Pune Societies Get Notices

PUNE: Nearly a year after the state cabinet’s decision to abolish the non-agricultural (NA) tax in urban areas, housing societies are still awaiting an official government resolution (GR) to confirm the tax exemption. Several societies in Pune and Mumbai have received NA tax notices, leading some to pay the dues to avoid potential administrative actions. The NA tax, rooted in colonial times, is levied on properties built on agricultural land converted for non-agricultural use within municipal limits, excluding gaothan (village) areas. The cabinet’s decision to abolish this tax was made last October, but the law and judiciary department has delayed…

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Mumbai Builders Meet Civic Chief to Address Real Estate Issues

Representative image MUMBAI: In a significant step, leading developers and architects from organizations like CREDAI-MCHI, NAREDCO, BDA, and PEATA met with municipal commissioner Bhushan Gagrani on Friday. They addressed challenges hindering the real estate sector. The civic chief announced the establishment of a steering committee that will include representatives from these organizations and BMC officers from various departments. This committee will convene bi-weekly to tackle sector-related issues. As per a press release, meetings will be led by Chandrashekhar Undage, the deputy chief engineer in the commissioner’s office. “The commissioner has assured us of his attendance at these meetings monthly. This…

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RBI Exempts SWAMIH Fund from AIF Rules

BENGALURU: The Reserve Bank of India has announced a waiver of its stringent regulations concerning alternate investment funds (AIF) for a government-supported real estate rescue fund, as disclosed in a notification on Friday. The fund, named the Special Window for Affordable and Mid-Income Housing (SWAMIH), was established in 2019 to assist struggling real estate projects with debt financing for halted housing initiatives. SWAMIH is managed by SBICAP Ventures, a subsidiary of the government-owned State Bank of India, which is also a significant investor in the fund. Last year, the RBI mandated that banks and non-banking finance companies increase their provisions…

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Indian Real Estate Hits $2.9B with 42 Transactions in Q3

India’s real estate sector is undergoing significant institutionalisation, with a surge in participation from investors, developers, and funds. This trend culminated in a record September quarter, marked by the highest-ever quarterly deal volume and value. Increased interest from domestic and global institutions, exemplified by a series of large mergers, acquisitions, and listings, underscores a growing confidence in the sector’s stability and earnings potential. According to Grant Thornton Bharat, the sector achieved a remarkable 42 transactions valued at $2.9 billion during the quarter, representing the highest quarterly deal volume to date. This included nine public market transactions: five initial public offerings…

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Protest for Oran Land Registration in Jaisalmer Concludes

JAISALMER: The 34-day protest advocating for the formal recognition of Oran-Gochar land concluded late Sunday night following successful discussions between the Oran representatives and the district administration. The negotiations took place at the Jaisalmer Collectorate, attended by local MLA Chhotusingh Bhati, Pokaran MLA Mahant Pratappuri, district collector Pratap Singh, and members of the Oran team. After thorough discussions, the administration consented to most demands, promising that the registration of Oran land in official records would be completed in three months. Pratap Singh highlighted that this initiative marks a historic change for the region. “The administration has submitted proposals to the…

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Nagpur: Officials to Assess Laxmi Nagar Fire Damage

NAGPUR: Following a significant fire that destroyed the ground floor of a commercial-residential building containing Reliance Fresh Mart at Aath Rasta Chowk, Laxmi Nagar, senior officials from the Nagpur Municipal Corporation (NMC) visited the site on Wednesday to initiate an inquiry into potential unauthorized constructions and fire safety violations. Additional Commissioner Vaishnavi B and Deputy Commissioner Milind Meshram, who is also overseeing the Laxmi Nagar zone, assessed the damaged building and spoke with residents and firefighters. Their visit comes amid rising concerns regarding encroachments in the basement and parking area, where the fire reportedly began. According to sources, the building,…

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Mindspace REIT Plans 7-8 Million Sq Ft Expansion in 4 Years

NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has shown remarkable operational performance with an occupancy rate nearing 94% as of the last quarter report. The REIT’s existing portfolio encompasses 30 million sq ft of completed space, alongside an additional 7-8 million sq ft currently under construction, expected to be finalized in the next two to four years, raising the total planned portfolio to around 38 million sq ft. The company maintains a steady loan-to-value (LTV) ratio between 25% and 26%, feeling secure up to 35% before considering capital expansion. Additionally, it has consistently secured a solid 20% re-leasing spread…