Category: Latest Stories

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CommercialLatest Stories

Labdhi Lifestyle to Invest ₹700 Crore in BKC Commercial Project

NEW DELHI: Labdhi Lifestyle is set to invest ₹700 crore in the development of BKC Edge, a commercial project located at H-Block in Bandra Kurla Complex (BKC), Mumbai. The total gross development value (GDV) is projected to exceed ₹1,000 crore, providing a carpet area of 2.25 lakh sq ft. Occupying 1.25 acres, the development will feature over 300 business suites. According to a CBRE report, in the October–December quarter, Mumbai made up approximately 22% of the total 22.2 million sq ft of office space leased across India. The report suggests that Mumbai is likely to remain a key office market…

InfrastructureLatest Stories

Mahalunge-Maan town plan awaits final approval: PMRDA

PUNE: Seven years after the state government granted initial approval for the Mahalunge–Maan town planning (TP) scheme, the flagship project, which was highlighted during the 2019 Magnetic Maharashtra Investor Summit, is still pending final clearance from the state Urban Development Department (UDD), as reported by a senior PMRDA official. The Pune Metropolitan Region Development Authority (PMRDA) emphasized that while this model scheme remains a priority, delays have arisen due to the necessity of multiple approvals. A senior PMRDA official mentioned, “The scheme is currently under evaluation and is anticipated to receive clearance soon.” These delays come despite previous assurances from…

Latest StoriesResidential

Buyer seeks Haryana RERA, DTCP help for safety concerns

GURUGRAM: A homebuyer has turned to state authorities to address concerns regarding possession conditions, safety infrastructure, and regulatory compliance at a residential project located in Sector 89. The owner of a flat at The Meridian requested official intervention, highlighting unresolved matters with the developer. In a comprehensive letter to the Department of Town and Country Planning (DTCP) and the state real estate regulator, HRERA, she sought relief from perceived pressure tactics and unresolved safety issues at the construction site along the Pataudi Road corridor. The complaint detailed alleged coercion to sign a no-objection certificate prior to taking possession, worries about…

CommercialLatest Stories

Logitech India Leases BKC Office for ₹4 Crore

NEW DELHI: Logitech Electronics India has signed a lease for a commercial office space in Bandra Kurla Complex (BKC), Mumbai, with total rental costs amounting to approximately ₹4 crore over a five-year span, as reported by Volney. The company has leased Unit No. 407 on the fourth floor of the Trade Centre, a commercial building in BKC, covering an area of around 2,010 sq ft. The lease agreement features a five-year lock-in period with an annual rental increase of 5%. ETRealty has contacted Logitech Electronics India and will provide updates based on their responses. The Trade Centre is a Grade…

IndustryLatest Stories

Odisha Drafts Law to Simplify Land Management

Representative image BHUBANESWAR: The Odisha government is set to introduce a new land management law in the upcoming assembly session, aiming to replace multiple existing Acts related to land administration, as stated by Revenue and Disaster Management Minister Suresh Pujari on Monday. A consultative meeting regarding the proposed legislation, known as the Odisha Govt Land Management Act, was conducted on Monday. “The draft is ready, and we anticipate introducing the Bill during the next session of the Vidhan Sabha,” Pujari informed the media. The proposed law aims to replace outdated and overlapping revenue statutes with a more cohesive legal framework.…

Latest StoriesRegulatory

Idco Land Buildings Owe ₹72 Crore in Holding Tax

BHUBANESWAR: The Bhubaneswar Municipal Corporation (BMC) has determined that it expects to collect Rs 72 crore in holding tax from properties built on land owned by the Odisha Industrial Infrastructure Development Corporation (Idco). Following government approval last year, BMC will begin collecting this holding tax from Idco properties starting in the financial year 2025-26. Of the total Rs 72 crore, around Rs 32 crore is owed by educational institutions located on Idco land, according to civic body officials. Holding tax is crucial for strengthening the BMC’s financial resources. In addition to educational institutions, government and commercial establishments, as well as…

IndustryLatest Stories

Embassy Developments to invest ₹4,500 crore in Mumbai housing

NEW DELHI: Embassy Developments (EDL) is planning to invest about ₹4,500 crore to expand its presence in the Mumbai Metropolitan Region (MMR) with three residential projects in Worli, Juhu, and Alibaug. The total gross development value (GDV) of these three projects will exceed ₹12,000 crore, encompassing a combined carpet area of approximately 1.58 million sq ft. Project launches are anticipated to start in the fourth quarter of FY26. In Worli, EDL is set to develop an ultra-luxury residential project featuring a carpet area of around one million sq ft and an estimated GDV of over ₹8,800 crore. This development will…

InfrastructureLatest Stories

660+ construction sites still lack air quality monitors, BMC tells HC

Representative AI image MUMBAI: The BMC has informed the Bombay High Court that sensor-based air quality monitors have yet to be installed at 662 of the 1,954 ongoing construction sites within its jurisdiction. In response to a December 24 order from the court to provide status reports showing tangible improvements in Mumbai’s pollution levels, the BMC submitted a reply affidavit. According to Avinash Kate, chief engineer (environment and climate change), the BMC has activated its action plan for the next 15 days. The affidavit also mentioned that showcause and stop-work notices were issued at construction sites failing to comply with…

Latest StoriesRegulatory

Noida Techie Death: Developer Arrested, SIT Probe Launched

NOIDA: On Tuesday, authorities arrested the director of a real estate company regarding the tragic death of a 27-year-old software engineer. The victim’s vehicle had fallen into a water-filled pit at a construction site in Noida’s Sector 150. Officials confirmed that a Special Investigation Team (SIT) has begun its inquiry into the incident. Police arrested Abhay Kumar, the director of MZ Wiztown Planners and one of the accused, in Sector 150. According to Additional Commissioner of Police (Greater Noida) Hemant Upadhyay, he is currently in custody. The police had previously filed a First Information Report (FIR) for culpable homicide not…

IndustryLatest Stories

Noida Rejects Wiztown Planners’ Layout for Sports City Violations

NOIDA: In 2022, the Noida Authority rejected a modified layout from Wiztown Planners for the Sector 150 plot, where a 27-year-old software engineer tragically drowned last Saturday night. The Authority deemed the layout inconsistent with the integrated Sports City scheme, perceiving it as more of a commercial complex rather than a sports-oriented development. The 27,185 sqm plot, SC-02/A3, is a part of the Sports City project in Sector 150, which was designed over a decade ago to create cohesive districts emphasizing sports infrastructure. The planning guidelines stipulate that sports and recreational areas should dominate 70% of the land use, with…