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IndustryLatest Stories

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…

IndustryLatest Stories

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…

IndustryLatest Stories

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…

InfrastructureLatest Stories

BMC Unveils Proposed ESZ Plan for SGNP in Mumbai

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) unveiled a draft management plan for the Eco-Sensitive Zone (ESZ) surrounding Sanjay Gandhi National Park (SGNP) on Wednesday. While the document proposes measures to safeguard the 103 sq km green space, environmentalists express concerns that it might pave the way for industrial and real estate encroachment. The draft cautions about “significant pressure on the environment,” flagging slums, quarries, and ready-mix concrete plants for monitoring. However, the establishment of three graded zones, according to critics, could facilitate industrial growth and new developments. Relocation of Slums Suggested The proposal identifies about 184.51 hectares of slums in…

Latest StoriesRegulatory

MDDA Targets Illegal Plotting on 150+ Bighas in Dehradun

DEHRADUN: The Mussoorie Dehradun Development Authority (MDDA) reported on Wednesday that over 150 bighas of illegally plotted land have been cleared in the past month. This initiative also involved sealing more than a dozen unauthorized multi-storey buildings, particularly in regions such as Bhaniyawala, Haridwar Bypass Road, and Doiwala. MDDA Vice Chairman Bansidhar Tiwari stated that the increase in unauthorized plots and encroachments led the body to initiate an extensive demolition and sealing campaign. “In the past month, we’ve demolished around 150 bighas of illegal plots and sealed numerous constructions, including multi-storey buildings, in places like Rishikesh,” he said. In the…

IndustryLatest Stories

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…

InfrastructureLatest Stories

Cabinet Approves New City Project in Bhubaneswar

BHUBANESWAR: The state cabinet, presided over by Chief Minister Mohan Charan Majhi, has granted in-principle approval for the highly anticipated ‘New City’ project on Bhubaneswar’s outskirts. Chief Secretary Manoj Ahuja shared that the proposed city will be developed within the Bhubaneswar Development Plan Area (BDPA) and will encompass approximately 800 acres across Gothapatna, Malipada, and Daspur. This initiative is part of the state’s long-term vision, Viksit Odisha 2036, aimed at creating a multi-economic growth zone. The anticipated investment is projected to be Rs 8,179 crore over the next 15 years, combining both public and private sectors. An initial budget of…

Latest StoriesRegulatory

Nashik issues notices to 300,000 property tax defaulters

NASHIK: The municipal authority has issued notices to over 300,000 property tax defaulters, providing a 15-day deadline to settle their tax obligations. These defaulters owe a total of ₹400 crore in property taxes, which have remained unpaid for periods ranging from one year to as long as six years. The Nashik Municipal Corporation (NMC) oversees approximately 600,000 property tax accounts across its six divisions. NMC officials indicated that the tax collection target for the current fiscal year is ₹275 crore, of which ₹125 crore has been collected so far, leaving about ₹150 crore to be collected in the next six…

IndustryLatest Stories

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,…

Latest StoriesResidential

Mumbai housing society redevelopment to add ₹1.3L crore homes: Report

NEW DELHI: The Mumbai region is set for significant redevelopment, with over 44,000 new homes expected by 2030, valued at ₹1.3 lakh crore, according to a report by Knight Frank. On Wednesday, the real estate consultant Knight Frank India released insights indicating that Mumbai’s redevelopment landscape is evolving remarkably. “A blend of policy incentives, asset-light developer strategies, and favorable capital markets have transformed redevelopment into a strategically valuable endeavor,” the consultant noted. Knight Frank estimates that ongoing society redevelopment projects in the Mumbai (MCGM) area will yield a total of 44,277 new homes worth ₹1,30,500 crore. Since 2020, 910 housing…