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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…

InfrastructureLatest Stories

How Ghaziabad Plans to Tackle Illegal Colonies Without Power

GHAZIABAD: To tackle the rapid proliferation of unauthorized colonies, the Ghaziabad Development Authority (GDA) vice chairperson, Atul Vats, has reached out to the stamp and registry department to halt the registration of plots in these illegal areas. Instructions have also been issued to the power department and civic corporation to refrain from granting electricity, water, or sewerage connections until the GDA provides a completion certificate. A recent survey by the GDA discovered 351 illegal colonies covering 2,944 acres in the city, an increase from 321 in 2021. Officials attribute this rise to ongoing property registrations despite the illegal status of…

IndustryLatest Stories

Noida Authority to Demolish 60 Buildings, Flats Up to ₹65L

NOIDA: On Wednesday, the Noida Authority launched a demolition operation against illegal constructions in Salarpur Khadar village, where 39 developers are accused of erecting about 60 buildings across 24 plots. Many of these constructions are six to seven stories tall and marketed as 1BHK to 3BHK flats priced between Rs 30 lakh and Rs 65 lakh. A team of 50 officials, equipped with six earthmovers and tractor-trolleys, initiated the demolition process. Police were also deployed on-site for security. While officials began dismantling structures on certain identified plots, they faced delays when farmers presented court-issued stay orders. However, demolitions proceeded on…

Latest StoriesResidential

Civic Body Demolishes 32 Flats in Gurugram Without Approval

Certainly! Here’s a rewritten version of the content: GURUGRAM: In a significant action against unauthorized constructions, the enforcement team of the corporation demolished and sealed 32 under-construction flats on Tuesday. According to officials, the illegally constructed flats were situated in Anamika Enclave, Sector 14, lacking mandatory map approval from the MCG and a fire safety NOC. “The building was missing a fire escape door, which is essential in case of a fire emergency,” stated MCG assistant engineer RK Mongia. He emphasized that any illegal construction in the city will not be tolerated, and similar strict measures will be enforced going…

IndustryLatest Stories

Lucknow body sells ₹300 crore property in e-auction

LUCKNOW: The LDA recently conducted an e-auction, successfully selling property valued at over Rs 300 crore. Two school plots of 3,500 sqm each in Sector-N of the Basantkunj scheme were sold for Rs 14 crore each, aimed at establishing private schools to serve the Basantkunj area and nearby housing colonies under the Pradhan Mantri Awas Yojana. Additionally, a commercial plot in the Central Business District that was originally valued at Rs 51 crore fetched an impressive Rs 76 crore. A 288 sqm plot in Sector-4 of Gomtinagar Extension, listed at Rs 95 lakh, sold for Rs 2.76 crore. Furthermore, a…

Latest StoriesResidential

Bengaluru: No OC Required for Homes Under 1,200 Sq Ft

BENGALURU: Constructing a home on a 30×40 site within Greater Bengaluru Authority limits has become more straightforward. In a significant development for many residents, the state government announced on Tuesday that individual houses on plots of 1,200 sqft—featuring ground-plus-two floors or stilt-plus-three floors—will no longer require an occupancy certificate (OC), reports Niranjan Kaggere. The new directive authorizes the government to exempt specific types of buildings from the mandatory OC requirement. This decision follows increasing concerns from homeowners after a recent court ruling mandated OCs even for smaller residential properties. Officials noted that this exemption aims to simplify compliance and prevent…