2023-08-17
The Buildings & Factories (B&F) Business of Larsen & Toubro (L&T) Construction has recently secured orders in India. The company has secured an order from the Uttar Pradesh Cricket Association to design and build a cricket stadium in Varanasi on a turnkey basis. The area of work includes Main Ground as per ICC standards, a display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen and dining areas, and a practice ground.
2023-08-17
A total of 31 Maharashtra real estate projects, located in Mumbai, Pune, Nagpur, and Nashik, have requested to be deregistered with the authority Maharashtra Real Estate Regulatory Authority (MahaRERA). Following this, MahaRERA has opened the door to similar objections. With this, 170 projects in Maharashtra are now eligible to be deregistered. According to officials of MahaRERA, this is in addition to the 139 similar applications that have already been submitted during the last two months.
2023-08-17
BHIVE, a Bengaluru-based coworking startup, intends to raise Rs 400 crore for a coworking-focused CAT-2 alternative investment fund (AIF) to drive its expansion. The proposed new fund will acquire completely constructed commercial real estate buildings in prime locations with clear titles and occupancy certificates, with a capital of a predetermined amount. The previous year has seen BHIVE solidify its position as Bengaluru's top co-working provider, finalizing deals worth more than Rs 200 crore.
2023-08-17
Century Real Estate, a Bengaluru-based real estate developer, proposes to invest Rs 3,400 crore to launch 9 million square feet (msf) of projects in Bengaluru, that includes commercial spaces and residential launches, with a potential revenue of Rs 9,000 crore by the end of next financial year. The business also intends to develop a 7 msf integrated commercial park in north Bengaluru with lesser residential and retail space within three to five years.
2023-08-16
The serene environment surrounding Neyyar Dam, which is prized for its natural beauty, is under threat as unauthorized structures expand within protected forest land. The irrigation department has issued a warning after discovering the illegal presence of seven resorts and countless other structures in the ecologically sensitive zone. Notably, development is strictly forbidden within a 100-meter radius of the dam, yet these structures continue fiercely.
2023-08-16
Haryana Chief Minister Manohar Lal Khattar has introduced the Mukhya Mantri Awas Yojana (MMAY) to provide locals with housing advantages. CM Khattar announced the scheme's launch during a virtual interaction under the 'Vishesh Charcha' program, seeking to provide housing aid to economically disadvantaged households across the state. The program is expected to serve approximately one lakh families who do not have enough accommodation, with plots or flats allocated based on a survey.
2023-08-16
Real estate developers have been requested by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to set up grievance redressal cells to handle complaints of their homebuyers. These cells for the developers' projects are intended to have at least one grievance redressal officer. Compliance with this provision will be a crucial factor in the regulatory authority's proposed project evaluation process. The details of the redressal cell should be prominently displayed on the project site as well as the developer’s website.
2023-08-16
Solitaire Group, a leading real estate builder and property developer acquired a land parcel of over 20 acres in Mumbai’s Andheri, through one of its subsidiaries, Honest Vastunirman. The land parcel was purchased for Rs 550 crore, from Arogya Bharti Health Parks and Arogya Bharti Hospitals. The total consideration includes 140 residential tenements with a carpet area of nearly 38,000 sq ft to be constructed by the developer and to be handed over to the seller within six years of the conveyance deed.
2023-08-16
Following a rather weak first quarter (Q1), the Indian real estate industry had a strong inflow of private equity (PE) investments reaching $1.92 billion in the second quarter of 2023. This notable growth indicates a significant increase of 63% over the previous quarter (Q1 2023) and a spectacular 60% increase over the same period last year. The first half of 2023 saw impressive cumulative inflows of roughly INR 24,680 crore, representing a significant 51% increase over the same period in 2022.
2023-08-16
The government of Uttar Pradesh is considering implementing a co-development policy as a practical tactic to revive stalled projects in Greater Noida and Noida. This proposed strategy intends to address the challenges of stalled real estate developments and re-energize their advancement. The government is currently testing this policy through a trial run with the Hawelia Group, a real estate developer, who has taken on the responsibility of revitalizing a nearly constructed project in Greater Noida called Shree Radha Sky Garden.
