Real Estate

Andhra Pradesh government readies blueprint to develop suburbs into smart cities

In a move that could spur development in urban areas, the government has decided to develop suburban areas with required civic infrastructure. The municipal administration department has readied a blueprint to make suburban areas into smart cities. Interestingly, the state government has decided to offer house sites to the middle and upper-middle income groups at reasonable prices …

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BMC, Blackstone to unclutter Lower Parel CBD, spruce up civic infrastructure

Mumbai The Municipal Corporation of Greater Mumbai (MCGM) has accepted a proposal from US private equity firm Blackstone Group Inc to overhaul infrastructure in the Lower Parel, Prabhadevi and Dadar area—among the busiest business districts in the country’s commercial capital. The mile-long stretch is home to some of the city’s prime commercial buildings such as One International Center, One World Center and Sunshine Tower, leading up …

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Demand for luxury rental homes in India nearing pre-Covid-19 levels

Demand for luxury rental homes in India is nearing pre-Covid-19 levels, according to experts, reflecting a smart recovery from the coronavirus-led disruption that almost brought the real estate rental market to a standstill for some months last year. Monthly rentals in some localities of the country’s top seven cities Hyderabad, Pune, Chennai and Gurgaon have …

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Ambuja Neotia likely to tie up with Taj for four new properties

Ambuja Neotia group will develop a hotel in Darjeeling, a safari lodge in Gorumara and resorts in Sunderbans and Sikkim’s Labong after it completes ongoing projects. In all the developments, it hopes to tie up with the Taj brand of IHCL. The Ambuja Neotia group currently has five deals with IHCL — two in Kolkata and one each in Kurseong, Gangtok and …

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Shapoorji Pallonji Group’s litigation stalls resolution process for Reliance Home Finance

The debt resolution process of Reliance Home Finance Ltd (RHFL), which is at the final stages, has been hit by the Shapoorji Pallonji (SP) Group’s litigation against the home finance company. The lenders of RHFL are unable to proceed with the resolution process due to a coercive stay obtained by the SP Group from the Delhi High Court in November 2019. …

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Hurdles cleared for Delhi-Ghaziabad-Meerut RRTS corridor

Delhi/NCR Land hurdles for the ambitious Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) project have been resolved, TOI has learnt. At a recent meeting with UP Chief Minister Yogi Adityanath in Lucknow, the National Capital Region Transport Corporation (NCRTC) had raised the issue of requirement of 22,225 sqm land at three places along the RRTS route, saying that any further …

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Kolkata civic body to offer 60% waiver in property tax

Kolkata The Kolkata Municipal Corporation (KMC) brass has extended the deadline for the 100% interest waiver scheme till March 31, hoping to mop up Rs 200 crore more in another one month. After this deadline expires, KMC is likely to introduce a 60% waiver on interest accrued on property tax dues. According to a KMC assessment department …

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Mumbai property registration spike continues, February records 70% growth

Mumbai The real estate market in the country’s financial capital continues to witness sharp growth in housing sales as reflected in property registrations driven by the combination record-low home loan rates, discounts and reduction in stamp duty charges. Property registrations in Mumbai have recorded over 70% on-year rise in February, the sixth successive month with significant growth …

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Over 200 illegal structures razed in Pimpri Chinchwad since February 1

Pune The anti-encroachment department of the Pimpri Chinchwad Municipal Corporation (PCMC) has demolished over 200 illegal constructions across eight civic zones since February 1. Deputy Engineer Vijay Bhojne said that around 2.5 lakh square feet of illegal constructions have been demolished in the drive. “First, we send a notice to property owners about illegal constructions. They are told to …

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