In one of the biggest front office transactions so far this year, consumer durable major Samsung India Electronics has leased 1.10 lakh sq ft office space in Oberoi Realty’s commercial complex Commerz II in Goregaon suburb of Mumbai, said two persons familiar with the development. The company will be paying rentals of Rs 145 per… Read More »
Pune recorded increase in leasing and no. of deals in Jan-Feb’17 compared to Jan-Feb’16. Higher number of deals in suburban locations and increase in rates for furnished spaces drove average transacted rentals upwards. Vacancy levels declined during the same period.
Large property investors are scrambling to buy commercial towers where tenants have moved in, driving up the capital value of these buildings. However, with rentals failing to catch up, returns from these investments have fallen, real estate brokers and advisors said. Stiff competition among sovereign wealth funds and large private equity funds for scarce assets… Read More »
Housing department officials have said that Maharashtra will follow the Centre’s Real Estate (Regulation and Development) Act, 2016, and is planning to publish the final rules this month so that the legislation can be implemented from May 1. The officials said the file for publishing the rules is in the final stages of approval. “There… Read More »
The Mumbai Metropolitan Region Development Authority’s (MMRDA) long-pending plan to develop Wadala on the lines of Bandra-Kurla Complex (BKC) is finally gaining momentum. After over three years of wait, the draft for the Wadala Master plan is now ready and awaiting deliberations by the internal committee. “The Wadala Master plan draft is ready, but some… Read More »
The proposed 9.89-km Bandra-Versova sea link has got an environmental clearance.Though the clearance was given last October before the term of the state environment impact assessment authority (SEIAA) expired, it was issued only in February.The issuance was delayed as the Maharashtra State Road Development Corporation (MSRDC) had not fulfilled all requirements.“Now that MSRDC has complied… Read More »
In a bid to boost regional air connectivity, the Cabinet Committee on Economic Affairs (CCEA) has approved the revival of 50 unserved or underserved airports at a cost of Rs 4,500 crore over a period of three years starting FY-18. Separately, in a meeting on Monday evening, the union cabinet approved India’s accession to the… Read More »
The Planning Committee of Municipal Corporation Greater Mumbai has recommended increasing the total area available for affordable housing in the city by over 80 hectare to 787.28 hectare in its Development Plan for 2034. The Revised Draft Development Plan 2034 (RDDP 2034) had earlier provided for 707.13 Ha of land for affordable housing in the… Read More »
The planning committee’s report on the draft Development Plan-2034 is likely to help BMC create more affordable houses than the 10 lakh planned earlier. For, it has renamed no-development zones (NDZ) as special development zones (SDZ). In the plan submitted to the mayor, the panel allowed smaller SDZ plot owners to develop their land after… Read More »
Piramal Realty, the real estate arm of the Piramal Group, will be spending Rs 1,800 crore on its residential project spread over 8.4 acre in Mulund suburb of Mumbai, said a top company official. This is part of the company’s total planned investment of Rs 16,000 crore for executing projects and buying land parcels over… Read More »
