REDEVELOPMENT
Delhi's post-Diwali smog puts Rekha Gupta & Co's clean-air promise to test
Delhi's air quality has recently deteriorated, reaching a severe level of 370 on November 9. Chief Minister Rekha Gupta's government is facing scrutiny over its clean-air promises amidst worsening conditions. Despite various pollution-control measures, including a winter action plan, the situation remains dire as the season intensifies. Punjab has also reported a significant number of stubble-burning incidents contributing to regional pollution.
Delhi sees luxury housing boom as developers bet on high-rise gated communities
The luxury real estate sector in Delhi is witnessing a notable uptick as homebuyers show heightened interest in upscale flats and secure communities. Recently, the NBCC achieved remarkable sales of luxury units in Chanakyapuri, surpassing their initial price expectations. Meanwhile, major developers such as DLF and TARC are set to unveil innovative residential projects, maximizing redevelopment opportunities in key urban areas.
Akhilesh Yadav targets BJP after part of Bismillah Khan's house demolished, Varanasi officials deny role
Samajwadi Party leader Akhilesh Yadav criticised the BJP government for the demolition of Bismillah Khan's home. He expressed concerns about the loss of cultural legacy and the integrity of Bharat Ratna awardees. Municipal officials clarified that the family chose to demolish the structure independently after declining a museum proposal. The Varanasi Municipal Corporation had earlier issued a notice concerning the building's dilapidated condition.
Mumbai airport slot row: AOC questions ministry approval to deny slots to 12 international airlines
Airline Operators Committee has raised concerns regarding the slot allocation for twelve international carriers. The carriers have not received their requested slots for the summer 2027 season. Mumbai International Airport is planning to temporarily relocate operations to Navi Mumbai International Airport. This move is due to the redevelopment of Terminal 1. Clarity on the approval from the civil aviation ministry is being sought by the committee.
Mumbai airport asks 12 international airlines to shift to Navi Mumbai
Mumbai airport has given slots to 38 out of 50 airlines for the upcoming summer schedule. Twelve remaining airlines may operate from Navi Mumbai airport during Terminal 1 redevelopment. Passengers traveling to 14 designated destinations will shift their operations accordingly.
Railway platform ticket sales suspended at six stations across Delhi and Ghaziabad; check the full list
Railway news: Northern Railway is implementing crowd-management measures at major railway stations in Delhi-NCR during the festive season. Platform ticket sales have been suspended at six key railway stations until November 14 to manage crowds. Special trains are being operated to accommodate the anticipated travel rush for Diwali and Chhath festivals. Enhanced passenger facilities, including holding areas, aim to improve the travel experience during this busy period.
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International airlines have choice to shift to Navi Mumbai airport or suspend operations temporarily: Adani Airports CEO
International airlines currently operating from Mumbai airport are given options to temporarily suspend operations or relocate. Discussions are ongoing with various international carriers regarding this transition. Indian airlines such as IndiGo and Air India have agreed to shift certain operations.
Ramayan's Ranbir Kapoor's Rs 350 crore six-storey Mumbai House in Pali Hill has Scandinavian interiors, leafy balconies, a mustard couch and vintage decor
Ranbir Kapoor and Alia Bhatt's six-storey Pali Hill residence in Mumbai is estimated to be worth Rs 350 crore. As Ranbir prepares for the release of Ramayana, take a look inside the couple's lavish home, which features Scandinavian-inspired interiors, greenery-filled balconies, a mustard-coloured couch, a vintage record player and personalised living spaces.
MIAL seeks to shift 14 international flights to Navi Mumbai Airport by Nov 3
Mumbai International Airport has proposed shifting flights to 14 international destinations to the new Navi Mumbai International Airport. This move aims to free up capacity for the redevelopment of Terminal 1 at the current airport. If airlines do not voluntarily surrender slots, the airport operator plans to execute the transition. Passengers flying to Gulf and Asian destinations may have to use the new airport instead.
Rustomjee posts record 1,423 cr pre-sales in Q2, targets Rs 5,000 cr for FY27
Rustomjee Group, noted for its luxury projects, achieved record pre-sales of Rs 1,423 crore in the second quarter. The company's net profit rose to Rs 101 crore compared to Rs 10 crore last year. Additionally, revenue from operations saw a significant increase to Rs 497 crore during the same period. Rustomjee plans to focus on redevelopment and expand throughout the Mumbai Metropolitan Region.
India needs three national carriers to compete globally, says Adani Airports CEO
Adani Airports CEO Arun Bansal emphasized the need for three national carriers to cater to India's aviation demands. He stated that strengthening domestic airlines is crucial before embracing more international competition. Passenger traffic is expected to rise, requiring robust airline ecosystems and regulatory changes. Adani Airports plans to invest significantly in infrastructure to support this growth. The company aims to expand its capacity and participate in upcoming airport privatization initiatives.
Airlines seek govt support to protect Mumbai Airport slots
Airlines at Mumbai airport are urging civil aviation ministry intervention regarding proposed capacity reductions planned for next April. Operator Mumbai International Airport Ltd intends to shift part of its international flight schedule to Navi Mumbai International Airport. While some airlines have consented to the changes, others seek more time to adapt to the new airport's infrastructure.
Mindspace REIT leases 1.6 million sq ft in Q2, NOI rises 31.9%
The Real Estate Investment Trust (REIT) has also leased around 0.6 million sq ft at its newly acquired Chennai assets since acquisition. A large transaction covering around 0.5 million sq ft was signed at One Radial with a European banking, financial services and insurance (BFSI) global capability centre (GCC).
Nitin Gadkari says Rs 100,000 crore coming to Nagpur: Rs 50,000 crore for one locality, a mega textile market & a new bus port
Nitin Gadkari has announced plans for projects worth Rs 1 lakh crore in Nagpur, including market redevelopment, a textile market, an agro convention centre and a private bus port. He also discussed Mother Dairy's upcoming Rs 1,000 crore plant, compressed biogas production and plans to boost shrimp exports from Vidarbha.
NCRTC to develop urban centres along the Namo Bharat corridor
NCRTC is working with NCRPB to develop urban centers along new transit corridors including Namo Bharat. Collaboration focuses on planning frameworks to encourage private investment in transit-oriented development zones. Key discussions cover measures that support flexible land use and streamlined clearances for developers. The redevelopment project at Sarai Kale Khan aims to create a multimodal hub for connectivity.
London once built a pedestrian bridge that twisted like a corkscrew to clear the canal for boats; the unusual crossing was later removed in 2013
The Helix Bridge, a marvel of engineering with its twisting and retracting design, became an iconic visual landmark connecting Paddington Basin. However, the intricate mechanisms posed operational issues, leading to its decommissioning by 2013. As urban demands evolved, authorities opted for a more straightforward pedestrian structure, shedding light on the persistent obstacles faced by innovative designs in today's urban landscapes.
Mumbai property market records second-best October ever, registrations up 9%
Property registrations in the Mumbai municipal region rose by 9 per cent in October, reflecting stronger housing demand. The total registrations reached 12,690 units, compared to 11,649 units a year ago. Stamp duty collections during the same period also saw an increase of 12 per cent year-on-year.
NCLT voids Rs 525-cr guarantee, Mumbai land transfer in JLS Realty dispute
The NCLT has invalidated multiple transactions involving JLS Realty Pvt Ltd, including its transfer of redevelopment land. The tribunal found that the transfer to Spenta Suncity lacked commercial benefit and involved financial obligations. Management changes made in February 2021 were deemed invalid due to improper procedures and lack of justification. Additionally, share transfer claims by IIFL were ruled as unproven and unsubstantiated during the tribunal's examination.
PM Modi reviews projects worth over Rs 16,000 crore across 31 States, UTs at 54th PRAGATI meeting
Prime Minister Narendra Modi chaired the 54th PRAGATI meeting to evaluate infrastructure projects worth over Rs 16,000 crore. The meeting focused on enhancing railway station redevelopment and boosting local pharmaceutical manufacturing. PM Modi emphasized the importance of timely execution of projects and inter-agency coordination. He also highlighted the need for supporting local artisans through Ekta Malls and maintaining close monitoring on these initiatives.
Foreign airlines, Adani Airports deadlocked over Mumbai Airport shift
A meeting between Adani Airports that controls both Mumbai and Navi Mumbai airports and foreign carriers ended without an agreement after around 90 minutes of discussions. About 50 executives representing almost all the 45 airlines in Mumbai's Airline Operators' Committee attended the meeting, people familiar with the matter said. Airlines sought further details before committing to the move.
Mumbai airport operator MIAL, airlines discuss transition plan for international flights
Representatives from over 35 airlines met with Mumbai airport officials to discuss shifting international flights. The Mumbai International Airport Ltd requested airlines to submit their transition plans by November 3. Air India, IndiGo, and Akasa Air will begin transitioning operations to Navi Mumbai International Airport in December. The partial relocation aims to allow renovation work at Terminal 1 in Mumbai airport to progress.
Morningside bought Chicago's shuttered Stewart School for $5.1 million in 2016; after spending $11.6 million, it became a 64-unit apartment building
Stewart School in Chicago was closed in 2013 due to declining enrollment and attendance. Morningside USA purchased the property for $5.1 million and invested $11.6 million to convert it into apartments. The renovation created 64 residential units that maintained historical features like blackboards and classroom doors. Completed in 2018, the building achieved full occupancy and was sold for $23 million in 2022.
Redeveloping an old society? Be careful while signing the POA in builder’s favour; know what to look out for
Housing societies looking to redevelop must qualify under Development Control Regulations and pass a resolution during a meeting. After the resolution, a development agreement can be signed with a builder, and a Power of Attorney can be issued. The society must ensure transparency and due diligence in the redevelopment process to protect member interests. Legal aspects, such as compensation for delays and entitlement, should be clearly outlined in agreements.
Lata Mangeshkar bought a flat in 36-storey Pratibha tower in Mumbai, bulding was caught in a 1984 land scam, then demolished in 2019; now a 179-metre skyscraper is set to replace it
Lata Mangeshkar owned a flat in Mumbai's Pratibha building, a 36-storey tower that became infamous after a 1984 construction scam involving an inflated plot-area declaration. Eight illegal floors were demolished in the 1990s before the remaining building was razed in 2019. Now, a 179.4-metre skyscraper with 33 floors is planned for the site.
In 2020, Estate Cos. paid $15.3 million for a shuttered 258-room Ramada in Hialeah; 2 years later, it reopened as 251 apartments
Alture Westland has transformed the site of the former Ramada hotel in Hialeah into a vibrant residential community. Acquired by The Estate Cos. for $15.3 million in 2020, construction began in April 2021. The project boasts 251 apartments and retail space, showcasing innovative adaptive reuse of commercial properties. Currently, 85 percent of the units are leased, with rents starting at $1,636. A Panera restaurant is also set to open shortly.
Raymond Realty raises Rs 210 cr from ICICI Prudential Real Estate Development Fund
Raymond Realty has announced that it has secured Rs 210 crore from ICICI Prudential Real Estate Development Fund. This financial investment will be used for a redevelopment project in the Mumbai Metropolitan Region. The investment will be made through Ten X Realty West Ltd, a subsidiary of Raymond Realty. The collaboration aims to enhance capital efficiency and expedite project timelines.
Raymond Realty raises Rs 210 cr from ICICI Prudential Real Estate Development Fund
Raymond Realty has announced that it has secured Rs 210 crore from ICICI Prudential Real Estate Development Fund. This financial investment will be used for a redevelopment project in the Mumbai Metropolitan Region. The investment will be made through Ten X Realty West Ltd, a subsidiary of Raymond Realty. The collaboration aims to enhance capital efficiency and expedite project timelines.
IndiGo, Air India Group to shift 133 weekly flights to Navi Mumbai Airport
IndiGo and Air India Group will shift multiple international flights to Navi Mumbai airport in upcoming months. This transition impacts nearly three million passengers each year, correlating with Mumbai airport's redevelopment plans. IndiGo plans to move 12 daily international services while introducing new routes to Kathmandu. Air India Express will begin operating domestic flights from the new airport later this year.
Mumbai Airport T1 capacity to rise 33% to 20 million passengers after redevelopment: Adani Airports
Adani Airports is planning to redevelop Terminal 1 at Chhatrapati Shivaji Maharaj International Airport to improve passenger capacity. The capacity will increase from 15 million to 20 million passengers annually with supporting infrastructure. Some flight operations of IndiGo and Air India will shift to Navi Mumbai International Airport during the redevelopment process. This transition aims to alleviate capacity constraints at the current airport facility.
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