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India's new Parliament building was recently inaugurated by PM Narendra Modi, replacing the 90-year-old structure. Boasting a capacity for 1,272 individuals in the Lok Sabha, the new building cost ?836 crore and covers an expansive 64,500 square metres. With cultural highlights from across the country, it mirrors India's rich heritage. The edifice was conceived to address the space constraints faced in the old Parliament during joint sessions. The new construction marks a significant milestone in India's democratic journey, embodying a blend of tradition and modernity.Read more
Missing property transaction records from 1993 to 2007 in Gujarat have caused significant frustrations among buyers and sellers. The state revenue department's directive, mandating the digitization of property data, has hit a roadblock due to the missing historical data and officials' reluctance to provide physical documents. Jenu Devan, the superintendent of stamps, assured that they are actively working to resolve this issue and make the missing data available online soon.Read more
Maharashtra launched Asia's largest urban renewal project in Thane city on June 5th. The Joint Colonies Redevelopment Project encompasses 45 schemes, transforming dilapidated buildings into safe, modern complexes over 1500 hectares. With dedicated facilities ranging from healthcare to women's empowerment centres, the project is set to radically improve living standards. Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis were present at the inauguration of this initiative, conceptualized by renowned architect Hafiz Contractor.Read more
In a contentious move by the Haryana Urban Development Authority (HUDA), nearly 300 families were evicted following the swift demolition of Fatehpur Colony, Panchkula. Despite the residents' claims of regular tax payments and procured stay orders, their pleas for a two-day extension were dismissed. This large-scale operation, paradoxically, spared an illegally constructed temple. Amid conflicting statements and rising discontent, this incident underlines the urgent necessity for just housing policies.Read more
The initiative by the Rajasthan government to provide piped water connections to high-rise buildings in Jaipur and other cities has faced a lacklustre response. As of now, only five applications have been received by the Public Health and Engineering Department (PHED). The slow uptake can be attributed to various factors, including the absence of water connections in certain areas and the financial challenges faced by residents in collecting the one-time connection charges. PHED officials, however, remain optimistic, stating that these are initial difficulties and expect the system to be streamlined in the future, with builders taking the lead in applying for connections.Read more
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The 2022-23 fiscal year saw a powerful rebound in India's residential housing sector, fuelled by robust consumer sentiment and pent-up demand following the pandemic, reports RBI. After two years of irregular closures, housing project launches showed steady growth. While credit growth, particularly in housing and personal loans, signalled solid domestic household demand, housing inflation remained moderate, influenced by the evolving hybrid work culture. The RBI predicts a positive trajectory for the services sector in 2023-24.Read more
Builders in Nashik, India, are facing delays in obtaining building approvals due to a flawed online system. They plan to meet with Deputy Chief Minister Devendra Fadnavis to discuss the issue and propose a purely online software system. This problem is not unique to Nashik, as other Indian cities also struggle with streamlining the approval process. Builders must navigate multiple government agencies, adding time and cost to the process. The need for a more efficient system is crucial to reduce burdens on builders and encourage real estate investment.Read more
Larsen & Toubro's Power Transmission & Distribution Business has achieved key milestones for NEOM's largest green hydrogen plant. NEOM Green Hydrogen Company (NGHC) is constructing a mega plant in Saudi Arabia's NEOM region, with an investment of USD 8.4 billion. L&T has been awarded contracts worth USD 2.779 billion to establish renewable energy generation, storage, and grid infrastructure for the project. This includes a 2.2 GWac PV solar plant, 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.Read more
Info Edge has announced an international audit into Rahul Yadav-backed proptech startup, 4B Networks, following the firm's consistent failure to provide essential financial information. Allcheckdeals, an Info Edge subsidiary, has invested a sum of ?288 crore in the startup, yet 4B Networks has continually ignored requests for financial transparency. Info Edge has thus contracted Deloitte Touche Tohmatsu India LLP to conduct a forensic audit, signalling a potential financial crisis within the company. The event underscores the need for financial accountability in startups, especially when substantial investor funds are involved.Read more
The Noida Authority recently conducted a successful online auction for four duplex villas, with three of them sold at prices higher than the base price. The auction generated significant interest from potential buyers, resulting in a revenue of Rs 6.47 crore. The authority's efficient management of the auction process highlights its role in contributing to the growth and development of Noida.Read more
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