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The fully operational Construction and Demolition (C&D) waste plant supported by the Chandigarh Municipal Corporation has successfully recycled waste materials from construction and demolition sites, generating a variety of construction materials. These materials are being sold back to the government and private entities. Despite challenges with illegal dumping, the sale of recycled construction materials has been well-received. Various initiatives have been introduced to encourage citizens to use one of the twenty-three designated dumping grounds including an on-call vehicle facility to have waste collected from sites.Read more
Greater Noida is grappling with a backlog of registrations for approximately 4,000 flats across 20 projects, despite developers clearing dues and acquiring necessary approvals. The Greater Noida Industrial Development Authority (GNIDA) has cautioned developers under the UP-Rera Act and issued a public notice outlining registration requirements. Reasons for the delay include developers' negligence, payment disputes with homeowners, and unsold flats. Officials and developers assure that they are working diligently to expedite the process and anticipate resolution within a month.Read more
SEBI has proposed new rules for online platforms offering fractional ownership of real estate assets, aiming to protect small investors. The move calls for standardization, independent valuation, and increased transparency to prevent potential mis-selling. Under the proposed regulations, these platforms would need to register under the Regulatory Framework for Micro, Small, and Medium REITs, establishing separate trustees, sponsors, and investment managers. The proposal is the first step towards formulating new rules to govern this burgeoning sector.Read more
The Noida Authority has allocated Rs 500 crore for acquiring new land, even as over 550 hectares are yet to be reclaimed from encroachers. The Authority is surveying unused "dumped" land parcels across sectors for their potential use, while also pursuing legal avenues to recover disputed land. Efforts are underway to reclaim land from non-functional industrial and IT units. The Authority has also regularized land for eligible farmers to prevent future encroachments. Despite the challenges, the Authority has managed to secure Rs 40,000 crore in investments so far.Read more
In a significant surge, foreign institutional investments in Indian real estate rose three-fold to $26.6 billion in the 2017-22 period, primarily driven by the USA and Canada, reveals a report by Colliers India. The report credits structural and policy reforms fostering transparency and easy business operations for this uptick. Despite a dip in domestic investments, India's favourable demographics, deep digital talent pool, progressive policies, and infrastructure advancements have all contributed to making it an attractive choice for global investors.Read more
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The Capital Region Development Authority (CRDA) has allocated an additional 268 acres of land to meet the demand for house sites in the districts of Guntur and NTR. This comes on top of the previously allocated 1,134 acres. The decision was made in response to requests from the district collectors who identified insufficient land to accommodate all applicants. The allocation includes 168 acres for NTR district and 100 acres for Guntur district. The state government aims to distribute the house sites to the needy this week, improving their living conditions.Read more
A four-year-old girl sustains severe injuries after falling off the balcony of a high-rise building in Andheri East, Mumbai. The housing society had removed the protective glass panels from the balcony for renovation, failing to follow proper safety procedures. The girl's father has filed a complaint against the contractor responsible. The police have arrested multiple individuals, including the builder and contractor, for negligence. While undergoing treatment at Holy Spirit Hospital, the young girl's recovery journey begins.Read more
Jupiter Hospital, a leading Mumbai-based healthcare chain, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a substantial Rs 900-1,100 crore Initial Public Offering (IPO). The IPO, which includes a fresh issue of Rs 615 crore and an offer for sale of 44,50,000 shares, is intended to fund the hospital's network expansion and debt reduction efforts. Promoters, including Dr. Ajay Thakker, Dr. Ankit Thakker, and Western Medical Solutions LLP, will retain their current stakes.Read more
Noida and Greater Noida authorities are contemplating a co-developer policy to resolve the longstanding issue of incomplete housing projects. The proposed policy would allow new firms to invest in and complete these projects, provided they clear nearly INR 40,000 crore in land dues. This move could bring relief to many homebuyers who have been waiting for a decade for their homes. The policy, initially suggested by the Confederation of Real Estate Developers Association of India, also includes potential incentives for developers prioritizing clearing the dues.Read more
Panchkula residents are facing a grave issue as construction and demolition waste continues to accumulate in vacant areas throughout the region. The Municipal Corporation's indifference to the violations has allowed violators to go unpunished, resulting in the city's transformation into a wasteland. Despite the corporation's resolution to impose fines and provide designated disposal areas, the response from individuals and entities has been lacklustre. The lack of accountability and action from the civic body has caused dissent among the locals, who feel let down by their elected representatives.Read more
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