Daily interesting real estate news

Mumbai's MICL Group Announces a 10-Acre Redevelopment Project

The MICL Group, located in Mumbai, has presented plans for a sizable 10-acre rehabilitation project with the goal of transforming the urban environment through creative design and cutting-edge infrastructure. The project is an important development for the city's real estate market and has the potential to transform the neighborhood and spur Mumbai's expansion. The company hopes to build a vibrant community hub that seamlessly combines residential, commercial, and recreational amenities by utilizing its vast knowledge. This tactical strategy aims to meet a variety of demands, improving the quality of life for locals while promoting economic growth.

A bungalow in Delhi's Nizamuddin neighborhood sells for Rs. 62 crore.

According to sale deed records, the director of a business that makes interdental brushes paid Rs 61.70 crore for a bungalow in Delhi's wealthy Nizamuddin neighborhood. The paperwork indicated that the plot has an area of 873 square yards. The buyer, GlobalDent Aids director Renu Khuller, paid a stamp duty of about Rs 3 crore. This is possibly one of the most expensive deals in the Nizamuddin East area that has been transacted at a per sq ft rate of around Rs 62,000 per sq ft.

You can now purchase a DDA flat even if you already own a home in Delhi.

The Delhi Development Authority (DDA) is getting more accommodative. It has approved changes to land use for the expansion of the Ram Manohar Lohia (RML) Hospital and the establishment of the Communist Party of India (Marxist) or CPI(M) office in Delhi. These changes to housing regulations allow people to purchase DDA properties even if they already own a flat or plot in the national capital. The DDA also approved the development of six state bhavans, or guesthouses, in Sector 17, Dwarka.

IDA approves development projects worth Rs 2 billion in Indore.

The Indore Development Authority (IDA) has approved Rs 2 billion for development projects under the IDA's TPS Schemes. Notably, tenders of Rs 13.72 billion were approved, concentrating mostly on internal development in line with the TPS plans' master plan and road infrastructure. Additional funding for Scheme No. 155 includes Rs 60 million for electrification and Rs 50 million for beautification.

Exclusive: Retail giant Ikea is on the hunt for 25 acres of land in South Delhi and Dwarka.

Sources claim that Ingka Centres, a subsidiary of the Ingka Group that also owns IKEA Retail and Ingka Investments, is in search of land in the capital city, ideally in places like South Delhi and Dwarka. Experts estimate that the cost of a licensed or approved site in the South Delhi and Dwarka districts will range from Rs 50 crore to Rs 75 crore per acre. A source claimed that the retail giant has been searching for suitable 25-acre parcels, ideally in these locations.

Adani's attempt to transform Dharavi fuels residents' concerns.

Residents are concerned about Indian billionaire Gautam Adani's capacity to follow through on his pledge to rehouse a million people living in one of Asia's largest slums due to high-profile financial problems and reports that Prime Minister Narendra Modi's associates granted him preferential treatment. After years of futile attempts, the Maharashtra state government authorized Adani's $614 million contract offer to renovate the slum, which is renowned for producing leather goods, in July.

Rolls-Royce appoints JLL as its global facilities manager.

Rolls-Royce has appointed JLL as its worldwide real estate facilities manager for its portfolio in China, Germany, India, Singapore, the United Kingdom, and the United States. As part of the long-term agreement, which will begin in February 2024, JLL will serve as Rolls-Royce's sole worldwide strategic FM partner spanning 44 locations and 15 million square feet of manufacturing, storage, and office space.

Delhi's circle rates have increased by 35%: proposal redrawing is underway.

The Delhi government's proposal to change the circular rates for residential and commercial sectors in the capital has been put back on the drawing board. The earlier plan, presented by the revenue department that proposed the formation of sub-categories within the A through H categories of residential areas, as well as several slabs of circular rates, had been returned by the finance department. The department has made the decision to thoroughly examine the suggestions and modify our proposal accordingly.

Morgan Stanley has leased 1.36 lakh square feet of office space in Bengaluru.

According to records discovered by Propstack, Morgan Stanley Advantage Services Private Limited has extended its lease on 1.36 lakh square feet of office space across three floors of a commercial building in Bengaluru for 10 years for Rs 1.58 crore per month. They have renewed the lease for the second, third, and fourth floors of RMZ Ecoworld in Sarjapur, Bengaluru's Outer Ring Road. A security deposit of Rs 9.4 crore has been made by Morgan Stanley on behalf of the building's owner, Artiga Ecoworld Infrastructure Private Limited.

MPIDC intends to build a smart industrial township, in Pithampur.

A smart industrial residential township is being built in Pithampur sector-7 by the Madhya Pradesh Industrial Development Corporation (MPIDC). Over 2,200 hectares in 12 villages in the Indore district will be acquired as part of this effort. The MPIDC's three-phase proposal for Pithampur's sector-7 will span 2,232 hectares. The procedure to acquire 1,268 hectares of private land has started, and possession of the remaining government and forest land is being pursued