Daily interesting real estate news

CBRI gives approval for rigging of Supertech twin towers with explosives

The Supreme Court-appointed technical expert on Thursday gave its approval for rigging of Supertech's twin towers with explosives while August 28 has been proposed as the date of demolition, officials said.The nearly 100-metre tall illegal structures, which were so far scheduled for demolition at 2.30 pm on August 21, have now been proposed to be demolished on August 28, a senior Noida Authority official told PTI.

The Noida Authority has increased land rates across various categories by 20-30%.

The last time the Authority had hiked rates was in October 2019.The land rate for residential sectors in the A+ category sectors remained unchanged at Rs 1.75 lakh per sqm. The price of plots in the E category sectors was increased to Rs 41,250 per sqm from Rs 36,200. residential plots in the A to D category, which were allotted for Rs 39,440 per sqm to Rs 92,950 per sqm, would be 20% dearer.

SC exempts buildings up to 17.5 metre tall with stilts from Delhi fire rules.

The 15-metre limit would apply to buildings without stilts, while buildings with stilts can be as tall as 17.5 metre, and any building above 17.5 metre would come in the category of high rise and allowed a plea of Supreme Court Bar Association president Vikas Singh who has been fighting a legal battle for the last eight years for getting approval for his house which is around 16 metre.

Citicorp Services India renews lease of 160,000 sq ft office space in Mumbai.

Citicorp Services India, part of Citigroup’s India franchise, has entered into an agreement to renew its lease of over 160,000 sq ft office space at Nirlon Knowledge Park in Mumbai’s Goregaon suburb. The company has renewed the lease for the office space spread over six floors for a term of five years with a lock-in until September 2024.

The Phoenix Mills has reported net profit of Rs 718.7 crore for the quarter ended June.

The Phoenix Mills, India’s largest retail-led mixed-use asset developer and operator, has reported consolidated net profit of Rs 718.7 crore for the quarter ended June against loss of Rs 26.2 crore a year ago. Income from operations for the quarter rose 181% from a year ago to Rs 574.4 crore, while operating profit witnessed 324% jump to Rs 322.9 crore.

Kerala government to launch elaborate system to manage construction & demolition waste.

Solid waste management is a major challenge faced by the state, the Kerala government is all set to launch an elaborate system to recover and recycle the mounting construction and demolition (C & D) waste which is largely dumped in water bodies and public places nowadays. State Local Self Government Department (LSGD) Minister M V Govindan said it would be a significant step in terms of achieving the government's objective of making the state waste-free.

Ahmedabad civic body, Auda & Guda to raise Rs 1,000 crore via land sale

AHMEDABAD: Reeling under tremendous financial stress, three civic authorities Ahmedabad Municipal Corporation, Ahmedabad Urban Development Authority (Auda) and Gandhinagar Urban Development Authority (Guda) are now planning to raise funds from sale of its land pockets. The three civic authorities will sell a total of 23 plots totalling 1.38 lakh square metres. Authorities are expecting to raise Rs 1,000 crore through this land sale.

Godrej Properties eyes Rs 8,000 crore sales revenue from housing project.

Mumbai-based Godrej Properties Ltd (GPL), which is part of business conglomerate Godrej group, is waiting for some pending government approvals to launch this 27-acre luxury residential project in Delhi-NCR, its best performing market last fiscal.

Prestige Estates aims to sell properties worth Rs 12,000 crore this fiscal

Realty firm Prestige Estates Projects is targeting to sell properties worth at least Rs 12,000 crore this fiscal, up 16 per cent annually, amid consolidation of housing demand towards credible developers. Prestige Estates Projects Ltd has a strong presence in South India and the company has made its foray into Mumbai market.

CCI clears acquisition of ACC, Ambuja Cements by Adani Group

The Competition Commission of India (CCI) has given its approval for the acquisition of Holcim's stake in Ambuja Ltd and ACC Ltd by the Adani Group. In May, Adani Group announced a deal to acquire a controlling stake in Ltd's businesses in India -- Ambuja Ltd and ACC Ltd. Along with it, Adani Group had made an open offer to both the companies' public shareholders to acquire 26 per cent stake each in the firm.