Weekend Digest - Top Stories
Welcome to the latest edition of?PNT Real Estate round-up! Through our digital only newspaper, we aim to provide a 360 degree coverage of the latest events, stories, updates and occurrences from the real estate industry from around the world.
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The Orange Line's Phase II extension, from Ruby to Sector V, has faced delays, with the revised deadline now set for March 2025. RVNL, the implementing agency, acknowledged that an 800m viaduct gap at Chingrighata and a 125m gap at Metropolitan have hindered progress. Despite these setbacks, the project has overcome significant land hurdles and received safety approval for the Ruby-Metropolitan section. The 29km line is expected to eventually connect New Garia to the city airport, but several gaps in the viaduct, caused by land issues, have prolonged the construction process.
Nagpur has inaugurated Asia's first four-tier flyover, featuring a Metro line, vehicular flyover, railway line, and road stacked in layers near Gaddigodam Gurudwara on the National Highway. Built jointly by MahaMetro and NHAI, the 5.6-kilometre Kamptee Road flyover links LIC Square and Automotive Square, costing INR 573 crore. Completed despite challenges, it reduces travel time between Kamptee and Nagpur Airport to 20 minutes. The project highlights Nagpur's pioneering infrastructure, which enhances urban connectivity and reduces congestion. This innovative design serves as a model for multi-tiered transit solutions, influencing future urban projects across India.
Yatin Shah, co-founder of 360 ONE, has purchased a sea-view penthouse in Mumbai’s upscale Worli area for over INR 158.51 crore. The luxury duplex, spanning 10,312 sq ft across two top floors, was bought from Prime Realty LLP. The deal, valued at nearly INR 1.54 lakh per sq ft, includes significant stamp duty charges. Mumbai’s prime property market continues to perform well, driven by high demand across various segments. This sale adds to the city’s record-setting property deals, attracting wealthy individuals from diverse industries.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has announced a significant policy change, halting the issuance of A and B khata certificates for sites in layouts lacking official approval from planning authorities. This move targets unauthorised developments, many on Bengaluru's outskirts, that lack essential infrastructure. The policy aims to enforce stricter urban planning regulations, ensuring that only layouts with approved infrastructure qualify for certification. Experts believe this will encourage adherence to planning protocols and potentially boost property values in authorised layouts. This policy shift is a step towards sustainable urban development, fostering organised growth and improving the quality of life for residents.
Karnataka’s Deputy Chief Minister, D K Shivakumar, has outlined a transformative vision for Bengaluru’s metro network, aiming to extend it by 175 km by 2026. After inspecting the newly extended Nagasandra-Madavara line, Shivakumar detailed phased additions, including 30 km by 2025 and the remainder by 2026. With significant investments and collaborations—such as with the National Highways Authority of India (NHAI) and Indian Railways—the state is enhancing metro accessibility and connectivity. Infrastructure improvements include underpasses, skywalks, and parking facilities to support seamless transit. Bengaluru's growing metro ridership underscores the network’s essential role in reducing city traffic and improving commuter convenience.
A high-altitude para sports centre, the first of its kind globally, is being established in Leh, Ladakh, aimed at training para-athletes for international competitions, including the 2028 Paralympics. The Ladakh Autonomous Hill Development Council and Aditya Mehta Foundation formalised this initiative, which will offer high-altitude training to enhance stamina and resilience. Before the centre's completion, selected athletes from Ladakh will train at AMF’s Hyderabad academy. Offering training across a wide range of sports, the centre aspires to make Leh a unique para-sports hub, positioning India as a leader in inclusivity and excellence in global para-athletics.
Bollywood actor Shahid Kapoor has leased his lavish apartment in Mumbai's Three Sixty West, an exclusive development by Oberoi Realty in Worli. The 5,395 sq. ft. property, co-owned with wife Mira Kapoor, was acquired earlier this year for INR 58.6 crore. The five-year lease, registered this month, includes a tiered rental structure starting at INR 20.5 lakh per month, along with a 10-month rent-free period. Kapoor joins other Bollywood stars, like Kartik Aaryan and Ranveer Singh, in monetising premium properties amid rising demand for luxury rentals in Mumbai’s prime locations.
Ahmedabad’s Sardar Vallabhbhai Patel International Airport, which serves over 35,000 passengers daily, is set to gain direct connectivity to the city’s metro network. Gujarat Metro Rail Corporation (GMRC) has submitted a proposal for a new six-kilometre metro route, estimated at INR 1,800 crore, to the Union Ministry of Housing and Urban Affairs. This Phase-2B extension will include four stations, with the airport station designed underground to preserve its skyline. The new route will branch from Motera, near the Narendra Modi Stadium, and pass through Koteshwar and Koba. Approval for this expansion is currently pending.
The Andhra Pradesh government has initiated development plans for Amaravati, designating the Capital Region Development Authority (CRDA) as the lead agency. With funding from the World Bank and Asian Development Bank (ADB), each contributing USD 800 million, a total of USD 1.6 billion will be used for infrastructure projects. The government has set priorities for constructing trunk roads, utility systems, stormwater drainage, and flood mitigation. The CRDA commissioner has been tasked with securing additional funding, strengthening institutional capacity, and ensuring timely execution of projects, which will make Amaravati a sustainable, green, and economically vibrant capital.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is addressing challenges related to the e-khata system by involving Resident Welfare Associations (RWAs) to assist residents in understanding the process of obtaining property documents online. Training programmes for RWA representatives will begin soon, empowering them to help others in the community. BBMP has already set up help desks and activated Bangalore One centers to support the final generation of e-khatas. Despite uploading 22 lakh draft e-khatas, the response has been underwhelming, with various technical and procedural challenges hindering progress. Residents have welcomed the move, but some argue that the training should have been part of the initial launch.
Kanpur Metro is nearing the launch of its extended service from IIT to Kanpur Central station, with a test run scheduled this month. Currently operating between IIT and Moti Jheel, the extended corridor will connect key business hubs like Naveen Market, Bada Chauraha, and Nayaganj via an underground stretch. The new service will reduce travel time from 60-75 minutes to just 30 minutes. With construction and system testing nearly complete, the Uttar Pradesh Metro Rail Corporation (UPMRC) commends the project’s progress. This milestone promises improved urban mobility and reduced traffic congestion, marking a transformative step for Kanpur’s infrastructure.
The Jaipur Development Authority (JDA) is set to launch a residential scheme on December 15, 2024. The project, located on Kalwar Road in Nahri Ka Bas, will span 12 hectares and be named after Atal Behari Vajpayee. This marks the JDA's first residential scheme in four years, following the pandemic. The scheme will offer 386 plots, with reservations for LIG and EWS categories, as well as space for retail and commercial activities. Additional residential and farmhouse projects are also under consideration by the JDA.
The Bruhat Bengaluru Mahanagara Palike’s (BBMP) e-khata system has faced significant challenges since its launch in October, with only 5,324 final e-khatas issued from 22 lakh available drafts, despite 54 lakh website visits. Common issues, including data errors like misspelt names and incorrect property numbers, have hindered adoption. To address this, BBMP will introduce a correction module, enabling property owners to rectify mistakes at local revenue offices. Additionally, a new module for properties lacking khata documentation is set to launch soon. These measures aim to improve transparency and adoption, though experts highlight the need for better user support and outreach.