Page 4 - Land Acquisition

87 real estate deals signed for 1862 acres of land in FY23 across India

Although the number of deals went up around 50% but the increase in terms of area didn't go up proportionally, which means developers are making large number of deals with smaller area

Macrotech to invest about Rs 2,500 cr this fiscal on land acquisition

Macrotech Developers will invest around Rs 2,500 crore this fiscal to buy land and to pay its joint venture partners against land acquired in the previous years. Mumbai-headquartered Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. It buys land outright as well as enters into joint development agreements (JDAs) with land owners to create a pipeline of future projects. "The total investment that we envisage this year into land is about Rs 2,500 crore, which includes all the new land plus any partner share for whatever land we have taken on JDA (joint development agreement) in the past years," Macrotech Developers MD and CEO Abhishek Lodha told investors. According to a transcript of interactions with investors posted on stock exchanges, Lodha said the JDA projects tend to have investments, which is between 5 per cent and 10 per cent of the GDV (gross development value). "And the outright lands tend to hav

Rs 1,000 cr in 2023-24 budget for land acquisition for 'New Noida'

The Noida Authority on Sunday said it has earmarked Rs 1,000 crore for acquisition of land for area which would be known as 'New Noida'. The authority also made a provision of Rs 500 crore for land acquisition in the existing Noida area, while it set aside Rs 1,906 crore for infrastructure and development work, it said in a statement. The announcements were made after the 209th Board Meeting of the Noida Authority held in presence of UP Industrial and Infrastructure Development Commissioner Manoj Kumar Singh. The Noida Authority Board approved a budget of Rs 6,920 crore for 2023-24 during the meeting, also attended by Authority CEO Ritu Maheshwari. "A target of Rs 8,920 crore in revenue and Rs 6,503 crore in expenditures has been set by the Noida Authority Board for the financial year 2023-24," the Authority said in the statement. "For the financial year 2022-23, the authority's target of revenue was Rs 4,880.62 crore and expenditure target of Rs 4,579 crore (108 per cent more tha

Hyundai Motor considers buying General Motors India's Talegaon plant assets

A Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant

Godrej Properties buys 9-acre land for Rs 300 cr to build housing project

Godrej Properties has bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project. On December 29, the company had informed stock exchanges about acquisition of the land through an outright purchase, but did not mention the deal value. According to market sources, Godrej Properties bought this 9-acre land for Rs 300 crore. The project with a development potential of about 1.6 million square feet area, has an estimated revenue potential of about Rs 2,500 crore. The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road. Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that the company would invest USD 1 billion on future development of projects. It is aggressively acquiring land parcels either outright or in partnership with land owners. Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the ...

Airport project will hit agriculture, rural economy, say farmers to TN govt

Acquisition of land in their villages, for setting up a greenfield airport at Parandur, would lead to 'destruction' of agriculture and eliminate the region's 'self-reliant' economy, farmers opposing the project in their backyard said in a representation to the Tamil Nadu government. The project area covers 'bird migration routes' and it is closer to INS Rajali Naval Air Station and hence not suitable for airport, they said. The flow of water of a natural water channel, that carries surplus flood waters to Kosasthalai river, would be prevented leading to inundation of 30 surrounding villages and 'incalculable farm and economic losses' considering flooding. The project would lead to complete displacement of people in five villages, including the ancient Ekanapuram village. "We will be left with grief and pain," as there will be no suitable livelihood opportunities elsewhere, they said. Listing out several such factors against setting up the airport in their neighbourhood, farmers of

CAG pulls up CWC for incurring avoidable expenses of Rs 8.65 crore

Government auditor CAG on Tuesday pulled up the Central Warehousing Corporation (CWC) for incurring an avoidable expenditure of Rs 8.65 crore on account of improper planning in the acquisition of land, delay in the surrender of surplus land and payment charges. The Comptroller Auditor General of India (CAG) also said there were pending cases of execution of lease/title deeds in favour of CWC. Land acquired long ago (five years or more) was lying unutilised defeating the purpose of acquisition and resulted in blockage of funds. In addition, CWC neither disposed-off flats lying vacant for considerable time nor could utilise them alternatively, it said the report (for the years ended March 2020 and 2021) tabled in Parliament. According to the CAG, about 42 cases were pending for registration of title/lease deed in favour of CWC, since acquisition during 1964 to 2012. Maximum pendency of 66.66 per cent of non-execution of deeds was due to disputes with various government ...

Assam cabinet approves township on land of Hindustan Paper Corp in Morigaon

The Assam cabinet on Monday approved a proposal for developing a township on 550 acres land of defunct Hindustan Paper Corp in Morigaon district near Guwahati which the state government had acquired in March, minister Jayanta Malla Baruah said. Briefing the press following the cabinet meeting, he said it also gave its nod to a proposal for according industry status to the tourism sector, paving the way for businesses to avail incentives provided under the state industrial policy. Baruah said the land in Jagiroad will be developed as a satellite township of Guwahati. "The township will be set up on 550 acres of land following discussions with the local people but the preliminary decision for a satellite town was taken at today's meeting," he said. The Assam government on March 28 announced the acquisition of Public Sector Undertaking (PSU) Hindustan Paper Corp's (HPC) two defunct paper mills in the state for Rs 375 crore. The Assam Industrial Development Corporation (AIDC) successf

More than 98% land acquired for bullet train project in Maharashtra: Govt

Work on the railways' ambitious bullet train project between Mumbai and Ahmedabad has gained momentum, with the ministry claiming on Monday that more than 98 per cent of the land has been acquired for the project in Maharashtra. Piers have been erected for a distance of more than 118 kilometres, girders are being launched and the work on the construction of bullet train stations has also started, the railway ministry said. With the change of government in Maharashtra, the pain points in the project in terms of forest clearances and land acquisition seem to have been overcome. In a series of tweets, the ministry claimed that while 98.22 per cent land has been acquired in Maharashtra, in Gujarat, 98.87 per cent land has been acquired and in Dadra and Nagar Haveli, 100 per cent of the land has been acquired for the project. The physical progress till November 23 was 24.1 per cent, the ministry said, adding that while almost 30 per cent of the work has been completed in Gujarat, in ...

17% of 756 projects delayed by more than 5 yrs due to delay in clearances

As many as 132 out of the 756 delayed projects or 17.4 per cent projects are running behind schedule by five years and more

Indian Railways seeks quicker land acquisition for stalled projects

Zonal Railways asked to designate more works as special projects for quicker clearance

Greater Noida authority cancels land allotment of Parsvnath developer

The authority has taken this action for non-deposit of the outstanding amount of nearly Rs 281 crore on both the land plots and non-completion of both the projects

Jewar airport project six months ahead of schedule, says NIAL CEO

Even as the first phase is underway, the authorities have already started the initial groundwork of land acquisition for the second phase.

Assam Cabinet takes key decisions including roadmap for disaster management

As part of its initiative to hold cabinet meetings in different districts, Assam Chief Minister Himanta Biswa on Sunday chaired a Cabinet meeting in which a slew of decisions were made including filling up posts of Bodo teachers, streamlining land acquisition and the roadmap on disaster risk reduction."In today's #AssamCabinet, we took a host of decisions with regard to clearing backlog of cases in courts, the establishment of new universities, a roadmap on disaster risk reduction, upgrading polytechnics & ITIs, streamlining land acquisition, filling up posts of Bodo teachers, etc", the chief minister tweeted.One of the most crucial decisions that were taken in the meeting includes the clearance of backlog cases."Petty criminal cases pending in the subordinate courts throughout Assam to be withdrawn within 6 months by invoking Section 321 of Code of Criminal Procedure (CrPc), 1973", read the document.Another decision was the approval of Assam State Policy for the Transfer of ...

Farmers protesting against land acquisition blocks highway in Gurugram

A group of farmers protesting against the acquisition of 1,810 acres of land in Haryana's Manesar region blocked the Delhi-Jaipur highway here for two hours on Saturday

Urban woes and construction catastrophe

The logic of developing a city should be to foster ease of living for its people and not profits for its developers

Land acquisition Bill & farm laws: Divergent ends of Centre's two reforms

States may adopt different tactics on farm laws as they did for land acquisition Bill

SC sets aside HC verdict annulling land acquisition for irrigation project

The apex court on Wednesday set aside the judgement of the Bombay High Court

Land for PPP projects at state level not an issue: Knight Frank executive

Competing supply could cannibalise demand for non-prime land, says Saurabh Mehrotra. His company closed transactions worth 1,03,720 sq metre in private partnership projects during the pandemic.

Bullet train project: Only 5% Gujarat land remains to be acquired

Only 5 per cent of land remains to be acquired for the Mumbai-Ahmedabad High Speed Rail (HSR) corridor, popularly known as the bullet train project