Page 4 - Land Acquisition

Godrej Properties acquires 109-acre land in Nagpur to expand business

Realty firm Godrej Properties Ltd on Friday said it has acquired around 109 acre of land parcel in Nagpur to launch residential plots. In a regulatory filing, Godrej Properties informed that the development on this land will comprise primarily plotted residential units and offer an estimated saleable area of 2.2 million square feet. The company did not disclose the deal value and the name of the seller. However, market sources said the deal has been struck at around Rs 200 crore. Godrej Properties MD and CEO Gaurav Pandey said the acquisition of this new land parcel further enhances the company's presence in Nagpur. With the strong revival in housing demand post-COVID pandemic, Godrej Properties has been acquiring land parcels aggressively outrightly and through partnerships with land owners to expand its business. The demand for plots has also gained momentum. Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in t

We are planning safari in Saisaipura area of MP: Project Cheetah chief

In an exclusive Interview with ANI, Project Cheetah head SP Yadav said that process is on for land acquisition for the project

Indorama Ventures to invest $150 mn in three PET recycle plants in India

Bangkok-headquartered and Indian majority-owned Indorama Ventures Public Co Ltd is investing USD 150 million in three PET recycling plants in India, aiming to start commercial production in 2026. We have obtained basic regulatory approvals and land acquisition is going on nearer to our three existing PET-producing plants at Haldia, Nagpur and Panipat, Indorama Ventures Group CEO Aloke Lohia told PTI of the investment plans on the sidelines of the 21st Forbes Global CEO Conference on Tuesday. Recycled PET from the three plants will supplement Indorama Ventures' current 800,000 tonne/year PET production for the Indian and export markets. PET is durable and can be recycled multiple times. He explained the need to increase the use of recycled PET, supporting global initiatives to reduce the use of making new products out of fossil fuels. Noting the Indian economy's high growth, Lohia is bullish about business prospects in India, especially the manufacturing sector and the government-l

Uttar Pradesh government Rs 6,000 crore set aside for land acquisition

Major chunk of Rs 5,000 crore would be spent on Bundelkhand land by the proposed Bundelkhand Industrial Development Authority

Delhi LG approves land transfer for implementation of RRTS project

Delhi Lt Governor VK Saxena has approved the transfer of land from the Irrigation and Flood Control Department to the National Capital Regional Transport Corporation for implementation of the Delhi-Meerut Regional Rapid Transport System (RRTS) project, Raj Niwas officials said on Sunday. The transfer of land to NCRTC at Anand Vihar and Patparganj Area will help with Multi Modal Integration (MMI)- construction of RRTS Station and traffic circulation, and construction of ventilation shaft at the two locations, respectively, they added. The NCRTC, through its letter dated in June 2020, had informed about its land requirement for the Delhi-Meerut RRTS corridor and asked for land to be given for achieving for Multi Modal Integration at Anand Vihar, which also houses a railway station, ISBT and a metro station. It had also asked for land for construction of a ventilation shaft at Patparganj, the official said. After a delay of three years, the Irrigation and Flood Control (I&FC) ...

Land acquisition for cricket stadium in Varanasi completed: UP govt

Land acquisition has been completed for the proposed international cricket stadium in Varanasi that is expected to be ready by the end of 2024, the Uttar Pradesh government said in a statement here on Monday. The stadium in the parliamentary constituency of Prime Minister Narendra Modi will have a seating capacity of 30,000 and will be built at a cost of nearly Rs 350 crore. The land acquisition process got expedited in September 2022. The UP Cabinet had approved Rs 120 crore for the purchase of land from 31 farmers, the statement said. The stadium will be operated by the Board of Control for Cricket in India (BCCI). Under a long-term lease agreement, the BCCI will assume responsibility for the stadium's operation and management. The Board will also contribute a fixed annual amount to the government in exchange for the lease. "Approximately Rs 350 crore will be spent in the construction of this stadium, which is being built on a wide campus of about 31 acres," the statement said.

All unauthorised colonies to be legalised: Madhya Pradesh CM Chouhan

This move will benefit people living in 2,500 unauthorised colonies of the state.

Jaisalmer authority promises land allotment to displaced Hindus from Pak

Hundreds of Hindu migrants from Pakistan who were displaced from the government land in Rajasthan's Jaisalmer district will soon be rehabilitated, an official has said. The migrants also ended their protest following assurances of land allotment within a week. On Tuesday authorities in Jaisalmer had demolished the encroachment of several Pakistani migrants claiming that they tried to occupy the government land. On Wednesday, the migrants opposed the anti-encroachment drive outside the district collector's office and demanded that their concerns be heard. Briefing the reporters then, Dabi said that the process for rehabilitation of the Hindu migrants from across the border will be done and soon land will be allotted to them. "We have formed a committee, which will soon identify a suitable location where Pakistani migrants can be rehabilitated. Initially we will allot the land to those who have got Indian citizenship," said Jaisalmer District Collector Tina Dabi. Dabi said that tho

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