The hidden development boom in slum skyscrapers of Mumbai

Mumbai's slums are growing upwards, with shanties transforming into illegal multi-storey structures that defy height restrictions. This unchecked vertical expansion places an immense strain on the city's aging water, sewage, and sanitation systems, leading to potential infrastructure collapse and water shortages. Despite official awareness and promises of action, enforcement remains a challenge.

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NCLT approves Mantra Properties buyout of Mulund project

The company entered corporate insolvency resolution process (CIRP) in July 2023 on a plea by Beacon Trusteeship Ltd. It has two secured creditors-Beacon Trusteeship with Rs 902 crore and 60.54% committee of creditors share, and Assets Care and Reconstruction Enterprise Ltd with Rs 589 crore and a 39.46% share.

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Home interior startups lean on AI to shave costs, chase profits

India's home interior sector is turning to AI to combat high customer acquisition costs and operational expenses. Companies like Homelane and Livspace are leveraging AI to boost designer productivity and streamline operations, aiming for profitability amidst stiff competition from the unorganized sector.

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Builders urge Gujarat RERA to extend project deadlines by six months

Credai Ahmedabad has requested a six-month extension for housing projects from GujRERA, citing rising construction costs and supply disruptions due to the West Asia conflict. Developers are facing a 10-20% increase in project expenses and material shortages, impacting their ability to meet deadlines. The association seeks relief under force majeure provisions, similar to the Covid-19 period.

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Government replaces building code with a new standard

Government has replaced the National Building Code with National Building Construction Standards. These new standards are now voluntary guidelines. A significant change is in fire and life safety rules. Previously mandatory, these provisions are now advisory. The height threshold for these rules has also increased. This shift aims for more flexibility and innovation in construction.

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Dubai eases visa rule for single property buyers

Dubai has removed the minimum property value for its two-year residency visa for individual buyers. This move aims to boost realty demand. For jointly owned properties, the minimum stake per investor is now AED 400,000. This change is expected to attract mid-tier professionals. The decision follows a significant slump in real estate sales volumes in Dubai.

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Co-working spaces trigger GST registration hurdles

Businesses using co-working spaces in Gujarat are facing increased GST registration scrutiny, with tax authorities questioning the validity of shared premises. Applicants are being asked for proof of exclusive possession, leading to rejections due to multiple firms at one address. Experts advise clearer guidelines and robust documentation for flexible workspaces.

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