MoRTH raises INR 40,314 cr through asset monetisation in FY24
New Delhi: The Ministry of Road Transport and Highways (MoRTH) has raised INR 40,314 crore through various modes of asset monetisation in financial year 2023-24, against the target of INR 28,968 crore, a senior government official said on Tuesday. The ministry had raised INR 15,968 crore through monetisation of 4 toll-operate-transfer (TOT) bundles, INR 15,700 crore through Infrastructure Investment Trust (InvIT) and INR 8,646 crore through securitisation, the official told PTI.

How India’s 2024 real estate policies propel sustainable economic development
The real estate industry in India stands poised at the threshold of a transformative year in 2024. Characterized by a delicate balance of cautious optimism and burgeoning potential for growth, the sector plays a pivotal role in shaping the nation’s economic landscape.

Sunteck Realty leases building in BKC to Bennet Coleman for 29 years
Sunteck Realty Ltd has leased out a commercial building in Mumbai’s business district, Bandra Kurla Complex, to Bennet, Coleman & Co for 29 years to generate rent revenue of over ₹2000 crore.

Rise Infra targets Rs 4000-cr sales in 2024-25, to tap new markets
Rise Infraventures Ltd, a leading real estate consultancy firm, has achieved gross sales of Rs 2620 crore in FY 2023-24, which is 110% higher than the previous year’s numbers. In FY 2022-23, the company’s gross sales figure was Rs 1428 crore. This performance comes on the heels of record realty sales in the last two years and the boom in premium and luxury housing.

Real-estate firm Sobha Ltd gets Rs 46 cr income tax demand notices

The notices were issued by Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23.

Tata Realty bets on office space
Amidst the boom in residential property sales in the country , Tata Realty & Infrastructure  (TRIL) is looking to take share of its commercial properties, branded as “Intellion”, to 70% in next three years from 50% now. The company hopes to be be a sizeable pan India commercial developer in three to four years.

UltraTech Cement to invest Rs 32,400 crore over next three years
UltraTech Cement, India’s largest cement producer, has earmarked `32,400 crore as capex for the next three years for expansion of its production capacity, which will include completing its acquisition of Kesoram Cement.

Shree Cement commissions Andhra Pradesh facility
Shree Cement’s Rs. 2,500-crore Guntur plant in Andhra Pradesh was commissioned on Tuesday, six months ahead of the schedule, increasing the firm’s total manufacturing capacity to 56.4 million tonne per annum (MTPA). The plant is expected to generate a total of 2,000 jobs.

₹2,500 cr AP plant to “solidify” position as a key player in cement industry: Shree Cement
Cement major Shree Cement on Tuesday inaugurated its new integrated plant in Andhra Pradesh’s Guntur to increase its manufacturing capacity to 56.4 million tonnes per annum (mtpa). The company, in a stock exchange filing, said the new plant, which has a cement production capacity of 3 mtpa, was built with an investment of ₹2,500 crore and the capacity expansion will further “solidify” its position as a key player in the cement industry.

NHAI reports highest-ever highway construction in FY24
The National Highways Authority of India (NHAI) has said highway construction grew 20% in FY24 to its highest ever in a fiscal year. The state-owned highway developer built 6,644 km of national highways in FY24 against the target of 6,544 km. In FY23, NHAI built 5,544 km of national highways.

Election Commission seeks status quo on highway toll rates
The Election Commission of India has directed the Ministry of Road Transport and Highways not to go ahead with the scheduled revision of toll rates on highways till the election process is completed.

IRB Infrastructure Trust completes Rs 6,111 crore payment for NHAI toll projects; Chairman expects strong momentum for FY25
IRB Infrastructure Trust on Monday announced that its special purpose vehicles (SPVs) have completed an upfront payment of Rs 6,111 crore to the National Highways Authority of India (NHAI) for toll operate transfer projects. This payment includes concession fees of Rs 4,428 crore for TOT12 and Rs 1,683 crore for TOT13. Following this payment, IRB Infrastructure stated that the SPVs have received the appointed dates from NHAI for both projects.

Efficiency boost! New rail freight service linking Ahmedabad to Mundra starts – Details inside
DP World, a logistics company, announced on Tuesday the launch of a new rail freight service connecting Sachana, Ahmedabad Inland Container Depot (ICD) to Mundra.