The real estate sector in Mumbai has welcomed the BMC's decision to pause construction in areas with poor air quality, highlighting the move's potential to reduce environmental impact.
MumbaiAir QualityConstructionReal EstateEnvironmental ManagementReal Estate MumbaiDec 31, 2024
The BMC has decided to halt construction in areas with poor air quality to mitigate environmental impact and reduce dust pollution from construction sites.
Construction will be halted in areas where the Air Quality Index (AQI) is marked as 'poor,' which is an AQI over 200.
CREDAI-MCHI, a real estate association, has been proactive in communicating the BMC's new guidelines to its members and urging them to prepare detailed project information to ensure compliance.
Developers are implementing measures such as dust barriers, regular water sprinkling, and the use of eco-friendly materials to reduce dust pollution at construction sites.
Non-compliance with the BMC's directives could lead to action under Section 52 of the MRTP Act and the filing of police complaints.
Housing, Realty, Real Estate
The average rental hike was at 2-4% in Q2 2024 compared to 4-9% in Q1 2024; Bengaluru's Whitefield and Noida's Sector 150 saw the highest rental growth at 4%
Increased liquidity, lowered barriers to entry, and enhanced transparency are just a few reasons why real estate companies are turning to Security Token Offerings (STOs) for crowdfunding.
VTP Realty's recent event for its two new WOW projects in Hinjewadi Phase 1 has redefined property launches in Pune, attracting over 1,000 homebuyers and setting new benchmarks in the real estate sector.
Real estate stocks witnessed a significant upswing in the market, with the BSE Realty index jumping 75.03 points, or 0.86%, to 8791.99 at 09:42 IST.
Film producer Madhu Mantena has made a significant investment in Mumbai's real estate market. Documents reviewed by Square Yards reveal that Mantena's company has acquired three apartments in the prestigious Juhu area for a total of ₹25.75 crore.