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Time of India
2 days ago
- Business
- Time of India
Kanakia inks JV with Hines, Mitsubishi Estate, Sumitomo to develop office complex in Mumbai
Realty firm Kanakia Group has tied up with US-based Hines, Mitsubishi Estate and Sumitomo Corporation to develop a premium 15 lakh square feet office complex at BKC in Mumbai. In a statement on Friday, Kanakia Group said it has entered into a joint venture with Hines, and two of Japan's prominent conglomerates Mitsubishi Estate Co Ltd. (MEC) and Sumitomo Corporation for development of a premium office project in Bandra Kurla Complex (BKC). Kanakia Group owns the land parcel while Hines, MEC, and Sumitomo are institutional investors and development partners. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo This upcoming office complex, spread across a 3-acre land parcel, will have 1.5 million (15 lakh) square feet of office space integrated with other amenities, including F&B and retail zones. Rasesh B Kanakia, Chairman of Kanakia Group, said, "This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India." Live Events He said the company will continue to explore similar partnerships in the future to drive sustainable value creation. "This project marks a significant milestone in our journey in India," said Amit Diwan, Senior Managing Director and Head of India at Hines. "It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. This project is a collaboration with Kanakia Group..., who brings significant local knowledge and expertise that we greatly value," Diwan said. Mumbai-based Kanakia Group has developed over 15 million sq ft area across residential, commercial, education, entertainment, and industrial sectors. Kanakia Group has over 8.6 million sq ft in upcoming projects with Gross Development Value of Rs 12,825 crore. Hines is a leading global real estate investment manager. It owns and operates USD 90.1 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients. In India, Hines has developed many premium office and residential projects across major cities.
Time of India
3 days ago
- Business
- Time of India
Task force proposes ban on rooftop sale for biz gains
1 2 Kolkata: The state task force, which was constituted after the recent Burrabazar fire, on Wednesday recommended that the Bengal govt and civic bodies across the state, including the Kolkata Municipal Corporation (KMC), shouldn't allow the sale of rooftop space for commercial gains. This was discussed at the task force's first meeting held at the KMC headquarters. Mayor and state urban development minister, Firhad Hakim, who attended the meeting, said another meeting on the fire safety issues would be held before a final report in this regard would be submitted to the state Cabinet within a month. The meeting was also attended by state power minister Aroop Biswas, disaster management minister Javed Khan, and panchayat minister Pradeep Majumdar. Kolkata Police commissioner Manoj Verma, municipal commissioner Dhaval Jain, and director general of fire services Ranvir Kumar took note of what the task force members discussed at the meeting. "Rooftop should be treated as a fire refuge, and hence we will need to arrive at a decision not to allow the sale of rooftop space anywhere in the state for commercial gains," Hakim added. The task force members also agreed on conducting a third-party fire audit at the commercial and office buildings, including at the vulnerable ones in the city. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo The disaster management department will be asked to train its manpower to ensure the rescue of trapped persons in case of fire, said a member of the task force. Earlier, the KMC-constituted committee for the hearings on the fate of three rooftop restaurants in the city had said there was no room for leniency on fire safety norms. The KMC building rules specify that every terrace on the topmost storey of any building shall have a common access and not be subdivided, an official said. According to KMC building rules, under no circumstances a promoter is allowed to sell a terrace or give a nod to anyone to set up any infrastructure there without the approval of the civic body.
Time of India
4 days ago
- Business
- Time of India
Private bus operators protest toll hike, regulations; NHAI says no rollback
Trichy: Private bus operators on Tuesday resorted to a flash protest on Trichy-Thanjavur national highway (NH) at the Thuvakudi toll plaza condemning the National Highways Authority of India (NHAI) for increasing the monthly pass fee for private mofussil buses and reducing the number of trips permitted per monthly pass. Sources said that 25 private buses operate in Trichy-Thanjavur destinations. Each bus serves at least eight trips per day. The bus owners were earlier paying 8,045 per month per bus to operate buses through Thuvakudi NHAI's toll plaza. The buses were allowed to use the toll plaza unlimited times as per the NHAI (Rate of Fee Rules) 1997. However, from April, NHAI has revised the rules as per the NHAI Fee Rules Amendment 2008, and the monthly pass was increased to 10,495 per bus. In addition the buses were allowed only 50 trips per monthly pass. "Even the monthly pass cost revision was acceptable but the cap on the number of trips made by a bus is unacceptable. Our buses operate around 360 trips per month, so we will be forced to pay around 80,000 per month as toll fee," R Dharmarajan, secretary, Federation of bus operators association of Tamil Nadu told TOI. NHAI said that they are not willing to make any compromise in the revisions made in the fee rules and permitted trips per pass. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo Following the protest, Thuvakudi police pacified the protesters. Trichy district administration was informed about the standoff. Subsequently, NHAI Thanjavur project implementation unit (PIU) was instructed by the district administration to resolve the deadlock. "The revisions apply to the entire country, we cannot change the rules. Bus operators are not willing to pay for making unlimited entries in the toll plaza," an official source with NHAI said.
Time of India
24-05-2025
- Automotive
- Time of India
FTSE Index Rejig: Hyundai Motor, NTPC Green, Swiggy, and Waaree Energies to join largecap segment in June review
Hyundai Motor India , NTPC Green Energy , Swiggy and Waaree Energies will become part of FTSE global equity indices in the largecap category while ITC Hotels , a spin-off from diversified conglomerate ITC will exit largecaps to enter the midcap segment in the June 2025 quarterly review, according to a media release by FTSE Russel. Hyundai Motor, NTPC Green, Swiggy and Waaree Energies are recent listings and had floated their initial public offerings (IPOs) in October-November last year. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo Swiggy, listed on November 13, 2024, is currently trading 17% below its issue price of Rs 390. Meanwhile, Hyundai Motor India, which debuted on October 22, 2024, is down 4.5% from its upper price band of Rs 1,960. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. NTPC Green Energy, listed on November 27, 2024, is trading slightly above its issue price of Rs 108, last quoted at Rs 110.95. In contrast, Waaree saw a strong post-listing performance — its shares, issued at Rs 1,503, are currently trading at Rs 2,756, marking an 83% gain. Meanwhile, grocery and household retailer Vishal Mega Mart will enter the midcap segment. Live Events Afcons Infrastructure , OneSource Specialty Pharma , and Sai Life Sciences will be included in the smallcap segment. Moreover, 18 stocks will become part of the microcap segment, viz. Capital Infra Trust, Carraro India, Concord Enviro Systems, Dam Capital Advisors, Enviro Infra Engineers, Godavari Biorefineries, KRN Heat Exchanger and Refrigeration, Laxmi Dental, Mamata Machinery, One MobiKwik Systems, Quadrant Future Tek, Rossell Techsys, Sanathan Textiles, Senores Pharmaceuticals, Standard Glass Lining Technology, Suraksha Diagnostic, Transrail Lighting, and Unimech Aerospace and Manufacturing. Also Read: Eternal may see outflows worth $840 million following FTSE, MSCI's weight cuts In another development, food delivery company Eternal, formerly known as Zomato , is staring at a passive outflow of $840 million as global index majors FTSE and MSCI plan to slash stock's weightage in their portfolio. This follows a reduction in the Foreign Ownership Limit (FOL). In FTSE All World Index, the investability weighting from 82.74% to 49.5%.
Time of India
24-05-2025
- Climate
- Time of India
Australia Floods: 5 dead, 10,000+ homes lost, Sydney faces tough times as streets turn into rivers and rooftops into islands
New South Wales continues to battle severe floods, with the death toll rising to 5, over 10,000 properties damaged, and more than 50,000 residents still trapped. The Insurance Council of Australia reports over 1,600 claims, a number expected to rise Emergency services continue rescue and relief operations, while weather forecasts predict strong winds, complicating recovery efforts. Emergency warnings remain in place across multiple regions, including Bellingen, Kempsey, and the Hunter Valley, and residents are urged to stay informed and follow directives from emergency services. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo Also Read: Australia's deadliest floods in years kill 4, leave 50,000 stranded in crisis The NSW State Emergency Service (SES) continues to coordinate rescue and relief efforts, with assistance from interstate agencies. Live Events Situation in Sydney The situation remains dire in Sydney as suburbs such as Sydney Olympic Park and North Parramatta have recorded rainfall exceeding 100mm in the past 24 hours, leading to flash flooding and evacuation orders. The SES has urged residents in low-lying areas to prepare for potential evacuations, emphasizing the dangers of remaining in flood-prone zones. Transportation networks have been severely impacted. Floodwaters have inundated key roads, including parts of the Pacific Highway, and disrupted train services across multiple lines. Sydney Airport has also experienced delays due to the adverse weather conditions. Also read : Sydney streets turn rivers, flights cancelled, trains stranded as flood water plays havoc Insurance claims The Insurance Council of Australia (ICA) has reported over 1,600 claims related to the flooding, a number expected to increase as residents assess damage. ICA CEO Andrew Hall emphasized the importance of lodging claims promptly and advised those uncertain about their insurer to check banking records for payment details. Lismore Mayor Steve Krieg highlighted the risk of entire regions becoming uninsurable due to escalating premiums, urging insurers to consider flood-resilient rebuilding efforts in their assessments. Government Response and Support Prime Minister Anthony Albanese has pledged federal assistance, confirming that applications for disaster recovery funding will open on Monday(May 26) through Services Australia. NSW Premier Chris Minns has not ruled out extending the Northern Rivers' home buyback scheme to other affected regions, pending detailed flood damage assessments. Emergency Management Minister Kristy McBain commended the state's handling of the crisis and reiterated the availability of support for affected residents. The SES continues to provide essential services, including medical deliveries and evacuations for those unable to access healthcare facilities. The future While rainfall has subsided, the Bureau of Meteorology forecasts strong winds of 30 to 50 km/h, with gusts up to 90 km/h, particularly in coastal areas on Monday and Tuesday. These conditions may hinder recovery efforts and pose additional risks to already vulnerable communities. Residents are advised to remain vigilant, adhere to road closures, and avoid floodwaters, as conditions can change rapidly. The SES emphasizes that even if water has receded, closed roads are still deemed unsafe.
