Latest news with #ProjectAffectedPersons
Business Upturn
3 days ago
- Business
- Business Upturn
Valor Estate shares in focus after receiving corrigendum for Rs 7,000 crore BMC housing project
By Aditya Bhagchandani Published on June 5, 2025, 12:32 IST Shares of Valor Estate Limited (formerly D B Realty) were in focus today after the company announced it had received a corrigendum to the Letter of Acceptance from the Brihanmumbai Municipal Corporation (BMC) for its large-scale housing project in Mumbai. In an exchange filing dated June 5, the company said the project involves the development of approximately 13,374 affordable housing tenements under the PAP (Project Affected Persons) Scheme in Zone IV. The project carries a gross development value of approximately Rs 7,000 crore and is expected to be substantially revenue and profit accretive for Valor Estate. Valor Estate holds a 75% economic interest in the project, which aligns with its strategic focus on high-impact urban transformation projects. The real estate firm, known for its mixed-use developments and government collaborations in Mumbai, emphasized that this initiative strengthens its pipeline of large-scale infrastructure and housing ventures. This update comes in continuation of the company's earlier disclosure dated October 11, 2024, confirming its selection for the project. The revised letter dated June 4, 2025, affirms BMC's commitment to proceed with the execution. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hindustan Times
28-04-2025
- Politics
- Hindustan Times
Aaditya Thackeray opposes immediate demolition of Elphinstone Bridge, calls for delay until post-festive season
Mumbai: Shiv Sena (UBT) leader Aaditya Thackeray has declared his party's opposition to the immediate demolition of the historic Elphinstone Bridge in Parel, urging authorities to defer the work until after the festive season later this year. His comments come in the wake of widespread protests by residents, which forced officials to postpone the planned demolition over the weekend. Originally scheduled to commence shortly after midnight on Friday, the demolition was halted when thousands of residents living near the Elphinstone Road Bridge took to the streets in protest. A crucial meeting between the affected residents and officials from the Mumbai Metropolitan Region Development Authority (MMRDA) is now scheduled for today (Monday), to determine the next steps. In a post shared late Sunday evening on social media platform X, Aaditya Thackeray outlined the Shiv Sena (UBT)'s position. 'We will NOT let the government shut down this connector until the Ganpatrao Kadam Marg work is completed and the Sion Bridge is opened for traffic. Sane Guruji Marg is also partially under construction. Along with this, residents of the chawls near Elphinstone Bridge must be assured of in-situ redevelopment by MMRDA officials,' he stated. Thackeray further suggested that the authorities should first complete the remaining parts of the Worli-Sewri Elevated Corridor — including the construction of ramps and the launching of girders — before proceeding with the bridge's demolition. 'Only after alternative East-West connectors are operational and residents are assured of their housing should the Elphinstone Bridge be dismantled, ideally after the festive season concludes,' he added. He also stressed the need for better coordination between the Brihanmumbai Municipal Corporation (BMC) and MMRDA to avoid confusion and disruption. The Elphinstone Bridge, a British-era structure, is a critical link for local commuters. The planned demolition is part of the larger project to construct the Worli-Sewri Elevated Corridor over the Western and Central Railway lines, aimed at easing Mumbai's notorious traffic congestion. However, residents have expressed deep concerns that vibrations from the demolition and subsequent construction could cause severe damage to their century-old buildings. With no concrete rehabilitation plan yet provided by the MMRDA for the Project Affected Persons (PAPs), tension in the area has been escalating.
Time of India
22-04-2025
- Business
- Time of India
Revision to PAP housing policy gets cabinet OK
Mumbai: The state cabinet has approved a proposal to revise an Aug 2024 govt resolution on providing Project Affected Persons (PAP) tenements due to the development of public infrastructure. Tired of too many ads? go ad free now The proposal eliminates the need to provide in-situ increased floor area (incentive FSI) in return for public infrastructure for slum redevelopment schemes carried out under Regulation 33(10) of the Development Control and Promotion Regulations, 2034 on govt land. According to a govt press release, a detailed explanation will be released soon. It said that several infrastructure projects are underway in the BMC area, and there would be a large requirement for PAP tenements. A task force headed by Justice Dilip Bhosale has recommended increase in the number of PAP tenements. tnn
