Latest news with #Rs339
Time of India
11-08-2025
- Business
- Time of India
Over Rs300Cr Compensation Plan Sent To State Govt For Old Bhandara Road Widening
Nagpur: The long-delayed Old Bhandara Road widening project moved closer to implementation, with the Nagpur district administration finalising a compensation proposal of over Rs300 crore for property owners affected by the acquisition. Tired of too many ads? go ad free now The proposal was forwarded to the state govt for funding clearance, with a key meeting scheduled at Mantralaya, Mumbai, on August 18 to decide the way forward. The project aims to expand the 2.5-km stretch from Mayo Hospital to Sunil Hotel T-point from 18 metres to 30 metres to alleviate congestion and improve traffic flow in the city. The project was first proposed in 2000. However, despite the state govt's directives for its completion, the project faced numerous hurdles, primarily related to land acquisition challenges. Formally approved in December 2018, the initiative requires the acquisition of 15,397 square metres of private land and 2,275 square metres of govt-owned property. A senior official from NMC's town planning department told TOI that the administration held hearings from March 6 to 21 to resolve disputes over land measurement, ownership and compensation amounts. Based on these hearings, a tentative award was prepared listing individual payouts along with detailed property records. The final compensation requirement was pegged at around Rs331 crore, of which the Nagpur Municipal Corporation (NMC) will have to contribute 30% of the land acquisition cost. Under the 70:30 funding model, 70% of the project cost will be shared between the state govt and the local authority. The state's Planning Department will now examine the proposal. Payments will be disbursed under Section 77 of the Land Acquisition Act, with beneficiaries required to submit bank account details for direct transfers. Tired of too many ads? go ad free now The widening plan impacts 650 properties, including 17 owned by NMC and 97 by Maharashtra govt. Many of the govt-owned plots are leased to private occupants or encroached upon, but all eligible occupants running businesses or holding land possession will receive compensation. Of these, 90 govt properties will be transferred to the civic body free of cost, while seven owners will be paid compensation. In addition, 72 properties have been already acquired earlier through direct purchase and negotiations. The total land acquisition cost now stands at Rs339 crore. The NMC already received the state's 70% share — Rs237.30 crore — on March 23, 2023. However, since the total compensation exceeds Rs100 crore, the district land acquisition department needs approval from the state's Urban Development Department before funds can be utilised. Once compensation is paid, the acquired land will be handed over to the Public Works Department (PWD) to begin road construction. The widening of Old Bhandara Road is expected to ease traffic congestion on one of Nagpur's busiest arterial stretches, improving connectivity and reducing travel time for thousands of commuters. With the funding proposal now awaiting state approval, civic and district authorities are hopeful that this long-pending infrastructure project will finally move from paperwork to execution in the coming months.
Express Tribune
15-04-2025
- Business
- Express Tribune
Gold edges up amid quiet market
Listen to article Gold prices in Pakistan rose on Tuesday, tracking gains in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs600 to reach Rs339,400 in the local market. Similarly, the rate for 10 grams climbed by Rs514, settling at Rs290,980. On the global front, the price of gold rose by $6, with APGJSA quoting the international rate for Pakistan at $3,224 per ounce, including a $20 premium. This uptick follows a decline on Monday when the price of gold per tola fell by Rs1,800 to Rs338,800. Commenting on the market trend, Adnan Agar, Director at Interactive Commodities, said the market was relatively subdued on Tuesday following a period of heightened activity. "Today, the market is calm after nearly two weeks of significant movement," Agar noted. "Gold touched a high of $3,232 and a low of $3,209 during the session, currently stabilising at around $3,222. Yesterday's low was $3,190, but the market has seen some recovery since then." He added that the market may remain quiet due to the upcoming long weekend, with international trading expected to pause on Good Friday. Globally, gold prices gained on Tuesday, helped by safe-haven demand as US President Donald Trump's tariff plans kept investors wary of trade policy, while an overall weaker dollar also lent support. Spot gold was up 0.4% at $3,223.41 an ounce. Bullion hit a record high of $3,245.42 on Monday. US gold futures rose 0.4% to $3,238.70. "Traders are waiting for the next major fundamental development to drive the gold market, but the charts remain bullish. There's still safe-haven demand," said Jim Wyckoff, senior analyst at Kitco Metals. Federal Register filings on Monday showed that the US administration is advancing investigations into pharmaceutical and semiconductor imports in a bid to impose tariffs. Trump on Sunday said he would announce the tariff rate on imported semiconductors over the next week. Meanwhile, the Pakistani rupee recorded a marginal gain against the US dollar on Tuesday, appreciating by 0.01% in the inter-bank market. The local currency closed at 280.57, marking a slight increase of three paisas from the previous day's closing rate of 280.60. On the global stage, the US dollar remained steady but continued to hover near a three-year low against the euro and a six-month low versus the yen, as markets remained cautious amid ongoing uncertainty over shifting US tariff policies.
Express Tribune
15-04-2025
- Business
- Express Tribune
Gold price in Pakistan today – April 15, 2025
Listen to article Gold prices have continued their upward trajectory, with further increases being observed in both global and local markets. In the international bullion market, the price of gold per ounce increased by $6, reaching $3,224. This rise has translated into higher local prices, with 24-carat gold per tola increasing by Rs600 to Rs339,400. Additionally, the price of 10 grams of gold rose by Rs514, bringing it to Rs290,980 in Pakistan. Despite the rise in gold prices, silver prices remained steady, with the price of silver per tola holding at Rs3,397 and 10 grams at Rs2,912. These increases in gold prices reflect a sustained demand for the precious metal, both in the global and local markets. As prices continue to rise, investors and consumers alike are closely monitoring the trend. Earlier on Monday, gold prices in Pakistan fell on Monday after a three-day upward trend. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola had declined by Rs1,800, bringing it down to Rs338,800 in the local market. This decline came after gold had reached a record high of Rs340,600 per tola on Saturday, following a single-day increase of Rs1,800.
