UP Cabinet Okays Municipal Bonds for Infrastructure

24 Jan 2025 CW Team

In a significant move aimed at bolstering infrastructure development in Uttar Pradesh, the state Cabinet approved the issuance of municipal bonds for the cities of Prayagraj, Varanasi, and Agra. The decision was made during a cabinet meeting chaired by Chief Minister Yogi Adityanath, which took place in the Maha Kumbh Mela area in Prayagraj.

The new initiative will see the issuance of municipal bonds, enabling these cities to raise funds from the market for infrastructure projects. For every billion raised through these bonds, the state government will provide an additional Rs 130 million as a grant, which will be deposited into an escrow account by the Government of India. Municipal bonds of up to Rs 500 million will be issued for each of the three cities.

This initiative will allow the municipalities to access a larger pool of capital, enabling long-term investments in critical infrastructure projects. It follows a similar approach previously undertaken by municipal corporations in Lucknow and Ghaziabad.

In addition to the bond issuance, the Cabinet approved a new residential project in Agra and endorsed the Agra Development Authority's proposal to construct a 100-meter-wide inner ring road. A land parcel scheme for this project was also given the green light. Furthermore, an ex-gratia amount of Rs 2.04 billion was approved to cover the difference between the 2010 circle rate and the current circle rate for 442.4 hectares of land in Agra.

The Cabinet also agreed to amend the notification from the Uttar Pradesh State Industrial Development Authority to separate industrial development areas in the villages of Rahankala and Raipur. These moves are expected to stimulate growth and development across the region.

Real Estate

17 Sep 2025

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..