MbPA Clarifies Rs 4.75 Bn Land Charge for SoBo Twin Tunnels

02 Jan 2025 CW Team

In response to a report about the Mumbai Port Authority (MbPA) quoting Rs 85 billion for land near Orange Gate for the Mumbai Metropolitan Region Development Authority (MMRDA), the port authority has clarified that it has only requested Rs 4.75 billion.

The report on December 27 highlighted a discrepancy between the land cost and the total project value for the Eastern Freeway-Coastal Road twin tunnels. A spokesperson for MbPA explained, “Based on MMRDA’s request, the terms for granting land near Orange Gate Princess Dock for Phase 1, covering 12,500 sq m for temporary use for five years, at an annual lease rent of Rs 25.58 crore, and 7,100 sq m for permanent use for 30 years, at an annual rent of Rs 14.53 crore, have been communicated to MMRDA. These terms align with Union Cabinet-approved policy guidelines for Land Management 2015.”

The statement also mentioned that a special way charge will apply to the underground tunnel passing through MbPA land. After the initial project period, the 1.25-hectare land will revert to MbPA, and for the permanent land, a 50% concession will apply after five years.

The statement continued, “Given the project’s importance in alleviating Mumbai’s traffic congestion, an understanding has been reached between both parties, and the land was handed over to MMRDA on October 1, 2024, for the city’s improvement. MMRDA has already begun work,” it added.

Real Estate

02 Apr 2026

Indian real estate attracts USD 1.4 bn institutional investments in Q1 2026: Vestian

Institutional investments in India’s real estate sector touched USD 1.4 billion in Q1 2026, marking the highest first-quarter inflow since 2022, according to Vestian. While investments fell 62 per cent quarter-on-quarter due to an exceptionally high base in the previous quarter, they rose 74 per cent compared to the same period last year, reflecting sustained investor confidence despite rising geopolitical and macroeconomic challenges.Commercial real estate remained the key driver of investment activity during the quarter, accounting for 80 per cent of total inflows, sharply higher than 38 p..

VECV crosses 1 lakh annual vehicle sales milestone in FY26

VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, has surpassed the 1 lakh annual sales mark in FY 2025–26, recording its highest-ever commercial vehicle sales performance. The company said it sold more than 100,000 vehicles during the year, marking a major milestone aligned with the original vision of the Volvo–Eicher joint venture.The strong performance was supported by demand across categories. Light and Medium Duty (LMD) trucks contributed 47,789 units, accounting for 46.1 per cent of total sales. Heavy Duty (HD) trucks recorded 26,867 units (25.9 pe..

Rodic Digital & Advisory partners SatSure to deploy EO intelligence in public sector

Rodic Digital & Advisory (RDA), the strategic advisory and digital transformation arm of Rodic Consultants, has signed a strategic cooperation Memorandum of Understanding (MoU) with SatSure to jointly pursue opportunities in India’s public sector. The collaboration aims to integrate high-resolution Earth Observation (EO) data and geospatial AI into government workflows to strengthen monitoring, compliance, and operational decision-making across key sectors.The partnership combines SatSure’s Earth intelligence capabilities with RDA’s expertise in government digital transformation and ..