Development Watch – Week #4 April’25
Development News
8 Lakh solar rooftops for UP
UP government has set a target of installing 8 lakh solar rooftop plants by March 2027. This is under the PM Surya Ghar Yojana. For the current year, the goal is to install 2.65 lakh units, translating to 22,000 installations. This would mean 300 installations per district. For systematic implementation, targets have been set at district, DISCOM, municipal corporation and municipality levels. Real-time progress is being monitored through integration with the CM’s dashboard. The UP New and Renewable Energy Development Agency (UP-NEDA) is carrying out implementation of the scheme, with a mission to bring solar energy to every household. So far, over 1 lakh rooftop solar systems have been installed in UP. Approximately 11,000 installations are being completed each month, with a daily average of more than 500. As of April 2025, over 2,500 vendors have been empaneled. Around 1,800 had received formal training to support the rollout. The training programs are being conducted with National Institute of Entrepreneurship and Small Business Development, under Ministry of Skill Development.
India’s first private sector nuclear power order
Megha Engineering & Infrastructure Ltd. (MEIL) has received a Rs. 12,800 Crores order from Nuclear Power Corporation of India Limited (NPCIL). It involves construction of two 700 MW nuclear reactors in Karnataka (Kaiga Units 5 & 6). This is the largest ever order places by NPCIL and the first to the private sector. NPCIL used the Quality-cum-Cost-Based Selection (QCBS) method for awarding this project. Megha Engineering is present in sectors across power, water, hydrocarbons, irrigation, oil and rigs, defense, transport, compressed gas distribution, electric mobility, and now nuclear energy.
8-acres logistics park opened at Bengaluru Airport
AISATS BLR Logistics Park is one of the largest on-airport logistics parks in South India. It was inaugurated at Kempegowda International Airport in Bangalore. It has been constructed with an investment of Rs. 200 Crores by Air India SATS Airport Services Private Ltd. AISATS is a joint venture between Tata Group’s Air India and SATS Ltd. It was appointed by Bangalore International Airport Limited (BIAL) to design, build, finance, operate and maintain the park for 15 years. Bengaluru and Karnataka are key hubs for logistics innovation and trade excellence. AISATS will also provide trucking services to ensure faster, economical and seamless movement of cargo between the Logistics Park and Cargo Terminals at BLR Airport. It is the 3rd busiest airport in India, accounting for 40% of South India’s total air cargo volumes. It achieved its highest-ever annual cargo tonnage of 502,480 MT in FY’25. And aims to handle 1 million metric tonnes of cargo by 2030.
India’s largest cruise terminal begins operations
Mumbai International Cruise Terminal (MICT) has commenced operations and was inaugurated by Union Minister of Shipping. It is designed to accommodate 1 million passengers annually. The terminal can handle 5 ships simultaneously with 11 metres draft and up to 300m length. Investments in the MICT project totaled Rs. 556 Crores. Agreements were also signed for infrastructure projects exceeding Rs. 5,700 Crores at Vadhavan Port. Agreements were signed to develop a terminal for handling container, bulk and liquid cargo with investment of Rs. 4,200 Crores. Agreements for development of a dedicated terminal for handling bulk and liquid cargo with an investment of Rs. 1,000 Crores were also signed.
Investment of Rs. 220 Crores in Ayodhya and Bareily projects
Aurika Group is set to invest Rs. 220 Crores to expand its footprint in UP’s Tier-2 cities. The investment includes a 150-key serviced suites project in Ayodhya, being developed in partnership with Best Western Hotels. A premium villa community is also proposed on a 5.5 acres site in Bareilly. The group has received RERA for 2 projects in Bareilly and one in Ayodhya. Collectively they will generate Rs. 350 Crores in revenue. Ayodhya’s spiritual significance and Bareilly’s urban potential represents dual pillars of growth. Aurika Group is pursuing JVs and Joint Development Agreements (JDA) with landowners and stakeholders across Tier-2 markets in North India.
Japan to gift bullet trains to India
Japan plans to provide E5 and E3 series Shinkansen trains for inspection purposes on the Mumbai-Ahmedabad High Speed Rail (MAHSAR) corridor by early 2026. While the next generation E10 series is expected in the 2030s, India will initially use modified, domestically made trains. The inspection trains will collect data on driving conditions, including the effects of high temperatures and dust, to aid possible future production of E10 trains in India. Until the arrival of E10 trains in 2030, India plans to use domestically made semi-high-speed trains on new rail link after modifications to increase their speed. The Railway Ministry has invited bids for a signaling system that will allow “indigenous trains”, with a maximum design speed of 280 kmph to run on this section. Outside of Japan, which started bullet trains during 1964 Tokyo Olympics, The UK, China and Taiwan already run Shinkansen trains. Projects are on the in the US, India, Thailand, Singapore, Malaysia, Canada, Brazil and Vietnam. Japan has gifted Shinkansen trains to Taiwan too.
Work on Mumbai Bullet Train Station picks up
The Minister of Railways shared progress of the Mumbai Bullet Train Station. It is being built 100 feet below the ground. The Union Cabinet has sanctioned Rs. 1,73,800 Crores worth of Railway projects connected with Maharashtra until now. This includes the bullet train corridors and redevelopment of stations. In the 2025-26 Union budget, more than Rs. 23,000 crores. Rs. 4,820 Crores have also been sanctioned for doubling of the Ballarshah-Gondia line which is 240 km long.
$6.9 billion realty equity inflows in Mumbai
Mumbai has been leading the real estate equity investment of $6.9 billion during 2022-24. It has topped the country’s commercial capital, accounting for around 26% share in total real estate equity investments. Total real estate equity investments during these 2 years stood at $26.6 billion across top 6 major cities in India. Delhi-NCR and Bengaluru combined has attracted around $16.5 billion. Development sites and land were top choices for investors in Tier-1 cities. Tier-2 cities saw site development as leading investment sector. Institutional investors also showed confidence in India’s growth. The office sector is poised for stable investments.
Real Estate gets largest share of AIFs
Real Estate accounts for largest share of cumulative net AIF investments, which is 15%. Rs. 73,903 Crores have been invested in real estate out of an all-sector total of Rs. 5,06,196 Crores. The rise of AIFs in India offers a crucial lifeline to projects struggling with lack of funding and unlocking new opportunities for developers. AIFs are privately pooled funds that invest in non-traditional assets like private equity, hedge funds, and real estate. They offer niche, high-risk, high reward opportunities suited for experienced investors. Other sectors benefiting from AIF investments include IT/ITeS, Financial Services, NBFCs, Banks, Pharma, FMCG, Retail, Renewable Energy and others. The number of AIFs active in market has grown 36x over the past decade. Commitments have risen 5-fold since 2019. The SWAMIH Fund, India’s flagship AIF, and arguably the most prominent, has helped revived numerous stalled projects. There has been liquidity infusions of over Rs. 35,000 Crores to date.
CREDAI MoU with NSDC and QCI
CREDAI has partnered with NSDC and QCI to boost skill and certification in the real estate sector. The MoU aims to enhance workforce development through structured skill development, capacity building and sustainable employment. Empowering workforce with industry-relevant skills is paramount to enhancing productivity, improving quality and maintaining global standards. For over 25 years, CREDAI has been the cornerstone of India’s real estate evolution of advocating industry reforms.
Local Feedback
LocalFeedback.org aims to track and document actionable parameters that help improve urban and rural infrastructure. The founder, Susmita, has juggled diverse roles in real estate, project budgeting, valuation and execution on construction sites. Having traveled to more than 20 countries, she has worked across 4 regions in India. Her areas of interest include sustainable buildings, electric mobility and urban development. She visited top-ranking cities on livability indices and has presented published papers at international conferences.