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CONSTRUCTION Deputy Chief Minister Devendra Fadnavis attended a ceremony stable or increased annual space take-up except Bengaluru and
MAHARASHTRA DEPUTY CM FADNAVIS ASSURES SUPPORT
FOR COMPLETION OF BHENDI BAZAAR REDEVELOPMENT
Pune. “Mumbai, followed by Delhi-NCR dominated large-sized
deal closures in 2022, together accounting for about 44 per cent
of large-sized deals.” Chairman and CEO-India, South-East Asia,
to lay the foundation stone for Phase II of the project recently
and assured the Saifee Burhani Upliftment Trust (SBUT) of complete
Middle East & Africa, CBRE, Anshuman Magazine, said: “The
intent to strengthen the supply chain among global and domestic
support of the government towards the completion of the project.
companies drove the leasing activity in 2022. The activity in 2023
The ceremony was presided over by His Holiness, Syedna
Mufaddal Saifuddin, the leader of the Dawoodi Bohra community
On the supply front, we foresee project completions to exceed
and Fadnavis. In his address, Fadnavis said, “The Bhendi Bazaar
Upliftment Project is aimed at positively impacting the lives and is expected to remain range-bound, driven by sustained demand.
the 2022 levels and be in line with space take-up during 2023.”
livelihoods of people and upgrading the dilapidated infrastructures During the July-December 2022 period, supply addition improved
of Bhendi Bazaar. This project is providing a blueprint for the Urban by 11 per cent on a half-yearly basis to 11 million sq. ft.
Renewal projects in Maharashtra and rejuvenating congested These development completions were led by Delhi-NCR, Chennai,
areas of Mumbai like Dharavi.” Bengaluru and Mumbai, all of which together accounted for
“We all talk about transformation, but this project has gone about 73 per cent of the total supply, the report said.
beyond transformation to provide quality living spaces to the
people by building a smart city,” he said adding, “Even the transit CRC GROUP TO DEVELOP 2 MILLION SQ FT IN NOIDA,
facilities are well organised and something for the government to TO INVEST `810 CRORE
replicate as well. I assure you the full support of our government Noida-based real estate developer CRC group has acquired
towards the completion of the project.” Sector 4 named ‘An-Nasr’ about 11-acre land on the Noida expressway for `138 crore to
covers approximately 1.5 acres of the overall 16.5 acres of land develop a mixed use office project, a senior executive said.
undertaken for redevelopment. An-Nasr will house nearly 1400 The company will invest another `650 crore for the construction of
residential units and over 375 businesses. 74 dilapidated buildings the project which will have about 1.2 million sq ft of office space,
will make way for two new towers of 53 and 54 storeys each. 3 lakh sq ft of retail and about 100 serviced apartments.
An SBUT spokesperson said, “We’re grateful to Devendra Fadnavis Total project value is about `810 crore and will be completed
for being part of the foundation stone laying ceremony of within 38-40 months. CRC will sell about 30-40% of the project
sector 4 and applauding our upliftment project. This project will which will fund the construction. The investment by the company
be important in building a smart city. With the support of the is part of Invest UP initiative by the state government. Invest UP is
government, we hope to complete the project and bring back an investment promotion and facilitation agency powered by the
our tenants as soon as possible.” state government of UP. CRC group has so far delivered several
The redevelopment area undertaken by this project is divided into projects spread across 1.5 million sq ft and about 3.5 million sq ft
nine sub-clusters for better management and functionality. The is under various stages of construction.
second phase of the redevelopment project also includes Sector
6 Al-Ezz, the construction work for the same began in 2021. In SNOWMAN LOGISTICS TAKES 50,000 SQ. FT WAREHOUSING
2020, SBUT completed the first phase named Al-Sa’adah aimed SPACE AT HOSUR INDUSTRIAL PARK
at improving the living standards of over 610 families and 128 Snowman Logistics Limited (SLL) - India’s leading integrated
businesses. The Trust also provided retail establishments within the temperature-controlled logistics service provider - has taken a
planned constructions for roadside vendors. It is pertinent to note 50,000 sq. ft warehousing space at Horizon Industrial Park, Hosur
that in August 2022 during a discussion on the city’s infrastructure I. This will be SLL’s first dry warehouse and its largest with 5,500
in the legislative assembly, Fadnavis announced a probe by BMC pallet positions. SLL has one of the widest temperature-controlled
into the redevelopment project on the ground that the original warehouse networks in India spread across 41 facilities in 19 cities.
sanctioned plans were altered by SBUT. Two days later, the BMC Its network of 130, 202 pallets capacity a fleet size of over 400
served a stop-work notice on the project. In November, the civic helps reach over 500 cities across the country.
body revoked the notice and gave a clean chit to the project.
ARKADE GROUP COMPLETES `100 CRORE LAND
INDUSTRIAL & LOGISTICS SECTOR LEASING GREW 8% YOY ACQUISITION
Industrial and Logistics (I&L) sector leasing grew by 8 per cent YoY Arkade Group has completed the acquisition of approx. 8300m2
to touch 31.6 million sq. ft. in 2022 despite global headwinds, plot in eastern suburb of Mulund West from Hercules Hoists (Bajaj
and a slowdown in e-commerce demand and dissipation of the Group company). Significantly, this is the first transaction in this CY
post-pandemic need to hold additional inventories, a report said. 2023 in Mumbai for transfer of land of above `100 crore.
“This is the second-highest leasing activity recorded in the I&L Arkade has also perused the document pertaining to registration
sector after the 2019 peak of 32 million sq. ft.,” the report released of conveyance deed done at Chembur. The sale deed shows that
by CBRE South Asia said. Delhi-NCR led the absorption with 7.3 payment is made in full and possession is transferred to the buyer.
million sq. ft., followed by Mumbai and Bengaluru with 6.1 million Arkade Group will launch a residential project offering 2 & 3 BHKs
sq. ft. and 5.2 million sq. ft. in 2022, respectively. with construction area of approx. 5,00,000 square feet and topline
Also, Delhi-NCR, Mumbai and Bengaluru accounted for almost 60 of `600 crore. This acquisition is in addition to the two million sq. ft.
per cent of the leasing activity during the year. All cities recorded development on-going across Western suburbs.

42 CONSTRUCTION OPPORTUNITIES|FEBRUARY 2023