Tuesday, August 16, 2022

Ticker Tape - Construction

Tatas to invest Rs.150 crore in ultra-luxe Hailey Road project

Tata Realty and Infrastructure Ltd. will develop ultra-luxury residential apartments near Hailey Road, Delhi with an investment of Rs.150 crore. The company is in the process of getting approvals from the New Delhi Municipal Corporation (NDMC). The Hailey Road project will have about 100,000 sq. ft. of built-up area with 40 to 42 7-star luxury apartments  with average size of 2000 sq ft. In 2012, Tata Housing had paid Rs.218 crore to buy a bungalow built on a 1-acre plot on Hailey Road. It had demolished the structure and now expects to launch the project at the same site in FY22-23. One of the first projects of Tata Housing was Tata Apartments on Prithviraj Road.

For approval of the Hailey Road project, NDMC, the Heritage Committee and the DUAC are some of the organisations involved.

 

 

Jindal Stainless raises $82 million from KfW IPEX-Bank for Jajpur facility expansion

Jindal Stainless Ltd will be raising around $82 million (around Rs.620 crore) from a German export financier, KfW IPEX-Bank to procure equipment from Primetals Technologies Austria GmbH and Andritz AG for expansion of its production facilities in Jajpur in the Indian state of Odisha. Pricing of this new loan is spread over 6 months USD LIBOR rate. KfW IPEX-Bank’s financing supports European exports, which in turn secure jobs in Austria, Germany and Europe. The expanded facility is expected to increase stainless steel production capacity from 1.1 million tonnes per annum (MTPA) to 2.1 MTPA. Part of this capacity expansion is a new facility for producing and casting stainless steel. The financing is insured against economic and political risks by OeKB, the Austrian export credit agency. Jindal Stainless’ manufacturing facility is located in the eastern part of India, in the state of Odisha. The manufacturing complex is equipped with a ferroalloys facility, and a captive power generation facility, which is eventually scalable up to 3.2 MTPA of stainless steel production.

 

The Phoenix Mills Ltd and CPPIB to invest further in Island Star Mall Developers Pvt Ltd

The Phoenix Mills Limited,its subsidiary company Island Star Mall Developers Private Limited (‘ISML’) and Canada Pension Plan Investment Board (‘CPPIB’) have executed a Second Further Funding Subscription Agreement (‘Subscription Agreement’) for the infusion of up to Rs.700 Crores towards subscription of Equity Shares of the ISML on Rights basis for deployment towards construction and development of the on-going projects of its subsidiaries at Wakad-Pune, Hebbal-Bangalore and Indore-Madhya Pradesh and for other mutually agreed purposes. Further, pursuant to the Subscription Agreement, the Company and CPPIB have subscribed to equity shares of ISML for Rs.700 crores in the aggregate on a rights basis and completed their respective investment obligations.

The Company and CPPIB had earlier in April 2017, entered into definitive agreements to develop, own and operate retail led mixed used developments across India and pursuant to which CPPIB had acquired 49% holding in ISML with 51% being held by the Company.

Pursuant to the aforesaid subscription to equity shares on a rights basis by the Company and CPPIB, there is no change in the shareholding of the Company and CPPIB in ISML and they continue to hold 51% and 49% stake respectively.

 

 

L&T signs pact with Tamil Nadu govt to build data centre at Kanchipuram

Larsen & Toubro (L&T) on Wednesday said it has entered into a pact with the Tamil Nadu government to establish a data centre in the state. L&T will establish 90 MW capacity data centres and associated units in a phased manner in Kanchipuram over the next five years. The company envisages to employ around 1,100 people — 600 direct and 500 indirect — in the project. L&T will establish 90 MW capacity data centres and associated units in a phased manner in Kanchipuram over the next five years.

Larsen & Toubro has signed an MoU with the Government of Tamil Nadu to establish a data centre at Kanchipuram, Tamil Nadu.

The Government of Tamil Nadu will provide uninterrupted power supply and other infrastructure support on a best-effort basis that will bring tangible economic and social benefits to the people of state.

“Tamil Nadu is on a growth trajectory, and we are delighted to partner with the Government of Tamil Nadu to propel this growth by building a data centre that will further trigger development by attracting investments and generating jobs for the people of Kanchipuram,” L&T, CEO and MD, S N Subrahmanyan said.

L&T will establish hyperscale data centres at Kanchipuram to provide comprehensive solutions and end to end data centre services, with multi-cloud managed and cyber security services, digital transformation integration services and application integration services. L&T said that it is using technology and innovation for sustainable growth.

 

ABB India partners with Indore Smart City Development Limited to provide continuous power supply in Indore

ABB has partnered with Indore Smart City Development Limited (ISCDL) to deploy next-generation digital technology that enables the continuous supply of electricity to homes and businesses. In the first phase of the collaboration, this technology has enabled more than 2300 connections to achieve 24/7 electricity supply with an efficient automatic response system (ARS) in case of power outages or disruption. ABB and ISCDL now plan to replicate the same model in other areas of the city and position Indore as the model for smart city projects across India. Indore is the largest city in Madhya Pradesh and home to over three million people and several key industries in the state. Indore is also part of the Central Government’s mission to develop 100 smart cities across the country. One of the key parameters of a smart city is the 24/7 supply of electricity to enable digital transformation and the supply of key services to citizens. Indore has set its target to boost the smart city development in sync with its ‘swachh’ identity in the world. ABB’s Compact Secondary Substations (CSS) used in the project reduces downtime by providing steady and reliable power supply through digitally enabled SCADA solutions. The CSS also has inbuilt Feeder Remote Terminal Units which keep a real-time check on consumption by each household, maintain healthy network, and quick restoration of electricity through remotely monitored SCADA system. ABB’s integrated Feeder Terminal Units are hooked to SCADA Centre, which enables control and monitoring of low voltage connections and provide real-time feedback on power distribution related data. The previous manual process resulted in frequent power outages. The compact substations are also tested for personnel safety, contributing to the objective of achieving safe and smart power distribution for the city.

ABB’s Compact Substations are manufactured locally in India, in-line with ABB’s commitment to the ‘Make in India’ vision and to develop domestic best-in-class manufacturing capabilities.

 

Kairav Developers Ltd acquires 10.44 acres land at Nemmeli, ECR in Chennai

Kairav Developers Ltd. (a joint venture company with equal economic interest of Ashiana Housing Ltd. and Arihant Foundations & Housing Ltd.) has acquired a piece of land admeasuring 10.44 Acres at Nemmeli Village, East Coast Road, Thiruporur Taluk, Chengelpet District, Sub Registration District of Thiruporur, Registration District of Chengalpattu (Tamil Nadu) to develop a senior living project with approximate saleable area of 5 lakh sq. ft.

India office real estate to experience heightened demand in 2022

India’s office real estate markets, led by tech-cities such as Bengaluru and Hyderabad are expected to experience heightened demand in 2022 as the country leads the Asia-Pacific regional growth.

In terms of real Gross Domestic Product (GDP) growth by market, India is set to surpass Japan, South Korea, Singapore and Australia in 2022, said Cushman & Wakefield’s Asia Pacific commercial real estate outlook for 2022.

The Asia Pacific office market showed remarkable resilience by recording consecutive quarters of positive net absorption since the onset of the pandemic. Office demand, as measured through net absorption, is expected to pick up across all markets in 2022, as occupiers increasingly make decisions around their corporate footprints. India’s largest cities especially are forecast to experience increased demand as a result of delayed decision making by occupiers in 2021. As economies reopen and employees start their return to the office, it is important to note that while there is generally a universal desire to work with greater flexibility post-pandemic, significant variations exist across the Asia Pacific region. Employees in India and China show a desire to work frequently in office (more than two days per week). India at 72% is 12% points above Asia Pacific average and 45% points above the United States.

In 2022, India is bound to get the front seat in APAC real estate growth, ahead of China & Australia, driven by strong office demand. The same is reflected in the report where the net absorption forecast for 2022 for Bengaluru is estimated to be equal to that of Beijing at 8Mn SF and Hyderabad won’t be far behind at 7 million sq ft.

While the investment market has not been immune to the negative impacts of the pandemic, it has also been comparatively quick to rebound. Given the outlook, and trends to date, total regional investment volume in 2022 is expected to remain at the 2019 peak of around $180 billion. The investment market in India continues to grow and mature with the REIT market now owning 10% of Grade A stock. These growth trajectories are expected to continue into 2022.

However, according to Cushman & Wakefield, this should not be the sole indicator for investment as several markets across the region, including China, India and South East Asia, remain under-served by physical retail space and so longer-term opportunities in these markets should not be ignored.

 

JSPL records a 10% YoY production increase in November 2021

Jindal Steel and Power Ltd (JSPL) continues to post robust production growth in November 2021. Steel production increased by 10 % Y-o-Y to 6.74 lakh tonnes as compared to 6.14 lakh tonnes of steel production in the previous year.

Steel production of 6.74 lakh tonnes was up 10% (Y-o-Y)

Steel sales stood at 5.39 lakh tonnes

Exports contributed 15% to the total sales volumes

JSPL’s November 2021 Steel sales were lower by 5% Y-o-Y at 5.39 lakh tonnes due to non-availability of Indian Railway rakes on demand.

 

Soren lays foundation stone for Rs.567 crore Dalmia Cement unit in Bokaro

Jharkhand Chief Minister Hemant Soren urged industrial houses to fulfil their commitment in utilising land for setting up units and not to leave it vacant as it was linked to the hopes and aspirations of development. Addressing a gathering after laying the foundation stone of the second unit (Unit-2) of Dalmia Bharat Cement Plant at Balidih, Bokaro to be built at a cost of Rs.567 crore, Soren said attracting investment and creating huge employment was one of the topmost priority of the state for all-round development. “If the government gives land to industrial houses, then they should use it for setting up industries. Don’t leave it vacant or allow it to be encroached. It is poor farmers, the needy and the others who give their land with great expectations so that they can get employment opportunities and be empowered,” he said. Nothing is impossible if you have a positive attitude and a strong will, he said, adding that under the new industrial policy it is priority of the government that maximum capital investment should be done in the state.

Referring to Bokaro Steel Plant of the PSU Steel Authority of India Ltd (SAIL), the CM said it was once the largest factory in Asia but the situation now has changed. He said the government was ready to restore its reputation.

 

Godrej Properties to develop a luxury residential project in Delhi through a Joint venture with TDI Group

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJ PROP), one of India’s leading real estate developers, today announced that it has entered into a Joint venture with TDI group to develop an ultra-luxury residential project in Connaught Place, one of the most premium location within the Central Business District of New Delhi.

The project is estimated to have a developable potential of approximately 125,000 square feet saleable area comprising primarily of residential apartments of various configurations.

The site is centrally located and offers excellent connectivity, well developed social and civic infrastructure with Delhi’s best schools, hospitals, retail and commercial spaces in close proximity.

 

LOGOS and Mahindra Logistics developing 1.4 million sf of Multi-Client BTS Warehouses in Delhi-NCR

Mahindra Logistics (MLL), one of India’s largest Third-Party Logistics (3PL) solution providers and LOGOS, a leading Asia Pacific logistics specialist, have announced a long-term lease agreement for 1.4 million square feet (mmsf) of warehouse facilities at the LOGOS Luhari Logistics Estate in Delhi NCR. The transaction represents India’s largest warehousing facility in a single park.

Under the agreement, LOGOS will develop three Grade-A warehouses totaling 1.4 mmsf for MLL at the LOGOS Luhari Logistics Estate. The first 0.5mmsf warehouse, which was completed in mid-2021, is fully operational and the other two warehouses are currently under development with delivery in late 2021 and early 2022 respectively.

The new warehouses will be an important part of MLL’s Pan-India network of multi-client facilities that manage the fulfillment and distribution of its clients’ services within the e-commerce, consumer and engineering industries. The facilities are designed in line with MLL’s sustainability standards, including Liquid Discharge Management and Renewable Energy and Waste Management requirements and state-of-the-art automation. MLL will employ over 2,500 employees and third-party associates across these facilities.

In line with both LOGOS’ and MLL’s commitment to sustainability, the Estate will incorporate market leading sustainability and environmental initiatives including 20 acres of Miyawaki Forest Plantation, solar power generation and distribution for warehouse and common infrastructure energy provision. State-of-the-art monitoring to measure warehousing air circulation, temperature, energy and water usage will also be employed within the Estate in conjunction with heat mapping on the movement of trucks and people throughout the property for operational control which will influence the future design requirements of logistics estates.

LOGOS Luhari Logistics Estate is part of LOGOS India Logistics Venture which has $800 million in investment capacity to develop and own high-quality, modern logistics facilities in key logistics markets of India.

 

Mumbai, Delhi and Bengaluru’s prime residential market is witnessing price stability: Knight Frank

Delhi and Bengaluru’s prime residential market is witnessing price stability in QoQ basis and Delhi ranked 39th with stable price level for the period Q3 2020 – Q3 2021, according to Knight Frank’s ‘Prime Global Cities Index Q3 2021’.

Bengaluru has moved down one spot up against the previous quarter in the index, to rank 42, as the quarter registered a 1.1% YOY price fall in the prime markets. Prices remained stable in Q3 2021. Mumbai remains in the 40th position in Q3 2021, holding the same rank in the previous quarter, as prices fell marginally by 0.1% YOY. In case of Mumbai too, prices are higher 0.2% QoQ in Q3 2021.

Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value. The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide using Knight Frank’s global research network.

According to Knight Frank’s research analysis, 39 cities witnessed a rise in prime residential prices between Q2 and Q3 – 2021. Fifteen cities registered double-digit priced growth.

The Prime Global Cities Index, an unweighted price index of prime residential prices across 45+ cities, increased by 9.5% in the year to Q3 2021 compared to 8.2% in the year to Q2 2021.

According to the report, 84% of the global cities registered positive yearly price growth; while Miami leads the index this quarter for the first time since 2007 recording 26.4% rise in the year to Q3 2021, Jakarta was the weakest performing market with a decline of - 4.2%. Canadian metropolises, Vancouver and Toronto prices softened in Q3 2021, compared to Q2 2021, as home buyers remain doubtful about the direction taken by the Government as it recently announced 2-year ban on foreign residents purchasing a home in Canada. The Evergrande crisis softened the prices of prime residential real estate in Shanghai, Beijing, Guangzhou and Shenzhen.

 

Warehouse inventory likely to shoot past 380 million sq ft by 2024: JLL study

With increased activity in sectors like e-commerce and 3PL/logistics, the warehouse inventory in the country is expected to reach over 380 million sq ft by 2024, according to JLL.

About 27 million sq ft of warehousing stock was added in first nine months (January-September) of 2021, bringing the total stock to 265 million sq ft in 2021. The total stock of Grade A and B warehousing space in the top eight cities posted a CAGR of 16 percent from 2018 to YTD 2021 (till Q3, 2021), it said.

“Growth in the supply of Grade-A spaces over the years is due to high demand for spaces with high specifications, citing increased inclination for high-grade structures and introduction of new players in the market,” said Yogesh Shevade, Head of Logistics and Industrial, India, JLL.

According to him, the Indian market has now firmly established itself for a more predominant position in Grade-A space as opposed to Grade-B space.

 

RPS Group to invest Rs.600 crore to develop World Trade Center in Faridabad

Real estate developer RPS Group will invest around Rs.600 crore to develop World Trade Centre in Faridabad, Haryana. The group has tied up with Infrastructure group Viridian RED for the purpose.

Located in Sector 27C in Faridabad, the upcoming World Trade Centre (WTC) Faridabad will be spread across 7.58 acres. It will have a total leasable/ saleable area of one million sq. ft. that would be spread across four towers, the company said in a statement. The construction of WTC is progressing at a brisk pace and it will be delivered in phases beginning mid-next year. All our stakeholders, including our channel partners are excited to partner with a renowned global player.

Faridabad is fast emerging as a major destination for both commercial as well as residential segment. The global network of World Trade Centres has a proven track record in amplifying growth in respective locations and we are confident that our tie-up with RPS Group will throw up myriad opportunities that exist in this micro-market for our various stakeholders. With our collective effort amid rapid infrastructure development, Faridabad has all requisite to emerge as the new commercial hub in the NCR region.

As per the contours of the tie-up between RPS Group and Viridian RED, the land and construction cost of WTC Faridabad will be borne by RPS Group, while Viridian RED will be responsible for sales, leasing and post sales services.

Besides, the upcoming World Trade Centre, RPS Group is also developing one more commercial project at the same location.

Established in 2006, RPS Group has delivered more than 9 million sq. ft. including of 4,324 housing units and it aims to deliver a total area of 1.3 million sq. ft. in Faridabad over the next one year. It is targeting more than 3 million sq. ft. in the next three years.

 

Asian Paints Ltd inks MoU for expansion project at an outlay of Rs.960 crores

Asian Paints Ltd announced about its proposal to expand the existing manufacturing capacity of the Company’s manufacturing facility situated at Ankleshwar, Gujarat.

The Company has today signed a Memorandum of Understanding with the Government of Gujarat, commencing the proposed expansion of manufacturing capacity of paint from 130,000 KL to 250,000 KL and resins and emulsions from 32000 MT to 85000MT to be completed over a period of the next 2 -3 years at a total investment of Rs.960 crores (approx.) on plant and machinery at the current prevailing prices. This expansion will be carried out on the existing land owned by the Company.

 

Man Infra subsidiary to jointly develop ultra-luxurious residential high rise tower at Tardeo, Mumbai

Man Infraconstruction subsidiary, MICL Properties LLP on Monday announced that it is jointly developing an ultra-luxurious residential high rise tower at Tardeo, next to Bhatia Hospital, Mumbai under asset-light Development Management (DM) model.

While MICL group has a very strong real estate portfolio in the western and central suburbs of Mumbai, this project addition will establish the Group’s presence in South Mumbai.

The Project has a carpet area for sale of 6 lakh sq. ft. is expected to generate approximately Rs.3,000 cr over the next 4 to 5 years. This landmark project will be one of the tallest residential structures in India having a proposed height of 250+ mtrs.

Apart from managing the design, sales and marketing of the Project, the Company will also execute the construction work leading to timely delivery of the Project.

 

Godrej Properties buys 16-acres land parcel in Bengaluru’s Sarjapur

Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, today announced that it has purchased a land measuring approximately 16 acres at a strategically located and fastest developing micro-market of Sarjapur, (Bengaluru) to develop a mid-income project.

The project is estimated to have a developable potential of approximately 1.5 million square feet saleable area comprising primarily of residential apartments of various configurations.

Sarjapur is one of the most preferred residential locations in Bengaluru and also has excellent connectivity to the IT/ITES belt at Bellandur on Outer Ring Road and several key hubs of the city. The site is strategically located close to the Sarjapur main road and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.

 

 

MHADA inks pact with Chadha Developers for affordable housing township near Mumbai

The Maharashtra Housing & Area Development Authority (MHADA) has entered into a memorandum of understanding with realty developer Chadha Developers & Promoters to develop an integrated residential project spread over 80 acres near Mumbai under public private partnership.

Chadha Developers & Promoters will be investing around Rs.1,100 crore to develop the project in Vangni over the next four years. The company will be developing 8,228 apartments across a total 133 towers in this project and 50% of these will be reserved under the government’s affordable housing support scheme the Pradhan Mantri AwasYojna (PMAY)-Urban for the economically weaker section (EWS).

“MHADA will be acting as the planning authority for this project that has already been approved by the state and central government. As the nodal agency, we will also be taking care of distribution of subsidies worth Rs.1.5 lakh from central government and Rs.1 lakh from the state government to allottees through PMAY (Urban) scheme,” Nitin Mahajan, Chief Officer, Konkan Board of MHADA.

MHADA will also be responsible for screening the eligible beneficiaries, who will be able to buy these houses at Rs.5.61 lakh after factoring the subsidy benefit.

More than 1,000 applicants have already been selected for the allotment through a lottery draw in the last two lots since its launch in September 2021. A lottery for around 3,000 flats will be closing on December 25, while the draw date is January 1.

“This is the first time that MHADA has come up with a public-private partnership. We are excited to enter into a tie-up with the government for a project that serves the purpose of buying homes at affordable rates to the common people. We have taken measures to maintain transparency in order to have a long-lasting relationship with MHADA,” said Dimple Chadha, MD, Chadha Developers.

Part of the project, under the pact between MHADA and Chadha Developers, consists of 66 towers of 7-storey buildings comprising 4,114 flats of 1 bedroom and the same has secured approval from the Real Estate Regulatory Authority (RERA).

The project will include a commercial shopping complex, school, 15 gardens and charging stations for electric vehicles in each building among key amenities.

The government has been pushing the supply of affordable housing through various schemes and incentives for the last few years. The adoption of PMAY policy in 2015, the government of India has targeted to meet a demand of 11.22 million homes. Since the launch of the policy until March, 11.3 million houses have been sanctioned, out of which, 4.8 million have been completed till date.

The need for affordable housing in the growing urban sprawls of India has caught the attention of many developers, who are looking to tap this growing demand. Over 50% of all India residential launches in the top eight cities in the last 5 years have been in the sub- Rs.50 lakh segment.

Last year, the government of Maharashtra had invited private real estate developers to partner with its housing agency MHADA to build affordable residential projects across the state. This model has already been explored by the state governments of Uttar Pradesh, Haryana and West Bengal.

 

 

Centre approves proposal to construct 3.61 lakh houses under PMAY(U)

In the 56th meeting of the Central Sanctioning and Monitoring Committee (CSMC) of Pradhan Mantri Awas Yojana (Urban), a total of 3.61 lakh houses were approved for construction from 17 States/UTs under Affordable Housing in Partnership (AHP), Beneficiary-Led Construction (BLC), In-Situ Slum Redevelopment (ISSR) verticals of PMAY-U.

Presiding over the meeting, Secretary, MoHUA, took up the issues about States/UTs regarding the construction of houses under the Mission. He asked the States/UTs to resolve the issues without delay so that the construction of houses can be expedited.

The construction of PMAY-U houses is in various stages. With this, the total number of sanctioned houses under the Mission is now 1.14 crore; of which more than 89 lakh have been grounded for construction and 52.5lakhhave been completed and delivered to the beneficiaries. The total investment under the Mission is Rs.7.52 lakh cr, with a Central Assistance of Rs.1.85 lakh cr. So far, Rs.1.13 lakh cr of funds have already been released. The CSMC also accorded approval for revision of projects from 14 States/UTs translating into 3.74 lakh houses.

Further, Secretary, MoHUA, laid renewed emphasis to accelerate housing construction and completion across the country within stipulated time under PMAY-U so that the goal of ‘Housing for All’ by 2022 can be achieved.

At the CSMC meeting, an e-Finance module was also launched by Secretary, MoHUA. The e-Finance module has been integrated with all modules of the PMAY-U MIS system and designed, developed within PMAY-U MIS System with the objectives to provide a unique platform to all stakeholders for disbursement of funds through Direct Benefit Transfer mode & to validate beneficiaries.

While launching the module, Secretary, MoHUA, said, “The e-Finance module has been launched with a specific purpose to remove any sort of misinformation. Now, there will be transparency, and all financial data will be captured on the platform.” He instructed that training programmes for officers/MIS personnel across States/UTs should be organised region wise for the early implementation of the module.

Secretary, MoHUA, also approved proposals under Affordable Rental Housing Complexes (ARHCs) - Model 2 - in Telangana and Tamil Nadu. A total of 19,535 units have been approved for urban migrants/poor, involving a Technology Innovation Grant of Rs.39.11 cr.

Secretary, MoHUA, directed the States/UTs to ensure proper implementation of ARHCs by utilising vacant JnNURM houses. He also encouraged the stakeholders to come up with more proposals under Model 2 of ARHCs. ARHCs provide affordable rental accommodation to urban migrants/poor in urban areas close to their workplaces. The ARHC scheme is being implemented through two models. Under Model 1, existing Government funded vacant houses are converted into ARHCs through Public-Private Partnership or by Public Agencies; Under Model 2, construction, operation and maintenance of ARHCs will be done by Public/Private Entities on their vacant land.

 

Welspun One Logistics, Tamil Nadu govt ink pact for 6 warehousing projects

Welspun One Logistics Parks (WOLP), an asset management platform has entered into a pact with Guidance, the government of Tamil Nadu’s nodal agency, for investment promotion and single window facilitation to set up six warehousing facilities across the state. These warehousing projects will be set up in prime warehousing micro-markets like Hosur, Sriperumbudur and Thiruvallur and will have a development potential of around 8 million sq ft to be built across a span of five years. The projects will be executed by Welspun One Logistics Parks and will bring direct investments of approximately Rs.2,500 crore to Tamil Nadu.

The government of Tamil Nadu and Welspun One Logistics Parks, part of the $3.5 billion Welspun Group have entered into this pact to enhance the logistics infrastructure within the state.

Following the implementation of the Goods & Services Tax (GST) and emergence of ecommerce, the Indian logistics and warehousing sector is headed towards transformative growth.

While demand in other commercial real estate segments has been impacted in the last few quarters, the warehousing market has stood out led by e-commerce and third-party logistics growth.

According to industry estimates, almost one-fourth of the total warehousing space in India has been leased by e-commerce firms such as Flipkart and Amazon in the last two years. This is further expected to accelerate, due to larger behavioural change of consumer buying following the outbreak of Covid19 pandemic.

The industrial and logistics segment has become a key growth driver in real estate and expansion of the online retail sector has resulted in greater demand for warehousing, thereby resulting in higher investments in infrastructure and supply chain modernization.

 

Parsvnath Developers receives concession rights from DMRC for construction of high-end Shopping Mall in New Delhi

Parsvnath Developers has received concession rights from the Delhi Metro Rail Corporation Limited (“DMRC”) for the construction, development, management, operation and maintenance of a high-end Shopping Mall (“Project”) on land admeasuring 28,400 sq. mtrs., having a potential of 4,00,000 sq. ft. (approx.) leasable area, on BOT basis, situated in New Delhi. The construction and development work at the Project site has commenced after obtaining all the requisite sanctions and approvals in respect of the Project, including the approval of DMRC for the development of the Project by Unity Parsvnaths LLP.

The Company has into Limited Liability Partnership Agreement dated November 18, 2021, with Unity Buildwell Limited for undertaking the development of the aforesaid Project through a Special Purpose Entity viz. ‘Unity Parsvnaths LLP’ incorporated for the same.

 

Ascendas India buys Aurum Ventures’ 16-storey Navi Mumbai commercial tower for Rs.353 crore

Singapore-based Ascendas Property Fund Trustee has acquired realty developer Aurum Ventures’ 16-storey fully-leased commercial tower spread over 6.2 lakh sq ft in Navi Mumbai’s Ghansoli locality for Rs.353 crore. The deal is among the largest acquisitions of a standalone commercial tower by a global institutional investor in the last few years. Ascendas Property Fund Trustee has acquired the multi-tenanted tower ‘Building Q1’ in Aurum Q Parc in its capacity as trustee-manager of Ascendas India Trust. The deal follows a forward purchase agreement Aurum Ventures and Ascendas India Trust had entered into in May 2018. The definitive agreements between both the entities have now been executed to acquire all of the issued share capital in Building Q1 for a gross consideration of around Rs.353 crore or Singapore $64.1 million. As part of the agreement, in addition to the gross consideration, Aurum will be paid for incremental leasing within 12 months from the date of the acquisition. The said tower ‘Building Q1’ counts multinational companies such as Hexaware Technologies and FirstRand Services as its key tenants. Despite the Covid19 pandemic, leasing for the tower is underway and the leasing momentum in Navi Mumbai is on an upward trajectory.

 

ARETE Group to invest Rs.1,050 crore in developing phase one of Industrial Park in Gujarat

ARETE Group will invest Rs.1050 crore in developing phase one of Payal Industrial Park, a privately-integrated Industrial Park at Dahej, Gujarat. The park is spread over 3,500 acre of area earmarked for large-scale industrial development, logistics parks and utilities. It is developed within the Gujarat PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) – as declared by Government of India under PCPIR Policy 2007, and surrounded by fast-growing industrial projects within Gujarat PCPIR. Payal Industrial Park will become the gateway for the future of industrial revolution in India. The Park customizes the facilities to suit requirements of clients from different industrial backgrounds, helps them with regulatory approvals, and even provides them end-to-end assistance to set up and grow within the industrial ecosystem. The Park has been approved by the Government of Gujarat and is located within a industrially-developed ecosystem and has multi-modal connectivity via Ports, Air, Rails and Roads. Payal Industrial Park is promoted by ARETE Group -- which has over 3 decades of experience in this field, and is one of the largest land bank holders in the Dahej-Vadodara Region of the state of Gujarat.

 

SAIL supplies 50,000 tonne steel for Purvanchal Expressway

Steel Authority of India Ltd (SAIL) it has supplied around 50,000 tonnes of steel for the Purvanchal Expressway in Uttar Pradesh. Prime Minister Narendra Modi on Tuesday inaugurated the 341-km-long Purvanchal Expressway, which connects Lucknow to Ghazipur in eastern Uttar Pradesh. In a statement, the state-owned steel maker said it has “supplied 48,200 tonnes of steel for the Purvanchal Expressway, which has been inaugurated by Prime Minister Narendra Modi”. The total products supplied for the project were TMT Bars, structurals and plates, it said. The statement added that the expressway will substantially improve the road connectivity among several districts of Uttar Pradesh. The company earlier supplied steel for projects like Eastern and Western Peripheral Expressways, Atal Tunnel, Bogibeel and DholaSadiya bridges. SAIL, under the Ministry of Steel, is the country’s largest steel-making company having an annual capacity of over 21 million tonnes (MT).

 

Tatas to invest Rs.150 crore in ultra-luxe Hailey Road project

Tata Realty and Infrastructure Ltd. will develop ultra-luxury residential apartments near Hailey Road, Delhi with an investment of Rs.150 crore. The company is in the process of getting approvals from the New Delhi Municipal Corporation (NDMC). The Hailey Road project will have about 100,000 sq. ft. of built-up area with 40 to 42 7-star luxury apartments  with average size of 2000 sq ft. In 2012, Tata Housing had paid Rs.218 crore to buy a bungalow built on a 1-acre plot on Hailey Road. It had demolished the structure and now expects to launch the project at the same site in FY22-23. One of the first projects of Tata Housing was Tata Apartments on Prithviraj Road.

For approval of the Hailey Road project, NDMC, the Heritage Committee and the DUAC are some of the organisations involved.




Leave a Comment

Name  
Email Address
(will not be published)    
Website
Comment