27 February 2020

Table of Contents for Ticker Tape- Construction

Ticker Tape- Construction

DLF to invest over Rs 1,400 crore in commercial project in Gurgaon


Realty major DLF will now invest over Rs 1,400 crore to develop a commercial project in Gurugram after the firm received green nod to expand the office space by nearly 1 million square feet area. After the Haryana government increased the floor area ration (FAR) under its new TOD (Transit Oriented Development) policy, the DLF applied for development of increased build up area in its ongoing Cyber Park project spread over nearly 12 acres. The environment ministry has given the green nod for the DLF's proposed expansion project in Gurugram after taking into account the recommendations of the Expert Appraisal Committee, as per the official document. The approval is subject to the compliance with certain conditions, it added. As per the proposal, the DLF will now invest Rs 1,439.11 crore to develop the Cyber Park project, as against the earlier estimate of Rs 412.67 crore. According to the sources, the company will now get a leasable area of around 2.5 million square feet as against earlier 1.7 million square feet.



Russian firm keen to invest Rs 1,000 cr in Aurangabad Industrial City


Companies from Russia, China and Japan have evinced interest in investing Rs 1,250 crore in setting up their facilities at Aurangabad Industrial City (AURIC) in Maharashtra. Russia’s Novolipetsk Steel (NLMK), manufacturer of high-quality steel products, is keen on investing Rs 1,000 crore for setting up a unit at AURIC-Shendra. AURIC, located around 335 km from here in Central Maharashtra, is a planned and greenfield smart industrial city being developed across 10,000 acres as part of the Delhi-Mumbai Industrial Corridor (DMIC). The DMIC is India’s ambitious infrastructure programme and aims at developing new industrial cities as “smart cities”, and converge next generation technologies across infrastructure sectors.




Maharashtra's lead in construction projects


Maharashtra has taken the lead in registered construction projects under 'Rara' and the number of registered projects in the state is 17,353, Uttar Pradesh is second in the list and the number of projects is 3,950. Meanwhile, it is seen that Gujarat is in the forefront of accepting and implementing new laws in the real estate sector. The number of new and ongoing projects in Gujarat, which is third in the list of projects, is about 3 thousand 300. After the implementation of 'Rare' law, starting from 1 May 2017, construction projects in the country were registered. At present, 620 real estate agents in Gujarat have registered their 'Gujarat Real Estate Regulatory Authority'. Maharashtra is in the process of acceptance of Raira, followed by Uttar Pradesh, Gujarat, Madhya Pradesh and Karnataka.




Sanghvi Parrsssva Group Launches Third Phase of Residential Project


The Sanghvi Parrsssva Group has launched the third phase of its residential project in Atgaon, Shahpur, one of the fast-developing regions in Maharashtra. The first phase was launched in 2012 with Sanghvi Golden City (12 buildings with Ground Floor and four floors) and second phase Sanghvi Parrsssva City (2 buildings G+7). The third and largest phase Sanghvi Parrsssva City will be completed in 36 months. The Sanghvi Parrsssva Group of Companies that has successfully developed over 72 projects across Mumbai, Nasik and Lonavala helms the project. Just off the Mumbai-Nashik highway and a 2-minutes’ walk from the Atgaon railway station, Sanghvi Golden City and Sanghvi Parrsssva City is a gated community comprising 500 residential units and limited commercial spaces. Spread over 10 acres, the sprawling mini township’s Phase 1 is already home to 150 happy families. In the Ground + 7 floors Phase 2, more families will move in over the next few months. Phase 3 will have 352 units and is the project’s largest phase that will comprise Ground + 10 floors towers.




DLF seeks strategic partner to develop 12-acre Gurugram plot


Realty major DLF is looking to rope in a strategic partner to undertake joint development of its nearly 12-acre Gurugram land parcel that it had acquired for nearly Rs 1,500 crore, and is currently in talks with private equity firms with exposure to the National Capital Region (NCR) for the same, said two persons familiar with the development. This was an unprecedented price paid for a land parcel in the NCR property market. The deal that was concluded through an e-auction earlier this year, at a base price of over Rs 127 crore per acre, had surpassed all earlier benchmarks. The land parcel is located on NH8 behind Oberoi Hotel in Gurugram, and has the potential to develop both commercial and retail spaces on the lines of DLF’s retail and commercial development Horizon Centre at DLF5 in Gurugram. This is an extension of the established DLF Cyber City micro market. The said 11.76-acre land parcel has a leaseable potential of around 2.3 million sq ft. The plot has base floor space index of 1.75 times, which would double to 3.5 times after factoring in the benefit of Transit Oriented Development (TOD) rights.




Ropeways vying to be alternative means of transport, want a slice of road cess


India may soon have a brand new set of ropeways across select inaccessible regions of the North-East, Andhra Pradesh, Tamil Nadu, Kerala, Goa, and Maharashtra. The plan comes about as the government realises that these aerial cable-cars can do much more than serve tourists and adventure-seekers and ropeways can actually become the crucial last mile connectors in tough terrain. Ropeways have largely been used for tourism and recreational purposes. But, this is changing as they are now being seen as possible option for urban transport, particularly for last mile connectivity in hilly areas and to improve access to other services. This has spurred a renewed interest in ropeways. IPRCL has set up a specialised team, with an ability to manage projects and be the independent engineers. It is also in the process of hiring a legal consultant to draft a Central legislation on ropeways. This is being done to ensure uniformity of the legal framework available across States and to ensure adherence to a higher standard of safety. At present, States have different legislations that guide the ropeways.




Sumadhura group launches residential project in Bengaluru


Bengaluru-based realty major Sumadhura group has launched ‘Sumadhura Nandanam’, a luxury residential development, in the city and announced plans to start developing commercial office space in the city. The group, which has focused on residential properties so far, sees a growing opportunity to boost its portfolio in the commercial Grade A office segment. It plans to tap into this opportunity, which as per industry reports, is expected to grow to over 33 per cent in the next five years in Bengaluru. About 26 million sq ft of office space is scheduled for completion by 2020. Over the last two decades, Sumadhura group has developed over 30 residential projects in Bengaluru and Hyderabad including over 5 million sq ft of residential projects under construction and of 8.2 million sq ft under planning. The group plans to enter Chennai and Pune soon. Over the last two years, it has launched several marque projects.




Mahindra Lifespace launches 5th housing project in Chennai township


Mahindra Lifespace Developers recently announced its fifth housing project at the 1,500-acre integrated green township 'Mahindra World City' here. The project 'Lakewoods' would have 747 apartments spread across 9.33 acres, Mahindra Lifespace said in a regulatory filing. Tamil Nadu Real Estate Regulatory Authority (TN RERA) approval has been obtained for the first phase of the project, consisting of 249 units," it said, adding that the project would be developed in three phases over a period of six years. Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the $20.7 billion Mahindra Group. The company's development footprint spans 23 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities. It is also developing 4,960 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters in four cities.




ATS group sells 975 flats worth Rs 1000 crore in three months


Realty firm ATS group has sold 975 flats worth Rs 1,000 crore during the last three months on improved housing demand. The sales figure also includes that of Homekraft, its JV firm with HDFC Capital. Earlier, Gaurs group, another major developer in the National Capital Region (NCR), had reported sales if over 5,000 properties worth Rs 2,000 crore during the last four months. Realtors' body CREDAI and property consultant JLL India, in their joint report, said that housing sales in India's top seven cities have revived post demonetisation to rise by 25 percent in the first six months of this year. However, Knight Frank India said sales growth was marginal at 3 percent in the same period. ATS group launched a three-month campaign starting mid-May where it put on sale flats across 15 under-construction projects in Noida, Greater Noida, Gurugram, Mohali and Chandigarh. Out of the total sales, he said about 650 units were of ATS brand and 325 units of Homekraft. The average sale price of ATS projects was Rs 1.25 crore, while ticket size of Homekraft was Rs 55 lakh.




Ajmera to foray into affordable housing segment


Real estate developer Ajmera Group is foraying into affordable housing with a Rs 250-crore investment in a residential project in Bengaluru. The Mumbai-based company will execute the housing project — to come up on a 10.2-acre land parcel — jointly with a local developer. The houses in this project will be spread over 400-700 sq ft with one- and two-bedroom configurations. This is not the first time the group is executing a housing project in Bengaluru — it had earlier delivered about 2.6 million sq ft, but not in the affordable housing segment. Several builders in the country are now moving into the affordable housing segment, drawn by government subsidies and schemes like affordable housing fund, lower GST rates and increased tenure of loans under credit-linked subsidy scheme.




Government to sanction 75 lakh houses before March 2019 under PMAY-U


The Ministry of Housing and Urban Affairs has set a target to sanction around 75 lakh houses till March 2019 under the Pradhan Mantri Awas Yojna (Urban). In 2017-18, the ministry had sanctioned around 26.7 lakh houses, while the target for 2018-19 is around 30.6 lakh houses. So far, since the start of the programme, the government has approved construction of a total of 53.7 lakh houses, and close to 30 lakh dwelling units have already been grounded and are in various stages of completion. More than 8 lakh houses have already been completed. While efforts to provide low-cost housing loans have been made for many years (National Housing Policy, 1994; Jawaharlal Nehru National Urban Renewal Mission, 2005; Rajiv Awas Yojana 2013), the Pradhan Mantri Awas Yojana (PMAY) launched in 2015 provides a fresh impetus – the PMAY-Urban (PMAY-U) subsumes all the previous urban housing schemes and aims at ‘Housing for All’ to be achieved by 2022. The total housing shortage envisaged to be addressed through the PMAY-U is around 1 crore.





Marriott to bring two upper upscale brands to India


Marriott International is gearing up to bring to India two more of its global brands. The hospitality major’s upper upscale brand Tribute Portfolio, for those seeking fresh travel experiences, is to be inaugurated later this year. The other is Delta Hotels by Marriott, a Canadian brand acquired three years ago, is the other upscale brand, targeted at the frequent traveller. India is a key market for Marriott International with the presence of 15 of the company’s 30 brands with 108 hotels in 32 cities with over 21,000 rooms. The company hopes to end this year with 20 new hotels with a focus on the secondary and tertiary markets.




Home Credit Leases 1.5 lakh sq ft at Empire Tower in Navi Mumbai


Non-banking financial company Home Credit India Finance has picked up around 1.5 lakh sq ft of office space on lease in Reliable Group’s commercial project Empire Tower in Navi Mumbai’s Airoli locality, said two persons familiar with the development. The total lease tenure is five years including a rental reset after three years from now. The company will be paying rental of `55 per sq ft a month, taking the annual payout to nearly Rs 10 crore. Home Credit India has operations in over 120 cities across 20 states in the country. The company has a network of more than 26,000 points-of-sale (PoS) serving over 6 million customers. Its employee base stands at over 16,000, and the new office space is expected to accommodate 2,600 employees. Empire Tower is an IT park, part of the 5-million sq ft commercial project Cloud City that has GE, HCL, Atop Origin, Sify, Honeywell, and Sutherland operating from the campus. Recently companies including Cipla, Aditya Birla Group subsidiary Birla Management Services, Tata Consulting Engineers, Mersk GSC, Invenio and EFC have picked up total 3.5 lakh sq ft office spaces here.

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