Page 22 - April 2022

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CONSTRUCTION Realty major DLF will invest around `100 crore to develop adding to the future value of the investment. These include the
DLF TO INVEST AROUND `100 CRORE TO DEVELOP 85-
ACRE HOUSING PROJECT IN CHENNAI
Metro Rail Corridor Phase II, multiple flyovers to ease the traffic
flow, a multi-deck elevated transport corridor along the Old
Mahabalipuram Road and multiple road-widening initiatives.
infrastructure in an 85-acre new housing project comprising plots
located off the Old Mahabalipuram Road in Chennai.
DLF has developed 153 real estate projects and developed an
area of approximately 330 million square feet. DLF Group has
The company launched the plotted development project Parc
215 msf (approx.) of development potential across residential and
Estate on February 28. It will comprise 1,500 plots with plot sizes
ranging from 600 sqft. to 4,000 sqft., with an approximate price
of `3,500 per square foot (psf).
The company will develop 1,500 plots, having 2.15 million commercial segment.
square feet area, over the next 18 months. The company
will sell 750 plots in the first phase in the price range of
`25 lakh to `1.25 crore.
With a significant presence in the southern part of India
over the last two decades, DLF has catalysed Chennai’s
growth as an IT destination by offering a global ecosystem,
future-ready workspaces, and safe and secure residential
developments. Chennai has maintained steady growth
in terms of infrastructure, connectivity and urban facilities
and emerged as a major residential market where buyers
can invest with confidence.
OMR is expected to see many infrastructure projects,

SWAMIH FUND APPROVES LAST MILE FUNDING FOR in the real estate sector have started to appear since last year.
HOME & SOUL PROJECT ON YAMUNA EXPRESSWAY With this, the fund has provided preliminary and final approval
The Special Window for Affordable & Mid-Income Housing to a total of 213 projects across the country, committing `17,000
(SWAMIH) fund has approved over `130 crore for completion of F crore in total. The fund is expecting 25 stressed projects to be
Premiere 2, a real estate project on the Yamuna Expressway near completed, which will deliver 12,617 homes in the next 12 months.
the upcoming Jewar airport.
The last-mile funding will lead to time-bound delivery of houses GIFT CITY ALLOTS 70,000 SQ FT DEVELOPMENT RIGHTS
to some 400 home buyers. TO AVENUE SUPERMARTS
NCR-based Home & Soul, a subsidiary of brokerage firm Investors The Gujarat International Finance Tec-City (GIFT City), has allotted
Clinic, was executing the project, but it got stuck due to a lack over 70,000 sq ft development rights to Avenue Supermarts that
of funds. owns and operates national supermarket chain D-Mart.
While the project was announced in 2014, the construction got With this, D-Mart becomes the first retail chain to open a store in
stuck in 2019. With the funding from SWAMIH, the construction has GIFT City. The City is already a host to the world’s leading names
resumed and the project will be delivered soon. in the financial domain, banking, insurance, capital markets,
SWAMIH Investment Fund has been formed to complete technology, fintech, IT and ITeS sectors.
construction of stalled, brownfield, RERA registered residential The addition of D-Mart will boost the integrated ecosystem offered
developments that are in the affordable housing/mid-income by GIFT City where people enjoy a walk-to-work culture along with
category and are also net worth positive. a good quality of life
F-Premiere from Home & Soul is a residential hub overlooking the
F1 motor racing track on the Yamuna Expressway. GODREJ PROPERTIES TO DEVELOP A 9-ACRE PROJECT
Home & Soul has five projects and has already delivered over IN PUNE
600 homes. Godrej Properties Ltd. (GPL), one of India’s leading real estate
While the impact of liquidity issues was felt across all asset classes, developers has acquired a 9 acres land parcel in the residential
the residential real estate segment was the hardest hit. micro-market of Pimpri-Chinchwad in Pune. The development will
To mitigate this impediment, in November 2019, the central primarily be for a group housing project.
government announced a `25,000-crore special window to help Pimpri-Chinchwad is one of the established residential locations
complete over 1,500 stressed housing projects comprising around in Pune and has excellent connectivity to all major social and
458,000 housing units. commercial hubs of Pune city.
This move was directed towards stressed residential real estate Pimpri Chinchwad is an important micromarket in Pune and GPL
assets under construction that are yet to be completed, including is happy to add this land parcel to its portfolio. This will further
those that have been declared non-performing assets and have expand the company’s presence in Pune and fits with its strategy
been admitted to insolvency proceedings. of deepening its presence in key micro markets across India’s
Due to the impact of the pandemic on the economy, fault lines leading cities.

22 CONSTRUCTION OPPORTUNITIES|APRIL 2022