Page 25 - CO_December_2022

TICKER TAPE

STRUCTURAL AUDIT OF HIGH-RISES IN NOIDA APPROVED partial or full occupancy certificate is issued,” according to the
The Noida Authority board has approved a policy proposal for statement. It stated that even after the issuance of partial or full
structural audit of high-rise buildings in the city, according to an occupancy certificate, in any project, if 25 per cent or more
official statement. The policy defines roles and responsibilities of allottees of AOA or tower complain about structural defects, the CONSTRUCTION
the builder as well as the residents’ association vis-a-vis repair committee constituted at the authority level will examine the
of structures, if found defective during audit. The decision was complaint and decide whether the structural defect is of minor
th
taken during the 207 board meeting of the Noida Authority category or comes under major category.
held at its office in Sector 6 here on Saturday. The meeting was “For structural defects of major category, structural audit will
chaired by Uttar Pradesh Infrastructure and Industrial Development be conducted from expert institutions. Under the Apartment
Commissioner and Noida Authority chairman Arvind Kumar Ownership Act, it is the responsibility of the builder to remove the
with Noida Authority chief executive officer Ritu Maheshwari in structural defects within two years,” it stated.
presence. While the policy has been approved by the board, it “According to the RERA Act, the responsibility of removing the
would take around a week for it to get implemented due to paper structural defects rests with the builder for five years and after five
work at the local level, a senior official told PTI. There are around years with the AOA. This period will be calculated after the issue
100 high-rise projects in Noida, many of them having multiple of occupancy certificate of the entire scheme, “ according to
towers, the official added. In relation to structural audit of multi- the statement. At present, it has been decided by the Board that
storey buildings located in the authority area, the statement read: if the structural audit report comes negative, then the structural
“the structural policy was prepared by the Noida Authority on the defects will be removed by the builder within five years from the
demand of flat buyers and AOA (apartment owner’s association), date of issue of occupancy, it stated. In the cases of two to five
in which the Structural Audit Policy has been approved by the years period, the authority will inform the Real Estate Regulatory
Authority Board with partial modifications”. “According to this Authority (RERA) to get the action taken by the builder to rectify the
policy, the structural audit report from empanelled IIT or NIT or deficiencies found after getting the audit done by the empanelled
expert institutions will be submitted by the developer before the agency, it added.

GANESH INDUSTRIAL COMPLEX STARTS TWO MORE ASK PROPERTY FUND, SHRIRAM PROPERTIES COME
INDUSTRIAL PARKS TOGETHER TO INVEST IN REAL ESTATE IN BANGALORE,
Ganesh Industrial Complex, situated in Kolkata, has added two CHENNAI, HYDERABAD
more industrial parks totalling 500 acres at a cost of `100 crore. ASK Property Fund, the ASK Group’s alternative asset investment
Due to the exponential growth in the number of e-commerce division, and real estate developer Shriram Properties have agreed
companies that need to hold more merchandise close to to establish an investment platform for the purchase of residential
customers, the demand for warehouses in India’s Tier-1 and Tier-2 real estate projects.
cities has surged. The industrial and warehouse real estate markets Shriram Properties and ASK will co-invest in residential and planned
in India are expected to keep growing and expanding. development projects in Bangalore, Chennai, and Hyderabad as
Ganesh Industrial Complex, which offers warehousing solutions to part of the platform agreement.
a number of companies in and around West Bengal, is the driving The platform will receive cumulative pledges of up to `500 crores,
force behind this boom in Eastern India. In four present parks in and the committed cash is anticipated to be spent over the
Ranihati, Rauta, and Panchla, close to Kolkata, they have cutting- course of the following 12 months.
edge warehouse facilities with cutting-edge amenities, totalling Through its managed Category II Alternative Investment Fund, ASK
17,424,000 square feet. The initiatives of Ganesh Complex are in will make investments.
line with the Make in India strategy, which intends to accelerate Shriram and ASK previously collaborated on the construction of
the expansion of the manufacturing sector, add 100 million new Shriram Chirping Woods, a residential apartment complex on
manufacturing jobs by 2025, and raise its GDP contribution to Sarjapur Road in Bangalore. In 2020, ASK successfully withdrew
25% by the same year. As part of the EASTPANSION initiative, from the investment. In accordance with the new platform, Shriram
Ganesh Complex is continually promoting investment, stimulating and ASK have already committed their first investment in a plotted
innovation, improving skill development, protecting intellectual development project in North Bangalore.
property, and building a top-notch infrastructure for manufacturing The platform would invest up to `125 crores in the acquisition
in Eastern India. Since 2021, the West Bengal government has and development of this project, which has already received all
approved reducing the amount of land required for industrial essential clearances and has infrastructure development that has
parks from twenty acres to five acres. Additionally, all rural and been half completed.
urban parts of the state have mobile connectivity, and there The projected project, which has an 8-lakh square foot saleable
is always access to reliable power, gas, water, and telecom area, is scheduled to debut in the third quarter of 2022–2023.
services. excellent networks of roads and rail. For both mid-scale Private equity investments in self-liquidating mid-income and
and large-scale enterprises, the industrial parks offer the perfect affordable residential and commercial segments are the
warehousing options. The parks are around 50 kilometres from main emphasis of ASK Property Fund. Since 2009, ASK Property
Kolkata,and strategically located, and is connected to NH-6 and Investment Advisors has received funding from family offices,
Bombay Road at Panchla and Ranihati. Modern warehouses and ultra-high net worth individuals (UHNI), high net worth people, and
industry-specific amenities are both present in the complex. institutions totalling around `5,000 crore.

DECEMBER 2022|CONSTRUCTION OPPORTUNITIES 25