Wednesday, May 12, 2021

Ticker Tape- Construction

Shapoorji Pallonji’s platform Joyville to invest Rs.1200 cr on new housing project in Pune


Business conglomerate Shapoorji Pallonji’s mid-income housing platform Joyville will invest around Rs.1,200 crore to develop a new residential project in Pune. Joyville is a USD 200 million platform by Shapoorji Pallonji Group, ADB, IFC and Actis to develop aspirational housing projects in India. This is the fifth project of Joyville and second in Pune property market.


Shapoorji Pallonji recently launched a 21 acre housing project in east Pune. The project Joyville Hadapsar Annexe will be developed in phases, with the first one comprising 600 units to be sold at Rs.37.5 lakh onwards. The total units in this project will be more than 2,700. This is the second residential project in Pune under ‘Joyville’ brand. Joyville Hinjawadi (West Pune) was launched in 2018 and is completely sold out. The eligible homebuyers can also avail the PMAY benefit up to of Rs.2.67 lakh under the Credit Linked Subsidy Scheme (CLSS) on selected apartments. The company has already started the handover process of phase 1 at Joyville Howrah (near Kolkata) as per the timeline. It is planning to start the handover process of phase 1 at Joyville Virar (near Mumbai) before time. The construction works are on at Joyville Hinjawadi (West Pune) and Joyville Gurugram (sector 102) and expected to be completed as per the timeline.



EIP in talks with ESR to sell warehouses, for over Rs.900 cr


Embassy Group has initiated talks with logistics fund ESR to sell its warehousing and industrial business Embassy Industrial Parks (EIP) for more than Rs.900 crore. EIP was in talks with IndoSpace to sell the portfolio prior to engaging with ESR. The deal, however, did not materialise. ESR is currently conducting due diligence on the portfolio and the deal is expected to be concluded by the end of this year. Embassy is looking to monetise the completed and under construction assets of the platform. The deal will see Bengaluru-based Embassy Group exiting the warehousing business completely. In 2015, Embassy-Warburg Pincus jointly formed EIP, a $250 million logistics platform, to set up industrial parks. It is currently developing warehousing projects at Chakan in Pune, Hosur (TN) near Bengaluru, Farrukhnagar and Bilaspur in Delhi-NCR, Kothur in Hyderabad and Sriperumbudur in Tamil Nadu. Growing e-commerce demand, changing consumer consumption patterns and rapid adoption of omni channel distribution models by companies in the backdrop of the Covid-19 pandemic have likely pushed demand for warehousing and logistics spaces across the country. India is expected to add 170 million sq ft of new warehousing supply across its top 8 cities by 2023, according to the latest warehousing market report by JLL India.



Godrej Properties buys around 15 acre land in Bengaluru for housing project


Godrej Properties, which is part of business conglomerate Godrej group has entered into an outright transaction to purchase a well located land parcel in Sarjapur, Bengaluru. Spread across approximately 15 acres, this project will offer around 1.6 million square feet of potential saleable area comprising of residential apartments of various configurations.


Mumbai-based Spenta Corporation launches new tower in Chembur


Mumbai’s Spenta Corporation Pvt Ltd has launched a new tower Elara as a part of its flagship project Altavista in Chembur. The company will be developing the new tower in association with Sabari Group of Mumbai. The tower will offer fully furnished 2BHK homes starting from Rs.1.49 crore. There are a total of 108 units. The proposed 23-storied tower will comprise five units on each floor with a carpet area ranging from 590 to 699 sq. ft. It boasts of unobstructed view of the Bandra-Worli Sea Link.


The project is MahaRERA registered. There are nine towers in the Altavista project. The delivery date as per RERA for the project is as follows. Phase 1 would be delivered by June 30, 2021; Phase 2 by June 30, 2021; Phase 3 by December 30, 2024, and Phase 4 by June 30, 2024. The total number of units sold for the entire project Altavista.



Embassy, Columbia Pacific to invest Rs.1,000 cr. in senior-living projects


Real estate firm Embassy Group has partnered with Columbia Pacific Communities, an assisted living community operator, to launch senior-living projects across cities and will invest Rs.1,000 crore. In an equal joint venture (JV), Embassy and Columbia Pacific Communities will invest Rs.1,000 crore across multiple project to build a million square feet of senior-living facilities over the next five years.


With this, Bengaluru-based Embassy Group, which has a large commercial office and residential portfolio, is venturing into the senior-living asset class. The first such project under this partnership will be launched at Embassy Springs, an integrated township across 288 acres in north Bengaluru. The first phase will have around 220 units in one- and two-bedroom apartments of 600 – 1,000 sq. ft, which will be priced at Rs.45-69 lakh. The second phase will have 180 homes in a premium-priced category. Across the two phases, the JV will invest around Rs.400 crore.


The first senior-living project in Embassy Springs is based on a sale model but going ahead the joint venture may build and lease such facilities to consumers. Going forward, Embassy will also build such facilities in projects in Mumbai and National Capital Region (NCR), which have come under the merged entity of Embassy and Indiabulls Real Estate Ltd (IBREL), The duo will also look at buying land and developing senior-living projects.



Godrej Properties to develop 20-acre residential project in Mumbai’s Kalyan


Company plans to develop a residential project; project to offer 15 lakh square feet of saleable area


Godrej Properties has entered into an agreement to acquire a land parcel in Kalyan, Mumbai spread across 20 acres. The project will offer approximately 139,000 square meters (1.5 million square feet) of a saleable area comprising primarily of residential apartments of varied configurations with a small amount of retail and commercial space.





Mumbai-based Group Satellite to invest Rs.100 cr. in five projects, first launch likely in December


Mumbai-based Group Satellite is getting down to business aimed at first-time homebuyers, the affordable-to-luxury housing group plans to launch houses priced at Rs.45 lakh by December this year.


The almost 50-year-old realty group, which has to its credit more than 60 projects spread across five million sq ft in tony Nepean Sea Road, Worli, Andheri and the deeper western suburbs, has five new projects lined up. The company has planned five projects spread across a total area of 2 million sq ft that until December 2021.


These include a high-end project, one mid-income and three low-cost housing projects targeted at first-time homebuyers. The affordable housing units are priced between Rs.45 lakh to Rs.1 crore. The middle-income category is priced between Rs.1 crore to Rs.3 crore and the high-end category is priced above Rs.3 crore.


The projects, with an investment of close to Rs.100 crore, were located in Mulund, Tardeo, Malad, Worli


The high-end project will get launched closer to September 2021. The company is hoping to launch affordable and middle-income units before March 2021. The company is confident of launching one project in December and one in March next year. These will primarily be in the affordable and mid-segment categories,” Jain said. The projects were delayed by a year on account of the pandemic.




GMR Infra sells 51% stake in Kakinada SEZ to Aurobindo Realty for Rs.2,610 crore


GMR Infra recently signed an agreements for the sale of its entire 51% stake in the Kakinada SEZ to Aurobindo Realty for Rs.2,610 crore. The SEZ’s subsidiary Kakinada Gateway Port will also be sold.


KSEZ is engaged in the business of implementation of a port based multi-product special economic zone project at Kakinada, East Godavari District, Andhra Pradesh. KGPL plans to set up a greenfield commercial port in Kona Village of the East Godavari Dist., of Andhra Pradesh.



Bhutani Infra to develop 16 million square feet in Noida, to invest Rs.5,000 crore

Noida-based real estate developer Bhutani infra will invest Rs.5,000 crore in developing 16 million square feet of Grade A office space in the next three years. Bhutani Infra is developing three projects - Alphathum, Grandthum and Cyberthum in Noida, which are at various stages of construction. The company, which has already delivered 5 million square feet, looks to retain 30% of the portfolios and might come up with REIT later. Located at Sector 90, Noida Bhutani Alphathum, which will be delivered in March next year, offers around 35 lakh sq ft of office spaces and a shopping mall spread across 7 lakh sq ft. The project also offers 500 studio apartments. The company is also developing Bhutani Grandthum, a high street retail destination. Spread in an area of 23 acres, it offers close to 6,00,000 Sq ft for high street retail. The company’s third project - Bhutani Cyberthum is being developed across 27 acre.





IndoSpace acquires 135 acre in Gurugram for Rs.280 crore, to develop logistic park


Warehouse and logistics park developer IndoSpace, the real estate arm of Everstone Group, is in talks to acquire a 135 acre land parcel in Gurgaon for Rs.280 crore. The land parcel, along national highway 8, belongs to Gurgaon-based developer Uppal Group and several other partners who own stake in it.


The land parcel is located right in the middle of the upcoming Delhi-Mumbai expressway. Ideally, the land is suitable not just for warehousing but also for integrated industrial township to promote walk to work.


Everstone Group, which has 35 logistics and industrial parks, is looking to expand its presence in north India.


Indospace has also partnered with Haryana, Maharashtra, Karnataka and Tamil Nadu to develop industrial and warehousing parks.




Indian cities drop in Global Smart City Index; Singapore on top


The Institute for Management Development (IMD), in collaboration with Singapore University for Technology and Design (SUTD), has released the 2020 Smart City Index, with key findings on how technology is playing a role in the COVID-19 era. Four Indian cities — New Delhi, Mumbai, Hyderabad, and Bengaluru — witnessed a significant drop in their rankings in the global listing of smart cities that was topped by Singapore. The Institute for Management Development (IMD), in collaboration with Singapore University for Technology and Design (SUTD), has released the 2020 Smart City Index, with key findings on how technology is playing a role in the COVID-19 era. In the 2020 Smart City Index, Hyderabad was placed at the 85th position (down from 67 in 2019), New Delhi at 86th rank (down from 68 in 2019), Mumbai was at 93rd place (in 2019 it was at 78) and Bengaluru at 95th (79 in 2019).


From 15 indicators that the respondents perceive as the priority areas for their city, all four cities highlighted air pollution as one of the key areas that they felt their city needed to prioritise on.


For cities like Bangalore and Mumbai, this was closely followed by road congestion while for Delhi and Hyderabad it was basic amenities. The 2020 Smart City Index (SCI) was topped by Singapore, followed by Helsinki and Zurich in the second and the third place respectively. Others in the top 10 list include Auckland (4th), Oslo (5th), Copenhagen (6th), Geneva (7th), Taipei City (8th), Amsterdam (9th) and New York at the 10th place.In SCI’s context, ‘smart city’ describes an urban setting that apply technology to enhance the benefits and diminish the shortcomings of urbanization.


The second edition of the SCI ranked 109 cities worldwide by capturing perceptions of randomly chosen 120 residents in each city. Hundreds of citizens from 109 cities were surveyed in April and May 2020 and asked questions on the technological provisions of their city across five key areas: health and safety, mobility, activities, opportunities and governance. Reflected in this year’s rankings is that cities have ever differing approaches to technology as managing the pandemic has become increasingly important in local politics.





Ashiana Housing to invest nearly Rs.400 crore on new housing projects


Realty firm Ashiana Housing will invest around Rs.400 crore over the next four years on new housing projects that it plans to launch during this fiscal year, and is also looking for partnerships with landowners for expansion of its business. The company  will launch over 14 lakh sq ft area during this financial year. This will be new phases in existing projects as well as entirely new projects. The total cost to develop this 14 lakh sq ft area is estimated at Rs.390 crore in four years. Ashiana Housing has a presence in Jaipur, Bhiwadi, Jodhpur, Jamshedpur, Neemrana, Sohna, Lavasa, Pune, Halol, Chennai and Kolkata.




Emami Realty to launch projects in Bhubaneswar, Chennai


Emami Realty has also invested Rs.223 crore on a 100-acre township in Jhansi during the pandemic Emami Realty plans to launch projects in Bhubaneswar and Chennai over the next one year and a half. It has already invested an amount of Rs.187 crore for these projects.


The integrated township project called Emami Nature will be developed in two phases. The company has launched over 200 plots and villas as part of phase 1. The township has a total built-up area of 48.66 lakh sq ft, of which 27 lakh sq ft in the first phase. The plots and villas are priced between Rs.27 lakh to Rs.1.3 crore.


“Emami Tejomaya Phase II in Chennai is priced between Rs.35 lakh and Rs.1.00 crore comprises 900 units and is a mid-segment residential project and would be delivered within 3.5 years. We are planning to launch an affordable project in Bhubaneshwar and would be delivering it within the same time. These units would be priced between Rs.25 lakh and Rs.55 lakh.


A mix of mid-segment and affordable is expected to gain traction during and post the pandemic, said Kumar.



L&T Realty forays into Chennai commercial market


L&T Realty is betting on the southern commercial market, as the real estate unit of engineering conglomerate Larsen & Toubro plans to launch its maiden office project in Chennai. The 6.85 million sq ft project will be developed in four-five phases. In the first phase, L&T Realty will develop around 1.2 million sq ft that is expected to be completed by 2022.


The project will also have a million sq ft of residential development space. The project is coming up on a 40-acre plot in the IT hub of Chennai that was owned by group company, L&T Valves, which was shut down a few years ago.


L&T Realty is present in West, South and North India with many residential, commercial and retail projects.





Smart Cities Mission: Proposal to make Rajasthan’s Bharatpur a smart city


Bharatpur is likely to become a Smart City in the coming years as the plan to include the city in the Modi government’s Smart City Mission has intensified. Recently, the Urban Development Department has sent a proposal to the Union Ministry of Urban Development to include Bharatpur in the Smart City Scheme. In this regard, a few days ago, the Chief Minister of Rajasthan, Ashok Gehlot had also given instructions to the Urban Development Department, according to a Dainik Bhaskar report. The Minister of State for Medicine and Health, Subhash Garg was quoted in the report saying that after joining the Smart City Mission, the city of Bharatpur will grow rapidly, and also the number of jobs will increase.


For the centrally-sponsored Smart Cities Mission, the central government has provided funds of Rs.200 crores for the first year as well as Rs.100 crores for the next four years in various schemes. Additionally, the state governments are also providing financial assistance for these projects. In the Smart City Mission, the Modi government wants to provide world-class hospitality to 100 cities across the country. For this, the government has made a provision of Rs.98,000 crores for a period of five years, the report stated.



Some of the key features of Smart Cities are as follows:


  • Planning of ‘unplanned areas’ comprising a range of compatible activities as well as land use close to one another
  • Expand housing opportunities for everyone
  • Developing walkable localities, which will help in reducing congestion, air pollution and resource depletion. Also, this will give a boost to the local economy, promote interactions and ensure security.
  • Creating or refurbishing roads for vehicles and public transport as well as for pedestrians and cyclists
  • Developing and preserving open spaces – playgrounds, parks and recreational spacesPromoting various transport options – Transit Oriented Development, public transport as well as last-mile para-transport connectivity
  • Making governance cost-effective and citizen-friendly by relying on online services to bring transparency and accountability
  • Giving the city an identity, based on its local cuisine, health, culture, arts and craft, education, dairy, sports goods, hosiery, furniture, textile, etc.
  • Applying smart solutions to services as well as infrastructure in development that is area-based, in order to make them better

Leave a Comment

Email Address
(will not be published)