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Ticker Tape August 2023

Construction Ticker August 2023

Larsen & Toubro Construction to construct a cricket stadium in Uttar Pradesh

The Buildings & Factories (B&F) Business of Larsen & Toubro (L&T) Construction has recently secured orders in India and Bangladesh. The business has secured an order from the Uttar Pradesh Cricket Association for the ‘Construction of a Cricket Stadium at Varanasi, Uttar Pradesh’ on a Design and Build Turnkey Basis.

The seating capacity of the stadium will be 30,000 spectators. The scope includes the main ground as per ICC standards, a display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen and dining areas, and a practice ground. The total site area under development is 30.67 acres.  Additionally, the work scope involves finishes, allied MEP services, and external development within the site premises. The business has secured another order from the Bangladesh Hi-Tech Park Authority to construct Hi-Tech IT Parks at 4 locations across Bangladesh. EXIM Bank is funding this project.

The major scope of work for the project comprises the construction of seven storied structural steel buildings at all eight locations with BUA of 1.2 million square feet, including civil, finishes, façade and electromechanical works with LEED Gold rating. The scope also includes HVAC, lift, electrical, fire fighting system, public health engineering, networking and security system, building management system, site development, road, boundary wall, landscaping, arboriculture, etc. The project locations are in the districts of Cox’s Bazar, Chattogram, Cumilla and Sylhet of Bangladesh.

Lemon Tree Hotels signs a new property in Hissar, Haryana

Lemon Tree Hotels announced its latest signing – Lemon Tree Hotel, Hissar, Haryana. The property is expected to be operational by Q4 of FY 2024 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited. The property will feature 50 well-appointed rooms, a banquet hall, meeting rooms, two restaurants, a swimming pool, a bar and other public areas. Hissar, a historic city in Haryana, has a rich cultural and historical heritage that attracts tourists interested in exploring its landmarks, museums, and local culture. The Hisar Fort is a prominent attraction built by Firoz Shah Tughlaq in the 14th century. The city has several gates and structures, including the Gurjari Mahal, Diwan-i-Aam, Lat ki Masjid and even an Ashokan Pillar. Close to the mosque lies a mound which most likely houses the ruins of an older Harappan Civilisation town.

The Agroha Dham, a temple dedicated to Goddess Mahalakshmi, is an important pilgrimage site for the Agrawal community and is located about half an hour away from Hisar. The city has a vibrant local culture and traditional folk performances, festivals, and fairs showcase the region’s heritage. The Indira Gandhi International Airport New Delhi is about 148 km from the property, while the Hissar Junction Railway Station is just 1 km away. The hotel is connected by both public and private transport from all major cities in India. Speaking on the occasion, Vikramjit Singh, President of Lemon Tree Hotels Limited, commented, “We are pleased to partner with RVS Hotels & Resorts for our latest signing in Hissar. This is an addition to ten operational hotels and one upcoming property in the state. We plan to have a variety of offerings in different parts of the country to cater to all kinds of travellers—from those looking at budget stays to the ones who want more luxurious options.”

Danube Properties launches Rs.1800 crore Elitz 3 Project amidst high demand from Indians

Danube Properties, the fastest-growing private real estate developer in the UAE, announces the launch of Elitz 3 at the Jumeirah Village Circle (JVC), with a development value exceeding Rs 1800 crore. The project will be in the same area as Elitz and Elitz 2 towers, currently under construction at the JVC, to meet the growing demand from Indians for quality homes.

Danube Properties is also witnessing an increased number of Indians opting for the famous 1% plan, where the monthly payment is set at just 1% per month while the balance payment is collected after the building is ready. Elitz 2 has witnessed over 42% of Indians investing in the project and 100 % opting for this plan.

“Dubai’s real estate market continues to defy global economic slowdown due to its dynamism and attractiveness and we see sustained growth shortly, which reinforces our firm belief in the market. This has encouraged us to launch Elitz 3 within just a month after launching Elitz 2 at the Jumeirah Village Circle (JVC). With Dubai becoming the global hub for the real estate market, Indians have been at the forefront of investing in the UAE market as Dubai has become their favourite destination for property investments,” Rizwan Sajan, Founder and Chairman of Danube Group, said.

He complimented the UAE’s leadership in handling the COVID-19 pandemic and managing the post-pandemic recov ery. This has drawn the attention of the global investor community who have started to relocate their resources to the UAE. The movement is evident in the growing number of tourists, businessmen, new business set up and purchase of both off-plan and ready-to-move-in apartments and villas.

“The launch of the Elitz 3 comes after Dubai’s real estate market has seen an unprecedented surge in the number of real estate transactions, reaching 60,440 worth Dh177.3 billion being recorded during the first half of the year. The value of real estate sales recorded in the first six months of the year exceeds the annual sales value recorded each year in Dubai from 2009 to 2021. Real estate is currently the biggest driver of Dubai’s economy, attracting a large pool of domestic and foreign investment,” Sajan added.

When completed in the fourth quarter of 2026, the twin-tower project Elitz 3 will rise 40 and 46 floors high and deliver 750 residential units, including studio apartments, 1-bedroom, 2-bedroom, and 3-bedroom apartments, and a few retail stores. Like most other Danube projects, homes at Elitz 3 also come with more than 40 community, health, and lifestyle amenities including a health club, swimming pools, sports arena, tennis court, barbecue area, and jogging track, among other facilities.

Prices of residential units start from Rs.1.57 crore/ Dh699,000 (US$190,305) for a studio apartment, making them an attractive proposition for home buyers and investors who could benefit from the continuous price appreciation as the real estate sector is witnessing an increase in demand. Danube Properties’ homes come with a payment plan with a 1% monthly payment plan, following the initial deposits–making home acquisition more affordable and attractive.

The homes are usually delivered around mid-way through the payment plan, which means the buyer can move into the apartment after paying 65 %t of the total value of the property. This helps homeowners extract additional value by increasing rent savings or by paying the equated monthly installments (EMI) from the rental income.

Danube Properties maintains a policy of launching one project at a time, selling it out, and then appointing a contractor to build the project before launching the next one. It has delivered 11 of them while the rest are currently under various stages of construction.

In addition to launching projects and building them, Danube Properties will also deliver three projects this year including Wavez, Jewelz, and Olivz. Most of the projects launched in 2022 and 2023 are ahead of the construction and delivery schedule.

“Elitz 3 comes with more than 40 lifestyle facilities that offer luxury and larger-than-life lifestyles to homeowners who will be pampered with the best available in the market. With the increased number of lifestyle facilities and amenities, we are gradually expanding and upgrading the comfort level to our buyers, who see an increasingly greater value in our properties. Our trend-setting 1% monthly payment scheme is helping more and more tenants to buy property and enjoy living in their own homes, which has increased the number of freehold homeowners in the UAE,” Sajan said. Elitz 2 homes will be smart and sustainable and consume less energy – in line with the ‘Year of Sustainability’ ahead of COP28.

Danube Properties offers homeowners a 10-year Golden Visa – especially those who qualify as per the investment criteria – subject to government approval. As a testament to the Dubai Land Department trust, the DLD also signed an agreement with Danube Properties to offer an Initial Sale Contract (Oqood) to property buyers almost instantly.

Danube Properties last year launched and sold out five projects with 2,099 homes worth Dh2 billion. As one of the most successful developers in the UAE with the highest launch-to-delivery ratio, Danube Group has recently delivered Bayz, Elz, Glamz, Lawnz, Resortz, and Starz, and while it is preparing to deliver three more projects this year. All these projects have been greatly appreciated by those who have bought units in them.

Neetnav Real Estate to develop commercial complex in Mumbai

Neetnav Real Estate is planning to develop a commercial complex at Gundavali in Andheri (East), Mumbai. The proposed project will come up on 1.38 acres of land comprising a tower with two wings of 2B+G+15 floors, including offices and a parking facility. As per the information available with Projects Today, Neetnav Real Estate is awaiting environmental clearance (EC) and necessary approvals for the project. Work on the project is expected to be completed by August, 2026.

Galaxy Group leases RLDA land for Rs.356 cr for residential project in Delhi

NCR-based Galaxy Group has leased a land parcel from the Rail Land Development Authority (RLDA) for Rs.356 crore for a residential development project in South Delhi’s Lodhi Colony. The developer is likely to invest another Rs.1,000 crore for development of projects which includes flats for railway staff.

The entire land area has been bifurcated into Part-A & Part-B (Sewa Nagar) and Lodhi Colony, and the developer will be offered Part A (Sewa Nagar) and Lodhi Colony for developing the project components accordingly. The total land area is 4,3345.82 sq. mtrs. out of which 16,058.40 sq. mtrs. will be leased for residential development for a period of 99 years. Galaxy and Sawasdee Group will utilise the land with about 5,00,000 sq. ft. of saleable area for the luxury residential project. Construction work will start after master planning and design aspect of the project which will take six months.There are existing 278 flats (202 in Sewa Nagar and 76 in Lodhi Colony. The balance area of 27,282.42 sq. mtrs. of land in Sewa Nagar Part-B will be utilised for redevelopment of the existing Railway colony. The Group is developing multiple commercial projects in Delhi, primarily in Old Delhi, Rohini and Paschim Vihar. A mega retail and commercial destination in Sector-63, Noida is a key ongoing project. The upcoming development will be in proximity to key locations of Lodhi Colony, Chanakyapuri Diplomatic Enclave and Golf Links.

India’s construction sector second largest employment generator

India’s construction sector is the second largest employment generator with 7.1 crore workforce employed currently and the number is set to cross 10 crore by 2030, according to Knight Frank-RICS report. The output generated from the Indian real estate sector is estimated to grow to $1 trillion by 2030 from the existing $650 billion, it added. Real estate consultant Knight Frank India and Royal Institution of Chartered Surveyors (RICS) on Thursday released a report ‘Skilled Employment in Construction Sector in India’ that assesses the growth in this sector emphasising on the existing levels and gaps in skilled employment in the sector.

“Growth in India’s real estate and infrastructure sector will generate considerable demand for manpower in the industry. With the advent of technology, the construction sector has also adapted itself to improve productivity, raising the demand for skilled manpower,” the report said. As per the report, India’s construction sector is the second largest employment generator and as of 2023, 71 million (7.1 crore) of the workforce is estimated to be employed in the construction sector. However, 81 per cent of this workforce is unskilled and only 19 per cent are skilled employees.

Employment in the construction sector is estimated to grow to 100 million to attain economic growth targets, it added.

“Owing to the growing demand for real estate and infrastructure, the demand for skilled employees will continue to arise from developers, construction companies, consulting firms etc whereas the supply of the skilled manpower is to be generated from government initiatives, academic and training institutes,” the report said.

As per the estimates of the National Skill Development Council (NSDC), 87 per cent of the overall employees (skilled and unskilled) are absorbed by the real estate sector, whereas 13 per cent are absorbed by the infrastructure sector.

Of the total workforce of 71 million employed in the construction industry, 4.4 million are core skilled employees which includes engineers, technicians, clericals etc, and 6.9 million are vocationally-trained employees.

Integrow Partners with Pranami Group, Will Invest Rs.225 Crore in Multiple Landmark Real Estate Projects

Integrow, the trailblazing tech-driven real estate investment platform, proudly announces its collaboration with Pranami Group, a distinguished name in the real estate industry with a remarkable track record of over 23 years. Through this strategic partnership the firm will invest Rs.225 Crore in an array of residential and commercial projects with Pranami Group, further solidifying Integrow’s commitment to delivering superior results for its investors.

Pranami Group, led by the visionary Chairman and Managing Director, Bijay Agarwal, has been a force to reckon with in the real estate domain. With an impressive portfolio that spans over 5 million square feet, including the iconic new ‘Mall of Ranchi,’ one of the largest malls in Eastern India, the Group has consistently exemplified excellence in creating innovative and high-quality real-estate spaces.

“We are delighted to join hands with the Pranami Group in this exciting venture,” said Ramashrya Yadav, CEO and Founder, Integrow. “Their expertise, commitment to excellence, and vision align perfectly with Integrow’s mission of providing unparalleled access to institutional-grade real estate assets.”

The collaboration will focus on investing Rs.225 Crore in multiple projects through several fund schemes. These include Pranami Group’s recently acquired developments in Mumbai suburbs of Andheri and Ghatkopar. Integrow’s tech-driven approach to real estate investment will ensure transparency and active asset management, empowering investors to partake in landmark projects and reap sustainable alpha benefits.

“At Pranami Group, we have always strived to deliver exceptional residential and commercial projects that exceed expectations,” said Bijay Agarwal, Chairman and Managing Director, Pranami Group. “Partnering with Integrow, a forward-looking platform that shares our commitment to excellence, provides us with an exciting opportunity to create transformative spaces that will redefine urban living in the region.”

Through this collaboration, both Integrow and Pranami Group aim to set new benchmarks in the real estate industry, offering unparalleled living experiences to residents and cutting-edge commercial spaces to businesses. The projects undertaken will showcase architectural finesse, timely execution, and a customer-centric approach that has become synonymous with both Integrow and Pranami Group. Investors and stakeholders can look forward to a series of ground-breaking projects that embody the essence of innovation, sustainability, and top-notch quality.

Agami Realty inks pact to redevelop MHADA Society in Bandra

Agami Realty, the real estate development arm of the Agami Group, has entered into an agreement to redevelop a housing society in Mumbai’s posh locale of Kalanagar, Bandra East.

The project to be developed on the land parcel spread over 0.25 acres is estimated to offer Agami Realty a development potential of about 1 lakh square feet and a free-sale component of about 45,000 square feet. This may translate into a revenue potential of over Rs.225 crore as per the prevailing pricing trends in the micro-market according to the market sources.

The project will be a boutique residential development conceptualized with art and sustainability’ as its foundation. The 22 storied edifice is being designed by renowned architect Reza Kabul and it offers stunning 2.5 and 3 bed lavish residences with skydecks. Speaking on the occasion, Prashant Khandelwal, CEO of Agami Realty said, “Society redevelopment is the most excellent opportunity in Mumbai today and we would like to leverage our expertise in developing quality and climate smart real estate developments.”

The project is strategically located in the heart of Mumbai’s most buzzing and opulent neighborhood – BKC Annex. This locality due to its proximity to BKC has drawn many bigwigs and CXOs – the who’s who of the corporate world. The area also offers excellent connectivity and surrounding social infrastructure with top notch education institutions, healthcare facilities, clubs and high street retail. Agami Realty is set out on a mission to revolutionize the built environment and enhance people’s quality of life. Their vision is to foster climate-conscious communities and redefine the integration of nature in design, architecture, and construction. Its endeavor is to develop energy efficient green buildings that reduce carbon footprint by adopting measures such as energy generation, energy efficiency, electric mobility and climate responsive architecture.

Agami Realty was among the first ones to develop a residential township with IGBC Platinum rating in the year 2010. By setting new standards and adopting an innovative approach, they aim to inspire the creation of smarter homes, smarter communities and actively contribute to a greener, more sustainable, and resilient urban landscape.

Agami Realty has been in the business of real estate for over five decades now. They have successfully delivered over 25 projects across the MMR region translating into over 25 lakh square feet.

The company currently has four ongoing projects with a total area of 5 lakh square feet. It has four upcoming projects in pipeline with a potential development area of about 10 lakh square feet.

Chennai Water Board signs pact with WATCO for 24-hour water supply project

The Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) has signed a memorandum of understanding (MoU) with the Odisha Water Corporation (WATCO) to implement round-the-clock drinking water supply project in the city.

WATCO will be the nodal agency for the Rs 1,958.25 crore drinking water supply project, and be responsible for preparation of the detailed project report (DPR).

CMWSSB plans to improve the existing distribution system in two zones on a pilot basis, which will take forward the concept to enable the use of water directly from the tap for drinking and cooking. The project was announced in the demands for grants of the Municipal Administration and water supply department under the State Budget for 2022-23.

The project envisages raising the capacity of the water distribution infrastructure, including the overhead tanks and storage sumps. The plan also includes replacing old pipelines and covering unserved streets. Moreover, to ensure equitable supply, water would be supplied only to that particular ward from the overhead tank, post disconnecting all interlinked pipelines.

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