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Ticker Tape July 2023

Construction Ticker July 2023

Mistry Store launches AI tool for 1.5 lakh home building professionals in India

Mistry.Store, an exclusive platform for building materials has launched an AI-powered assistant tailored specifically for interior home building professionals in the country.

The tool – Buildi – aims to revolutionize the work processes and streamline daily activities with a simplified and efficient experience for over 1.5 lakh home building professionals, it said.

“Our objective is to automate routine business tasks, foster creativity in executing projects, assist in devising effective growth strategies, and more. This launch is nationwide, enabling professionals from any corner of the country to benefit from this tool,” said Vaibhav Poddar, co-founder of Mistry.Store adding that its core objective is to enhance the productivity and efficiency of professionals by providing customized marketing communication solutions and assisting them in identifying business growth opportunities.

It has capabilities such as identifying tailored business growth initiatives, creating effective marketing communication, generating sample bills of quantities (BOQs) for quick estimates, and simplifying client communications like email drafts and SMS messages. Founded by Poddar and Bhanu Mahajan in 2022, Mistry.Store provides home building materials like plywood and boards, hardware and tools, electricals and lights, paints and chemicals, and sanitary and plumbing on its platform.

India’s home interiors market, which was estimated to be worth a little over $23 billion in 2020, is expected to grow at 5-10% CAGR. Mistry.Store has so far raised $2 million in a seed funding round led by Omidyar Network India, Waveform VC, and Bharat Founders Fund. A recent report by Prabhudas Lilladher said building material companies under its coverage universe are expected to report healthy volume growth with strong traction in real estate, agri and infra.

“We remain positive on the sector considering buoyancy in the real estate market despite interest rate hike, government focus on housing, sanitation and infrastructure, improvement in agri segment with normalization in raw material prices, pick up in export, and increase in branded or large players market share,” said the report. Buildi will focus on core areas such as automating acquisition channels, streamlining workflows and planning, easing workload through client support, and providing design suggestions based on individual customer preferences. By enabling customers to visualize and experience interior designs before making final decisions, AI will facilitate professionals in making informed choices.

Mantra launches two new towers at 29 Gold Coast Project in Pune

Mantra Properties has launched two luxury towers at its 29 Gold Coast Project in Tingre Nagar, Pune. The unveiling ceremony took place on 6 July, 2023. To meet diverse housing needs, the luxury real estate developer will add two-and three-BHK units, which blends functionality, contemporary architecture  and sustainability, creating an exceptional living experience for its residents.

Possession of the units is scheduled for 2025.

The project boasts of a residential community with modern amenities and connectivity to key zones, schools, hospitals, shopping outlets, and transportation hubs for convenience.

UK Realty receives OC for Rehab Tower in Mumbai

UK Realty, a real estate developer, announced the completion and attainment of the Occupation Certificate (OC) for the Rehab Tower in UK Luxecity, Kandivali. This achievement exemplifies the company’s commitment to delivering exceptional housing solutions to the community. The tower, standing tall with its 23 floors, represents a symbol of elevated living and improved lifestyles for 406 families.

The Rehabilitation tower, located in Kandivali, a prime area known for its thriving community and convenient amenities. With meticulous planning and execution, UK Realty has created a residential complex that provides a comfortable and modern living environment for its residents. 

“We are delighted to announce the successful completion of the Rehab Tower in UK Luxecity and the subsequent handover of possession to 406 families,” said Dinesh Bansal, chairman of UK Realty. “This achievement reflects our commitment to providing affluent residential solutions that uplift the lives of our residents. We take pride in offering a hygienic and improved living environment that enhances the lifestyle of our valued customers.”

In addition to the rehabilitation tower, UK Realty has presented the sale building within the UK Luxecity township. Spanning over 20 acres, this development in its current phase offers over 1100 flats across four towers.

The sale building consists of two towers with 33 floors each and two towers with 27 floors each, providing a diverse range of residential options to suit various needs. The company is in the process of handing over possession to approximately 503 families.

BCD Group crosses Rs.1,000 crore worth of projects

BCD Group has crossed Rs.1000 crore worth of projects, posting an increase of 30 per cent in the first quarter of FY24 in comparison to the same period last year, for under construction in Bengaluru. Some of the key projects are residential and commercial development from builders including Assetz Group, Salarpuria Sattva, Puravankara and Century Group as Bengaluru continues its bull run in the demand for residential properties.

In the first quarter of FY24, the company received project construction orders worth Rs.300 crore for the civil construction of premium properties across central and secondary business districts.

Bengaluru’s residential real estate market has been growing significantly on the back of the city’s robust infrastructure, presence of global companies offering immense employment opportunities and the growing importance of housing as an asset post COVID-19.

According to a report by Jones Lang LaSalle, residential sales in the top seven Indian cities rose to 215,000 units in 2022, a 68 per cent year-on-year growth. Among the cities leading the sales included Bengaluru, Mumbai, Delhi- NCR and others.

“We had already crossed a milestone order book of over Rs.1,000 crore in the first quarter and are quite bullish for the ongoing fiscal. Bengaluru has been one of the fastest-growing residential markets for us. We have several projects in the pipeline in the city and will continue to invest in the market,” said Angad Singh Bedi, Managing Director, BCD Group. With these projects, BCD Group is further expanding its presence in the industry.

LP Logiscience inaugurates 5 lakh square feet green warehouse

LP Logiscience, the warehousing and contract logistic arm of 100-year-old Liladhar Pasoo Group, has inaugurated a Grade A green warehouse in Mumbai’s Bhiwandi suburbs. Spread over a private campus of 15 acres, with 5 Lakh square feet of storage space, equivalent to 30,000 pallet positions; this is amongst the largest 3PL multiclient facilities in India.

The warehouse is also equipped with infrastructure for sustainable resource management. It can generate up to 500KW of solar power, store up to 4.5Lakh liters of water through rainwater harvesting, and operate EV and CNG vehicles for green distribution. LP Logiscience has made a mark for itself as a niche warehousing solution provider and has been driving the transformation of the warehousing sector in India since its inception a decade ago. It is also adopting tech-enabled operations focusing on building carbon-neutral/ sustainable warehouses in India while offering its clients the best in warehousing and storage facilities.

Speaking about the warehouse and the brand’s journey, Varun Gada, director of LP Logiscience, said, “We are committed to providing value-added, customised solutions that are executed in a manner compliant with the highest industry standards of safety. We are also committed to driving efficiency by leveraging the best in tech innovation and creating sustainable and green warehouses to help our customers achieve their carbon emission goals. This facility in Bhiwandi is one big step in the direction.”

He added that apart from solar power and rainwater harvesting for the warehouse, the company aims to impact the local community and share the surplus power to meet the requirement of its immediate neighborhood. “In the coming months, we also aim to increase our presence in CNG & EV vehicles to further help build sustainable supply chains. We look forward to the continuous support of our stakeholders to make this a success,” Gada stated.

Apart from the green initiatives and safety compliance, the warehouse also boasts many unique features, including 14 meters of ceiling height, 42 loading and unloading docks, and a fleet of 10 EVs and 10 CNG trucks for green distribution. The private campus outside the warehouse boasts water tanks with 4.5 lakh liters of water collected through rainwater harvesting for effective firefighting, a gazebo and recreation area for truck drivers and a place for employees and transporters to relax and rejuvenate between shifts.

Speaking about the design and the build of the warehouse, Sumit Mhatre, lead warehouse developer, said, “We have been in this industry for a decade now and have developed over 1.25 crore square feet of warehouse space in the Bhiwandi region. And so far, this LP Logiscience warehouse is one of the most unique warehouses that matches international storage solutions standards, which we have had the honor to build. The list of requirements, attention to detail, and stringent compliance to safety standards made this a unique learning experience even for us. We are grateful to have had the opportunity to be a part of this project and look forward to creating many more state-of-the-art storage solutions for LP Logiscience in the coming years.”

Apart from safety compliance and green initiatives, LP Logiscience has been aggressively driving tech integration in warehousing. Along with standard WMS features like inventory accuracy, visibility, traceability, and location management, LP Logiscience has also created customised solutions for its operations and a few industry-specific solutions. Additionally, all their warehouses are cloud-connected, including handheld terminals used for all warehouse processes, and have many tech features.

With a strong business model supported by an IT backbone and a focus on green practices, over the next five years, LP Logiscience aims to further accelerate digital adoption, expand the geographical reach and build state of the art, green warehousing facilities across the country, keeping in mind a growth target of CAGR 30%.

Macrotech Developers inks pact for mixed-use project in Mumbai’s Andheri

Realty developer Macrotech Developers has entered into an agreement with Havemore Realty to develop the free-sale component of a 1.4-million sq. ft. project in Andheri locality of Mumbai. As per the agreement terms, Macrotech Developers will be responsible for the development of a mixed-use project, whereas Havemore Realty is required to obtain mandatory approvals apart from completing the rehabilitation part of the project.

The developer company will get access to nearly 2.50 lakh sq. ft. for the development, and has already paid stamp duty of Rs 7.83 crore towards registration in May, 2023. As HDFC was the financial investor in the development which was undertaken by Havemore Realty as a slum rehabilitation project, HDFC which has now merged with HDFC Bank will get a certain built-up area as part of repayment of its investment made earlier. Also, the pact with Macrotech Developers was concluded prior to the merger.

In the quarter ending June, 2023, Lodha has added five new projects across micro-markets with potential gross development value of Rs.12,000 crore, even as it builds on a pipeline of business development opportunities.

Max Estates eyes Rs.1,800-cr revenue from its first luxury residential project

Max Estates, the real estate arm of Max Ventures & Industries Limited (MaxVIL), is expecting a revenue of Rs.1,800 crore from its first luxury residential project. The company had acquired 10 acres in Noida through the acquisition of 100% equity in Accord Hotels and Resorts Private Limited, which holds the land as its only asset.

With around one million sq ft of saleable area, Max Estates has sold the project, Estate 128, at Rs.18,000 per sq ft, making it the costliest project in Noida. The project will include a 46,000 sq ft club and 80% of the area will be green.

Welspun Enterprises bets big on water business, eyes 3-fold growth

Infrastructure company Welspun Enterprises Ltd. (WEL), part of the Welspun Group, is betting big on the water and wastewater management business and expects threefold growth in the segment in the next three years.

“Water is one of the biggest segments in our portfolio. Recently I have an order book of Rs.5,500 crore in three years, I would be very surprised if it’s not over Rs.15,000 crore in three years,” said WEL managing director Sandeep Garg.

The Ramco Cements Ltd commissions Line 3 at Ramasamy Raja Nagar plant

The Ramco Cements Ltd have commissioned Line III at its Ramasamy Raja Nagar (R R Nagar) of 3,000 TPD capacity of clinkerisation. This is the first integrated cement line, commissioned in the last 15 years in the South of Tamil Nadu.

The electrical energy required for this new line is being completely catered by green power from its own wind mills

With the commissioning of Line III clinker manufacturing facility at its R R Nagar Plant, the requirement of limestone has gone up. To meet the additional requirement of limestone, the company have envisaged a wet beneficiation system at its mines, by which it can beneficiate marginal grade limestone / lime Kankar into cement grade raw material for manufacture of cement clinker.

The company has engaged one of the premier material science research institutes, in arriving at a proper process design and system design for this application and subsequently procured equipments from a leading European machinery supplier. The project execution had commenced during January 2023. Against the estimated commissioning time of July 2023, the project got commissioned one month ahead (i.e) in June 2023. The plant has been operating successfully. The company is in the process of stabilising the plant and arriving at the proper mix of various grades of limestone to be beneficiated, so as to meet the additional requirement of limestone. Since this plant is a wet beneficiation based system, the company uses water as a basic beneficiating agent.

Because of the technology the company is using and various measures undertaken by it, it has reached the following landmark achievements.

  • The company does not draw any water from the ground and 100% of the water requirement is being met from the pits that have been stored with rain water. Of the total water used in the process, around 90% of the water is being recycled back into the system. The remaining 10% of the water is also allowed to be absorbed into the ground through soak pits to rejuvenate the ground water level.
  • The system also gives abundant scope to beneficiate rejected / low grade ore to be used for cement manufacturing, thereby helping it to conserve the limestone mineral and extend the mines’ life.

By this way, the project is one of the important sustainability initiative in its business operations.

The company also manufactures a new plastering compound in the brand name of RAMCO ECO PLAST (self curing plaster) at R R Nagar. This plastering compound, once applied does not require curing at all, saving substantial quantity of water during construction.The company also manufactures a special cement in the brand name of RAMCO 53 INFRA SUPER, especially for a high-tech concrete structures, which reduces the usage of admixtures and the amount of cement thereby bringing down the overall Carbon footprint.

Shree Cement completes Rs.550 crore cement plant in Purulia

Shree Cement on Friday has completed the Rs.550-crore greenfield cement plant in the Purulia district, Bengal. The company said this is its first production facility in Bengal and has begun trial production from Friday. With this plant, the total cement production capacity of the group has increased to around 50 mt per annum across 15 plants. The 3-million-tonne per annum plant set up at an investment of around Rs.550 crore was entirely funded through internal accruals. This new plant will serve the growing cement demand in fast-growing Bengal and Jharkhand markets, helping faster supplies to its customers, Neeraj Akhoury, the managing director, said. He also said the company is determined to reach over 80 mt capacity at an accelerated pace over the next few years.

L&T, DRDO signs contract to build AIP modules for Indian Navy submarines

Larsen & Toubro (L&T) and Defence Research and Development Organisation (DRDO) signed a contract for the realisation of two air independent propulsion (AIP) system modules for Kalvari-class submarines of the Indian Navy. The modules constitute the core of the fuel cell-based AIP System, which is indigenously developed by the Naval Materials Research Laboratory (NMRL) of DRDO with L&T as industry partner. The energy modules (EMs) comprising fuel cells will produce the required power, along with on-demand hydrogen generation on the submarine. The manufacturing, integration and factory acceptance trials of the EMs would be undertaken in L&T’s AM Naik Heavy Engineering Complex in Surat, Gujarat as the EMs would be integrated into the AIP plug to be retrofitted into the submarine. An AIP module, which is a niche technology, extends the endurance of conventional submarines. Moreover, it is a green technology since the by-product of the reaction is non-polluted water which can be released into the oceans. In January, 2023, DRDO and Naval Group of France, the manufacturer of Scorpene class submarines, signed an agreement to fit the indigenous AIP system on INS Kalvari, the first Scorpene-class submarine.

L&T has received Transfer of Technology (ToT) for the AIP system from DRDO and the ToT documents were handed over to L&T by the Defence Minister Rajnath Singh during Aero India, 2021.

Nuvoco Vistas completes AFR Project at Chhattisgarh and Rajasthan units

Nuvoco Vistas Corporation has announced the completion of its alternative fuel resource (AFR) project at Risda cement plant (RCP) in Chhattisgarh and Nimbol cement plant (NCP) in Rajasthan.

The project which primarily focuses on environmental sustainability, has several other benefits for clinker production and can help the company to reap significant cost savings through its alternative fuels program aimed at reducing dependency on fossil fuels. The cement company has installed a system which utilizing agricultural waste, refused derived fuel (RDF), plastic waste, municipal waste, biomass and other hazardous sources.

Nuvoco has introduced AFR feeding into the pyro-process system for enabling uniform feeding and incorporating all necessary safety interlocks throughout.

This enables the use of alternate fuels in an efficient manner, while resolving issues associated with landfills and waste accumulation.

Godrej Construction expands its presence in Nagpur with supply of AAC blocks

Godrej & Boyce, the flagship company of the Godrej Group, announced that Godrej Construction is expanding its presence in Nagpur with supply of its Autoclaved Aerated Concrete (AAC) blocks, as a part of their offerings in walling and paving solutions.

With a growing demand driven by real estate and infrastructure development aided by government initiatives in tier 2 and 3 cities, the business is targeting to double its market growth rate for its walling and paving Solutions in FY24. The comprehensive range of Godrej’s TUFF AAC Blocks provides eco-friendly alternatives to traditional brick production by utilising fly ash, which is a by-product of burning coal for energy generation. Use of sustainable TUFF AAC Blocks contributes to a greener and more sustainable future, ensuring long-term environmental and economic benefits.

Furthermore, regional government initiatives and a booming real-estate sector are likely to drive up demand for AAC Blocks in Tier-2 regions. Godrej Construction is also looking at expanding its reach to Chhattisgarh and Madhya Pradesh cities beyond Nagpur to capitalise on the demand for such sustainable construction materials. The 126-year-old Godrej & Boyce of which Godrej Construction is a part, has had the privilege of trust and loyalty from their customers over the decades. Godrej Construction, which has been operational for over two decades, carries forward the same strong legacy, commitment to quality, innovation, and eco-friendliness through its products and services in Nagpur.

To enhance customer experience, the company developed the user-friendly mobile application ‘Godrej Go Tuff’. It serves as a common platform for builders, developers, and contractors in residential and commercial projects, facilitating seamless browsing, viewing, and ordering of products under construction materials.

Anup Mathew, Senior Vice president and Business Head, Godrej Construction said, “Progressive companies in the real estate and construction industry have begun making good strides towards sustainable development. At Godrej Construction, we are committed towards providing sustainable solutions for stakeholders involved in the development of the built environment.”W

The company has a wide range of eco-friendly products, including TUFF Concrete Products and Solutions, recycled concrete blocks and pavers, Godrej TUFF AAC Blocks etc. Many of these products are already IGBC GreenPro certified.

Godrej claimed that its TUFF AAC Blocks are light in weight, to facilitate faster construction, as well as offering thermal insulation, fire resistance and long-term durability. “With our innovative range of construction materials, we are constantly striving to meet or even exceed the expectations of our customers – by supporting them in developing good quality real estate assets and for timely completion of their projects through successful collaboration on their construction projects. Our endeavour is to constantly work with other stakeholders in our industry to help develop a better built environment for our future generations,” Mathew added.

Nibav Home Lifts implements SAP’s ERP solution to improve business efficiency

Intent to revolutionise its business processes and improve its operational efficiency, Nibav Home Lifts has implemented SAP’s enterprise resource planning (ERP) software. Through this strategic move, the company aims to streamline its business processes across departments and seamlessly create centralised systems of data and a holistic work environment for its employees.

SAP brings in improved data management, enables automation of workflows and access to information through cloud or on-premises, and supports significant currencies globally to ease international transactions. It also showcases important data pointers via intuitive real-time dashboards and visualisations. This contributes to resource optimisation and enhanced productivity for both employees and customers.

SAP’s comprehensive suite of modules will support Nibav in finance and controlling, sales and distribution, material management, production planning, and quality management by integrating them into a centralised system. This will help eliminate the scope of duplicate efforts, reduce manual errors, and accelerate decision-making processes. Vimal Babu, Founder and CEO of Nibav Home Lifts, said, “By harnessing SAP’s advanced features, we are revolutionising our operations, optimising efficiency, and elevating our customer experiences to new heights. This momentous step underscores our commitment to innovation and delivering unparalleled value. With SAP as our strategic partner, we are poised to shape the future of our industry and create lasting success for our customers and stakeholders.”

SAP’s advanced functionalities drive enhanced process efficiency, enabling Nibav’s employees to focus on critical responsibilities while gaining a comprehensive understanding of operations. This heightened efficiency will also contribute to the company’s revenue and profit growth, paving the way for overall organisational success.

Saya Group to invest Rs.2000+ cr to develop India’s sky-high mall

Saya Group will invest Rs.2000+ crore to develop & deliver India’s tallest mall, Saya Status, on Noida Expressway. The project spans approx. 1.4 million sq-ft consists of nine floors of vertical development and is fully paid-up land.

The development boasts of innovative design and architectural values, offering a range of luxury amenities. Construction of the project is in full swing, with the mall set to open its doors in 2025. It has been designed by architectural firm DP Architects, based in Singapore, the brain behind Dubai Mall.

“We are committed to developing Saya Status, India’s tallest mall, into one of the country’s iconic commercial spaces. We are confident that it will set new standards in the retail industry,” said Vikas Bhasin, CMD, Saya Group. The company’s commitment to quality is evident in its completed residential projects, including Saya Gold Avenue, Desire Residency, and Saya Zenith.

Saya Group also has other projects in the pipeline, including Saya Piazza in Jaypee Wish Town and Saya South X in Greater Noida West. Saya Piazza is a premium retail arcade strategically located with a catchment area of over 50,000 families. On the other hand, Saya South X will elevate the retail experience with premium business suites with a diverse selection of luxury brands set against tasteful landscaping.

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