Real Estate

Ghaziabad- Dilshad Garden Metro Route To Start From January 2019; Real Estate To Get Big Boost

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In order to lessen the travelling time between Delhi-Ghaziabad, the much-awaited Dilshad Garden-Ghaziabad metro line will be open for public use by January 2019. The trial run on the 9.41km stretch has already been completed. Both the Ghaziabad Development Authority (GDA) and Delhi Metro Rail Corporation (DMRC) are fast-tracking the final work on the route.

In 2014, the DMRC and GDA have planned to extend the metro route to ease traffic woes of daily commuters. The 9.41 km elevated router will cover eight stations – Shahid Nagar, Raj Bagh, Rajendra Nagar, Shyam Park, Mohan Nagar, Arthala, Hindon and New Bus Adda. Almost 90% of the work has already been completed on all the metro stations.

The estimated cost of the complete project is nearly Rs 2,210 crore with about Rs 1,479.6 crore shared between various state agencies. The funding pattern has already been approved by the Uttar Pradesh Government. According to this pattern, the share allocation for the various agencies are Rs 695.8 crore for the GDA, Rs 246.35 crore for the GMC, Rs 440.45 crore for the UP Awas Vikas Parishad and Rs 97 crore for the UPSIDC.

Apart from the metro line, three other flyovers will be constructed in Vasundhara, Hapur Chungi and Rajnagar Extension to ease traffic on the busy stretches and curtail travel time.

Boon to Real Estate Sector 

The proposed metro route will not only enable faster travel between Ghaziabad and Delhi but also add feathers to the realty market of the connecting regions of Ghaziabad. The residential and commercial properties around the Metro stations especially the newly launched one will receive a big boost once the metro line will start its operations. Residential projects like Gulmohar Greens, Saviour Park, M.R. Proview Shalimar City are already serving much of the population, while the demand for new project has already increased after the announcement of the stretch.

Real Estate

Wellworth Realtech Likely To Invest Rs 106 Crore In Its Delhi-Based Residential Project

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Wellworth Realtech, the Delhi-based company is likely to invest Rs. 106 crore to construct 4.5 lakh sq. ft. residential project situated in Chandanhola.

On 11th February, the firm has already applied for environmental clearance in regard to the same project.  However, the application is under-process in the Ministry of Environment, Forest and Climate Change.

The project is planned to be developed on a land parcel of 2.68 acres and the company has estimated that a cost of Rs.106 crores will be incurred to complete the project. The Wellworth Realtech is planning to develop two towers that will comprise of 197 apartments.

The company has allocated Rs. 97 lakhs for environment management in the project.

The company is in the business of construction from past 12 years and Mehar Chand Tanwar, Kanwar Singh Tanwar and Dinesh Tanwar are presently the board of directors of the same.

The recent Annual General Meeting [AMU] of the company was held in the year 2014 and the company has updated its fiscal figures with the Ministry of Corporate Affairs in the same year.

The company also has a capital of Rs 1.0 lakhs and it has 100% paid-up capital of Rs. Rs 1.0 lakhs.

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Real Estate

In Debut Logistic, Deal Morgan Stanley Invest Rs. 350 Crore In Pune’s KSH Infra

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Morgan Stanley Real Estate firm has made its debut in the logistics business and also signed a purchase deal of worth Rs. 350 crore in regard to the same. The company purchased a major stake in SPV i.e. a special purpose vehicle owned by Pune’s KSH Infra. The company is known to develop city-based warehousing and industrial logistics park.

The international private real estate investment management firm of Morgan Stanley Investment Management and Pune-based KSH Infra has planned to develop extra 1.1mn sq. ft. market in the cultural capital of Maharashtra.

Rohit Hegde, managing director, KSH Distriparks said that the company is actively conceptualizing expansion of industrial warehousing verticals also look forward to the increasing demand from multiple industries including manufacturing, logistics companies, retailers and e-commerce players.

The KSH Infra has two functional warehousing and industrial logistics parks in Chakan and Talegaon areas of Pune and this sum upto nearly 1million sq. ft. that is on lease to blue-chip multinationals.

The KSH Infra was pulled out from merging with KSH Distriparks in pursuant to the transaction that operates an Internal Container Depot (ICD) out of Pune and also owns 3PL logistics business all over India.

Hedge also said that the company plans to develop 5.5 mn sq.ft. of warehouse and logistic parks all across the country as there is a huge rise in demand for warehouse and logistics. The company is planning to involve more investors in the special purpose vehicle level for business expansion.

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Real Estate

Godrej Central: Thoughtfully-Designed Residences In Chembur, Mumbai

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Godrej Central is a premium residential development by renowned Godrej properties located in the prime location of Chembur, Mumbai. This thoughtfully-planned project is especially curated for those who want to live a hassle-free life amidst larges open spaces and green environs.

Godrej Central offers spacious 1, 2, 2.5 and 3 BHK residences in various sizes and configuration. Each and every residential unit is brilliantly-crafted to provide maximum privacy and luxury to its residents. All the residences are equipped with premium finishing, preinstalled electrical appliances and much more.

The project is also home to plethora of amenities like multipurpose court, landscaped gardens, clubhouse, walkways etc. Godrej Central also lies in close proximity to railway stations, highways and airport making your life easier and happier than ever.

Premium Features of the Project:

  • 1 BHK, 2 BHK, 2.5 BHK and 3 BHK Homes
  • Excellent Connectivity
  • Well Landscaped Gardens
  • Clubhouse with Gymnasium
  • Multipurpose Court with Cricket Pitch
  • Amphitheatre

Location of the Project:

  • Airport – 14 Km
  • Chembur Station – 2 Km
  • Kurla Station – 2 Km
  • Mumbai Metro – 3 Km
  • Mumbai Monorail – 900 m
  • Eastern Freeway – 5.6 Km

The project is registered under RERA with registration number: RERA No: P51800001107

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Real Estate

Peninsula Land To Develop 600 Affordable Luxury Residences In Pune

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Leading real estate developer Peninsula Land has recently announced the launch of the second phase of its affordable luxury project- Address One Central Park located at Gahunje Pune. The group which is a part of the Ashok Piramal Group will be investing Rs 160 crore to develop 600 residences in the second phase of the project.

The residential development will be offering 1, 2 and 3 BHK spacious flats with price starting from Rs 19 lakh all inclusive. In April, last year, the group has launched the first phase of the project. More than 800 flats have already sold-off in this phase.

With tagline ‘Luxury for All’, Address One Central Park is aesthetically planned and designed renowned architect Hafeez Contractor. All the residences are designed to provide luxury that too at minimum cost. The group has designed just 4 apartments per floor to ensure maximum privacy to its residents. The residences will be vastu-friendly as well as comprise of all the modern-day facilities.

Speaking at the launch, Rajeev Piramal, vice-chairman, and managing director, Peninsula Land Ltd said, “We are very excited on the launch of the second phase of addressOne Central Park. We plan to invest Rs 160 crores, in developing 600 apartments in the second phase. At Peninsula Land, we believe in providing homes with luxurious amenities to our customers at affordable rates.”

Spread over 5.36 acres of area, the residential development is located adjacent to Mumbai-Pune Expressway and MCA cricket stadium.  The project is also home plethora of amenities like a clubhouse with community hall, games room & gymnasium, Swimming pool, Cricket nets, temple, Kids play area, Jogging track, cycling track, football field.

The project comes under central government ambitious scheme of ‘Housing For All’ i.e. PMAY. Also, in order to provide benefits like interest-free loans on stamp duty and registration to home buyers, Peninsula Land has also tied up with Home Capital.

The addressOne have been registered under various phases via MahaRERA registration numbers: Phase 1: P52100015756 | Phase 2: P52100015747 | Phase 3: P52100015779 | Phase 4: P52100015803 | Phase 5: P52100018855 | Phase 6: P52100018788

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KIAFL Invests Rs 725 Crore In Embassy Group’s Commercial Project In Bengaluru

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KIAFL (KKR India Asset Finance Limited) – The real estate NBFC arm of the leading global investment firm KKR has recently invested Rs 725 crore in the commercial project of renowned realty firm Embassy group located in Bengaluru. It will be premium office space that comprises of Grade ‘A’ office spaces for leading corporates.

KIAFL came to India in 2015 and since then it has invested $1.5 billion in various Indian residential and commercial real estate projects. However, there main focus cities are Bengaluru, Pune, Mumbai and Hyderabad.

Giving more information on the above Sanjay Nayar, member & head, KKR India said, “KIAFL pioneers in providing tailored, and flexible financing solutions to good-quality projects situated in Tier 1 cities. Keeping this in mind, Bengaluru is most favourable to us,”

Known for its on-time delivery, customer satisfaction and high-quality projects, Embassy group caters to almost all the real estate sectors that range from residential to commercial and Hospitality to retail and industrial warehouses.

Confirming this investment, Jitu Virwani, MD, Embassy Group said, “Embassy group is looking forward to work with the enthusiastic KKR team. As players of the real estate industry, we know that at present demand for commercial office space is very high in India. So, developing a premium-quality product will definitely attract several corporates to invest with us.”

Last year, the Embassy group has registered India’s first ever REIT with the world’s largest real estate private equity firm Blackstone. The estimated cost of the REIT was over Rs 5000 cr under which the group will be developing 33 million sq ft office real estate portfolio across the country.

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Real Estate

WeWork India Acquire Entire Building In Andheri, Mumbai

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WeWorks, a New York- coworking firm’s Indian branch has acquired complete commercial buildings in Andheri, Mumbai. The building is acquired on the long-term lease of nine years along with a clause to review rental cost at the end of every three years.

According to the sources, the deal has been finalized and the setup work will be started in the next couple of weeks.

Vijay Diamond building covers more than 1 lakh sq.ft carpet in Andheri, Mumbai with a car parking facility of approximately 200 cars.

WeWork’s Indian arm started its operation in July 2017, and is regularly acquiring properties in order to expand its presence in the Indian real estate market. At present, the company is operational in 21 locations and has acquired more than three million sq. ft. area.

Prior to this, the company has acquired 1.9 lakh sq. ft. building owned by the Enam Securities Group. This building is located in Mumbai’s business district Bandra-Kurla Complex. Apart from this, the company also leased two buildings in Worli and another 1 lakh sq. ft. office in Navi Mumbai.

Recently, Karan Virwani, CEO India has said that WeWorks Indian arm has contributed 10% in 2018 and we are hopeful to have occupancy of 95% buildings in coming six months. He also said that the company has done exceptionally well and we are looking forward to business expansion in the Indian property market.

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Real Estate

Chennai Metro Phase 2: TN Government Approves Over Rs 2,600 Crore For The Project

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After the successful completion of the first phase of the Chennai Metro, the Tamil Nadu Government has now given its nod to the second phase of the project by allocating Rs 2,681 crore for 2019-20. This will be a 118 km long metro route that will connect the suburbs to the city center.

The announcement has been in the recently declared budget of the state FY 2019-20. In his Budget speech, deputy chief minister and finance minister O Panneerselvam said, “The state government has also given an administrative sanction for a total cost of Rs 40,941 crore. A sum of Rs 2,681 crore has been allocated for the Chennai Metro Rail Project as share capitals and debt,”

He further said out of Rs 40,941 crore, Japan International Cooperation Agency (JICA) has sanctioned Rs 20,196 to kick-start the work of the main corridor which is from Madhavaram to Sholinganallur and Madhavaram to CMBT. The length of this corridor will be 52.01km.

Sources from the metro rail authority said that they have already started work on soil-testing and detailed design of the main corridor. Tender distribution and construction work are likely to begin by mid-year and end of the year respectively.

“Funding for remaining other stretches is in progress. After the completion of phase 2, the metro will cover a total stretch of 172.91km in the city.” Sources added.

Panneerselvam also told that currently, Chennai Metro Rail Corporation is in talks with four different international fund management companies to arrange fund for rest of the portion i.e. Sholinganallur – Siruseri SIPCOT, CMBT – Sholinganallur, and Lighthouse – Poonamallee.

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Real Estate

Reliance Realty To Develop 30 Million Sqft Fintech Hub In Navi Mumbai

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Reliance Realty, an independently managed real estate subsidiary of Anil Ambani’s RCom, will soon develop a 30 million sq.ft mega fintech hub at Dhirubhai Ambani Knowledge City (DAKC) in Nani Mumbai.

Just a few days back, the group has received final approvals from the Department of Information Technology, Maharashtra Govt. and Maharashtra Industrial Development Corporation (MIDC). The fintech hub will be built under the state govt. new Fintech Policy.

According to company sources, the commercial project will be built in phases, of which the 15 million sq.ft of the development has to be completed in next 10 years, as told by the Government to the officials. Once developed, the commercial space will provide employment to 2.5 lakh people and will be home to some of the leading fintech, banking, insurance, NBFC, IT and ITeS companies.

The projected capital value of the project is around Rs 14,000 crore and the location where it will be constructed has the potential to earn a rental income of around Rs 75 per sq. ft.

Situated in Kopar Khairane, Navi Mumbai, DAKC is a technology park which has been spread over 56 hectares of land. At present thousands of employees are working in this city. It also comprises of an artificial lake, bank, ATMs, temples, fountains, medical facilities, parking lot and a helipad.

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Govt Informs Lok Sabha, We Will Construct 65,000 Kms Of Highway Across Country

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Nitin Gadkari, the Union minister for Road and Transport informed the Lok Sabha recently that the Central Government has planned to construct 65,000 kms of highways across the country. The construction cost of these highways is estimated to be more than Rs. 5.35 lakh crores by 2022.

While speaking in the Lok Sabha, the Union minister also said that the highways of 65,000 Kms will be developed under the Bharatmala Pariyojana of the Central Government and 24,800 kms stretch of the highways comes under economic corridors, inter-corridors, feeder routes and border roads.

The minister also said that Rs. 5,35,000 crores is proposed to develop all highways, including 10,000 kms of residual National Highway Development Project stretches for the construction under Phase-I of the Pariyojana in the five-year tenure from 2017-18 to 2021-22.

To ensure expeditious implementation, the construction of these stretches under the Bharatmala scheme is well-planned. The projects will be monitored regularly under the Bharatmala Pariyojana to complete the construction of highways in a time-based manner.

Till now, 137 road projects, have reached multiple stages of implementation at a length of nearly 6,530 kms.

The Union minister also informed Lok Sabha that a cost of Rs. 1800 crores is incurred under the Chardham projects that will connect Hindu shrines in Uttarakhand. This project is estimated to be completed within its deadline of March 2020.

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In Bengaluru, Diageo Sells 30,000 Sq. Ft. Space To DivyaSree Group In UB Tower

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The company sold 30,000 sq. ft. office space in a deal of Rs. 28,000 per sq. ft. the highest ever finalized deal in Bengaluru’s property market.

Sumeet Chawla, Vice-President of DivyaSree group said that the Diageo firm will sell and lease the land for the operations of its office from the same premises even after the transaction.

The Indian office of Diageo has five floors in the UB Tower and sold four of them as a part of the asset disposal plan.

In Bengaluru, the UB Tower is a premium office space and the company is selling the same property that they have acquired in the settlement with the UB Group in 2016.

Spread in more than 85,000 sq.ft. area, the UB Tower is a luxury commercial-cum-retail asset in the city. Indian businessman Vijay Mallya also used to operate his business from here. Both, his private and family offices are located on the top floor of this building.

The sources feel that Diageo is looking forward to monetize its non-core assets to cut down its debt.

Chawla, Vice-President of DivyaSree group said that the deal is closed and Diageo has the option to stay operational from this premise for three years.

He further said that DivyaSree group plans to convert this property into a co-working space else will rent it as an office property.

Diageo acquired 54.8% shares in United Spirits, Vijay Mallya’s company in 2013-14.

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