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Kolkata Becomes The Most Affordable Indian City To Live Globally

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According to a latest global survey report, Kolkata becomes the most affordable city in India to live across the world. Out of 209 most-expensive cities, Kolkata ranked at 182 in the list. On the other hand, Mumbai, New Delhi, Chennai, and Bengaluru come under expensive Indian Cities to live.

The report states that factors like economy, affordable rental market and relatively higher income of people than other cities are the major reason behind Kolkata’s affordability factor.

What factors make Kolkata an affordable City?

  • As of 2015, Kolkata’s GDP per capita was $1860 which is much less as compared to metro cities like Delhi and Mumbai. This means that it has relatively higher income generation than other cities. Also, due to stable economic activity and simple living style, people here save more and spend less.
  • The report also revealed that the economy of Kolkata is steadily growing with many infrastructural and real estate developments. Presence of Top IT/ITes companies, MNCs and industries are also playing a major role in the city’s economic growth. Apart from this, existence of leading banks and financial institutions headquarters led to the generation of jobs for the middle-segment which further fuels up the city’s economy.
  • The biggest plus point which the city has is its affordable real estate market whether residential or rental. Property price in various localities of Kolkata is budget-friendly as compared to other city’s localities. Due to this, many working professionals are flocking towards this city for better career prospects. Kaikhali, Ballygunge, Behala etc. are some of the popular rental localities of Kolkata.
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Nisha Shiwani hails from the pink city of Jaipur and is a prolific writer. She loves to write on Real Estate/Property, Automobiles, Education, Finance and about the latest developments in the Technology space.



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Commercial

DMRC And PWD Plans To Decongest Mehrauli-Badarpur Corridor

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To provide relief to thousands of daily commuters between the Delhi and Gurgaon stretch, the Delhi Metro Rail Corporation (DMRC) and Public Works Department (PWD) has planned to develop a Triple-deck flyover to decongest the busiest route. The triple-deck train-vehicular flyover-underpass will decongest the Mehrauli-Badarpur corridor of the NCR.

According to the proposed plan, both Delhi metro and PWD will jointly develop this stretch and will soon sign a memorandum on the same.

Informing on the above development, a senior authority official has informed, “It will be an 11.2 km long road with four underpasses and two flyovers. The first two-lane underpass would be 400 meters long and would start at Anuvrat Marg and end at MB Road. The second six-lane underpass would be 500 meters in length and will decongest the busy route between Avenue 31 intersection and the Mandir Marg T-Point.”

About the third underpass, he informed that it would be developed below the flyover at Khanpur traffic signal. Lastly, the fourth underpass would be constructed between DDA Park and Tigri extension. Both of these underpasses will be 400 meters in length.

Apart from this, the authority has also planned to develop a 2.5 km long stretch that will have a double-decker viaduct wherein the Delhi metro rail will run above the flyover. The ramp will be developed between Saket G Block and Ambedkar Nagar and would end nearby Batra Hospital.

Last month only, the design of the three-deck vehicular flyover was planned, designed and submitted to the Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre (UTTIPEC). However, the authorities are waiting for the center’s approval on the same.

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Commercial

Detained Project Report On Chennai-Bangalore Industrial Corridor Completed

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Piyush Goyal, Union Minister for Commerce and Industry informed about the completion of the DPR [Detailed Project Report] for the Chennai-Bangalore Industrial Corridor also known as CBIC.

The proposed plan is designed to have three nodes that include Krishnapatnam in Andhra Pradesh, Ponneri in Tamil Nadu, and Tumakuru in Karnataka. All these places will be developed for the corridor to connect Chennai and Bengaluru, the two major cities of Southern India.

The officials informed that JICA i.e. the Japan International Cooperation Agency drafted the proposed plan for the industrial corridor and also framed the initial master plan to figure out the locations. According to the reports, this project is in the development phase and the completion date of the corridor is yet to be finalized.

SPV i.e. the Special Purpose Vehicles for Krishnapatnam and Tumakuru nodes are well in place. Apart from this, the comprehensive master plan and preliminary engineering activities are also underway for these two nodes. Till now Rs. 9.85 crore is estimated to be incurred on the development of this corridor, however, final costing of the project is yet to be computed.

The Union Government has also directed the State governments to acquire land for the project and the same work is being carried out for the corridor development as the Governments have started the land acquisition process with Krishnapatnam in Andhra Pradesh – 14,000 acres, Ponneri, Tamil Nadu – 21,966 acres, Tumakuru, Karnataka – 9,630 acres.

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Commercial

MMR To Have 13.6 Mn Sqft Of New Mall Space By 2022

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MMR i.e. the Mumbai Metropolitan Region is one of the major retail hubs in India and thus the brands are always keen to acquire space there. According to a report, builders are planning to develop malls in that region as the demand for retail space is increasing by leaps and bounds.

The report by a leading real estate company states that approximately 13.6 mn sqft. of the new mall, space is likely to be developed in the entire MMR by 2022.

Out of this, the Mumbai city will have 82% and Navi Mumbai will have 17% space sharing respectively. The next retail hubs in MMR are Andheri, Bandra, Worli and Borivali as the malls here are likely to be developed between 1 lakh sqft. to 6 lakh sqft.

The average monthly rent in the Mumbai Metropolitan region is nearly Rs. 140 per sqft and the Mall vacancy demand has escalated from 12.60% in 2017 to 16% in 2018. The Mumbai’s high-street shopping experience is likely to get a makeover as the high street market areas like Andheri-Kurla Road, Pali Hills, Bandra West, Kala Ghoda, and Powai are now attracting to mall culture and is clearly seen with the launch of various fine-dining restaurants.

However, the MMR is lagging behind the NCR market where the Mall vacancy stood at 18.2% in 2018 with an average monthly rent of approximately Rs.137/sqft.

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Commercial

Sarovar Hotels Plans To Expand Its Reach Across India By The End Of 2019

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In order to expand its reach across the country, leading hospitality firm Sarovar Hotels has planned to add around 16 properties by the end of this year. With this expansion, the group will be adding 970 more rooms to its portfolio.

At present, the group is managing around 73 hotels in the country and three in the international arena with a total of 6000 rooms.

Speaking on the above expansion, Ajay Bakaya, Managing Director, Sarovar Hotels said, “We took this decision to strengthen our reach across India and that’s why we are opening around 16 new properties by the end of 2019,”

He further added that the upcoming properties will be developed under the brand name- Sarovar Premiere, Sarovar Portico, and Hometel Suites Brand. These properties will be located across various cities like Dehradun, Bengaluru, Dindi, Ahmedabad, Goa, Junagadh, Udaipur, Dahisar, Bodh Gaya, Jammu, Dibrugarh, and Morbi among others.

While most of the hotels will be under the Portico series, the one at Bodhgaya and another at Dahisar will be under Premiere series and Hometel Suites brand respectively.

“The hospitality sector has witnessed a huge jump and a sturdier growth in the last few years. The reason behind this is the increased use of advanced technology as well as huge domestic travel. India remains severely undersupplied in hotel rooms. We will see hospitality grow both by conventional and disrupter means” Bakaya added.

Sarovar Hotels and Resorts is one of the leading hotel management companies in India. The group has its leg in each and every segment of hotels ranging from tech-enabled spaces to modern designs, from affordable to boutique suites across the country. The group also deals in setting up of new hotels and resorts which are managed under long term management contracts.

Apart from India, the group has its properties in Zambia and Nairobi in Africa.

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Commercial

Central Government Plans To Construct Light House Projects Across Six Cities

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To promote the use of Green construction technology, the central government has planned to construct over 6000 lighthouse projects under the Global housing Technology Challenge (GHTC), India. The Government has recently floated Requests for Proposals (RFP) for the same. The GHTC was launched by the government in February this year.

Under the challenge, the government has given a challenge to six different cities to construct over 6000 Lighthouse projects using six different technologies appropriate to the geo-climatic condition. The six selected cities are Chennai, Ranchi, Indore, Rajkot, Lucknow, and Agartala.

These houses will be developed under Pradhan Mantri Awas Yojana-Urban (PMAY-U).

As per the government officials, these projects will be completed within 12 months from the date of beginning at an estimated cost 20,000 dollars. These projects will encourage builders and developers to adopt innovative technologies useful in the construction of housing units. At the same time, some more research in these technologies will help in the development of the construction sector of India.

Elaborating more on the LHP and GHTC, India challenge, Amrit Abhijat, JS&MD (HFA) said, “These lighthouse projects would encourage the potential beneficiaries to visit the selected sites to see the ongoing work for adaptation. It would also serve as open laboratories for a live demonstration and would further garner the attention of academia, practitioners and media connoisseurs.”

To create awareness among developer and builders as well as participating states, the government has also planned a series of events on various web portals. You may log on to www.eprocure.gov.in to download the RFP, and for further details relating to RFP, you can access GHTC-India website at https://ghtc-india.gov.in/.

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Commercial

M Pallonji Owns Turner Morrison Building In Kala Ghoda For Worth Rs. 150 Crores

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In a recent development, M Pallonji Group bought Turner Morrison Building in Fort’s Kala Ghoda area, sources said.

The M Pallonji group is known for operations in construction, shipping and finance and various other sectors. The group bought Turner Morrison building owned a Kolkata-based company for nearly Rs. 150 crores. This building has G+4 floor structure and covers an area of 54,000 sq.ft.

The sources close to the development also informed that all formalities of this freehold property have been completed.

This building has offices of two reputed companies that are Cox & Kings who are the tour operator and a legal company named Crawford Bayley. Turner Morrison also holds some space in the building. The M Pallonji has reportedly paid Rs. 28,000 per sq ft.

A few years back, in 2016, the biggest such transaction took place when a Spanish fashion chain Zara leased 50,000 sq ft carpet area in South Mumbai’s prime location known as Flora Fountain, i.e. near to Fort House.

M Pallonji & Co. Pvt. Ltd. is a reputed firm in the Indian business arena that operates in multiple fields such as power generating stations (hydroelectric and thermal), chemical and fertilizer factories, petroleum refineries, offshore oil and gas platforms and more.

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Commercial

Tata Realty And Infrastructure To Step Up Its Commercial Real Estate Portfolio

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In a recent development, leading realty firm Tata Realty and Infrastructure (TRIL) have decided to step up its focus on the development of more commercial projects to maintain its real estate portfolio. The move has been strategised to create a balance between residential and commercial projects so as to enhance their legs in this real estate category too.

According to company senior officials, the group will start with ramping up their land acquisitions by adding around nearly 10-15 million sq. ft within a short span of time. At present, the group has approximately 5 million sq ft of commercial space, which is completed and leased, while another 2 million sqft is under various phases of construction. The company is also planning to launch more 1 million sqft of commercial development by the end of this year.

Commenting on the above, Sanjay Dutt, managing director and chief executive officer (CEO), TRIL said, “Our main aim is to dominate the commercial real estate market. Currently, the commercial to residential ratio is around 20:80. But with this move, we will now create a balance between the two categories. We want ourselves to be named as an all-rounder in the Indian real estate market.”

He further informed that under this, the company will develop corporate offices, information technology parks as well as shopping centers.

The decision is going to help TRIL in strengthening its commercial office portfolio that generates steady annual income as compared to the residential sector.

Apart from this, the company is also planning to put focus more on real estate developments in markets like National Capital Region (NCR), Mumbai, and Bengaluru along with Pune, Chennai, Kolkata, and Hyderabad.

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Commercial

State Government Approves Metro Expansion In Gurgaon; To Boost Realty Market

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In a recent development, Haryana Chief Minister Manohar Lal Khattar has approved the Detailed Project Report of the proposed metro expansion in the Millennium City Gurgaon. The proposed metro corridor will ensure last-mile connectivity in the IT city linking the newly developed areas such as Sohna, New Gurgaon, Udyog Vihar Phase 6, etc.

The Gurugram Metropolitan Development Authority (GMDA) has recently met and discussed the persistent traffic issues in the city. After the meeting, the officials came out with the decision to expand the current metro line so as to provide relief to the commuters.

As per the Authority officials, the proposed metro corridor is expected to be operational by the third quarter of 2023. The route will have a total of 25 stations along with six interchange stations.

Elaborating on the need of this metro expansion, a senior GMDA official said, “The Millennium city is witnessing a huge influx of working professionals and families from past many years. Due to the development of commercial office spaces in Cyber city, New Gurgaon, Dwarka Expressway, Sohna, etc., the traffic on the roads is increasing and becoming a mess for daily commuters.”

He further informed that the expected expenditure of the project will be 5126 crores and it will be developed by the Haryana Mass Rapid Transport Corporation (HMRTC). The proposed metro stations are HUDA City Centre, Sector 45, Cyber Park, Sector 46, Sector 47, Sector 48, Technology Park, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai, Sector 9, Sector 7, Sector 4, Sector 5, Ashok Vihar, Sector 3, Krishna Chowk, Palam Vihar Extension, Palam Vihar, Sector 23 A, Sector 22, Udyog Vihar Phase IV and V, and Cyber City.

Impact on Real Estate Market

With the development of commercial hubs in Gurugram, the newly-developed residential sectors and areas in and around these hubs have gained traction among many developers to develop their premium, mid-segment and affordable housing projects here. Areas like Sector 46, Sector 47, Sector 48, Palam Vihar, and Sector 22 have seen witnessed many new launches in recent years. With metro connectivity, not only the areas will be linked to the other residential and commercial hubs but will also see a surge in the property prices

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Ministry Of Road Transport To Build Highway Between Chennai And Surat

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In order to enhance inter-state connectivity, the Union Ministry of Road Transport and Highways has decided to build a highway between Chennai and Surat. The 1,461 km-long highway will not only augment connectivity but will also help in boosting the property market of the two cities and its surrounding areas.

As per the Ministry officials, the highway will be developed under the central government’s ambitious Bharatmala Pariyojana.  The stretch between the two cities will pass through various cities of Nashik, Ahmednagar, Solapur, Kalaburgi, Kurnool, Kadappa and Tirupathi. Moreover, the roads between Surat and Ahmednagar in Gujarat and Akkalkot and Mahabubnagar in Maharashtra will have Greenfield alignments.

The other corridors falling in between the stretch will be broadened from the current 2-lane to Four-Lane.

Elaborating more on the above, K R Kiran, Project Director, NHAI, Hyderabad said, “At present, the commuters who want to reach Chennai mostly travel via Pune-Bangalore Highway. Due to this, the route has already been saturated and can’t handle passenger pressure anymore. This has led NHAI to develop a new highway so that commuters can relieve themselves from traffic congestion.”

The highway between the two cities will also enhance connectivity between Chennai and Mumbai. The travelling distance will reduce by 100 km. Once the highway will be operational, the passengers don’t have to take an alternative route via Bangalore to reach Mumbai.

He further informed that the NHAI has already offered the contract of preparing DPR (Detailed Project Report) on the Greenfield stretch between Surat and Ahmednagar. The work on other stretches in Andhra Pradesh, Tamil Nadu, Maharashtra, Gujarat, and Telangana has also started which is currently in various stages of execution.

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Commercial

DLF Goes Into Joint Venture With GIC To Develop Biggest Mall In Gurugram

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The DLF group went into a joint venture with Singapore’s sovereign wealth fund GIC to build a retail mall in Gurugram. This mall will be developed in over 2.5 million sqft area and is believed to be the biggest mall of India, the sources said.

This will be a mix-land project and is planned to have both retail and commercial space named as Down Town. The same will be developed on a 23-acre land parcel owned by the DLF group in Gurgaon. This plot is located on the highway opposite to DLF Cyber Park that is spread over 2.5 million sqft.

The sources said that the retail mall is planned to be a part of 8 million sqft project and will also have serviced apartments, five-star hotel and commercial development. The project will be developed in two-three phases and will take more than five years to complete.

DCCDL i.e. the DLF Cyber City Developers Ltd will develop this project and will replace LuLu International Shopping Mall in Kochi that is spread over 2.5-million sqft and DLF’s Mall of India in Noida as the biggest mall in the country.

In 2017, the DLF and GIC signed jointed venture after the promoters K P Singh and his family sold their shares to the Singapore investment firm.

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