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Muskan Aggarwal

Muskan Aggarwal
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Under PMAY-Urban construction of 3.61 lakh houses approved

By
Muskan Aggarwal
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In the 56th meeting of CSMC, approval was agreed to. The meeting was held under the chairmanship of Durga Shanker Mishra, secretary of Ministry of Housing and Urban Affairs (MoHUA). The construction of PMAY-Urban houses is in numerous phases.

Under PMAY-Urban construction of 3.61 lakh houses approved

Under the Affordable Housing Partnership, Beneficiary-Led Construction (BLC) and In-Situ Slum Redevelopment (ISSR) verticals of PMAY-Urban the Central Sanctioning and Monitoring Committee (CSMC) of Pradhan Mantri Awas Yojana (Urban) has approved the building of 3.61 lakh houses from 17 states/union territories (UTs).

In the 56th meeting of CSMC, approval was agreed to. The meeting was held under the chairmanship of Durga Shanker Mishra, secretary of, Ministry of Housing and Urban Affairs (MoHUA).

The matters related to construction of houses under the mission were put forward by Mishra and he ordered them to settle the problems without holdup so that the construction of houses can be accelerated.

Under the mission, the total number of authorized is now 1.14 crore; of which more than 89 lakh have been grounded for construction and 52.5 lakh have been finalized and provided to the beneficiaries.

Rs 7.53 lakh crore is the total investment of the mission out of which central assistance Rs 1.85 lakh crore.  Funds of Rs 1.13 lakh crore have already been disclosed so far.

The CSMC also accorded authorization for revision of projects from 14 states/UTs translating into 3.74 lakh houses.

250 applications received by Greater Noida Authority for 90 industrial plots

By
Muskan Aggarwal
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By Thursday, the last day for the submission of applications, the number of applications is possible to reach 360. Later on December 5 a draw of lots would take place and the plot allotments may produce investments up to Rs 1,000 crore and revenues varying from Rs 250 to 300 crore for the authority.

250 applications received by Greater Noida Authority for 90 industrial plots

Under a scheme initiated on November 3, GNIDA (The Greater Noida Industrial Development Authority) has obtained 250 applications for 90 industrial plots. By Thursday, the last day for the submission of applications, the number of applications is possible to reach 360.

Later on December 5 a draw of lots would take place and the plot allotments may produce investments up to Rs 1,000 crore and revenues varying from Rs 250 to 300 crore for the authority.

Also, officials said that it would also generate employment opportunities for 2,500-3,000 people.

The location of industrial plots are in sectors Ecotech 1 Extension 1 and Ecotech 6 and these plots will vary from 450 square meters (sqm) to 40,470 sqm. The assignment of plots, less than 4,000 sqm in size, would be performed by a draw of lots.

Though, interviews will be conducted by GNIDA  for plots sized over 4,000 sqm. Officials said that any industry who is non-polluting can operate on the land.

Previously, the authority had inaugurated a scheme comprising 23 industrial plots, during which the public exhibited similar excitement.

Total 384 entrepreneurs submitted applications and out of which 340  had wanted to make full payment at a go.

“Greater Noida remains the first choice of entrepreneurs in terms of industrial investment. For this reason, all the industrial plot schemes of the authority are successful,” said Narendra Bhooshan, CEO, GNIDA.

He added that in the past few years, the authority had enhanced the business situations for investors.

“Greater Noida has become one of the best cities in the country in ease of doing business. Investors are constantly demanding land from the authority for setting up industries. Our Udyog cell handles these demands, drawing up industrial plot schemes periodically,” said Narendra Bhooshan, CEO, GNIDA.

GNIDA website contains all further details related to the scheme.

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QR code to be installed in 70,000 houses by Gaya civic body

By
Muskan Aggarwal
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A white coloured card with a QR code will be installed at the entry gate of every house. With the help of mobile phones, the cleanliness staff can scan the QR code, after which the code in the control room would turn green.

QR code to be installed in 70,000 houses by Gaya civic body

Gaya Municipal Corporation (GMC) in a bid to ensure a clean and smart city, has concluded to install QR cards in more than 70,000 buildings. By March next year under the municipal area OR cards will be introduced to ensure lifting of garbage regularly. The project has already commenced, and a private agency will oversee the work of QR card installation in the city.

Among all urban local bodies, the GMC has recently attained the top position in the state having a population of less than 10 lakh in Swachh Survekshan 2021.

If garbage is not collected from the houses or localities mobile application will be developed by the municipal corporation where citizens can report their complaints. After a complaint, the garbage will be collected or lifted within 2-3 hours. From the control room, all garbage lifting will be monitored and to be made functional at the GMC office.

A white coloured card with a QR code will be installed at the entry gate of every house. With the help of mobile phones, the cleanliness staff can scan the QR code, after which the code in the control room would turn green.

A biometric attendance system will be introduced to ensure that the cleaning staff does not skip duty.

Also, to ensure transparency and track location GPS has been installed in the vehicles being used in garbage lifting. To make the process working house owner can register their complaints at the control room if there is any abnormality in the lifting of garbage.

Mayor Birendra Kumar alias Ganesh Paswan said, “The project would be carried out in all the 53 wards. The agency entrusted with the work would be setting up the control room and other necessary infrastructure very soon.”

He added: “We often received complaints from people that garbage was not collected from their houses or any particular locality. On some occasions, slackness by cleanliness staff also came to light. The QR card would ensure transparency. People will be able to register their complaints, if any, on the app being developed for the purpose.”

Two large projects were taken by Axon Developers with 310 crore investment

By
Muskan Aggarwal
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Founder and Managing Director of Axon, Ankit Kansal said that to complete the Keltech Kumar Green Project the company has entered into a development agreement.  This project is located at Noida extension in Uttar Pradesh and comprises 350 flats.

Two large projects were taken by Axon Developers with 310 crore investment

Axon Developers, a realty firm recently set up by promoters of brokerage firm 360 Realtors, said on Thursday that in Delhi-NCR it has taken over two real estate projects. Also, an amount of Rs 300 crore will be invested to finalize these projects.

Founder and Managing Director of Axon, Ankit Kansal said that to finish the Keltech Kumar Green Project the organization has come into a development partnership. This project is located at Noida extension in Uttar Pradesh and comprises 350 flats.

He told reporters that it has completely obtained a retail project ‘Manish Galleria 91’, having 3.5 lakh square feet saleable area, in Gurugram from Manish Buildwell.

“We have launched a new company which will mainly focus on completion of stressed and stalled projects, especially in North India. We have already taken over two projects in Delhi-NCR,” Kansal said.

In the next 18 months, the company will invest around Rs 110 crore to finish off the residential project at Noida Extension. The investment will be through internal accrual and sales, he added.

“We will invest around Rs 200 crore over the next two and half years to complete the Gurugram retail project,” he said.

Kansal said from these two projects the company anticipates the fulfillment of a sale of around Rs 650 crore, of which Rs 500 crore will come from retail projects.

Through greenfield and brownfield routes Axon Developers is looking at building up more projects in Delhi, Noida, Gurugram, and Lucknow, both through greenfield.

“We have also put bids to acquire projects through an insolvency process. We are also looking for greenfield projects,” Kansal said.

One of the leading property brokerage firms, 360 Realtors last year partnered with Rising Straits Capital to initiate a Rs 100 crore stress fund to deliver last-mile financing to builders to finalize their residential properties.

To complete the stalled and stressed residential, in 2019, the government had set up a Rs 25,000 crore fund across the country.

After sand prices increased construction sites fall silent in Andhra Pradesh

By
Muskan Aggarwal
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Due to floods in the Krishna River for the last three months, sand reaches have been closed. The price of land has been fixed at Rs 680 per tonne, which is almost double the price.

After sand prices increased construction sites fall silent in Andhra Pradesh

With prices shooting up the construction industry is in limbo and there is a serious sand scarcity across the Krishna district for the last three months. For the last three months, sand reaches have been shut down due to floods in the Krishna River.

The construction activity slowed down due to the non-availability of sand. But an agency assigned by Andhra Pradesh Mineral Development Corporation (APMDC) is dealing with sand reserved at stockyards after sand trucks were rinsed away in the Krishna River at Chevitikallu sand reach.

Due to floods in the Krishna River for the last three months, sand reaches have been closed. The price of land has been fixed at Rs 680 per tonne, which is almost double the price of sand reaches

K Venkata Nagaraju, a member of Capital Region Builder Association (CRBA) said “It is not viable to buy sand from stock points. Cost of 10 metric tonnes of sand from Keesara stock point to Vijayawada city costs around Rs 12,000. We have stalled our construction temporarily and are waiting for the price to come down.”

He further added, “The cost of cement has crossed Rs 390 per bag in the city and we urge the government to consider our problems.”

Different workers like Masons, daily workers, carpenters, involved in iron bending and painting activities have been struck with the downshift.

A painter from Maruti Nagar, K Rambabu said in an interview to ET that “Construction activity has reduced drastically in recent times. Painting works are done at the final stage and most constructions have been stalled midway. It may take several months to revive the activity. We are going for domestic work to feed our family.”

Building workers’ associations have strongly obstructed the sand supply system and urged the state government to supervise the prices of sand and cement.

60,000 sq. ft. space in Hyderabad and 38,000 sq. ft. in Mumbai leased by EFC

By
Muskan Aggarwal
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In Hyderabad spaced average rent will be Rs 5,500 per seat per month on the other hand it will be Rs 14,000 per seat per month in BKC.

60,000 sq. ft. space in Hyderabad and 38,000 sq. ft. in Mumbai leased by EFC

A Pune-based flexible workspace provider EFC (Entrepreneur Facilitation Centre) has leased 28,000 sq. ft. office space in Hi-Tech city and 32,000 sq. ft. space in Begumpet, Hyderabad. The information was confirmed by the CEO of the company, Umesh Sahhaaii.

It was also disclosed that 38,000 sq. ft. space in Bandra Kurla Complex (BKC), Mumbai has also been leased by the organization.  EFC is aiming to open 20 additional centres across India in the next year

In Hyderabad an average rent will be Rs 5,500 per seat per month and on the other hand it will be Rs 14,000 per seat per month in BKC.

Due to the pandemic in 2020 demand was restrained, Sahhaaii says the interest from corporate and MSMEs is retreating. Despite the pandemic, EFC alleges to have organized to keep all its centres and that the occupancy at all its centres is now back to 75-80%.

The CEO said, “Post pandemic, there is an increased demand for managed offices or enterprise solutions as this reduces companies operating cost. Also, many now are opting for hybrid models and hence such flexible spaces make more sense.”

As for the pandemic, Sahhaaii says that it did have a consequence on their revenue as landlords rejected to decrease rent and to preserve them, they had to provide discounts to their renters.

Sahhaii said “Operators were the most impacted as they acted as a cushion for the tenants. Overall, the average rents have also dipped but with demand coming up, we are hopeful for a rise in rent as well in coming months.”

MTNL and BSNL real estate assets worth 970 crore to be put on sale by the government

By
Muskan Aggarwal
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All properties of BSNL situated in the city of Hyderabad, Chandigarh, Bhavnagar and Kolkata have been posted for sale at a reserve price of around Rs 660 crore. Properties will be sold at the reserve prices only according to DIPAM.

MTNL and BSNL real estate assets worth 970 crore to be put on sale by the government

According to documents uploaded on the DIPAM website, the government has listed for sale real estate assets of state-run telecom firms MTNL and BSNL. The sale is listed at a reserve price of around Rs 970 crore.

All properties of BSNL situated in the city of Hyderabad, Chandigarh, Bhavnagar and Kolkata have been placed for sale at a reserve price of approximately Rs 660 crore. Properties will be sold at these reserve prices only according to DIPAM.

The Department of Investment and Public Asset Management (DIPAM) website has listed MTNL assets located in Vasari Hill, Goregaon in Mumbai for sale at a reserve price of around Rs 310 crore.

As a part of the asset monetization plan of the company, MTNL’s 20 flats in Oshiwara have also been raised for sale. The asset monetization is an aspect of the Rs 69,000 crore revival scheme for MTNL and BSNL which was authorized by the government in October 2019.

Their reserve prices vary from Rs 42.26 lakh to Rs 1.59 crore. The flats comprise two units of the 1-room set, 17 units of 1 bedroom hall and kitchen (BHK), and one unit of 2 BHK.  It was also revealed that the e-auction for MTNL assets will take place on December 14.

By 2022 both the public sector corporations were to recognize and monetize assets worth Rs 37,500 crore.

Rs 1200 crore to be invested by Smartworld Developers for two new projects in Gurugram

By
Muskan Aggarwal
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By March 2022 the company is also glancing sales worth Rs 5,000 crore from these projects, of which it alleges Rs 2,000 crore has been already obtained.

Rs 1200 crore to be invested by Smartworld Developers for two new projects in Gurugram

For the development of two residential projects in Gurgaon named Smartworld Gems and Smartworld Orchard, Smartworld Developers is going to invest Rs 1200 crore in the project. The company’s objective is to achieve 2.5 crore sq ft of project development and plans to invest Rs 8000-10,000 cr in expanding residential projects in Gurugram.

By March 2022 the company also wants to achieve sales worth Rs 5,000 crore from these projects, of which it alleges Rs 2,000 crore has been already obtained.

“We have clocked combined sales worth Rs 2,000 crore on our recently launched low-rise offerings. Over 70% of our patrons are first-time homebuyers between the age group of 28–33 years. We have set ourselves a target of Rs 5,000 crore by March 2022”, said Vivek Singhal, the CEO of the company.

He further added “The response we are receiving is the result of our unique product offerings, prime locations, and product design. Over 70% of our patrons are first-time homebuyers between the age group of 28–33 years. These are aspirational millennials who wish to have a certain kind of lifestyle and have realized the significance of owning a home post-COVID-19.”

Perfectly located at Gurugram’s most sought-after locale of Sector 61, Golf Course Road (Extn), Smartworld Orchard is a low-rise luxury residential development spread across 20.6 acres encompassing 2 and 3 BHK homes priced between Rs 1.37 cr and Rs 1.94 cr.

On the other hand, Smartworld Gems is located in Sector 89, New Gurgaon, and this project offers 2 and 3 BHK homes.  The price of the homes will lie between Rs 72.5-89.5 lakh.

Supported by India Infoline, Piramal Group, and the Bansal family, Smartworld Developers is eyeing development in Noida, Mumbai region, Pune, Bengaluru, Goa, and Hyderabad soon.

Construction projects delayed as building material prices hit the roof

By
Muskan Aggarwal
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Prices of sand, iron, bricks, cement, hardware products, sand, wood, plywood, and other essentials are skyrocketing. Most of these building material prices increased to up to 40 percent.

Construction projects delayed as building material prices hit the roof

Industry insiders say that since there has been a continual increase in fuel prices it has had an immense significance on the construction industry. Also, prices of sand, iron, bricks, cement, hardware products, sand, wood, plywood, and other requisites are going up like a shot. These essential building material prices have boosted up to 40 percent.

Building material supply was affected due to covid-19. Developers and contractors are finding it impossible to finalize projects at committed rates as the conveyance of building materials gets influenced by the increase in fuel prices. Most of the good’s transportation increased their prices, which has had a cascading impact on the cost of constructing material.

From last year diesel prices boosted phenomenally though it has decreased only lately. This has already resulted in a 30 percent increase in logistics prices of goods vehicles. The holders of goods carriers are also confronting problems due to the increased salaries, allowances of the drivers along with the fuel price stroll. Lorry owners are afraid that the circumstance will drive them to losses.

“The covid-induced lockdowns created huge labour problems. Due to lockdowns, people migrated back to their villages and are reluctant to return. This has created at least a 25 percent shortage of laborers. It affected packing, loading, unloading, and driving. The situation is becoming worse with each passing day from last year,” said a building contractor in an interview with ET.

Construction cost is harshly influenced by price growth. Before construction cost was Rs.1.75 lakh per sq. ft and has now surged to Rs 2.50 lakh per square foot. Sand prices have heightened from Rs.60,000 to 1 lakh per load. Sometimes good quality sand is traded at the price of Rs.1.25 lakh per load.

Brick prices rose from Rs 5,500 to Rs.7,500 per load. Rates of marbles, ceramic tiles, and granite have also doubled. The cement blocks that used to cost around Rs.38 per block are now being dealt with at Rs.50.

A structural engineer Rajesh R said, “We were struggling to overcome the pandemic’s blow and now the price rises have hit us badly.”

Two new hotels to develop by Marriott International & Prestige group in Delhi

By
Muskan Aggarwal
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According to the information it was also revealed that by 2025 both hotels are expected to open and the project is currently under construction. Both hotels will altogether have an expected 85,000 sq. ft. of conference space as a whole.

Two new hotels to develop by Marriott International & Prestige group in Delhi

The well-known Marriott International has come together and signed an agreement with Prestige Group and DB Realty for the development of St. Regis Aerocity and New Delhi Marriott Marquis hotels. The information was released by the company on social media.

According to the information it was also revealed that by 2025 both hotels are expected to open and the project is currently under construction. Both hotels will altogether have meeting space of 85,000 sq. ft.

Managing director of Prestige Group and chairman, Irfan Razack, said, “We have signed an agreement with Marriott International to develop a St. Regis and India’s first Marriott Marquis and Convention Centre at Aerocity, New Delhi.”

As per the portfolio of Marriott International, the agreement is believed to add 779 rooms and New Delhi Marriott Marquis is believed to feature 590 rooms.

The second hotel St. Regis Aerocity, New Delhi is expected to feature 189 rooms and suites.

Rajeev Menon- president, Asia Pacific (excluding Greater China), Marriott International said “This enables us to provide more choices and experiences in key markets to serve an ever-growing and discerning customer base. India continues to be a priority market for us.”

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