Relief for Delhi to Gurugram commuters! Construction of Dwarka Express Highway to begin soon

Union Road Transport and Highways Minister Nitin Gadkari today said that the construction work on Dwarka Express Highway would begin within next one month

gadkari

Union Road Transport and Highways Minister Nitin Gadkari today said that the construction work on Dwarka Express Highway would begin within next one month.

About Rs 7,000 crore would be spent on this 17 km long highway, said Gadkari, who was speaking as chief guest in a function organised here.

He said work on different projects was under progress to reduce traffic congestion in Gurugram. In this direction, the Dwarka Express Highway would prove to be a boon for residents of Gurugram, he said, according to a Haryana government release.

He said another project was Eastern Peripheral Road (EPR). This project included land acquisition worth Rs 2,000 crore.

He said the EPR had been completed at a cost of about Rs 15,000 crore and it would be inaugurated by the Prime Minister, Narendra Modi next week, the release quoting Gadkari said.

The Union Minister said that a flyover would be constructed at a cost of about Rs 170 crore at Shankar Chowk on National Highway number 8 making way towards the Ambience Mall.

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Office Market Witnesses Record Absorption: CBRE

NEW DELHI: Tech corporates led office space take-up during the quarter with a 25% share, while BFSI firms garnered a 24% share. The share of e-commerce firms rose to 15%, thanks to a few large-sized deals by leading global and domestic players. Other sectors that contributed to leasing activity were engineering and manufacturing, research, consulting and analytics and co-working/business centre operators. Pre-commitments continue to be the primary mode of transaction, especially in cities such as Bangalore that had a dearth of quality ready-to-move-in supply.

Anshuman Magazine, Chairman, India and South East Asia, CBRE said, “India’s office market has begun the year on a strong note, dispelling fears of technology and other disruptions impacting the market. With strong economic fundamentals, constantly improving business environment, and the government’s concerted efforts to improve infrastructure in our cities, India’s attractiveness as a preferred market in the region for international and domestic occupiers has only grown.”

Commenting on the findings of the report, Ram Chandnani, Managing Director, Advisory & Transaction Services, India, CBRE South Asia Pvt. Ltd. said, “Over the past several quarters, pre-commitments by occupiers in under-construction projects has impacted leasing activity across India’s office market. Constrained supply of ready-tomove-in space, coupled with rising rentals, has led to this trend gaining traction in recent months. The uptick in leasing activity in the first quarter is largely due to several projects getting completed.”

During the quarter, 45% of all the transactions were for smallsized spaces while mid-sized transactions accounted for a 42% share. There were a few largesized deals, most of which were recorded in Bangalore, followed by a few in Mumbai, Delhi-ncr, Chennai and Hyderabad.

CITY HIGHLIGHTS FOR Q1 2018:

Delhi-­ncr

Gurgaon dominated leasing activity in the city

New supply consisted of a few medium-sized non-it developments in Gurgaon and an SEZ development along the Noida Expressway

Leasing activity was primarily driven by the tech sector, followed by corporates from the research, consulting and analytics, and BFSI sectors

Mumbai

Quarterly leasing activity witnessed an uptick in the city

More than half of the leasing activity was in the Secondary Business District (SBD) and the Peripheral Business District (PBD) of Powai and Vikhroli

BFSI firms and co-working operators dominated leasing activity, followed by firms from infrastructure, real estate and logistics

Rental values remained stable during the quarter

Bangalore

The city continued to lead the country’s office demand and supply activity

Quarterly leasing increased significantly due to culmination of pre-commitments and space take-up in recently completed developments

Leasing activity was primarily driven by BFSI corporates followed by e-commerce, research, consulting and analytics, and tech firms

Rental values across key markets in the city appreciated marginally during the quarter

Chennai

Transaction activity was led by small-sized deals, mainly by corporates looking to consolidate/ relocate operations

Quarterly leasing activity declined marginally while supply witnessed an uptick

Tech corporates continued to lead demand, in the city

Rents increased by about 5-7% in IT buildings in OMR Zone I, due to low vacancies and sustained corporate interest

Hyderabad

After robust activity last year, the city witnessed a marginal decline in leasing activity during the quarter

Supply addition was limited to one medium-sized development in the extended IT corridor

Sustained occupier interest resulted in a majority of the quarterly leasing activity being concentrated in the IT corridor of the city

Tech firms, followed by engineering and manufacturing and healthcare firms, dominated leasing activity

Rental values increased across all micro-markets, thanks to continued occupier interest and shortage of new supply

Pune

Supply addition increased on a quarterly basis in the city while leasing activity declined marginally

Tech firms continued to dominate space take-up, followed by engineering and manufacturing companies

PBD accounted for more than half of the city’s leasing activity during the review period

Select micro-markets in the city witnessed quarterly rental growth

Kolkata

Quarterly leasing activity and new supply addition declined marginally

Rentals remained stable across all micro-markets

Demand was largely driven by occupiers from the engineering & manufacturing, and telecommunication sectors, followed by BFSI and co-working firms

Leasing activity was primarily concentrated in EM Bypass and Ruby Connector in SBD and Salt Lake V and Rajarhat in PBD

A strong first quarter is indicative of the sustained growth of India’s office market across key cities. While the share of tech firms in overall demand could drop further as technology disruptions impact headcount growth, the increasing share of other sectors including BFSI, engineering and manufacturing and research and consulting will balance the overall market performance in the long term.

In some cities, this rental growth will be witnessed across all micro-markets, while in others it will be in core locations only.

Source : https://bit.ly/1jQEVSs

Huda razes all residences obstructing e-way project

The encumbrance ­free land at New Palam Vihar will be handed over to NHAI for constructing the remaining 1.4km of Dwarka Expressway

huda

The space was cleared after a fortnight­long demolition drive that faced resistance from some of the house owners.

The space was cleared after a fortnight-long demolition drive that faced resistance from some of the house owners.The Huda enforcement wing inspected the area on Tuesday.

HS Jakhar, sub-divisional officer (SDO), Huda enforcement, said, “Road construction on the remaining 1.4 kilometre stretch is underway. Presently, soil filling work is on. All 69 houses were removed successfully by our officials in the last fortnight.”

“We must thank the owners of these dwelling units for their proactive approach — removing their construction malba (waste) on their own. All of these 69 houses had sale deeds,” he added.

“There are nearly 30 more houses with general power of attorney (GPA) that we have not been able to remove due to court cases. The matter of the GPA houses is pending in the Punjab and Haryana high court. The next hearing is on April 24. The Huda has to transfer land to the National Highways Authority of India (NHAI), which will start the construction of the proposed elevated road on the NPR,” said Jakhar.

The Huda transferred the NPR to the NHAI in October 2016.By that time, the Huda had built 16.6 kilometres of the 18-kilometre-long NPR between the New Delhi-gurugram border near Dwarka and the national highway (NH) near Kherki Daula toll in Gurugram.

After the NHAI took over the NPR, the alignment was extended from the border to Shivmurti, NH, Mahipalpur, with a total length of 28 kilometres, on which the NHAI proposed a 23-kilometre-long elevated road.

After the NHAI took over the construction of the expressway, it also demanded the handover of encumbrance-free land in the remaining 1.4 kilometre stretch at New Palam Vihar to start the construction.

“There are over 200 houses with GPA, the plots or land, which fall in the NPR alignment. The matter is in the high court and until it is in litigation, the Huda cannot claim to have taken custody of the total land in the NPR alignment,” said Pravin Kumar, an oustee.

“The Huda has failed to provide sewer, water, roads and electricity in Sector 110A, where it has allotted alternative plots to oustees. The Huda has committed a mistake by demolishing our houses,” he added.

Source : https://bit.ly/2HdjGyf

Want affordable office space? Come to India

Indian office markets continue to be amongst the most affordable and attractive in the world for occupiers as occupancy costs per workstation are one of the lowest, reports ET.

office space1

Hong Kong is the most expensive office space location globally in terms of workstation costs of $27,431 per annum. Mumbai with its space in Bandra-Kurla Complex (BKC) ranks 163.

According to the data for 215 global office markets, Delhi-NCR ranks at 84, Bangalore at 213 and Hyderabad at 214, indicating globally competitive pricing with regard to talent available.

In India, Delhi–NCR has emerged as the most expensive office location costing nearly Rs 430/sq ft a month per workstation.

Rest of the Indian office markets ranked below the 100th position, making them some of the most affordable globally.

property in india

Source : https://bit.ly/2AMegV9