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Leasing of warehouses rises 31% in first half of 2019

Leasing of warehouses rises 31% in first half of 2019

BENGALURU: Leasing of warehousing spaces increased 31% year-on-year in the first half of 2019 to cross 13 million square feet, according to real estate services firm CBRE. Mumbai, Chennai and Bengaluru accounted for more than 60% of the leasing activity.

Small-sized transactions of less than 50,000 sq ft each accounted for about 38% of leasing activity, while about 32% were medium-sized deals of 50,000100,000 sq ft, and 30% were large-sized deals of greater than 100,000 sq ft, as per the report. “While the overall pipeline for the sector is expected to be around 60 million sq ft till 2020, at least 22 million sq ft of this supply is anticipated to be released by leading players. We also expect logistics leasing activity to strengthen owing to consolidation/expansion by occupiers,” said Anshuman Magazine, chairman-India, South East Asia, Middle East and Africa, CBRE.

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Large-sized deals during the first half of 2019 included those involving Bigbasket, Delhivery and Flipkart taking up space to expand operations across major cities.

Supply addition increased about 54% on-year, with some 65% of project completions reported in Mumbai, Chennai and Ahmedabad. “It is interesting to note that key demand drivers of leasing activity were 3PL (56%) and engineering and manufacturing (6%) firms,” said Jasmine Singh, executive director, advisory and transaction at CBRE. “Domestic corporates drove demand with a share of about 85% of leasing, compared to about 67% in H12018. We also witnessed launches of about 15 million sq ft by major developers.”

Source : https://economictimes.indiatimes.com/industry/services/property-/-cstruction/leasing-of-warehouses-rises-31-in-first-half-of-2019/articleshow/70653201.cms

 

Galleria-like shopping hubs to be built in 4 sectors, revamp likely for Huda markets

GURUGRAM: Four sectors in the city — 27, 28, 56 and 45 — will get upscale markets that will have swanky shopping complexes on the lines of Galleria if the department of town and country planning (DTCP) has its way. Also, Huda (now known as HSVP) markets, which are known for illegal vendors, encroachment, choked streets and haphazard parking lots, are likely to get a makeover according to the department’s plan.

The DTCP has already prepared the proposal for developing small malls and Galleria-like high-street retail space in these sectors, which are now under the jurisdiction of MCG. Galleria market was recently placed as the country’s third most expensive retail rental space, after Delhi’s famous Khan Market and Mumbai’s Linking Road.

Though the department has prepared the plan only for four sectors, it might implement it in other sectors later. The plan has been submitted to the HSVP administrator who will sent it to the chief administrator’s office in Chandigarh seeking its approval.

Huda markets in several sectors are poorly planned with shop-cum-offices, booths, kiosks and two-storey retail stores. And these markets draw very low footfalls owing to poorly managed parking lots, rampant encroachment and stray animals.

District town planner (planning) RS Batth said the department prepared the plan for commercial complexes of various sizes ranging from 0.5 to 4 acres in the four sectors. The market areas will be allotted through auction to private players and developed according to the DTCP plan, he said.

A senior HSVP official said through the auction of these market sites, the department would be able to improve its financial position. In the second phase, it will prepare a plan for other sectors, including 42, 55, 47 and 50.

Residents of Sector 45, who have been living without a proper market for last 20 years, are dependent on those in other sectors. “We have approached HSVP, the chief minister’s office and other authorities seeking development of well-planned markets, but no action was taken,” said a resident. The residents in the sector, he said, are forced to rely on expensive stores and malls for daily needs. “When the government develops a sector, it should build a well-planned market also,” he said.

Meanwhile, MCG is also planning to revamp all 40 Huda markets with the help of DTCP. These sector markets will need to adhere to requisite fire safety norms and should have parking lots for at least over 100 vehicles besides mobile toilets, benches, streetlights, street vending zones, drinking water facilities and dustbins. Apart from these amenities, the markets should also be free of encroachments, makeshift shops and illegal hoardings.

Source : https://timesofindia.indiatimes.com/city/gurgaon/galleria-like-shopping-hubs-to-be-built-in-4-sectors-revamp-likely-for-huda-markets/articleshow/70650902.cms

Work on package two of Dwarka expressway in Delhi starts

Manoj Kumar, chief general manager, NHAI, said that the preparatory work on package two — a 4.5-km-long elevated road from Dwarka Sector 21 rail overbridge to the Haryana border — has started and the contractor is setting up a camp at the site.

The work on the stretch has to be completed in 24 months as per the contract.

The work on the much-delayed package two of the Dwarka Expressway has finally started, almost a month after the Delhi government gave a green signal to the National Highways Authority of India (NHAI) for the 4.5km section of the expressway.

The work on the stretch could not get off the ground for almost 1.5 years due to a delay in getting approval from the Delhi government as it had strong reservations about cutting the trees on the project site. But it finally gave its approval for cutting trees on the stretch in the second week of July.

Manoj Kumar, chief general manager, NHAI, said that the preparatory work on package two — a 4.5-km-long elevated road from Dwarka Sector 21 rail overbridge to the Haryana border — has started and the contractor is setting up a camp at the site. “This is a key part of the project and initial preparations are being made to ensure that work on the main carriageway starts soon,” said Kumar.

The work on the stretch has to be completed in 24 months as per the contract.

At the site, earth moving machines are clearing the approach road to the main carriageway and boards demarcating the project site are also being installed near the Delhi-Haryana border, said highway officials. A 900-metre stretch that connects Delhi and Gurugram along the alignment of the Dwarka Expressway has also been started and testing of soil on the Dwarka side is also being carried out, they added.

The NHAI has granted the contract for this segment to J Kumar Infraprojects, a private contractor, at a cost of over ₹1,500 crore. The 29-km Dwarka Expressway will connect Shiv Murti at Mahipalpur to a point near Kherki Daula on the Delhi-Gurgaon expressway. Package one and two of the Dwarka Expressway are part of the 11-km Delhi corridor (the remaining 18-km falls in Haryana).

The package two will also have an interchange to facilitate the movement of vehicles from Najafgarh, Dwarka and west Delhi, as per the project report prepared by NHAI. It also states that this section will have eight elevated lanes and six surface lanes with multiple entry and exit points from Urban Estate Road-2 and the India International Convention Centre in Dwarka Sector 25. The stretch will also have a toll plaza.

Homebuyers who have invested in upcoming housing projects on the Dwarka Expressway, particularly those who protested over delay in construction of this stretch, have expressed their satisfaction on the development. “We have worked a lot on this both with Delhi and Haryana governments and NHAI. The start of work in Delhi is a major and positive development and it will boost sentiments,” said Prakhar Sahay, an activist.

Work on package three and four has already started in Gurugram, and will be completed by December 2020, officials had said earlier.

Source : https://www.hindustantimes.com/cities/work-on-package-two-of-dwarka-expressway-in-delhi-starts/story-Id2aY4d8Do5DiwIdEnijWM.html

 

Delhi govt gives NHAI go-ahead for Dwarka expressway Package-2

The 29.1-km Dwarka Expressway will connect Shiv Murti at Mahipalpur to a point near Kherki Daula toll plaza, and further connect the Southern Peripheral Road with Delhi-Gurgaon Expressway through an interchange.

Dwarka expressway,Delhi government,NHAI

The much-delayed package two of the Dwarka Expressway has received the Delhi government’s approval and work on this stretch is likely to start next month, officials familiar with the matter said on Tuesday. The permission for transplanting and cutting trees on this stretch was granted last week by the forest department of the Delhi government, confirmed a senior official in the Union ministry for road transport and highways on Tuesday.

The 29.1-km Dwarka Expressway will connect Shiv Murti at Mahipalpur to a point near Kherki Daula toll plaza, and further connect the Southern Peripheral Road with Delhi-Gurgaon Expressway through an interchange.

Package one and two of the Dwarka Expressway are part of the 11-km Delhi corridor (the remaining 18.1-km falls in Haryana) and these have been delayed by over 1.8 years because of the Delhi government’s reservations on cutting around 6,500 fully grown trees falling on the road’s alignment.

The Delhi government approved the package last week, with stringent conditions for transplantation and compensatory forestation, after repeated submissions by the Union transport ministry and groups of homebuyers who have invested in areas along this expressway, NHAI officials said.

NHAI chief general manager Manoj Kumar confirmed that approval for package two has been received and it would take a month’s time to start work. “We have got the approval to shift the trees; work will start soon on package two,” he said.

As per the consent received from the Delhi government, NHAI officials said that they will transplant around 3,500 trees and another 3,000 will be felled for which compensatory afforestation will be done. For the plantation drive, the NHAI has identified chunks of land along the Dwarka Expressway and Yamuna floodplains, officials said, adding that some plantation would also be done on land identified by DDA and the Delhi forest department.

“The highways authority will follow the norms set by the Delhi government and ensure that trees are transplanted safely. For every tree that is felled, we will plant 10 times the number and ensure it survives by ensuring maintenance and care for next five years,” said a senior NHAI official on the condition of anonymity.

Dwarka Expressway is being developed in four packages. Package two is a 4.5-km-long elevated road from Dwarka Sector 21 underpass to the Haryana border. It will comprise separate elevated structures, which will run parallel to each other and have a large interchange to provide connectivity to Gurugram from Najafgarh, Dwarka and west Delhi. There will be eight elevated lanes and six surface lanes with multiple entry and exit points from Urban Estate Road-2 and the India International Convention Centre in Dwarka Sector-25.

Approval for package one, which comprises of 5.3-km stretch from Shiv Murti on NH48 to rail underbridge near Sector 21 is still awaited. Work on packages three and four, which fall in Gurugram, has started and the highway contractor L&T said they are on schedule to complete the road by end of 2020.

Source : – https://www.hindustantimes.com/gurugram/another-boost-for-dwarka-expressway-nhai-gets-nod-for-package-two/story-raYlYkMt2oji6EZkaZMqpI.html