HNI investor eye office space in OBD

Bengaluru:Bids are soon going to be invited for the sale of around 30,000 sq ft of prime retail and office space in the central business district (CBD) of Bengaluru.

The targeted bidders are ultra-rich individuals and family offices.

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Rathnam’s Complex, also popularly called the Jewels de Paragon building, located in the heart of the city, in Lavelle Road, and the base price for the sale is Rs 40 crore for the entire space or a minimum of one of the four floors

JLL is running the exclusive mandate for the sale.

The sale of the building comes at a time when United Spirits Ltd, owned by Diageo Plc., is in the process to sell 30,000 sq ft in UB City, a high-end retail and office complex in Bengaluru. JLL, which is running the mandate for the sale, is evaluating nine bids that have been submitted by HNI investors and family offices.

“There is huge demand for good quality office space in CBD areas. There is a lot of interest among individual, smaller investors to buy office space particularly when there are opportunities in prime locations in a city. Residential sector isn’t doing well and there is no access yet to REITs (real estate investment trusts), so this is a good way of putting money in real estate,” said Juggy Marwaha, executive managing director, JLL India.

Prime office space in CBD areas across cities up for sale and HNIs and family offices are flocking to buy.

Over the last few years, individual investors have largely stayed away from making fresh investments in residential projects while struggling to sell off and exit earlier investments, amidst a slowdown scenario that has deeply impacted the housing sector.

Comparatively, the commercial office segment as an asset class has fared much better, with high demand for such space and huge institutional investor interest.

ICICI Prudential Real Estate Investments, a division of ICICI Prudential AMC Ltd, recently sold four of its five commercial office investments to ultra-rich individual investors and family offices. Among them are one individual building, and several standalone office units, including a couple of units in Mumbai’s prime office hub Bandra-Kurla Complex.

The firm had invested around Rs450 crore across five transactions in Mumbai, Pune and Noida for a 550,000 sq. ft portfolio, which was leased to large international tenants. These exits resulted in an internal rate of return (IRR) of 10-21% on the investments.

An April report by CBRE South Asia Pvt. Ltd reported that during the January-March period, Bengaluru reported the highest demand for office space and accounted for more than the combined share of the markets of Delhi-NCR, Mumbai and Hyderabad.

Source : https://www.livemint.com/Companies/WxbqUQfKHfs2X5tYT1CCpN/HNI-investors-eye-prime-office-space-in-CBD-areas.html

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Rs 11,000-cr Eastern Peripheral Expressway to complete in August: Nitin Gadkari

BAGPAT (UTTAR PRADESH): India’s first smart and green highwayEastern Peripheral Expressway for decongesting Delhi will be completed in August this year, Union Minister Nitin Gadkari said today.

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Prime Minister Narendra Modi will dedicate to the nation the 135-km, the nearly Rs 11,000 crore access-controlled six-lane expressway.

The project is replete with smart and intelligent highway traffic management system (HTMS) and video incident detection system (VIDS) besides a closed tolling system in which the collections will be made only on the distance travelled and not on the entire length.

“The project, most likely, will be completed in August this year. We have spent a huge Rs 5,900 crore on land acquisition. Once complete, This will reduce traffic congestion in Delhi and will have the best automatic traffic management system, landscaping, besides wayside amenities. We’re planting at least 2.5 lakh trees and the expressway will be lit by solar panels,” Road Transport and Highways Minister Gadkari said here.

The Eastern Peripheral Expressway will set a benchmark in highway construction by being environment-friendly with world-class safety features and smart/interactive infrastructure, the minister said.

The project, which commenced on September 14, 2015 will consume a million tonnes of flyash from NTPC’s various thermal plants to utilise waste and minimise pollution.

The greenfield project, which hit several hurdles and saw laying of its foundation by Prime Minster Narendra Modi on 5 November, 2015, will divert around 2 lakh vehicles passing through the national capital daily to this bypass, cutting out pollution.

Gadkari, who inspected the project sites in Delhi, Uttar Pradesh and Haryana, said the toll plazas will be equipped with the faster Electronic Toll Collection (ETC) system offering an uninterrupted travel experience to users.

“The Expressway will be equipped with HTMS which will include Variable Message Signs (VMS), CCTV, VIDS, Warning Devices, Overspeed Checking System, Weigh-in-Motion, Pavement Management Systems and Fibre Optic Network.

All information collected from HTMS equipment will be relayed to a central server in control room which will, on the basis of input, trigger alarms and change VMS messages etc. This will result in real-time incident management,” he said.

Along the expressway, wayside amenities like petrol pumps, motels, rest areas, restaurants, shops, repair services etc will be developed, he said.

Landscaping will be done at all the interchanges, major bridges and toll plazas with provision of fountains and lighting and a total of about 2.5 lakh trees of various species will be planted as green belt within row of the Project Expressway, he added.

Unique features of the project will be rainwater harvesting at every 500 metres on either side of the Expressway and the watering of the plants will be done through drip irrigation, he said.

In keeping with the Prime Minister’s Swachh Bharat Mission, provision of toilets will be made at regular intervals along the expressway on either side at a distance of 25 km, he added.

The expressway passes through Sonipat, Bagpat, Ghaziabad, Gautam Budh Nagar, Faridabad and Palwal in Haryana and Uttar Pradesh, and the proposed alignment crosses river Yamuna at Khurrampur/Khata in UP and Faizpur Khadar in Haryana and crosses the river Hindon.

The project will consume 10.2 lakh tonne cement, about one lakh tonne steel, 19 lakh tonnes of sand and 50 lakh tonnes aggregates. Manpower employed is 7,275.

The project had earlier faced resistance from farmers over land and other issues which have since been solved by giving higher compensation.

The Supreme Court has directed police chiefs of Uttar Pradesh and Haryana to provide adequate security for expeditious completion of the project.

The project work has been divided into six packages and are being carried out by Sadbhav Engineering, Jai Prakash Associates, Ashoka Buildcon, Oriential Structural Engineers and Gayatri Project and barring package III, the physical progress of the packages was between 57 and 61 per cent.

Package III, being built by the debt-laden construction and cement firm Jaiprakash Associates, made only 36 per cent progress.

There are about 400 structures in this project out of which two major bridges are on river Yamuna and one major bridge on river Hindon and Agra Canal.

There are 8 interchanges, 4 flyovers, 71 vehicle underpasses, 6 RoBs etc.

“Eastern Peripheral Highway is just the beginning. We will make 12 such express highways. Three of such highways will be started in 2017 itself,” Gadkari said.

Source: https://bit.ly/2qSmjfm

India’s Eastern Peripheral Expressway boasts of many firsts, to be ready within 500 days

NEW DELHI/KUNDLI: The Eastern Peripheral Expressway — which is expected to provide major relief to Delhi from vehicular pollution — is set to be completed in a record time of 500 days as against a sanctioned target of 910 days, NHAI officials said.

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The 135-km Expressway will boast of many firsts including a closed tolling system in which toll will be collected only on the distance travelled and not on the entire length, National Highway Authority of India (NHAI) Chief General Engineer ..

There will also be provision for electronic collection of toll to ensure disruption-free movement of traffic.

“Apart from that, we have also installed weigh-in motion sensors on all entry points which will ensure that over-loaded vehicles are not allowed to enter the Expressway,” he said.

Normally, weigh-in motion sensors are installed — if at all they are — at toll plazas when it is not possible to send the vehicles back. But here, the sensors are installed at all entry points with two gates — one leading to the Expressway and the other redirecting the vehicle if it is over-loaded.

“We have also made provision for parking of overloaded trucks where they can unload some of the cargo to satisfy the weight criteria and then move to the Expressway. This is the first expe ..

To check speeding, cameras have been put up every two kilometres.

“Over-speeding vehicles will be issued the challan at the toll plaza and the challan amount would be added to the total toll amount. This will be a great deterrent to over-speeding,” Singla said.

While some work is still to be completed on the expressway which connects Palwal with Kundli bypassing Delhi, the Expressway is expected to be inaugurated by Prime Minister Narendra Modi on April 29.

All NHAI officers that the IANS spoke to expressed confidence in completing the pending work by then.

NHAI Member (Public Private Partnership) Neeraj Verma said the Expressway will reduce vehicular pollution in Delhi-NCR by around 27 to 28 per cent according to a study.

“Also, we have made it a green highway with solar panels installed at various locations which will provide power to illuminate the underpasses below the Expressway,” he said.

Also, there are eight solar power plants along the Expressway having a capacity of 4,000 kilowatt. These plants will supply power to the grid and the amenities on the Expressway will take power from the same grid.

“So in effect we will produce the power that we consume and will have zero operating cost as far as power is concerned,” Verma said.

He added that 33 per cent of the earth work on the highway was done using fly ash from coal power plants thereby compounding its contribution to reducing pollution.

Singla added that while Road Transport and Highway Minister Nitin Gadkari had ordered him and other officers to complete the work in 400 days as against the sanctioned target of 910 days, the team was able to finish the work in a record time of around 500 days despite several technical and other hurdles.

Gadkari’s close aide Vaibhav Dange said this was achieved because of the personal interest Gadkari took in the project which also led to fast clearances.

“Every bill of the contractors was paid within 24 hours. Extra manpower was deployed and work was done day and night to complete this project in the record time,” he said.

“And it is not just about completing this in lesser number of days. It’s about the change in the attitude where now every stakeholder believes that it can be done,” he added.

The 135-km six-lane access-controlled Expressway is built at a cost of around Rs 11,000 crore and will help decongest the national capital.

Source : https://bit.ly/2Fbd9Pu

 

Narendra Modi to launch mega project to turn Dwarka expressway into NH, says Gurugram MP

GURUGRAM: Union minister and Gurugram MP Rao Inderjit Singh said on Friday Prime Minister Narendra Modi will lay the foundation stone for the development of Dwarka Expressway into a national highway.

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This project can, however, only start when the expressway itself is completed by Huda, the Haryana government’s urban development agency. Because of a maze of litigation, the road is running a decade behind its scheduled completion date. And with cases still in court, and the Delhi portion of the expressway as well as its connection with NH-8 in Gurugram still to be built, Huda is in no position to say when it can complete the road.

The National Highways Authority of India (NHAI) has made it clear it will not start construction till it gets land from Huda. “Until Huda provides the land, we will not start construction work,” said Udeep Singhal, project director (NHAI) for the Dwarka e-way.

The total length of the Dwarka Expressway is 29 km, of which 18.9 km is in Haryana. The The NHAI officially granted the expressway national highway status last year. But that has had no impact on the pace of construction of the road, which is still stuck in several stretches because of legal cases. Thousands of homebuyers who have invested in sectors along the Dwarka Expressway have sent multiple petitions to various forums to complete the expressway, which currently is not connected to main roads at either end.
Prime Minister Modi is expected to inaugurate the widened and revamped NH24 (now christened Delhi-Meerut Expressway) soon. The MP did not say if the PM would officially launch the Dwarka Expressway makeover around the same time, but assured it would be “very soon”.

“I had a meeting with minister for road transport and highways Nitin Gadkari recently in which it was decided PM Modi will come to Gurugram to lay the foundation stone of this (Dwarka Expressway) project very soon and also address a public gathering. The date is yet to be finalized. We are looking for a place where this event can be held. There are some land issues that need to be resolved… Once the construction work begins, the entire project will get over in two years’ time,” said Singh.

The NHAI’s Dwarka Expressway project involves construction of an eight-lane elevated carriageway measuring 23.12 km, underpasses on crossroads at 10 locations, and four interchanges at Shiv Murti, SPR junction, the proposed exhibition-cum-covention centre in Dwarka Sector 25 and Manesar road (sector 84, 88 dividing road). The funding of this project will come from Bharat Mala Pariyojana (BMP) under the National Corridor Efficiency Improvement Programme.

Source : https://bit.ly/2F9qY0G

IGI to get 2 new approach roads in 3 years

NEW DELHI: Indira Gandhi International Airport will get two new approach roads — one from south Delhi and another from the upcoming Dwarka Expressway — in less than three years. The National Highways Authority of India (NHAI) will build the links at an expense of about Rs 1,350 crore.

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The first link connecting the airport to the proposed interchange at Shiv Murti will be a 1.5 km shallow tunnel which will join the T3 road. This will be a four-lane underground stretch which can be used by commuters from Vasant Kunj, IIT, Munirka and Mehrauli.

 

 

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The Shiv Murti interchange will have elevated connectivity to Nelson Mandela Road through Rangpuri. Commuters taking the interchange for NH-8 and the upcoming Dwarka Expressway would be able to use the tunnel to reach T3.
Traffic flow to the IGI Airport complex is expected to increase substantially because of Aerocity, where official and social functions are hosted.

NHAI officials said the project could be completed in less than three years. Already, the Central Public Works Department is building a bypass for Mahipalpur, which will also have a tunnel connecting the airport near the National Crime Records Bureau office on DelhiGurgaon carriageway.
“We have invited bids for Shiv Murti tunnel costing approximately Rs 350 crore as a part of the first package of Dwarka Expressway. We are hopeful of awarding it next month. NHAI and the civil aviation ministry will share the cost 50:50,” a government official said.

Similarly, to improve connectivity from the upcoming Dwarka Expressway, NHAI will build a 5km link road from Bijwasan railway station up to T3. Speaking at a TOI event in Gurgaon last week, highways minister Nitin Gadkari had said NHAI was working on a plan to provide seamless connectivity to the airport for traffic coming from Manesar as traffic on the route would increase once people started occupying houses along the Dwarka Expressway. This will also be the key link to the upcoming Dwarka convention centre, which will be the biggest in the country.

“About 3.5 km of this connectivity will be tunnel. It will be a deep tunnel, which will pass beneath the runway like that of Express Metro. It will be a six-lane tunnel. We are preparing the details and it will cost about Rs 1,000 crore. We will be in a position to award this project in the next 6-7 months,” an NHAI official said.

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Source : https://bit.ly/2F9d5j0