Dwarka e-way rail bridge to open

GURUGRAM: The much-delayed railway overbridge (RoB) at Basai on the Dwarka expressway is now complete. It is likely to be opened to traffic by month-end.

The RoB, located at the junction of sectors 100 and 37D at Basai village, will fill a crucial connectivity gap on the 18km-long Dwarka expressway. Once open — it is scheduled to be inaugurated by chief minister Manohar Lal Khattar — the bridge will improve connectivity of new sectors coming up in the area.

“Construction of the RoB is complete and it will be inaugurated soon,” said Huda administrator Yashpal Yadav, adding they are trying to find a time slot from the chief minister’s busy schedule for its inauguration.

Of the 1,200m-long RoB, Indian Railways built the 128m stretch passing over the railway track. The ramps on either side were constructed by Huda, at a cost of around Rs 153 crore. “It was an important infrastructure project,” said a Huda official. Huda is going to connect the expressway with roads going to Pataudi, Basai and all nearby sectors within the next few months. “It’s expected to improve connectivity to 25 sectors on either side of the road,” said he. Most of the residential projects in these sectors are either complete or near completion.

“The Basai RoB is a key milestone towards completion of the 18km-long Dwarka expressway. This will ease connectivity to various residential projects along the e-way, and fill the connectivity gap on the northern peripheral road,” said Pankaj Bansal, director of real estate firm M3M Group.

The only stretches of the Dwarka expressway in Haryana that remain incomplete now are at New Palam Vihar and Kherki Daula village. Huda has allotted alternative plots to New Palam Vihar oustees in March-April and will take possession of the land after September as per final terms of the settlement. Work on the Delhi portion of the expressway has also gained pace. On May 15, NHAI issued a notification for acquisition of land required for construction of the road.

Source: https://goo.gl/o9zC5f

NHAI speeds up land acquisition for Delhi part of Dwarka expressway

To speed up the construction of the Dwarka-Gurgaon expressway, the highways authority has started acquiring 10 hectares in Delhi from private owners.

A meeting in this regard was held on Wednesday and officials of the National Highways Authority of India (NHAI) discussed the transfer of land with Delhi officials.

Most of the land required in Delhi is owned by the public works department (PWD), which has to transfer it to NHAI.

Land for the Gurgaon side of the expressway has already been acquired and approximately 14 km of the 18 km in Gurgaon is ready.

NHAI project Director Ashok Sharma said the Delhi government has agreed to transfer the land for the construction of the highway. “We have notified the land acquisition procedure and it is likely that the land will be acquired in the next six months. Apart from the road, the NHAI will also build roadside amenities and border posts for which to the land is needed,” he said.

In a recent meeting, the Haryana Urban Development Authority (Huda) also assured the NHAI that all issues pertaining to rehabilitation of those ousted for the road will be resolved in the next four months.

However, given the legal challenges being faced by Huda from land owners, it remains to be seen whether the authority would be able to deliver on this promise.

In Gurgaon, the construction of Dwarka expressway is stuck as landowners approached the Punjab and Haryana high court in 2008 for rehabilitation. In May last year, the HC directed the government to give plots and compensation to the evictees in six to nine months. However, the Huda could not do this as there was no land available.

Sharma said by the time the Huda transfers the road to them, they will prepare a detailed project report to complete the Delhi section. “We are committed to delivering the road,” he said.

The proposed 150-metre wide Dwarka-Palam Vihar link or Northern Peripheral Road (NPR) connecting Dwarka and NH-8 in Gurgaon has envisaged 10 years ago and was to be ready before Commonwealth Games 2010. The road has already missed six deadlines.

Source: https://goo.gl/5I1YXL

Travel made faster and easier: How a 16lane road and Rapid Metro will benefit Gurugram

Gurugram, south of Delhi, has become a city in its own right owing to rapid urbanisation

A 16-lane road will soon connect one of India’s most prominent residential and commercial office belts— DLF 5 and Cyber City in Gurugram—easing commuting woes for thousands of people who live and work there.
The 16-lane road, which is an upgraded version of an earlier 8-lane road, stretches from National Highway-8 and Cyber City, a large corporate park, till Golf Course Extension Road, passing through DLF 5.
What it will do is allow commuters a signal-free drive from their homes in DLF 5 all the way to Cyber City, both developments of DLF Ltd.
The 10.5-km road, developed by India’s largest developer DLF and Haryana Urban Development Authority (HUDA) is under final trials and will be opened for the public in less than two months.
Gurugram, south of Delhi, has become a city in its own right owing to rapid urbanisation, with many Fortune 500 firms setting up offices and tony skyscrapers dotting its skyline. But it is also witness to a rising number of vehicles and unabated real estate activity.
DLF 5 is home to about 30,000 residents and a slew of super luxury residential projects such as Camellias, Magnolias and Aralias, among others, and along with the earlier Phases 1-IV, is spread across almost 1,800 acres. Besides residences, it also has a 1.1 million sq. ft office complex, Horizon Centre, which is a joint venture between DLF and US-based realty firm Hines.
Nearly 2 lakh people go to work in Cyber City, easily one of the best office parks in the country, with 13.5 million sq. ft of built-up and leased space and another 2.5 million sq. ft that is being added.
“There are many gated communities and large office parks in other big cities but what sets these apart is the kind of infrastructure that has been built around it which is not very common,” said Santhosh Kumar, CEO, operations and international director at property advisory JLL India.
The main infrastructure highlights in Gurugram – the 16-lane road and extension of the Rapid Metro—have been in the works for the last few years, and the impact of their operation will be significant, Kumar added. The Rapid Metro extension, opened this month, connects Cyber City to Sector 55-56 in Gurugram, and may eventually go all the way to the airport.
Putting the new 16-lane road in perspective, Harleen Kochar, 43, a resident of Park Place, DLF 5, said once the road is fully operational with its underpasses and flyover, it will reduce her travel time to Delhi by at least 15 minutes.
According to census 2011 data, Gurugram has a population of 876,969. It is a city where the infrastructure – roads, water, electricity, sewage disposal, transport – has not kept pace with rapid urbanisation. It is also a city where private developers such as DLF had to step in to address issues which the government could not.
“This is truly India’s first smart city. Where else will you find all possible infrastructure facilities provided to support and improve the real estate development we have done, whether it is high quality office space or premium residences,” said Rajeev Talwar, chief executive, DLF.
DLF 5, for example, has its own (gas insulated) electric substation, a sewage treatment plant, a private fire station, mechanized street cleaning system and security infrastructure.
With the new transport infrastructure, it will visibly improve the quality of life. But is it enough to potentially become a smart city?
“A smart city is much more than just physical infrastructure and is determined by the quality of governance and security, water and electricity, waste management and quality of life in general,” said Neel Ratan, regional managing partner, PwC India.

Source: https://goo.gl/h7ez2d

Shared office space company WeWork starts facilities management service

shared-office-sapce

WeWork is building on what it calls “on-site services” that began with an unnamed corporate client in Chicago that is reducing its leased space to two floors from three

NEW YORK: Shared office space company WeWork Cos is starting to expand with a broader real estate facilities management service, it said on Wednesday.

WeWork is building on what it calls “on-site services” that began with an unnamed corporate client in Chicago that is reducing its leased space to two floors from three, said David Fano, the New York-based company’s chief product officer.

Fano said the new enterprise was “still not fully integrated, still not real estate services in a box.”

WeWork, the largest leaser of new U.S. office space for the past three years, said it could reduce both costs and time to build an office, while using an in-house design team that will optimize space and create a floor plan that improves employee interaction.

“We’ve got certain beliefs, philosophies of what it takes to make a highly energized work environment,” Fano told reporters at a news conference, “and often times that means reducing your footprint, getting people to work a little more closely.”

WeWork has become a multibillion-dollar real estate company by offering start-ups communal office for a monthly fee, allowing them to expand or reduce both headcount and number of desks easily.

About 22 percent of its customers are now companies with more than 500 people, a client base WeWork is targeting for growth potential. It operates in 135 locations spread across 44 cities in 14 countries.

Source: https://goo.gl/ruQyOP

RBI allows banks to invest up to 10% of REITs’, InvITs’ capital

RBI

MUMBAI: In a move to boost spending on infrastructure, the RBI on Tuesday allowed banks to invest up to 10 per cent of the unit capital of single Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).

“It has been decided to allow banks to participate in REITs and InvITs within the overall ceiling of 20 per cent of their net worth permitted for direct investments in shares, convertible bonds/debentures, units of equity-oriented mutual funds and exposures to venture capital funds (VCFs),” a Reserve Bank of India notification said.

The apex bank said the permission was subject to the condition that banks will not invest more than 10 per cent of the unit capital of a REIT or an InvIT.

“Banks should put in place a Board approved policy on exposures to REITs/ InvITs which lays down an internal limit on such investments within the overall exposure limits in respect of the real estate sector and infrastructure sector,” the notification said.

Banks will also have to ensure adherence to the prudential guidelines on equity investments, classification and valuation of investment portfolio, Basel III Capital requirements for commercial real estate exposures and large exposure framework, it added.

In its first bi-monthly monetary policy review of the fiscal presented on April 6, the RBI had permitted banks to invest in REITs and InvITs in a measure designed to revive stalled infrastructure projects.

Source: https://goo.gl/LB6Pmz