Narendra Modi inaugurates two expressways, says infra key priority

PM Narendra Modi inaugurates Delhi-Meerut Expressway and Eastern Peripheral Expressway, says highway construction has reached 27km/day

New Delhi: Prime Minister Narendra Modi on Sunday said that infrastructure was a key priority sector and his government spent over Rs3 trillion on national highways alone, besides allocating Rs5 trillion for the Bharatmala project, aimed at improving road connectivity across the country.

Modi was addressing a rally at Uttar Pradesh’s Baghpat after inaugurating two important highways—the first phase of the 14-lane Delhi-Meerut Expressway and the Eastern Peripheral Expressway.

The PM said that infrastructure was a priority because it did not discriminate against people on the basis of class, caste or gender, and strengthens his commitment to Sabka Saath, Sabka Vikaas.

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He said all the four modes of transport – highways, railways, airways and inland waterways – are making rapid progress. “Highway construction has reached 27 km per day as against the 12 km per day recorded during the Congress regime.” Modi added a day will come when products manufactured in Uttar Pradesh will be directly transported to sea ports through inland waterways.

Regarding sugarcane dues in Uttar Pradesh which has become a political issue in the upcoming Kairana bypoll, the PM said his government is sensitive to the famers’ plight and has taken adequate steps to provide proper prices for their crop. He also lauded the efforts of Uttar Pradesh chief minister Yogi Adityanath, stating that criminals in the state are now surrendering and pledging not to indulge in illegal activities.

The Eastern Peripheral Expressway was built at a cost of Rs 11,000 crore to decongest Delhi’s traffic, while the Delhi-Meerut Expressway will reduce the commuting between the two cities from four hours to 45 minutes, once completed.

The two projects aimed at reducing travel time and decongest Delhi have several new features, including solar power, auto-challans for over-speeding, tolling for distance travelled and weigh-in-motion equipment to stop entry of over-loaded vehicles, water harvesting and fountains.

Notably, on 10 May, the apex court had directed the National Highways Authority of India (NHAI) to open the EPE for the public by 31 May, even if it failed to get the project inaugurated by the Prime Minister. The Eastern and the Western Peripheral Expressways were planned in 2006 following a Supreme Court order to divert traffic bound for destinations other than the national capital.

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Speaking on the occasion, minister for transport and highways Nitin Gadkari said that the EPE will reduce pollution by 27% and traffic jams by 41% in Delhi. He lauded the work of the NHAI officials, stating the highway was built in a record 500 days.

On India’s first 14-lane highway, Gadkari said his ministry will try to complete the Delhi-Meerut expressway by March 2018. The two-project will be a relief for people across Jammu and Kashmir, Punjab, Haryana, Uttrakhand, Uttar Pradesh and Rajasthan.

Gadkari also announced that the Delhi-Saharanpur Highway will be built on the EPE pattern and the foundation stone of the Rs7,000-crore Dwarka Expressway will soon be laid by the PM.

Source : https://www.livemint.com/Politics/rGOhATrLhyfkYqIZHozeiO/Narendra-Modi-inaugurates-Rs11000-crore-Eastern-Peripheral.html

 

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Residential sales in top 8 cities grew 13% in 2017-18: Report

Affordable housing continued to be the mainstay of the demand as the contribution of this segment to the overall sales in tier I cities

Residential sales in top 8 cities grew 13% in 2017-18MUMBAI: Residential sales across top 8 tier I cities of India has grown 13% during the financial year 2017-18 (April-March) with Mumbai Metropolitan Region witnessing maximum growth of 25%, showed data from Liases Foras Ratings & Research.

Affordable housing continued to be the mainstay of the demand as the contribution of this segment to the overall sales in tier I cities including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad stood at 18% during the fourth quarter.

The government has been pushing affordable housing through various schemes and incentives. Lower home loan interest rates and necessary impetus by the government to affordable housing has played a key role pushing sales in this segment.

The government has supported the housing sector through affordable housing fund, lower Goods & Services Tax (GST) rates, increased tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) and extended income tax benefits to apartments of carpet area of 645 sq ft.

Mumbai was followed by Delhi-National Capital Region with 19% increase in sales for the year. In south zone, Chennai and Bangalore have shown a slow down with sales numbers showing a drop of 15% and 5%, respectively while Hyderabad witnessed a growth of 17%.

On year-on-year basis, new launches across these top 8 markets have declined in most cities except in Mumbai, Hyderabad and Kolkata where launches grew 42%, 53% and 29%, respectively.

With a growth in sales and drop in new launches the unsold inventory in the tier 1 cities have dropped by 3% from a year ago to 9.29 lakh units as on March end.

During the fourth quarter ended March, residential sales across these tier I cities increased by 14% with Hyderabad emerging as the leader with a 33% increase followed by Bangalore with 30% rise, MMR with 19% growth and 14% increase in Pune. Kolkata is the only city that witnessed a marginal decline of 1%.

During the fourth quarter, sales in affordable segment with price tag of less than Rs 25 lakh increased 24% from a year ago. Sales in the cost bracket of Rs 25 lakh to Rs 50 lakh increased by 4% on an annual basis. Sales in the cost bracket of Rs 50 lakh to Rs 1 crore increased by 17%, while sales in luxury segment with Rs 1 crore to Rs 2 crore rose 13%. Sales in ultra-luxury segment above Rs 2 crore rose 13%.

Weighted average price across tier I cities witnessed a muted increase of 1%. Marginal decline of 1% was observed in Pune and NCR while prices dropped by 4% in Chennai. Prices in Ahmedabad witnessed no change while a slight increase of 1% was observed in Hyderabad , Kolkata , MMR and Pune each, the data showed.

NCR led with the highest contribution to sales in the affordable segment with 26% followed by MMR with 23%, Ahmedabad with 20% and Pune with 15% of total sales in this segment. All 8 cities cumulatively sold highest in cost range of Rs 25 lakh – Rs 50 lakh, with sales of 35% of total sales, followed by cost range of Rs 50 lakh to Rs 1 crore at 30% of total sales.

Among regions, MMR contributed the highest to overall sales at 17,143 units or 25% of total sales followed by NCR at 15,326 units or 22% of total sales, the data showed.

During the quarter, MMR added the highest new launches, with a contribution of 25% followed by Bangalore 17% and NCR 11%. Among various cost segments, the cost bracket of Rs 50 lakh to Rs 1 crore witnessed maximum new launches amounting to 39% of total new supply followed by the cost brackets of Rs 25 lakhs to Rs 50 lakhs with 36% contribution.

The Rs 50 lakh to Rs 1 crore segment of MMR witnessed maximum launches of 5,545 units contributing 11% of the total new launches across eight tier 1 cities. Kolkata contributed 29% of the new launches in the affordable segment with less than Rs 25 lakh followed by MMR 25% and Pune 24%.

Source : https://realty.economictimes.indiatimes.com/news/residential/residential-sales-in-top-8-cities-grew-13-in-2017-18-report/64256679?photo_id=59863844

Link road expansion to cut travel time from Dwarka expressway to Hero Honda Chowk

GURUGRAM: The tender for the six-lane road connecting DwarkaExpressway with Delhi-Jaipur Expressway, also known as NH-8, is likely to be floated in August this year, said Haryana PWD minister Rao Narbir Singh in Gurugram on Sunday.

Talking about the projeLink road expansion to cut travel time from Dwarka expressway to Hero HondaChowkct, the minister said, “The tender for the six-lane project, including a flyover at Umang Bhardwaj Chowk, will be issued in August,” said Narbir.

TOI had earlier reported that GMDA will develop a six-lane connector from Dwarka Expressway that will meet NH-8 at Hero Honda Chowk. It will be an expansion of the existing 5.8km-long two-lane road between Hero Honda Chowk and Dwarka Expressway.

The road, which is mainly used by Old Gurugram residents as an alternative route to reach NH-8, witnesses massive snarls due to huge volume of private and commercial vehicles. The road was earlier supposed to go up to Umang Bhardwaj Chowk, but was later extended to Dwarka Expressway. Along with a flyover at Umang Bhardwaj Chowk, the same project will now include another flyover at Basai Chowk.

Link road expansion to cut travel time from Dwarka expressway to Hero Honda Chowk

The total cost of the project was earlier projected at around Rs 147 crore, but the minister didn’t give out any information on the cost escalation on Sunday.

The six-lane project was first proposed during chief minister Manohar Lal Khattar’s visit to Gurugram in April last year, when he had inspected various ongoing projects in the city. Khattar later announced a revamp and widening of the road in August, after it was approved by GMDA in its first meeting.

Following Khattar’s announcement, the state government sought funds from the National Highways Authority of India (NHAI), though the latter eventually did not sanction the funds, said Narbir. “Since NHAI declined to take up the project, the state government decided to develop the six-lane road on its own, through GMDA,” said Narbir on Sunday.

Narbir was speaking at the inauguration of road carpeting work of the road connecting Sector 10 to Pataudi, which was carried out at a cost of Rs 80 lakh. Narbir also spoke of the upcoming bus stand and railway stations, both of which are being developed to meet “international standards”.

“Development works worth Rs 10 crore will be carried out in the city in 2018-2019,” said Narbir.

Making a pitch for the upcoming state elections, he said development at this scale is only possible because the chief minister has got his priorities right and has Gurugram’s best interests in mind. “One could be of any political lineage, but everyone will agree Gurugram has seen a lot of development over the last four years,” said Narbir.

Source : https://timesofindia.indiatimes.com/city/gurgaon/link-road-expansion-to-cut-travel-time-from-dwarka-expressway-to-hero-honda-chowk/articleshow/64152214.cms

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

DLF gets 11.76-acre Gurgaon plot with record Rs 1,496 crore bid

dlf newsIn a closely contested auction, DLFBSE 1.19 % has emerged as the highest bidder for a land parcel put by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) spread over 11.76 acres in Gurgaon for a record Rs 1496 crore, said three persons familiar with the development.

The company is expected to pay an additional Rs 143 crore for Transit-Oriented-Development rights. DLF will also have to pay Rs 120 crore for registration of the land parcel, taking the total deal value to Rs 1,759 crore, against the reserve price for the land parcel that was set at around Rs 686 crore.

This is an unprecedented price for a land parcel in the National Capital Region. The deal concluded through an e-auction on Monday night, at a base price of over Rs 127 crore per acre, has surpassed all earlier benchmarks.

DLF and Bharti Realty had emerged as the contenders in the final round out of more than half a dozen developers, including Indiabulls Real Estate, Experion Developers, Emaar Group, Embassy Group and RMZ showing interest in this land parcel.

The second highest bid made by Bharti Realty stood at Rs 1,446 crore.

An HSIIDC official, who requested anonymity, confirmed that a subsidiary company of DLF has emerged as the highest bidder with Rs 1,496 crore. An email sent to DLF remained unanswered till the time of going to press on Tuesday.

As per the bid terms, the allotment letter for the said land parcel will be issued to Aadarshini Real Estate Developers, subsidiary of DLF Home Developers upon payment of 10% of the quoted amount. The balance amount can be paid in installments as per the terms of bid document, DLF said in a regulatory filing.

In November, global home furnishing company Ikea had bought a 10-acre land parcel in Gurgaon for Rs 842 crore through an e-auction conducted by HUDA, the Haryana government’s development agency. The land parcel is located on NH8 behind Oberoi Hotel in Guragaon, and has the potential to develop both commercial and retail spaces.

“This is an extension of the established DLF Cyber City micro market and the deal reconfirms DLF’s long–term commitment to retain control over this NH8 cyber city micro market in terms of pricing, supply and occupier profile,” said Ankur Srivastava, chairman, GenReal Property Advisors. “It allows DLF to revalue its undeveloped FSI in this micro market while using this auction as a benchmark.”

“This is an extension of the established DLF Cyber City micro market and the deal reconfirms DLF’s long–term commitment to retain control over this NH8 cyber city micro market in terms of pricing, supply and occupier profile,” said Ankur Srivastava, chairman, GenReal Property Advisors. “It allows DLF to revalue its undeveloped FSI in this micro market while using this auction as a benchmark.”

The said 11.76 acre land parcel has a leasable potential of around 2.3 million sq ft. The plot has base floor space index of 1.75 times, which would get double to 3.5 times after factoring the benefit of Transit Oriented Development (TOD) rights.

DLF is expected to push this development into DLF Cyber City Developers Ltd (DCCDL), its joint venture with Singapore sovereign fund GIC. Promoters of DLF have sold their 33.34% stake in its rental arm DLF Cyber City Developers Ltd (DCCDL) to GIC for Rs 8,956 crore. The transaction was concluded on December 26, and the company now holds the balance 66.66% in DCCDL.

Currently, the rental arm’s portfolio includes leased space of 27 million sq ft and nearly 4 million sq ft under construction. The joint entity also has access to land bank that has additional development potential of 19 million sq ft.

According to industry experts, the successful bidder will have to lease spaces in proposed development on this plot in the range of Rs 150 to Rs 160 per sq ft a month to achieve a breakeven, given the high amount of bid. Currently, office space lease rentals in this vicinity are around Rs 110 per sq ft and a right mix of retail and commercial development may help the company fetch the expected average lease rentals.

Source : http://bit.ly/2GP5QOr