Aadhar Housing Finance Projects 20% Growth on Affordable Housing Push

Residential

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September 27, 2024

Aadhar Housing Finance Projects 20% Growth on Affordable Housing Push

Aadhar Housing Finance Limited (AHFL), backed by private equity giant Blackstone, is poised for a significant leap in growth, with expectations of over 20% growth in its disbursements and order book for the low-income housing sector. The optimism is driven by anticipated government policies supporting the ‘Housing for All’ initiative in the upcoming budget. AHFL’s efforts have primarily focused on affordable housing loans for economically weaker sections (EWS) and low-income groups (LIG). AHFL is urging the government to revise income thresholds to INR 5 lakh for EWS and INR 10 lakh for LIG, to align with contemporary economic conditions.

In FY23, AHFL disbursed INR 6,000 crore, followed by INR 7,100 crore in FY24, marking a strong upward trajectory. Uttar Pradesh remains the company’s largest market, contributing 15% of the overall revenue. The company has also expanded its presence across metro cities like Delhi and Mumbai. Construction costs are rising, resulting in a higher preference for self-construction or resale properties over builder projects. AHFL is looking to tap into newer markets in Northeast India and Jammu & Kashmir, while maintaining its impressive AUM of INR 16,566 crores as of December 2022. With 424 branches across 20 states and union territories, AHFL is a formidable player in India’s low-income housing finance sector.

The sustainability angle in AHFL’s strategy is reflected in its advocacy for reintroducing the Pradhan Mantri Awas Yojana (PMAY) across a broader geographical area, enhanced subsidies under the Credit Linked Subsidy Scheme (CLSS), and revisiting the priority sector lending limits. The company also promotes public-private partnerships to expand affordable housing inventory. These proposals reflect a holistic approach to addressing India’s housing crisis, where sustainable, inclusive growth is at the forefront.

New Town Kolkata Allows Footpath Use for Construction Material Storage

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Homes and buildings

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September 27, 2024

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New Town Kolkata Allows Footpath Use for Construction Material Storage

In a progressive move aimed at addressing logistical challenges within the burgeoning construction sector, the New Town Kolkata Development Authority (NKDA) has issued a new regulation permitting developers with valid building plans to utilise footpaths for the temporary storage of construction materials. This initiative, detailed in a recent notification, establishes a critical 1.5-metre gap between the construction site and the materials, ensuring that pedestrian pathways remain clear and accessible. This decision is particularly timely, as New Town Kolkata continues to expand rapidly, necessitating a balance between urban development and public convenience.

To uphold standards of civic order, the NKDA has mandated that prospective developers submit comprehensive construction management plans prior to the approval of building projects. These plans must detail the strategies for both material storage and the responsible disposal of demolition waste. Such regulatory measures underscore the authority’s commitment to facilitating streamlined urban development while ensuring that the rights of pedestrians are not overlooked. This balanced approach reflects NKDA’s understanding of the growing complexities faced by builders in a densely populated urban environment.

By permitting the controlled use of footpaths for material stacking, the NKDA aims to alleviate some of the logistical burdens that developers encounter, without compromising public safety. The authority plans to release a Standard Operating Procedure (SOP) within the week, which will outline the protocols and responsibilities that builders must adhere to when utilising footpath space. This proactive measure not only addresses immediate construction needs but also prioritises the safety and accessibility of walkways for the community.

Government Buildings to Go Solar: Tata Power and NHPC-REL Collaborate

Renewable Energy

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September 27, 2024

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Government Buildings to Go Solar: Tata Power and NHPC-REL Collaborate

Tata Power Renewable Energy Limited (TPREL) and NHPC Renewable Energy Limited (NHPC-REL) have joined forces to expedite the adoption of rooftop solar projects (RTS Projects) across government-owned buildings in India. This collaboration aligns with the ambitious PM Surya Ghar Yojna Scheme, which seeks to completely solarize government buildings by December 2025.

The partnership between TPREL and NHPC-REL marks a crucial step in harnessing the vast rooftop spaces of government establishments for solar energy generation. NHPC Limited, designated as a Scheme Implementing Partner (SIP) by the Ministry of New and Renewable Energy (MNRE), will oversee the implementation of these projects through its subsidiary NHPC-REL. TPREL, a leading player in the solar energy sector, brings its expertise and operational excellence to the table, ensuring the efficient execution of these initiatives. The collaboration underscores a shared commitment to sustainability and innovation in India’s renewable energy landscape. By combining their resources and knowledge, TPREL and NHPC-REL aim to play a pivotal role in advancing the country’s renewable energy goals. This initiative not only supports the transition to cleaner energy sources but also sets a precedent for collaborative efforts in driving environmental stewardship and energy efficiency across public infrastructure.

Stakeholders from both TPREL and NHPC-REL have expressed enthusiasm about the transformative impact of the solarization initiative. They highlight the economic and environmental benefits of harnessing solar power, emphasizing its potential to reduce carbon footprint and operational costs for government buildings. With the backing of MNRE and the operational capabilities of NHPC-REL, the partnership is poised to scale up the deployment of RTS Projects, contributing significantly to India’s renewable energy capacity. The initiative is expected to inspire similar public-private partnerships and propel the adoption of sustainable energy solutions nationwide. The collaboration between TPREL and NHPC-REL marks a milestone in India’s renewable energy journey. As the country strives towards energy security and sustainability, initiatives like these are crucial in driving socio-economic development and mitigating environmental impact through responsible energy practices.

Tamil Nadu’s Land Reforms Empower 6.5 Lakh Citizens Since 2021

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September 27, 2024

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Tamil Nadu's Land Reforms Empower 6.5 Lakh Citizens Since 2021

Since 2021, the Tamil Nadu government, led by Chief Minister MK Stalin, has made significant strides in land reforms, distributing free pattas (land ownership documents) to over 6.52 lakh economically disadvantaged individuals across the state. This initiative is not merely a bureaucratic exercise; it represents a crucial effort to provide secure land rights to some of the most vulnerable segments of society. By empowering these citizens with legal ownership of land, the government aims to foster socio-economic stability and enhance their quality of life, reflecting a broader commitment to social equity.

In addition to the distribution of land ownership documents, the Tamil Nadu government’s revenue department has issued approximately 2.75 crore e-certificates over the past three years. These certificates encompass a range of essential categories, including community, income, nativity, first graduate, and inter-caste marriage, thereby facilitating access to various government welfare schemes. The DMK government has significantly enhanced social security measures, allocating INR 5,337 crore towards old age pensions—a notable increase of INR 1,250 crore compared to the preceding regime. Currently, 34.9 lakh pensioners receive enhanced benefits, with old age pensions set at INR 1,200 and support for differently-abled individuals at INR 1,500.

Moreover, the state’s proactive approach in disaster management is evident through its deployment of INR 2,477 crore from the state disaster relief fund. This funding has been directed towards relief efforts following Cyclone Michaung in Chennai and subsequent flooding in southern districts, underscoring Tamil Nadu’s commitment to swift rehabilitation and community resilience. The government’s initiatives not only provide immediate relief but also ensure long-term stability for affected residents, showcasing a holistic approach to governance.

RLDA Offers Lucrative Land Deal in Tirupati

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September 27, 2024

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RLDA Offers Lucrative Land Deal in Tirupati

The Rail Land Development Authority (RLDA) has unveiled a lucrative investment opportunity in the heart of Andhra Pradesh. The statutory body has invited bids for a prime land parcel spanning 5,532 square meters near Renigunta Junction Railway Station in Tirupati.

Located strategically alongside the Chennai-Anantapur Highway (NH-716), the land parcel offers immense potential for commercial development. With a reserve price of INR 6.77 crores, the site is being offered on a 45-year lease. The proposed built-up area of 7,502 square meters provides ample space for various commercial ventures, including retail shopping complexes or hospitality establishments. The land’s proximity to key arterial roads like Tirupati Airport Road and Kanigiri Tirupati Road (NH-565) further enhances its appeal. Renigunta Railway Station, a major transit hub for devotees visiting the revered Tirupati Temple, ensures a steady influx of visitors, making the site an ideal location for commercial ventures.

Renigunta Junction serves as a crucial railway interchange, connecting Tirupati to other major cities in the region. This connectivity not only supports substantial passenger traffic but also bolsters the land parcel’s commercial viability. Moreover, the ongoing INR 355 crore redevelopment project at Tirupati Railway Station underscores the region’s infrastructure development efforts, further enhancing the potential for commercial real estate development in adjacent areas.

The RLDA’s initiative aligns with its broader goal of optimizing underutilized railway land assets across the country. By leasing out this prime land parcel, the authority aims to foster economic growth, create employment opportunities, and enhance passenger amenities. Investors and developers seeking to capitalize on the burgeoning economic opportunities in Tirupati are encouraged to participate in the bidding process. The lease of this land parcel presents a strategic investment opportunity amidst a backdrop of growing regional connectivity and infrastructure development.

Tier II Cities Real Estate Boom: Prices Skyrocket

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Homes and buildings

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September 27, 2024

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Tier II Cities Real Estate Boom Prices Skyrocket

The Indian real estate landscape is undergoing a transformation, with Tier II cities emerging as a new frontier for residential investment. A recent study by PropEquity has revealed a staggering increase in residential property launch prices in these cities, driven by a confluence of factors.

Over the past five fiscal years, launch prices in India’s top 10 Tier II cities have surged by up to 94%. This remarkable growth is a testament to the increasing confidence of homebuyers and investors in these emerging markets. A combination of economic expansion, improved connectivity, and enhanced infrastructure has made these cities attractive destinations for those seeking both affordability and quality of life. The surge in prices has been particularly pronounced in cities like Agra, Goa, and Indore, which have witnessed increases ranging from 54% to 94%. This trend is indicative of a growing demand for residential property that has outpaced new supply additions. The influx of homebuyers and investors has also attracted prominent developers to these cities, further solidifying their position as important economic hubs.

One of the key factors driving the growth in Tier II cities is their lower cost of living compared to Tier I metropolises. This makes them particularly appealing to young professionals and families who are seeking a more affordable lifestyle without compromising on amenities. Additionally, improved connectivity, including better transportation options and access to educational institutions and healthcare facilities, has enhanced the overall appeal of these cities. The report highlights the evolving role of Tier II cities in India’s real estate sector. As these cities continue to grow and develop, they are poised to become even more important contributors to the country’s economy. For investors and homebuyers alike, Tier II cities offer a compelling opportunity to capitalize on a burgeoning market with significant potential for long-term growth.

HiLITE Realty Expands into the GCC with Burj Khalifa Office

Commercial

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September 27, 2024

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HiLITE Realty Expands into the GCC with Burj Khalifa Office

HiLITE Realty, a distinguished name in South India’s luxury real estate sector, has made a groundbreaking entry into the Gulf Cooperation Council (GCC) markets, establishing its operational centre on the prestigious 112th floor of the Burj Khalifa in Dubai. This ambitious expansion marks a significant chapter in HiLITE’s journey, reflecting its strategic vision to redefine luxury living and create a lasting impact within the UAE’s vibrant real estate landscape. By situating its office in one of the world’s most iconic structures, HiLITE aims to attract a discerning clientele looking for unparalleled luxury and innovation in living spaces.

With a legacy spanning 28 years, HiLITE Realty is celebrated for its cutting-edge designs and timely project completions across the residential, commercial, and retail sectors. The company’s foray into the UAE is a testament to its commitment to architectural excellence and community-building. A representative from HiLITE stated, “Our presence in the Burj Khalifa exemplifies our commitment to architectural excellence, product innovation, and the creation of vibrant communities.” This initiative serves not just as a business expansion, but as a platform for fostering collaboration and inspiration for future generations, encapsulating the company’s forward-thinking ethos.

The UAE’s residential real estate market is poised for robust growth, projected to increase by approximately 9% by 2030. This positive outlook is largely driven by evolving market dynamics, such as the rising demand for spacious homes featuring outdoor spaces, influenced by global lifestyle trends and the shift towards remote work. Furthermore, governmental initiatives like the expansion of the 10-year Golden Visa programme and the introduction of residency permits for retirees and remote workers have significantly bolstered investor confidence. These policies are reshaping the real estate landscape, making the UAE an increasingly attractive destination for global investments.

India Poised for $9.2 Billion Smart Homes Market by 2028

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Homes and buildings

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September 27, 2024

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India Poised for $9.2 Billion Smart Homes Market by 2028

A recent report by Resurgent India and Naredco projects that India’s smart homes market is set to experience significant growth, with an anticipated increase of 9.14% from 2024 to 2028. This upward trajectory will culminate in a market volume of approximately $9.2 billion. The robust growth is attributed to a confluence of factors, including rapid urbanisation, rising disposable incomes, and notable technological advancements. As urban centres expand and modernise, the demand for innovative smart home solutions becomes increasingly pronounced.

Government initiatives aimed at developing smart cities play a crucial role in propelling this market expansion, particularly in metropolitan areas like Delhi-NCR. The evolution of smart home technologies has transcended basic automation, integrating advanced systems utilising Artificial Intelligence (AI), Internet of Things (IoT), and voice control capabilities. These cutting-edge innovations have transformed daily living, introducing smart appliances, advanced security frameworks, and energy management solutions that enhance overall convenience, safety, and efficiency for residents.

In regions such as Gurugram, there is a palpable shift in consumer preferences towards these smart technologies, driven by a collective desire for heightened convenience and security. This trend dovetails with the increasing emphasis on green buildings, which are gaining traction across India’s real estate landscape. By 2025, the green buildings market is projected to burgeon, potentially reaching $39 billion, with commercial segments estimated at $11 billion and residential developments at $28 billion. A spokesperson from Brahma Group notes, “The rise of smart homes reflects a paradigm shift in urban living, combining convenience with sustainability. Gurugram’s green building sector exemplifies India’s commitment to eco-friendly development, integrating energy-efficient designs and enhancing property values.”

Toshiba Strengthens Indian Manufacturing with INR 500 Crore Investment

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September 27, 2024

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Toshiba Strengthens Indian Manufacturing with INR 500 Crore Investment

Toshiba Transmission & Distribution Systems (India) (TTDI) has announced a landmark investment exceeding INR 500 crore to enhance its manufacturing capacity for power transmission and distribution (T&D) equipment in India. This strategic initiative comes in response to the surging global demand for T&D equipment, driven primarily by the ongoing expansion of renewable energy infrastructure across the globe. As nations shift towards sustainable energy solutions, Toshiba’s commitment to bolstering its Indian operations marks a significant step in aligning with these global trends.

Over the next three years, spanning FY2024 to FY2026, the Toshiba Group plans to increase its production capabilities for power and distribution transformers by approximately 1.5 times compared to the previous fiscal year. This ambitious strategy highlights India’s growing prominence as a manufacturing hub, serving as a key export base for T&D equipment to over 50 countries. A spokesperson from TTDI remarked, “India has emerged as a key manufacturing and export base for our T&D equipment. The investment will not only ramp up our production capacity but also streamline operations, reduce lead times, and strengthen our market presence both domestically and internationally.” This expansion encompasses significant upgrades to assembly and testing facilities, particularly enhancing the testing capabilities for high-voltage transformers to meet robust domestic demand.

Moreover, TTDI’s investment strategy emphasises vertical integration, including the establishment of a specialised cold rolled grain oriented (CRGO) steel processing centre. This facility aims to boost manufacturing efficiency, enhance product quality, and ensure compliance with stringent safety standards. With the integration of advanced technology and a skilled workforce, TTDI is poised to deliver high-quality T&D equipment under the ‘Make in India’ initiative. This not only supports the country’s industrial growth aspirations but also solidifies Toshiba’s competitive edge in the global power transmission and distribution market.

Incuspaze Expands Footprint with Major Lease in Whitefield, Bengaluru

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Homes and buildings

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September 27, 2024

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Incuspaze Expands Footprint with Major Lease in Whitefield, Bengaluru

Incuspaze, a leading player in the coworking space industry, has marked a significant milestone by securing a substantial office space lease in Bengaluru’s Whitefield hub. This strategic acquisition highlights Incuspaze’s commitment to bolstering its presence in one of the city’s key commercial districts, celebrated for its exceptional connectivity and vibrant business landscape. The new facility spans an impressive 1.15 lakh square feet and is designed to accommodate 1,800 seats, reflecting the growing demand for flexible workspace solutions amidst a rapidly evolving corporate environment.

The newly acquired facility is meticulously designed to enhance productivity and collaboration, featuring state-of-the-art training rooms, webinar facilities, and multiple meeting spaces. Additionally, the workspace includes a dedicated breakout zone and networking areas, catering to the diverse needs of modern businesses. Ample parking, a spacious cafeteria with an in-house kitchen, and various conveniences position Incuspaze as a preferred choice for discerning enterprises in Bengaluru. This strategic expansion aligns with Incuspaze’s ambitious vision to occupy over 2 million square feet of workspace in southern India within the next two years, signifying its intent to revolutionise workplace experiences.

A spokesperson from Incuspaze articulated the company’s mission, stating, “Our latest facility in Whitefield is meticulously designed to inspire creativity and facilitate innovative business solutions.” This expansion not only strengthens Incuspaze’s foothold in Bengaluru but also reflects its plans to venture into other southern markets, such as Chennai and Hyderabad. The location’s strategic proximity to Fortune 500 company campuses and essential amenities, including hospitals and markets, further enhances its appeal, making it a hub for talent and innovation.

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