Luxury Living from Rustomjee to Introduces Kasara Project

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September 25, 2024

Luxury Living from Rustomjee to Introduces Kasara Project

The esteemed Rustomjee Group, has marked a significant expansion into the plotted development sector with the acquisition of approximately 88 acres in Kasara. This picturesque locale, surrounded by stunning mountain views, represents Rustomjee’s first foray into this domain, aiming to meet the increasing demand for second homes. The upcoming Kasara project will comprise around 500 plots of varying sizes, totalling approximately 1.5 million square feet, poised to redefine luxury living amidst serene natural surroundings.

The total cost for the land acquisition is pegged at ₹91 crores, with an initial payment of ₹1 crore already made, and the remaining amount set to be disbursed in instalments over the next two years. Keystone Realtors has already initiated the process for RERA registration and plans to launch the project in Q2 FY25. This strategic move into plotted development is a response to the growing desire for second homes, particularly among individuals seeking a peaceful retreat from urban chaos. This venture aligns seamlessly with Rustomjee’s broader business model, as plotted developments typically offer quicker cash flow cycles and bolster profitability and return ratios. The Kasara project exemplifies the company’s dedication to tapping into high-demand segments, ensuring a sustainable growth trajectory.

Expressing excitement over this new venture, top management at Keystone Realtors stated, “We are thrilled to announce our entry into plotted development with our first acquisition in Kasara. This milestone reflects our strategic vision to diversify and expand our portfolio. Recognised for identifying emerging market trends, we see significant demand in this sector. The lack of organised and branded developers in plotted development makes it an attractive market for us to address evolving customer needs. This project underscores our commitment to innovation and quality while aligning with our goal of delivering exceptional value to our stakeholders.” The rising demand for second homes, particularly among those seeking luxury combined with tranquillity away from city life, underscores the timing of Rustomjee’s new venture. The Kasara project is set to provide an idyllic retreat for homebuyers, merging contemporary amenities with the serenity of nature. Its strategic location enhances its appeal, making it an ideal choice for this development. Rustomjee’s entry into this segment is expected to set new industry standards, providing well-planned plots that cater to the discerning tastes of modern buyers. With a focus on innovation, quality, and customer satisfaction, the Kasara project is poised for success, contributing to the overall growth and development of the region.

Century Textiles to Invest INR 12,000 Crore in Real Estate

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September 25, 2024

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Century Textiles to Invest INR 12,000 Crore in Real Estate

Century Textiles & Industries Ltd., a prominent player in the Indian industrial sector, has announced an ambitious foray into the real estate market. The company has revealed plans to invest a substantial INR 12,000 crore in residential projects during the fiscal year 2024-25. This strategic shift was highlighted during an investor call following the company’s financial results.

Century Textiles intends to expand its footprint in key markets across India, including the Mumbai metropolitan region, Bengaluru, National Capital Region (NCR), and Pune. The company already has a significant pipeline of residential projects in these areas, valued at approximately INR 54,000 crore. To further enhance its revenue streams, Century Textiles plans to demolish and redevelop its prime Worli headquarters in Mumbai. This project is expected to generate an additional INR 2,000 crore in revenue. Birla Estates, a wholly-owned subsidiary of Century Textiles, will manage the real estate ventures. The funding for these projects will primarily be sourced from private equity and other investment channels on a project-specific basis. Century Textiles’ entry into the real estate sector marks a significant strategic pivot for the company.

By leveraging its established market presence and capitalizing on prime urban locations, the company aims to capitalize on the robust demand for residential properties in key metropolitan hubs.This strategic emphasis on residential developments aligns with evolving consumer preferences and market dynamics. As cities continue to urbanize and demographic shifts occur, the demand for quality housing has been on the rise. Century Textiles’ foray into this sector positions it as a formidable player in the real estate landscape. The company’s success in the real estate market will depend on its ability to navigate regulatory landscapes, manage project timelines effectively, and deliver high-quality developments. By executing its plans successfully, Century Textiles can diversify its revenue streams and maximize shareholder value.

Brigade El Dorado Welcomes Cobalt Tower Launch

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September 25, 2024

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Brigade El Dorado Welcomes Cobalt Tower Launch

Brigade Group has introduced its newest residential offering, Cobalt, within the expansive 50-acre township of Brigade El Dorado, strategically located in the KIADB Aerospace Park. This ambitious project spans approximately 6.1 million square feet and features a diverse mix of residential, retail, wellness, and entertainment facilities.

Cobalt comprises 948 one-bedroom apartments, with an estimated revenue potential exceeding ₹400 crore. The architectural design of Cobalt thoughtfully integrates contemporary living with the soothing presence of nature, surrounded by over 40 acres of open spaces, lush greenery, and carefully landscaped areas. A senior executive from Brigade Enterprises commented on the burgeoning demand for quality housing in North Bengaluru, noting, “The surge in multinational companies establishing operations here has catalysed a demand for skilled talent, driving the need for sustainable real estate. Our primary demographic consists of millennials who seek homes that reflect their accomplishments and aspirations. Cobalt at Brigade El Dorado perfectly addresses this need, offering innovative design, sustainability, and an array of amenities for a living experience that balances modern comforts with natural serenity.”

Scheduled for completion by Q2 FY 29, Cobalt is part of the larger Brigade El Dorado development, which promises over 80 amenities for residents, including a hospital, a central park, a multiplex, and various sports and retail options. Its location is particularly advantageous, being just a 15-minute drive from Kempegowda International Airport and close to numerous IT parks and commercial establishments, alongside the anticipated airport metro connection. The strategic positioning and extensive amenities of Brigade El Dorado are designed to cater to the lifestyle needs of its residents while enhancing the overall living experience. The township’s development emphasises not only modern living spaces but also environmental sustainability and community well-being, making it a premier residential destination in North Bengaluru. Brigade Group’s launch of Cobalt reinforces its commitment to delivering high-quality residential projects that combine luxury, convenience, and sustainability. As North Bengaluru continues to evolve and attract a growing professional demographic, developments like Cobalt at Brigade El Dorado are set to become coveted addresses, resonating with the aspirations of a new generation of homebuyers.

India Warehousing Show 2023 to Driving Logistics Innovation

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September 25, 2024

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India Warehousing Show 2023 Sparks Logistics Innovation - Urban Acres

The 13th edition of the India Warehousing Show (IWS), hosted by RX India, has set a significant benchmark in the warehousing industry. Taking place at the state-of-the-art Yashobhoomi, India International Convention & Expo Centre (IICC) in Dwarka, New Delhi, the event was inaugurated by Shri Surendra Ahirwar, Joint Secretary of Logistics & Trade at the Ministry of Commerce & Industry. This annual gathering serves as a crucial platform for professionals across warehousing, material handling, logistics, automation, and supply chain management, bringing the entire industry together.

The inauguration drew notable dignitaries, including Kamlesh Gosai, Executive Director of Gati Shakti (Traffic) from the Railway Board, H. N. Aswath, Development Advisor from the Ministry of Ports, Shipping and Waterways, and Sagar Kadu, Director of Logistics at the Ministry of Commerce & Industry. In his keynote address, Shri Ahirwar underscored the transformative changes in India’s logistics landscape, particularly the fusion of technology and human expertise that has markedly improved supply chain efficiency. He stated, “Events like the India Warehousing Show are essential for brainstorming and innovation. We are witnessing rapid advancements in digitalisation, infrastructure, and investment in the logistics sector. As we envision India in 2047, our collective efforts aim to establish the nation as a developed country. The international collaboration at IWS fosters the exchange of technology, knowledge, and best practices, driving our logistics industry forward.”

Mr. Umang Gupta, Country General Manager of RX India, expressed appreciation for the attendance of government officials and industry leaders. He added, “The growing importance of the warehousing and logistics sector to our economy necessitates collaboration across the value chain and a focus on technological advancements for sustained growth. The India Warehousing Show has evolved into a premier event that connects policymakers, technology providers, and infrastructure stakeholders, particularly in navigating the evolving landscape of logistics and warehousing.” This year’s edition featured participation from 250 exhibitors, providing a dynamic platform for showcasing the latest technological innovations and live product demonstrations from both national and international companies. Attendees were able to engage in expert-led panel discussions and networking sessions, gaining valuable insights into the logistics, warehousing, and supply chain sectors.

Key topics discussed included the National Logistics Policy, cost optimisation strategies, the role of AI and Industry 4.0 in enhancing supply chain efficiency, and the imperative of sustainability in logistics. Noteworthy sessions also addressed the importance of women in leadership roles within the logistics industry and the effects of e-commerce and Q-commerce on consumer experiences. With participation from leading firms such as DP World, APL Apollo Steel Pipes, Cushman & Wakefield, Mitsubishi Electric, Nido Automation, and Action Construction Equipment, the India Warehousing Show 2023 has solidified its status as a pivotal event for fostering collaboration, innovation, and growth within the logistics sector.

Altern Capital Launches New Real Estate Fund

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September 25, 2024

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Altern Capital Launches New Real Estate Fund

Altern Capital, a leading real estate investment management firm based in Bengaluru, has made a significant stride into the Indian real estate market with the launch of its inaugural fund, Jiraaf Au India Real Estate Fund – I. The fund is targeting to raise INR 250 crore, with an additional greenshoe option of INR 100 crore. The fund has secured approval from the Securities and Exchange Board of India (SEBI) as a category II alternative investment fund (AIF). Sponsored by AI Growth Private Ltd under its brands Jiraaf and Altgraaf, Jiraaf Au India Real Estate Fund – I focuses on plotted development and last-mile funding strategies.

The fund has a targeted tenure of four years and aims to mitigate risks associated with approvals and execution. Altern Capital’s strategic approach to real estate investment involves leveraging technology for rigorous investment and post-investment monitoring. The company aims to deliver superior risk-adjusted returns to its investors. The fund’s investment strategy prioritizes plotted development projects in cities such as Bengaluru, Chennai, Hyderabad, and Mysuru. Additionally, it will also focus on last-mile funding initiatives in Bengaluru, Mumbai, Pune, and Chennai.

This strategic focus is aligned with the growing demand and rapid sales observed in plotted developments, particularly in Bengaluru and Mysuru. Grade A developers and listed entities have shown increasing interest in this sector in recent years. The launch of Jiraaf Au India Real Estate Fund – I marks Altern Capital’s entry into the Indian real estate investment landscape. The firm’s emphasis on technology and its focus on targeted urban centers with robust property dynamics positions it well to capitalize on market opportunities. As the fund moves forward, the industry will closely watch its impact on the real estate investment ecosystem and its ability to deliver value to investors.

Puducherry’s Agricultural Land Conversion Accelerates

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September 25, 2024

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Puducherry's Agricultural Land Conversion Accelerates

The once predominantly agrarian landscape of Puducherry is undergoing a rapid transformation as urban expansion takes center stage. The recent amendments to the Town and Country Planning Act have streamlined the process for converting agricultural land into industrial, commercial, and residential areas, fueling a surge in such conversions.

According to the Puducherry Planning Authority (PPA), approximately 1.84 lakh square meters of agricultural land have been converted in recent times. Out of this, a significant portion has been allocated for industrial and commercial purposes, reflecting the growing demand for these land uses. The remaining land has been earmarked for residential and mixed-use developments. The PPA’s relaxed regulations have made it easier for developers and investors to obtain approvals for land conversion. As a result, the number of land parcels approved for conversion has surged, with many located in rural communes and urban municipalities.

The shift from agricultural to urban land uses raises concerns about the potential impact on the region’s food security and environmental sustainability. While the conversion of agricultural land can contribute to economic growth and development, it is essential to ensure that the process is balanced with measures to protect the environment and preserve agricultural resources. As Puducherry continues to evolve, it is crucial to carefully consider the long-term implications of land use changes. A well-planned approach that balances urban development with agricultural preservation is essential to ensure a sustainable and prosperous future for the region.

Data Hub to Revolutionising Concrete Management

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September 25, 2024

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Data Hub to Revolutionising Concrete Management

Converge has launched its innovative Data Hub technology, set to redefine concrete data management within the construction sector. This advanced platform automatically captures, centralises, and analyses an extensive array of concrete data—including delivery tickets, batch records, compliance assessments, volumetric data, mix designs, quality assurance metrics, non-conformance reports, and environmental product declarations (EPDs) detailing carbon content.

By automating these processes, Data Hub aims to save hundreds of person-hours previously spent on manual data entry, significantly mitigating human error and establishing a new standard for quality assurance on construction sites. The automation capabilities of the Data Hub also create a detailed, irrefutable audit trail for every concrete pour, which is instrumental in minimising the necessity for concrete rework. This, in turn, leads to considerable reductions in both waste and associated costs.

Morrisroe Group, a leading multi-disciplinary contractor known for its specialist design capabilities, is among the first to adopt the Data Hub. An official from Morrisroe stated, “With Data Hub, we not only eliminate manual tasks and decrease the risk of human error, but we also gain access to real-time data from any location—be it on-site, in the office, or during meetings. This allows us to react swiftly and keep our workforce productive and efficient.” The Data Hub is a significant enhancement to Converge’s AI-driven platform, Concrete DNA. It includes advanced features that improve construction efficiency and project outcomes. Contractors can now effortlessly log, tag, and track delivery tickets, along with essential metrics such as volume, slump, cube testing, sensor data, photos, and inspection records.

“Morrisroe’s experience with Data Hub has transformed our approach to managing and analysing concrete data,” noted an official from the company. “We now operate with a centralised system that not only accelerates data processing but also heightens the accuracy of our analyses. This empowers us to make quicker, more informed decisions, allowing us to focus on delivering high-quality, sustainable projects.” From a sustainability standpoint, tracking carbon emissions within the built environment has gained paramount importance for developers, contractors, and the entire supply chain. Data Hub facilitates the monitoring of carbon emissions alongside traditional metrics such as strength and progress, providing a holistic view of performance and enabling more informed decision-making that enhances project outcomes.

In 2022, Converge secured £15 million in a Series A funding round led by Climate Investment, aimed at accelerating its impact on carbon reduction. Mike Bishop, Investment Director at Climate Investment and a member of Converge’s Board, remarked, “Data Hub is yet another transformative product from Converge. It harmonises the demands of construction with sustainability initiatives, delivering an innovative solution that benefits both contractors and the environment—while simultaneously cutting costs and expediting project timelines.”

Wipro’s IoT Centre Experiences Smart Technology

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September 25, 2024

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Wipro's IoT Centre Experiences Smart Technology

Wipro’s Commercial & Institutional Business (CIB) has unveiled its latest IoT Experience Centre in Pune, marking a significant step forward in smart technology and IoT solutions tailored for contemporary enterprises. This facility aims to address the dynamic needs of businesses by showcasing Wipro’s cutting-edge Internet of Lighting (IoL) solutions alongside innovative seating designs within an open and collaborative environment.

The Experience Centre is meticulously designed to enhance productivity and support mental well-being, integrating Wipro’s Smart & Connected solutions across various sectors, including Smart Factories, Smart Cities, and Smart Offices. Key technologies featured at the centre include Power over Ethernet (PoE) and advanced wireless lighting management systems, reflecting Wipro’s commitment to sustainability and operational efficiency in workspace management. “A pivotal milestone for Wipro’s Commercial and Institutional Business, this Experience Centre embodies our dedication to innovation,” stated a spokesperson from Wipro Consumer Care & Lighting. “With India’s expanding commercial landscape and supportive government initiatives, we are well-positioned for significant growth.” Wipro plans to replicate this model in key cities across India, broadening access to innovative lighting and seating solutions. The centre serves not only as a demonstration space but also as an educational hub where architects, interior designers, and business leaders can gain practical insights to optimise their work environments.

Visitors can engage with live demonstrations that showcase how different lighting configurations influence spatial functionality and ambience. Additionally, Wipro’s ergonomic seating solutions are designed for various settings, including offices and public venues, incorporating acoustic materials and flexible partitions that enhance workplace tranquillity and productivity. The new IoT Experience Centre in Pune sets a high standard for technological advancement and customer engagement within the realm of smart infrastructure solutions. As Wipro continues to expand its national presence, this centre stands as a testament to its commitment to delivering holistic, innovative solutions that transform workplace environments across India. This initiative underscores Wipro’s strategic vision to lead in the IoT and smart solutions landscape, leveraging cutting-edge technology to redefine the future of workspaces.

Tax Proposal Sparks Debate in Indian Real Estate

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September 25, 2024

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Tax Proposal Sparks Debate in Indian Real Estate

The Indian real estate sector is grappling with uncertainty following the government’s proposal to eliminate indexation benefits for long-term capital gains in property sales. This move, introduced in Budget 2024-25, could significantly impact property owners, particularly those holding assets for more than ten years, including heritage home owners. Under the proposed changes, a flat 12.5% tax would be levied on capital gains from property sales, without the benefit of indexation.

This means that property owners would have to pay taxes on the full appreciation in value, even after accounting for inflation. Developers and industry experts argue that this could result in higher tax burdens for those selling long-held assets. The Income Tax Department, however, maintains that the proposed changes are fair and reasonable. They point out that nominal real estate returns in India typically exceed inflation rates, suggesting that property owners will not face a significant tax burden. However, real estate experts contest this view, noting that in some cases, returns on long-term property investments may fall below inflation. The removal of indexation benefits could have a significant impact on the secondary real estate market.

As sellers may face higher taxable capital gains, they may be less inclined to sell their properties, leading to a reduction in supply. This, in turn, could drive up property prices and limit investment opportunities. Despite the concerns, the Indian real estate sector remains cautiously optimistic. Industry leaders believe that the lower long-term capital gains tax rate could attract new investors, particularly those holding properties for more than two years. The simplified tax structure and the overall bullish economic outlook could also provide a boost to the sector. The government’s focus on simplifying the tax system is commendable. However, it is essential to ensure that the proposed changes do not have unintended consequences that could harm the real estate sector. A balanced approach that takes into account the diverse returns on long-term property investments is crucial for promoting growth and investment in the sector.

Warehousing Boom PE Investments Surge in India

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September 25, 2024

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Warehousing Boom PE Investments Surge in India

The Indian real estate market has witnessed a significant shift in investor preferences, with the warehousing sector emerging as the prime destination for private equity (PE) investments. According to the latest report from Knight Frank India, PE investments in Indian real estate reached $3 billion in the first half of 2024, a 15% increase from the previous year.

The warehousing sector accounted for a remarkable 52% of these investments, outpacing the combined totals of the office, retail, and residential sectors. This surge in warehousing investments is a testament to the growing demand for logistics and storage infrastructure in India. The country’s burgeoning e-commerce industry, coupled with rapid urbanization and industrialization, has created a robust market for warehousing facilities. Investors are increasingly recognizing the long-term potential of this sector and are keen to capitalize on its growth prospects.

While the warehousing sector has taken center stage, the residential sector has also experienced a significant resurgence in PE investments. In the first half of 2024, residential investments surged by over 209%, reaching $854 million. This growth reflects a renewed investor interest in residential properties, driven by factors such as rising urban populations and demand for quality housing. Mumbai and Bengaluru emerged as the leading destinations for PE investments in India. Mumbai witnessed an increase in inflows from $1,242 million to $1,701 million, with the warehousing sector accounting for the lion’s share of these investments.

Bengaluru also attracted significant PE interest, with approximately 20% of the total investments concentrated in the city. The shift in investment dynamics towards the warehousing sector reflects the evolving landscape of the Indian real estate market. As the country continues to grow and develop, the demand for efficient logistics and storage solutions will only intensify. Private equity investors are well-positioned to capitalize on this trend and contribute to the expansion of India’s warehousing infrastructure.

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