Data Hub to Revolutionising Concrete Management

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September 25, 2024

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.

A New Era of Elegance with GRAFF Redefines Luxury

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September 25, 2024

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GRAFF, a prominent name in the luxury faucet and shower system market, has unveiled its latest innovation: the Sento Faucet Collection, developed in collaboration with the renowned Italian design studio Angeletti Ruzza Design. This new collection is poised to transform contemporary home aesthetics, marrying artistic elegance with superior functionality.

The Sento collection distinguishes itself with its striking lever designs and a diverse palette of 25 finishes, including the sophisticated new options of Tuscan Bronze, warm Bronze, and Satin Gold. Each finish is fortified with an advanced Physical Vapor Deposition (PVD) coating, which not only enhances durability but also ensures resilience against daily wear and tear. This commitment to quality reflects a growing trend among luxury brands to prioritise longevity alongside aesthetics, resonating with eco-conscious consumers who seek sustainable products. Addressing complex engineering demands, the Sento collection features 15 uniquely designed faucet elements complemented by an extensive array of accessories. These are available in polished chrome, Steelnox, and both matte black and white finishes, illustrating GRAFF’s dedication to modern design principles. The innovative faucet configuration eliminates the need for a covering plate, allowing for seamless integration into contemporary interiors. Water flows centrally from the spout, emphasising a design ethos that prioritises both openness and sophistication.

The newly designed levers within the Sento collection enhance not only the aesthetic appeal but also the functionality of each piece. Offered in variations that feature slim lines or tapered edges, these levers strike a balance between robust construction and lightweight usability. This design philosophy reflects a growing consumer preference for products that are not only beautiful but also user-friendly and accessible. The Sento collection is not just about elevating faucet design; it also aims to enhance the overall visual appeal of any space, embodying a clean and minimalist style that aligns perfectly with modern living. Whether for washbasins, bathtubs, or showers, the collection provides versatile solutions that merge beauty with practicality, making it an attractive choice for discerning homeowners.

Poonawalla Group’s New Construction Head

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September 25, 2024

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Poonawalla Group's New Construction Head

The Poonawalla Group, a prominent player in India’s real estate landscape, has significantly strengthened its construction division with the appointment of industry veteran Cyrus Pithawalla as Head of Construction. This strategic move underscores the Group’s unwavering commitment to delivering world-class projects and reinforces its position as a market leader.

Pithawalla, a seasoned professional with nearly four decades of experience, brings a wealth of knowledge and expertise to the Poonawalla Group. His track record of successfully delivering over 7 million square feet of prime real estate across various sectors, including residential, commercial, and healthcare, speaks volumes about his capabilities. His reputation for meticulous attention to detail and unwavering adherence to the highest quality standards has earned him widespread respect in the industry. As the new Head of Construction, Pithawalla will play a pivotal role in overseeing the Group’s ambitious construction agenda.

His responsibilities will encompass project execution, talent development, and operational excellence. His ability to manage complex projects, coupled with his deep understanding of the construction industry, will be invaluable in driving the Group’s strategic goals. Pithawalla’s appointment aligns seamlessly with the Poonawalla Group’s broader vision of creating exceptional living spaces and transforming urban landscapes. The Group has ambitious plans in the pipeline, including the development of luxurious villas, residential towers, premium redevelopment projects, and a diverse range of hospitality offerings.

Expressing his enthusiasm about joining the Poonawalla Group, Pithawalla stated, “I am honored to be part of such a dynamic and forward-thinking organization. The Group’s unwavering commitment to design excellence and quality aligns perfectly with my own values. I am particularly impressed by the achievements of the Michelle Yohan Poonawalla (MYP) Design Studio and look forward to collaborating closely on innovative projects.” With Pithawalla at the helm of its construction division, the Poonawalla Group is poised to embark on a new era of growth and innovation. His leadership will undoubtedly contribute to the Group’s continued success and solidify its position as a leading force in the Indian real estate market.

Mumbai’s Luxury Housing Market Sees Unprecedented Growth

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September 25, 2024

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Mumbai's Luxury Housing Market Sees Unprecedented Growth

The luxury residential market in Mumbai has reached a significant milestone, with sales of properties priced at ₹10 crore and above totaling an impressive ₹12,300 crore in the first half of calendar year 2024 (H1 CY24). This represents an 8% increase from the ₹11,400 crore recorded during the same period in 2023, according to a comprehensive report by India Sotheby’s International Realty and CRE Matrix titled “Mumbai Luxury Housing H1 CY24.” This robust growth signals heightened confidence in Mumbai’s upscale real estate sector.

Mumbai’s luxury housing market has seen its highest-ever half-yearly sales value, a dramatic increase from the average bi-annual sales of ₹7,100 crore since 2019. Over the past 12 months, a record 1,040 luxury units were sold, underscoring the sustained demand for high-end properties in the city. This surge aligns with the bullish trend in residential property sales, reflecting a positive sentiment in the broader Indian economy. The primary luxury segment alone recorded sales worth ₹8,752 crore, marking the second-best half-yearly sales figure in the last five years, just shy of the peak achieved in H1 CY23. When considering both the primary and secondary segments, the total luxury home sales value reached ₹12,300 crore, solidifying a new benchmark.

Notably, the secondary market experienced its highest-ever sales value of over ₹3,500 crore, showcasing a remarkable 38% growth compared to H1 CY23. The secondary segment’s market share has also expanded to 32%, up from 27% the previous year, reflecting increased maturity and investor confidence in this segment. Worli emerged as the frontrunner, contributing 37% to the total luxury housing sales value among the top ten localities in Mumbai, which collectively accounted for 80% of the sales. Remarkably, Goregaon East saw a staggering 1,444% increase in luxury home sales, primarily driven by the popularity of the Oberoi Elysian project.

The profile of luxury homebuyers is evolving, with over half belonging to the 35-55 age category, indicating a trend of younger individuals investing in premium properties. Additionally, there is a marked shift towards larger apartments, particularly those in the 2,000 to 4,000 sqft range, which are now the preferred choice for luxury living. The report highlights several notable transactions, including a ₹270 crore deal by Anil Gupta at Lodha Malabar, Malabar Hill, and a ₹156.5 crore acquisition by Rekha Jhunjhunwala at Rockside Apartment, also in Malabar Hill. Other significant transactions include Vratika Gupta’s ₹116.4 crore purchase at Oberoi 360 West, Worli, and Girdharlal Bawri’s ₹101 crore acquisition of a bungalow in Juhu. As the luxury real estate market in Mumbai demonstrates resilience and consistent growth, the outlook for the remainder of 2024 remains optimistic. The sector continues to attract substantial investments, reinforcing strong fundamentals and confidence among investors in the city’s real estate landscape.

Delhi HC Takes Up Real Estate Dispute Case

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September 25, 2024

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Delhi HC Takes Up Real Estate Dispute Case

The Delhi High Court has officially notified real estate firm Brilliant Etoile Private Limited regarding two petitions filed by former Indian cricketer Yuvraj Singh. Singh is seeking the appointment of an arbitrator to address grievances concerning alleged violations of his privacy rights related to the promotion of construction projects, as well as issues surrounding the delayed delivery of a residential unit in New Delhi. Justice C Hari Shankar has requested a response from the firm, with further hearings scheduled for August 5.

Represented by advocate Rizwan, Singh has articulated two primary grievances against Brilliant Etoile. The first pertains to a sale agreement executed between Singh, his mother, and the firm for an apartment in the upscale ‘Sky Mansion’ project, which was valued at over ₹14 crore. The second grievance involves a Memorandum of Understanding (MoU) that Singh entered into with the builder for the promotion and marketing of the real estate project. Singh contends that Brilliant Etoile breached the terms outlined in both the MoU and the sale agreement. Upon inspecting the apartment after receiving the possession letter, Singh expressed disappointment at finding that the unit failed to meet the promised standards of quality, specifications, and finishing. Allegations have surfaced that the builder compromised on material quality and downgraded essential fittings, furnishings, and lighting, leading to further dissatisfaction.

In light of these issues, Singh has sought the court’s intervention to facilitate arbitration, aiming for a fair resolution to what he deems significant contractual violations. The court’s notification to Brilliant Etoile marks a critical step in the legal process, as both parties will be expected to present their positions during the upcoming hearings. This case underscores the challenges faced by high-profile individuals in real estate transactions, particularly concerning the expectations of quality and service. As the legal proceedings unfold, the implications of the court’s decision could set a precedent for similar disputes in the real estate sector.

The ongoing situation highlights the importance of transparency and accountability in real estate transactions, especially for luxury properties. It also raises pertinent questions regarding consumer rights and the recourse available to individuals facing dissatisfaction with builders. As public interest in this case grows, it will be interesting to observe how the legal landscape responds to such grievances, particularly in terms of arbitration as a means to resolve disputes.

Sanofi India to Offload Powai HQ for ₹250 Crore

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September 25, 2024

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Sanofi India to Offload Powai HQ for ₹250 Crore

Sanofi India, the local subsidiary of the French pharmaceutical giant, has announced its decision to sell its 150,000 sq ft headquarters located in Powai, Mumbai. The property, which serves as the company’s country headquarters, is anticipated to fetch around ₹250 crore based on current market valuations, according to sources familiar with the transaction.

This move comes as Sanofi India has already secured a new office space in the Vikhroli suburb through a long-term lease. The new office will house the Sanofi Consumer Healthcare division and will provide additional space to accommodate the company’s growth and the relocation of other operations. A source close to the matter indicated that the decision to monetise the Powai asset has been under contemplation for nearly a year, and the Vikhroli lease aligns with this overarching strategy. Sanofi India acquired the custom-built office building in Powai from L&T Realty in 2013, subsequently shifting its headquarters there in 2015 from a smaller office in Aventis House, Andheri. The Powai office is situated within the L&T Business Park, which also hosts major companies such as JP Morgan and L&T Infotech.

In May 2023, Sanofi’s board approved the demerger of its consumer health business into a distinct legal entity. This strategic decision aims to provide the new entity with greater autonomy to pursue growth strategies independently. Shareholders endorsed the demerger in December, and it received clearance from the National Company Law Tribunal, Mumbai, in May 2024, paving the way for the establishment of Sanofi Consumer Healthcare Ltd, which will operate from the newly leased Vikhroli office, currently undergoing fit-out. The Indian office sector remains resilient, demonstrating strong demand despite global economic challenges. Recent reports indicate that the office market achieved record performance in the first half of the year, with gross leasing reaching 33.5 million sq ft—a remarkable 29% increase from the previous year and surpassing the prior first-half record of 30.71 million sq ft set in 2019.

Sanofi India’s strategic realignment and asset monetisation are part of its broader efforts to optimise operations and capitalise on emerging opportunities within a dynamic market landscape. By relocating to a more strategically positioned office in Vikhroli, Sanofi demonstrates its commitment to remaining agile and responsive, ensuring sustainable growth and operational efficiency.

Aadhar Housing Finance to Raise ₹6,000 Crore

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September 25, 2024

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Aadhar Housing Finance to Raise ₹6,000 Crore

Aadhar Housing Finance, a prominent player in India’s housing finance sector and backed by Blackstone, has announced its intent to raise up to ₹6,000 crore in fresh borrowings during the financial year 2025. This initiative aims to support the company’s strategic growth and enhance its market presence.

The funds will be sourced from various channels, including banks, non-convertible debentures (NCDs), and refinancing institutions. An official from the housing finance company indicated that last fiscal year, Aadhar secured ₹5,500 crore in borrowings, and for FY25, it aims to increase this to ₹6,000 crore, with approximately 20% of the new funds expected to come from NCDs. The cost of funds has shown stability, rising from 7.1% in FY23 to 8% in FY24. Recently, Aadhar Housing Finance raised ₹3,000 crore through an initial public offering (IPO), which included an offer for sale of ₹2,000 crore by the promoter, BCP Topco VII Pte Ltd, a subsidiary of Blackstone Group, alongside a fresh equity issuance valued at ₹1,000 crore. Of the ₹1,000 crore allocated for the primary issue, ₹750 crore is earmarked for business expansion and operational needs, while ₹250 crore will be directed towards corporate purposes.

The company plans to broaden its footprint across four to five additional states, focusing on smaller talukas and districts. Proceeds from the IPO will also be invested in enhancing technology and data science capabilities, a move aimed at improving operational efficiency and customer service. While Aadhar Housing Finance is not actively seeking new acquisitions at this moment, it remains open to acquiring high-quality portfolios. The Blackstone fund, which holds a significant stake in Aadhar, is not expected to divest any further in the near future; as of May 14, Blackstone owned a 76.48% stake in the company.

In the current fiscal year, Aadhar Housing Finance plans to open 75 new branches and hire 500 new employees. The company’s assets under management (AUM) are projected to grow by 20%-23% in FY25, building on an AUM of ₹21,100 crore at the end of FY24. Aadhar anticipates maintaining a gross non-performing asset (GNPA) ratio between 1.1% and 1.2% for FY25, bolstered by a portfolio largely comprising secured assets. This strategic borrowing initiative and expansion plan highlight Aadhar Housing Finance’s commitment to strengthening its market position while enhancing service delivery, ultimately contributing to a more robust financial ecosystem in the country.

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