Category : Real Estate News

Infrastructural development Real Estate Real Estate News

Will Versova-Bandra Sea Link impact the Mumbai Real Estate Market?

Dec 19,2017 / By / No Comment

Maharashtra government has given administration approval to the much-awaited Versova-Bandra Sea Link. The proposed sea link would be 9.2 km long and would serve as an extension to the existing Bandra-Worli Sea Link. Once the sea link is operational, the commuters traveling to south Mumbai from Western Suburbs can use the sea link to travel which would have connectors at Bandra, Otters Club, the Juhu Link Road and the Versova Link Road and can skip the Western Express Highway

Sea Link to reduce the traffic congestion

Currently, commuters have to take the Western Express Highway to reach south Mumbai from the western suburbs and have to pass through choked areas such as Andheri, Borivali, Juhu, Mahim, etc. Usually, the commuting time is around 60-90 minutes during peak office hours. It is expected that the traveling tome will reduce to 12 minutes with the new road coming in. The connectivity is projected to develop further by a sequence of roads and tunnels.

The construction work would begin in the first half of 2018 as the bids for the tenders have been invited from the qualified bidders. A special purpose vehicle will be formed to raise loans from banks and non-banking institutions.

VBSL will be built at a cost of Rs 7,502 crore. It would be a toll-route which will be valid until 2052. The Maharashtra State Road Development Corporation (MSRDC) will employ two separate independents for toll collection and repairs and maintenance of VBSL, as per the government resolution.

Timeline

The sea link was approved eight years back in 2009 by the Cabinet Committee on Infrastructure. The original cost of the project was Rs 5,975 crore which has now been accelerated to Rs 7,502 crore. The state government took four years to get the clearance from the Coastal Regulation Zone (CRZ) and Environment Ministry, which was finally declared in January 2013. After that, CM Devendra Fadnavis on April 29, 2016, directed the MSRDC to construct the VBSL on an engineering, procurement and construction basis.

How VBSL will impact Mumbai’s property market

VBSL can be a game changer for Mumbai real estate market as it would improve connectivity between the suburbs and the main commercial business district. With traveling time coming down with an estimated toll tax of Rs 60, mid-segment buyers would make way to housing hubs near Versova such as Kandivali, Borivali and Mira Road.

Here the property prices have already crossed Rs 9,000 per sq ft, the growing connectivity would further increase the property prices. With the sea link coming in, the crowded areas of Andheri, Chembur, Ville Parle are projected to be relieved from congestion and the excessive pressure on the express highways would be released.

A marginal property price surge was noticed in localities like Goregaon, Andheri, Kandivali, Borivali as the VBSL project entered the final stage and got environment clearance. The rise would be visible once the construction begins.

Read More
Buying property Real Estate Real Estate News

Faridabad 2031 Master Plan gets a green signal

Dec 12,2017 / By / No Comment

Recently, the Haryana government has approved the Master Plan 2031 for Faridabad, in order to cater to the growing population in the industrial town. The Master Plan is planned for better usage of land policies, and plan new infrastructural development to improve the livability of the town.

At present, Faridabad’s total population is 14 lakh while the development plan drafted has been prepared to cater to a population of 38 lakh. The development plan covers 34,000 hectares of land, out of which over 14,000 is earmarked for residential use with an average density of 271 per hectare.

Here are few features of the approved master plan 2031:

Sanction of high rise societies
The Master Plan 2031 boosts high rise societies in the town as it would permit access to more open spaces for the residents. While main Faridabad city is dominated by industrial development, the newly developed residential areas between Sector 66 to 89 is also called Greater Faridabad. This sub-region is being established as a sustainable city which has tall buildings, wide roads and entertainment zone with enough employment prospects in industrial areas of Sector 66-74.

HUDA to develop residential areas
Haryana Urban Development Authority (HUDA) will develop those residential areas where private developers have not shown any interest. This includes those areas where residential facilities are not adequate. Apart from this, over 638 hectares have been projected for public utility purposes which comprise of a site for sewage disposal in the east Agra Canal.

Systematic development in rural areas
The draft master plan of Faridabad also takes into account the systematic growth of rural areas in line with the urban localities. Because of geographical restrictions in the west and the north Faridabad, the area beyond east of Agra Canal, south and south-west of the Faridabad town is being planned for the improvement of the additional urbanization area for the additional populace as a part of Faridabad Master Plan 2031.

Maintenance of open spaces and greenery
The Master Plan 2031 highlighting on maintaining green spaces and open areas. According to the plan, the minimum breadth of the roads in a residential colony should be at least 12 meters while the parks or open spaces in a residential colony shall be designed in such a manner that it shall meet the minimum standard of 2.5 sq mt per person. The additional area for infrastructure will be provided in the already projected residential sectors to meet the necessity of the residents.

Read More
Infrastructural development Real Estate Real Estate News Smart Residential Living

Hennur flyover to be ready by December end

Dec 11,2017 / By / No Comment

Work on the Hennur flyover, which leads towards Geddalahalli in Bengaluru began in 2009, with the Bangalore Development Authority (BDA) promising to open the flyover to the public by July 2010. The Hennur flyover, which is not even a kilometer long, is still showing no signs being anywhere close to completion. But recently, the Bengaluru Development Minister KJ George, Mayor R Sampath Raj, and officials from the Bangalore Development Authority (BDA) visited Hennur flyover to scrutinize the work in progress.

KJ George said it was not possible to complete the work by the projected time due to land acquisition issues. Now, things are in place. The flyover work will be finished by end of December.

Work on the flyover was taken up eight years ago by BDA, but it was hindered midway in 2012. However, in 2016, Minister KJ George at an event publicized that the flyover work would be completed by November 2016, but the work was stopped by the authority due to many issues.

One of the reasons causing a delay in the completion of the flyover has been problems with land acquisition, mainly after the new Land Acquisition Act came into effect in 2013.

However, reports say that the shifting of underground pipes by the Bengaluru Water Supply and Sewerage Board has also delayed the work on the flyover.

The 920-meter-long flyover which was supposed to be completed within 18 months of commencement in 2009, but it never happened. The revised project cost of the flyover went up to Rs 55 crore in 2016, but still, no progress was seen.

The completion of the Hennur flyover is essential for the nearby areas. The flyover is estimated to reduce travel time to and from Kempegowda International Airport for residents of east and southeast Bengaluru.

Read More
Infrastructural development Real Estate Real Estate News Smart Residential Living

Bengaluru city that is struggling to get skywalks constructed, will any of these projects see the light of the day

Dec 6,2017 / By / No Comment

Consider three mega infrastructure projects, Bengaluru Development Minister, Mr. K.J. George has been pushing for: a) determined network of elevated corridors of over 100 km in the city at an assessed cost of ₹25,000 crore.
b) Proposal to build four tunnels in the city adding up to a length of 17.65 km at an expected cost of over ₹10,000 crore.
c) Pod taxis on six stretches in the city at a cost of over ₹1,700 crore.

With the city government aggressively pushing these mega projects to smoothen the traffic, the question on the decision-making process and the lack of funding model have again come to the front.

There was no public meeting held before choosing the projects. The cash-strapped government companies, reluctant to spend a rupee on them, want to execute the projects through the Build Own Operate and Transfer (BOOT) model under public-private partnership (PPP). However, till date, none of the projects has received any funding from interested parties.

Though the pod taxis and the tunnels are comparatively new, the city authorities have been pitching the network of elevated corridors at multiple routes for two years now, including at Invest Karnataka 2016, but failed to receive any interested bidders.

Pod taxis
The Bruhat Bengaluru Mahanagara Palike (BBMP) has called for an Expression of Interest (EoI) for pod taxis on six stretches totaling to 35.5 km at an approximate cost of over ₹1,700 crore. BBMP Commissioner, N. Manjunath Prasad, said while a private firm had come forward to do a small pilot project as proof of concept; the project was yet to receive bidders.

Skywalks in the city
However, the city authorities have not succeeded in attracting private investment for infrastructure projects. For example, the BBMP has circulated multiple tenders to build over 100 skywalks in the city with no success. In the recent State budget, the State government has released a gap funding of Rs 80 crore.

PPP projects
V. Ravichandar, member, BBMP Restructuring Committee, said that nowhere in the country had PPP projects been doing well in the city center, except the Worli Sea Link in Mumbai. He also pointed out that the successes have mainly been in the highways sector.

Urbanist Ashwin Mahesh had a different take on the issue. He disagreed that the problem was in the choice of projects. None of the projects for which the government was seeking private investments were conceptualized following the classification of a gap in the infrastructure and a successive study on the possible result, he pointed out. Like the steel flyover, megaprojects are being moved from drawing boards to implementation without any discussion, he said.

Read More
Buying property Real Estate Real Estate News

Government directs states to adopt new technologies for constructing affordable homes

Dec 1,2017 / By / No Comment

The government has instructed states and Union territories to follow 16 alternate innovative technologies for fast and better building of homes under the affordable housing in partnership (AHP) and in-situ slum rehabilitation (ISSR) schemes.
It also requested to launch the global housing construction technology challenge (GHCTC) to globally identify best technologies which are convenient for bulk housing.

The housing ministry said in a release, “States and shall adopt 16 alternate innovative sustainable, modern, green and disaster resistant technologies that have been recognized.”

Announcing seven strategies to speed up implementation of the Pradhan Mantri Awas Yojna (Urban), the ministry on November 29 asked states and Union territories to implement necessary land reforms to make sure that recipients have a legal land document, and put in place a single-window time-bound clearance system for plan approvals and construction permissions.

It has also requested states to organize a land databank to make sure the availability of land for affordable housing.
The ministry further added “States and Union territories may meet their state’s policies with new 8 PPP models and utilize suitably to promote affordable housing,”

While asking states to provide incentives like transferable development rights (TDR) and additional floor area ratio (FAR) to make the ISSR projects feasible, the ministry also asked the states to offer rental accommodation to the slum dwellers while relocating them in ISSR projects.

It has also instructed states to share their individual roadmap with respect to slum redevelopment projects under ISSR.
To encourage its flagship Credit Linked Subsidy Scheme (CLSS), the government has asked states to aim Anganwadi workers, teachers, state police departments, Paramilitary forces, etc.

The proposals were extracted from a day-long National Workshop on Accelerating Implementation of Urban Missions: Swachh Bharat mission (Urban) and PMAY (Urban) that was conducted here in the month of November.

The government launched its flagship ‘Housing for All by 2022′ scheme on June 25, 2015, which is divided into two schemes namely PMAY (Rural) and PMAY (Urban). It has so far approved 30.81 lakh houses under PMAY (Urban), in which around 15.65 lakh houses have been grounded and are at various phases of construction and about 4.13 lakh houses have been built since the launch of the scheme.

Read More
1 … 27 28 29 30 31
займ с плохой кредитной историей