Brys to build 300-metre housing tower; to invest Rs 1,000 cr (25th October 2012)
New Delhi: Real estate firm Brys Group today said it will develop a 300 metre tall residential tower in Noida, offering flats for up to Rs 9 crore a unit.
The company has earmarked an investment of Rs 1,000 crore to develop 285 premium apartments over the next four years.
“This will be the tallest building in NCR. There is a dearth of premium and iconic properties in NCR. With this 300 metre high and 81 storey structure, we will try to create a landmark,” Brys Group Chairman Rahul Gaur told reporters here.
The company will construct 285 premium housing units in the project, which will be developed in an area of 10 acres, he added.
“We will offer different sizes of flats with 3, 4, 5 and 6-BHK units. There will be some luxury villas also. The prices of the units will start from Rs 3 crore and will go up to Rs 9 crore,” Gaur said.
The sizes of the apartments will vary between 3,000 sq ft and 8,650 sq ft, he added.
Talking about investment, Gaur said: “We will invest Rs 1,000 crore in this project. We have already acquired the land and now construction will start”.
The company will fund this amount through a mix of internal accruals, cash flows from the sales of flats and bank loans, he added.
Gaur said the construction of the project will start from January next year and will be completed by 2016.
Some of the facilities the company will offer in the project include private pools, clubs, multi-cuisine restaurants, fitness centres and other community facilities.
Established in 2012, the Brys Group is at present constructing its first five-star hotel at Jaisalmer in Rajasthan.
Overhead tank, reservoir to improve water supply (16th October 2012)
NOIDA: In order to boost water supply to residential sectors along the bordering region of Noida and Greater Noida (West), the Noida Authority has prepared a blueprint for construction of an overhead water tank and an underground reservoir at a cost of around Rs 10 crore. Work is expected to be completed within the next two years, keeping in view the projected increase in population once various under-construction residential projects are completed.
The overhead tank and the underground reservoir would both be constructed in Sector 115 of Noida, where work on a 132KV power substation is already underway. The storage capacities of the overhead tank and the reservoir would be 2,000 kilolitres and 10,000 kilolitres, respectively. Authority officials informed that water would be supplied to at least four sectors along the expressway, including Sectors 112, 113, 115 and 118.
“Besides, water would also be supplied from these storage points to Sorkha village,” said an Authority official.
The Authority would undertake work on these projects in two phases. In the first phase, civil construction work of the two projects would be carried out at an estimated cost of around Rs 5 crore. In the second phase, electrical works and other technical works related to the storage reservoirs would be carried out.
“The second phase would involve installation of tube wells, motor pumps and electricity generator sets apart from procuring electricity connections for running these installations,” added the official.
Work is expected to commence as soon as the plan is approved by the board of Noida Authority. Officials informed that work on improving water supply is simultaneously in progress in other sectors of the city as well as increasing capacity to meet higher demands in the near future.
The Authority has proposed another underground reservoir in Sector 62, besides having designed a blueprint for laying down underground pipelines for supply in residential localities
Chinese businessmen agree to set shop in Noida (10th October 2012)
NOIDA: Around 40 industrialists from China on Tuesday entered into an agreement with the Noida Entrepreneurs’ Association (NEA) for boosting economic growth in the region. The industrialists were a part of a delegation of the Chinese General Chamber of Commerce of the Jilin Province and government officials, including director general of Jilin Province, Wang Fu Yi, and economic and commercial councillor, Peng Gang.
In the last two months, this is the second Chinese delegation to have visited Noida with the aim of setting up industries in the region. Earlier, in September, a delegation comprising businessmen involved in heavy engineering goods manufacturing, civil construction works and chemical works in the Shanxi Province of China had visited Noida and met NEA representatives.
“Industrial development in western Uttar Pradesh is set to increase in the near future with the state government taking all measures to develop the region under the Yamuna Expressway Industrial Development Authority,” said NEA president, Vipin Malhan. “Noida-based industries are willing to partner with foreign enterprises who want to set shop in the region,” he added.
“The state government has created a positive environment for industrial development in Noida region which is set to attract overseas investors in a big manner. The agreement entered into with Chinese industrialists is a positive move in that direction,” said Malhan.
As per the agreement entered on Tuesday, member enterprises of both countries will make conditions better for regional economic co-operation and increase mutual trade and investment.
ITC Buys 26% Stake in Logix Group’s 5star Hotel in Noida (1st October 2011)
Cigarette-to-hotels major ITC has bought 26 per cent stake in a 275-room, five-star luxury hotel property being developed by Noida-based Logix Group in Noida’s Sector 105. The company will be investing close to Rs 100 crore in the project and will also manage it under the top-end ITC Hotels brand, reports Economic Times.
The total project cost of the hotel, which is part of a larger seven-acre commercial and retail development called Riviera 105, is Rs 440 crore. The construction of the hotel is expected to finish in 36 months. Managing director of Logix Group, Shakti Nath said that discussions were on with ITC at the moment, but declined to divulge any further details.
No Slowdown in Pune Real Estate (1st October 2011)
While many of the Indian cities are reeling under the apprehension of slowdown with sales nose-diving , Pune’s real estate market has defied any such apprehensions. The demand for homes in Pune does not come from the IT sector alone. Pune’s manufacturing sector, which features a number of international names, also drives residential demand. “Pune markets have always been at the peak as far as real estate is concerned. Property buyers have high hopes from Pune with regards to rate appreciation, be it investors or end users. Keeping this in mind, we have launched a project in the vicinity of the most upmarket area of NIBM. We are offering two bhk boutique apartments with all amenities and affordable prices” shares Tushar Sanklecha, director, Sanklecha Constructions.
Oberoi Realty may Buy 50% Stake in ICCI Venture’s South Mumbai Residential: (1st October 2011)
The Oberoi Realty Group is in talks to buy the 50 per cent stake held by ICICI Venture in a residential project in south Mumbai. Oberoi Realty, the group’s publicly held company, is expected to pay Rs 300 crore for the stake, giving ICICI Venture a return of almost six times in seven years, reports Economic Times. Oberoi, in 2004, teamed up with ICICI Venture to float a joint venture to buy a prime four-acre plot belonging to GlaxoSmithKline to develop a residential high-rise. The JV planned build around 44 duplex apartments in two 65-stroreyed towers overlooking the sea.
IHC Group’s Gateway Plans 50 Hotels by 2015 (1st October 2011)
The Indian Hotels Company (IHC), a Tata group listed hospitality firm, on Wednesday said it expects its Gateway vertical to be a 50-hotel brand by 2015. The company plans to come up with Gateway Hotels first in all the metro cities like Mumbai, Kolkata, Delhi, Bangalore and Chennai, the first one of which will open in early 2012, according to its top official, “We have 21 hotels operating under the brand Gateway in our portfolio today. And another 22 new Gateway hotels are under various stages of development,” said P K Mohankumar, chief operating officer (COO), Gateway Hotels.
Mohankumar was in Ahmedabad to announce the launch of The Hotel Gateway Gir, the fourth Gateway brand property in Gujarat, in addition to existing hotels at Ahmedabad, Surat and Vadodara. “The revival of resort in Sasan Gir will have a ripple effect. It shall offer a new experience of Gujarat to visitors from across the globe,” Mohankumar said.
“We expect Gateway to be a 50-hotel brand by 2015, what our vision and mission is,” he said. “Out of the proposed 22 properties 10 are greenfield hotels which are under various stages of construction and another eleven or so are at various levels of approvals,” Mohankumar said