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After extending the deadline for submission of tenders twice, National Highways Authority of India (NHAI) has finally received a tender for Kundli-Ghaziabad-Palwal (KGP) Expressway. The 136-km expressway, to be built at the cost of Rs 2,676 crore, is expected to decongest Delhi roads as it will provide a bypass to trucks that use Delhi roads to go to Uttar Pradesh and Haryana.

According to NHAI sources, Reliance Infrastructure has emerged as the sole bidder for the green field project, popularly known as Eastern Peripheral Expressway. With transport secretary Brahm Dutt ruling out any further extension to complete the bidding process, it is expected that the final bidder will start the work by mid 2009. The project is expected to be completed by mid 2012. Sources said over 80% of land acquisition for the project has been completed.

The project involves construction of a six-lane expressway with access control highway connecting Faridabad, Noida, Gaziabad and Sonepat. It will also act as bypass to Delhi with a concession period of 20 years. The expressway is specifically designed to decongest the city traffic under Delhi High Court instructions.

The project takes off from NH-1 in Kundli , crosses Yamuna near Mawikalan, Hindon river near Sharfabad, NH-58 near Duhai, NH-24 near Dasna, NH-91 near Beelakbarpur, Kasna-Sikandrabad road near Sirsa, re-crosses Yamuna near Fajjupur Khadar, Atali-Chinsa near Maujpur and meets NH-2 beyond Palwal. It will pass through Sonipat and Faridabad in Haryana and Baghpat, Ghaziabad and Gautam Budh Nagar in Uttar Pradesh.

NHAI officials said the speed limit on the expressway will be 120 kmph. The project includes construction of three major bridges two across Yamuna and one across Hindon river besides 43 other bridges over canals and drains. Also, there will be 59 underpasses for pedestrians. For locals, the developer will construct service roads of about 90 km, which will provide connectivity between different areas along the expressway.

The 135.6km Western Peripheral Expressway (Kundli-Manesar-Palwal) is scheduled to be completed by the end of 2009. The two expressways will allow trucks to reach industrial townships in Haryana and Uttar Pradesh without entering Delhi. The KMP expressway is being built at the investment of Rs 1915 crore excluding the cost of land amounting to Rs 630 crore.

Courtesy:- Times City dtd:- 25^th Dec. 2008

ITC (hotels division) is keen in development of properties across the country, depending on the demand and the availability of land (on its own),” Verma told reporters here.

In association with its wholly-owned subsidiary Fortune Park Hotels, ITC had already taken up property development work at Bangalore and Coimbatore.

Courtesy:- BS dtd:- 24^th Dec 2008

Eldeco Infrastructure and Properties Ltd have launched ‘The Studio,’ luxury studio apartment based on an internationally renowned concept in Noida. Each studio apartment has one bedroom + drawing / dining + toilet and a kitchen totaling to 825 sq. ft. approximately. The Studio is strategically located on the Expressway with the best connectivity to New Delhi, Greater Noida and the main City Center of Noida. It is 10-15 minutes of driving distance from Noida Sector 18 market, golf course, and School in the vicinity.

Courtesy:- HT Estates dtd:- 20th Dec. 2008

Ansal Buildwell’s Florence Residency at Sushant Lok II & III – South of Delhi – offers a choice of well designed living spaces, spread over three independent floors. It offers the prospective buyers a choice of three bedroom apartments at the ground, first and at the second floor.

                        Courtesy:- Times Property dtd:- 20th Dec. 2008

New technology, emerging competition and mergers have changed the way people work around the world. These forces have given rise to a highly mobile workforce that spends less time in the office and more time working from, virtually anywhere they can find an internet connection. This is where serviced offices come into play.

There is a growing need for serviced offices not only for big corporates, but also for small and medium size companies. In major cities across the world, such as New York, serviced offices account for 10% of the total office space available, while in India, the serviced office inventory would amount to only about 0.1%. The serviced offices are spaces equipped with corporate infrastructure and support services and given out to companies on a pay-per-use basis.

The trend has caught on globally with multinationals, big corporates and startup companies looking for serviced offices to set up shop quickly and economically, without capital infusion towards acquiring and leasing of real estate premises. The demand from corporates for serviced ready-to-use offices, instead of conventional office on long-term lease basis, has started gaining momentum and is growing at the rate of 15% to 20%, feel industry experts.

“As of now, with global meltdown hitting the markets, serviced offices spaces are expected to play a very important role in adding speed to business and industry,” says Mrinal Sinha of Servecop - an Australian firm with whom Mumbaibased K Raheja Corp has entered into an exclusive franchise agreement.

To cash in on the opportunity, serviced office providers are planning to expand such office centres in India, apart from initiating talks with top builders in order to start serviced office concepts within the latter’s commercial buildings. Unlike in conventional lease offices where corporates are committed to pay rent till the long-term lease period ends, organizations using serviced offices can use the space for as short a period as one single day and exit. The users of serviced offices are not committed to paying long-term rent. It is a win-win situation for both the provider and the end user.

Sean Morgan, managing director of Middle East & India, Avanta Management Services India, says: “A company opting for serviced office space can use the facility for three months, three years or even three hours. Whether it needs a full office or merely a virtual presence - company officials just need to walk in, sign an agreement and begin business. A serviced office helps the company focus on more critical issues like planning and developing business, thereby increasing productivity and profitability.”

“Large costs are simply not an option for a lot of firms,” he says.

Over the past six to eight months, Avanta of UK, Servecop of Australia, apart from and The Executive Centre from Hong Kong, have made an entry into the Indian market. The mission of these service providers is to set up office space of all sizes and types, customized for end users with what they really want - well-equipped, nonbranded and high quality office accommodation in prime locations; flexible services and contracts; transparent pricing and exceptional value for money.

“The trend of hiring serviced offices has picked up in the last few years largely because of high rentals. In the past few years more such offices have come up which means that there is demand for the product,” says Sandeep Goel, managing director, MSX Developers Pvt Ltd. “The credit crunch is forcing businesses to rethink about moving into buildings on a longterm basis, which then need to be fitted out and turned into a safe working environment.”

“In India, the cost per serviced office space could amount to anything between Rs 20,000 and Rs 80,000 and the market is rapidly beginning to double because it is starting from a low base of current serviced office availability,” Morgan of Avanta said.

But will that not push out the Indian companies from the markets?

“Certainly not,” says Mrinal. “Indian companies are new to this concept and it will take a while before you have Indian companies becoming major players - so, there is no harm in having established global players, and, remember, there is a huge gap between demand and supply and the demand is going to grow so fast that there is ample space for everyone,” she adds. Echoing the view, R K Mittal, CMD of CHD Developers, says: “Downturns in markets are cyclic in nature and every downward phase is followed by an upward one. Moreover, it will be a boon for Indian builders who will have a sizeable chunk of their commercial property sold at one go. Also, with the downturn in the global economy, companies have become extremely cost conscious and are looking at innovative solutions to meet their real estate requirements and serviced offices provides the right solution.” With the rise in “On-Demand” real estate products, companies have begun to shed traditional property models and gain the flexibility and cost-savings needed to compete in today’s fast-moving marketplace. Whether it is a large corporation trying to reduce costs and better align the real estate and business strategies, or an emerging business needing to conserve cash and reduce risk, now there are more options to traditional office space and fixed leases.

Courtesy:- Times Property dtd:- 20th Dec. 2008

ISRAEL’S leading construction company U Dori Group is picking up a 50% stake in residential project joint venture (JV) with Hyderabad-based Surana Group for Rs 125 crore, a person involved in the transaction said on condition of anonymity.

The U Dori Group will invest in Bhagyanagar Properties and Scientia Infocom—the two real estate arms of Surana Group — for setting up a residential group housing and construction development project in Hyderabad. The Israeli company will invest either on its own or through its subsidiaries Dori Global or Gazit Globe.

The two Surana group companies have a land bank of 25 acre in Hyderabad for setting up a group housing society.

Dori Global is the international real estate development division of U Dori Group that is into developing residential projects in Eastern Europe. Gazit Globe is also a Tel Avivlisted real estate company which is engaged in acquisition, development and management of income producing properties across the globe. Surana Group is a Hyderabad-based conglomerate engaged in manufacturing telecom products, copper products, power cables apart from its interests in real estate and power sectors.

The Surana Group will eventually merge Bhagyanagar Properties and Scientia Infocom to create a special purpose vehicle that would act as a JV between the Surana Group and U Dori, the person added.

The subsidiary companies are in the process of obtaining necessary approvals such as lay-out plans, land use change, payment of external developmental charge from state government and concerned municipal bodies. Bhagyanagar India, a Rs 200-crore BSE-listed company of Surana Group, will give an irrevocable bank guarantee against the amount of Rs 125 crore being pumped in by the Israeli company.

According to the agreement between the two parties, in the event all approvals are not obtained by the Surana subsidiaries in a year, the U Dori Group will have an option to either give a grace period of 12 months for obtaining the approvals or walk out of the project by selling its shareholding in the JV company.

Courtesy:- ET dtd:- 19th Dec. 2008