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iKeva opens co-working space in Gurugram and Mumbai

iKeva opens co-working space in Gurugram and Mumbai

July 13, 2017 in Uncategorized

Hyderabad based hyper-local co-workspaces and flexible leases startup iKeva has launched two new centres - a 175 seats secured co-working space in Sector 44, Gurugram’s Premium location and another 165 seater in Mumbai. The two new centres follow Hyderabad, Bangalore, Chennai. iKeva started its operations in 2013 at Banjara Hills, Hyderabad and grew its footprint to 1200 seats and over 70000 sq ft. The company now boasts 6 centres across 5 cities and over 4000 members. “iKeva plans to grow to 50-80 centres in next 3-4 years. all the iKeva centres run close to full capacity and we have been profitable," said Monika Misra, Founder and General Manager. The Gurgaon co-working space has already signed up large enterprises, freelancers, start-ups and SMEs like Directi Group Company - Zeta, Applify, The Workforce Consulting Group as its members. According to CBRE, in its ‘Art of Coworking Report’ projected that as office rentals continue upward trend in India, the total space leased by co-working operators in tier I and tier II cities is expected to be almost 6 - 10 million sqft. by 2020. The demand for co-working spaces can be mirrored with some of its benefits. A report from CBRE states ‘Cost saving of at least 10 - 25% by leasing in a co-working space as compared to conventional leasing in the larger cities of Delhi, Gurgaon, Bangalore, Mumbai and Pune. Launched in 2013, iKeva earlier raised funding from Investors including Sateesh Andra, Ramesh Byrapaneni, Srikanth Sundararajan and Madhu Avalur, among others.  (source by:-The Economic Times)

Gurugram: 7 years gone, 75% cost paid but Orion buyers yet to get flats

Gurugram: 7 years gone, 75% cost paid but Orion buyers yet to get flats

July 13, 2017 in Uncategorized

GURUGRAM: Seven years after booking condominiums in Orion Galaxy society in Sector 68 on Golf Course Road (extension), and having paid over 75% of the unit cost, the fate of all 400 buyers hangs fire, as the project is far from completion. For the buyers, the biggest shock is that rather than giving assurance and a timeline for completion, the project developer is asking them to pay additional amount, ostensibly for parking and miscellaneous charges. Worried about their investment, and hassled by the developer’s demand for additional amount, buyers have filed several complaints with DTCP, economic offences wing (EOW) and the Prime Minister’s Office (PMO), but they say there is no resolution in sight. “The project, launched in 2009 and re-launched in May 2010, was to be completed in three years. In reality, this is 2017, and yet all 400 unit owners await completion of the project, having already paid over 75% of the cost,” said Swapnil Dubey, Orion Galaxy RWA, adding the familiar refrain of all such buyers — that they are forced to pay both EMI and rent. He alleged the developer, Soni Infratech Private Limited, and promoters, have got a “one-sided” builder-buyer agreement (BBA) executed, after they had paid 30% of the unit value. “Even after the delay, there is no effort from the developer or promoters to convince buyers they are making a conscious effort to complete the project,” said Dubey. Harish Chandra Singh, another buyer, said the buyer’s group has been requesting a revised completion schedule, but the developer is not ready to commit, proving their callousness. “Several efforts at communication by the buyer’s group failed to elicit any response. We’re nervous,” said Singh, urging government intervention. Hardik Hundia, another buyer, said while executing the BBA one-and-a-half years after bookings were accepted, the developer arbitrarily revised the super-built area by 10-15%, without increasing an inch of carpet area. “Recently, the builder sent a letter to all buyers, seeking extra money on the pretext of higher EDC and IDC. We’ve refused to pay unless developer proves the additional amount is commensurate with increases by Huda or DTCP,” said Hundia, adding the builder has also charged extra for car park space, without mentioning it the demand letter, which violates Supreme Court ruling. Dubey said recently, the developer has also unilaterally altered the schedule of payment as listed in the BBA. “Demand letters are being sent to customers to extract more funds, violating the BBA. The developer is also seeking additional funds over and above ones listed in the BBA, under the head of statutory charges,” said Dubey. Following complaints from buyers, the issue was discussed at the meeting of allottee grievance redressal forum (AGRF) in April. “We had directed the developer to give a timeline for completion of project,” said a senior DTCP official. Despite repeated calls and SMSes, officials of Soni Infratech, the developer, could not be reached for their version of the story.

  (source by:-The Economic Times)

Gurugram residents struggles for the basic amenities

Gurugram residents struggles for the basic amenities

July 11, 2017 in Uncategorized

GURUGRAM: The Millennium City is still far from the ideal living space that it had once promised to be. Even as Gurgaon strives to be a ‘smart city’, its residents are still struggling for the most basic of amenities, something that this series has been repeatedly bringing out. On Sunday, in the latest ‘Times Society Connect’ interaction, a TOI team met with the RWA of Vaastu Apartments, as well as residents from Surya Apartments, Huda CGHS GH1 and Adarsh Apartments, in Sector 55. Their problems ranged from waterlogging in the society due to bad civic planning to dysfunctional streetlights and lack of security. “The road level is such that all the water from recent rains is now stagnating inside the society. To make the situation worse, the sewer is overflowing and adding to waterlogging. MCG has installed a water pump and built a sump well to drain out the water. But we need a permanent solution,” said S K Mehta, resident of Huda CGHS GH1, and a former Food Corporation of India employee. The area is deprived of even the most basic facilities which a residential neighbourhood should expect. So much so that residents feel Sector 55 is a poor cousin of the better developed Sector 56. Neeraj Anand, president of the Surya Apartments RWA, revealed that the society does, conveniently, have its own maintenance systems. “The main issue is that Sector 55 doesn’t have any basic facilities like market, dispensary or schools. For 15 years, we have been going to Sector 56 for all these needs,” he said. Anand also spoke about the dirty roads here, which are only cleaned when residents raise a demand for the same. “We don’t want to call our councilor every time the roads around need cleaning – we wish there was a fixed schedule for it.” Residents had pinned their hopes on the Rapid Metro station for sector 55-56, believing it will help develop the area. However, the station itself has become a nuisance. According to Manish Singh, a resident of Vaastu Apartments, shared autos have encroached on the approach road. “Street food vendors have taken up rest of the space. This means only one car can cross at a time, leading to regular congestion,” complained Singh, an IT executive. The situation is no better in Adarsh Apartments. Neeraj Luthra, a finance professional, said that autos don’t come up to the society due to battered roads and lack of streetlights. “There are no streetlights and the whole area seems scary after sundown. Sometimes, we have even averted hitting a cow or a person in the dark,” said Luthra. Sadly, women continue to be more vulnerable. Abhilasha Anand says there have been cases of snatching in the bylanes. “Safety outside the society is a major issues. In Ghata village, in our neighbourhood, where maids and labourers live, landlords don’t verify their tenants. Even the security guards are afraid. They refused to accompany me when I wanted to bring my daughter back from dance class,” the homemaker said. Further, something as basic as a playground for kids is being neglected. “The HUDA park is ill maintained. The gardeners don’t show up and there are weeds everywhere. It has become an ‘adda’ for anti-social elements to drink alcohol in the evening. We cannot send our children to play there,” said Monika Dhir, a resident of Vaastu Apartments. “We cannot let our children play with gadgets indoor always. So we are forced to enrol them at the academies and at least one parent is stuck with their timetable. Plus, it is an additional expense for us,” Dhir added. (source by:-The Economic Times)

NCR builders fined Rs 1.5 crore for flouting dust norms

NCR builders fined Rs 1.5 crore for flouting dust norms

July 10, 2017 in Uncategorized

GURUGRAM: Haryana State Pollution Control Board (HSPCB) has collected a penalty of Rs 1.5 crore from developers operating in NCRcities of Haryana for violating construction and dust pollution norms in the past one year. According to HSPCB officials, regular inspections and rising awareness among public, of reporting dust pollution violations, has led to stricter action against offenders. “We have conducted regular inspections to strictly impose directions given by the National Green Tribunal (NGT) on construction and dust pollution. However, the idea is not just to penalise offenders, but to make sure the norms are followed,” said a senior official of HSPCB. There are more than 180 construction sites that were sent notices by HSPCB to follow NGT’s dust pollution norms in the last one year. Over 100 individuals and organisations were given notices, who had violated dust norms and burnt waste in the open. While most organisations faced penalties ranging from Rs 20,000 to Rs 5 lakh, individuals were fined Rs 5,000. “Most of the time, action was taken only on small developers. One will still find big construction sites on Golf Course Road, SPR, NPR and Sohna road, flouting the norms. That is why, steps taken by the board haven’t had any significant impact on the level of dust pollution in the city,” alleged Neeta Bajaj, a resident of Golf Course Road (extension), who filed the complaint on dust pollution violations. In April 2015, NGT gave strict instructions to the civic authority (MCG) and monitoring agency (HSPCB), to check dust pollution caused by construction. There are more than 1,200 construction sites in and around Gurgaon. (source by:-The Economic Times)

Gurugram: Illegal PGs on plots for poor, many leased by leading firms

Gurugram: Illegal PGs on plots for poor, many leased by leading firms

July 8, 2017 in Uncategorized

GURUGRAM: The six-storey building in DLF-3 where a 20-year-old student died after allegedly being pushed off the fifth floor balcony is one among hundreds of illegal structures that have come up in the city on plots meant for allotment to economically weaker sections (EWS). Local residents claimed many such buildings had been constructed on small 60 square yard plots — meant for EWS housing — over the years in DLF-3 alone to cater to the ever-increasing demand for rented accommodation in the city. And several of these buildings are taken up on rent by corporate houses and startups located in Cyber City, Golf Course Road and MG Road to provide young professionals affordable accommodation close to their office. Sources said the six-storey building, where Ramesh Singh Bisht of Uttarakhand lived, had also been leased out to a private infrastructure firm for the same purpose. Sachin Sharma, a resident of DLF-3, said the entire paying guest (PG) business was illegal, involving malpractices in multiple levels. First: the buildings are constructed on EWS plots. Second: the owners or the builders raise five or six-storey buildings with 100% ground coverage. As per rules, only two-and-half-storey houses can be constructed with 60% ground coverage on such small plots. Third: buildings on these EWS plots can be used only for residential purposes, whereas the owners are using them as PGs — that is for commercial purposes. “Hundreds of buildings here have been converted into PG accommodations illegally, housing people working in Cyber City and nearby areas,” Sharma alleged. People who have independent houses in DLF-3 alleged that these PGs had become a cause for serious safety concern. Moreover, these rented accommodations put excessive burden on civic amenities. “Each house has been given water and power connections with provisions for limited usage. But, multi-storey PGs, with several people living on different floors, extract excessive amounts of groundwater and electricity. The existing civic infrastructure cannot support this,” said Diwakar Choudhary, a resident of U block. Even the authorities are aware of this flourishing illegal business, but seem reluctant to take any strong action against their owners. Sources said the enforcement wing of the department of town and country planning (DTCP) had slapped notices on around 1,100 such PG facilities in S and U blocks of DLF-3 in December 2016. But even after six months, it failed to take any action against any of them. A DTCP official said following complaints to the CM window, a survey was carried out last year, which revealed that all those buildings have been converted into illegal guest houses. “All these multi-storey buildings have been constructed in violation of norms, and are unsafe. We have issued notices a few months ago,” he added. Then what stopped the department from taking any punitive action against the violators? Another DTCP official, not willing to reveal his name, hinted that it was difficult to take action against these buildings. “People are earning huge amount of money by renting spaces. And they have political patronage,” he added.   (source by:-The Economic Times)

Raheja may invest Rs 3000 crore to double hotel rooms

Raheja may invest Rs 3000 crore to double hotel rooms

July 7, 2017 in Uncategorized

NEW DELHI: K Raheja Corp’s hospitalitycompany Chalet Hotels that owns several hotel properties, including Marriott and Renaissance, is looking to double its room portfolio with total planned expenditure of Rs 3,000 crore over the next 4-5 years, said a top company official. The company is looking to de-risk geographically by investing in luxury properties in other tier-I cities including Bengaluru, Goa, the National Capital Region and Pune apart from increasing its presence in Mumbai. Chalet Hotels, which has a current portfolio of around 2,800 rooms, is planning to add around 1,500-2,000 keys through acquisitions and 1,000 rooms through greenfield developments including land cost. It owns total seven properties and co-owns one property in Western and Southern India. “Chalet Hotels and its subsidiaries are looking at an aggressive growth plan over the next 4-5 years, with an intention to diversify the geographical reach of the portfolio in India. We are looking at expanding capacity in Mumbai and Hyderabad and looking for acquisition of operating hotels in Delhi, Pune and Goa,” Sanjay Sethi, MD & CEO, Chalet Hotels, told ET. “Markets are good with an excellent growth forecast. We are bullish and would like to have our inventory ready during the upside.” The proposed expansion plan will be financed through a mix of internal accruals, group resources and debt. For the year ended March 2017, the company’s turnover for its total seven hotels stood at Rs 950 crore with earnings before interest, depreciation, tax and amortization (EBIDTA) of Rs 350 crore. After including the performance of the company’s co-owned hotel in Juhu, the turnover stood at Rs 1,100 crore and EBIDTA at Rs 400 crore. “We are looking at doubling our capacity in the next 4-5 years in the five-star segment. Following this, we expect to see proportionate translation in revenue. We expect both topline and EBITDA to at least double after that,” Sethi said. For the year 2017-18, the company expects 20% year-on-year growth in top line and 30% growth in EBITDA. The company’s portfolio recorded total occupancy of 74% with an average room rate of Rs 8,500 net of taxes in 2016-17. Navi Mumbai will be a focus market for the company, where it is planning to build two new hotels with 500 rooms in total. Of this, the first one will have 260 rooms and the other will add around 250 keys. With the new airport and aggressive infrastructure development in Navi Mumbai, the company is bullish on this micro market. The company will also weigh its opportunities for acquisitions, or brownfield expansion, based on the attractiveness of the micro market. “We will pursue every opportunity based on right price and right property and location after studying the micro market. We have already expressed our interest for a couple of opportunities available in the market right now,” Sethi said.  (source by:-The Economic Times)

Godrej Properties acquires 14.8-acre plot in Gurgaon

Godrej Properties acquires 14.8-acre plot in Gurgaon

July 7, 2017 in Uncategorized

Godrej Propertieshas acquired a land parcel measuring approximately 14.8 acres in sector 106, Gurgaon. The company plans to develop a high-end residential housing project of around 1.5 million sq ft on this land parcel. The project is located in an upcoming residential area in Gurgaon. This project will be developed in partnership with Godrej Residential Investment Program II. This is the fourth project under GRIP II, the $275 million fund, which was announced in March 2016, the company said in a release. “We are happy to add this new project in Gurgaon. This fits well with our strategy of building our presence in the country's leading real estate markets,” said Pirojsha Godrej, Executive Chairman, Godrej Properties. On Monday, the company had announced that it has added two new projects in its residential development portfolio in Bengaluru and Gurgaon. Both the projects together will offer total 1.65 million sq ft of saleable area. Godrej Properties is currently developing residential, commercial and township projects spread across around 137.84 million sq ft in 12 cities.  (source by:-The Economic Times)

Commercial space transactions down 10% on-year in H1 2017: Knight Frank India

Commercial space transactions down 10% on-year in H1 2017: Knight Frank India

July 6, 2017 in Uncategorized

Commercial real estate transactions across top six property markets in India recorded 10% on-year decline to 18.1 million sq ft in during the first half of 2017. Supply of commercial spaces also declined 5% from a year ago to 17.9 million sq ft, showed a Knight Frank India report. At 12%, vacancy levels were at the lowest since 2012 when it was 21%. Except for Mumbai and National Capital Region, vacancy levels were low in other cities. Vacancy levels at prime Central Business Districts in Mumbai and NCR are in single digits. The cities observed in the report include Mumbai, Bangalore, NCR, Pune, Chennai and Hyderabad. “The commercial real estate sector has been the most dependable segment of the overall market. However, some recent geopolitical disruptions in the advanced economies had a bearing on office transactions even as the country continues to grapple with shrinking commercial real estate. But the investment environment is changing and we expect a radical difference in the office landscape on the back of institutional funds foraying into the sector," said Shishir Baijal, CMD, Knight Frank India. Average rental values across six cities grew at 7% from a year ago during the first half of 2017. While Mumbai saw flat on-year rental growth, Hyderabad and Bengaluru experienced the strongest rental growth at 14% and 8% on-year, respectively. Information Technology/IT-enabled Services sector witnessed a fall in share to 39% in first half of 2017 from 43% in the same period a year ago. Co-working space operators show traction with around 0.5 million sq ft taken up across Bengaluru, Pune and NCR during the period.  (source by:-The Economic Times)

Secondary business districts a preferred choice for offices now

Secondary business districts a preferred choice for offices now

July 5, 2017 in Uncategorized

Secondary business districts(SBDs) are emerging as the new favourites of occupiers across most key Indian office markets due to the availability of larger floor plates and infrastructure that suit their requirements, besides offering them options in superior grade-A assets with better amenities. In the more traditional markets such as Mumbai and Delhi, more occupiers are moving into SBDs rather than Central Business Districts. For instance, Bank of America had recently moved from Mumbai's CBD to SBD -Bandra-Kurla Complex -while Bank of Tokyo and Philip Morris have moved from the New Delhi's CBD to the SBD. “CBDs are largely losing out to SBDs due to lack of project -and precinct -level infrastructure and hardly any new grade-A supply. What bodes well for the future of these SBDs is that their grade-A universe is set to expand with real estate investment trusts (REITs) that are about to be launched in the country,“ said Ramesh Nair, CEO, JLL India. Nair reckons the supply that is supposed to come in from 2016 to 2020 in these CBDs shows negligible addition in Mumbai, DelhiNCR and Chennai; and very little supply in Hyderabad and Kolkata. However, Pune's supply pipeline shows slightly lesser than 0.5 million sq ft of new office stock.Only Bengaluru is expected to witness a supply of around 2 million sq ft in its CBD. Given the rising prominence of SBDs, even institutional investors have started to prefer investing here. For instance, private equity player Milestone Capital Advisors recently acquired office space in The Capital building and has also leased it out to one of the co-working space provider. “Businesses are moving to BKC, occupiers are keen to operate out of this market and this preference would lead to higher rentals. I would not be surprised if this market surpasses its earlier highs both in terms of capital and rental values,“ said Rubi Arya, executive vice-chairman of Milestone Capital Advisors. On the back of declining interest in the traditional central business district (CBD), several corporations are establishing their front-office functions in the secondary business districts (SBDs) and moving back-office activities to suburban markets. “For occupiers, better infrastructure, security and seamless connectivity are key factors that play a crucial role in deciding their office address. Newly-built office complexes score high on these counts and therefore have been able to attract more occupancy,“ said SK Sayal, MD, Bharti Realty, developer of Worldmark in New Delhi's Aerocity. Given its proximity to the Delhi international airport, Millennium City and the centre of the capital, the developer has already leased 85% of the office space to several large multinational companies such as Bank of Tokyo, Mitsubishi, Sumitomo, and OCS that are operating from here. Henceforth, developers and funds are expected to refurbish and upgrade certain buildings in their portfolio. (source by:-The Economic Times)

Godrej Properties adds two new projects in Bengaluru, Gurgaon

Godrej Properties adds two new projects in Bengaluru, Gurgaon

July 4, 2017 in Real Estate News

Godrej Properties has added two new projects in its residential development portfolio in Bengaluru and Gurgaon. Both the projects together will offer total 1.65 million sq ft of saleable area. The Bengaluru premium group housing project on Magadi road will offer around 6 lakh sq ft of saleable area and is located in close proximity to the Central Business District (CBD), Race Course, Majestic and Rajarajeshwari Nagar, the company said in a release. “Bangalore is a key market for us and this project addition fits well with our strategy of expanding our presence across the country's largest real estate markets,” said Pirojsha Godrej, Executive Chairman, Godrej Properties. This is Godrej Properties’ first project in the micro market of West Bengaluru and its eleventh project in the city. The housing project in Gurgaon will offer around 1.05 million sq ft of saleable area and will be developed as a modern group housing development. This is GPL’s eleventh project within the National Capital Region (NCR) and is located 5 kms from National Highway 8, the developer said in a separate release. Mumbai-based Godrej Properties is currently developing residential, commercial and township projects spread across around 136.34 million sq ft in 12 cities.  (source by:-The Economic Times)

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