With the Centre giving green light to the much awaited metro extension in Gurgaon , the real estate in the Millennium City buoyed by connectivity boost, will usher into an era of high growth. Vinod Behl
As the decks have now been cleared for the start of the construction of the new metro corridor in the city, the development assumes great significance, particularly as the metro expansion in Gurgaon was in limbo since 2010 when the Yellow Line of Delhi Metro reached Gurgaon in 2010. Ever since not an inch of metro line has been added. Today, after 13 years of Gurgaon coming on the Metro map, it has only about 6 km of Delhi Metro corridor stretched from Mehrauli (Delhi) border to Huda City Centre, With just about another 12 km of privately built Rapid Metro corridor, most of the city, particularly Old Gurgaon and large number of sectors in New Gurgaon are without Metro connectivity. Since the lack of connectivity ( particularly through economical and dependable metro rail) adversely impacts the growth of real estate, Gurgaon has been suffering whereas in neighbouring Noida , real estate and infrastructure development has got a massive boost through a rapid spread of the metro network.
The Rs 5452 crore new Gurgaon Metro Line will have a 28.5 km corridor between Huda City Centre and Cyber City This elevated track will have 27 stations . The route will include Sector 45, Cyber Park, Sector 46, Sector 47, Sector 48, Technology Park, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai, Sector 9, Sector 7, Sector 4, Sector 5 ( next to Gurgaon Railway Station) , Ashok Vihar, Sector 3, Krishna Chowk, Palam Vihar Extension, Palam Vihar, Sector 23, Sector 22, Udyog Vihar Phase 4 and Cyber Hub. The main corridor will be of 26.65 km length, while the spur/extension from Basai to Dwarka Expressway will be a 1.85 km stretch.
The Gurgaon Metro Extension project will be undertaken by the Haryana Mass Rapid Transport Corporation Limited (HMRTC) and this metro corridor will be completed in four years. As this metro line will connect Gurgaon Railway Station, Delhi-Gurgaon – Alwar Rapid Rail Transit System (RRTS), Indira Gandhi International Airport (IGIA), upcoming ISBT near Dwarka Expressway, it will provide a big intra city and inter-city (within NCR) connectivity push, in turn giving a massive boost to real estate in Gurgaon.
Brigade Group Lines up Rs 3000 Crore for 10 Projects
Bengaluru-based real estate major, Brigade Enterprises has earmarked an investment of Rs 3000 crore for launching 10 residential projects in the current financial year. This is in view of growing demand for housing and residential real estate having a significant share in Brigade Group’s record sales bookings of Rs 4109 crore in FY 23, a 36% growth from FY22. In terms of area, sales bookings grew by 34%.
According to Pavitra Shankar, Managing Director, Brigade Enterprises , the new residential projects have been planned to come up in Bengaluru and Chennai. ,spread over 7.54 million sq ft area across new projects/new phases. The new launches will have an estimated gross sales value of Rs 6000 crore while Rs 3000 crore will be spent on the construction of these projects over the next 4-5 years.
Meanwhile Brigade’s office leasing grew 33 percent from 0.9 million sq ft in FY 22 to 1.2 million sq ft in FY 23. The leasing revenue comprises revenue from commercial assets and facility management business.
Keystone in Expansion Mode, Acquires Projects Worth Rs 3430 Crore
Mumbai based leading developer Keystone (marketing products under the brand name of Rustomjee) , has added five new projects to its portfolio with fresh acquisitions in Mumbai. These projects have a gross development value (GDV) of Rs 3430 crore and gross development potential of 1.28 million sq ft.
These projects are located in Mumbai’s high potential localities of Bandra, Mahim, Versova and Chembur. The company launched four projects in Virar , Thane, Juhu and Bandra during the financial year and successfully managed to sell 1.03 million sq ft space.
According to Boman Irani, CMD, Keystone Realtors , out of the five newly acquired projects, four are society redevelopment projects while the fifth one is a joint development project. The recent acquisitions have helped the company enter into new micro markets of Mahim, Chembur and Kalyan- Dombivili.
Keystone’s asset light policy paid dividends . It recorded 36% increase in its 2022-23 collections at Rs 1860 crore and notched up best ever quarterly collections for March quarter at Rs 700 crore, up 53% from a year ago. Buoed by this stellar performance, the company has chalked out plans to launch a project every quarter in 2023-24.
Smart Cities Sub Plan to Promote Integrated Urban Management
The Union government has accorded approval to CITIIS 2.0 ( City Investment to Integrate & Sustain) programme that seeks to support projects promoting a circular economy with focus on integrated urban management.
The CITIIS initiative is meant to scale up the learnings and successes of CITIIS 1.0 which was launched in 2018 by the Ministry of Housing and Urban Affairs, with a total outlay of Rs 933 Crore. The funding for CITIIS 2.0 to be run in partnership with the French Development agency (AFD) , Kreditanstalt fur Wiederaufbau (KfW), the European Union and the National Institute of Urban Affairs (NIAU) would include a loan of Rs 1760 crore .
The CITIIS 2.0 programme will be supporting competitively selected projects promoting a circular economy with focus on integrated waste management at the city level, climate-oriented reform actions at the state level and institutional strengthening and knowledge dissemination at the national level.
The CITIIS 2.0 programme will be spread over 4 years, starting this financial year.
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