Spotlight Torbit Realty 5 March 2023

NAR- India Projects to Attain Business Worth Rs 1000 Crore

NAR-India [National Association of Realtors India], India’s largest association for realtors has made projections about garnering business worth Rs 1000 crore at its upcoming 15th edition of its Annual Convention NARVIGATE 2023, to be held at Coimbatore on March 18-19. 2023.

Hosted by the Coimbatore Association of Realtors (COAREA). the mega convention is expected to see the participation of 2000 realtors from across India.

Going by past year events, NARVIGATE 2023 will bring together dignitaries from the government, regulatory bodies, and real estate sector. Realtors, developers, investors and financial institutions from India and around the world will network, learn and forge valuable business relationships. The highlight will be the 18-18-18 digitization initiative, under which on 18th March at 18:18 hours, under a single NAR-India mandate 2000 + brokers, builders, and bankers will come on board a common technology platform to list, showcase and transact real estate under their own unique brands.

This year NAR-India’s objective is to work towards professionalizing the brokerage industry and make it a knowledge-based service. President-Elect Mr.C.R. Shiva Kumar has an ambitious vision to leverage state-of-the-art technology to create a level playing field for every NAR-INDIA realtor with their own brand, tech and network to compete with the latest and best in real estate and proptech. This 18:18:18 digitization initiative will be available for free over the next 12 months for all the convention attendees and will be facilitated by Arun. C.R., member COAREA.

In partnership with NAR-India, COAREA is hosting the event with Casagrand as the title sponsor and GRD School of Business, Coimbatore as a knowledge partner. There will be a galaxy of keynote speakers including industry stalwarts like M.N. Arun, Dr. Sumit Chowdhury, Pushyamitra Bhargav (Hon. Mayor Indore City), Sudharsan Lodha, P.C. Mustafa, Sumit Jain, Shalini Saraswathi, Sridhar Vembu, Sadhguru Jaggi Vasudev and many others.

DDA Clears Draft Master Plan 2041

The Delhi Development Authority (DDA) has approved the Draft Master Plan 2041 for the capital. The Draft MPD 2041 is a strategic and enabling framework to guide the future growth of the city. The thrust of the MPD-2041 is inclusive development, environmental sustainability, green economy, infrastructure development that included sufficient housing for all sections of the society, innovative interventions like TOD Hubs, Land Pooling, Green Area Development, and Rejuvenation and Regeneration of the city. The vision of the new master plan is Sustainable, Liveable, and Vibrant Delhi.

MPD-2041 is aimed at developing the capital as a future-ready city that offers a good quality affordable and safe living environment with efficient services and green mobility systems- a dynamic place for economic, creative, and cultural activities. The Draft Plan prioritizes the protection and improvement of good quality green-blue assets for active /passive recreation and leisure. This includes biodiversity parks, integrated floodplain planning, a revival of water bodies, development of walking and cycling trails along with the rejuvenation of drain buffers, Buildings will also be required to meet Green-Blue Factor (GBF) conditions to ensure sustainable development practices. Additionally, the plan also proposes the rejuvenation of the Yamuna river and its floodplain through the preparation of the Comprehensive River Development Plan for river Yamuna.

The master plan includes norms for heritage zones, archaeological parks, and cultural precincts as well as instruments for improving the conservation of heritage buildings to promote Delhi’s history and culture. The plan also proposes to promote clean initiatives such as IT /cuber hubs, knowledge-based industries, and R&D facilities. The provision of Green Development Area proposes to provided to provide an integrated policy covering Low-Density Residential Areas (LDRA0 and green belts which will lead to the regularisation of farmhouses in the capital.

New Affordable Housing Policy of Punjab

The Punjab government has cleared a new Affordable Housing Policy -2023, to provide affordable houses to the lower middle and lower income strata of society, besides looking into the demands of developers.

According to the approved policy, the minimum area for a plotted colony is fixed at 5 acres while the minimum area required for a group housing project is now only 2.5 acres. However, for Greater Mohali Area Development Authority (GMADA), the minimum area required for a new colony will remain 25 acres. The maximum plot size has been fixed up to 150 sq yds and the minimum flat size has been fixed up to 90 sq metres under the policy. The saleable area has been increased from 62 to 65 percent of the total project site to provide plots at affordable rates to the needy. The minimum area under green cover has been fixed at 7.5% from 10% of the site area. The minimum width of internal roads will be 30 feet in such projects.

Under the new policy, change of land use charges, external development charges, and license fee have been reduced to 50 percent of those applicable in the case of a normal colony in order to reduce the burden on individual plot holders. However, this reduction in charges will not be applicable in the GMADA area. The Affordable Housing Policy also focuses on speeding up clearances and for that, grant of approvals has been delegated to the Chief Administrator of the Urban Development Authority concerned at the local level.

Bhumika Group Launches Studio Apartments Project in Udaipur

Rajasthan’s leading developer, Bhumika group has forayed into the hospitality sector with the launch of its studio apartment project- The Urban Suites. The Urban Suites Udaipur is a set of full-serviced apartments located in Urban Square, Udaipur’s biggest mall. The company has invested over Rs 350 crore in the Urban Square project which includes serviced apartments.

The 68 furnished apartments are decorated with chic and upscale decor and offer contemporary hotel amenities. The Urban Suites provide all the modern amenities such as air-conditioning, a king-size bed, a microwave, a minibar, one 3-seater sofa, solid wood built-in wardrobe closets, a smart TV, a working desk, and hi-speed WiFi among others.

The Urban Suites is a part of the mixed-use development- Urban Square Mall, Udaipur. Spread across 10 lakh sq ft, it offers a range of options including shops, showrooms, food, and unlimited entertainment. Phase-1 of the Urban Square Mall is already functional and leased out almost the entire space to over 80 plus lifestyle brands from India and abroad such as Go Karting, Shopper’s Stop, Lifestyle Smaash, Crossword, etc.

Meanwhile Bhumika Group, according to its Managing Director, Uddhav Poddar is preparing to launch the second phase of Urban Square Mall in Udaipur. The second phase will feature a range of retail outlets with 3 more anchor tenants, a food court, haat bazaar, restaurants and an entertainment zone, offices, and a 200-key 5-star hotel The development spread across 8.54 lakh sq ft over 14 floors will cost Rs 350 crore.

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Migsun Group to Invest Over Rs 700 Crore in a Commercial Project in Delhi

NCR’s leading real estate company, Migsun Group is preparing to launch a high-street retail project in Delhi’s Rohini area. The commercial project will be developed over 9 acres with a built-up area of 6.3 acres. The total investment towards land acquisition and construction will be Rs 706 crore… The company is also considering buying additional FAR to meet future demands. According to Yash Miglani, Managing Director, Migsun Group, this project will help the company to establish its footprint in the rapidly growing commercial real estate markets in Delhi-NCR. The group is targeting to complete the high street project in 3 years.

The 3-decade-old Migsun Group has delivered more than 40 projects in Delhi-NCR and developed more than 20 MSFT The majority of its projects are located in Ghaziabad and Greater Noida. The group is currently in expansion mode. Besides entering Delhi, it has plans to make a foray into Lucknow with a mega residential project this year.