Ireo, a Gurgaon based private equity fund dedicated to the Indian real estate sector, is coming up with a high-rise residential project in Sector 67, Gurgaon. Christened as Ireo Victory Valley, the project is spread over 25 acres and will comprise three high rise residential towers and 27 mid rise towers. The project, consisting of 762 apartments, will offer consumers a choice of two, three, four and five bedroom apartments in simplex, duplex and penthouse formats. The base price of the units has been kept at Rs 9,600 to Rs 10,500 per sq ft. Highlighting the features of the project, Ireo spokesperson said, “Ireo Victory Valley will also feature signature Ireo elements like three-side open and villa-like apartments with 10 ft high ceilings, spacious balconies, double glazed windows, floor to ceiling windows, modular kitchens, lush landscaping, high speed, high capacity elevators and ample recesses for storage.”
Read more: Financial Chronicle
Now, a house to come up in 20 hrs!
Having remained in news for accomplishing a rare feat of constructing a 10-storey building in 48 hours, entrepreneur Harpal Singh has set another target of constructing a house in 20 hours which he is due to demonstrate on January 24. Harpal Singh, who was at Punjab Technical University to attend its 17th Foundation Day function, said the house would be made of all concrete in a 25 sq m area with a room, a kitchen, a toilet and a bathroom. “It will be in a walk-in condition with even vitrified tiles laid out at a cost of Rs 1,000 per sq m. The idea of improving efficiency in construction came to my mind when I got sick of constructing my own house for two long years,” he said, adding Deputy Chief Minister Sukhbir Badal was scheduled to inaugurate his new venture at Mohali. He said he had a plan to construct 300 houses for economically weaker sections for the government in a similar fashion.
Read more: The Tribune
Beware of fraud builders: Yeida to buyers
The Yamuna Expressway Industrial Development Authority (YEIDA) has warned people of realtors selling plots illegally. Many private developers are offering plots along the Yamuna Expressway illegally, said an authority official. “We appeal to buyers that they contact the authority to verify if a builder has the allotment certificate or not. The authority will also launch a demolition drive and file FIR against fraudulent developers,” said Harish Verma, additional chief executive officer, YEIDA.
From: Hindustan Times (Delhi edition)
Cheaper home loans ahead
Your home loan rate is likely to fall in the coming months. The reasons are plenty. Last week, the November index of industrial production (IIP) contracted marginally by 0.1 percent year-on-year, compared with a healthy 8.3 percent year-on-year growth in October owing to possible drawing down of inventory build-up due to pre-festival season demand. Also the wholesale price index (WPI) inflation moderated to 7.18 percent year-on-year in December from 7.24 percent in November, below expectations, as higher food inflation was more than offset by lower core inflation. Core inflation moderated to 4.2 percent year-on-year in December from 4.5 percent in November, aided by lower momentum and base effects. By contrast, food (primary and manufactured) inflation rose to 10.4 percent year-on-year from 9 percent, as the seasonal decline in food prices was less than expected. Fuel price inflation eased to 9.4 percent year-on-year from 10 percent. Separately, headline CPI inflation rose to 10.6 percent year-on-year from 9.9 percent in November on higher food prices.
Read more: Financial Chronicle
Rise in infra spend to create 3.4 million jobs, says McKinsey
Infrastructure projects in India, marred by cost overruns and delays, are in a shambles, with no long-term solutions in sight.
McKinsey Global Institute has come up with steps that would result in substantial savings for the governments, while ensuring faster and efficient delivery.
A report ‘Infrastructure productivity: How to save $1 trillion a year’ by McKinsey Global Institute and McKinsey & Company’s Infrastructure Practice, which will be released today, has listed specific ways to boost global infrastructure productivity that can save 40% on costs.
“Over 18 years, this would be the equivalent of providing $48 trillion of infrastructure for $30 trillion—a saving of $1 trillion (`55 lakh crore) a year,” said the report.
Read more: DNA India
Take up NCR development as national project
The Harayana government has asked the centre to take up infrastructure development in the NCR as a national project and make special provision in the union budget for Harayana and other states. A release said state finance minister Harmohinder Singh Chattha had submitted a memorandum to finance minister P Chidambaram
From: Hindustan Times (Delhi edition)
Work on Delhi monorail project to start next month
Delhi would boast of North India’s first monorail network by 2017 with the city Government on Wednesday fast-tracking work on a 11-km corridor in East Delhi that would be integrated with three different lines of the existing Metro network. The first monorail corridor from Shastri Park Metro Station to Trilokpuri will have 12 stations and the Detailed Project Report has been reviewed and approved by the Delhi Metro, which would implement the project. Work on the project would start in the next couple of months and the corridor would be commissioned in 2017 at a cost of Rs 2,235 crore. The Delhi Government took to the route of monorail, which is not a successful mode of transport like the Metro, to take public transport to doorsteps of people in congested colonies where mass rapid transport like Metro cannot be constructed.
Read more: The Hindu Business Line
Metro gets green light for its heritage line
Two years after it was announced, the Delhi Metro’s controversial heritage line connecting Kashmere Gate with Central Secretariat has finally received the go-ahead from the National Monuments Authority (NMA) with certain conditions. A number of heritage structures fall on this corridor. Work for this line – which the Metro started in 2011 – will take place under a monitoring committee comprising officials from the Archaeological Survey of India (ASI), Delhi Metro Rail Corporation (DMRC) and the NMA. While ensuring that there is no construction within 100 metres of any protected monument – called the prohibited area, no new construction within 100 metres is allowed as per a 2010 amendment in the archaeological act – the NMA’s green light can mean that the DMRC can now look forward to complete its Phase Three line covering Central Secretariat-Janpath-Mandi House-ITO-Delhi Gate-Jama Masjid-Red Fort-Kashmere Gate on time.
Read more: Hindustan Times
Bhupinder Singh Hooda pushes for toll-free Delhi-Gurgaon e-way
Haryana chief minister Bhupinder Singh Hooda seems to be pursuing his proposal of making the Delhi-Gurgaon expressway toll free. On Wednesday, he sought a meeting with highways minister C P Joshi to discuss the issue even as National Highways Authority of India (NHAI) is looking at an option of complete take over of the project by an infrastructure financing company.
Read more: The Times of India
Government to build Rs 20,000-crore expressway from Ludhiana to Delhi
The Government on Wednesday announced it would build a six-lane expressway, estimated to cost Rs 20,000 crore, between Ludhiana and the Capital. “Three states Delhi, Punjab and Haryana on Wednesday in-principle accorded approval to build 357 km Delhi-Ludhiana Expressway, the route map for which would be finalized by next month,” Road Transport and Highways Minister C.P Joshi said after a meeting with Ministers from three States. An expressway is a controlled-access highway designed exclusively for high-speed traffic. “The cost of the expressway per km would be about Rs 40 crore and Rs 5,000 crore would be incurred on land acquisition,” Joshi said. He said townships would develop alongside of the expressway nodes from which traffic would be allowed to exit. “We would discuss the cross subsidy model from real estate for funding the project once the alignment is finalized,” he said.