Torbit Spotlight 20 August 2023

A New Noida City in the Making

The Noida Authority will be going ahead  to develop a new economic and industrial city, expanding the limits of Gautam Buddh Nagar district.

As part of the newly approved Master Plan 2041, the new Noida City known as Dadri-Noida-Ghaziabad Investment Region (DNGIR) , will come up over 21000 hectares . The Noida Authority has identified land in 20 villages of Gautam Buddh Nagar and 60 villages of Bulandshahr districts.

As per the preliminary plan , over 8100 hectares of land will be earmarked for industries , 1600 hectares for medical and engineering colleges. Apart from this, over 2000 hectares of land will be allotted for residential projects. There will be 40% industrial land use in the city. A provision of 13% for residential purposes and about 18 percent for green area has been made. The planned new city will have logistics hubs, knowledge centres, integrated townships and skill development centres.

Meanwhile ,with the Greater Noida Industrial Development Authority ( GNIDA) giving its nod to Master Plan 2041 , decks are cleared for setting up the Phase 2 of Greater Noida city in about 40000 hectares. Under this extension plan, more emphasis will be put on setting up industries along with developing residential, rural population, mix land use, greenery, institutional and transport hubs.

Greater Noida Phase 2 will be developed over the next 18 years. With this expansion, Greater Noida will have a total area of 71000 hectares, including 31733 hectares area of Greater Noida Phase 1.

 Rs 1000 Crore Ultra Luxury Residential Project to Come up in South Delhi 

Noida-based Galaxy  and Sawasdee Group is planning to develop a high end residential project  in  Lodhi Road ,South Delhi at an estimated investment  of Rs 1000 crore.

This will be a landmark redevelopment project for which the land has been allotted by the Rail Land Development Authority (RLDA) . This unique and extraordinary land parcel  will provide an opportunity to develop an ultra-luxury residential  project , offering opulent living to the home buyers.

The Sawasdee and Galaxy Group which has delivered 5 million sq ft of residential and commercial projects including those in Greater Noida West, is  developing multiple commercial

projects in Old Delhi, Rohini and Paschim Vihar. The group is also constructing a mega retail and commercial centre in Sector 63 Noida. Says Pradeep Kumar Agrawalla, Chairman, Galaxy & Sawasdee Group, ” Having received good response to our projects in Delhi, we wanted to further expand our operations in Delhi, especially into luxury housing as Delhi has a lot of potential for modern construction and people are happy to invest in luxury homes, specially in South Delhi”.

Meanwhile the Group is also eyeing to make forays into private industrial parks under the new policy of Uttar Pradesh government.

Laurels for Raj & Manoj Menda of RMZ Group

Raj Menda and Manoj Menda, corporate chairpersons of the RMZ Corporation have won the coveted Excellence in Business Award 2023 of Sindhi Chamber of Commerce This accolade is in recognition of their visionary leadership and immense contribution to the real estate sector by carving a path of customer excellence , innovation and ethical conduct and inspiring several businesses and leaders.

Under their dynamic leadership, RMZ Corporation, a global design and innovation -led real estate owner, investor and developer , has built over 67 million sq ft of assets and is targeted to expand its AUM to 350 million sq ft by 2032, diversifying into industrial and logistics centers, hospitality and data centers, besides luxury housing.

Rs 2000 Crore New  Real Estate Fund 

Motilal Oswal Alternates is raising up to Rs 2000 crore through its recently launched real estate fund- ‘India Realty Excellence Fund VI (IREF VI). The fund will focus on early stage investments in mid-income /affordable residential projects across India’s top 8 cities including Delhi-NCR, Pune, Bangalore, Chennai , Hyderabad, Kolkata and Ahmedabad. Additionally, selective investments in commercial projects will be pursued. Set up as an AIF Category II  SEBI registered fund, it expects to achieve  first close by December 2023 and complete the fund raising process within the following 6-9 months.

In a related development, co-working firm ,BHIVE  has launched a co-working focused Rs 400 crore CAT2 alternate investment fund. The fund will acquire fully completed commercial real estate properties at prime locations , offering a unique investment opportunity  to HNIs, with a minimum investment of Rs one crore.