LMC lays out real estate venture plan

LUCKNOW: The Lucknow Municipal Corporation (LMC) would realize its long-held dream of venturing into real estate post Diwali. The corporation has finalised tenders for building a huge commercial complex in Kamta, near the new high court building, and three residential projects - one behind Omaxe City on Rae Bareli Road and two others in Para. All these ventures are set to begin this month.

www.sevagiri.com

LMC has got huge land pools in five distinct pockets of city. Under residential projects, it would be constructing more than 100 residential towers (G+3 and G+8) with more than 1,500 flats. On Rae Bareli Road, it owns 5.5 hectare land which would be used to make around 800 MIG flats in G+3 and G+8 buildings and several HIG duplex units. Municipal Commissioner Uday Raj Singh said, "While work has started in Kamta, construction in Para and behind Omaxe City on Rae Bareli Road will begin post Diwali."

Several 3BHK, 2BHK- MIG and LIG flats are proposed in the Para project. There would be provision for MIG duplex units too. The residential projects would also have community facilities like clubs, swimming pool, shops, commercial places, terrace garden, community halls etc. The move would give housing facility to many while also generating surplus revenue to be spent on infrastructure development of city.

Official in charge said, "LMC owns a land of about 1,235 square metre area near Kamta in Gomtinagar. The contractor has already started laying foundation of the complex." This land would be used to erect a five storeyed commercial building for official purpose. LMC's zonal '4' office catering to residents of Gomtinagar and Indiranagar would also be shifted to this complex while other floors would be rented out to lawyers' chambers, corporates and private companies. This complex's construction cost is pegged at around Rs 10 crore.

Source - TOI

Indiabulls Real Estate Gets Plan Approval for London Project

Indiabulls Real Estate has received approval from a UK authority for the plan to redevelop its project in London.

www.sevagiri.com

Last year, the company had entered the London market with acquisition of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft commercial property for Rs 1,630 crore.

The "planning permission" for 22, Hanover Square was granted by the authorities on Tuesday.

 In a filing to the BSE, Indiabulls Real Estate said that "Westminster City Council, on October 20, 2015, has approved the planning permission for redevelopment of 22 Hanover Square, which is being developed by a wholly owned subsidiary of the company."

The redevelopment scheme comprises of 41 apartments with 80,000 sq ft, 51 hotel rooms with 30,000 sq ft of leisure facilities and 4,500 sq ft retail and restaurant space facing onto Hanover Square, it added. 

"International property consultants, CBRE, have pegged the residual market price of the 22, Hanover Square asset at GBP 230 million. Appreciation of 48 per cent on the acquisition investment of 155 million pound, in one year," the company said in an analyst presentation.

In June last year, Indiabulls Real Estate had announced the acquisition. The property was purchased from Scottish Widows Investment Partnership (now part of Aberdeen Asset Management).

"As part of change of policy from September 2015, Westminster City Council will not allow change of use from office to residential unless in exceptional circumstances.

 "On this basis, the planning permission at 22 Hanover Square is very valuable, being the last remaining major residential scheme approved in Mayfair and London's West End," the Mumbai-based developer said.

Source - NDTV profit

Mumbai plans to build multi storey towers with shipping containers in Dharavi

Imagine this: bang in the middle of one of India's largest slums, Dharavi, a skyscraper rises. It's no ordinary high-rise made of bricks and cement. This 400-meter tall tower will be constructed with 2,500 brightly coloured shipping containers stacked one upon the other. No, this is not the overwrought imagination of a Bollywood movie director but the brainwave of Shenzhen-based architecture firm CRG Architects. The idea, which bagged the third prize in a competition organised by skyscrapers.com — a global platform for new skyscraper architectural projects — has raised the eyebrows of architects and activists in Mumbai. 

www.sevagiri.com

"The main structure supporting the stacking of containers is made of concrete slabs and columns, every 8 or 9 levels, due to that the containers can be stacked at this number," says Carlos Gomez, founder and principal at CRG Architects, who estimates that the proposed scheme could house up to 5,000 people. "Mumbai being a port city, the durability of a shipping container skyscraper using the proper materials can be long lasting," adds Gomez.

According to the architecture firm, three containers can be joined to create a three-bedroom family apartment, whereas a single unit could be subdivided to provide a studio flat. The core of the tower is made of vertically stacked containers which can house an elevator. Also, empty containers can be used for gardens, schools, mini markets and entertainment areas. "It could be 1/3 part cheaper than a normal construction with the same height," says Gomez. So far, the project is still a conceptual one and Indian companies are yet to show interest in it.

The idea of re-using shipping containers isn't new and has been tried in the East Coast of the United States and parts of Western Europe, says Samarth Das, an urban designer and architect with PK Das & Associates.

"There is an inherent conflict in using steel and metal containers when it comes to habitable spaces... CRG team's overall efficiency of the ventilation systems is not convincing, especially since we struggle with these issues even within well-ventilated homes made of brick and concrete," says Das.

However, Das concedes that the basic idea of recycling shipping containers and re-introducing them into the usage cycle is smart, considering the fact that Mumbai has gradually been severing its connections with container goods transport. 

Jockin Arputham, president of Slumdwellers International and former Nobel Prize nominee, claims it's common for western architects to propose such seemingly economical architectural ideas that aren't feasible in Dharavi. "Such ideas were proposed 15-18 years ago. They (westerners) have no idea about Indian living conditions. There are 400,000 people, approximately 90,000 families living in Dharavi," says Jockin. "Not a single transit camp has come up in this format and it never will work." At present, slumdwellers enjoy a host of benefits such as flexible live-work areas, community spaces and shared utilities, argues Arputham. 

Source - ET