New Delhi: Realty firm Supertech Ltd on Wednesday announced tie-up with Disney India to develop a Disney-themed housing project in Greater Noida at an investment of about Rs 500 crore.
The partnership with Disney India comes close on the heel of its tie-up with Italian fashion brand Armani group for interior designing of 100 super-luxury flats in one of the mixed-use project at Noida.
The tie-up with Disney India is for developing 800-1000 flats, with Disney inspired exterior and interiors, in the 7.5 acre housing project 'Fable Castle', which is part of the 100-acre township located on Yamuna Expressway.
"We have been focusing on branded residences. With this tie-up, we are bringing the enchanting world of Disney for our prospective customers," Supertech Director Mohit Arora told reporters here.
The project will have Disney inspired rooms consisting of Disney-branded furnishing, home decor products and colour palettes among others. The landscape, club, gym and other exteriors would also be based on this concept.
Commenting on the partnership, Disney UTV Managing Director (Consumer Products, Retail and Publishing) Roshini Bakshi said: "This is our third such project in India. We have already tied up in Mumbai and Kolkata. Consumers in Mumbai have reacted positively for Disney-themed homes and feedback is very good in Kolkata as well".
Disney India has tied up with Sunteck Realty in Mumbai, while in Kolkata, it has partnered Team Taurus, she said, adding that the company is looking for more such projects.
"We will not do profit sharing with Supertech. There is certain fee," she added.
Noting that Disney has different brands for different age group, Bakshi said the concept will differ according to the customer requirement.
Asked about the investment on this project, Supertech's Arora said that it would be about Rs 500 crore.
Supertech is the first company in North India to tie up with Armani/Casa which has also designed residences in Dubai and Mumbai
One of North India's leading real estate developers, Supertech Limited, has entered into a partnership with Armani/Casa, the home and interior design division of the Armani Group to design ultra luxurious high-end residences - ‘Residences by Armani Casa', at the company's landmark project, Supernova in Noida. Supertech is the first company in North India to tie up with Armani/Casa which has also designed residences in Dubai and Mumbai. Supertech is the second company in India, third in Asia and fifth in the world, to partner with Armani/Casa to come up with the designer apartments. The residences at Supernova will feature apartments, penthouses, a spa, fitness facilities and will be housed in a 50-floor tower, which lies at the heart of the development. These apartments will provide an entire interior design solution which will include bathroom fittings, tiles, furniture, lighting, wall coverings, floor and ceiling treatment, among others.
Speaking on the occasion, RK Arora, CMD, Supertech Limited, said, "The two companies have joined forces to capitalise on the experience and skill they possess as leaders in their respective areas of expertise and have pledged to create an elegant and beyond luxury concept in India. The coming together of Supertech and Armani/Casa will create an epitome of unmatched super luxury and unforgettable living experience that the country has not seen so far." "These super exclusive designer residences will cater to those niche segments of people who never settle for anything less than the best. These, beyond the imagination luxury residences, will be built in four and half years of time", added Mohit Arora, director, Supertech Limited.
LUCKNOW: Putting to rest all talk of "neglect" of Noida and Greater Noida, chief minister AkhileshYadav will inaugurate and lay the foundation stone of development projects worth Rs 3,337 crore for the twin districts on Tuesday. The announcements come nearly one year after keeping the residents of the two districts on tenterhooks. Akhilesh's latest largesse will now mean the districts will be flushed with development activities over the next few years. Among key promises, Noida and Greater Noida will be given two new affordable housing projects, a state-of-the-art sewerage treatment plant, a government inter college for girls, construction orders for the medical university that was promised last year, a 200-bed district hospital with a trauma centre. To service the growing power needs of the districts, Akhilesh has also decided to set up power sub-stations in several sectors, build underpasses at some of the busiest intersections and to construct a multi-level parking space in Sector 18 of Noida, which will accommodate over 3,000 cars. The government will also construct a destitute home in Noida, in addition to living facilities for young girls between the age of 7 and 17.
Earlier, Noida and Greater Noida had suffered as a result of a routine wrangle for power between the warring BSP and SP governments. In 2004, former CM Mulayam Singh Yadav dissolved the Gautam Budh Nagar district - formed in June 1997 by Mayawati -- and stalled several projects. After the Samajwadi Party came to power in March 2012, most of Mayawati's real estate and development projects were believed to be on the SP government's radar. Recognised as a hub of corruption, residents were fearful that many real estate projects would be on the chopping block again. Though one such land-grab scam, of illegal distribution and sale of farmhouses in Noida, is still being investigated by the Lok Ayukta, Akhilesh has, so far, left all other existing projects that could affect consumers, untouched. Distributing his development promises between Noida, Greater Noida and Yamuna Expressway Authorities, Akhilesh will inaugurate a 35 mld sewage treatment plant (STP) at Sector 123 of Noida that will make it the first Indian city with a capacity to treat all the sewerage it produces.
Built on the recommendations of a team of scientists from IIT Roorkee, the STP will service 28 sectors of Noida and will also, a government release said, meet the ISO 14001:2004 standards of environmental pollution control. To meet the growing real estate demands, the government has approved a residential project for the Greater Noida Authority that will build 7,200 'affordable' flats in ground plus three format in Sector 10. Each flat will be built over 29.76 square metres. Akhilesh will also lay the foundation stone of 4,425 affordable homes in Sector 18 of Greater Noida, each of which will be priced at Rs 7.75 lakh. The proposed underpasses on the intersections of sectors 32, 35, 39 and 51 will be four-laned and will be built parallel to the Metro line. The government will also build a 7-metre clover leaf on the proposed four-lane underpass on the Master Plan road number 3 in sectors 94, 95 for traffic travelling from Delhi to Sector 94 of Noida.
In welcome improvements for the residents, the Noida Authority will construct a multi-level car parking -- fit to accommodate 3085 cars -- in Sector 18. According to the available blueprint, the parking space will be monitored by close circuit television cameras (CCTVs) and will have a battery-operated shuttle service to ferry car owners from the parking space to nearby areas. Akhilesh will also lay the foundation stone for a 200-bed district hospital in Sector 39, where the government says it will provide cheap, accessible and quality healthcare to all. The hospital premises will have residential facilities for doctors and other support staff and will be equipped with a trauma unit, modern pathology lab, radiological units, intensive care and a special facility of a 100-bed reservation for women.
For the state's business capital, there's plenty on offer in the power sector as well. Two power sub-stations of 400 kv capacity will be fitted in Sectors 123 and 148 of Noida, respectively. In addition, a 33 kv power sub-station will also be built by the Yamuna Expressway Authority at Sector 17 A in Greater Noida. Akhilesh will also lay the foundation stone for a building that will house the Nari Niketan in Sector 34, and several underpasses, at the intersections of Sector 32, 35, 39 and 51 and at the master plan road number 3 in Sectors 94 and 95. Expected to cost of Rs 22 crore, Nari Niketan will be built on a 5,400 square metre plot and will rehabilitate and service abandoned children, women, orphans and destitute persons. The government has also cleared a proposal for constructing a five-storey building that will provide living quarters to 200 girls between the age of 7 and 17, apart from facilities for counseling, classes for primary education, and short-term courses in handicrafts and vocational training.
The chief minister will also lay the foundation stone for an inter college for girls at Hoshiyarpur village in Sector 51 of Noida. In the first phase, the college will be built over two floors on 8,300 square meters of land and will house 35 class rooms, special laboratories for physics, mathematics and chemistry, a multipurpose hall and a library. To strengthen the education system, the government will also, finally, begin the construction of a medical university at Greater Noida, the approval for which was given by the government last year. To be built on 56.5 acre of land made available by the Greater Noida Authority, the university will accommodate 100 students and provide courses like MBBS, MD, MS, DM and MH. The government proposes to start the academic session of the university by August 2013. Akhilesh will also inaugurate, on Tuesday, the OPD facility of a 500-bed Multi-specialty hospital attached to the medical university. The hospital, the government said, will extend advanced and affordable medical facilities to all residents of Greater Noida and the neighbouring districts. In other major schemes for Noida and Greater Noida, the chief minister will lay the foundation stone for administrative offices for the Greater Noida authority, the construction of which will be completed in three years.
The real estate market in urban centres like Noida, Gurgaon, Pune and others is in a mess with developers battling a mammoth body of clearances and a system plagued by corruption. These systemic problems don't just affect consumers but lead to unaffordability as well because of a severe demand-supply gap. Now, all this could soon change as Ajay Maken-led ministry of housing and urban poverty alleviation plans major shake-up of the sector based on key recommendations of the Dhanendra Kumar Committee report. The Committee was set up in mid-2012 by the ministry with a mandate to streamline approval for real estate projects and suggest a methodology for fast-tracking clearances. Mail Today managed to access a part of the report, which suggests a major overhaul of the sector. Some of its key recommendations are already at an 'advanced' stage of implementation and likely to be announced soon. Some others, including setting up of a IT-based, single-window clearance system for proposals like a single-unified form to be put up at local municipality Websites, are being discussed.
The report had pointed out the 'sad' state of affairs when it comes to construction-related clearances with India ranking a sorry 182nd out of 185 countries. Further, with around 34 clearance procedures starting from the local municipality to the top, the average minimum time for approving a project is about 196 days. "We want a setup where all this happens between 30-60 days. We are looking at setting up time-bound clearance deadlines for every authority. This way, at least, the applicant will have clarity," Maken told Mail Today. Of the two key 'clearance issues' at the Central government level, the ministry has already resolved one in line with the Committee's findings. Currently, any new project has to get location clearance from the civil aviation ministry-whether it lies in the designated 'funnel zone', where construction is not permissible.
"The ministry has raised this issue with the civil aviation ministry, which has agreed to digitise their entire 'funnel' records and put them up in the public domain," a senior official in the ministry said. The ministry of environment and forests also plays a big role in clearing projects. "It has been suggested that the environment ministry should automatically clear projects that obtain green certification from recognised rating systems," a senior official said adding that deliberations between the two ministries are going on. The ministry is also working on a plan to set up a nodal agency within the next three months to give quick clearance to affordable housing projects. The ministry is also working on key suggestions that will directly empower the consumer- uploading a list of all approved projects on Websites of local municipalities; advertisements about approval granted to builders; and online information about status of applications. "We have citizens at the center of all our efforts. Once the sectoral growth is spurred by improving transparency and clarity, the issue of affordable housing will also be addressed. The aim is to ensure people can afford a decent home," Maken said.
Noida Authority has planned a multi- level parking at a cost of Rs 150 crore at Sector 18 commercial sector here on Delhi airport parking pattern.
Work is expected to start soon on the eight-floor parking, official sources said.
The multi-level parking is proposed to be developed on a vacant plot opposite Radisson Hotel. It will have integrated electronic system. It will be manual parking based on ramps and not mechanical system as was earlier planned.
Two floors will be underground and the total parking area will have the capacity to accommodate 3,960 cars.
CCTV network will keep vigilance on the parked vehicles. For ground floor, there will be four gates, while for the underground and upper floors, two gates are proposed.
Delhi airport parking has 5-floor parking, while the Noida parking will have eight floors.
The Noida Authority plans to start work in April, the sources said, adding the developer company will be selected in February. The project is expected to be completed in 18 months at a cost of Rs 150 crore.
The School of Design and Architecture, Delhi has prepared the design and model which has been displayed at project engineer office at Dr Bhim Rao Ambedkar Multi-speciality hospital here.
Beside, the Noida Authority has planned battery-operated vehicles for Sector 18 market. After parking vehicles, one would be able to use the battery operated vehicles to move around in the market.
For the last five years the parking project was under consideration. Though tenders were invited, no bids had come then.
A day after the Allahabad high court imposed a stay on 802 acres in Noida, Authority officials met farmers and assured to settle their issues in the next 15 days. Officials also claimed that the land was not allotted to any developer.
Noida Authority DCEO, Vijay Kumar Yadav, said, “As the land was not allotted to any individual or organization, it will not hamper any housing projects. Due to a clerical mistake, the names of the farmers were deleted from records. This error will be rectified.”
“Officials said some public amenities could be put on hold till fresh acquisition takes place, but no housing project will be hampered,” said CREDAI vice-president (west UP) and Supertech CMD, RK Arora.
No cut in Repo or interest rate by the Reserve Bank of India (RBI) in its recent policy review may have disappointed realty developers once again, but a positive move of reducing cash reserve ratio (CRR) by 0.25 per cent for banks have bought some hope for the Indian Real Estate Sector in-terms of liquidity inflow in the sector. MagicBricks.com brings you experts' and developers' reaction on the RBI's move and what are their expectations: “While this move of RBI will help the real estate sector with greater liquidity at its disposal, the cut in CRR will also help in increasing the borrow capacity of the sector which is sure to signal greater progresses in the business of the industry, says Neeraj Gulati, MD, Assotech Realty Pvt Ltd and member of CREDAI.
Is it a cautious stance by RBI in lieu of high inflation? “This move by RBI certainly reflects its concern over rising inflations,” says Gaurav Mittal, MD, CHD Developers and member, Governing Council, CREDAI. “The move by the apex bank was a bated breath for the industrial sector as the axe of inflation was taking a toll for the investor fraternity. This infusion of money would definitely bolster the economy at large, particularly the industrial sectors such as Real Estate,” adds Nikhil Jain, CEO, Ramprastha Group However, many believed that a reduction in the Repo rate would have boost investor sentiment this festive season. “The festive season coupled with an expected change in policy rates would have been the ideal time for improving consumer confidence, opined Anshuman Magazine, Chairman and Managing Director, CBRE South Asia.
“The cut in CRR may prompt banks to cut interest rates, keeping in mind the festive season,” adds Brijesh Bhanote, director – sales & marketing, 3C Group. “We hope Reserve Bank will look into the concerns raised over the Repo Rate cut in the next policy review which is a required trigger and encouragement to the real estate sector,” says Mittal. The cut in CRR may not have satisfied the developers, but it has certainly got them to pin their hopes on the next policy review.
GREATER NOIDA : Developers in Noida Extension have sent a letter to the Greater Noida Authority to clear the relief being offered to them so that that they can pass off the same to buyers. In a related development, loan processing by banks is expected to start soon so that buyers can avail funds to purchase their dream homes. The vice president of CREDAI and CMD of Amrapali group, Anil Sharma, said, "We are sorting out problems in a phased manner to streamline those things that had become defunct in the past one year. We will first meet the Authority and then meet buyers next week to discuss their problems."
Adding to this, CREDAI (western UP) president and MD of Gaursons, Manoj Gaur, said, "We want the relief granted for the 'zero period' from the Authority in a written form."
Greater Noida Authority CEO, Rama Raman, said, "We have agreed to most of the demands put up by the developers, but some issues need to be discussed. The Authority has started development work like sewage, water, electricity, roads and, most importantly, Metro rail connectivity projects on a priority basis."
"For the last one year, this region did not witness any development work and homebuyers suffered a lot. So we have asked the developers to speed up their construction work," Raman added.
The Greater Noida Authority, which is reeling under a Rs 5,500 crore financial burden, needs to pay additional compensation to farmers and for that it needs urgent cash flow. A burden of Rs 200 per sq feet will be passed on to the developers and they have hinted to pass this on to existing homebuyers with their consent.