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World Trade Centre in Noida to become fully operational by 2020

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World Trade Centre in Noida to become fully operational by 2020.

The World Trade Center, Noida is the biggest WTC in the world yet, at 44 acres. The one second to it is located in Beijing, China at 43 acres.

NOIDA: In what could help scale NCR based technology industries and small and medium scale operators to a global platform by offering a gateway for linkages and scale, the World Trade Center, Noida, is expected to go fully operational in three years, by 2020. The World Trade Center, Noida is the biggest WTC in the world yet, at 44 acres. The one second to it is located in Beijing, China at 43 acres.

Talking to TOI, Scott D. Ferguson, CEO, World Trade Center’s Association, USA, presently visiting India, said, “Noida has been earmarked for a WTC over other parts of NCR as it has been mapped as a high growth region. The Noida World Trade Centre is expected to be a gateway for trade and commerce for rest of Uttar Pradesh as well as northern part of India.”

WTC, Noida is being developed as an integrated building which combines work, business, residency and retail spaces. The architecture is a mix of lateral low-rise apartments and high rises. The design for World Trade Centre has emerged from a mix of ideas generated from a global architectural design competition. The final design has emerged from entries sent by 67 countries.

The real estate development of the project is being done commercial real estate developer, Viridian Red. The building is going to comprise residential areas for a work-life combination system. Spaces have been marked for exhibitions, shopping, food courts, wellness centres and cultural exchange spaces. The tallest building in this expansive structure will be the Signature Tower, a 19-story building.

“Noida is the fastest developing area of NCR region, despite the slowdown, Noida has surpassed expectations year on year. This is perhaps why we chose Noida over other NCR cities to set up the WTC,” Khair Ull Nissa, Executive Director, Verbind, (the operation wing of the WTC) said. Verbind is at the helm of creating the facilities, linkages and ecosystems that a World Trade Centre provides to its members.

The licensing for operation and setting up of all World Trade Centres, globally are controlled by its headquarters in New York, USA. The expansive global business and trade hub at Tech Zone 1, Greater Noida, has recently opened doors to Chinese mobile company Vivo. Partial occupancy has also been offered to a set of venture startups. One of the most expensive real estate structure of the World Trade Centers in the world, the Noida building is estimated to cost Rs1000 crore for construction.

In the first phase, which is complete and operational, two eight story towers (7.5 lakh sqft) are absorbed by Vivo a Chinese mobile company. Two towers, Tec 1 and Tec 2 these are fully operational and have multi-tenant offices, serviced offices and retail spaces. The first phase is complete and is 30% of the total structure. The second phase of construction of WTC is in progress.

Commenting on the expanse of the WTC, Khair Ull Nissa further stated: “The scope and nature of operations of the World Trade Centre has altered with time. The way people work, live and do business has changed. This building is not just a business center, but an entire hub for doing business at an international level, inclusive of work and life.” WTC, Noida will also host a set of residences to suit needs of entrepreneurs who may choose to live close to their work.

Business spaces of varied sizes from 500sqft to 1,20,000sqft will available at the site. A section, called cubit, would also be dedicated to singe cubicle units for those who choose to work independently.

“Once a business becomes a part of our ecology they do not only have access to our facilities but actually get to be able to access an entire global platform of doing business. A WTC membership typically gives access to market research, advisory, trade information, product feasibility, trade missions, trade leads, buyer-seller connect, events conferences and fairs, a digital platform, facilitating joint ventures, merger acquisition, franchising, branding and licensing, business to business communication and activity, business to government, collaboration, technology adoption and WTC global membership,” Khair Ull Nissa, added.

The Noida facility, once complete, will host all the facilities that WTCs host globally: office spaces; virtual offices; business centres; meeting rooms; retail and exhibition area; video conferencing; dedicated exporters zone, secretarial services, translation services and a travel desk.

Commenting on how the presence of a WTC in Noida could change the game for SME operators in Noida, Rajeev Bansal, chairman, Indian Industries Association (IIA), Noida said, ‘It is an interesting development, which could help the local SMEs scale to global standards. We are waiting to see its impact in the ecosystem once it becomes fully functional.” Noida presently hosts 19 telecom companies and over 9000 SMEs. It also hosts a slew of IT-based companies out of its special economic zones.

Source: ET Realty

Commercial

RMZ Corp To Invest $1 Billion To Develop 10 Million Sq Ft Of Office Space In Hyderabad

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RMZ Corp To Invest $1 Billion To Develop 10 Million Sq Ft Of Office Space In Hyderabad

On Friday, Thirumal Govindraj, RMZ managing director, said Bengaluru-based offices space developer RMZ Corp has made plans to pump in $1 billion in developing around 10 million sq ft of Grade A office space in the `City of Pearls’ over the next 3-4 years. They are looking at Hyderabad due to its unrelenting demand for Grade A office space.

This is along with company’s plans to build an additional 40 million sft of commercial space across the country by 2020. They intend to do this by developing its own projects or by buying ready assets. This will place a total of 60 million sft of asset management under RMZ. At present, the company has a portfolio of around 20 million sft of commercial space across cities like Mumbai, Bengaluru, Pune, NCR, Chennai, and Hyderabad.

In Hyderabad’s IT hub, RMZ is already building India’s largest office space project – Skyview. It is a 50:50 JV with Hyderabad-based MyHome Group.

Govindraj said, “We are very bullish on the Hyderabad market which has low vacancies and robust demand for Grade A office space. We plan to invest $1billion in Hyderabad over the next 3-4 years with a target size of 10-11million sft of assets. This includes 3.73 million sft of Skyview and another 6.3 m illion sft of space.”

Govindraj further added that by the first quarter of 2018, they expect 50-60% space commitment for Skyview. They are also looking at land parcels in the IT hub of Hyderabad. He said they are also open to acquiring ready assets as well. He explained, “This is part of our two-pronged strategy to build assets as well as acquire ready assets. We are looking at 70-80% our own developments and about 20-30% acquisitions”.

He also mentioned that the company is in talks with Canadian Pension Plan Investment Board (CPPIB) and existing investors like Qatar Investment Authority RMZ to raise around $1billion to fund its asset portfolio expansion.

Simultaneously, the company is also looking at opportunities in the co-working spaces arena for its venture CoWrks with two projects planned in the city. Already the plans are to open a 1,00,000 sft co-working space in the upcoming Skyview project. RMZ is also looking for options in the Banjara Hills area for a co-working facility.

Elaborating Govindraj said, “We have a target of 1 million sft for co-working spaces across India over the next three years. We already have 2,20,000 sft in Bengaluru and another 3,00,000 sft is slated to come up over the next 6-8 months in cities such as Hyderabad, Bengaluru, Pune, Mumbai, Chennai and Delhi where we are in the process of signing up space”.

Also Read: 373 Maharashtra Cities To Fall Under PMAY Scheme

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Square Capital Becomes The Largest Organized Distributor Of Secured Mortgages In India

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Square Capital Becomes The Largest Organized Distributor Of Secured Mortgages In India

Square Capital, the digital lending arm of India’s largest real estate transaction platform Square Yards has underlined its market dominance by becoming the largest organized distributor of secured mortgages in the country. It is currently facilitating USD 30- 40Mn (INR 200cr – INR 260cr) of loan disbursals every month, contributed majorly by secured mortgages spread across 50+ banking partners for their different products in home loan, home against property and business loan. Its impressive growth is attributed to the rise in availability of affordable housing in India as well as the increasing consumer propensity to rely on fintech platforms for a full spectrum of financial needs.

Speaking on the recent numbers, Amit Prakash Singh, Principal Partner, Square Capital said Real estate and fintech aggregation are a synergistic match to a vast degree and Square Capital, was able to build on the established best practices of Square Yards to become one of the largest mortgage distributors in India today. We are betting big on affordable housing to drive future growth, particularly with the Pradhan Mantri Awas Yojana offering interest subsidies and of course, the huge number of untapped first-time home buyers that can be catered to in the home loan segment up to Rs. 30 lakh.

Government schemes such as the Pradhan Mantri Awas Yojna which offers interest subsidy between 3-6.5% for loans between Rs.6-12 lakh for EWS and LIG categories and subsidy of 4% and 3% for loans of Rs.9 lakh (for those with income up to Rs.12 lakh annually) and Rs.12 lakh (for those with income up to Rs.18 lakh annually) respectively, are driving consumers to opt for home loans that they can repay easily and fulfill their dream of real estate ownership. In fact, several studies have shown that loans have gone up by more than 20% over the last few years for affordable housing purchases. Square Capital is optimizing this opportunity to the hilt by enabling easier access to credit for potential home owners.

In the absence of any national-level mortgage distributor that has managed to scale up over the last decade, Square Capital has not only been able to generate massive digital leads but is also enabling fulfilment, either digitally or through its hybrid online to offline (O2O) approach.

About Square Capital

Square Capital is a marketplace lending platform that aggregates offers from financial institutions on a single platform and provides end to end fulfilment support in the lending process that includes assessing the credit worthiness/risk of clients, helping them choose the right product from the appropriate lending organization, managing their documentation, advising on professional issues pertaining to taxation & insurance and assisting the client till the entire lifecycle of loan disbursement.

Also Read: Under The First MahaRERA Verdict, Builder To Return Rs.26 Lakhs To Buyer

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Commercial

ASK Group and TVS Emerald Join Hands To Setup Rs 400 Crore Real Estate Investment Platform

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ASK Group and TVS Emerald Join Hands To Setup Rs 400 Crore Real Estate Investment Platform

ASK Group’s Property Investment Advisors, the real estate equity arm, and TVS Motor Company’s real estate wing Emerald Haven Realty Limited (TVS Emerald) have decided to set up Rs 400 crore real estate investment platform.

The raised capital will be spent on several affordable mid-segment projects.

“We strongly believe that affordable and mid- segment market offers huge growth potential and this is in sync with the TVS Emerald’s core purpose of providing better living space to the urban middle class,” said Amit Bhagat, MD & CEO ASK PIA.

“Our endeavour is always to delight customer by fulfilling the aspiration of the urban middle class in their quest for a better living space,” said R. Chandramouli, President, and CEO, TVS Emerald.

The first investment under their partnership will be of developing a 10-acre land parcel having 5,48,000 sq ft of saleable area. It will have an equity investment of Rs 83 crore in Porur, Chennai.

Sunil Rohokale, MD & CEO, ASK Group said, “This platform is poised to get benefited in the heightened regulatory regime of RERA through focus execution and satisfying customer needs.”

Also Read: Chandigarh Brokers Yet To Register Under RERA

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