Inspire Co-Spaces takes up 1.6 lakh sq ft space in Navi Mumbai – ET RealEstate

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NEW DELHI: Flexi office space provider Inspire Co-Spaces has taken up 1.6 lakh sq ft space at Rupa Renaissance, a grade-A building in Navi Mumbai, a senior company executive said.

The company already has four centers with the capacity of 1700 seats in Andheri, Goregaon, Belapur, and Thane.

The 5th center located at Juinagar, Navi Mumbai will have over 3500 seats across three floors.

The coworking operator intends to focus on pan India expansion mainly, Pune, Hyderabad and Chennai along with tier 2 cities like Ahmedabad, Indore, Kochi, Chandigarh and Ranchi.

“Our focus is now on pan India growth in 2021, before exploring international markets in 2022,” said Amit Sathe, Co-founder & CEO of Inspire Co Spaces.

The transaction was facilitated by global property consultancy firm Savills India.

In the first phase, Inspire Co-Spaces will fit-out 50,000 sq. ft. and the remaining space will be tailor-made and fitted out as per the client’s requirement in the next 6 to 12 months.

“Co-working segment as an asset class is here to stay, and the pandemic has proved that. With the growth of Indian commercial real estate and increasing preference of “hub and spoke,” the co-working segment fits well for occupiers who are increasingly looking for flexibility and agility in this changing environment,” said Bhavin Thakker, MD, Mumbai & Head of Cross Border Tenant Advisory, Savills India.

According to the latest report by Savills India, over 3,000 coworking centers across the country are likely to offer approximately one million desks by 2022, and overall leasing by co-working operators is expected to increase by 42% in 2021.

The international property consultancy firm is also gearing up to launch a marketplace platform for co-working office providers to anticipate the growing demand for flexible office space.



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Tamil Nadu government revises unit cost for PMAY-Rural beneficiaries by Rs 50,000 – ET RealEstate

CHENNAI: With a price hike in construction materials, the Tamil Nadu government has revised the unit cost for houses constructed under the Pradhan Mantri Awas Yojana (PMAY) (rural) by Rs 50,000 per unit.

This would cost an additional Rs 1805.4 crore to the state government’s exchequer benefiting about 2.5 lakh beneficiaries, stated an official statement on Tuesday.

In a statement here, chief minister Edappadi K Palaniswami said that each beneficiary under the scheme will get a revised unit cost of Rs 2.4 lakh. The additional financial assistance would help those who are unable to complete their constructions, he added.

In total, the beneficiaries will get a total of Rs. 2.7 lakh including Rs 23,000 based on 90 man days under MGNREGA and Rs 12,000 to construct toilets.

The statement further said that the issue pertaining to spiralling prices of construction materials and those lost their livelihood following the outbreak of COVID-19 were unable to complete their constructions under on the PMAY (Rural) with the available unit cost was brought to the notice during a review meeting by the chief minister.

More than four lakh houses are constructed under the PMAY (rural) scheme in the state.



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Chennai: ECR residents served de-occupation notice for CRZ violation – ET RealEstate

CHENNAI: The city corporation has started serving de-occupation notices to buildings between Neelankarai and Uthandi on East Coast Road that were constructed in violation of the Coastal Regulation Zone (CRZ) norms.

Resident groups have alleged that this is a vindictive move by Greater Chennai Corporation as residents on the stretch were the ones who had dragged the civic body to court over the construction of a network of stormwater drain channels in the area.

According to a senior official from the Shollinganallur zone (zone 15) of the corporation, under which this area falls, notices had been served to eight buildings in the last few days. Sources said that these notices were sent on December 16 under section 56, sub section 2(A) and 57 of the Town and Country Planning Act, 1971 and the residents were told to vacate the premises within 15 days.

“However, it has nothing to do with the protest and court case against the construction of storm water drains,” the official said. The action was initiated based on a complaint the corporation received regarding unauthorised buildings on the stretch, he added.

The allegedly unauthorised buildings are already the subject of cases in the Madras high court, residents of the area said.

The corporation official said the civic body had identified around 800 buildings which were allegedly constructed in violation of CRZ norms.

In the notices served to the residents, the corporation said the owners of the unauthorised buildings did not produce an approved plan copy in the stipulated time and hence a lock and seal notice was issued.

The residents are currently engaged in a court case with the corporation in the Southern Bench of the National Green Tribunal (NGT) over the construction of a storm water drain project in the areas adjoining the beach. The project is being funded by German kfW bank.

In a letter to the bank on December 16, the residents’ collective had alleged that the drain project itself was in violation of the relevant CRZ norms.



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In bid to cut costs, Chennai Metro reduces private land requirement – ET RealEstate

CHENNAI: In a bid to cut costs and prevent delays, Cmrl has reduced the extent of private land and increased government land needed to build the 118.9km phase-2 network.

Various measures including designing compact stations and dropping the plan to build a depot at SIPCOT were taken to reduce the overall land required for the project. This has helped Cmrl to reduce the project cost, which was initially Rs 69,180crore, to Rs 61,843crores.

A metrorail official said they have increased the government land acquiring nearly 105 hectares (259 acres) and reduced private land to around 20 hectares (49 acres).

According to the detailed project report, the project originally required nearly 95 hectares of government land on a permanent basis, 120 hectares on temporary basis and nearly 66 hectares of private property in the form of land and floor area of structures. “We have completed acquisition of 30 to 40% of the private land. Acquisition of government land is almost over,” a top Cmrl official said. “Some of the land we will use on a temporary basis,” he added.

Officials said one of the reasons for reducing private property was to bring down the cost and the delay that may happen while acquiring them. “For government land, we pay a single guideline value as compensation and it is easier to acquire. For private land we pay more than two times the value, still there are a lot of issues,” an official said.

While preparing the DPR itself, officials said, designs were tweaked to trim down the size of stations by 25% and changed corridors from underground to elevated at some locations like Thirumangalam, which may reduce cost in terms of land use and construction as well as save time.

Nevertheless, some more changes were made now to further cut cost.

In phase-2, cantilever styled elevated structures are planned where stations will be hanging on the middle of the road over a row of pillars with only the landing of the staircase on either side of the road. Out of 128 stations, 80 stations will be elevated. Recently, officials said they have also dropped the plan to build an elevated depot at SIPCOT. It was proposed as a minor depot to come up at a 6.3 hectare land, which includes 4.5 hectares covered area, with elevated stabling, inspection and washing facilities.

“We have two depots at Madhavaram and Poonamallee. Apart from that we already have a depot at Koyambedu and one more coming up at Wimco Nagar, which would be enough for us for our fleet. We can always park a few trains in the mainline while a few go for maintenance, so it is easier to start service the following day both from the originating and terminating stations,” the official said.



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