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Vascon Engineers Ltd on Friday said it has bagged a Rs 161 crore project from MSEB Holding Company Ltd for the redevelopment of the Saudamini Building in Mahalaxmi, Mumbai. Vascon Engineers in a statement said the project is scheduled for completion within 36 months from the commencement of work. "We will focus on delivering this project to the expected quality standards and within the agreed timeline," Siddharth Vasudevan Moorthy, Managing Director, Vascon Engineers Ltd said. In Mumbai, Vascon said it has reinforced its redevelopment-led strategy with projects such as Vascon Orchids at Santacruz and Prakash CHS at Santacruz West. The redevelopment pipeline in Santacruz, Powai and other micro-markets collectively accounts for approximately 0.4 million square feet, representing an expected sales value of Rs 1,050 crore. Mumbai's ongoing and planned launches are expected to contribute around 50 per cent of the company's overall real estate portfolio by FY27, the company added. Alon
Real estate company Smartworld Developers has awarded Rs 532 crore contract to Varindera Constructions for its upcoming project in Gurugram. In a statement on Monday, the company said it has awarded contracts worth about Rs 1,400 crore for its various projects in just six months. "For its upcoming iconic project, Smartworld Sky Arc, the company has awarded the construction mandate to Varindera Constructions Limited for Rs 532 crore. "The project spans 6.9 acres and includes over 900 units in its first phase. Smartworld's total investment in the development of Sky Arc is approximately Rs 1,700 crore," it said. Varindera Construction has a good track record in the construction sector, Vivek Singhal, CEO of Smartworld Developers, said. Incorporated in 2021, Smartworld Developers, which is part of M3m India Group, is developing many projects in Gurugram. It aims to deliver possession of about 50 lakh square feet in the next few months.
Infra-to-energy player Hazoor Multi Projects Limited (HMPL) has plans to set up a 500 megawatt solar project in Andhra Pradesh at an investment of Rs 2,500 crore. It has already submitted a proposal with the state government to set up the project in Prakasam district over an area of 2,000 acres, as per information shared by the company. The AP government in a communication said New & Renewable Energy Development Corporation (NREDCAP) will facilitate for successful execution of proposed solar park project. The state government has also asked the company to submit its detailed project report (DPR) for the project. HMPL is into renewable energy and building road projects on an engineering, procurement and construction (EPC) basis. Last week, the company made a foray into the domestic renewable energy sector with the development of 1.2 GW of clean energy projects spread across 4,200 acres land in Maharashtra.
Karnataka Deputy Chief Minister D K Shivakumar has written to Union Finance Minister Nirmala Sitharaman, requesting the inclusion of more infrastructural projects in Bengaluru in the upcoming Union Budget 2025-26 to reflect its status as the 'Silicon Valley of India'. The letter dated January 23 emphasised that, as a Member of Parliament representing Karnataka, Sitharaman must be aware that Bengaluru, with nearly 1.5 crore residents, urgently requires major infrastructure projects to sustain its growth and maintain its status as a leading technological hub. In his letter, Shivakumar highlighted key infrastructure projects for Bengaluru proposed by the state government that require financial assistance from the Centre. According to him, one of the crucial projects for the city is an underground vehicular tunnel. He mentioned that the East-to-West corridor, spanning 28.5 km from K R Puram Circle to Nayandahalli Junction on Mysore Road and estimated to cost approximately Rs 25,000 cro
Realty firm Emaar India will invest around Rs 1,000 crore to construct a new luxury housing project in Gurugram amid strong demand for premium residential properties. The company has launched a new project 'Amaris' at Sector 62 in Golf Course Extension Road, Gurugram. "We have launched a new housing project in Gurugram. We are getting a tremendous response from customers," Emaar India CEO Kalyan Chakrabarti told PTI. He said the company will develop 522 apartments in this 6.2-acre project, with a development potential of 15 lakh square feet. Asked about project cost, Chakrabarti said it will be around Rs 1,000 crore excluding land cost. The total revenue potential from this project is estimated at around Rs 2,500 crore, he said. "This project stands as a testament to Emaar's unwavering commitment to providing high-quality living spaces that align with our customers' needs and uphold the highest design standards," Chakrabarti said. He said the project will be completed in the nex
As many as 449 infrastructure projects, each entailing an investment of Rs 150 crore or above, were hit by cost overrun of more than Rs 5.01 lakh crore in March 2024, an official report stated. According to Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth Rs 150 crore and above, out of 1,873 projects, 449 reported cost overrun and 779 projects were delayed. "Total original cost of implementation of the 1,873 projects was Rs 26,87,535.69 crore and their anticipated completion cost is likely to be Rs 31,88,859.02 crore, which reflects overall cost overrun of Rs 5,01,323.33 crore (18.65 per cent of original cost)," the ministry's latest report for March 2024 said. According to the report, the expenditure incurred on these projects till March 2024 is Rs 17,11,648.99 crore, which is 53.68 per cent of the anticipated cost of the projects. However, the number of delayed projects decreased to 567 if delay is calculated on the basis o
As many as 443 infrastructure projects, each entailing an investment of Rs 150 crore or above, were hit by a cost overrun of more than Rs 4.92 lakh crore in February 2024, an official report stated. According to the Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth Rs 150 crore and above, out of 1,902 projects, 443 reported cost overruns and 764 projects were delayed. "Total original cost of implementation of the 1,902 projects was Rs 27,08,030.44 crore, and their anticipated completion cost is likely to be Rs 32,00,507.55 crore, which reflects overall cost overruns of Rs 4,92,477.11 crore (18.19 per cent of original cost)," the ministry's latest report for February 2024 said. According to the report, the expenditure incurred on these projects till February 2024 is Rs 16,76,739 crore, which is 52.39 per cent of the anticipated cost of the projects. However, the number of delayed projects decreases to 568 if the delay is ...
As many as 421 infrastructure projects, each entailing an investment of Rs 150 crore or more, were hit by cost overrun of more than Rs 4.40 lakh crore in November this year, an official report said. According to Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth Rs 150 crore and above, out of 1,831 projects, 421 reported cost overrun and 845 projects were delayed. "Total original cost of implementation of the 1,831 projects was Rs 25,10,577.59 crore and their anticipated completion cost was...Rs 29,50,997.33 crore, which reflects overall cost overruns of Rs 4,40,419.74 crore (17.54 per cent of original cost)," the ministry's latest report for November 2023 said. According to the report, the expenditure incurred on these projects till November 2023 was Rs 15,58,038.07 crore, which is 52.80 per cent of the anticipated cost of the projects. However, it stated that the number of delayed projects decreases to 629 if the delay is ...
Bank of Baroda (BoB) on Wednesday said its board has approved a proposal to raise up to Rs 10,000 crore to fund infrastructure and affordable housing projects. The approval is for raising Long Term Bonds for Financing of Infrastructure and Affordable Housing aggregating to a total size of up to Rs 10,000 crore, in single or multiple tranches during 2023-24 and beyond, if found expedient, BoB said in a regulatory filing. The Reserve Bank of India on Tuesday barred state-owned BoB from onboarding new customers on its mobile app 'bob World' following material supervisory concerns. "The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application," the central bank had said in a statement. The action, the RBI had said was based on certain material supervisory concerns observed in the manner of onboard