Development Watch – Week #1 July ’23
Development News
Tourist-cum-Cargo terminal in Assam
Union Minister of Ports, Shipping and Waterways has laid the foundation stone of the inland waterways transport (IWT) terminal. This is being developed at Bogibeel in Dibrugarh, by the bank of Brahmaputra River. The route is also known as National Waterways 2. The tourist-cum-cargo terminal will come up by February 2024, with an investment of Rs. 46.60 Crores. Inland waterways as an economical and efficient mode of transportation will improve economies of scale for trade items like tea, polymer, coal, fertilizers, etc. It will boost tourism in destinations like Sibsagar, Majuli, Itanagar, Ziro Valley, Pasighat, Roing and Tawang Valley. It will aid the growth of industries like food-processing, pharmaceuticals, and cement, among others.
DGCA Collaboration on Unmanned Aircraft system
Directorate General of Civil Aviation (DGCA) has entered into a pact with European regulator EASA for cooperation in areas of unmanned aircraft systems and innovative air mobility. This will cover licensing of personnel, training, air traffic management and infrastructure. This also includes unmanned aircraft system traffic management standards and services. EASA is the European Union Aviation Safety Agency (EASA) and it has entered into an MoU with the DGCA.
Expansion of eB2B platform in rural UP
Udaan, India’s largest B2B platform, has announced the expansion of its flagship initiative, “Project Vistaar”, in the state of UP. Over the next 3 months, Udaan will onboard retailers in 4,100 towns and villages across Uttar Pradesh. Project Vistaar aims to empower small retailers and kirana store owners by providing them access to wider variety of FMCG products. Udaan also plans to foster economic development in UP and create employment opportunities by nurturing local communities.
Manufacturing-Engineering firms’ leasing triples in Q2 ’23
Demand for and share of leasing by manufacturing and engineering firms is seeing a constant rise. This is higher in comparison to IT/ITes sector. Demand for Engg & Manuf., BFSI, and flexible office spaces has increased by 71% YoY in Q2 2023. According to a report by Colliers International, these sectors comprise 26% of the market share. Bengaluru and Chennai were the most preferred locations for office expansion. Flexible spaces demand surged by 58% YoY which offers agility and cost effectiveness. Indian office market witnessed a gross absorption of 14.6 million sq ft. This has increased by 2% in top 6 cities. On the flip side, vacancy levels also surged by 0.4% as occupiers consolidate their portfolios to optimize cost and space, and preferring hybrid work models.
DDA launches housing scheme for 5,500 flats
Delhi Development Authority (DDA) has approved the launch of 4th phase of the online first-come-first-served housing scheme. The flats can be booked in a preferred locality by paying a token amount. Under this scheme, 1-BHK flats are being offered in Narela, Siraspur, Rohini, and Loknayak Puram. 2 bhk flats are located in Narela and Dwarka. 3 bhk flats are in Jasola. Registration for flats started from 5pm on June 30.
Most number of high-rise buildings in Mumbai
Mumbai commands a 77% share of tall buildings in India. It is poised to maintain its position as frontrunner in tall building construction since it can command premium compared to other cities. Tall buildings are classified as those exceeding a height of 150 metres (~50 storeys). Hyderabad, Kolkata, Noida collectively contribute 8%, 7% and 5% of tall buildings in India. Gurgaon, Bangalore and Hyderabad each have only 1% share of the tall building landscape. Globally Mumbai has ranked 17th and 14th in Asia for its notable concentration of tall buildings. Prominent tall projects in NCR are Supernova in Noida (300m), Trump Towers in Gurgaon (198.8 m).
AI Tool for Building professionals
Mistry Storee has launched an AI tool for 1.5 lakh home-building professionals in India. The tool, “Buildi” aims to revolutionize the work processes and streamline daily activities with a simplified and efficient experience. Mistry.store is an exclusive platform for building materials like plywood, board, hardware and tools, electricals and lights, paints and chemicals, sanitary and plumbing fixtures. It has an AI powered assistant tailored for Interior design professionals. The objective is to automate routine business tasks, foster creativity in executing projects, assisting in devising effective growth strategies, etc. The tool can also generate sample bills of quantities (BOQs) for quick estimates and simplify client communications like email drafts and SMS. It has been founded by Vaibhav Poddar and Bhanu Mahajan. India’s home interiors market, which stands at $23 billion in 2020, may grow 5-10% CAGR.
WB fund for 1.5 billion financing in India’s low carbon energy sector
World Bank has approved 1.5 billion in financing to accelerate India’s low carbon energy sector. Funds will be used to promote renewable energy, green hydrogen development and climate finance for low-carbon energy investments. The program aims to support India’s National Green Hydrogen Mission. This would attract $100 billion in private sector investment by 2030. The program aims to scale up renewable energy supply by reducing costs and improving power grid integration. This is turn would help India reach its committed 500 GW of renewable energy capacity by 2030. The government plans to issue bids for 50 GW of renewable energy each year from 2023-2028.
Local Feedback
LocalFeedback.org aims to track and document actionable parameters that help improve urban and rural infrastructure. The founder, Susmita, has juggled diverse roles in real estate, project budgeting, valuation and execution on construction sites. Having traveled to more than 20 countries, she has worked across 4 regions in India. Her areas of interest include sustainable buildings, electric mobility and urban development. She visited top-ranking cities on livability indices and has presented published papers at international conferences.