Real estate

The Union Cabinet approval for metro connectivity from HUDA City Centre to Cyber City in Gurgaon will help the real estate sector in the region, industry experts said.

The central government has given approval for 28.50 km line having 27 stations on the route. The total completion cost of the project will be Rs 5,452 crore.

“This development holds tremendous potential, particularly for the real estate sector around the Dwarka Expressway and New Gurgaon, as it will receive a significant infrastructure boost. The commencement of this metro connectivity will create numerous investment opportunities and generate employment,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

The project is proposed to be completed in four years from the date of sanction of the project and is to be implemented by Harayana Mass Rapid Transport Corporation Limited (HMRTC) which will be set up as a 50:50 Special Purpose Vehicle (SPV) of the Government of India and Government of Haryana after sanction order is issued.

“Over the past few years, the Central Peripheral Road along Dwarka Expressway has witnessed remarkable growth. With the completion of Dwarka Expressway nearing its final stages and the announcement of metro connectivity, the demand for residential properties is expected to witness a further surge from both end users and investors alike,” said Mohit Jain, Managing Director, Krisumi Corporation.

Improved connectivity and seamless integration will not only benefit commuters in Gurugram and Dwarka but also give fillip to the investment opportunity in the burgeoning areas near Dwarka Expressway and is likely to increase the region’s appeal to both homebuyers and companies alike.

“These developments are likely to spur infrastructure development and unlock new avenues for real estate investment, making this an exciting time for those interested in the real estate market,” said Vivek Singhal, CEO, Smartworld Developers

“With the nearing completion of Dwarka Expressway, the added metro connectivity further positions it as the most promising micro market in Gurugram, attracting homebuyers and investors seeking a vibrant and well-connected community,” said Ravish Kapoor, Managing Director, Elan.

The metro will enhance operational functionality and minimize congestion. With 27 elevated stations, the line will bridge old and new areas, enhancing connectivity and development.

“The line’s connection to the Indian Railway network and plans of integration with the IGI airport further enhances convenience and connectivity which will ensure efficient transportation, and will boost the potential of areas like Dwarka Expressway which have a mix of residential and commercial set-ups, which will further see a high rate of appreciation because of the seamless connectivity of that area,” said Santosh Agarwal, Executive Director and CFO, Alpha Corp.

Dwarka Expressway, already has some major projects and development.

“The metro’s arrival will undeniably invigorate the entire area, propelling Gurugram to unparalleled heights of success and prosperity,” said Gaurav Bhalla, Managing Director, Vatika Group.

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HDFC Bank Ltd . has shortlisted veteran Arvind Kapil , its current retail assets head, to spearhead the home loans business post its mega-merger with India’s biggest mortgage financier Housing Development Finance Corp.

Kapil, who has worked at India’s most valuable bank for almost a quarter of a century, recently met executives at the mortgage lender to discuss plans for the loan book post-merger, according to people familiar with the matter. If he gets the role, Kapil will lead a mammoth mortgage business, that currently includes gross individual loans of 5 trillion rupees ($61 billion) at HDFC and over 1 trillion rupees at HDFC Bank, according to the firms’ latest financial statements. The decision has yet to be finalized and may still change with the merger slated to be completed as soon as July 1, they said. Kapil did not respond to calls and messages seeking comment. HDFC Bank did not respond to an email seeking confirmation on Kapil’s new role.

At HDFC Bank, Kapil has overseen the rollout of initiatives like getting a personal loan in 10 seconds, even for those without a bank account, as well as offering car loans in 30 minutes. The merger will create a financial behemoth that can ride the boom in home loans and consumer spending in the world’s most populous nation. An integration committee in the bank is constantly reviewing the business, credit and operations processes so the integration is seamless, Kapil said at the HDFC Bank Day, according to a May 24 video on the bank’s YouTube page. “Step by step, we’re pretty much ready,” Kapil said at the event. About 70% of HDFC’s mortgage customers did not have accounts with the bank and Kapil said the lender plans to encourage these clients to bank with it.

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Mahindra & Mahindra on Thursday said it has entered the dual-fuel segment in the small commercial vehicle space with the launch of Supro CNG Duo priced at Rs 6.32 lakh (ex-showroom Delhi). The model can run on both CNG and petrol.

It comes with a payload capacity of 750 kg and a range of 325 km with a CNG tank capacity of 75 litres. It also comes with a five-litre petrol tank to take care of range anxiety issues.

In an interaction with PTI, Mahindra & Mahindra VP and National Sales Head Baneswar Banerjee said the product would cater to various segments including market load operators with fixed routes.

With the range of over 325 km, the vehicle can also be used for intercity travel as well, he said.

“From the demand side, the CNG segment has grown four times in four years. That clearly establishes the need for CNG and if we look at its contribution in the less than 2 tonne category, the CNG sales now account for around 5,000 units from a total of 16,000 units per month,” Banerjee stated.

The company is confident of corning a sizable market share in the segment with Supro CNG Duo, he added.

The company is rolling out the model from its Chakan plant in Maharashtra .

Commenting on the launch, M&M President – Automotive Division Veejay Nakra said the Supro CNG Duo marks the company’s entry into the dual-fuel segment, in order to offer remarkably low operating costs to its owners and operators.

“It is engineered to deliver on the tough demands of the logistics, supply chains and e-commerce companies, while offering a vastly superior value proposition to customers,” he added.

The Supro CNG Duo comes with a 20.01 kW (27BHP) BS6 RDE compliant engine, providing 60 Nm torque and best-in-class mileage of 23.35 km/kg, the company said.

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MG Motor India on Thursday said it has received an order for 500 units of ZS EV from ride-hailing service BluSmart. “This order of ZS EV SUVs not only demonstrates BluSmart ‘s confidence in our commitment to electric mobility but also reflects our shared vision of creating a robust EV ecosystem in India,” MG Motor India Deputy Managing Director Gaurav Gupta said in a statement.

The ZS EV comes with a 50.3kWH battery that covers 461 km in a single charge.

“Our partnership with MG Motor India comes at an important milepost as we rapidly expand our operations in Delhi-NCR and Bengaluru. The addition of 500 MG ZS EVs expands our premium fleet, enabling us to cater to more consumers and encourage their transition to electric mobility,” BluSmart Mobility Co-Founder and CEO Anmol Singh Jaggi noted.

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Fashion e-commerce platform Myntra has introduced Myntra Minis, a short-form video platform, as a part of the 18th edition of its Marquee Fashion Festival which is the end of season sale, a company release said on Thursday.

This feature is available to more than 70% of Myntra’s existing users on the company’s home page, beauty page and Myntra Studio. There is a plan to add this feature to all category pages, the company said.

The new feature is inspired by the popular format of small videos used by social media platforms to highlight products across categories, new launches, and global trends, the press release stated. The length of such videos is usually one minute.

80 percent of the existing videos are under one minute in duration, with over 10 percent aimed to be within the 2 to 3-minute mark. The overall length and format of each video depends on the type and number of products highlighted.

Each video, made using popular creators, comes with an integrated product tray that customers can interact with and browse for a particular product that they can later purchase from the same page, without any further assistance. Almost every product category across Myntra is eligible for this feature.

On the launch of Myntra Minis, Arun Devanathan, Senior Director of Social Commerce, Myntra, said, “We are excited to launch Myntra Minis, an industry-first feature that combines the engagement of short-form content with the convenience of inspiration-led instant shopping. As we go deeper in building for our thriving base of young, trend-first shoppers, snackable videos that help them in their discovery of trends and brands felt like a fitting feature to introduce, especially as it gains popularity as a preferred content consumption medium. Myntra Minis is poised to revolutionize the way you delve into the world of fashion and beauty, enabling you to create exceptional, on-trend looks that reflect your individualistic sense of style.”

The presence of short-form video content on social media has disrupted the way fashion, beauty and lifestyle content is consumed across the globe. Myntra Minis will bridge this gap by using visuals and content, the company said.

Myntra will aim for the majority of brands on the platform to use the feature to share content that will make their products more accessible to customers, it said. So far, more than 5000 videos have been uploaded, with 1000 of those being directly created by the brands themselves.

Myntra expects Myntra Minis to gain immense popularity among millennials and Gen-Z in tier-2 and 3 towns, in addition to larger metropolitan areas.

Myntra is one of India’s leading platforms for fashion brands. It is an integral part of the Flipkart Group.

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