NOVEMBER 20238PURVANKARA SECURES DEVELOPMENT RIGHTS FOR MUMBAI SUBURBSPuravankara, a real estate developer, has obtained the rights to redevelop two housing societies spanning three acres in Mumbai's western suburb of Andheri. The potential gross development value of this project is estimated to be Rs 1,500 crore. The acquisition of these development rights signifies Puravankara's entry into the redevelopment business in the western region. The total land parcel can potentially be developed to have a cumulative estimated area of 5.8 lakh sq ft, with approximately 3.65 lakh sq ft available for purchase.This project signifies our introduction to the redevelopment sector. Abhishek Kapoor, Group CEO of Puravankara, emphasized that this strategic move demonstrates our dedication to increasing our presence in Mumbai's booming real estate market.This will be the company's first redevelopment project, but it already has two residential projects under construction in the Mumbai region.Its ongoing projects in Mumbai region's Chembur and Shil Phata area have a total development potential of over 1.5 million sq ft that is expected to be completed in the next 2-4 years. The new development will push its on-ground development work to over 2.1 million sq ft. "Andheri-Lokhandwala has emerged as a prominent hotspot in Mumbai's realty map due to several ongoing and upcoming infrastructure projects. Our team of experts will work closely with societies to ensure a smooth and seamless redevelopment process for housing societies," said Rajat Rastogi, CEO - West & Commercial Assets-Pan India, Puravankara. SJVN COMMENCES OPERATION OF 30MW HYDROELECTRIC POWER PLANTSJVN, the state-owned power producer, announced on Nov 16 that the first unit of the Naitwar Mori hydroelectric project, with a capacity of 30 MW, has begun supplying power to the national grid. SJVN Chairman & Managing Director Nand Lal Sharma announced in a statement that the first unit of the 60 MW (30MWx2) Naitwar Mori Hydro Electric Project (NMHEP) had been successfully synchronised with the National Grid.The Naitwar Mori Hydroelectric Project is located in Uttarkashi district, Uttarakhand, on the Tonnes River, a major tributary of the Yamuna. Sharma stated that in 2018, Union Power Minister R K Singh and former Uttarakhand Chief Minister Trivender Singh Rawat laid the groundwork for SJVN's 60 MW Naitwar Mori Hydro Electric Project in Mori.He said the NMHEP is a run-of-the-river project with two generating units of 30 MW each. The second unit of the project is also scheduled to be synchronised this month. The project will generate 265.5 million units of electricity annually. The SJVN has constructed a 37-km 220 KV transmission line for evacuation of power from Naitwar Mori HEP from Bainol to Snail.After the project is completed, Uttarakhand will receive 12% free electricity as royalty. Furthermore, each project-affected family will receive an amount equal to the cost of 100 units of electricity per month for ten years.Various activities under Corporate Social Responsibility, such as the Satluj Sanjeevani Mobile Health Van, skill development training programmes, sports and cultural heritage promotion, and infrastructure works, benefit the local population, according to the statement. TOP STORIES
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