Tag: Surat

Business

Nisus invests INR 155.00 Crs in a late-stage affordable residential housing project in Surat

Jun 20, 2024 by Sujata Muguda 0 Comments #Dharmadev Group, #MD& CEO Nisus Finance, #Mr. Amit Goenka, #Mr. Umang Thakkar, #Mumbai, #Nisus BCD Advisors LLP, #Nisus Finance’s through its Special Opportunities, #Nisus invests INR 155.00 Crs, #REAL ESTATE SPECIAL OPPORTUNITIES FUND, #Surat, #Swaminarayan Green City

Mumbai, May, 2024: Nisus Finance’s through its Special Opportunities fund “REAL ESTATE SPECIAL OPPORTUNITIES FUND-1 (RESO-1)” managed by Nisus BCD Advisors LLP, has recently invested ~INR 155.00 Cr in Swaminarayan Green City, an affordable residential housing project located in Surat, Gujarat being developed by the Dharmadev Group.

Mr. Amit Goenka

Nisus Finance RESO-1 fund had invested Rs. 95 crores with the Dharmadev Group in July 2023 last year, in Swaminarayan Business Park, a late-stage commercial Project located in Narol, Ahmedabad, along with Kotak’s Asset Reconstruction Arm – Phoenix ARC”.

With this new investment, the total investment into the Dharmadev Group stands at Rs. 250 crores. The total investment of Rs. 250 crores by Nisus Finance, across the two projects in Ahmedabad and Surat of Dharmadev Group are diversified across cities and asset classes of commercial and affordable housing.

Nisus BCD Advisors LLP (“Nisus BCD”), is an alternative asset manager of Nisus Finance Group which manages the Rs. 700 Crores RESO-I fund.

The new investment of Rs. 155 crores are utilized to discharge the existing lender Omkara ARC, which acquired the loan from Piramal Capital & Housing Finance Limited as part of the legacy DHFL loan book and for completion of the project called “Swaminarayan Green City, Surat”

This investment underscores the strategy of Nisus Finance RESO-1 Fund which looks to acquire or discharge loans of erstwhile lenders in projects that have high cash flows, significantly large cover, short exit period and very compelling risk mitigated returns to standard credit opportunities.

Swaminarayan Green City project is being developed by Dharmadev Group through its Development Entity ‘Satya Sankalp Buildcon LLP’, situated in Surat. The Project is part of a larger land of ~ 12.00 Acres comprising of 4.5 Mn sq. ft. out of which Phase 1 is an ongoing project comprising of 21 towers with 1.3 Mn square feet of saleable area. This strategically located affordable housing project has all the necessary approvals to deliver over 1085 apartments across these 21 towers, with all modern amenities, infrastructure, and fit outs for the home buyers over the next 12 to 24 months.

Out of the 21 towers, 7 towers have already applied Occupation Certificate and Developer has already given possession over to ~250- 300 Units. Additionally, 5 towers are near to finishing stage and shall receive Occupation Certificate by next quarter.

The balance 13 towers have their super structure complete by nearly 50% and with the investment from Nisus Finance, the Project shall be able to expediate the construction works; and deliver within RERA timelines and specifications.

Located about 10 kms from the Surat Railway Station, the Swaminarayan Green City Surat is prominently located on the key arterial road of Kamrej- Varachha Road, with key public amenities like prominent schools, hospitals and other civic amenities with the vicinity. With over 1,000 apartments being built with an average size of nearly 1,200 sq feet, the project offers affordable spacious homes with modern amenities to homebuyers.

Dharmadev Group promoted by its Chairman, Mr. Umang Thakkar has successfully delivered over 30 million square feet across several projects in Gujarat. Neel Thakkar, MD, Dharmadev Group is accelerating this Project as well as the commercial project in Ahmedabad. The Group owns several prominent land banks across several cities of Gujarat and is foraying into Mumbai.

Mr. Amit Goenka, MD& CEO Nisus Finance commented “Our continued partnership with the Dharmadev Group for their affordable housing project in Surat, is testimony of the partnership approach of our fund to deliver high value to all stakeholders. This investment in the RESO-1 Fund ensures significant alpha through a strongly risk mitigated structure with high asset and cash flow cover. Surat is a high growth city with affordable housing being centric to the demand. The Dharmadev Group has a strong track record of delivering affordable homes in key micro markets of Gujarat over the last fifty years and this project is centric to their strengths. The Swaminarayan Green City project met our stringent due diligence on legal compliances, approvals, home buyer demand and ability to deliver on promises within a short span of time.

Mr. Umang Thakkar, Chairman, Dharmadev Group, stated, “We are proud of our association with Shri Amit Goenka, Nisus Finance and Phoenix ARC across our projects. In true partnership style, they have been quick to understand the immense potential of the Project and created a win-win for all stakeholders in mutually discharging the claims of the erstwhile lenders while helping accelerate the completion and deliverables of this affordable housing project. We are certain of completing delivery and handover of Swaminarayan Green City Surat within the next two years. We are proud to be able to finally give over 1,000 families their dream homes at affordable rates but with best-in-class amenities that is synonymous with our brand and track record. We are already witnessing strong demand for this project.”

News

The 2nd North India Garment Fair (NIGF 2024) by CMAI Commences; Brings Together 200+ Exhibitors and Expected to attract about 7000 Trade Visitors

Jun 11, 2024 by Mansi Praharaj 0 Comments #BENGALURU, #Bharat Bhushan Taneja, #Chander Shekhar Mahajan, #Clothing Manufacturers Association of India (CMAI), #CMAI, #Delhi-NCR, #Indore, #Jaipur, #Ludhiana, #Manik Jain & Sahil Jain, #Mohinder Chaudhary, #MSME, #Mumbai, #NIGF 2024, #North India retailers, #Pankaj Jain -, #R D Gupta, #Rahul Mehta, #Rajesh Masand, #Ranjit Surana, #Rohit Munjal, #Sanjeev Garg of Stanmax, #Santosh Kataria, #Santosh Katariya, #Saurabh Chaudhary, #Surat, #Tarun Langer, #The 2nd North India Garment Fair (NIGF 2024), #Uttar Pradesh

New Delhi, June 11, 2024: The 2nd North India Garment Fair (NIGF 2024) organised by the Clothing Manufacturers Association of India (CMAI) commenced on Jun 11 till June 13, 2024, at the Yashobhoomi Convention Centre (IICC), Dwarka, New Delhi. NIGF 2024 features over 200 exhibitors showcasing a diverse array of menswear, womenswear, and kidswear.

The inauguration ceremony was graced by leading North India retailers, including Manik Jain & Sahil Jain of Aristocrat Garments, Bharat Bhushan Taneja of Paul Garments, R D Gupta of Bindals Group, Ranjit Surana of Bachoomal Collection, Sanjeev Garg of Stanmax, Mohinder Chaudhary and Saurabh Chaudhary of Suvidha Stores, Tarun Langer & Chander Shekhar Mahajan of Yougal Sons as Guests of Honour. Key dignitaries from CMAI present at the Inaugural included Rajesh Masand – President; Rohit Munjal – Vice President; Santosh Kataria, Chairman – NIGF; Rahul Mehta – Chief Mentor and Pankaj Jain – Hon. Secretary – North and other office bearers of CMAI.

Rajesh Masand, President, CMAI, expressed, “The Domestic Garment industry in India is poised for significant growth, driven by the country’s dynamic demographic and economic potential. NIGF 2024 is a testament to CMAI’s commitment to supporting MSMEs and enhancing the garment trade in North India. The upcoming festival season is a crucial period for the Garment industry and hence NIGF 2024 plays a pivotal role in connecting manufacturers with thousands of buyers ensuring they are well-prepared to meet market demands”.

At the Inauguration, Santosh Katariya, Chairman said, “NIGF 2024 has fast developed as a successful platform for Manufacturers from across the country. It offers North India’s Retail industry a fantastic opportunity to meet new Suppliers, new Brands and refresh their merchandise for customers from across India. For the benefit of Exhibitors, we have also organized a Business Networking Session tomorrow with leading Agents & Distributors from pan India”.

NIGF 2024 features a diverse array of garment manufacturers, with over 95% representing MSMEs from various parts of India, including key hubs like Mumbai, Surat, Jaipur, Bengaluru, Indore, Ludhiana, Uttar Pradesh, and the Delhi-NCR region. Retailers from across the country have pre-registered to visit the fair and expected to attend the fair.

Business

Motorola Solutions signs up with Arya Omnitalk to promote professional and commercial radios

Apr 16, 2024 by Sujata Muguda 0 Comments #Ahmedabad, #Arvind Ltd, #Arya Omnitalk, #BENGALURU, #Bharuch, #Broadband Push-to-talk devices, #Chennai, #CMRTS (Captive Mobile Radio Trunking Services), #Delhi, #Gurgaon, #Hyderabad, #Indore, #Jaipur, #JM Baxi Group, #Kochi, #Kolkata, #Motorola Solutions, #Motorola Solutions' MOTOTRBO Portfolio of products, #Mumbai, #Navi Mumbai, #Noida, #Paresh Shetty, #PMRTS (Public Mobile Radio Trunking Services), #Professional and Commercial Radios, #pune, #Shared Mobile Radio Services (SMR), #Surat, #Toll and Highway Traffic Management Systems (HTMS), #Vadodara, #Visakhapatnam, #Wave PTX

Bengaluru, 16th April 2024: Pune-headquartered Arya Omnitalk, a joint venture between two of India’s most reputed business houses, Arvind Ltd. and the JM Baxi Group, has secured an exclusive partnership with Motorola Solutions to distribute Professional and Commercial Radios in India.

Arya Omnitalk operates three business divisions, namely Shared Mobile Radio Services (SMR), GPS-based Fleet Tracking and Management Solutions, and Toll and Highway Traffic Management Systems (HTMS). Under this collaboration, Arya Omnitalk will exclusively distribute Motorola Solutions’ MOTOTRBO Portfolio of products, along with continuing to distribute Wave PTX and associated services.

A leading provider of PMRTS (Public Mobile Radio Trunking Services), CMRTS (Captive Mobile Radio Trunking Services), and Broadband Push-to-talk devices, Arya Omnitalk holds licenses to operate in 18 cities including Ahmedabad, Bengaluru, Chennai, Delhi, Indore, Kolkata, Bharuch, Navi Mumbai, Gurgaon, Noida, Mumbai, Pune, Surat, Vadodara, Visakhapatnam, Hyderabad, Kochi, and Jaipur.

These radios are specially designed for organizations operating in today’s fast-moving business environment. They allow real-time, instant communication among teams, improving coordination in fast-paced environments. It allows cross-platform compatibility and works across various devices and platforms, ensuring seamless communication between different teams and devices within the company. These radios connect teams spread across different locations and facilities. It can integrate with existing communication systems and tools, streamlining processes and enhancing overall connectivity within the company.

These radios provide secure communication channels, crucial for the industries where confidentiality and data protection are paramount. It enables swift response during emergencies or critical situations, ensuring immediate communication for rapid decision-making and crisis management.

These services cater to important sectors such as Municipal Corporations, Manufacturing, Security, Oil & Gas, Transport and Logistics, Warehousing, Educational Institutes, IT/ITeS, Hospitality, Hospitals, Embassies, Mines, and Construction.

Speaking of the occasion, Mr. Paresh Shetty, CEO, Arya Omnitalk said, “We are thrilled to announce our continued partnership with Motorola Solutions, further solidifying the trust we’ve built with the brand and customers over the years. This exclusive partnership grants us the opportunity to sell best in class products in India. Our commitment remains unwavering in delivering unmatched customer experiences, ensuring every interaction mirrors our dedication to excellence and satisfaction.”

Business World

Post-pandemic living: NoBrokerHood app set to make society living safer and efficient in 50 new cities by June 2021

Nov 26, 2020 by Gouri Achary 0 Comments #Amit Agarwal, #Chandigarh, #Coimbatore, #Lucknow, #NoBrokerHOOD, #Post-pandemic living, #Raipur, #Surat, #Vizag

Building on its post-COVID-19 growth trajectory, NoBrokerHood – the visitor, society, and payments management app by NoBroker.com – is set to launch its services in 50 new cities over the next six months. Already available in 11 cities, the new expansion drive will see the innovative app making inroads in high-density urban markets such as Surat, Chandigarh, Coimbatore, Raipur, Lucknow, Vizag, etc. The expansion is estimated to provide secure and convenient living services to about 1,00,000 housing societies spread across these regions.

NoBroker has set aside INR 150 crore towards its expansion plans. Since the novel coronavirus outbreak, NoBrokerHood has made it safer for residents in housing societies to function as a part of the community through its society management application. When the first lockdowns were implemented, the app launched a grocery store overnight to help people procure daily essentials by partnering with grocery giants such as Bigbasket and ITC.

Its array of features also enables residents to mitigate the risk of COVID-19 spread. One such feature, Touchless Entry, uses facial recognition to detect residents and frequent visitors such as domestic help, drivers, and other staff, helping them minimize physical contact. The app also comes with a health tracker feature, integrated with Aarogya Setu, to optimize physical distancing efforts at the individual level.

NoBrokerHood’s features fall in line with its parent organisation’s mission of leveraging advanced technologies to enhance the consumer experience. Underscoring its unique value is the fact that the app has experienced 8x growth over the last 4-5 months, growing from less than 700 societies in March to 6000 societies currently.

Commenting on the next phase of expansion, Amit Agarwal, CEO and Co-founder – NoBroker.com, said, “NoBrokerHood provides an integrated application for visitor, society, and payment management services. This cross between world-class technology, customer-centric thought, and service enablement is why we have received an enthusiastic consumer response since its launch in 2018. New features, such as Touchless Entry and health tracker, were also introduced in the wake of the pandemic to cater to the emerging needs of society residents. The surge in the app’s adoption during the viral outbreak and ensuing lockdowns highlights its relevance in the ‘new normal’. Our decision to expand its geographical presence is built on this solid reception.”

“More importantly, the cities we plan to cover under the next phase of our growth have about 1,00,000 housing societies looking for innovative solutions to the pandemic-induced social distancing and lockdown regulations. We believe that, through our unique value proposition, we can make their residential experience safer as well as more convenient,” he added.

Society living is finding greater favour among new-age families on account of the benefits and amenities packaged within gated communities. NoBroker.com believes that the demand for robust security features will continue to rule the roost, especially with the pandemic factor now present in the residential equation. With more than 2 lakh societies in India, the company is optimistic about the limitless potential for disruption and growth and aims to be serving the needs of residential societies in 100 cities by end of 2021.