Delhi to have its own World Trade Centre
tal of Industrial Policy & Promotion (DIPP) indicates that just in nine months of FY 2017-18, FDI equity inflows into construction development rose by around 250% overthelevelsofFY2016-17.
Thissector hasalso beenakey recipient of dollar-based FDI equity, accountingforaround7% of the total infusion between April 2000 to December 2017. Of course, theFDIequitythatflowed into this sector betweenApril-December 2017 does not beat the high levels witnessed in 2012-13 and 2013-14. However, the decisive returnofforeignfundinghas certainly turned the tide for the construction development sector, whichwasswimmingagainst the negative currents of subdued demand and disruptive policy changes over the past few years.
OTHER POSITIVES TO THIS REVIVAL
omy. TheIndianrealestatesector is the country’s second-largest employer, hasthousandsofallied industries andpresentlycontributes 8-9% to the country’s GDP.
Nevertheless, we cannot forget that this is arevival, notatidal wave of growth. In other words, the Government has to ensure that theexuberancedoesnotfade away.
HOW CAN THIS BE DONE?
On 17 May, Venkaiah Naidu, Vice President of India, laid the foundation stone of World Trade Center (WTC) in Nauroji Nagar. Theproject is being developed by NBCC (India) Ltd under license from WTC, New York.
But first, what is WTC and what is so special about the WTC network? The World Trade Center Association (WTCA) is a notfor-profit, non-political association dedicated to the establishment of World Trade Centers as instruments for international trade expansion. The WTCA unites corporations and government agencies in international trade. It provides a portfolio of branded offices and commercial real estate, alongside an extensive suite of trade services for tenants, thereby linking them with the rest of the global network. According to a spokesperson fromNBCC,“TheWTCAhas 323 licensed world trade affiliates in 88 countries as well as more than 750,000 companies andindividuals. This means that a WTC tenant or a member of a local WTC can leverage this ecosystem of global trade to generate opportunities and take their businesses abroad.”
WTC, Nauroji Nagar is touted as being the first- of- its- kind project in the Delhi NCR region in certain ways. According to Anoop Kumar Mittal, Chairman and Managing Director NBCC, “This world class structure will change the skyline of New Delhi. The state-of-the-art commercial hub spread across 25 acres will have 60 lakh sq ft of built-up area and 12 commercial towers.” NBCC, which has obtained accreditation from the WTCA, says that it is conforming to the best standards of commercial real estate- there will be integrated building management systems, smart features for lighting, heating, ventilation and air conditioning (HVAC), safety and security systems and modern waste managementsystems. The
THE HIGH RISE PROJECT WILL HAVE SEAMLESSLY INTEGRATED GREEN LANDSCAPE WITH TWOLEVEL BASEMENT PARKING
The realty sector is the country’s secondlargest employer