COVID-19 has underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market
Real Estate

COVID-19 has underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market

- Ved Parkash Dudeja, Vice-Chairman, Rail Land Development Authority (RLDA) Real estate is the backbone of economic development. The COVID-19 pandemic has led us to embrace digitalisation and hold virtual events on a wider scale. Nevertheless, it should not dampen our spirit but s...

- Ved Parkash Dudeja, Vice-Chairman, Rail Land Development Authority (RLDA) Real estate is the backbone of economic development. The COVID-19 pandemic has led us to embrace digitalisation and hold virtual events on a wider scale. Nevertheless, it should not dampen our spirit but strengthen our resolve to bounce back with renewed vigour. We should perceive if there is an opportunity to reassess, reinvent and re-innovate. COVID-19 has also underscored the significance of collaboration and innovation in real estate to retain a competitive edge in the market. The interplay of policy regulations, emergence of new technologies and changing consumer preferences present exciting times for the Indian real-estate market. Sustainability, efficiency, rationalisation of costs and improvement in performance should be our strategy for gearing up for the new normal. As a responsible organisation, RLDA is committed to achieve innovation and shape the discourse of real-estate development through the redevelopment of residential and commercial spaces, innovation of pre-existing properties, better land use and monetisation of vacant railway line parcels in India. This will play an instrumental role in boosting real-estate prospects and shaping new India in sync with the changing demands of time. This new India will exemplify a beautiful mix of modernity with upgradation while preserving its cultural heritage and architecture. At present, RLDA is redeveloping 62 stations across India. Additionally, IRSDC—a 50-50 JV of IRCON and RLDA—is also developing 61 railway stations. This redevelopment on PPP mode will be a self-sustainable model in line with the Government’s smart city projects. Most of these projects are in prominent metro cities and religious and tourist destinations. The redevelopment of these stations will offer state-of-the-art amenities to commuters. It will also boost tourism potential and enhance real estate as well as the investment prospects of surrounding regions. One of our flagship projects is the redevelopment of New Delhi railway station. The project will transform one of the busiest stations to a world-class transport hub. The station will include state-of-the-art amenities such as elevated concords, multilevel car parking, food courts, hotels and offices. Some residences will also be developed by the side of the station. Another project on our radar is the commercial development of the vacant railway land at Salt Golah near Howrah Station, which will be developed as a commercial hub. The land also has a riverfront that can be used for commercial carrier services. The real-estate ecosystem is our formidable partner in the journey of new India through our initiatives. Most of the projects will be developed with PPP, which has emerged as a scalable and viable solution worldwide to ensure private-sector participation. It brings the activities, innovation, strategic insights and professionalism of the private sector, while public participation ensures that public interest is not diluted in the development. As such, real-estate players and leading architects have a great responsibility in shaping India’s development story. They have done commendable work and their efforts must be recognised and valued. Events such as the CWAB Awards play a pivotal role in sensitising stakeholders on the role of real-estate players and leading architects in modern India and augmenting the government efforts in this direction. I extend my heartiest wishes to the winners and hope that their contribution will serve as a benchmark and inspire other players to follow their footsteps.

Next Story
Infrastructure Transport

Bengaluru Unveils Rs 1,200 Bn Infra Upgrade Plan

Bengaluru is set to receive a massive infrastructure boost worth Rs 1,200 billion under new projects planned by the Karnataka government to enhance urban mobility and connectivity. The initiative includes the expansion of the city’s metro network, construction of tunnel roads, elevated corridors, and 500 km of white-topping works to improve road durability. The Bruhat Bengaluru Mahanagara Palike (BBMP) and Bengaluru Metro Rail Corporation Limited (BMRCL) will jointly execute the projects. Key projects include tunnel roads between Hebbal and Mekhri Circle, 25 new signal-free corridors, and ..

Next Story
Infrastructure Transport

Cochin Shipyard delivers first indigenous ASW vessel ‘Mahe’ to Navy

Cochin Shipyard Limited (CSL) has delivered INS Mahe, the first indigenous Anti-Submarine Warfare Shallow Water Craft (ASW SWC), to the Indian Navy. The vessel is part of an eight-ship series being constructed under the Navy’s “Atmanirbhar Bharat” initiative to strengthen coastal defence capabilities. Designed and built entirely in India, Mahe features advanced sensors and weapon systems for detecting and neutralising underwater threats in coastal waters. The vessel underwent extensive sea trials before delivery, demonstrating high performance and manoeuvrability. This milestone reinfo..

Next Story
Infrastructure Urban

Vedanta Group to invest Rs 1,000 billion more in Odisha projects

Vedanta Group has announced an additional investment of Rs 1,000 billion in Odisha to expand its operations across metals, energy, and downstream industries. Anil Agarwal, Chairman, made the announcement during the third edition of the Make in Odisha conclave, highlighting the state’s pivotal role in India’s industrial growth.The investment will focus on strengthening Vedanta’s aluminium and copper businesses, establishing new value-added facilities, and boosting employment in the region. The company already operates large-scale plants in Jharsuguda and Lanjigarh, contributing significan..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?