Pallabika Ganguly (ML): What is the current scenario in the residential real-estate sector?
Milind Korde (MK): The upper middle class population is expected to grow to 500 million in the next 10 years. This will create a boom in the residential market. Our only consideration is that prices may go up due to this huge demand. Developers might not be able to meet the demand due to the delays in supply, mainly caused by factors like regulatory permissions.
ML: How much area are you currently developing?
MK: We are currently present in 11 cities, and developing around 83 million square feet (sq ft). Around 85% of our projects are joint ventures. In Gurgaon, we are developing 1.1 million sq ft. It is a joint development (residential) project, where the land belongs to the Frontier group and we will share revenues.
We are also developing a project in Mangalore, spread over four acres. The residential portion is around 6 lakh-7 lakh sq ft. We are developing a 24-floor tower; the average size of apartments would be 2,600 sq ft. We are developing over 240 apartments. We would be launching the project soon, at Rs4,000 per sq ft.
ML: Can you talk about your Pune and Thane townships?
MK: We will be soon launching two townships—Bhugaon (at Pune) and another at Thane. The Bhugaon project is spread over more than 100 acres. The Thane project is spread over more than 10 acres; we will launch it in two-three months.
Mumbai: The Brihanmumbai Municipal Corporation (BMC) expects to earn Rs72 crore by way of carbon credits by 2015, reports PTI.
The civic body has till now received Rs24.51 crore for the scientific closure of the Gorai garbage dumping ground, which became the first waste site to earn carbon credits.
"The Gorai ground has become the first garbage dumping site in the country to earn carbon credits. The first instalment of Rs24.51 crore was received in September 2009.
This amount was generated by flaring 300 to 400 cubic metre of methane gas," BMC Solid Waste Management, chief engineer B B Patil told PTI.
"By 2015, we are expecting to receive Rs72 crore from carbon credits," Mr Patil said.
Carbon credits are a key component of global attempts to mitigate the growth in concentrations of greenhouse gases. One Carbon Credit is equal to one tonne of Carbon.
The closure of the Gorai dumping ground was carried by Indian firm, United Phosphorus Ltd and Dutch firm Van Der Weil at the cost of Rs 37crore.
The BMC received its first cheque of Rs24,51,39,862 in September 2009 from Asian Development Bank (ADB), with whom the administration has signed an Emission Reduction Purchase Agreement in 2008, where in the Certified Emission Reductions (CERs) or carbon credits generated at the Gorai dump would be sold to.
"The amount would depend upon the quality and quantum of methane gas. The amount might come down. We are expecting another instalment in six months or may be a year," Mr Patil said.
The money essentially is for the capture and combustion of methane gas emanating from the dump which results in a substantial reduction of greenhouse emissions, he said.
The 19.6 hectare Gorai dump stopped accepting garbage on January 2008, 30 years after it was designated a landfill site. By then, it had accumulated an estimated 2.34 million tonne of trash.
Garbage was being dumped at this plot adjoining the Gorai creek since 1972. Thirty-five years later, when the dump was closed in December 2007, it was receiving 2,200 tonnes of refuse a day and the 2.3 million tonnes of accumulated waste had stacked up to 32 metres, Mr Patil explained.
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