UK-based real estate developer Dandara is looking at Indian corporates and business community to invest in properties being developed by the firm in London, Manchester and Glasgow.
The attractive scheme offered by Dandara ensures that an Indian buys a new flat at Rs 20 lakh only and the remaining cost of the flat is recovered through leasing out the property over 15 years.
Dandara has already signed 67 such deals with Indians based in Mumbai, Bangalore, New Delhi and other big cities. Out of this, 27 deals have been signed with different corporates and executives.
More : business-standard.com
Parsvnath to invest Rs 15 cr on a housing project at Moradabad
Realty firm Parsvnath Developers Ltd on Tuesday said it would invest about Rs 15 crore to build a luxury housing project at Moradabad in Uttar Pradesh.
Parsvnath is investing approximately Rs 15 crore in the property for which construction has already started and is scheduled to be completed by 2010 end, the company said in a statement.
The project Parsvnath Residency would offer 34 luxury housing units comprising 66,311 sq ft of saleable area.
More : economictimes.indiatimes.com
Now, a dispute over pre-Independence land under Delhi Police
An autorickshaw impounded in 1996, its roof gone, sits atop a Maruti 800 car seized in 1998. Those and two police pickets are the only indication that this 8,300 square feet land in Sarai Rohilla is under police possession, and is being used as a malkhana.
But armed with a Power of Attorney, two men have come forward to claim that the police occupation of the land is illegal. And they have been meeting the top brass of Delhi Police.
An officer said that after the men lodged a complaint with the Commissioner last year, an inquiry was ordered. Newsline has a copy of the inquiry report, which concluded that the land belonged to Mamleswar and Kanta Prasad and has been in Delhi Police’s possession since before Independence.
More : expressindia.com
CHD Developers to pump in Rs2,500cr in property market
Real estate firm CHD Developers plans to invest about Rs2,500 crore in developing various properties, including residential townships for senior citizens, across north India over the next five years.
We have identified a number of projects in many northern states, which will be developed in the next five years. For these projects, we have earmarked an investment of about Rs2,500 crore, CHD Developers chairman and managing director R K Mittal told PTI.
The city-based company is pumping in Rs1,700 crore to develop about 7,000 residential units, named Active Senior Lifestyle Township´, where only people above 60 years of age would be allowed to own property.
More : livemint.com
High interest rates pulling down property prices: Assocham
Residential sector in India has witnessed a slowdown following a spurt in property prices and spiralling interest rates on home loans by about five per cent in last four years, an Assocham study said.
With the repricing of interest rates in the last four years from 7 per cent to 12 per cent and the sky rocketing prices of the property, there has been a slowdown in the residential property market, it said in a paper on Realty Check.
Expressing concern over increasing role of speculators in the real estate sector, Assocham said: it is necessary to check the flow of speculative money.
Commenting on the home loan GDP ratio, Assocham said this ratio is stagnated between five to six per cent in the country as 90 per cent Indian borrowers are first timers, while in the US and UK the ratio was as high as 50 per cent.
More : business-standard.com
DLF seeks shareholders’ nod to raise Rs10,000 crore in equity
DLF Ltd, the countrys largest listed property developer, has sought shareholders approval for raising up to Rs10,000 ($2.3 billion) by selling shares to institutional investors.
DLF has called a shareholders meeting on 30 September for the purpose and expects to complete the share sale within 12 months of the approval, the New Delhi-based company said in its annual report.
DLF had raised around Rs10,000 crore ($2.25 billion) in its initial public offer last year, and in July, the company said it would buy back shares worth Rs1,100 crore to boost sagging share prices.
More : domain-b.com
India’s DLF seeks nod to raise $2.3 bln in shares
DLF Ltd (DLF.BO: Quote, Profile, Research, Stock Buzz), Indias largest-listed property developer, has sought shareholders approval to raise up to 100 billion rupees ($2.3 billion) by selling shares to institutional investors.
The New Delhi-based company said in its annual report for a shareholders meeting on Sept. 30 it expected to complete the share sale within 12 months of getting shareholder approval.
This is just an enabling resolution so that we can raise the money when we need, a DLF spokesman told Reuters.
More : reuters.come.
Property firms pursue road projects to beat real estate blues
At least three large realty firms have placed bids to build and operate stretches of national highways that have come up for auction this year as part of expanding their portfolio to offset a slump in their core business. Unitech Ltd, DLF Ltd and Omaxe Ltd are among several infrastructure companies bidding for the right to build and operate national highway stretches that are currently being offered by the National Highways Authority of India, or NHAI, the regulator for inter-state highways.
The projects they are bidding for are part of the national highway development programme, or NHDP, which aims to upgrade more than 33,000km of highways, according to an NHAI official, who didn’t wish to be named.
The real estate sector in India has seen a slowdown in recent times as it has become expensive for developers to borrow money, with Reserve Bank of India raising the repurchase rate—overnight lending rates to banks—to a seven-year high of 9% last month.
More : livemint.com
Flood loss: Over Rs 500 crore
Chief Minister Parkash Singh Badal left for Delhi on Thursday evening, armed with figures of losses of life and property besides crop loss, in order to seek adequate compensation package for the flood-affected. So far, 22 lives have been lost in the recent floods which have affected Jalandhar, Moga, Ferozepur, Kapurthala, Hoshiarpur, Gurdaspur, Ropar and Tarn Taran districts, he said.
According to preliminary estimates coming in from at least 8 districts, 504 villages have been severely affected by floods, with 64 of them still marooned in flood waters in Ropar district. Loss of Rs 530.44 crore has been calculated by the authorities in the above seven districts, except Ropar, financial commissioner revenue and flood control, Romila Dubey said on Thursday during an interaction of the CM with mediapersons.
Badal said the state had suffered extensive crop losses on nearly 75,000-80,000 acres of land, affecting mainly paddy, but the calamity relief fund (CRF) did not offer adequate relief. It is a loss for the Union government as well since the paddy is mainly grown for the national food basket. Our farmers had put in all inputs, except the harvesting process. They should be getting at least Rs 15,000 per acre for their losses, he said.
More : timesofindia.indiatimes.com
Marriott to launch 7th property in India
Marriott International, in a management agreement with Uppal Hospitality, plans to launch a 206 room JW Marriott hotel in Gurgaon. The hotel, which is located on the Delhi-Jaipur highway, is expected to open in mid 2009.
The hotel will offer a spa and fitness centre with gym, an outdoor swimming pool, pool bar, gift and retail shops, business centre, executive lounge and 1, 220 sq m of meeting space. A 400 sq m ballroom will be available for meetings, as well. F&B options comprise a casual restaurant, two specialty restaurants and a café-deli. Other amenities include a bar and a lobby lounge.
Marriott has 24 properties in various stages of development. Five properties will come up under the JW Marriott Hotels luxury brand; one hotel under the Ritz Carlton umbrella; 11 Courtyard by Marriott projects will launch in the upper-moderate segment; three Renaissance hotels and two Marriott hotels are scheduled for the upmarket, deluxe section and two luxury Marriott Executive Apartment properties will cater to long stay travellers.
Source : travelbizmonitor.com
Lemon Tree eyeing global suite
Lemon Tree, the upscale mid-market hotel, has invested about Rs 500 crore in the domestic market and around Rs 200 crore in New York in the last two months. While most of the domestic expansions are through greenfield projects, the chain has also acquired existing hotel properties to step up its presence across the country.
In Gurgaon, the chain is investing close to Rs 250 crore in a 3.5-acre plot to build a Lemon Tree of 150 rooms, 200-room Red Fox (its budget brand) and a commercial complex to be completed by 2010. In Shimla, it has acquired a 6-acre plot to build a 72-room Lemon Tree at Rs 38-42 crore.
A 100-room Lemon Tree is also being constructed in Chandigarh at Rs 45-50 crore. In Ranchi, a 60-room Lemon Tree and a 100-room Red Fox is being built at Rs 47 crore. In Kerala, it has acquired a 27-room alleppey-based Grand Nirvana for Rs 22 crore. It plans to add another 50 rooms at Rs 13 lakh. In Bangalore, it acquired a hotel from a real estate developer for Rs 50 crore, and it plans to invest another Rs 55 crore for 180 rooms.
More : economictimes.indiatimes.com
Would you pay Rs 35 lakh for a hotel suite?
At Rs 2 lakh per night, not counting taxes, the Darbar Mahal suite in Jaipur is not the most expensive — yet. Next month, when the Maharajas Pavilion, four floors of it, becomes operational, at Rs 6.5 lakh it will be the most expensive set of rooms in India.
And when the Shahi Mahal, 150 years in the making, becomes functional two years from now, at Rs 35 lakh for a two-night occupancy it will be the most expensive accommodation on offer anywhere in the world. Clearly, The Raj Palace is no bed-and-breakfast operation. Especially since the tariff does not include the cost of breakfast.
Arun Puri, shades masking his face, a mauve shirt draping his lean frame, is an unlikely peddler of such luxury. Yet, this marble trader has emerged in slightly over a decade as one of the most prominent names on the international hoteliering circuit. In all likelihood, he may never be a Hilton — he says he doesnt even want to occupy that space — but when, chairing a meeting two years ago, he told his staff he wanted to be the best hotel in the world, no one in that room laughed.
More : business-standard.com
Puravankara plans Rs 8k-cr foray into affordable housing
Joining the likes of DLF and Unitech, Bangalore-based realty developer Puravankara Projects today announced its foray into the affordable housing segment in an effort to beat the property sector slump.
Puravankara, which has a land bank of 125 million sq ft, said fully-owned subsidiary Provident Housing and Infrastructure will launch the projects.
Jayakar Jerome, a former bureaucrat, has been appointed as the managing director of the new company, while Puravankaras current Chairman Ravi Puravankara has joined the company in his current capacity.
More : business-standard.com
House prices: Is it better to rent than to buy?
The dream house you have been wanting to buy for a long time is just getting beyond your means, as interest rates are firming up and prices arent cooling off yet.
This has caused many home buyers to now settle for rented flats instead.
After all rentals are comparatively low in most Indian cities compared to the sky high prices and experts say that moving in as a tenant makes better commercial sense.
If you see rental yields they are anything between 3-5 per cent pre tax which is a misnomer because the commercial yields are anything between 8-10 per cent. There shouldnt be so much of gap that is because rentals are not where they should be, said Sanjay Verma, Executive MD, Cushman & Wakefield.
More : profit.ndtv.com
Acacia Real Estate enters India retail JV
Acacia Real Estate Limited said it has acquired a 26 per cent stake in a retail development mall in Delhi through a joint venture with Anant Raj Group, a publicly-listed company with a market capitalization of $1.2 billion.
A specialised real estate investment company with focus on income generating and development projects, Acacia, was established through a spin-off of real estate business of Bahrain-based Taib Bank.
The deal has been structured in a Shariah-compliant manner. The project is expected to generate a return on equity for investors of 83 per cent over a 3.5 year holding period.
Bahrain-based Taib Bank has been appointed as the exclusive placement agent for the project.
The $220 million retail mall development will consist of 600,000 sq ft of retail space upon completion.
More : tradearabia.com
Cos may go ahead with expansion plan in NCR as rentals fall
Companies which have deferred expansion plans in the National Capital Region due to high property prices can now think of going ahead as rentals for office space in IT and SEZ segments have declined by up to 13 per cent during the second quarter of 2008.
The rentals of IT/SEZ segment in Gurgaon and Noida witnessed correction with values declining by 3 per cent and 13 per cent over the quarter respectively, global real estate consultant Cushman & Wakefield (C&W) said in its report on office market for second quarter of 2008.
The anticipated supply and deferred expansion plans of the companies resulted in the decline of rents, the consultant pointed out.
More : economictimes.indiatimes.com
Delhi’s second sports village
Very few residential projects in Delhi-NCR have garnered the hype that surrounds the Commonwealth Games Village. It covers about 27 acres, and offers slightly over 1,150 apartments for sale (including those that will go to DDA). Of course, it is not the biggest residential development and no matter what to promos say, it is not next to Delhis most preferred residential destinations. But is the Commonwealth Games Village, and for those who came in late they dont want to miss the chance they did with Asiad Village.
Getting there
The road to the Games Village begins from Emaar MGFs office in Connaught Place. You need an appointment to see these sample flats. Paperwork done, there are two simple ways to reach there. Drive down Vikas Marg from ITO. Turn right for Akshardham Temple. Keep going straight after you cross the temple. As soon as you are about to hit the NH 24 from this road, you can see the site office to you left. Of course, if you drive down NH 24 from Nizamuddin you simply have to turn left as soon as you seem the board announcing the Games Village. The site office is 50 metres down this road on your right.
Offer
There are 2- to 5-bedroom apartments here, coming up in 34 towers. The towers are 6- to 9-floors high. Apartments towards the Akshardham Temple are lower and those on the river side are higher. While the village and the temple are famously on the Yamuna River bed, site staff confirms that the river is at least 1.6 km from the project. The apartments range in size from about 1,500 sq ft to 3,000 sq ft. Two sample flats are ready and you would not have seen to more different sample flats in the same project. The apartments have to be handed over to the authorities latest by 31 March 2010 for the Commonwealth Games athletes and officials to stay in. after that the buyers can move in. The prize in these apartments will be the attached club and sports facilities. These however are not mandatory for the buyers and you will have to apply to their membership separately. The other prize, besides location, is a view of the Akshardham Temple.
More : expressestates.in
Tata Housing to develop 200 lakh sq. ft.
Tata Housing Development Company Ltd., a fully-owned subsidiary of Tata Sons, on Thursday announced its foray into the North Indian realty market with the launch of a residential property in neighbouring Gurgaon. Raisina Residency will be jointly developed by Tata Housing and Raheja Builders. Aedas, one of the top five architects in the world, has designed this unique project, Tata Housing Managing Director Brotin Banerjee said.
Addressing a press conference here, Mr. Banerjee said Tata Housing would be developing 200 lakh sq. ft. worth over Rs. 12,000 crore across India in the next four to five years. The projects will be developed by the company on its own as well as in partnership with land-owners and other real estate firms. The projects are coming up in 8-9 major cities such as Delhi and its neighbouring townships, Mumbai, Goa, Hyderabad, Chennai, Bangalore and Kolkata, he informed.
Talking about the project in Gurgaon, Mr. Banerjee said it would be spread across a sprawling 11.73 acre campus. Raisina Residency has nine aesthetically designed towers that complement modern lifestyle. It will have two and three bedroom apartments and also duplex and penthouses. The master plan ensures that maximum flats get unhindered views of both the Aravalis and the city landscape, he added. Raheja Builders Chairman Navin M. Raheja, said: Raisina Residency will be the new luxury address in the Gurgaon metropolis. Air-conditioned condos, penthouses with island bathtubs and a state-of-the-art clubhouse, fluid landscape are some of the luxuries that are fit for a king which are being offered.
Source : hindu.com
Westin New Delhi, Gurgaon to soft launch in September 2009
Westins second property in the NCR region will be soft launched in September 2009, near IIFCO Chowk, Gurgaon. The business property will cater (90 per cent) to corporate travellers.
Speaking with Hospitality Biz, San Amalan, General Manager, Westin New Delhi, Gurgaon, said, According to plans, the property should be ready for a soft launch in September 2009. Other than this we would like our guests to enjoy an excellent F&B experience. The 310 room hotel houses one presidential suite, three basement car parks, one ballroom with 400 persons sitting capacity, six meeting rooms and executive suites on every floor. Executive lounges on two floors will be named Westin executive lounge.
In terms of F&B, it will have restaurants with open kitchens and live cooking. The property will be home to Prego, an Italian restaurant with all day dining; Eest, which will serve Pan Asian cuisine; a Chinese tea stall and Splash, a part of the poolside restaurant, which will serve mainly snacks. The property will also offer the Wines of the World feature, which is a part of the Starwood wine programmes. Under this programme the guest can have the wine by the glass
Other Westin properties to open in India are Westin Mumbai, which will open by end 2008 or early next year. Westin Hyderabad is expected to open during the first quarter of 2009. Also in the pipeline are Westin Pune, Bangalore and Jaipur to be fully operational by 2010 and Westin Calcutta by 2011. Westin also plans to launch a property in Chennai but that is still in the boardroom stage.
Source : hospitalitybizindia.com
C’wealth games village apartments have premium price tags
Real estate agents have descended on the Commonwealth Games village on the Yamuna riverbed to guide buyers to what is likely to become the most sought after residential apartments in the NCR. These apartments command an average Rs 14,000 per sq ft for two bedroom flats and Rs 13,412 per sq ft for five-bedroom apartments. In June, there has been a good response with about 250 people booking apartments here, said, Kaushal Bhansali, a representative of builder Emaar-MGF.
A partner in Gurgaon-based real estate firm, Lares & Penates, Rohit Arora, said, We are getting bookings from NRIs, CEOs and big businessmen. However, he refused to divulge the number of bookings.
He said this a very special project as the whole Commonwealth Games village complex will reflect the image of the country to travellers, participants, international and national dignitaries in the corporate and political domain. This place is going to be an important landmark in Delhi. Work on three towers is in full swing.
More : financialexpress.com