The nine-storey, 90 unit Fraser Suites New Delhi is situated within the newly developed business hub in the Mayur Vihar area, with direct access to the Metro and close to Central Delhi.
The five-star eco-friendly property is based on the Vastu Energy Grid and will use solar energy for lighting, heating and electricity.
The Frasers property offers incentive planners a range of amenities including a fully equipped business centre, health club and spa, swimming pool with pool deck, outdoor whirlpool, a wellness bar, retail offerings, café and restaurant.
Source : citmagazine.com
DLF sole bidder for big realty deal in Haryana
DLF, Indias largest real estate developer, has emerged as the sole bidder for the 350.71-acre land parcel in Gurgaon put up for auction by a Haryana state corporation.
With a reserve price of Rs 1,700 crore, the land deal would be the biggest since March 2008, when BPTP outbid DLF to win land worth Rs 5,000 crore in Noida near Delhi, but finally called it off.
Its the fourth-largest land deal in India in terms of value after Delhi-based BPTPs failed purchase of Noida land, Unitechs Rs 3,300-crore buy in Vishakhapatnam in 2007 and Adanis Rs 2,250-crore deal in Mumbai in 2006. Indias second-largest developer Unitech and newcomer Bharti Realty too were vying for the piece of the land located on the Gurgaon-Faridabad Road, but were technically disqualified.
More : economictimes.indiatimes.com
Fuelled by controversy, Jaswant book becomes hot property
ome good news for Jaswant Singh. His hefty 674-page book, Jinnah: India-Partition-Independence, seems to be selling faster than facemasks across India. Bookstore owners say sales have especially picked up after his expulsion from the BJP on Wednesday.
Theres a demand for the book in Pakistan and Bangladesh also. Bahri Sons in Khan Market has sold 100 copies since Jinnah hit the stands Friday evening, about half of which were sold over Wednesday and Thursday. The seven Om Book Stores in Delhi and its suburbs have sold 248 copies with more than half selling in the last two days.
We mustve sold 3,000-4,000 copies across metros. That is a very good figure considering the steep price of Rs 695 because its a hard cover, says Ajay Mago of Om Book Store. He expects sales of Jinnah to cross 500 over the weekend. The controversial book has also revived interest in one of his earlier books, A Call to Honour, as well. Weve sold 30-40 copies of that, adds Mago.
More : timesofindia.indiatimes.com
Indian court dismisses Bayers patent claim
In a landmark case that has sparked a heated debate about patent linkage in India, Delhi’s high court today threw out Bayer’s petition to block Indian generics maker Cipla from gaining regulatory approval for its version of Bayer’s patented kidney cancer drug Nexavar (sorefenib tosylate). The Germany-based Bayer and its Indian subsidiary brought the claim against the Drug Controller General of India, the Indian government and Cipla back in November when drug regulator DCGI approved Cipla’s generic sorefenib tosylate, Soranib.
Bayer received DCGI approval for Nexavar in August of 2007 and was awarded an Indian patent in March 2008. Under India’s patent laws, the company is allowed exclusive marketing rights for 20 years. An approval for Cipla’s copycat would infringe on that patent, the German drugmaker argued. Delhi’s high court blocked Cipla’s approval until a decision could be reached. The suit sparked debate over India’s patent laws and accusations that Bayer was trying to change public policy. Those opposed to patent linkage argued that–given the country’s 20-year exclusivity policy–a decision in Bayer’s favor would prevent many Indian drugmakers from bringing drugs to the market.
But, according to the high court, Bayer had no business bringing the case in the first place as drug regulation is not tied to patent rights. Bayer was also slapped with nearly $14 million in legal fees to be paid to Cipla and the Indian government for delaying the approval of generics. According to the Economic Times, in a 31-page report, the court ruled that it cannot conclude that unpatented drugs are spurious drugs. And went on to say, This court is constrained to observe that the present litigation was what may be categorised as speculative foray, and attempt to ‘tweak’ public policies through court mandated regimes. The ruling permits generic drugmakers to bring products to the market, but at the risk of facing patent lawsuits.
More : fiercepharma.com
Buying a house Sellers now accepting white money
Good news for property buyers. The obnoxious black money, or the unaccounted cash component, for buying a flat is slowly fading out with buyers calling the shots in a market still being rebuilt after crumbling in last year’s financial storm.
Across Indian metros, more and more properties can now be purchased through the accounted money or white, thanks to the changed profile of the buyers and the government’s base price policy.
The range of properties that could be bought through only cheque (white component) has increased as most of the buyers are salaried people, says Yashwant Dalal, president of All India Estate Agent Association, the country’s largest association of property agents with over 10,000 members.
More : economictimes.indiatimes.com
Select brokers with care when buying property
Rohit Gandhi decided to purchase a home and avail himself of the new segment of quality affordable housing that was being launched in the current wave of development, post the economic downturn. The falling home loan interest rates in the affordable category were an added incentive. To get the best lot, Gandhi decided to put in his money on the day of the launch. With all his documents ready, when he reached the developers office he found to his dismay that he was pitted against a large number of agents who had come with up to 50 cheques to book the apartments. The developer’s sales staff too, was attending more seriously to those with multiple cheques rather than to individuals like himself.
At a distinct disadvantage, Gandhi was not sure whether he had done the right thing – purchasing the property at the time of launch as an individual, instead of going through a broker. An individual should not go for a newly-launched property bought directly from the developer, cautions Ashok Kumar, a real estate adviser in Delhi. At the time of launch, the developer, especially in the National Capital Region, sells largely to underwriters. Also at the launch, the developer does not allot numbers. As a result, the individual does not know what he is purchasing. He simply puts in his preferences. Most of the time, the developer keeps the best properties with himself, to be sold later. The underwriters and investors get the plum positions. After all, they are the mainstay of the developer.
So let us see if Gandhi got himself a profitable bargain. He availed himself of the Rs 200 per sq ft inaugural discount. But he put his money into a unit that he could not choose. The underwriters get Rs 400 per sq ft discount, double of what Gandhi got. They are also in a better bargaining position. So if he did not buy at the launch, and went to the underwriters, he would have got the property for Rs 3,000 per sq ft instead of Rs 2,800 per sq ft. But he would get the property of his choice.
More : economictimes.indiatimes.com
Unitech to pump Rs 600 cr into affordable housing
Unitech Ltd, India’s second largest real estate developer, is looking at investing Rs 600 crore to develop and launch affordable houses under its Uni Homes brands across seven cities in the country.
The developer would launch these homes in the price range of Rs 10-30 lakh in Noida, Greater Noida, Chennai, Kolkata, Rewari, Bhopal and Mohali.
The total area in the phase one of the launch would be about 4.5 million square feet with about 5,000 flats. The company would fund the development with a combination of debt and internal accruals.
More : dnaindia.com
Demand for affordable housing pegged at 2 million by 2011
The affordable housing market in India that is increasingly being targeted by developers is worth at least Rs3 trillion and will see demand for 2.06 million homes by 2011, a survey conducted by property consultant Knight Frank India has found.
Although buyers with an annual income of between Rs3 lakh and Rs10 lakh will drive demand for affordable houses, around 80% of the demand is expected to come from those earning between Rs3 lakh and Rs6 lakh a year, a report based on the survey said.
Basically, what we are saying is that a house is considered affordable when it costs five times the buyers’ gross annual income, Pranay Vakil, chairman, Knight Frank India, said. So, if a person’s gross annual income is Rs3 lakh, the maximum that he can afford to buy is a Rs15 lakh house.
More : livemint.com
Property developer thinks big in city
Talat Khan had an interesting journey from his native India via the city of Mombasa in Kenya to this country and Calgary, where he has enjoyed a successful business career since arriving in the 1980s and purchasing the former Airliner Hotel on McKnight Boulevard and Edmonton Trail.
He took his management training with the Oberoi Hotels and Resorts Group, which owns 23 luxury properties in five countries, and moved on to Hyatt International as a corporate executive working with hotels in India and Southeast Asia.
He continued his hospitality career after moving to Mombasa, then immigrated with his accountant wife Rita to Calgary and decided to launch his own business called Star International.
More : calgaryherald.com
Park plans Rs 1k-cr expansion
Apeejay Surrendra Group’s hospitality arm, The Park Hotels, plans to invest Rs 1,000 crore to add four new hotels in the country, said its chairperson Priya Paul. The privately-held company would open hotels in Hyderabad, Pune and Jaipur, besides opening its second hotel in Kolkata in the next three-four years.
The expansion would be funded through internal accruals and funds from its financial partner Credit Suisse, which picked up about 15% in the company in 2007 for over Rs 220 crore ($55 million).
We would be opening our 280-room hotel in Hyderabad this year. This will be followed by hotels in Pune, Jaipur and Kolkata that will double our room inventory to 1,700 rooms, said Ms Paul.
More : economictimes.indiatimes.com
MCD for survey to track property tax evaders
With Municipal Corporation of Delhis property tax collection falling short of its target by Rs 400 crore in the previous fiscal year, the civic agency is now planning to carry out a survey to identify defaulters especially those people running paying guest facilities from their homes.
According to latest figures released by the civic agency, a sum Rs 1,064 crore was collected as property tax for the year 2008-09 as against the targeted amount of Rs 1,463 crore.
Most people who live near North Campus and South Campus, rent out their homes or convert a part of it into paying guest accommodations or hostels. They, however, do not pay taxes as per commercial rates. In order to increase our revenue collection, MCD officials need to go door-to-door to identify such defaulters and charge commercial tax from them,’ said Rajni Abbi, deputy standing committee chairperson, MCD. The civic agency expects to earn Rs 500 crore after the survey.
More : timesofindia.indiatimes.com
Asian property investment market regains momentum in Q2
The property investment market in Asia enjoyed a stronger second quarter following a subdued start to the year, with direct real estate investment volume rising 41 per cent from the first quarter.
The improved investment turnover was due partly to debt-funded investors compromising at current price levels and liquidating assets to service near-term debt obligations, according to CB Richard Ellis’ Asia Investment MarketView report for the first half of 2009.
However, transaction volumes remained thin in the first half compared to the corresponding period in 2008, falling by 58 per cent on-year to about US$12.4 billion.
More : channelnewsasia.com
Anant Raj to invest Rs 450 cr to buy land for housing projects
Taking advantage of the fall in property prices, real estate firm Anant Raj Industries plans to invest Rs 450 crore to acquire a land bank, which it would use for developing low-cost housing in north India.
The Delhi-based firm has Rs 750 crore as cash-in-hand, out of which, it has earmarked Rs 450 crore for land acquisition while the rest would be utilised to complete existing projects.
We feel this is the right time to look at low-cost housing and the most important element of low-cost housing is land which is now available at an attractive rate, the company Director and CEO Amit Sarin told PTI.
Source : hindu.com
Muslims find doors slammed on them in city
Doors are slammed on their face gently but abruptly. Their religious identity can derail any property deal in the city. The Muslim community in the city says that what happened to Emraan Hashmi in Mumbai is an everyday occurrence in the capital in a city that’s otherwise a melting pot of regional and communal identities.
Muslims say that in general they feel non-Muslims resist or hesitate to rent out or sell property to them in the capital. Its a virtually impregnable wall of prejudice, suspicion and ignorance that prevents members of the community from leading a normal life in the capital with choices that’s available to everyone else.
This is why only a few pockets of Delhi such as Okhla, Nizamuddin, Walled City, Jaffrabad and New Seemapuri and its adjoining areas have emerged as the only option for the community to find a roof. Its not just an average Muslim but even well-placed professionals engineers, doctors and journalists who can’t find a place in Delhi’s upscale residential colonies.
More : timesofindia.indiatimes.com
More malls vacant in cities as retail pace slows
Even as demand seems to be returning slowly to the residential space, the retail real estate market continues to look disappointing.
The average vacancy across malls in major cities shot up to 19 per cent during the second quarter (April-June) of 2009 against 10 per cent in the last quarter. It is also expected that over 50 per cent of the estimated mall supply planned for 2009 will be delayed due to slowing construction and deferment of mall space, and also withdrawal of previously-announced retail projects.
According to global property consultant Cushman and Wakefield, the Delhi NCR (National Capital Region) is expected to see the maximum deferment of mall supply in this regard at 3.9 million sq ft, followed by Kolkata at 2.5 million sq ft.
More : thehindubusinessline.com
Boost for retailers as rentals fall; more relief may be in store
Modern retailers in India stand to benefit with rentals at malls and high streets across cities falling, according to a report by real estate consultant Cushman and Wakefield.
Any reduction in mall rentals is good news, as for us the occupational cost of rentals and maintenance of the store amounts to a significant amount of the revenue, said C.B. Navalkar, chief financial officer, Shopper’s Stop Ltd.
One reason for the fall in rentals is the amount of space available, yet unoccupied in malls. This increased to 19% of total mall space in the second quarter (April-June) of the year from 10% in the first, according to the report.
More : livemint.com
Six realty cos plan to raise $2.5 bn via IPOs
The builders are back on Dalal Street after a gap of more than a year. At least six real estate firms plan to mop up more than $2.5 billion from the capital markets by December, 18 months after poor response forced Emaar MGF to scrap its Rs 6,500-crore maiden share issue a day after it opened in February last year.
Emaar MGF, Sahara Prime City, Godrej Properties, Lodha Developers, Nitesh Estates and Sriram Properties will all hit the capital markets this year, signalling that the worst may be over for an industry that virtually cratered in the global economic storm last year.
There are two reasons for this rush, said international property consultants Jones Lang LaSalle Meghraj (JLLM) chairman Anuj Puri. One, the market is looking comparatively better today, and two, most of these companies are in serious need of liquidity, he said.
More : economictimes.indiatimes.com
3-BHK in Greater Kailash
number of options in the southern part of the Capital city. Starting from 2-BHK, one can easily find a residential apartment or builder floor in Defence Colony, Safdarjung Enclave, Greater Kailash, Hauz Khas and East of Kailash. These rental apartments will be mostly old construction or renovated flats. No other part of Delhi or NCR will offer you many choices in a 2-BR house.
For 3-BHK also, south Delhi still yields major lot of options. Here Dwarka is the one high prolific location in this budget. Many sectors such as sector 7 and 8 will provide society flats with area space of 1500-1800 sq ft.
According to Saahil Narula of Sagar Properties; In this range one can easily avail society flats in Dwarka whereas DDA flats will fall in lower rental range. The one who is ready to spend Rs 35,000 as rental will also expect some facilities such as power back up and parking and these facilities are attached with society flats. East of Kailash, Lajpat Nagar, Greater Kailash and Hauz khas are some of the good choices for 3-BHK in south Delhi.
More : indianexpress.com
SEZ boosts development
With large-scale investment in the information technology and BPO industries, besides the burgeoning of commercial real estate, Noida has fast become one of the most sought after destinations in the Delhi-NCR region. The satellite city also holds the distinction of being the largest planned industrial city in Asia. While the more well-known sectors — as far as residential societies are concerned — are concentrated around the Atta Market of sector 18, with the coming up of the special economic zone on the Noida-Dadri Road, several sectors leading up to the SEZ are now witnessing development in commercial and residential real estate.
Notwithstanding a bad year for the property market, says estate agent Pawan Mathur, homes in sectors 52, 51 and 62 that are reasonably priced and have the benefit of being located close to the SEZ as well as the expressway are now selling. Apartments close to the Noida SEZ and those near the Noida-Greater Noida expressway have been selling very well, especially due to the expectations of high appreciation in value. Flats here are priced in the range of Rs 1,800 to Rs 2,100 per square foot.
Source : indianexpress.com
Tobacco history on block in Delhi
Hundreds of former tobacco growers came to Delhi yesterday to bid farewell to an old friend.
The occasion was one last auction sale in the Tobacco Auction Exchange building on Argyle Avenue.
The goods this time were not cured bales of leaf. Rather, they were the forklifts, pallet carts, roller tables, banding machines, auction clocks and other items that made the sale of tobacco possible in this building for nearly 50 years.
Parking on the seven-acre property was hard to find when Shackleton Auctions of Springfi eld commenced proceedings at 10 a. m.
We had two mass meetings here in the spring about the quota buyouts, and this rivals that big time, said Rick Cerna of Langton, a past employee of the Ontario Flue Cured Tobacco Growers Marketing Board. You’re closing the doors here on an era. You see a lot of retired farmers. They want to see the building one last time.
The disposal of assets is the focus of the tobacco board now that its mandate as a marketing agency has been terminated. Hundreds of growers surrendered 271 million pounds of quota this spring for $1.05 a pound. Today, 118 licensees continue to grow for manufacturers on a contract basis.
Proceeds from yesterday’s auction belong to former quota holders. Now that the machinery of the auction system has been sold, the newly-appointed tobacco board will turn its sights on selling the real estate. This includes board headquarters in Tillsonburg and the 65,000-square-foot exchange in Delhi.
More : brantfordexpositor.ca