India Real Estate | Property | Builders News

Binani cements plans for real estate foray

2008-07-25T02:07:00.000-07:00

Binani Cement, the flagship company of the Rs1,700-crore Binani group and a leading producer of cement, is expected to enter realty development business in the current fiscal year. A source said Binani has proposed to develop 56 acre that it owns at Thane into an IT park.

» Vakil Housing eyes Coimbatore realty market
Bangalore-based real estate developer Vakil Housing Development Corporation Pvt Ltd. (VHDCPL) is planning a new project in Coimbatore. The company would continue with its core areas of plot and villa development and would not foray into apartment construction. The developer is currently implementing a real estate project near Hosur.

» QVC Realty to launch first project in Bangalore soon
QVC Realty plans to launch its first project called QVC Hills in Bangalore. QVC Realty is the first venture-capital backed real estate start-up company with an investment of $100 million from IL&FS Investment Managers Ltd.

Parsvnath Developers buys into Sabeer Bhatia’s project

2008-07-25T02:06:00.002-07:00

» Parsvnath Developers buys into Sabeer Bhatia’s project
Realty firm Parsvnath Developers Ltd. is investing Rs400 crore as equity and debt for a 38% stake in Nano City Haryana Infrastructure Ltd. Nano City is being promoted by Hotmail co-founder Sabeer Bhatia. Parsvnath’s equity infusion of Rs41.1 crore puts the equity capital of Nano City at Rs110 crore. The proposed township will be developed in two phases over the next 10 years.

» Polaris to foray into real estate business
Mid-tier IT firm Polaris Software Labs has got board approval to set up real estate business. However, the firm doesn't‘ have any mega plans for its property foray. To begin with, Polaris will only sell or lease the land it owns in Chennai and Gurgaon.

Unitech recieves Lehman investment

2008-07-25T02:06:00.001-07:00

Unitech has received Rs740 crore from global investment bank Lehman Brothers Real Estate Partners. Both the firms have a 50-50% stake in a Mumbai-based project. This is touted to be the country's second-largest realty project.

Synchronize plans to ease overcrowding, SC tells DDA, MCD

2008-07-25T02:00:00.003-07:00

The Supreme Court asked the Municipal Corporation of Delhi (MCD) The Delhi Development Authority (DDA) to examine the possible synchronisation of the Delhi Master Plan 2021 and the National Capital Region Plan 2021. The Court wants to ease overcrowding of the national capital and give citizens better civic amenities and infrastructure. The Court has asked officials to hold talks with the NCR Planning Board and submit a report by the second week of August.

WorldHotels ties up with Royal Palms

2008-07-25T02:00:00.001-07:00

Germany’s hotel chain WorldHotels has tied up with Mumbai-based property and hospitality firm Royal Palms for new 418-room super luxury hotel at Goregaon. The Palace Hotel & Towers will be the only hotel in India to be part of the WorldHotels chain. WorldHotels will have an exclusive marketing and co-branding pact with Royal Palms for this hotel

Street-smart retailers put off realty spend

2008-07-25T01:59:00.001-07:00

Many retailers are putting off their property purchases in anticipation of the market falling further. A sluggish real estate market is prompting retailers to postpone expansion plans on hopes of lower rentals. Some are even renegotiating rates for retail space booked earlier.

Delhi’s Khan Market on world’s high street map

2008-07-25T01:58:00.002-07:00

Delhi’s premium shopping streets Khan Market, Connaught Place and South Extension have been ranked among world’s top 20 premier shopping streets by real estate constancy Jones Lang LaSalle Meghraj. Their reports says that going by commercial rentals Khan Market is the country’s priciest retail destination. Mumbai’s Linking Road also figures as an expensive shopping destination.

Indian real estate firm to build apartments in Qatar

2008-07-25T01:58:00.001-07:00

SRK Global, the Doha-based affiliate of India's SRK Constructions, will construct low and medium priced apartments in Qatar. SRK Global will develop exclusive and affordable apartment and villa communities for expatriates.

Property buyers hesitant, expect prices to fall (KARNATAKA)

2008-07-25T01:56:00.000-07:00

Property builders in Bangalore assert that there is good demand for property, despite the market turmoil. However, this demand is not being translated into successful transactions because buyers are hopeful that prices will fall further. However, Kishore Jain of Jain Heights and Structures Pvt. Ltd. says the chances of property prices coming down is very bleak. High input costs are a big deterrent for real estate builders and developers.

NRIs home in on India, account for 10% of sales now

2008-07-25T01:55:00.000-07:00

Home sales to Non-Resident Indians (NRIs) are booming. According to Jones Lang LaSalle Meghraj (JLLM), residential sales to NRIs have tripled over the last six months, amounting to about 10% of the total sales.

» Housing research institute coming up in Gurgaon
India’s first housing development and research institute will come up soon in Gurgaon. This institute will be of interest to architects, engineers, project managers and construction workers. With the aim of developing expertise for building low-cost and eco-friendly houses, the institute will have lab facilities for testing the quality of construction.

Sobha Developers receives $10 mln FDI

2008-07-25T01:54:00.000-07:00

Bangalore-based real estate firm Sobha Developers has received $10 million (about Rs43 crore) of Foreign Direct Investment (FDI) for setting up residential project. The company received this investment from Dubai-based Pan Atlantic for a 40% stake in a Special Purpose Vehicle (SPV) in the Bangalore project.

DLF to Buy Back Shares at Rs600 a Share

2008-07-25T01:53:00.001-07:00

Realty firm DLF will buy back its stocks at maximum price of Rs600 per share over the next 12 months. The buyback price is 71.28% higher than the scrip's closing price of Rs450.30 (as traded last week). This is the second largest open market buyback offer in the history of Indian stock exchange. However, analysts say that this offer may not enthuse investors at all.

Ansal ends Agreement with UAE Developer

2008-06-27T02:40:00.000-07:00

Real estate developer, Ansal Properties and Infrastructure Ltd (Ansal API) has terminated the Memorandum of Understanding it had signed with the UAE-based Deeyar Development PSC for development of a real estate project. The two companies had signed an agreement for an exclusive tie-up to develop a mixed-use township in Uttar Pradesh. Deyaar was supposed to take 40% stake in the project.

» Mahindras to drive into low cost housing projects

Mahindra Lifespaces Developers (MLDL), the housing and real estate arm of the Mahindra Group, is planning to enter the business of building low cost houses for the middle-income group. Low cost houses have become a fad among young people as they are available at an affordable cost of Rs 25-30 lakh. The company has tied up with BE Billimoria and Co, which specialises in construction technology to bring down construction costs in the long run

Floor Rates for NCR Realty may rise 30%

2008-06-27T02:37:00.000-07:00

The NCR board is likely to hike the minimum floor area rates (circle rates) for property transactions in and around the Capital by 20-30%. The minimum rates are expected to make it easier for people to buy houses by entitling them to bigger home loans, besides generating more revenues for the government.

Housing price index soon

A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex. The index will give a realistic picture of housing price movement to policy-makers and consumers in major cities of the country.

Now, get your property registered via e-stamping

2008-06-27T02:33:00.000-07:00

The Delhi government introduced a system of e-Stamping for the registration of immovable properties. This will allow consumers to avail of the electronic way of stamp duty payment and bring into effect a fool proof system of e-stamp generation. With the launch of e-stamping, the traditional practice of purchasing non-judicial stamp paper has been done away with.

According to officials, the new system would mean faster processing and an easier mode of stamp duty payment which would in turn provide the general public with a more secure form of revenue payment. Under the system a person seeking to register his or her property would simply have to go to any one of the 21 counters being set up across the city for e-stamping. Here, one is issued a unique identity number after paying the stamp duty. After this, one just has to produce this ID number at the local sub-registrar’s office for ones property to be registered.

Office rentals up by 6% in Q1: Cushman & Wakefield

2008-06-27T02:31:00.000-07:00

Office rentals across the property market have increased by 6% during the first quarter of 2008 on account of rise in supply of office space, according to global consultant Cushman & Wakefield.

"Rentals across office real estate markets showed a marginal average increase of 6% over the last quarter coinciding with the increase in overall office supply,” C&W said in its latest report.

Omaxe Lines up $ 20 bln to Build Low Cost Homes

2008-06-27T02:27:00.000-07:00

Realty firm Omaxe has lined up a $ 20 billion investment to develop 10 lakh affordable homes for low-income consumers. The company is planning to offer these housing units in a price range of Rs 3-15 lakh per flat.

» Nitesh Estates plans to raise Rs 600 cr
Bangalore-based Nitesh Estates is looking to raise close to Rs 600 crore for its upcoming projects as it seeks to expand its presence. The company will mop up these funds through the Special Purpose Vehicle (SPV) route. This will be the third time that this firm is tapping the private equity pool.

RBI relaxes lending norms for housing loans

2008-06-27T02:24:00.001-07:00

The Reserve Bank of India relaxed the risk provisioning norm for housing loan up to Rs 30 lakh. This move would make it easier for banks to provide loans for purchase of residential properties. However, analysts feel that it may not result in immediate softening of interest rate for the housing sector.

Rental goes through roof in Mumbai

2008-06-27T02:21:00.000-07:00

In April end, the London-headquartered Barclays bank concluded negotiations to take on lease 15,000 sq ft of office space in Worli’s CeeJay House at a record-breaking rent of Rs 725 a sq ft per month.

This is so far the highest ever lease rental for any commercial property in the country. The monthly rent comes to Rs1.08 crore or over Rs13 crore annually. However, property experts said this is an exceptional deal and does not reflect the commercial lease rental market in Mumbai.

Slowdown in Chennai Property Transactions

2008-06-27T02:18:00.000-07:00

The number of property transactions in Chennai and its immediate neighbouring districts has come down by 10- 15% in 2007-08. In the first half, the city’s three zones – namely North, South and Central - registered about 3.7 lakh documents and netted about Rs.1,384 crore in terms of registration charges and stamp duty. Of these transactions, about 80% was property related. The second half of 2007-08 witnessed a slowdown.

Lohia Group Plans to Invest Rs350 cr in Realty Projects

2008-06-27T02:15:00.000-07:00

Amidst correction in the country's real estate scenario, Lohia Group is planning to invest up to Rs350 crore in developing three projects in Delhi and Uttar Pradesh by 2011. The group's subsidiary - Lohia Developers - plans to develop two townships in Lucknow and Moradabad, and a commercial complex in Delhi.

» Emaar MGF Land to put $3 bln in properties
Real estate firm Emaar MGF Land plans to spend $3 billion in developing properties in south India over the next few years. Emaar MGF will invest in a residential property in Hyderabad with an outlay of $1.4 billion. The company will also invest in commercial and retail properties and hotels spread over 31 million sq ft in 10 south Indian locations.

Indiabulls Real Estate to Raise Rs9 bln via IPO in Singapore

2008-06-27T02:12:00.000-07:00

Indiabulls Real Estate (IBREL) plans to raise up to Rs9004.98 million through an Initial Public Offering (IPO) in Singapore. IBREL has offered to sell about 353.5 million shares of Indiabulls Properties Investment Trust (IPIT) at a price band of 1.0-1.1 Singapore dollar each.

» Godrej Properties files papers for 7 mln share IPO
Godrej Properties Ltd, the real estate unit of the Godrej group, has filed papers with the market regulator for IPO of at least 6.99 million shares. The group plans to raise up to Rupees6 billion through the IPO and a pre-IPO share placement to institutions.

»Omaxe raises Rs100 crore via pvt placement
Real estate firm Omaxe Ltd has raised Rupees one billion through private placement of debentures to LIC Mutual Fund. The company is planning to acquire companies overseas, including in the United Arab Emirates

JP Infra to Raise Rs 200 crore

2008-06-12T00:53:00.001-07:00

Ahmedabad-based realty player JP Infrastructure Pvt Ltd is in advance stages of talks with a leading PE fund to raise close to Rs 200 crore. JP Infrastructure is planning a mega township project in Ahmedabad. It is setting up retail malls in Vadodara and Surat besides ear-marking about 47,500 sq ft at Lower Parel in Mumbai where it aims to set up its corporate park.

Developers lure buyers with freebies and discounts

2008-06-12T00:52:00.000-07:00

The National Capital Region, where prices have cooled 5 – 10%, is seeing developers quietly offer modular kitchens, free parking, free interiors and even stamp duty relief to attract buyers.

Goodies and early bird discounts are not a new feature of India's real estate story. Real estate prices have climbed off their historic highs in the last six months on account of tighter liquidity and an overall decline in the sentiment.

US Housing Crisis melts Indian Realty valuations

2008-06-12T00:50:00.000-07:00

The sub-prime crisis may have struck in the US, but real estate companies around the world are feeling the heat. The meltdown in property firms’ valuations in other economies, including India, China, Japan and the UK, has surpassed that of the US with Indian real estate companies witnessing one of the biggest falls. Some leading Indian real estate firms are trading at about 34% discount to their Net Asset Values, which implies that property firms are being valued at just two-thirds of the assets they hold.

Mumbai sees second highest residential rent growth in Asia (MAHARASHTRA)

2008-06-12T00:48:00.000-07:00

According to a report by Hong Kong-based human resources consultancy ECA International, Mumbai recorded second highest annual growth of 21% in residential rental after 33% for Singapore in 2007.

Following the surge witnessed last year, Mumbai has now become Asia’s third and the world’s sixth most expensive location to rent a three-bedroom apartment. This makes it costlier than places like Seoul, Singapore, Paris, Shanghai, Dubai, Beijing, St Petersburg and Amsterdam.

DLF Plans Integrated Township at Panchkula (HARYANA)

2008-06-12T00:46:00.000-07:00

Delhi-based DLF group would soon have its presence felt in the fringes of Chandigarh as the company is coming up with their DLF Garden City Project near Panchkula. The company is eyeing 200 acres of land for this project. Out of the 200 acres, the company is said to have acquired 34 acres with rest being underway.

Realty Stocks to Face Tough Times: Citigroup

2008-06-12T00:34:00.000-07:00

Global economic uncertainties have cast a shadow on India's realty market as property stocks declined by 46% in the first quarter of this year. Financial advisor - Citigroup Global Markets – has indicated that more challenges are on the cards. Their latest report suggests that the markets remained tough because of rising inflation, a sharp fall in property transactions, stagnating prices and supply risks.

Now, Get your Property Registered via e-Stamping

2008-06-10T00:42:00.000-07:00

The Delhi government introduced a system of e-Stamping for the registration of immovable properties. This will allow consumers to avail of the electronic way of stamp duty payment and bring into effect a fool proof system of e-stamp generation. With the launch of e-stamping, the traditional practice of purchasing non-judicial stamp paper has been done away with. According to officials, the new system would mean faster processing and an easier mode of stamp duty payment which would in turn provide the general public with a more secure form of revenue payment.

Under the system a person seeking to register his or her property would simply have to go to any one of the 21 counters being set up across the city for e-stamping. Here, one is issued a unique identity number after paying the stamp duty. After this, one just has to produce this ID number at the local sub-registrar’s office for ones property to be registered.

Philippines Real Estate firm Enters India

2008-06-10T00:41:00.000-07:00

Ayala Corporation of Philippines and its affiliate, Arch Capital Management, plan to invest $100 million in the Indian property market in the next two years. Ayala is one of the largest real estate brands in Philippines and the private equity fund is currently evaluating property in Chennai, Hyderabad, Mumbai, Pune and Bangalore. Sources say it will subsequently consider smaller cities as there is more room for development. The fund is also considering investing in retail and IT projects.

Vascon Looks Plans More Realty Projects in Ahmedabad (GUJARAT)

2008-06-10T00:38:00.000-07:00

After an IT/ ITeS Special Economic Zone (SEZ) coming up over 26 acres at Sanathal village on the outskirts of Ahmedabad, Pune-based construction company Vascon Engineers is now scouting for land in the city for other projects. Looking at the rising demand for commercial and residential space in the city, the company plans to take up various projects including residential, commercial and malls.

Investment worth Rs 20 cr in Mysore (KARNATAKA)

2008-06-10T00:37:00.000-07:00

PBEL Property Development India Pvt Ltd, a joint venture of Israel-based Property and Building Corporation (PBC), Electra Real Estate (ERE) and INCOR infrastructure, has invested Rs 20 crore in Mysore to build a residential township. Announcing this development, PBEL executive informed that the company has invested Rs 20 crore on a 10 acre plot at Devanoor village to build a residential township. This is in tune with the company’s our strategy to build a land bank in secondary cities across south India.

Now 48-hour Notice Prior to Sealing (DELHI)

2008-06-10T00:35:00.000-07:00

Amid increasing allegations that Municipal Corporation of Delhi (MCD) officials were following a “pick and choose” policy in sealing establishments across the Capital, the MCD Standing Committee has passed a resolution proposing to issue a 48-hour notice prior to sealing any property. Members of the Standing Committee expressed their indignation at the “haste” that officials exhibited while sealing properties.

Mukesh Ambani Plans big for Real Estate, goes Headhunting

2008-06-09T03:49:00.000-07:00

Mukesh Ambani-led Reliance group is planning a splash in the real estate business, for which it has initiated a process of recruiting large number of professionals. The country's largest corporate house is seeking professionals with at least 15 years of "hands on experience" with major civil constructions, hotel chains and interior designers.

Ansal ends Agreement with UAE Developer

2008-06-09T03:46:00.000-07:00

Real estate developer, Ansal Properties and Infrastructure Ltd (Ansal API) has terminated the Memorandum of Understanding it had signed with the UAE-based Deeyar Development PSC for development of a real estate project. The two companies had signed an agreement for an exclusive tie-up to develop a mixed-use township in Uttar Pradesh. Deyaar was supposed to take 40% stake in the project.

Mahindras to drive into low cost housing projects

Mahindra Lifespaces Developers (MLDL), the housing and real estate arm of the Mahindra Group, is planning to enter the business of building low cost houses for the middle-income group. Low cost houses have become a fad among young people as they are available at an affordable cost of Rs 25-30 lakh. The company has tied up with BE Billimoria and Co, which specialises in construction technology to bring down construction costs in the long run.

Floor Rates for NCR Realty may rise 30%

2008-06-08T23:17:00.000-07:00

The NCR board is likely to hike the minimum floor area rates (circle rates) for property transactions in and around the Capital by 20-30%. The minimum rates are expected to make it easier for people to buy houses by entitling them to bigger home loans, besides generating more revenues for the government.

Housing price index soon
A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex. The index will give a realistic picture of housing price movement to policy-makers and consumers in major cities of the country.

Indiabulls Real Estate plans to list its arm in Singapore

2008-06-08T23:16:00.000-07:00

Indiabulls Real Estate is planning to make an Initial Public Offering of a Real Estate Investment Trust in Singapore. The company said it has filed its prospectus with Monetary Authority of Singapore for its Indiabulls Properties Investment Trust. This is the third Indian company, after DLF and Unitech to consider overseas listing of its REIT.

GMR Plans to Raise $1 bln from Private Equity, IPO

2008-06-08T23:14:00.000-07:00

Hyderabad-based GMR Group is planning an Initial Public Offering (IPO) of shares for $500 million to fund its Ultra Mega Power Project (UMPP) and other power units that it is planning to undertake in the near future. GMR has also tied up with a private equity fund to raise $500 million to fund its energy acquisitions both in India and abroad. The company was recently in news for its Istanbul, Hyderabad and Delhi airport projects.

Developers lure Buyers with freebies and Discounts

2008-06-08T23:08:00.000-07:00

The National Capital Region, where prices have cooled 5 – 10%, is seeing developers quietly offer modular kitchens, free parking, free interiors and even stamp duty relief to attract buyers. Goodies and early bird discounts are not a new feature of India's real estate story. Real estate prices have climbed off their historic highs in the last six months on account of tighter liquidity and an overall decline in the sentiment.

US Housing Crisis Melts Indian Realty Valuations

2008-06-08T23:06:00.000-07:00

Tata Housing aims to Develop Bangalore’s Tallest Building

2008-06-08T23:04:00.000-07:00

Once completed, this 32-storey tower in Jalahalli will surpass the 24-storey twin towers of Bearys Lakeside Habitat as Bangalore’s tallest residential building. The 344 ft tall structure is one of the three towers of the Aquila Heights project that will be launched April end by Tata Housing Development Co Ltd.

Hiranandani plans hospital chain

Hiranandani Constructions, promoted by billionaire Niranjan Hiranandani, is planning to set up a chain of hospitals in the country. The total investment in these projects could be around Rs 500 crore. The company plans to become a major healthcare player in the next five years. The real estate major is planning to set up new hospitals at its upcoming townships in Chennai, Pune, Nasik, Panvel and Kolkata among others.

Realty Stocks to Face Tough Times: Citigroup

2008-06-08T22:59:00.000-07:00