tag:blogger.com,1999:blog-253437092024-02-19T11:03:12.795-05:00Real Estate IndiaReal Estate India,real estate property, Rental Properties in India, Delhi, Gurgaon, Noida, Kolkata, Pune, Chandigarh, Bangalore, Sonepat, real estate agents, brokers in IndiaTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.comBlogger83125tag:blogger.com,1999:blog-25343709.post-11576158098313081892007-10-24T05:12:00.000-05:002007-10-24T05:15:49.823-05:00Domina Hotel Group Expands In India With 25 New Hotels: Overall Value 600.000.000 US$Domina Hotel Group expands in India with the realization and management of 25 new hotels. The project will be run by an equal joint venture with Shristi Holding, quoted in the Indian National Stock Exchange and part of Kanoria Group with offices in India, Germany and Russia. Shristi is one of the primary Indian Real Estate firms. Within 2012, the overall value of the hotel complex will amount approximately to 600.000.000 US$.
The operation foresees the establishment of a joint venture divided in equal parts amongst the two groups that will control the management of the assets, whilst the real estate development will be realised by Shristi Corporation.
The project is based on the creation of 4 star, medium-large scale, 100-200 rooms hotels and resorts, located in the main cities or holiday resorts in India (including destinations such as New Delhi, Mumbay, Calcutta, Puri, Hyderabad, Bangalore and Udaipur).
The plan will be realized in the next 5 years and others structures will be added subsequently. The hotels will be constructed following eco-sustainable parameters (vanguard standard constructions in the observance of holistic precepts and Indian tradition), will be equipped with all comforts, hi-technology, body treatments and wellness services. The first hotels are already under construction and will be marketed with the new brand Vedic Domina Hotels & Resorts.
"We are proud to announce the new expansion of our Group in the Indian market" says Ernesto Preatoni, Domina Hotel Group's Chairman. "We are the first Italian operator of the hotel sector to enter the Indian market proving one more time our pioneer component that has already made us invest in Egypt twenty years ago, in the Baltic Region in the '90s and recently in Russia. Throughout our development plans we have always been taking with us our portfolio of worldwide experiences, Italian style and all the fundamental elements to realize projects of success." says François Droulers, Domina Hotel Group's Vice President Director of Development and Acquistions.
Domina Hotel Group has recently presented a capital increase of 10.000.000 EUR approximately and has registered a total turnover of 46.000.000 EUR for the 2006 financial year and anticipates that the 2007 financial year will be closed with revenues for 60.000.000 EUR.
Source://sys-con.comTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-13476030978649281822007-10-19T00:37:00.000-05:002007-10-19T00:46:50.571-05:00Pai Solebille moves into Indian real estate marketPai Solebille, driven by a bouyant Asian economic growth surge, is to move into <a href="http://www.indianground.com">real estate India</a> and property consulting.
Cambridge, 16th October 2007 - Pai Solebille was founded in 2006 at Cambridge (United Kingdom) and wishes to take a leading position in the IT contracting/outsourcing and the real estate market. With an active growth in the Asian economies including China and India, of over 9% per annum, Pai Solebille has always been actively seeking to move its interests into these economies.
Real estate is one area that is seeing a huge growth in these economies, with returns averaging over 25% per annum. Places in India like Bangalore and Pune, which form the Information Technology hubs, have seen higher than average growth, due to the booming services industry. Infrastructure is one area that closely mirrors economic growth.
Pai Solebille is actively engaging the major property developers in India, ensuring that investing in the real estate market remains stress free for our customers. The key areas of growth established are around Bangalore and Pune, in the south of India. Pai Solebille will be setting up offices at these two locations by the end of November 2007.
Source://openpr.comTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-26565827702741102932007-10-12T01:23:00.000-05:002007-10-12T01:43:13.311-05:00India's DLF To Raise $1.5B In Debt AbroadIndia’s largest land developer by market value, said Thursday it is borrowing up to $1.5 billion overseas to fund expansion.
In a statement to the Bombay Stock Exchange, DLF said its board had approved raising loans through a wholly-owned subsidiary abroad. It will spend $750 million to further business in India and $750 million to buy shares in an initial public offering of DLF Offices Trust in Singapore.
New Delhi-based DLF raised $2.27 billion in June in the country’s largest IPO. Its stock has risen approximately 75% since then, amid soaring investor interest in the real estate sector, which is growing at 30% annually.
On Thursday, DLF shares rose 2.7% to 918.75 rupees ($23.50) on the Bombay Stock Exchange.
Earlier this month, the company said it is collaborating with Dubai-based land developer Limitless Holdings to build a $15 billion township on the outskirts of Bangalore (See: “ DLF Surges On Township Deal With Dubai”). The township will be the company’s largest, spread over 9,000 acres.
DLF, controlled by billionaire Kushal Pal Singh, has around 615 million square feet of land under development, about half of it in Delhi and Mumbai.
With the economy humming, a fivefold increase in office space is expected over next five years, plus about 20 million new housing units and 50,000 new hotel rooms.
The government now permits 100% foreign direct investment in large residential townships, and the last few months have seen significant interest from foreign investors. In the last 18 months, they have pumped about $4.5 billion into the sector, according to industry estimates.
Earlier this week, New York-based Trikona Capital, an India-specific real estate fund, said it plans to invest about $10 billion over 10 years in India. It plans to raise money by listing either on the Indian markets or an international exchange. In 2006, Trikona raised around $500 million by listing its fund Trinity Capital on the London Stock Exchange’s Alternative Investment Market.
Source://forbes.comTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-81431418343150710352007-09-28T01:53:00.000-05:002007-09-28T02:02:28.438-05:00Real estate market to grow at 33 percent<small><span style="font-family:Verdana;">The real estate market in India is expected to grow at 33 percent between 2005-2010, and increase its worth from $12 billion to $50 billion.<br /><br />
Total housing spend is expected to grow at a CAGR of 18.60 percent from Rs 171,800 crore in 2005 to Rs 403,400 crore in 2010.</span></small><small><span style="font-family:Verdana;"><br /><br /></span></small>
<small><span style="font-family:Verdana;">
A seminar on "South India - the changing impact of the real estate boom," organised by the Indo-American Chamber of Commerce on Thursday portrayed a tremendous increase in real estate prices in southern cities like Bangalore, Hyderabad and Chennai.</span></small><small><span style="font-family:Verdana;"><br /><br /></span></small>
<small><span style="font-family:Verdana;">
This IT golden triangle makes them the most favourable location for IT/ITeS occupiers, with a capital flow into commercial real estate over the next three years estimated at more than Rs 23,200 crore.
C Appaiah, senior executive at DTZ India, said that Bangalore had the highest absorption of land at 11.5 million square feet, and Hyderabad was a strong contender with Bangalore.</span></small><small><span style="font-family:Verdana;"><br /><br /></span></small>
<small><span style="font-family:Verdana;">
"Mysore is going to be a twin city to Bangalore like Mumbai and Pune and will help decongest Bangalore. Coimbatore will be similar to Mysore," he said. Southern states continue to lead in economic performance due to the IT industry.</span></small><small><span style="font-family:Verdana;"><br /><br /></span></small>
<small><span style="font-family:Verdana;">
He said that tier II cities were becoming popular for companies that were looking to expand but these places suffered from lack of infrastructure and smaller talent pool.</span></small><small><span style="font-family:Verdana;"><br /><br /></span></small>
<small><span style="font-family:Verdana;">
Mayank Saksena, assistant vice president of retail services at Jones Long Lasalle Meghraj, speaking on the changing impact of real estate boom on retail and hospitality sector, said that there was a huge opportunity for real estate retail because close to 95 percent of space was below 5,000 square feet. Delhi has 41 percent of the share in real estate retail, Mumbai 20 percent while Bangalore and other southern cities lag behind at below five percent.</span></small><small><span style="font-family:Verdana;"><br /><br /></span></small>
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Saksena said that the boom was putting pressure on retailers to reduce their store formats.
“It will push budget hotels, hypermarkets and supermarkets to suburban locations and retailers will have to play a dual role of developers and retailers,'' he added.
Source://newindpress.com
</span></small>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-57644150322887230882007-09-17T03:32:00.000-05:002007-09-17T03:46:52.330-05:00Brigade Enterprises files DRHP with SEBIBrigade Enterprises, a <a href="http://www.indianground.com/bangalore.aspx">real estate Bangalore</a>-based company focusing on the development of residential, commercial and hospitality properties, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India to enter the capital market with its initial public offering (IPO) of its equity shares.
The company proposes to issue 16,624,720 equity shares of Rs 10 each for cash, at a price to be decided through the 100% book building process.
The issue comprises a net issue to the public of 16,524,720 equity shares and a reservation of up to 100,000 equity shares for eligible employees. There will also be a green shoe option of up to 2,493,708 equity shares.
The equity shares offered through this issue are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.
At least 60% of the issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which 5% shall be available to mutual funds only. Further, up to 10% of the issue shall be available for allocation on a proportionate basis to non-institutional investors and up to 30% of the issue shall be available for allocation on a proportionate basis to retail individual investors.
The issue will constitute 16.87% of the fully diluted post issue paid-up capital of the Company assuming that the Green Shoe Option is exercised in full and 15.00% assuming that the Green Shoe Option is not exercised.
The primary objective of the issue is to fuel the future growth plans of the company, including by way of acquisition of land, meeting construction and development costs in relation to the company’s ongoing and forthcoming real estate projects and general corporate purposes.
The global co-ordinators and book running lead managers to the issue are J P Morgan India Private Limited and Enam Securities Private Limited and the co-book running lead manager is ICICI Securities Limited.
Source://moneycontrol.comTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-1874560903023666352007-09-11T01:33:00.000-05:002007-09-11T01:38:45.594-05:00Indiareit Plans to Raise up to $750 Million for Property FundIndiareit Fund Advisors, the venture capital firm that counts 3i Group Plc among its investors, plans to raise up to $750 million overseas for what may become India's second-largest real estate fund. <p> The Mumbai-based company may begin tapping investors in the U.S., Europe, Middle East and Japan by year-end, Managing Director Ramesh Jogani said in an interview in Mumbai yesterday. The fund will invest in companies building apartments, malls and offices in India. </p> <p> India, the fastest-growing major economy after China, may receive as much as $10 billion in overseas funds betting on real estate in the coming 2 1/2 years, Indiareit estimates. Housing Development Finance Corp., Infrastructure Leasing & Finance Ltd., and Kotak Mahindra Bank are among institutions raising money to invest in unlisted developers and projects. </p> <p> ``Demand for space in India seems unending,'' said Raja Seetharaman, associate director at Jones Lang LaSalle Property Consultants in Mumbai. ``Investors are looking for a big opportunity in India as the economy is poised to grow a minimum 7.5 percent over the next few years.'' </p> <p> Real estate funds focused on India have attracted about $3 billion so far, according to Indiareit, on optimism economic growth that averaged 8.6 percent over the past four years will power demand for offices, shopping malls and residences. </p> <p> India's real estate industry may swell to $90 billion by 2015 from $12 billion in 2005, Moody's Investors Service said in June. </p> <p> ``All the signs are there that the momentum will be maintained,'' Jogani said. </p> <p> Residential Boom </p> <p> Indiareit, which raised $200 million from individuals and companies overseas last year and 4.3 billion rupees ($106 million) domestically, plans investments in projects in Mumbai, Bangalore, Hyderabad, Chennai and Pune. ABN Amro Holding NV and ICICI Bank Ltd. helped it raise the money. </p> <p> London-based 3i Group, Europe's biggest publicly traded private equity firm, invested $40 million in the $200 million fund Indiareit closed in September last year. </p> <p> Indiareit has earmarked about two-thirds of the amount raised for its real estate funds to residential projects, seeking to profit from rising demand for homes as salaries rise, Jogani said. India faces a shortage of 25 million houses, according to HDFC. </p> <p> Housing Development Finance, India's second-biggest home mortgage lender, last month raised $800 million from overseas investors for a nine-year real estate fund, exceeding the $630 million drawn by SUN Apollo Real Estate Fund in January. </p> <p> Kotak Real Estate Fund is raising $350 million from overseas investors in addition to the $500 million it raised locally to invest in houses, offices, hotels and warehouses, Vikas Chimakoorti, a partner at the fund, said last week.</p> <p> IL&FS Investment Managers Ltd. and U.S-based Milestone Capital Advisors Pvt. plan to raise 10 billion rupees to invest in hotels, hospitals, warehouses, offices and houses.
</p><p>Source://bloomberg.com</p>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-57391943147451873832007-09-03T03:26:00.000-05:002007-09-03T03:29:45.111-05:00Plaza Centers to Invest 50 Billion Rupees in IndiaPlaza Centers NV, the developer of malls controlled by Israel's Elbit Medical Imaging Ltd., plans to invest 50 billion rupees ($1.2 billion) in India to build entertainment and commercial centers. <p> Plaza will develop 50 properties in five to seven years, the Amsterdam-registered company said in a statement in Mumbai today. The company will construct the malls in cities such as Bangalore and Pune. </p> <p> Plaza is investing in <a href="http://www.indianground.com">real estate India </a>market as economic growth puts more money in the hands of Indians, fuelling demand for shopping malls and entertainment centers. The country's real-estate development market is forecast to increase to $90 billion by 2015 from $12 billion in 2005, Moody's Investors Service said in June, citing market estimates. </p> <p> Earlier this year, Plaza acquired 50 percent of a development in the Kharadi district of Pune, Maharashtra, for an unspecified amount. The 14-acre site will be developed into a mall, offices and apartments, costing $175 million to build. Plaza also bought a 50 percent stake in a six-acre site in Koregaon Park, Pune, which is being developed at a cost of about $90 million.
</p><p>Resource://bloomberg.com
</p>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-10827301188063688512007-08-28T22:42:00.000-05:002007-09-03T03:21:54.717-05:00Realty firms urge Dubai NRIs to invest in Chennai<span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >The recent emergence of Chennai as an Indian manufacturing hub for IT and automobile multinationals has fuelled a 50 per cent increase in the city's average property prices, say organisers of a property exhibition targeting Dubai NRIs.</span> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >Real estate companies participating in the HDFC India Homes Fair in Dubai say Chennai's economy has driven a major improvement in the quality and value of the city's property developments.</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >With Dubai NRIs originating from Chennai second only in numbers to Keralites, companies are targeting Dubai as a strong source of demand for their new projects, especially apartment complexes. </span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >"Chennai is one of the fastest growing cities in India and the property market has done very well recently," said Vikram Goel, Dubai-based branch manager of Housing Development Finance Corporation (HDFC). </span></p><div id="hr_1" style="display: none;"><hr /></div> <div id="banner_inline" style="display: block;" align="center"> <!-- BEGIN ADVERTPRO CODE BLOCK --> <span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" ><script language="JavaScript" type="text/javascript"> <!-- document.write('<scr'+'ipt src="http://gulfnews.advertserve.com/servlet/view/banner/javascript/zone?zid=36&pid=0&random='+Math.floor(89999999*Math.random()+10000000)+'&millis='+new Date().getTime()+'" language="JavaScript" type="text/javascript"></SCR'+'IPT>'); //--> </script><script src="http://gulfnews.advertserve.com/servlet/view/banner/javascript/zone?zid=36&pid=0&random=40767854&millis=1188359991796" language="JavaScript" type="text/javascript"></script><!-- NOT VISIBLE CONTENT --> <noscript></noscript><!-- END ADVERTPRO CODE BLOCK --> </span></div> <div id="hr_2" style="display: none;"><hr /></div> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >"Today the average cost of a property is about 4.5 million rupees, which is a 50 per cent jump since last October."</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >Goel said the price hike should not deter Dubai NRIs from investing in the property market. He claimed that prices are still competitive compared to other cities, but admitted that infrastructure improvements are struggling to keep pace with the rate of real estate construction.</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >"People are very comfortable investing in their own state and even today, the concept of real estate is not investment, but actual usage for their own need.</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" ><strong>First-time buyers</strong></span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >"Most of the people at the exhibition are first-time buyers who will make purchases for their parents or for back-up when they return to India."</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >Industry estimates value the total expected investment into Indian real estate at $20billion over the next three years. However in some cities such as Delhi and Mumbai, property prices have cooled off in the last six months.</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >A.M. Haree, head of marketing at Chennai-based VGN Enterprises, said Chennai's real estate market is experiencing a slight slowdown due to a hike in interest rates, but expects the market to rebound before the end of the year and maintain more stable growth levels in the future. </span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >"Dubai is a good market for us. We have many clients here and overall it represents around two per cent of our total sales," he said.</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >Goel said the last HDFC India Homes Fair to focus on Chennai attracted a footfall of 2,500, which resulted in around 200 sales during the event at an average of 3 million rupees per sale. Most sales were confirmed at a later date, he added.</span></p> <p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >This year's three-day exhibition started yesterday in the Hotel Renaissance in Deira and was inaugurated by Consul General of India, Venu Rajamony.</span></p><p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:85%;" >Source://gulfnews.com
</span></p>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-17124414848994342802007-08-24T03:40:00.000-05:002007-09-03T03:23:27.811-05:00Indian property builders targeting NRIsImagine this, you are thousands of miles away from India. But with just a click of the button on your computer, you can own a property in a posh neighborhood in an Indian city at a reasonable price without ever stepping foot on the property. Well, you don’t have to imagine it anymore, thanks to KRC Horizon Real Estate. <p align="justify">The company specializes not only in providing residential real estate for Indians living outside of India, but also, in building a platform for international investors and property developers to come together. Just this past weekend, KR Capital Management, LLC (USA) and the company owned subsidiary KR RealTech Consultants PVT LTD (India), along with its Media Partner India Post, held its 2nd Horizon Real Estate Expo of the year in Los Angeles. </p> <p align="justify">"The turn-out during our April Expo was pretty good; that encouraged us to have another expo in California," mentioned Honey Manchanda the Event Organizer, and wife of Pankaj Manchanda, the CEO of KR Capital Management, LLC. Together the husband and wife team brought builders and loan-providing banks to the Indian-Americans to allow them to gain more information about investment opportunities in India. </p> <p align="justify">"It is a buyer’s market in India right now," stated Pankaj Manchanda, "the interest rates are so high that the local population refuses to buy, forcing the property owners to sell at a price demanded by the buyer." Although many predict that the Indian Real Estate market is going through a bubble waiting to burst, bringing the prices to rock-bottom, Manchanda believes it would be quite the contrary. "In a few months, banks will be lowering their interest rates. </p> <p align="justify">The second the interest rate goes down by even a point, real estate will be selling by the seller’s price." Some of the most prominent property builders of India such as Hiranandani and Parsvnath were at hand, explaining the ins-and-outs of the property. Although, most of the builders were offering properties especially for the Non-Resident Indians (NRIs), most of the projects they had at hand were nearly sold out. ICICI bank’s Uma Shankar was also at the Expo describing the entire process of how easy it is for an NRI to own a property in India. </p> <p align="justify">"In the past, owning a home in India was quite difficult, plus, it was a lengthy process. But now, an <span style="font-weight: bold;">NRI</span><a style="font-weight: bold;" href="http://www.nrirealtynews.com/"> </a>with an income of US $30,000 or more can own a home with a simple application form," explained Shankar. KR Capital Management LLC is committed to providing a safe and comfortable environment for the buyers, "our goal is to bring the buyers directly to the developers and builders, eliminating the 3rd party in between which could be a cause for hesitation for many buyers," said Manchanda. </p> <p align="justify">The next event KR Capital Management LLC holds will be an exclusive event. The parties who expressed serious interest in purchasing <a href="http://www.indianground.com">properties in India</a> will be invited to have an in-depth conversation with the builders and developers. For more information about the Expo, you may visit the website at www.horizonexpo.net</p><p align="justify">Resource://http://indiapost.com
</p>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-81521390753619149742007-06-25T23:59:00.000-05:002007-06-25T00:05:00.017-05:00India- A New Land of HopeDriven by its booming economy and sheer volumes courtesy the world's largest middle class conglomeration, several leading Middle East real estate companies and property majors have made a beeline to India. <strong>Emaar Properties</strong>, Nakheel, Al Ghurair Group's ETA Star, Al Rostamani Enterprises' KM Properties, Dubai Properties have all unveiled major plans, investing in hotels, malls, healthcare, housing, IT parks and integrated townships in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and other places.
This week, Bahraini companies too joined the bandwagon with Khaleej Finance and Investment (KFI) partnering with Kuwait Investment Company (KIC) and Kuwait Finance House (KFH), also known as Baytak, to manage and promote a $200 million <strong>Indian private equity fund</strong> targeting a variety of activities in growing sectors, particularly <strong>India's real estate</strong> and industry.
So much so, investments into India's vibrant property market from the Gulf region have crossed the $35-billion mark and the combined value of the various real estate projects being developed by them has been put at a staggering $37 billion. This accounts for about 10 per cent of India's projected infrastructure-spend of $350 billion over the next five years to give a fillip to its infrastructure.
What more, the <strong>Gulf investment</strong> volume is poised to cross the $50 billion-mark by the yearend, say industry analysts. India began allowing cent per cent FDI under the 'automatic route' in the construction and development sector from February 2005, to spur investment in the vital infrastructure sector and pave the way for global real estate biggies into the country.
It's real estate and construction sectors attracted <strong>foreign direct investments</strong> (<strong>FDI</strong>) to the tune of $3 billion in 2005-06, out of a total FDI of $19 billion. Analysts say the yield on <strong>real estate investments in India</strong> is between 15 per cent and 18 per cent making it a beehive for Middle East real estate majors, a fact that is reflected in Nakheel and Emaar MGF committing $22 billion between them towards property developments across India. Properties giant Emaar recently came out with projects worth around AED140 billion ($38.1 billion) for the coming four years, with AED115 billion spent outside Dubai, including a sizeable chunk in India.
Emaar, the largest <strong>property developer</strong> in West Asia, floated a joint venture in India with Delhi-based MGF Developments - Emaar MGF Land Private Ltd - to develop SEZs, residential projects, hotels and malls and hospitals with an investment of $12 billion.
Earlier this year, leading real estate developer DLF tied up with another property major Nakheel to develop two townships in the country at a cost of $10 billion. Similarly, Dubai-based developer ETA Star Properties announced its plans to develop a $923 million IT park at Chennai, taking the group's total investment value in India to $4.35 billion so far.Also on the anvil is the Gulf Finance House-promoted $395 million Energy City India on the lines of Energy City Qatar coming up on a 600-acre site in Navi Mumbai.
ETA Star is developing a one million-square foot tech park in Chennai's IT corridor and a mall.The company also launched a 10-tower <strong>residential project in Bangalore</strong> besides a join venture vehicle with a Mumbai company to develop service apartments, residential buildings and a mall in upmarket Juhu area. The company is also foraying into <strong>Kolkata </strong>and<strong> Hyderabad</strong>.Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-67465529763568219582007-06-18T05:32:00.000-05:002007-06-18T05:36:18.568-05:00Branded Realtors Debut in India<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjys9Nr8lVCSWjsnQOwGvBfCQk89mkS8cCTYp_ijx2uTJH05BI9f7wLZZqFpV3-IpQb0H6TLnnTa5ZzZTwHk6YUwQuD82sNHuotOHnLBR1752T6YiihMdjN0-KP1F45ZzbE56i7MQ/s1600-h/1573107720_ljh+logo.JPG"><img id="BLOGGER_PHOTO_ID_5077351300118506594" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjys9Nr8lVCSWjsnQOwGvBfCQk89mkS8cCTYp_ijx2uTJH05BI9f7wLZZqFpV3-IpQb0H6TLnnTa5ZzZTwHk6YUwQuD82sNHuotOHnLBR1752T6YiihMdjN0-KP1F45ZzbE56i7MQ/s200/1573107720_ljh+logo.JPG" border="0" /></a>
<div>The next time you go to your neighbourhood property dealer, don’t be surprised if he answers to LJ Hooker or Century 21 or Remax, instead of the usual Chawla Properties or Dubey land agency. For, after global realty consultancies, it’s the turn of brand realtors to make a beeline for India.</div>
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<div>While Australia-based LJ Hooker has already set up its shop in the country by opening an office in Bangalore, Ray White (also from Australia) and US-based Century 21 and Remax too are toying with the idea of entering the growing Indian real estate market. Working on a franchisee model, these realtors cater mostly to individual needs and are not looking at a corporate client base.</div>
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<div>With the international exposure comes transparency and ethics,” says Ramneek Bakshi, principal, LJ Hooker. The firm is planning to open one main office in every major city in India along with a large number of franchisees. Bangalore will see 4-5 franchisees opening up by the year-end. </div>
<div>
As far as the functioning goes, unlike local brokers, branded realtors take fees only from one party (either the seller or the buyer) and the parent organisation takes commission from the franchisee (around 10%). Another area that these realtors specialise in is managing properties for absentee landlords. </div>
<ol>
<li>• LJ Hooker has set up its shop in Bangalore. Ray White, Century 21 and Remax too want to enter</li>
<li>• These realtors cater mostly for individual needs and aren’t looking at a corporate client base </li></ol>
<div>Source://FinancialExpress</div>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-27944151498151003502007-06-13T23:19:00.000-05:002007-06-13T23:22:45.212-05:00Golf City in Lucknow By Ansal Properties and Fortis Medicity<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx80W1cgNT6pKJH8wooprstVMnYDjLMFEYtknTIZT76OAbNiJ9kHO3s_AGHv4wb9_zDgrwmLOi0BuwNdr7SQMbxX9wIIp_9mEmOXjBVBaj6jzN3mUH6Q9oelnixE3cv__IEM-aKQ/s1600-h/Fortis.JPG"><img id="BLOGGER_PHOTO_ID_5075770679139134546" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx80W1cgNT6pKJH8wooprstVMnYDjLMFEYtknTIZT76OAbNiJ9kHO3s_AGHv4wb9_zDgrwmLOi0BuwNdr7SQMbxX9wIIp_9mEmOXjBVBaj6jzN3mUH6Q9oelnixE3cv__IEM-aKQ/s200/Fortis.JPG" border="0" /></a>
<div><strong>Ansal Properties and Infrastructure Ltd</strong> and <strong>Fortis Healthcare</strong> would soon sign an agreement for setting up Fortis Medicity in the real estate major's Sushant <strong>Golf City in Lucknow</strong>.</div>
<div></div>
<div>The Fortis Medicity in Lucknow would have multi-speciality hospital and medical colleges, sources said. This is in addition to the Ranbaxy-promoted company's plans for a medicity in Gurgaon, where they are believed to have already been sanctioned land from the Haryana Government. </div>
<div>
Ansal API is the first real estate company to get the licence for development of a <strong>Hi-Tech City in Lucknow</strong>. Strategically located on the expressway connecting Lucknow Airport to Gomti Nagar, the proposed Ansal API Sushant Golf City is spread across 2,000 acres and would offer exclusive golf villas providing residential options. </div>
<div>
Landscape expert Dr Martin Hawtree from the UK would design the 18-hole international championship standard golf course spread over 400 acres. </div>
<div>
Besides the golf course, it would also include a tennis academy run by Wimbledon doubles champion Mahesh Bhupathi. The integrated Sushant Golf City would include residences, five-star luxury hotel, academic institutions, hospital and commercial complexes. The proposed township would also house <strong>`Ansal Plaza' multiplexes and malls</strong>.</div>
<div></div>
<div>Source://Moneycontrol</div>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-62700219312130760392007-06-11T00:59:00.000-05:002007-06-11T01:08:38.651-05:00Israeli firm to invest USD 180 mn in Indian Real Estate<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEuXDerqQ7tEd2tROlly8QBos0LJBOpNJevoYn398D1q_2IzglazbBufIXKwJe-hY6xnz8BPeCwekoHb0lT-5gBRyFC3Nuj3NgNYaozSVzs7Mb195Mtx9K9FkpeGbtMMfktRyw6A/s1600-h/elbeit.jpg"><img id="BLOGGER_PHOTO_ID_5074684056708213826" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEuXDerqQ7tEd2tROlly8QBos0LJBOpNJevoYn398D1q_2IzglazbBufIXKwJe-hY6xnz8BPeCwekoHb0lT-5gBRyFC3Nuj3NgNYaozSVzs7Mb195Mtx9K9FkpeGbtMMfktRyw6A/s200/elbeit.jpg" border="0" /></a> Israel's Elbit Medical Imaging Ltd has signed a memorandum of understanding with an <a href="http://www.indianground.com/"><strong>Indian real estate</strong> </a>developer to build luxury apartments and commercial centres in Bangalore. <div></div><div> </div><div>The two companies will acquire the rights to develop approximately 190 acres of land situated in a luxury neighbourhood of Bangalore, a local business daily reported. The unnamed Indian partner will transfer part of the development rights of 100 acre plot to the joint venture. </div><div> </div><div>The Nasdaq listed company will invest USD 180 million for purchase of land for the venture and make an advance payment of USD 50 million for the land, a deposit that will be returned if the terms of the agreement are not met. <div></div></div><div>Elbit will offer 50 % of its shares in the venture to its subsidiary, Plaza Centres, with this, company's revenue is expected to exceed USD 3 billion, the daily said. The companies will build villas and luxury apartments, a hotel and 300-400 room apartment hotel, a shopping center, golf course, and various amenities including country club, swimming pool, sports facilities, and recreation areas in two million sqm of space, it said. The project will start within 12 months and will be executed in stages over a period of three to five years, the report said. </div><div> </div><div>Source://Zeenews</div>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-42061138531768499472007-06-05T23:39:00.000-05:002007-06-04T23:41:49.535-05:00Starwood To Invest Rs 750 cr. in Real Estate IndiaGlobal hotel and leisure company Starwood Hotels and Resorts Worldwide Inc., on Wednesday announced setting up their chain of Westin <strong>Hotels and Resorts in</strong> <strong>India</strong> at an investment of Rs 750 crore.
Starwood Hotels and Resorts Worldwide Inc, owners of St. Regis, Sheraton, Westin and Le Meridien brands, have tied up with Vatika Hospitality Pvt. Ltd., a subsidary company of Vatika Group.
As part of the agreement, they will introduce their chain of Westin <strong>Hotels and Resorts in India</strong> with the launch of The Westin <strong>Bangalore</strong> and The Westin Sohna Resort.
“It is a matter of pride for us to introduce the Westin brand to <strong>India</strong>. We will be developing three Westin properties in India with a collective outlay of Rs 750 crore. We will be introducing the first Westin brand in India with the Westin Resort in Sohna, scheduled to be launched in December 2006, followed by the Westin Gurgaon in 2007,” Vatika Group, Executive-Director, Gaurav Bhalla, said.Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-53035105408437107092007-05-30T23:59:00.000-05:002007-05-30T00:02:06.409-05:00New Project in Navi Mumbai By Mariners Welfare SocietyMariners Welfare Society is launching its new project after the successful completion of it’s first project ‘Mariners Home’,<strong> Gurgaon</strong> and now developing the 2nd project ‘Mariners Paradise’ in the Nehar Par area of Faridabad offering the best luxurious dwellings at the most reasonable prices, Mariners Welfare Society is planning to come up with a new project in Navi Mumbai to be started in the months of Oct- Nov which is at a very nascent stage at present.
<strong>Real Estate</strong> interest is rising rapidly in Navi Mumbai being considered as the modern parallel city of <strong>Mumbai</strong> that has an efficient transport system covering all modes of transport. Khargar, one of the biggest nodes of <strong>Navi Mumbai</strong> is one of the most planned and best locations in the city that boasts of a number of ready and under-construction projects covering both the residential and commercial segments.
It is situated very close to the proposed <strong>SEZ</strong> and the upcoming International airport where the six lane Mumbai-Pune Expressway also starts. Navi Mumbai International Airport offering world- class facilities is coming up at Panvel, which is going to be one of the ideal locations for the development of hotels, malls, multiplexes and other aviation related facilities as it also has the most important external railway stations of the region. These places are sure to attract the interests of the large developers for more investments on their part.
Source://IndiaprwireTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-70631694452225466762007-05-29T00:43:00.000-05:002007-05-28T00:50:18.796-05:00Incentives to developers will improve qualityIncentives to developers will improve quality of development and <strong>real estate market in India</strong>. The steps taken here would professionalise the market and impact the demand side of the market.
1. <strong>Property Act:</strong> All mature markets have it and we need one as well. The objectives of this act should be :-
(a)ensuring end users rights are protected
(b) improving the level of professionalism in industry improves
(c) increase transparency and ease of availability of market information.
2. <strong>Development of institution and individual link for investment:</strong> This step would do away with strata titles, reduce ownership issues and check inflow of unaccounted wealth in real estate. Each of these would improve quality of buildings, ease transfer of property and increase transparency levels. Introduction of <strong>Real Estate Investment Trusts</strong> (<strong>REIT</strong>) and/ or <strong>Real</strong> <strong>Estate Mutual Funds</strong> (<strong>REMF</strong>) would be the first step in this direction.
3. <strong>Incentives to developers to improve quality:</strong> The shell structure of almost all of India’s high rises is RCC and not steel. This is because steel’s costs is prohibitive and we don’t have enough trained human resources for this task! Another fact is: most buildings in India will not be able to stand the test of time. These constructions try to replicate the international look but the quality of construction, level of maintenance and finishing levels of the completed product don’t increase the life of the <strong>NCR office space</strong> absorption building. Capital incentives should be given various manufactures of building material to improve their products and to the developers to use better quality material.
4. <strong>Exit routes for global developers:</strong> Although <strong><span style="color:#009900;">FDI in real estate</span></strong> has been allowed, clarity is needed on various means by which international investors can take their capital out of these projects. The REITs and REMFs would boost confidence of retail and institutional investors. For India, we can learn a lot from experiences in western and Asian markets to determine which model would be best suited here.
5. <strong>Steps to maintain cost advantage:</strong> Over the past years the price of real estate had matched those in many western countries. However, due to the demand and supply equations India still has some micro-markets which provide building options at competitive rates. Forward planning is vital for MNCs and Indian firms expanding their footprint in India. Long-term planning is needed by the government to ensure that macro economic parameters allow Indians to maintain the cost gap compared to developed markets and BRIC nations.
Source://Financial ExpressTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-26956061349544168562007-05-25T00:41:00.000-05:002007-05-24T00:44:55.601-05:00Real Estate India Boom Attracts InvestorsA boom in the <strong><a href="http://www.indianground.com/">Indian real estate</a></strong> market has diverted the attention of investors these days. Because of high returns on investments they prefer investing in property rather than in other sectors.
INDIA HAS certainly firmed up in the world business space forcing global business to sit back and take a fresh look. In spite of nature’s fury or other global shocks, the Indian economy grew well in last two years. India is fast establishing itself as an alternative to China. The most spectacular resurgence has been that of the real estate sector, which is back in business with a bang. New projects, superior quality products, new growth corridors, increased infrastructure spending, falling cost of interests on the loans are some of the key reasons behind the real estate boom. With stock market being highly volatile, investment in real estate has started looking more competitive with typical yields of 10-12 per cent per annum. Of course return is always linked to property specific factors, dynamics of real estate market and the overall economic performance.
Real estate is fast turning out to be a compulsive investment bet as compared to other investment vehicles such as capital and debt markets, bullion etc. It attracts investors with a possibility of stable income yields, moderate capital appreciation, tax structuring benefits and higher security.
Besides these prime factors there are several other micro factors responsible for good returns on the investments and these are location of the property in macro and micro context, the usage of property, the quality of tenant, the capital value and achievable rental, the prevailing structures of property tax and stamp duty etc.
The government has opened up the <strong>real estate sector</strong> for limited foreign participation. It has allowed 100 per cent <strong>FDI</strong> for development of townships, including <strong>housing, commercial</strong> premises, hotels, resorts, city and regional level urban infrastructure facilities such as roads and bridges, mass rapid transit systems and manufacture of building materials.
The 2004-05 budget had provided a major thrust to the infrastructure and tourism projects. Over 13,000 kms of highways are being developed. Rs 100 crore is sanctioned for facelift of airports at <strong>New Delhi </strong>and<strong> Mumbai</strong>. Townships are being developed for the rapidly growing affluent urban middle class. City level infrastructure such as roads, bridges, IT parks, sanitation and water supply etc are in the process of up gradation.
<strong><em>
Overview of the market
</em></strong>
The <strong>property market in India</strong> was always seen as an unorganised market with fragmented growth. However, the past three years have seen a big shift in the fundamentals that drive the growth. This has attracted private equity players and other <strong>real estate funds</strong> from abroad. In addition, existing and new players in the development business are eyeing viable and profitable projects.
The market continues to grow in all major markets of the country. In past few years cities like <strong>Mumbai, Delhi, Bangalore, Chennai </strong>and<strong> Hyderabad</strong>, attracted number of IT and ITeS companies, who are either setting up their bases or looking for expansion. The suburban localities in these cities are experiencing massive activity due to the easy availability of land for constructing big floors and building the infrastructure as per the requirement.
With number of IT/ITeS companies are coming up in these suburban areas, a rise in the demand for rental space has also been noticed here. Hence it provides a good opportunity to investors to invest in the property for high returns.
<strong><em>Investor’s profile
</em></strong>
The two most active investor segments are high net worth individuals (HNI’s) and financial institutions. Both these segments are particularly active in <strong>commercial real estate</strong>. While the financial institutions like HDFC and ICICI show a preference to commercial investment, the high net worth individuals show interest in investing in <strong>residential</strong> as well as <strong>commercial properties</strong>.
Apart of these two categories, there is a third category of <strong><a href="http://www.indianground.com/nri/nri.aspx"><span style="color:#ff6600;">Non-Resident Indians</span></a></strong> (<strong>NRIs</strong>). They mostly invest in residential properties than commercial properties. The reasons could be their emotional attachment with the native land and the future security sought by the NRIs. As the necessary formalities and documentation for purchasing immovable properties other than agricultural and plantation properties are quite simple and the rental income is freely repatriable outside India, <strong>NRIs</strong> are showing more interest in investing in <strong>Indian real estate</strong> market.Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-10297110489383905222007-05-21T23:48:00.000-05:002007-05-20T23:52:29.395-05:00Finmin drafts tougher foreign-loan normsIndia banned <strong>real-estate</strong> companies and others from raising funds overseas in its latest measure to curb capital inflows to fight inflation and halt the appreciation of the rupee, which is at a nine-year high.
<strong>Real-estate borrowers</strong> will not be allowed to raise medium-term debt through external commercial borrowing (ECB), said a finance ministry statement. The peak <strong>interest rate on ECBs</strong> and other longer-term foreign debt has also been pruned, the statement added.
“My first take is that the move is meant to channel money into sectors the Reserve Bank of India (RBI) considers eligible, and at the same time cut the flow to real estate sector,” said U. Venkataraman, head, treasury, IDBI Bank.
The finance ministry announced that the maximum interest rate on overseas borrowings of a duration between three and five years will now be 150 basis points over the six-month London Interbank Offered Rate (Libor), down from the earlier level of 200 basis points. In the case of borrowings over five years’ duration, the peak interest rate will be 250 basis points over the six-month Libor, a reduction from the earlier level of 350 basis points. The current six-month Libor rate is 5.37%. “By reducing spreads over Libor, the ECB flows have been effectively moderated as smaller companies will not be in a position to raise money abroad,” said Venkataraman.
“A more restrictive environment for overseas borrowing will probably reduce the magnitude of capital flows,” said Rajeev Malik, senior economist at JP Morgan Chase Bank in Singapore. “Lower inflation will shift the government’s focus to exporters’ woes owing to currency appreciation.”
ECB inflows in 2006-07 were $5.09 billion, up from the previous year’s $2.92 billion, according to RBI. The surge in ECB flows, along with that of foreign direct investment, added to the money supply in the country, resulting in a rise in inflation. Wholesale inflation rose to a two-year high of more than 6.5% earlier this year. It slowed to 5.44% in the first week of May, the government said on Friday, as an appreciating currency, higher interest rates and import tax cuts helped ease price of manufactured goods.
In April, the government disallowed <strong>real-estate firms</strong> from raising money through the issue of non-convertible and optionally convertible preference shares for regular residential and commercial projects. The changes announced by the government on Friday will become effective after RBI drafts regulations in this regard under the <strong>Foreign Exchange Management Act</strong>, said the finance ministry.
source://LivemintTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-52419798810923650972007-05-19T00:26:00.000-05:002007-05-18T00:47:04.043-05:00Indian Real Estate SlowsThe hike in <a class="kLink" id="KonaLink0" style="POSITION: static; TEXT-DECORATION: underline! important" href="http://www.indianground.com/home_loans/homeloans_interest_rates.aspx" target="_new">home loans rates</a> in India is having a slowing down effect on the property boom. In the last few years the interest rates on home loans has increased by about 3 percent.
Recently the premier <a href="http://www.indianground.com/home_loans/icici.aspx"><strong>ICICI </strong><strong>bank</strong> </a>hiked its interest rates for new customers by 50 basis points (0.5 percent). This meant that the current floating rate stands at 11 percent. One and half years back it was 7.5 percent.
For fixed rate loans currently it stands at 13 percent while it was almost 11.50 percent earlier.
Coupled with the huge increase in property prices the effect of this is a slowdown in the residential market. This is seriously affecting the middle class buyer and his dreams of owning a home.
Shivkumar Mani, Head Marketing, <strong>Dewan Housing Finance Limited</strong> which is a reputable home finance company expresses his opinion. “Higher interest rates in home loans have certainly impacted India’s property scene as it means higher EMI and therefore lower disposable incomes after servicing the loan. Currently the <a href="http://www.indianground.com/home_loans.aspx"><strong>home loan</strong></a> buying process has slowed down as people are contemplating and some may even decide to wait before purchasing a new house.” He further states that those who had saved to buy their dream home would now be forced to purchase a smaller home in a cheaper locality.
Many people are considering prepaying their loans. This is after they do the math and realize that their funds parked in a bank account offer a higher rate of returns.
Moreover a buyer now has not only reduced buying capacity but also has a reduced eligibility to apply for home loans.
A number of bankers believe that thought the housing market in financial terms has gone up by over 30 percent; the actual physical expansion has only been 3 percent. The supply has just not kept up with the increasing demand which has been a result of the booming economy and the rising purchasing power of the consumer. This was of course until now. The hike in interest rates has already slowed down the market and time will reveal how far down it will go.Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-50152053423586682007-05-16T23:29:00.000-05:002007-05-15T23:34:15.204-05:00Yatra Capital to invest Rs 120 cr in Indian real estate<span><strong><a href="http://real-estate-india-nri.blogspot.com/2007/02/master-plan-to-increase-commercial.html">Real estate investment</a></strong> company Yatra Capital Limited today announced its foray in India with plans to invest 21.6 million Euro (around Rs 120 crore) in a joint venture firm. </span>
<span></span>
<span>The JV company set up with Kolte Patil Developers will develop three <strong>residential sites in Pune</strong>, a company statement said. "The JV opens our investment account in India and is in alignment with our strategy of partnering experienced developers to create shareholder value for Yatra," Yatra Capital Chairman Nigel Broomfield said. </span>
<span></span>
<span>Yatra Capital is an <strong>Indian property fund</strong> based in Jersey and is listed on Euronext, Amsterdam. In December 2006, Yatra had raised 100 million Euro to be invested in the <strong><a href="http://real-estate-india-nri.blogspot.com/2007/04/us-investors-bullish-on-indian-real.html">Indian real estate</a> market</strong>. Saffron Capital Advisors Limited has sourced, evaluated and advised on the joint venture, the statement said.</span>Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-18111651142220934122007-05-14T23:40:00.000-05:002007-05-13T23:44:21.522-05:00TCG plans $500-m PE fund for realty play<strong>NEW DELHI</strong>: The Chatterjee Group (TCG) is looking to set up a $450-500 million private equity fund for <strong>investments in real estate</strong>. The group, headed by Purnendu Chatterjee, which has investments worth $2.5 billion in several sectors, including technology, BPO and infrastructure, also has a stake in the $1.2-billion Haldia Petrochemicals.
This will be the company’s first dedicated PE fund for its India investments. “The fund has already seen a first closing of $100 million and we should touch $450 million to $500 million by June end,” said a company source. The proposed fund, which has a mandate to invest only in <strong><a href="http://www.indianground.com">real estate projects in India</a></strong>, will make investments in the top nine cities in the country, including Bangalore, Pune, Hyderabad, besides the four metros. “The proposed fund will make investments in hotels and commercial property.
We may also look at finding synergies with the <strong>real estate development</strong> arm of the parent group,” said <strong>India Property</strong> Fund CIO Aanandjit Sunderaj. The fund is a joint venture with New York-based realty firm Vornado Realty Trust which manages over $33 billion of assets and TCG Real estate, the real estate division of the investment arm. TCG Real estate is a <strong>commercial real estate</strong> development company. Sources in the investment banking fraternity say while the fund is evaluating several projects, it has already zeroed in on two project worth $75 million and $50 million in the National Capital Region.
Chatterjee Group’s India initiatives include Haldia Petrochemicals, an integrated petrochemicals facility in West Bengal. Mr Chatterjee who holds a 59% stake in Haldia Petrochemicals, is fighting a legal battle against West Bengal Industrial Development Corporation which owns a 36.88% over the induction of IndianOil as an equity partner in the company.
TCG also has stakes in CA TCG Software — a joint venture with Computer Associates, Skytech Solutions, an IT joint venture with United Airlines, Lab Vantage, a boutique IT solutions provider focused on pharmaceutical and research industry. Biotechnology investments in India include Chembiotek Research International, ClinInvent Research, a clinical trials company, and SilicoGene Informatics – a cheminformatics and bioinformatics company.
Source://EconomictimesTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-6662343768048459202007-05-11T23:59:00.000-05:002007-05-11T00:03:33.523-05:00Indian Property Show to begin on May 17The <strong>Indian Property Show</strong>, which generated deals worth $25 million last year, will return to Dubai this month.
To be held from May 17-19 in Dubai Airport Expo's East Hall, the event will be a platform for Dubai residents to interact face to face with <strong>Indian property developers</strong>, financial institutions and legal advisors.
"This show is an ideal opportunity for <strong>non-resident Indians</strong> (<strong>NRIs</strong>) and <strong>Persons of Indian Origin</strong> to meet and interact with many of the major developers in the <strong>Indian property market</strong>," said Sunil Jaiswal, CEO of organisers Sumansa Events.
Jaiswal said real estate is one of the fastest growing sectors in India. The government of India's move to allow 100 per cent <strong>FDI in the real estate</strong> and construction industries in February 2006 has spurred unprecedented activity.
In addition, market analysis pegs returns from <strong>realty in India</strong> at an average of 14 per cent annually with an upsurge in commercial real estate on account of the business process outsourcing boom, he said.
Source://gulfnewsTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-12791321948941976652007-05-09T02:02:00.000-05:002007-05-09T02:04:54.442-05:00Indian, UAE realty firms join handsIndia-based Tata Realty and Infrastructure (TRIL) and the United Arab Emirates-based Jafza International have signed a memorundum of understanding (MoU) to set up a joint venture to develop and operate a chain of business and logistics parks across India, news website businessstandard. com reported Tuesday.
The TRIL is an India-based Tata Group infrastructure and real estate development subsidiary and Jafza International is the global operations arm of Economic Zones World.
Jafza International currently manages seven mega facilities in four countries and has 20 different projects at various stages of development. With the Tata partnership, the company is planning to expand its operations in India, the website said.
Source: XinhuaTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-28122621483334545052007-05-07T00:54:00.000-05:002007-05-07T00:58:16.696-05:00Merrill Lynch arm buys stake in Delhi-based realty majorLeading global investment banking firm Merrill Lynch is betting big on <strong>Indian real estate</strong>. The firm's proprietary real estate arm has made its first move in north India, reports CNBC-TV18.
There is no stopping the flow of foreign money in to <strong>Indian real estate</strong>. Merrill Lynch's India <strong>real estate investment</strong> arm, India Global <strong>Commercial Real Estate</strong> - has made its first investment in north India. The investment banking firm has picked up an equity stake in Delhi-based <strong>real estate development</strong> company, Business Park Town Planners' IT park in <strong>Gurgaon</strong> for close to Rs 218 crore.
Both companies are tight lipped and did not wish to comment on the JV. However, sources said, the investment is a mix of plain and preference equity.
The IT park is being built on the <strong>Gurgaon </strong>Expressway on five acres of land and will have a built up space of 6.25 lakh sq ft. The deal has been marketed by international property consultancy, Jones Lang Lasalle.
<strong>Gurgaon</strong> has emerged as a favoured destination for IT/ITeS companies. However, supply of <strong><a href="http://www.indianground.com/corporate/gurgaon.aspx">commercial space in Gurgaon</a></strong> is fast drying up and an A-grade IT development here will command a premium.
Source://moneycontrol.comTonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0tag:blogger.com,1999:blog-25343709.post-42274244591211673362007-05-05T00:01:00.000-05:002007-05-04T00:06:21.276-05:00Commercial property rent to fall in major citiesA report by international property consultant, DTZ reveals that most major cities in India will witness a fall in <strong>commercial property rentals</strong>, reports CNBC-TV18.
In the past two years, companies have had to curb their expansion plans owing to rising <strong>real estate costs</strong>. Now, a report by international property consultancy DTZ predicts an oversupply in the <strong>commercial property</strong> segment in the next one year. The report says that Pune and Chennai will be the cities leading the list with an expected oversupply of 68% and 66% respectively.
The report predicts an oversupply in all major cities, except Mumbai, where demand will continue to exceed supply by 9%. Experts say, this may cause rentals in certain pockets to fall by up to 25%.
Balaji Rao, Managing Director, Starwood Capital India Advisors said, “I think in Pune, it will be quite choppy in some IT known areas like Hinjewadi or Baner. You will see this happening in <strong>Bangalore</strong> in the Whitefield area. I feel a bit of it will happen in the OMR area, just the Old Mahabalipuram Road. I see there is a lot of supply that will suddenly come up in the next one-two years and there won't be enough demand off take to absorb this. This will result in prices becoming softer and properties taking a longer time to completely lease out.”
According to the report, most of the anticipated supply will be in the IT/ITES segment. The seemingly insatiable demand from the IT sector led developers to go on an overdrive and build more space than was required. More supply will hit the market when SEZs finally take off and this may put pressure on developers of non <strong>SEZ</strong> IT space.
Kishore Gotety, Dir-<strong>Real Estate Investment</strong>, ICICI Venture, said, “We are expecting that you will have to negotiate harder to get your non <strong>SEZ space</strong> leased out. We don't expect vacancy to prevail but rates will definitely be under pressure.
But this oversupply situation may not be as drastic as it seems. Experts say only half of these projects will see the light of day and most of this supply will be built to suit. They expect the rest to be absorbed over the next few years.Tonyhttp://www.blogger.com/profile/17128605882088489662noreply@blogger.com0