Hyper City Retail, part of Mumbai-based K Raheja Corp, which also owns the Shoppers Stop chain of department stores, has called off plans to launch convenience formats, ExpressCity, announced last year. The retailer is instead shifting its growth plans to focus on the big box format and multi-channel retailing.
Officials said it made better business sense to focus on larger formats since the profit margins in convenience formats were too low. The current crop of convenience formats, including Subhiksha, Reliance Fresh and Spencers, are struggling with the challenges of operating a low-margin grocery business in the face of spiraling real estate costs, high supply-chain costs and tough competition from the traditional formats. Read More »
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Tagged Argos, Better Business, Business, Business Sense, Ceo, Department Stores, Internet Retailing, Jaipur, Malad, profit Margin, Property Developer, Property Development, Raheja, Reliance, Retail Business, Retail Space, Shoppers stop, Supply Chain Costs
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Phoenix Mills is in the final stage of acquiring three thirty acre plots in Ahmedabad, Hyderabad and Nashik for around eight billion rupees. The company plans to develop malls and entertainment zones on these lands.
It is learnt that the deal is likely to be sealed in the next few weeks.
The Mumbai-based real estate developer is developing Market City Projects, spread across 21.4 million square feet, in Mumbai, Bangalore, Chennai, Pune, Raipur, Agra and Indore.
The company is seeking to establish long-term relationships with developers in its bid to achieve a pan-India footprint in three years.
According to an estimate, the country is all set to have over 500 malls by 2010 from just three malls in 2000. Roughly 300 million sq ft of quality retail space will be accumulated by 2011.
Property is a lifetime investment. When a person makes decision to buy a house, he/she thinks for the market price of that locality and the existing rate trend. If we talk about the scenario these days, sales of real estate have crashed but prices have not come down considerably. Further downside is projected which will be healthy for the sector. Read More »
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Tagged Boom, Downside, Economy., Gdp, Growth Rate, Interest Rates, Investment, Loan, Locality, Long Term Investment, Low Interest Rates, Real Estate Sector, Sentiment, Slowdown
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Deepika Padukone is now a brand ambassador of a foreign real estate company. Dubai-based realty development cum brokerage firm, Aspire Real Estate, has announced Deepika Padukone to be their brand ambassador and new face of their company. Aspire is highlighting its Dh5.5 billion portfolio of real estate developments at prestigious locations within Dubai. Read More »
New Delhi:- Smarting under a correcting realty market and sluggish buying sentiments, real-estate players are scrambling to raise end-user demand through offers that promise to ease Equated Monthly Instalments burden until possession.
So, while realty companies together with Parsvnath Developers are broadcasting ‘No Equated Monthly Instalments until possession’, others such as BPTP and Gaursons are offering 2-yrs Equated Monthly Instalments holiday on specific projects.
“For those who are presently living on rent, the scheme makes logic as the Equated Monthly Instalments load kicks-off only after possession,” says Mr Amit Raj Jain. BPTP’s group housing project, ‘Resort’, in Faridabad offers a 2-yr ‘Pre-Equated Monthly Instalments interest’ to the bank on behalf of buyers.
Dr B.P. Dhaka, COO told that Parsvnath’s Sonepat project, ‘Parsvnath Preston’, reimburses the Monthly Instalments paid prior to possession. “Such value-addition is gaining popularity as the customer is motivated to make the down payment and can then relax till possession. From the point of view of the developer, it ensures timely completion of the project as the fund flow is assured.
KDP Infrastructure has announced that ‘No pre- Equated Monthly Instalments for 18 months’ upon payment of fifteen per cent of the booking amount on its ‘Grand Savanna’ project in Ghaziabad; Gaursons India makes a ‘No Equated Monthly Instalments till 24 months’ offer to buyers of ‘Gaur Grandeur’ at Noida; and JMD Gardens’ project in Gurgaon promises that Equated Monthly Instalments payment would start ‘only after house entry.
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Tagged BPTP, Dhaka, Faridabad, Gaursons, ghaziabad, Housing Project, Jmd, noida, Parsvnath Developers, Realty, Realty Cos, Realty Market, Sonepat
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The transaction level has gone down drastically in various markets. It has resulted in price fall in realty market. This is also because residential capital values in some micro markets in the metros have shown a negative growth in the last 3 months. After tracking capital values in metros such as Mumbai, Chennai, Bangalore as well as Pune and the National Capital Region (NCR), the result was that either there has been a fall in prices of residential values or they have not increased in the last three months. In fact, places like Gurgaon have seen a down of 15 percent, while the plot rates have come down by 20 percent in Noida. In Greater Noida, the plots which were selling at Rs 55000 to 60000 are now available for Rs 40,000 to Rs 45,000. In Indirapuram, rates of flats have come down to Rs 2500 to Rs 2700 per square feet from Rs 3000 to Rs 3200 per square feet. Read More »
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Tagged Amp, Bangalore, Capital, Friends Colony, Gk, Gurgaon, Hauz Khas, Metro, Ncr, noida, Prime Areas, Prithviraj, Pune, Realty Market
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Well popular land deal, BPTP, might be in trouble. According to top officials in the Noida administration as well as the real estate industry, the Delhi-based real estate firm BPTP is finding it extremely difficult to raise funds for buying the land. Read More »
Indiabulls Real Estate Ltd plans to invest 10 billion rupees to expand its retail business in the next 2-½ years. Mr. Gagan Banga, Group spokeman said that the real estate firm, which also houses the group’s retail and power businesses, expects lease rentals of 10 billion rupees from two of its properties under development in Mumbai by the end of the next financial year.
Mr. Banga, also the Chief Executive Officer of Indiabulls Financials Services Ltd, said that the finance firm plans to launch its first mutual fund scheme by October. Mr. Banga further said that the Indiabulls group plans to focus on agri-based spot trading for its proposed commodity exchange, which is awaiting approval from the commodities market regulator.
Fearing a supply glut in the housing and commercial property markets, real estate companies are pinning hopes on the booming hospitality sector.
It’s not that the trend has just set in. It has certainly gained momentum of late, with practically every developer announcing hospitality projects. Read More »
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Tagged Amp, Commercial property, DLF, Hospitality Project, Hospitality Sector, Hotel Industry, Market, Parsvnath Developers Ltd, Purvankara Projects, Real Estate Companies, Real Estate Sector, Realtors
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Brigade Enterprises, a Bangalore-based real estate developer, has bagged 5 acres in Kochi to build up IT office space. The company acquired the land in the processing area of Kochi’s Info Park Special Economic Zone (SEZ).
Government of Kerala will develop IT Park in Kochi which will be known as Info park. For the project, the government has transferred hundred acres of land which is at present under the ownership of Info parks Kerala, an independent society owned by the state government.
“We have just got the bid and it is under the planning junctures to establish the price of the project. The built-up area is likely to be just about 4-5 lakh sq feet of IT office space and Brigade will co-develop the space along with Info Park, Kochi,” a senior Brigade company official said.
IT office project investment in Kochi is part of the company’s expansion plans in South India. The company all these years had been focusing only in Bangalore and Mysore, catering to IT and BPO sectors.
“This is for the first time we are increasing our base after having gained enough knowledge and expertise in managing a large number of domestic and global firms as our clients,” the official said.
Indiabulls Real Estate said the Justice of High Court of the Isle of Man in England has sanctioned the proposal to acquire 100% shares of Dev Development Property (DPD).
Finalization of the acquisition shall be competed by issue of fresh 13.8 crore shares of DPD and by canceling the old shares, it informed the stock exchanges.
Dev Property is listed entity at the Alternative Investment Market (AIM) of the London Stock Exchange.
It focuses on investment in commercial real estate developments for IT and ITes companies, and residential complexes in tier-1 cities in India. The firm has stake in some of Indiabulls’ projects in India.
The acquisition, announced a few months ago, is valued about $270 million.
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Tagged Commercial Real Estate, Court Permission, Dpd, England, Estate Developments, High Court Of Justice, India, Indiabulls, Investment Market, London stock exchange, Residential Complexes, Stock Exchanges, Tier 1
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A week after Sebi announced guidelines for real estate mutual funds, officials at fund houses and real estate developers are awaiting clarity on certain issues before they go ahead with scheme launches. Industry experts point out that taxation, periodic calculation of net asset value (NAV), and absence of any benchmark indices are some of the contentious issues turning out to be stumbling blocks in the design of such products.
Mr. Pranay Vakil, chairman, KnightFrank India, asks that a quarterly valuation exercise would not be very easy to implement. “Let us assume that an REMF consists of 10 real estate assets and each asset has been acquired at different periods of a year. So, how one can calculate a composite NAV of fund, taking into consideration all these properties purchased?”. Read More »
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Tagged Debt Fund, Equity Funds, Estate Asset, Estate Project, Industry Expert, Knightfrank, Long Term Capital, Long Term Capital gain, Property, Real Estate Developers, REMF
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The board of directors of Puravankara Projects has recommended a final dividend of forty percent, or two rupees share on equity share of five rupees each for the recent year. The payment is subject to the sanction of the shareholders at the yearly general meeting.
Read More »
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Tagged Bse, Colombo, Company, Company Shares, Constructions, Dividend, Equity, General Meeting, Hyderabad, India, Kochi, Project, Puravankara Projects, Real Estate, Sanction, Share, Sri Lanka, United Arab Emirates
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The Head of Real Estate at the Qatar Investment Authority said that the entity has made plans to invest in real-estate projects in Asian cities.
He also added that the authority is further planning to buy distressed U.S. property assets.
The company is concentrating on prime cities in India, China, Singapore, Korea, Vietnam and Malaysia, as well as cities around the world where there is strong economic growth and demand for high quality real estate.
The official later concluded that the Qatar Investment Authority acquired a 27 percent stake in a Vietnamese property fund, Dragon Capital.
Mahindra Lifespaces and B E Billimoria have won a bid to develop a 25 acre residential project at Multi-modal Internal Hub Airport (MIHAN) at Nagpur. The consortium will form a special purpose vehicle to implement the project with Mahindra Lifespaces holding 70% stake and 30% equity stake held by B E Billimoria. Read More »
Finolex Industries has planned to sell off its special economic zone plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for four hundred crore rupees.
The 950 crore rupees maker of PVC pipes and fittings had been weighing two options for the 78 acre plot, either to develop it as an information technology SEZ or dispose it off completely and unlock the value of the land.
The company is about to finalizing the details of the property. Talks with companies in the US is also going on. Read More »
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Tagged Cables, Fair Weather, Finolex Industries, India Ventures, Information Technology, Mega Power, Modalities, Power Plant, Pvc Pipes And Fittings, Ratnagiri, Special Economic Zone, Tishman Speyer
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Real estate developer Nirmal Lifestyle is planning to develop 20 townships across India.
The company has marked an investment of $5 billion for the first phase, which includes five townships under the brand name of Lifestyle City, a company release said. Spread over 300-1,000 acre, the phase I townships will come up one each in Pune, Indore and Panvel, and two in Mumbai.
The company is looking at generating $10 billion from these five projects in the next 10 years.
Nirmal Lifestyle chairman and managing director Dharmesh Jain told that the houses in these projects would be priced between Rs 20 lakh and Rs 1 crore. He declared, “Houses in Mumbai cost much more than the price we have put to our projects. So we hope to successfully tap this market”. Nirmal Lifestyle, which has built over 50 lakh square feet of residential and commercial space, is one of the top real estate players in the Mumbai market. Read More »
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Tagged Capital Partner, Commercial Space, Global Property, Indore, Investment, Investment Officer, Lifestyle, Market, Mumbai, Panvel, Price, Private Equity, Property Consultant, Real Estate Developer, Sport
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MUMBAI: Finolex Industries, part of the diversified Finolex group, has decided to sell off its special economic zone (SEZ) plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for between Rs 350 -400 crore.
For close to a year, the nine hundred fifty crore rupees maker of PVC pipes and fittings had been weighing two options for the seventy eight acre plot — either to develop it as an information technology SEZ or dispose it off completely and release the value of the land.
A source close to the company said: “We were previously in talks with companies in the Middle East and the United States to jointly develop an IT SEZ there, but the management has finally decided to dispose it of.”
He said the company is very close to finalizing the details of the property and an declaration will be made within a week. He, however, did not divulge the name of the US-based developer.
When contacted, a senior company official said Finolex is still talking to companies in the US and an announcement will be made as soon as a firm decision is taken. “It is a sensitive matter and we cannot divulge the developments,” he said.
Around a year ago, Finolex Industries was talking to Tishman Speyer India Ventures, a company engaged in real estate development, for the sale of land. However, the deal had to be called off.
Tishman Speyer India Ventures is a 50:50 joint venture between Tishman Speyer Properties, USA, and ICICI Ventures.
The Finolex official had said in December that the modalities for the sale were decided and that Finolex was sure to sell the plot to Tishman Speyer India. But the developer took a very long time to take a firm stand and eventually the deal was called off.
“Finolex is talking to a different developer this time and the deal is almost finalised. It is just a matter of time,” he said.
Zero rentals for residential flat is fast gaining popularity in the extended suburbs of Vasai-Virar. But there’s a catch. Pay a heavy deposit, which is returned when the leave-and-licence agreement comes to an end, provided the house is returned to the owner in its original condition.
Owners are encouraging zero rentals in return for “heavy deposits” to the tune of Rs 2 to Rs 5 lakh so that they get back their flats in proper condition when the tenants leave. Read More »
Seven years after the proposal was first mooted, the Securities and Exchange Board of India (Sebi) came out with its draft guidelines for real estate mutual funds (MFs). This move has brought much joy and relief to the MF industry. Now, the industry is out to convince domestic investors that the move could not have come at a more opportune time. In these volatile times, real estate acts as a good diversification option due to its low correlation with equity and bonds. Besides, retail investors can now invest in actual real estate projects with amounts as low as a few thousand rupees.
Read More »
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Tagged Bse Sensex, Diversification Option, Domestic Investors, Ing Investment Management, Investment, Market Turbulence, Mortgage Backed Securities, Real Estate, Real Estate Investment Trusts, Real Estate Investments, Real Estate Sector, Retail Investors, Same Time Period, Securities And Exchange Board Of India, Volatile Times
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AHMEDABAD: After pitching ‘Brand Amdavad’ at home, Amdavadi realtors are now cementing plans to hard sell Amdavad realty to non-resident Gujaratis (NRGs) right at their doorway.
For the Gujarat Institute of Housing and Estate Developers (GIHED) has joined hands with the Association of Indian Americans in North America (AIANA) to host their first international property show at the second ‘Chaalo Gujarat: World Gujarati Conference’ to be held at New Jersey in August 2008. The first conference was held in New Jersey in September 2006.
The three-day conference-cum-exposition, in which nearly 50,000 NRGs are expected to participate, will primarily see Ahmedabad-based realtors pitch Amdavad as well as upcoming residential and commercial property projects worth over Rs 20,000 crore to NRGs.
The property fair will also showcase a glitzy Amdavad of tomorrow, replete with jumbo projects like Gujarat International Financial Tec-City, Sabarmati riverfront project, Bus Rapid Transit System, new international airport as well as a 3-D colour laser show and special film.
The real estate developer Housing Development and Infrastructure Limited got the government approval for the popular Mumbai airport slum rehabilitation programme. Mr. Sarang Wadhawan, HDIL Managing Director said, “The tenement limit has been increased from 225 square feet to 270 square feet . As the size of the tenement has gone up, the transfer of development rights will increase accordingly by about 20% more”.
Read More »
Goldman Sachs, Deutsche Bank and another financial investor are thinking to make a shared investment of eight hundred million dollar in three special purpose vehicles being created by real estate major Emaar MGF. Each SPV will have one financial investor.
Delhi-based developer is in advanced talks with private equity players and is likely to close three separate deals within 30 days. No comment came from Emaar MGF on this issue. The deals will be the first big fund flow into the real estate firm since February.
Read More »
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Tagged Current Market, Emaar MGF, Financial Investor, goldman sachs, Indiabulls, Investment, Investor, Market, Private Equity, Real Estate, Real Estate Investment Trusts, Real Estate Sector, Special Purpose vehicle, Spv, Unitech
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MUMBAI, May 2 – Indian property investors are aiming lower- to mid-end house owners in the booming economy now that sales of luxurious apartments have slowed.
With the number of families earning more than five thousand dollar per annum set to double to around twenty million in the coming two years, demand for small and simple apartments is set to mushroom.
“We haven’t touched the tip of the iceberg,” Niranjan Hiranandani, founder of Mumbai-based Hiranandani Group, said about the potential demand for homes.
“Young people don’t have housing open to them,” Hiranandani told a property conference in Mumbai this week, where talk of mass housing was a hot topic.
The property market has boomed since India eased rules on inward investment in the construction industry in early 2005, partly fuelled by pledges by foreign investors that they will drive up to twenty billion dollar into the country.
But government figures show only about two billion dollar has actually been spent in the preceding three years. Real estate prices have cooled in the last six months.
Developers had piled into the top-end of the housing market where profit margins are highest, for example, building 2,000 sq ft apartments in New Delhi suburbs that sell for $250,000.
But a young couple working in the media or software industry, who together bring in $25,000 a year, would need something half that price.
Developers are targeting the young workforce in a country where double-digit salary hikes are common in sectors such as real estate, information technology and financial services.
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Posted in Property News
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Tagged Construction Industry, Foreign Investors, Government, house, Housing Market, Information Technology And Financial Services, Inward Investment, Luxurious Apartments, New Delhi, Property Investors, Real Estate Information, Real Estate Information Technology, Software Industry
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New Delhi-based real estate developer, Parsvnath Developers, plans to develop a mixed-use project, Parsvnath Planet Plaza, in Lucknow. The entire project is expected to incur an approximate cost of Rs 120 crore. Read More »
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Tagged Conference Facility, Developer, lucknow, New Delhi, Parsvnath Developers, Project, Property, Real Estate, Restaurant, Shop, Shopping Zone
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