PVP Ventures has sold its 90- ground prime property at Vadapalani in Chennai to education group SRM for Rs 140 crore. The property developed over 90 grounds with a built-up space of 3 lakh square feet. SRM University has chalked out big plans for making use of the office space. It is in the process of setting up its admissions office.
PVP Ventures has been on a property selling spree and the deal with SRM comes on the back of the sale of its theatre complex in the city’s suburbs and a hotel property in Ooty. The company is learnt to be selling its properties in an effort to focus on its core businesses of urban infrastructure and power generation.
We often hear that real estate has a new concept for middle class family, which is so called “Affordable house”. Almost everyone showed a positive attitude for such concept because when it comes about a middle class family, everyone thinks about the cost. But is this concept feasible? Almost all developers are offering 1BHK flat in far-flung are with a name “Affordable house”. According to Mr. Deepak Parekh, chairman of HDFC, “Affordable housing is not about box-sized, budget homes in far-flung places where there is no connectivity to work places and little surrounding infrastructure”.
Affordable house should be such a housing solution which has economic sense in terms of proximity of work place. This concept also requires public and private sector collaboration.
The government has provided in-principle approval to DLF to denotify four of its IT, ITES Special Economic Zones (SEZ), which the company did not want to build because of the slowdown in the real estate business.
However, the denotification will be subject to the condition that DLF returns all the tax benefits that it had taken from the centre to build those SEZs. A senior official said that the denotification will be issued only after the development commissioners of respective states give the certificate that all the tax benefits that the company had taken, has been refunded.
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Posted in Property News
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Tagged Company, Development, DLF, Government, IT, ITES, Property, Real Estate, SEZ, Tax, Tax Benefits
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Indiabulls Real estate has planned to use more than five hundred million dollars to launch projects at a time. This money is raised from a recent share sale. Mr. Gagan Banga, CEO, said that their aim is to launch 6-7 residential projects in this FY. He showed interest towards pursuing some large projects.
Indiabulls is expecting a strong demand at projects in tier-II cities such as Baroda, Ahmedabad and Indore as these have been appropriately priced, between 2,000-5,000 rupees per square feet. Indiabulls is assured that they can meet the increasing demands for residential real estate.
