Tag Archives: Jaipur

Realty Needs Indices Similar To Equity Market

May 20, 2008 – 4:28 am

The Real estate industry in India has been growing by leaps and bounds in the past few years. However, the country still lacks a credible way to cross-check the price swings (real or reported) in the sector. For example, recent reports of residential prices cooling off in major cities of the country could not be verified. Read More »

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Hyper City Retail To Focus On Big Box And Multi-Channel Format

May 13, 2008 – 5:24 am

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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Mahindra’s Jaipur SEZ To Become Partly Operational From July

April 26, 2008 – 8:57 am

The Special Economic Zone being developed by Mahindras at Jaipur will become partly operational in July with first group of clients moving in, a top official said on Friday.

Mr. Arun Nanda, vice-chairman of the company told that Mahindra Lifespace Developers, the real estate and infrastructure development arm of the USD 6 billion Mahindra group, has also started buying land at Karla, near Pune, for an SEZ project.

He said that the company has managed to get a premium of 20 to 40% over the current market rate for some of its residential projects in Mumbai and Faridabad.

He said that the company has an estimated land bank of 35 million square feet across the country and expanding to new places like Nashik and Nagpur.

Mr. Nanda said that earlier people were talking about the long gestation periods faced by the company. But now onwards, the company will see far more accelerated growth. The story is now unfolding. There will be unlocking of profits.

The company has 1.5 million square feet of space under construction at present.

Referring to the SEZs, he said that the company has the distinction of promoting the first successful SEZ in private sector at Chennai, now known as Mahindra World City. The second SEZ at Jaipur is progressing well and the first group of clients, which includes Infosys, will move in in July. It would take couple of more years for the entire SEZ to become operational.

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Commercial Development of Vacant Railway Land

April 25, 2008 – 6:46 am

The Ministry of Railways have set up Rail Land Development Authority (RLDA) by an amendment to Railways Act, 1989 (Amendment No. 47 of 2005) for commercial development of vacant railway land for generating revenue. So far 115 sites, covering a total area of 1139 hectares (approx) have been entrusted to the Authority for commercial development at different places. In addition, 26 stations located in metropolitan cities and important centers have been identified for redevelopment as world class stations through Public Private Participation (PPP) by leveraging the real-estate potential of the land around and the air space above the stations.

As per current thinking Railway land is to be given to developers for commercial development through transparent bidding process on long term lease basis for development work without any budgetary resources. The work of redevelopment of identified 26 stations into World Class Stations are planned to be undertaken through PPP basis.

No funds from Railway Budget are envisaged to be invested except to the extent of meeting requirement of viability gap funding in exceptional cases of development of stations as World Class Stations.

The 26 stations identified for redevelopment as World Class Stations through PPP are : Nagpur, Pune, Carnac Bunder (Mumbai), Howrah, Lucknow, Anand Vihar (Delhi), Bijwasan (Delhi), Amritsar, Chandigarh, New Delhi, Varanasi, Chennai, Thiruvananthapuram, Secunderabad, Tirupati, Ahmedabad, Patna, Bhubaneshwar, Mathura, Bangalore, Gaya, Jaipur, Agra, Bhopal (Habibganj), Kanpur and Guwahati.

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Provogue Sells 27 Percent Stake In Realty Unit To Fund

April 1, 2008 – 7:02 am

Apparel retailer Provogue India Ltd said on Tuesday it has sold 27 percent stake in a unit of real estate arm Prozone Enterprises Pvt Ltd for 4.57 billion rupees.
The stake has been acquired by Triangle India Real Estate Fund, promoted by Old Mutual Investment and ICS Realty.

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