Tag Archives: Kolkata

Integrated Logistics Park In Haldia By AILPL and Eredene Group

July 30, 2008 – 6:42 am

In a joint venture with Apeejay Infra-Logistics Pvt Ltd (AILPL), UK-based Eredene Group, which has a 50 % stake, is set to develop an integrated logistics park in Haldia.

“In this view, the Haldia Development Authority has already earmarked ninety acres of land for them in its industrial zone area and the lease acquirement is in process. This logistics park site is just about 7km from the Port of Haldia and near to its petrochemicals centre. It will be developed to provide distribution warehousing and transport services in addition to ancillary facilities like commercial offices, hotels, retail outlets and light processing workshops,” said Mr Parwez Ahmed Siddiqui, chief executive officer of HDA.

Haldia is situated 90 km downstream from Kolkata at the confluence of the Haldi and Hooghly rivers, and ranks as the 5th largest port in India. It is a major petrochemicals centre with an oil refinery, fertiliser facilities, manufacturing plants and a mixture of light industries.

According to Mr Siddiqui “The West Bengal Industrial Development Corporation (WBIDC) and Tata Steel have formed a JV to build a coking plant for the production of 800,000 tonnes of coke per annum. Such a port-based industrial zone should have a logistics park and I think that this should have been built at least 15-20 years before,” .
Eredene has invested with Apeejay Surrendra Group, the owners of Typhoo Tea and a global Indian business which employs more than forty thousand people in real estate, tea, hospitality, shipping and retail.

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Hike In Property Price Of Kolkata

June 13, 2008 – 12:16 am

Property prices in and around Calcutta could shoot up by as much as 15 % as city developers contemplate a basket hike in product prices to combat a steep rise in input costs. The real rise in realty rates, though, could be tempered by a slack market.

According to Pradeep Sureka“There’s no way we can absorb the entire burden of escalation in the cost of steel and cement, the two basic raw materials in real estate construction. We are in dialogue with our members and prices for new properties are set to be revised upwards soon,”.

Cement prices have gone up 20 %, while steel is dearer by 40 %, followed by the recent hike in petroleum products, to push builders into a corner since they are forced to absorb the 20-25 % rise in construction costs in pre-sold projects.

However, given the demand slowdown in an inflation-hit market, increased interest rates and the specter of dearer home loans, real estate developers could find it difficult to go for a one-shot rack rate hike.

“Yes, builders might be forced to spread the hike across installments, given the cautious consumer mindset,” felt Pradip Chopra of the PS Group, former secretary of Credai Bengal.

Members of Credai Bengal are scheduled to meet next week to discuss the sale price hike of upcoming properties. Builders in Bangalore and Pune have already announced a rack rate increase, while Mumbai is set to follow suit on 16th june.

Sureka feels the prices of new flats in city core areas would go up by five to seven per cent while in suburbs, where construction cost is often 80-90 % of the project cost, thanks to cheaper land, property prices could soar even 10-15 %.

“Prices are bound to go up, sooner than later, and the LIG and MIG segments would be the worst-hit,” agrees Chopra. He feels there would be a scramble for price correction in new projects and unsold stocks as developers rush to recover losses incurred on pre-sold products with no escalation clause.

Not just cement, steel and oil, but rising labour and contractor fees plus transportation cost have also contributed to the difficult situation, points out Piyush Bhagat of the Space Group. The city realty firm has already announced a 12 % rise in the sale price of a housing project in Belur.

“The quantum of hike has to be left to individual companies, because the profile of the product and the location all matter,” says the Credai Bengal president whose company, the Sureka Group, has announced an upward revision of Rs 100 per square foot in two of its Rajarhat projects.

Around 2,500 flats are being built in city core areas and 6,000-7,000 in the suburbs.

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DLF Plans Multiplexes In Different Part Of Country

April 28, 2008 – 7:44 am

PropertyWala.com

Chandigarh: DLF, a leading real estate player in the country, plans to invest Rs 1,250 crore for the development of its multiplex business. The company has planned to add minimum 500 screens in the next four to five years across the country.
DLF’s entertainment arm DT Cinemas will set up a megaplex, which will have 12 screens with a total capacity of 2,500, as part of their upcoming project, Mall of India, at Gurgaon.
Expected to be one of the country’s biggest malls, it will cover an area of 40 lakh sq ft.
DT Cinemas announced the opening of their multiplex at DLF Infocity, IT Park, Chandigarh. Infocity covers an area of 1,90,000 sq ft and most of the space has been leased out. The mall will start operating within the next 10-12 days.
Kajal Aijaz, CEO, DT Cinemas, said that with the multiplex offering state-of-the-art facilities like Christie cinema projection system, excellent acoustics, wall-to-wall carpeting, extra legroom with comfortable slideback seating and push back armrests for the audience, they were eyeing about 66 per cent occupancy at the multiplex in the first year.
With DLF planning to set up another 120 malls in different parts of the country, DT Cinemas would be the chief attraction in most of these malls.
Apart from Ludhiana and Jalandhar, where multiplexes would be opened in a couple of years, the company is also opening multiplexes at Savitri-GK2, Shalimar Bagh, Vasant Kunj and Saket in Delhi and Star Mall, Gurgaon, this year, Aijaz said.
DT Cinemas will also set up multiplexes in Hyderabad, Chennai, Kochi, Bangalore, Mumbai, Pune, Ahmedabad, Goa and Kolkata.

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Audi plans to sell 1,200 units India in 2008

April 25, 2008 – 7:35 am

Considering the boom in the luxury car segment in the country, German car maker Audi said on Friday it expects to sell 1,200 units in India by the year.

The company is also ready to start assembling its, yet to be launched, A4 variant in the country with an investment of 10 million euros. Read More »

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Go green, Bengal Chief Minister tells Realtors

February 28, 2008 – 1:36 am

KOLKATA: Buddhadeb Bhattacharjee Chief Minister of West Bengal expects real estate developers to think green.

Inaugurating the ‘Realty Expo 2008′ organized by Confederation of Real Estate Developers Association of India (Credai-Bengal) at the Science City grounds on Wednesday; he said realty industrialists should concentrate on developing green buildings which make better use of solar energy.

“Global warming is a real threat to the society,” the chief minister said, while explaining the rationale behind the need to have eco-friendly buildings. The government is considering the merits of making rainwater conservation mandatory for developers. “I am in discussions with the municipal affairs minister (A. Bhattacharya) to have rainwater harvesting included in the municipal Act,” Bhattacharjee added.

The green building has already started taking roots in the city, particularly in the IT parks arena. A typical eco-friendly building uses alternative energy sources, such as solar or wind, ensures water efficiency through rainwater harvesting and also has effective waster management systems in place.

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Ahmedabad New Center Of Real Estate Boom

February 18, 2008 – 8:59 am

The real estate development in Ahmedabad has seen tremendous growth over the past two years. The property prices have shot up faster than even Delhi or Mumbai and investors are making beeline to buy them.
A. Mukhopadhyay, an NRI is looking to purchase a house in Ahmedabad. Mukhopadhyay has his roots in Kolkata but he is not paying attention on investing in property there.
According to him buying a property in Kolkata will not give return like investing in a property in Ahmedabad.
Gujrat capital Ahmedabad is moving much faster and so the cash. The land prices have more than doubled in the last couple of years, which gives details about the rush at the first ever summit of housing and real estate developers.
In the previous two years a lot of companies have opened up in the city. As a result, the demand for houses has gone up so has the price. Last year, a two-bedroom flat at a well-known location used to cost Rs 12 lakh but today it is of almost Rs 25 lakh.
Rushabh Patel, Secretary, GIHED told that the way property prices got doubled in last one year in Ahmedabad, thanks the town planning, people are buying more and more properties as these houses are bringing in not only faster return on investment but steadily,” said
A city that was earlier believed suitable for industries is now considering a real estate boom for residential purposes as well. Over the past year the property prices have shot up faster than even Delhi or Mumbai.
According to the director of Kunj Properties “they are looking for lands in remote places as customers are ready to buy there also, mostly NRIs and people coming from outside”.

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