Wipro Infotech has managed to get a ten year project worth Rs. 1.3 billion from Lodha Group. Wipro will provide IT and business transformation services to Lodha group in India and Middle East. Wipro InfoTech is a leading IT company in India. Lodha group has started a new path to get a premier position in the dynamic real estate market.
Lodha Group is a leading real estate project in Mumbai. It has a land bank of 6000 acres. The group is developing multiple projects in and around Mumbai. It is focusing on the development projects of offices, campuses, SEZ’s and townships and keen to enter in southern and western markets
The deal was announced by Lodha group director, Abhisheck Lodha. He expressed happiness on becoming technology partner with India’s leading IT service provider Company, Wipro info tech. chief executive of Wipro Infotech, Anand Sankaran expressed hope of successful completion of the project. He said that company will deliver its IT related services to make the group, a leading player, in real estate business.
The shares of wipro witnessed a fall of Rs 3.55, or 0.87% as per data shown by BSE.
By manish
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Posted in Property News
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Also tagged Business Transformation Services, Campuses, Development Projects, Estate Business, Group Director, India, Leading Real Estate, Middle East, Mumbai, Real Estate Market, Real Estate Project, Western Markets, Wipro, Wipro Infotech
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Indore has gained a reputation of being the test ground for corporations looking to test revolutionary and innovative ideas that later go on to inundate the rest of the country. Bharti chose this city to launch its private telephone network (which was also India’s first private telephone network). Radio Mirchi came here first, before going to the metros and the rest of the country. And till the 1990s, Bollywood movies were released here on Thursday, while they were released on Friday in the rest of the country.
Not surprising then that the city is testing some of the latest trends in real estate as well. One such project is Silver-springs. It has attracted FDI from Fire Capital Fund. An interesting feature here is that a section of the project has been allocated to be sold only to defence personnel. This decision could have been prompted by its nearness (about 30 km) to Mhow (a premier military training centre).
The township is segregated into enclaves that are themed around elements of nature: earth, air, water, fire. While this is also a good idea, it remains to be seen how many people will actually want to live in an enclave named after fire, and further how many people will move into (or stay out of) an enclave based on their astrologers’ advice.
Currently only a Town House sample villa is ready, and thankfully here the builder are delivering houses that most of urban India has come to expect. The house is big and there are no surprises here. Of course, the whole concept of townships and group housing is new to the area and that is one place where this pioneering city is taking a cue from the developments in the rest of the country.
Most of the ETFs and Mutual Funds at the different Asset Managers are losing value, as can be noticed from the website of any one of the companies. One of the exceptions is the equity in the rising markets. This sector has matured seemingly and unaltered by the Recession in the US. India is one of the four countries Goldman Sachs pointed out as the leaders in FDI and development along with China, Russia, Brazil (BRIC) in the coming years. Along with China, India too has enjoyed booming exports and growth rates of 8-9% in the last few years, but India`s major economic strength is stated to be internal, or consumption based, rather than a focus on exports solely.
At the heart of the boom in India is its real estate, which unlike Communist China`s, is privately owned. Real Estate prices in India have been growing at a rate of 30-40% for the last few years. Investment banks and Hedge Funds around the world have been investing more and more in the Indian Real estate, driving the prices higher. As per the Associated Chambers of Commerce and Industry of India (Assocham), the Indian realty sector is likely to see high growth rates in 2008. DLF, one of India`s premier Real Estate Development companies recently sold 49 % stake in its seven townships to Merrill Lynch and Brahma Investments to raise Four hundred twenty million dollar. Wachovia Bank picked up a 15% stake in another Indian Real Estate company for fifty nine million dollar. These US banks are the same ones that have lost billions in the US real estate market in the last 1year.
A comparison of the Real Estate prices in New Delhi and Chicago reveals the following figures:
* Condos in New Delhi, India: 2-bedroom, 1000 sq. ft. apartment for $200,000. [$200 per sq ft]
* Condos in Chicago, USA: 2-bedroom, 1000 sq. ft. apartment for $400,000 [$400 per sq ft]
The above has occurred despite the fact that the median income in Chicago is 50 times that in New Delhi.
Clearly, the House price increase in India is an unsustainable bubble. Such land or property bubbles have propped up in Russia, China, Ireland, etc. A bubble is characterized by low income to price ratios (when property rises a lot while income does not), or rent to price ratios(when property rises and rent does not). Such bubbles are financed by low interest rates, bad financing, or too much Foreign Direct Investment. Assuming there is a huge bubble in India, larger than that of the United States, this would have the same effect(if not larger) on the Indian Equity markets as has the US Real Estate on the US stock market. Studies show that a person is 2 times more likely not to spend his money if his house price falls by $1 than if his stock falls by $1. Tell that to Walmart, Carrefour and other Retail Stores that intend to open shop in India this year. As a bubble bursts, banks that lent the money always get into trouble as they recover less than what they lent, the low liquidity of the banks would cause lower business and a stock market crash.
By manish
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Posted in Property News
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Also tagged Assocham, Brazil, Chicago., China, DLF, goldman sachs, New Delhi, Real Estate, Real Estate prices, Rusia, US, Wachovia Bank
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The Yoo Pune project will consist of 33 floors with footprint of around 10,000 square feet. The total land area for the project is 21 acres at Hadapsar, next to Magarpatta, and opposite Amanora townships. The four-five bedroom apartments will measure approximately 5,000 square feet and cost around Rs.7.5 crores each. Penthouses too will be available as part of the project. An estimated at Rs.1,500 crores are being invested in this project, making it one of the costliest in India. If you are looking for both a top quality brand and a prime location, Yoo Pune could be your right choice for investment or for living. Read More »
February 1, 2008 – 1:59 am
Akruti City Limited (ACL) (formerly known as Akruti Nirman Limited), one of the leading real estate developers of India, has stated total income of Rs. 140.02 crores ensuing in a net profit (after tax) of Rs. 72.14 crores (EPS of Rs. 10.81) for the third quarter ended December 31, 2007
“Akruti City continues to register rock-hard growth in all the uprights that we are participating in. Our expansion outside of Mumbai is continuing at a good snip and we have initiated a number of new projects in Maharashtra and Gujarat. With the proposed combination of capital from Private Equity players, the company is well on its way to continue to grow up and convey value to our stakeholders,” said Mr. Vyomesh. M. Shah, managing director ACL.
Akruti has a presence across the full variety of real estate from high-end super luxury complexes, mid-end extra-large residential complexes, commercial complexes, IT parks and SEZ’s spread over hundreds of acres of land, Biotech parks, robotic car parking towers, and townships. Over the past decade, Akruti has rehoused and rejuvenated a considerable number of slum families and repurposed the lands thus released towards developing better, greener, and cleaner cities.
January 28, 2008 – 8:52 am
Oberoi Constructions Private Ltd is well-known as leading developer. Now Oberoi group is on the way of expansion. They have decided to set up three ‘Oberoi Garden city’ township in Bangalore, Pune and Hyderabad. Initially they started ‘Oberoi Garden city’ project for Gurgaon east and Mumbai. New three townships will start with an area size of 80 acres each. Mr. Vikas Oberoi, managing director, Oberoi Constructions Private Ltd told FE, “For acquiring land for each planned township project, we will be investing Rs 1,000 crore which will be followed with further investments as well for development of townships”. The company has also decided to get the funds from internal accruals.
Mr. Oberoi said “Our first Oberoi Garden City’ in Mumbai will be ready in the next four years. In a tie-up with Starwood, the hospitality chain, we are planning to develop a hotel at Gurgaon. For developing hospitals, we are talking to developers and planning to partner with them. We hope to garner gross revenues to the tune of Rs 10,000 crore from one project in four years. We should do revenue of Rs 3,000 crore in the year 2009.”
Besides this, Oberoi Constructions is also planning to rise with an initial public offering (IPO) in September 2008. Mr. Oberoi acknowledged “We still have to evaluate the exact valuation for the IPO. Through the IPO, we are looking at developing close to 15 mn sq ft of real estate, which can accommodate homes, hotels and shops”.
By Rajani
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Posted in Property News
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Also tagged Developers, Garden city, Garden City Township, Gross Revenues, Gurgaon, Hospitality, Hospitals, Initial Public Offering, Initial Public Offering Ipo, Investments, IPO, Managing Director, Mumbai, Oberoi Construction, Oberoi Constructions, Pune, Real Estate, Vikas Oberoi
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