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Limitless set for foray into India property sector 2007-03-23 13:12:00 DUBAI — Limitless L.L.C., the global integrated real estate development arm of Dubai World, yesterday said it was poised for foray into the booming India
n property
market. Amid reports circulating in India about a $10-12 billion joint venture between a Dubai-based company and India's property major DLF, a Limitless spokesman yesterday told Khaleej Times that the Dubai-based company was in discussions with several developers in India and looking at various opportunities. "DLF is one among them and we are now in the discussion phase," said Rami Qaqish, senior Business Planning Executive of Limitless.When asked if an agreement for a joint venture, as reported in the Indian Press, would be signed soon, he said "it is pure speculation as it is too early to confirm anything at this discussion stage. We consider India as a strategically important market."India's Economic Times reported yesterday that a leading real estate developer from Dubai was expected to Read more:sector
Land banks come under SEBI scanner, 7 crore land Evaluated for 44 Crores! 2007-03-23 09:01:00 MUMBAI: In the surreal world of property valuations, this one perhaps takes the cake. A real estate company wanting to buy a piece of property roped in a reputed international consultant to do the valuation. The consultant, eager to oblige, submitted a document valuing the property at Rs 4 crore
. The company trumpeted the number to an investor, who promptly wrote a cheque buying a piece of the company. The company went to the owner, bought the property not for the value estimated by the consultant but for a much smaller amount—Rs 50 lakh. K Raheja Corp recently valued a four-acre property in Bangalore’s Whitefields area at Rs 44 crore per acre. The actual going rate: Rs 7-8 crore per acre. Yet another company, just ahead of an IPO, valued its properties in Bangalore on what is called the macroanalysis method. They calculated the value based on the average of the highest transactions in the city in recent times. Any responsible valuer would have done the valuation by visitin Read more:banks
, Crores
Properties from over 15 countries to be on display during The Asian Real Estate Show 2007 2007-03-23 08:42:00 Properties from over 15 countries will be on display during the first Asian
Real Estate
Show 2007 (ARES 2007), to be held at the Pragati Maidan, New Delhi from April 13 to 15.The event, mainly aimed at offering international properties to Indians and attracting investment in the booming real estate industry of India, is designed to be a 'one stop shop' for everyone from the world of real estate as it presents a unique combination of exhibition, education, and entertainment. According to the Al Fajer, organizers of the event, more than 15 UAE-based property developers will participate in the ARES 2007, which provides an ideal platform to all participants to showcase and market their properties and services. ''The Indian real estate market has emerged as one of the most attractive options to invest in the international market. But, as the investment amount is large, investors want to know about the developers and the projects developed by them before taking a final decisi Read more:Properties
, Real Estate
Freescale opens design center in Noida 2007-03-23 08:39:00 Freescale Semiconductor Inc. has opened a new 300,000-square-foot semiconductor design
center in Noida
, India. During the past two years the Austin-based chipmaker has invested about $50 million in India and acquired two new campuses there -- and Freescale Chairman and CEO Michel Mayer expects his company's growth there to continue. Mayer says the new design center in India will support all three of Freescale's business groups, "playing a key role in providing critical hardware and software expertise to next-generation wireless, networking, consumer, multimedia and automotive applications." Freescale's Noida campus employs almost 700 people and focuses on system-on-chip integration and intellectual property design. Last year, the company opened a 100,000-square-foot software design center and sales office in Bangalore, India. That center employs more than 250 engineers focused on advanced technologies in the wireless and networking markets. Freescale India, which
Hotel Grand New Delhi For Sale 2007-03-23 08:08:00 MUMBAI/ BANGALORE: Intercontinental, The GrandNew Delhi
, owned by late hotelier Lalit Suri is on the block. Jyotsna Suri, joint MD and wife of Lalit Suri, has put an asking price of Rs 900 crore for the property. Potential suitors could include ITC and a clutch of private equity funds focused on hospitality and real estate space, sources said. ITC declined to comment on its interest in the property, while the other domestic hospitality heavyweight, Indian Hotel
s, is unlikely to show interest, sources said. Mrs Suri is looking at unlocking value of the Bharat Hotels group via a piece-meal deal. This will involve selling off some of the assets and currently the deal is on the table of several hospitality majors. According to industry insiders, the present management is seen grappling with Lalit Suri's strong political affiliations. With quite a few Intercontinental properties in great locations, industry experts expect buyers to be interested in the prime locations which could be tu
Parsvnath launches Rs 250 crore "5-Star Hotel & Multiplex-***-Commercial Mall" in Ahmedabad 2007-03-19 14:58:00 Parsvnath Developers Ltd has announced the launch of its 5- star hotel and Multiplex-***-Commercial
Mall project in Vejalpur, Ahmedabad
on March 16, 2007. This marks the opening of bookings for commercial space in the coveted upcoming property.The plot is situated in the heart of the city on 100 feet-wide road. It will have a 5 Star Hotel
, Commercial Mall and Multiplex. The project worth Rs 250 crore
s is spread over a total area of 22,365 sq metres. Mr. Mohit Gujral, the leading architect from New Delhi has conceptualized the complex that will have around 5 lakh sq.ft. built-up area. The entire complex for which the construction has commenced is expected to be completed and operational with in two and a half years.The state-of-art project would match any internationally acclaimed mall in terms of features and amenities - a world-class construction format, landscaping, high-speed advanced lifts, escalators, huge parking facility, fire monitoring and control mechanism, CCTV surveillance,
786india.com The New address of our India Real Estate News Weblog! 2007-03-19 14:46:00 BangaloreCityhome is glad to announce the New address of our Blog, when ever you want to visit Our India blog Just Type in 786india.com and you will be brought to our Blog.We have taken this measure as a convenience to our readers, also we Invite you to be our guest Blogger to write in any thing related to Indian Real Estate
just mail them at webmaster.real@gmail.com and it will be posted here and will carry a credit to you!BangaloreCityhome Team Read more:Real Estate
DuPont to set up plant biotech research centre in Hyderabad 2007-03-19 09:46:00 Mumbai: DuPont will set up plant biotech
research centre at the company's proposed knowledge in Hyderabad, its first such facility outside the US. The $20-million knowledge center is part of the company's $100-million reinvestment plan and will focus on crop genetics to aid in the production of advanced seed products. DuPont currently has 20 crop genetics scientists working at a temporary facility near the planned site. The company expects the number of crop genetics scientists to grow to approximately 100 by year-end. "The global demand for agricultural crops is very strong. We have the science to help farmers and others across the value chain and this research centre is going to help us do that faster,'' said William Niebur, vice president, DuPont Crop Genetics Research and Development, in a release. Plant biotech scientists here will develop biotech traits and technologies that will be incorporated into multiple crops for markets the world over. The trait discov
MapInfo Opens R&D Centre In Noida 2007-03-19 09:42:00 Friday, March 16, 2007: MapInfo Corporation, a provider of location intelligence solutions, has launched an R&D and technical support centre in Noida
, India. From its new facility, located at Logix Technopark, Noida, MapInfo India will work collaboratively with worldwide efforts to deliver location intelligence solutions to organisations globally. Manish Choudhary has been appointed as managing director of operations of the new centre.The new facility is recruiting engineers from across India, especially NCR in all levels of Java and .NET technologies for software product development.Source : www.efytimes.com Read more:Centre
Acquired land is govt’s sole property: Supreme Court 2007-03-19 09:28:00 NEW DELHI — Once a piece of land has been duly acquired by the government under the Land Acquisition Act, it becomes the sole property
of the state, India’s apex court has held. Even if the purpose of the acquisition no longer exists, the state can dispose of the same to anyone for the market value, a Bench of Justices C.K. Thakker and P.K. Balasubramanyan observed while upholding an appeal filed by the Tamil Nadu Housing Board.The Bench passed the observations while setting aside the judgement of a Division Bench of the Madras High Court
which ordered the Board to hand-over the land to some persons whose land was acquired for public purpose by the government. The high court had passed the orders on a batch of petitions filed by 43 people of Padi Village of Tamil Nadu’s Ambattur Taluk whose land was acquired by the Board in 1978 for construction of multi-storeyed apartments.As 21 years after the acquisition, the building project did not come up, the 43 claimants Read more:Supreme
, Supreme Court
PMC general body talks property on its last day 2007-03-19 09:05:00 Pune, March 14: Property dealings remained top on the agenda for the outgoing General Body members of the Pune Municipal Corporation on the last day of their term on Wednesday. Without any discussion, members approved proposals for allotting land reserved for a playground at Lohegaon to Symbiosis and allowing a builder to construct a road through the civic school playground at Kondhwa.The GB, after much opposition and discussion, adjourned decision on renting a 4,000 sq mt plot of land at the International Convention Center to a private company. Wednesday’s GB being the last day for 113 corporators, the members had decided to clear all topics on the agenda for the month of March. So, when the proposal for land allotment to Symbiosis was called, the corporators readily approved it. The civic administration withdrew its earlier proposal on the topic regarding direct allotment to Symbiosis without calling of tenders. The allotment of land to Symbiosis had come under the scanner as a Read more:property
Private equity to power realty firms 2007-03-18 08:45:00 Real estate developers are increasingly looking at private equity firms
as banks are turning off the taps due to the Reserve Bank of India’s stringent guidelines on funding commercial and retail developments. In the first two months of 2007 alone, nearly Rs 1,500 crore worth of private equity deals have been forged by developers all over the country. Industry sources estimate that as much as $4 billion (Rs 18,000 crore) could have been invested in domestic real estate by private equity players this year. Of this amount, $2.4 billion was invested in the last year alone, says Mridul Upreti, head - capital markets, Jones Lang Lasalle, a real estate consulting firm. “In fact, deal sizes are expected to be double that of last year’s, especially in entity level investments. This year average deal size is pegged at $250 million as against last year’s $100 million,” Upreti said. Said a fund manager with an Indian realty fund, “Another Read more:Private
, power
DHR & BHS In Strategic Alliance to Open 6 Hotels In India 2007-03-17 15:42:00 The Bird Group under its wholly owned subsidiary, Bird Hospitality Services (BHS), is expanding its hospitality business with Dusit Hotels
and Resorts (DHR). Under a joint venture, Bird Hospitality Services is committed to develop six, 4 to 5 star hotels, which will provide Dusit the possibility to manage or franchise several hotels in India
. The first three properties, projected to open within 2010, are in Delhi, Goa and Rishikesh; and the next three by 2013 will be in Pune, Amritsar and Jaipur. The total investment in the hotels from Bird Hospitality Services is over US$200 million. Ankur Bhatia, Executive Director, Bird Group said, “We are delighted to enter into a strategic alliance with Dusit Group, Thailand’s leading and one of the oldest hotel groups.” In the 1st phase of its launch (Delhi, Goa & Rishikesh), collectively the properties will comprise of approximately 500 stylish deluxe rooms and suites. The properties will serve variety of cuisines from Cont Read more:Strategic
, Alliance
Property Rates in India to go up by 10% in Next Six-Months 2007-03-16 14:33:00 The future of India
n retail industry seems bright in the coming six months as implied by the data showcased by Federation of Indian Chambers of Commerce and Industry (Ficci) in its survey on property prices.The real estate rates in India will go up by 10-15 percent over the next 4-6 months.According to the survey report, the correction in Indian property rates is likely to be short-lived and will be restricted to cities where supply is more than demand. The report attributed the price rise to strong economic growth and said it will resume over the next four to six months.Ficci, for this survey had collected samples from 24 major real estate consultancy firms, developers, construction companies, builders and financing institutions. Following firms took part in the survey: SBI, Unitech, GE Real Estate, Mayfair Constructions, Ernst and Young, JM Morgan Stanley and many others.As many as 67 percent of the respondents felt that foreign direct investment (FDI) will assist in raising the prop Read more:Rates
, Months
DLF selects IBM India to transform its IT Infrastructure 2007-03-30 08:53:00 DLF Ltd, India
’s largest Real Estate Development company, has awarded IBM
India a 10 year contract, to transform and manage DLF’s IT Infrastructure
. DLF will leverage on IBM’s infrastructure management expertise to secure a high quality information backbone that will be managed in a cost-effective manner. Currently a US$ 29 million contract, this could multiply on the back of DLF’s growth plans. Under this agreement, IBM Global Technology Services will implement and maintain policies, standards, technology and delivery infrastructure, and standardize them as part of a broader transformation, across more than 20 locations in India. IBM will undertake security and disaster recovery planning, deploy a complete organisation security framework and check Security readiness for ISO 27000. IBM will be responsible for Helpdesk and Deskside support to DLF users across India and be responsible for all IT Infrastructure operations including Technology Refresh. The
Mantri Realty to invest Rs 800 crore for real estate development in Hyderabad 2007-03-30 08:50:00 Hyderabad, India, March 16, 2007 - Mumbai based real estate development firm Mantri Realty
is to develop 12 million sq.ft of space on a 60 acre property near Hitec City in Hyderabad at an invest
ment of Rs.800 crore
. The firm plans to build residential, commercial and retail space. Office space of 6 million sq.ft, retail space of 2 million sq.ft, and residential space of 4 million sq.ft is to be developed. According to Sunil Mantri, Chairman of Mantri Realty, the company is also looking at other projects in Ranga Reddy district, including 800 apartments at Borampet and 600 apartments near Sainikpuri.Source:INR News-Visit www.inrnews.com The Indian Real Estate ReporterVisit My Bangalore Blog- www.mybangaloreblog.com The Bangalore Real Estate Reporter.
Puravankara Group's Chennai project 2007-04-11 11:25:00 Earmarks Rs. 1,000 crore for various schemes Project to be executed in a phased manner Has a JV with Keppel Land of Singapore CHENNAI: Mumbai-based real estate developers Puravankara Group
has earmarked Rs. 1,000 crore for various projects it proposes to take up in and around Chennai
. The company had already disbursed Rs. 500 crore for its various on-going projects in Chennai. Addressing a press conference here on Tuesday, Girish Puravankara, Deputy Managing Director, said the company was launching its residential project at the IT Corridor on the Old Mahabalipuram Road in Chennai. The Rs. 300-crore project was being built on 11 acres. The construction would begin around May. The project would go on stream in about three years. Mr. Puravankara said the new project, Purva Swan Lake, comprised 700 apartments. Each apartment would have two to three bedrooms with an area ranging between 1,250 sq. ft and Rs. 1,750 sq.ft. The price of these apartments would range between Rs. 3,400 and Rs. 3,
Hyderabad Real Estate. Its Cool in Hot Summer! Apartment, Plot Prices Stagnate. 2007-04-11 11:12:00 The property prices in the once sleepy city of Hyderabad started taking off from the year 2002, spurred by growth of software and BPO business. Hundreds of US firms and leading Indian IT Players, have been ramping up scale of operations at Hyderabad. In recent weeks, the Real Estate
Market in city of Hyderabad has seen price stagnation.In a critical assessment of the current Real Estate market situation at Hyderabad, released at www.exclventures.com , Exclusive Ventures has confirmed that the market is cool and prices stable. On Residential Villa Market it reports: “Due to very low availability and the clear understanding in minds of buyers that the availability in future also would be very low, on account of high land prices, demand for Villas has always remained in positive territory. There is no chance of price coming down or even stagnation, in near future, for Villas. Its up, as usual!” On the Apartment market it reports: “There is no point in wishing away the tr Read more:Summer
, Prices
UK realty firm to invest 250mn pounds in India 2007-04-11 11:09:00 A UK-based property invest
or plans to invest 250 million pounds in India
's booming real estate sector in the next five years. "In the next five years we are planning to invest 250 million pounds in India," Suchit Punnose, Director Investments of Red Ribbon UK Fund.Of the total amount, 50 million pounds would be invested in budget hotel chains all over India, 50 million pounds in developing resorts in Kerala, 50 million pounds in student accommodation and 100 million pounds in commercial properties.The first budget hotel would be commissioned in Cochin by July this year.The company has identified land to build a 300-room resort in Kerala and the land acquisition would be completed in the next three months.In addition, Red Ribbon UK Fund also have plans to set up a pre-fabrication building construction factory in Kerala "which we hope to use to rapidly expand our footprint in India," the official said.Regarding student accommodation, he said they would identify 50
Ahmedabad changes land use laws 2007-04-11 11:04:00 If too many plots were converted from residential to commercial, chaos would follow, warns expert. The mega city tag being taken seriously by its citizens - Ahmedabad
is determined to be one of the commercial hubs in the region. So much so that the city is witnessing a rise in change in land use from residential to commercial. Companies have seized this opportunity by buying residential plots and then applying for a change in land use. Recently, real estate developer Navratna Organisers and Developers had applied to the Ahmedabad Municipal Corporation (AMC) for a change in land use. The corporation received in all 1,453 applications for change of land use in financial year 2006-07. Compared to the previous financial year, the applications were up six per cent. According to deputy municipal commissioner U C Padia, AMC cleared around 85 per cent of the applications every year. "Given that the city is developing, applications are bound to ris Read more:changes
Work on widening Gurgaon-Sohna Road to start by April 11: HUDA 2007-04-11 11:00:00 Gurgaon, April
9: THE Haryana Urban Development Authority (HUDA) today said work on the long-delayed project to widen the Gurgaon-Sohna Road will begin later this week. The road was scheduled to be completed by December 31, 2006, according to a board put up at the Tau Devi Lal Stadium in Sector 38 on Sohna Road. The work was scheduled to begin in February 2006. “The work on the road will start on April 11,” said SP Gupta, Administrator HUDA. He said HUDA plans to complete the work in 10 months.Source: http://cities.expressindia.comVisit www.MyBangaloreProperty.com
HighCourt jolt to Gurgaon landsharks 2007-04-11 09:27:00 Statesman News ServiceCHANDIGARH, April 10: In order to protect the interests of a Gurgaon-based family, whose agricultural land worth over Rs 500 crore was being allegedly usurped by landsharks, Mr Justice Surya Kant of the Punjab and Haryana High Court has constituted a special investigating team (SIT) headed by the Inspector-General (Crime Branch) to probe into the matter. The court has also taken strong note of the fact that majority of members of the family whose land had been fraudulently taken over by the alleged mafia are deaf and dumb since birth. In its attempt to take over the land, the criminals, who were masquerading as property dealers, had even kidnapped members of this family. The name of independent MLA from Ateli, Mr Naresh Yadav, also figures in the court order. In his hard-hitting order, Mr Justice Surya Kant has also said: “This court hopes and trusts that notwithstanding the pulls and pressures, Mr KK Sindhu, IGP (Crime Branch), Haryana, will ensure that a f
Bombay Dyeing in Talks with Starwood Hotels for 2 hotels in Mumbai 2007-04-10 09:32:00 Bombay Dyeing is foraying into hospitality with two hotels at Worli and Dadar in Mumbai
. The company is in talks with Starwood Hotels & Resorts, for its brands like Sheraton, W Hotels and St Regis. Bombay Dyeing is also talking to Peninsula Hotels, which runs seven luxury hotels in the world. The Peninsula Hong Kong is considered the world’s most luxurious hotel. The hospitality project is being headed by Wadia’s younger son and Joint Managing Director of Bombay Dyeing, Ness Wadia, who oversees the textile major’s diversification into real estate development and retailing. Wadia said, “We will award a contract for the management of the hotels to one that fits into the overall scheme, which includes the location, size and luxury scale.” With domestic and international tourist arrivals increasing every year, hospitality is a booming business in India. The country has a shortage of 1.1 lakh rooms, which has seen average room rates rise 18-22 per cent annu
FICCI Delegation on Real Estate to Singapore 2007-04-10 09:18:00 FICCI has planned an exclusive interactive meet with leading Singapore
companies in Real Estate
and Urban Infrastructure sector supported by International Enterprise Singapore (IE Singapore), Singapore Business Federation (SBF), Singapore Chinese Chamber of Commerce and Industry (SCCCI), Real Estate
Developers' Association of Singapore (REDAS) and Singapore Institute of Architects (SIA). In order to facilitate and promote business interests in the real estate and urban infrastructure sector between India and Singapore FICCI is taking a business delegation to Singapore from April 2 to 4, 2007. FICCI has planned site visits to some of the exemplary projects executed in Singapore. There will be an opportunity for one to one meetings with leading Singapore companies in real estate and urban infrastructure based on your requirement. Apart from this, site visits have been envisaged to some of the exemplary projects in Singapore. A Conference on Investment Opportunities in Indian Real Est Read more:Delegation
Reliance Industries is in hurry on its Special Economic Zone (SEZ) projects 2007-04-10 09:16:00 Reliance Industries
is in too much of a hurry on its SpecialEconomic
Zone (SEZ) projects, if the Maharashtra government officials are to be believed. Land acquisition is always a touchy issue and the company could have tried to demonstrate what it could do through an SEZ, they said. Senior state government officials said that the company could have first developed the 4,000-hectare Navi Mumbai SEZ, which is being developed in partnership with the City and Industrial Development Corporation (Cidco). Land acquisition is not an issue in this SEZ project as the land is already with Cidco. The company could have showcased the SEZ to show how such mega projects can bring prosperity to a region and also create jobs for the local population. This could have reduced the general concern among farmers over the 10,000- hectare Mahamumbai SEZ. Reliance is developing two such projects - Navi Mumbai and Mahamumbai SEZ. Unlike the former, the Mahamumbai SEZ requires 10,000 hectares.Visit www.MyBangal Read more:Reliance
Indiabulls Real Estate Limited (IBREL) Lists on Mumbai Stock Exchange 2007-04-10 09:13:00 Indiabulls Real Estate
Limited (IBREL), the real estate wing of Indiabulls Group, got listed on the Bombay StockExchange
. IBREL, which recently demerged from Indiabulls Financial Services Limited (IBFSL), reached a high of Rs 414.80 per share in early trade and over 12.97 lakh shares were traded on the BSE. The face value of the stock was Rs 2 each. As per the arrangement between Indiabulls Financial Services Limited (IBFSL), Indiabulls Real Estate Limited (IBREL) and their respective shareholders and creditors, it is learnt that the real estate undertakings of IBFSL got demerged and vested in IBREL on a 'going concern basis'. As per the arrangement, IBREL recently issued over 16crore equity shares of Rs 2 each in the exchange ratio of 1:1, that is one equity share of Rs 2 each was issued for one equity share of the same value held in IBFSL. IBREL has also issued an equal number of warrants to the existing warrant holders of IBFSL. Further, IBREL allotted 1.10 crore equity sha Read more:Mumbai
, Lists
Delhi Based GTM Plans to Open 10-12 Education Malls across India 2007-04-10 09:10:00 The Delhi-based GTM Group plans to set up 10-12 malls across the country that will house only educational institutions. To start with, the Group is constructing a mall in Jaipur that will bring together 60 colleges and institutes. This concept has been popular in the developed countries and it holds promising prospects in the long run in India
too.Visit Bangalore News Blog at www.mybangaloreblog.com Read more:Education
Omaxe to Set Up Wedding Malls 2007-04-10 09:06:00 New Delhi April 2 Find a soul mate, walk into a mall and get out married. Welcome to the new age of speciality malls. With the objective of differentiating themselves from the intense competition, mall developers are setting up malls that offer products and services catering to specific needs. Wedding malls Omaxe Ltd is setting up `Wedding Malls' that will offer `mehendi' and `teeka' artists, `pundits' to solemnise the nuptial ties and halls where parties can be hosted. Even travel desks to take care of honeymoon package requirements. "Consumers now want value-added differentiated products and these malls would cater to just that," said Mr Arvind Parakh, CEO-Corporate Strategy and Finance, Omaxe Ltd. Apart from three Wedding Malls, Omaxe is also setting up a property to sell only home and office interiors. On cards are dedicated mall for automobiles and another one for health and beauty, both in Gurgaon, according to an ICICI-Technopak study. Malls for hardwar
Appu Hotels Plans to Open 10 New Hotels across Tamil Nadu 2007-04-10 09:03:00 Appu Hotels
Ltd. that owns Le Royal Meridien, a five-star deluxe hotel in Chennai is planning to set up around 10 hotels across the Tamil
Nadu in next three to four years. "Of the ten, two or three will be in the five-star category and the rest will be in the mid-priced (three or four-star) segment. According to Palani G. Periasamy, Chairman, Le Royal Meridien, the company will altogether open up in excess of 1,500 quality rooms in the State. He said, "As we want our hotels to be environment-friendly, most of our proposed projects would be greenfield, and in all, we are planning to invest Rs. 1,000 crores in the project.Visit www.mybangaloreproperty.com to List your Apartment Projects for Free
Tata Steel Completes £6.2 Billion Acquisition of Corus 2007-04-10 09:00:00 Tata Steel
Ltd. announced that it has completed the £6.2 billion acquisition of Corus
Group plc at a price of 608 pence per ordinary share in cash. The enlarged company will have a crude steel production of 27 million tonnes in 2007 and will be the world’s fifth largest steel producer with 84,000 employees across four continents. Corus' top management will continue with the enlarged Group. Visit Bangalore Property News Read more:Acquisition
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