A parcel of land close to the Bandra-Kurla commercial hub in Mumbai has been put up for sale again by the Railway Land Development Authority (RLDA). The reserve price of the 45,371-square-metre plot was last pegged at Rs 3,960 crore.
This is the fourth attempt by RLDA, the nodal agency for development of railway land in the country, to sell the land.
It has invited expressions of interest (EoIs) from companies to develop the prime land. The last date for receiving EoIs is February 28, after which a new reserve price will be announced.
More : business-standard.com
Property IPO wave risks investor indigestion
Investors are more likely to choke on a glut of India property IPOs set to hit the market this year than gobble them up.
Even though Godrej made a strong debut this month in the first Indian property listing in two years, IPOs of other developers could meet more restrained investor buying as they compete with a slew of large public sector offerings.
At least 16 real estate firms have lined up plans for initial public offers to raise about $6 billion, buoyed by an 81 percent rise in the Mumbai stock index last year and as property buyers return.
More : economictimes.indiatimes.com
One Indiabulls Centre rated the Best by CNBC Awaaz, CRISIL
Amidst high competition from other leading players, Indiabulls Real Estate walked away with the Best Commercial Property Award from “THE CNBC Awaaz CRISIL CREDAI Real Estate Awards 2009.
Touted as India’s biggest and most prestigious Real Estate Awards, the One Indiabulls Centre, led the way in design, style, architecture and technology leaving the nominations of Hiranandani and Kalpataru. The One Indiabulls Center is a first of its kind, luxury Commercial complex in Central Mumbai’s emerging business district of Lower Parel, designed and built by Indiabulls Real Estate Limited. With projects covering a total land area in excess of 10,000 acres IBRL is one of the largest listed real estate companies in India and a leading national player across multiple realty and infrastructure sectors.
CNBC AWAAZ and CRISIL Real Estate Awards is an initiative that honours India’s leading developers and builders who have played a major role in shaping the new India success story. Adjudged by an industry jury comprising of luminaries from within, the Awards recognize the best in the industry for their efforts to raise the bar and set new benchmarks for the industry to follow. The award ceremony was held in Dubai on 23rd Jan 2010.
More : indiainfoline.com
Purchase of 400-sq km land in sensitive area raises alarm
TOI has learnt that PACL’s registered office is in Jaipur and it also maintains a corporate office at Barakhamba Road in Delhi. What is intriguing is that although PACL claims that its basic operations are centred around agricultural activities, the nearly 400 sq km of land that it has bought is entirely in the Thar Desert.
All the land falls under two police stations of Sheo and Chohtan in Barmer district. While Chohtan tehsil is directly on the international border with Pakistan, Sheo is more than 50km from the district headquarters of Barmer. There is no major road leading up to these villages and understandably they are also sparsely populated.
What may have sent alarm bells ringing in both the defence ministry and the home ministry is that in strategic terms the area in which so much land has been purchased by a private company is extremely sensitive from a strategic point of view.
Market Report, “India Real Estate Report Q1 2010, published
India’s property market is in a downturn. After nearly four years of a real estate boom, prices have dropped 20-40% since their peak, property sales have fallen over 50% year-on-year (y-o-y), and developers are burdened with many unsold and unfinished projects. The economic recession has taken hold, and bank lending has tightened.
Many projects have been stalled by their inability to raise finance. Office rents have fallen, especially in Mumbai and New Delhi, where they have declined considerably since their peak. There are many office projects in the pipeline, and this will exert further downward pressure on rents in the near term. Further, due to the economic downturn, some major companies may relocate to less expensive office space, or renegotiate existing leases to drive down rents. In the residential market, prices are falling.
Potential buyers are delaying purchases in the hope that prices will go down further. First-home buyers are seen as a major driver for the residential segment. Luxury residential prices fell dramatically in early 2009. Demand is sharply down. Affordability is now one of the main drivers in the residential market. There has been resurgent interest by developers in affordable housing schemes, especially as the market has stalled for luxury houses and apartments.
More : pr-inside.com
Fortune Hotels Opens Fortune Select Regina at Candolim, Goa
Fortune Park Hotels Ltd, a wholly owned subsidiary of ITC Ltd, today announced the opening of its 31st property, Fortune Select Regina in Candolim, North Goa. This elegant property has a carefully crafted blend of contemporary style and traditional aesthetics to provide premium accommodation for visitors.
Fortune Select Regina is owned by Acron Hospitality Pvt Ltd, the hotels division of Acron, a diversified group engaged in property development, hospitality, infrastructure construction and retail businesses. The property is professionally managed by Fortune Park Hotels Ltd, and is designed from the greenfield stage to comply with the Foreign Tour Operators’ Association specifications.
Speaking on the occasion, Mr. Pawan Verma, Senior Executive Vice President, ITC Ltd.-Hotels Division, said, “With 56 properties in 43 cities across India, Fortune Hotels is one of the fastest growing chains of first class hotels in the country and the launch of our Goa property only reinforces our commitment to offer our guests a rare combination of luxury and competititive pricing. We will be expanding our presence in key markets with our different brands of Fortune Hotels in accordance with market demand. We are all set to launch our new properties in Hyderabad, Thane and Gandhinagar in the next couple of months.
More : yourstory.in
Deemed universities for property dealers
Property dealers, politicians and their kith and kin were often beneficiaries of the policy of wholesale merchandising of education pursued by the UPA-I government and recommended to be scrapped by the UPA II. While minister of state for information in the present government S Jagathrakshakan’s involvement in the Bharath University is the best known case, he is not the only one.
Tripura governor D Y Patil is another such education entrepreneur. Mr Patil is the eponymous founder of the D Y Patil University, which also finds itself in the list of ‘doomed’ institutions . While governor Patil is preoccupied with his constitutional duties, it is his son Ajeenkya D Patil who runs the show. Mr Patil has been the corporator of Kolhapur Municipal Council (1957 to 1962) and member of the Maharashtra assembly from 1967 to 1978. Governor Patil’s interest in education appears to extend beyond universities and colleges to international schools as well. Interestingly, one of the four international schools owned by Mr Patil across Maharashtra is named after NCP leader Sharad Pawar — Sharad Pawar International School in Pune.
It is not just the politicos who benefited from Arjun Singh’s largesse, in Haryana two property dealers stepped out of their core areas of business to run education institutes . Manav Rachna International University’s OP Bhalla was a property dealer with substantial involvement in Faridabad’s Sainik Colony. In the 1990s, he ventured into education and set up the Career Institute of Technology and Management. He went on to build on this institute to set up a university which was given deemed to university status in October 2008. The other property dealer is Tarsem Kumar Garg, who is the chancellor of Maharishi Markandeshwar University.
More : economictimes.indiatimes.com
Farmers object to their land being acquired for the Dadri Power Project
Instigated by rivals and the desire for more compensations more farmers headed for the collectors office objecting to their land being acquired for the Dadri Power Projectionists some accompanied by kin thronged the collectorate to register their application to claim their land back. While the Reliance group headed by Anil Ambani that is promoting this project has declined to comment in view of the matter pending for review at the Supreme Court, sources in the collectors office said they are trying to ascertain the extent of land that is being reclaimed. The numbers are expected to be higher than the number of farmers which were expected to file for reclaiming of land vide the high court order. The land for Dadri Project was acquired in 2004 by the Govt of UP from 5827 land owners by signing Consent Agreements.
In fact less than 10% of total land owners, whose land was acquired, challenged the land acquisition in Allahabad High Court. Many local villagers said that the high applications are in view of people trying to encash the opportunity. “Many realise the land prices have gone up since the time they traded their property so want some more money in view of the prevailing prices,” said a resident of a hamlet in Dadri. Also business rivalry and several pending disputes pertaining to the Dadri plant are fuelling the agitations, asserted many. Rival of the Anil Ambani group who are against the project are funding demonstrations, travels from villages to the collectorate and even being paid off. “Some private volunteers were even present at the collectorate on Friday, helping people.
They however did not divulge their identity,” said an official. While demonstrators shouted slogan seeking “adequate compensation”, many sought that cases registered against them on account of agitations in the past be withdrawn. As many as 605 farmers approached the district authorities here on Friday seeking return of land sold to Anil Ambani group’s Reliance Power in Dadri, taking their total number to 1,171.The claims, the second such after 566 land owners moved the authorities on January 13, follows the December four Allahabad High Court order that quashed a portion of the state government’s 2004 notification for purchase of land for Reliance Power’s Dadri power plant. Reliance Power has filed a special leave petition in the Supreme Court, appealing against the High Court order.
Source : mynews.in
Demand for luxury real estate returns to the India property market
Real estate developers in India are set to launch more luxurious property projects despite recent commitments to more affordable property.
Last year developers saw demand for luxury real estate fall off and declared that in 2010 they would be concentrating on the middle and lower end of the market. But what a difference six months has made. They are now reporting a surge in demand for higher end real estate.
The country’s largest real estate developer, DLF, said it sold more luxury and semi-luxury apartments in December than ever before.
Indiabulls Real Estate confirmed that it has sold 100 apartments in its 65 storey Indiabulls Sky in Mumbai in the past four months and it has recently launched another luxury project, Indiabulls Sky Suites.
More : propertycommunity.com
Malaysia as a second home, anyone?
Malaysia is a hidden real estate paradise with affordable commercial space and choice of a home-away-from-home, says Mr Kumar Tharmalingam, Member, Board of Governors, Malaysia Property Incorporated.
Mr Tharmalingam is in India promoting Malaysia as an option for those looking at investing in real estate overseas. Whether it is a company expanding its operations or someone on the lookout for quality living space Malaysia can cater to their needs, he says.
Selling in India
Malaysia has so far promoted real estate investments opportunities in markets in South East Asia, Australia, the UK and the Middle East and is now promoting itself in India. Increasingly Indian companies are looking at Malaysia — costs are growing for them in Singapore and other South East Asian countries — for its lower land cost, he says.
More : thehindubusinessline.com
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