Real Estate News

Property Headlines Beware: You Might Get Duped The trend of reconstructing old buildings and turning them into tall towers is slowly catching up in Thane, Mumbai. Quite often, people are cheated by developers during this process due to their ignorance. Mr. Srinivas Ghaisas, a legal advisor from Thane, recently held a discussion with those attending the Aatre Katta session in Thane, where he recommended the following steps to avoid getting duped: •When you decide to reconstruct the building, call an architect to survey the place and estimate the floors that can be increased and other technical details •Go for tendering process while selecting a builder •Shortlist the tender and inquire into information given by the builder in the tenders, most of the work mentioned by them in these tenders did not exist He also added that,"Take a written offer from the builder and then decide your terms in the society meeting. If the builder is building an extra six floors, it is your right to enjoy some profit earned by the builder. Make your own development agreement and shortlist the demands. Decide which demands are negotiable and which demands are non-negotiable and which could be negotiated. Make a final agreement based on the offer given by the builder and the final demands put forth by you. When the builder knows that he is dealing with knowledge able people he will agree to most of the demands put forth by you." 19 July 2008 Hindustan Times (Mumbai) South Delhi Remains Hot Amidst The Slowdown In Realty Growth of real estate in Delhi-NCR has not taken the sheen off the original best-seller, South Delhi. Despite a slowdown in the real estate market, prices in Defence Colony and Golf Links have only increased as their capital values have increased 15-20% over the last six months. According to a prominent South Delhi developer, people putting their bungalows up for redevelopment have also increased manifold and he expects rates to go up even further in coming months. While the chart of South Delhi is going upwards, South Mumbai seems to have stopped in its tracks. After a 300% growth in the last three to four years, the last six months have seen capital values in South Mumbai remain flat, said Cushman & Wakefield Director (residential), Ms Aditi Vijaykar. According to her, the value of transactions might have been higher in the last six months but the number has come down considerably. 24 July 2008 propertybytes.com Real Estate Atmosphere Is Getting Gloomy Thanks to choppy economic conditions, the real estate market continues to slide and some top builders expect a substantial dip in their sales this year. Mr. Niranjan Hiranandani, Managing Director, Hiranadani Constructions said, "Due to a slump in the real estate market, our forward budget planning has come down by 15%. Hence, by this year end, we expect our overall sales to dip by about 20% to 25%." Earlier this year, the company was expecting a rise in its budget by about 35%, but calculations have gone awry. However, he feels that the market dynamics are still strong and there are a number of opportunities available for the realty market to grow in the long term. Mr. Hemant Shah, Chairman, Akruti City believes that only after Diwali, the real estate market will start showing some signs of improvement. 25 July 2008 The Financial Express The World's Most Expensive Office Space The most expensive office market in the world is London. There are three markets within it - the city, West End and Midtown, priced at $129, $259 and $ 119 a sq foot, respectively. In parts of Midtown Manhattan, the going rate for office space is $100 per-sq-ft, per year, according to Cushman & Wakefield. This rate beats London's fourth most expensive market, Canary Wharf, where space is priced at $84 per-sq-ft. 23 July 2008 forbes.com   Property Trends Want A Beautiful House? Get Married If you are single and looking for a house, get married. As after the marriage, the housing finance company will consider the total income of the couple and you will end up getting a bigger loan than that available individually. Given this, you can buy a sea-facing flat in Mumbai. But if you are looking for something like this, take a loan for a lesser term. Usually, individuals take tend to take up loan for a tenure of 20 years. And married couples (if both are earning) can take a loan of a lesser term for around 15 years, having a greater equated monthly installment (EMI). Also, under the joint loan scheme, both will be allowed tax deductions for the EMI paid to repay the loan. 19 July 2008 DNA Money (Mumbai) Heath Check-Ups For Buildings With many buildings facing problems of ageing, there are housing societies and single property owners like clubs and hotels who have started hiring structural architects and consultant on full-time retainership basis. "The trend was earlier restricted to corporate houses and companies. Now, even housing societies and single property owners are hiring structural architects, either at a charge or on case-to-case basis," structural consultant and conservation architect, Mr. Chetan Raikar said. The retainee structural architects do work from periodical inspections, suggesting repairs, and reviewing the repair designs and plans. Structural architects are like the family doctors, who provide solutions for a better position and consistent evaluation. 21 July 2008 DNA (Mumbai) Competition Motivates Developers To Come Up With More Luxury Projects Competition is growing in the Indian real estate market and to grow up in the ladder, developers are building skyscrapers and partnering with worldwide spas and engineering companies. Shree Ram Urban Infrastructure (SRUI) is planning to partner with worldwide spa companies like Thailand-based Banyan Tree and Madrid of Hong Kong in order to set up a 10, 000 sq ft luxurious spa in its Palais Royale 50-storeyed skyscraper complex in Worli (Mumbai), on the lines of One Brand Square, a super luxurious residential skyscraper. Competitor, Lodha Group's new project, Lodha Bellisimo's (at Mahalaxmi) A and B wing will be ready by 2009-end, and C wing by 2011, where-in the elevator (with finger print access) opens directly into one's residence. Along with that, there is an exclusive private elevator that connects the two levels of one's duplex home. The company has partnered with Kapadia Associate, Architects, Sitetectonix, Singapore for Landscape and Johnson Controls Inc (JCI), USA for facility management. 24 July 2008 The Financial Express Emaar MGF To Come Up with A Mega Project In North Chennai Emaar MGF is planning to set up a mega housing project in the northern part of Chennai. The project, Esplanade is claimed to be the largest housing project to be developed within the jurisdiction of Chennai Metropolitan Development Authority (CMDA). The apartments will have an integrated security system, centralized gas pipe connections, 1,000 MV generator back up power for each apartment, sewage treatment and reverse osmosis plants. The cost of the project is fixed at Rs 3, 400 per sq and the project has been targeted at businessmen as well as middle class people. 24 July 2008 The Financial Express   Financial News LIC Housing To Foray Into Venture Funding LIC Housing Finance is all set to enter the venture capital arena and is planning to start a Rs 500 crore real estate fund by the end of this financial year. Currently, it is scouting for a banking partner for raising capital and will soon approach the Securities and Exchange Board of India (Sebi) to set up an asset management company. The company will decide on whether it will expand its presence in the venture capital space after analyzing the response from real estate. According to sources, there are at least three major banks in the fray for a tie-up and a memorandum of understanding will be signed soon. LIC Housing Finance will be the promoter of the real estate venture fund and LIC will be one of the internal contributors of the fund. 22 July 2008 indianrealtynews.com Omaxe Plans To Sell Pie To PEs In Affordable Housing Project Omaxe is planning to raise funds for its mass-housing project from private equity investors. "Omaxe is in talks with some PE players to raise money to partly fund its affordable housing project," ," a source said. Two months back, the company said that it would build 10 lakh affordable homes for low-income consumers in tier-II and tier-III cities. Omaxe may also consider raising funds from agencies like National Housing Board in the project. 23 July 2008 DNA Money (Mumbai) Donald Trump Launches An Indian Real Estate Fund Donald Trump Jr. is planning a real estate hedge fund focusing on luxury properties in India. His plans are to raise as much as $1 billion for the privately-held fund. Analysts expect property prices in the subcontinent to drop by about 20%, creating opportunities for the hedge fund. "The fund will be for acquisitions of real estate in the high end, and across the spectrum," said Mr. Donald Trump. 23 July 2008 indianrealtynews.com IFCI, Emaar MGF In Dispute IFCI has taken real estate major, Emaar MGF to court, alleging non-refund of Rs 50 crore invested in a pre-IPO placement transaction with the real estate company. Earlier this year, Emaar MGF had approached the capital markets with an Initial Public Offer (IPO) of about Rs 6, 500 crore but had to withdraw it because of adverse market conditions. Sources in IFCI claimed that it had taken recourse to legal action as Emaar MGF was not refunding the money, but instead had offered shares at a price much lower than the price band. This was not acceptable to IFCI, which sought refund of the entire money with interest. An Emaar MGF spokes person said, "There is a minor issue with IFCI pertaining to the interest amount which is contractually and legally not permissible. We are committed to resolve this issue of interest amounting to a meagre sum of Rs 1.5 crore (approximately), and are in discussions with IFCI." 25 July 2008 The Hindu Business Line   Investment Headlines CHD Developers To Come Up with New Housing Projects CHD Developers Ltd is planning to invest Rs 1,400 crore in the next five years to set up housing projects across the northern region."We have lined up an investment of Rs 1,400-crore on developing various real estate projects which would take five years to complete," said Chief Financial Officer, CHD Developers, Mr. Vishal Rajpal. The company is coming up with four lifestyle housing projects for retired persons in Karnal, Rishikesh, Mathura and Neemrana (in Rajasthan)."We have proposed to inject Rs 1,200 crore in this project and we intend to float a special purpose vehicle for it in which some other companies may also acquire stake for funding purposes," he said. 25 July 2008 The Hindu Business Line Ansal API Plans To Sell 40% in Dadri Project Ansal API is in talks with both Indian and international private equity investors for diluting stake in its 2, 500 acre township project in the Dadri district of Uttar Pradesh, said Mr. PN Mishra, Executive Director (business development). The company has already acquired 350 acres for the project and has submitted a proposal for expanding it to 9, 000 acres. The estimated time for completion of the project is over seven years. 25 July 2008 DNA Money Bahrain's TAIB Bank Picks Up A 26% Share In Anant Raj Projects Despite the slowdown in the Indian real estate market, a leading private bank based in Bahrain, has picked up a 26% stake in Anant Raj Projects for Rs 216 crore. The deal puts the valuation of the subsidiary of New Delhi-based Anant Raj Industries (ARIL) at Rs 831 crore. TAIB Bank has invested in the company through its real estate investment arm Acacia Real Estate. Anand Raj Projects plans to develop 600,000 sq ft of retail space which is expected to be operational by the first half of 2009. "This deal proves that despite prevailing market conditions, investors are ready to pay a premium for participating in projects promoted by reputed developers with an established track record, adequate experience and expertise in creating quality product," Mr. Rajeev Bairathi, Associate Director, Investment Advisory, DTZ said 24 July 2008 indianrealtynews.com Andhra Pradesh Government Looking For An International Partner The Andhra Pradesh Government is looking for an international partner to design and develop an 800 acre integrated township at Kadapa district in the state. The integrated tourism and township project will be developed by the Andhra Pradesh Tourism Development Corporation (APTDC) under the public private partnership (PPP) mode. The company will be expected to design, finance and construct the integrated township. Besides this, the other responsibilities of the partner would be to operate, manage and maintain the proposed project, the APTDC said. The proposed township will be developed around Gandikota, on the banks of Penna river, situated amidst Gandikota Fort and would be within 350 km of important south Indian cities such as Hyderabad, Chennai and Bengaluru. 24 July 2008 The Hindu Business Line   Ads by Google   Insurance in India Bajaj Life Insurance National Insurance ICICI Lic Top Mutual Funds NRI Plans Feedback | Unsubscribe IEIL has taken all reasonable steps to ensure that information on this site is authentic. Users are advised to research bonafides of advertisers independently. IEIL shall not have any responsibility in this regard. We also recommend that you visit www.99acres.com/disclaimer/ for more comprehensive information on this aspect

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