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| More choices in Delhi-NCR |
| 01.31.09 (3:34 am) [edit] |
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Delhi and its suburbs are teeming with apartments catering to the mid-segment section of society, which are both affordable and stylistically designed, according to JB Karamchandani, senior vice-president of Parsvnath Group. The group is coming up with Parsvnath Sterling, located on Delhi-Ghaziabad road and offers excellent connectivity with Delhi.
With fully developed socio-economic in the neighbourhood, it is an excellent choice in affordable housing. Parsvnath Sterling, Ghaziabad has been designed to offer an exclusive choice of 2-3 bedroom options. The total saleable area of Parsvnath Sterling is 1,56,240 sq ft – with a 2-bedroom unit of 1,090 sq ft and a 3-bedroom unit of 1,620 sq ft.
Another projrct -------------------- unit of 1570 sq ft.
Parsvnath Paramount are a luxury air-conditioned condominiums at Subash Nagar near Rajouri Garden, also by the same group. Parsvnath paramount with 75% open are greens, meticulously planned and well designed condominiums offering 3 and 4-bedroom apartments and penthouses by master designers and engineers. The total saleable area of Parsvnath Paramount is 1,58,546 sq ft, with a 3-bedroom+penthouse of 2,743 sq ft-the total units are 125.
R K Arora, CMD of Supertech Group, says the much-awaited Crossings Republic project is set amidst lush greens and offering 70% of open area within each plot. “the plots have been designed keeping in mind the need for expansive spaces that capture your imagination. The township is an embodiment of clutter-free, pollution-free, rejuvenating atmosphere that fosters harmonious co-existence with natural surroundings.”
Supertech’s Bluestone project in Noida with world-class facilities is targeted at the upper-end nouveau riche. The Czar Suites, Greater Noida is similarly built and has an assortment of 2, 3-and 4-bedroom units and penthouses with servant’s quarter. Ceyane Towers and Studio Apartments in Sector 93A in Noida are located in one of the most prime location, the main expressway connecting Noida to Greater Noida, comprising 324 units of serviced studio apartments. These apartments will be available for stay from one night to one year. Sanjeev Srivastava, MD of Assotech Ltd, says: “We believe the company is well positioned to continue with the motto of providing affordable housing to different strata of Indian population. We were quite aware of different needs of low-income population and hence developed new techniques to provide affordable housing to this segment. We have put our vast experience and capital into play and have created better infrastructure in terms of affordable housing in several cities, including Ghaziabad.” ‘The Nest’ in Crossing Republic on NH-24 offers affordable homes in the range of Rs 28 lakh to Rs 43 lakh. The apartments’ super area ranges from 1,250 sq ft to 1,845 sq ft. “We plan to deliver 400 apartments by the end of next financial year, i.e. March-2010,” he sai
Courtesy: HT dated - 31-01-2009
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| DLF announces launch of The Galleria |
| 01.30.09 (3:01 am) [edit] |
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DLF Commercial Complexes Limited announced their expansion plans in the commercial space arena of Ludhiana with the launch of its first office-cum-retail venture “The Galleria, DLF Ludhiana”. DCCL chose Ferozepur Road as it offers an excellent location for large format retail and office space under one roof.
Courtesy: HT date: 24-01-2009
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| LOOKING BACK |
| 01.29.09 (1:51 am) [edit] |
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The Indian economy is going through a phase none of us, the so-called young professionals and second-generation entrepreneurs have witnessed before. Only professionals who had been there and seen the market before 1992 can understand the phenomenon. The second-generation entrepreneurs had been totally ignorant of the downturn, or even anticipated it could happen-leave alone drawing up a contingency plan for the same.
What inflated the bubble?
The factors that led to the growth in the real estate sector since 1999 were:
• The high purchasing power parity of consumers after the open economy started delivering results.
• Change in mindset with respect to age for owning of house.
• Dual household incomes.
• Low home loan rates and most importantly,
• Cash down home loan disbursal by banks. Cash down implies that the banks were funding homes purchased by customers from developers at ground zero level. The bands usually funded up to 90 per cent of the flat cost, and this along with a high profit margin of 200 per cent ensured that developers got the profit even before they had actually pumped in money for construction. The excess profit realized led to further land purchase and pre-launch of future projects. The whole market started to trade on the future value of projects. This led to small players becoming big – increasing their turnover from Rs 250 crore in two years (whereas in the ‘90s companies were increasing their turnover from Rs 50 crore to Rs 100 crore in a decade). Such inorganic growth cannot be self sustained and was bound to flatten.
Prelude to the downturn
Not long ago we were seeing every player in the market, with the remotest of links to the real estate business, turning into a developer. The absence of a regulatory authority in real estate meant the government had to control the market by way of squeezing the credit off take to the sector. The series of measures implemented were:
• No credit to real estate on construction financing.
• Higher reserve ratio to make real estate non-priority sector lending.
• Higher home loan rates, to the low of 2003. The graphs show the difference.
However, no one, even governments with extreme power, had been able to control the markets. Still, one does not give up trying, and the measures taken by the government were successful in curbing the inorganic price increase and real estate sector, it went beyond control and negative sentiments coupled with host of measures led to the crumbling of biggies in real estate. Loan installment defaults, delay in project completion, surrender of land bank, backtracking on commitments were the after effects.
The synopsis
As the inorganic growth was unsustainable, so is the inorganic downturn. There is an intrinsic value of an assed and the trading value of that asset can never become lesser than the intrinsic value. The current market scenario in reality can be termed as “Market man than” (or churning) and definitely this will result in consolidation of the industry in the long run. There will be few national level players who will survive the current market churning and emerge stronger. There will be many mergers and acquisitions with regard to small regional players. Only players with strong fundamentals and cash flow will be able to survive the slow down.
Also, there had been an increase in number of developers offering Pansy schemes. What’s that? It’s a scheme where in returns are offered to old customers from money received from new customers and not from profit. An example: A scheme being offered at a return of 18 per cent p.a, at a location where the ongoing price is 2500 per sq.ft. In such a scenario it had become all the more important for brands, individuals and corporate planning to gain from the slowdown and strike a bargain in tattered markets.
This is the right time to enter the real estate markets – But only after you have done your research.
The author is Director – Strategy and corporate Affairs, wisdom Fountain consultants’ Pvt. President, Supreme Financial Consultants Pvt. Ltd.
Courtesy: HT did: 24-01-2009
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| WHAT IS ON OFFER IN INDIA? |
| 01.27.09 (3:44 am) [edit] |
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There are a lot of foreign investors who are coming to India and investing big time in Rajarhat. Several projects have been born out of these investments.
i) Rosedale Gardens is a housing complex for NRIs. It is a joint venture between Bengal Shrachi Housing Development and two NRI individuals. The project taps the demand for fully furnished ready-to-move-in apartments from NRIs, and boasts of an investment of Rs 300 crore. Rosedale Gardens is spread over 16 acres in Action Area III of Rajarhat. Each flat here will cost between Rs 50 lakh to 1.30 crore. The amenities are compatible with those in the West, from the swimming pool and to advanced sporting facilities. In addition, there will be a travel centre, medical assistance on demand and an eating joint. Keeping in view that privacy is highly valued by the NRIs, the joint venture has consciously avoided developing big commercial outlets within the complex.
ii) Indonesia-based Bengali NRI Prasun Mukherjee’s Universal success Enterprise Ltd and Delhi-based Unitech will promote a Rs 700-crore information technology park and housing project at Rajarhat soon.
iv) Elita Garden Vista, a 1,278 unit complex, is being developed on a 25-acre land parcel in Action Area III by Keppel Land Limited, the property arm of the Keppel Group, one of Singapore’s multinational firms with core businesses in offshore and marine infrastructure and property. Keppel Land’s Indian partners in the project - are the Jatia Group and the Puravankara Group. Elita is set to be ready by the end of 2011.
v) The country’s first solar power housing complex is coming up in Rajarhat too. An agreement has just been signed between DLF and the West Bengal Green Energy Development Corporation to this effect. A total of 200 acres have been acquired in Rajarhat by DLF for the project and work is expected to start soon. The highrise complex will provide housing solutions to all three categories – lower, middle and higher income groups – and contain 8,000 apartments. Photo voltaic cells will be fitted on rooftops, terraces, refuge areas, balconies and window panes to generate power.
Courtesy HT-dtd -17-01-09:
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| KUNDLI (SONEPAT) HARYANA REAL ESTATE |
| 01.22.09 (3:40 am) [edit] |
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Kundli (Sonepat) Haryana is the fastest upcoming area in the NCR of Delhi. Being in existence since 600 B.C., well explained by Maharishi Panini in his celebrated ASHTADHYATI, Kundli is part of the same Sonepat which is often believed that it was one of the five prasthas or towns demanded by Dharamraj Yudhishthira from his cousin Duryoudhana as the price of peace. Kundli is situated on Delhi-Haryana border on National Highway-1. It is just 30 k.m. away from Connaught Place, New Delhi.
CENTRE FOR ATTRACTION
Famous industries and corporate companies are already in operation in this area. The Steel King from Britain Mr. L. N. Mittal is going to establish his business in Sonepat. K.M.P. (Kundli-Manesar-Palwal) Expressway is under construction. It will be the longest expressway in the country. The expressway will intersect NH-1 near Kundli (Sonepat), NH-10 near Bahadurgarh, NH-8 at Manesar (Gurgaon) & NH-2 near Palwal (Faridabad). Upon completion, the expressway will improve connectivity with New Delhi, provide faster access to the international airport in the capital and facilitate the development of a new economic corridor. Good number of cold storages are functioning in this area, which are providing services to the big businessmen of Union Territory of Delhi. Rajiv Gandhi Educational City has been inaugurated which is spread over 5000 acres of land in Kundli.
REAL ESTATE ASPECT
There are very good opportunities for real estate sector in Kundli – it’s being a potential area for big employments. Soon Metro services will be available in the nearby area. Delhi being a congested area to live in, Kundli, being in close vicinity of Delhi, has become an attractive and easily accessible place to live in. Also in the close vicinity of Kundli, there are numerous marriage banquet halls/lawns which have become centres of attraction. Good number of builders and developers have planned various residential and commercial projects. The details of these projects are as under:
TDI Kingsbury Terraces, TDI Kingsbury Prime, TDI City-Kundli, Parkar Estate-Kundli, Sunshine County- Kundli, Ushay Towers-Kundli.
In the nearby area in Sonepat, good number of residential and commercial projects have come up. These projects are –Express City, Eldeco County, Eldeco Estate One, Parsvnath Mall, MapskoGarden Estate, TDI Greens-Sonepat, Green Escape-Sonepat, Green Woods-Sonepat, Parsvnath Preston, Parsvnath Royal Villas, Raheja’s Expo Mall.
We are a leading real estate consultants established in Delhi. We have got renowned portals viz., zameen-zaidad.com & propertycafeteria.com. Our portals are showing complete details of all the above mentioned projects. We have got a very vibrant marketing team for transparent and fast deals at appropriate rates.
For further details, contact www.zameen-zaidad.com/
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| FARIDABAD REAL ESTATE |
| 01.20.09 (1:07 am) [edit] |
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Faridabad was founded in AD 1607 by Shaikh Farid, treasurer of Jahangir. The District Faridabad came on the map of Haryana on 15th Aug. 1979 as the 12th District of the state.
The new District was carved out from erstwhile Gurgaon District.
Faridabad is about 25 kilometers from Delhi (National Capital). It is bounded by Union Territory of Delhi on its north, Gurgaon District on the west and State of Uttar Pradesh on the east & south.
Faridabad has well connected network of road & electricity. It is well connected with other parts of the country by rail and road. Most of the trains going to South and West of India passes through the middle of the District. Also Delhi-Mathura-Agra road NH-2 passes through the middle of the District. Faridabad district has six telephone exchanges and about 126 post offices.
There are about 15000 small, medium and large industries in this complex providing direct and indirect employment to nearly half a million people. The combined turnover is estimated to Rs1500 billions. Many international/multination al companies like Whirlpool, Goodyear, Larson & Toubro, Asia Brown Boveri, GKN Invel, Castrol are operating in this belt. Renowned companies like Escorts, Eicher, Cutler Hammer, Hyderabad Asbestos and Nuchem are also operating in this belt.
Any further more info Log on to WWW.zameen-zaidad.com/
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| UNITECH OFFERS APARTMENTS IN CASCADES IN RAJARHAT |
| 01.17.09 (2:44 am) [edit] |
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Flush from the success of selling out the first three phases of the Uniworld City project in New Town, Rajarhat, Kolkata, The Unitech Group is offering on sale flats in the fourth phase of this project called “Cascades”. Uniworld City is conveniently located in the IT/ITES belt in New Town, Rajarhat. The area is situated between Salt Lake and the Airport and is 15 minutes away to Park circus and 10 minutes to the airport. The proposed Metro will also originate from New Town and terminate in Howrah.
Cascades is located at the grand pedestrian promenade which runs through the heart of Uniworld City and consists of 10 towers, which extend up to 24 stories. With 2 to 3 apartments on every floor, apartment sizes range from 1,475 to 3,841 square feet. The design of Cascades is most prominently expressed in its landscape-its spectacular water features & undulating landform. The complex includes food courts, amphitheater, rock climbing wall, shopping facilities, swimming pool with children’s pool, squash court, badminton court, tennis courts, piped gas, security and CCTV.
Courtesy HT dtd:- 13-01-09
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| MVLIndi Homes New Project in Bhiwadi |
| 01.16.09 (3:37 am) [edit] |
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Progressing from the portfolio of high end residential complexes and IT Parks, MVL has launched a unique project for those with a restricted source of income. Titled “Indihomes”, it is a low cost housing scheme for people for whom affordability of a house is a key concern. With state-of-the-art facilities and hassle free possession Indihomes is truly a delight.
Specifications
Living Room Master, Other Bedroom Toilet Kitchen
Flooring Ceremic Tiles Ceremic Tiles/Mosaic Ceremic Tiles Ceremic Tiles
Walls Distemper Distemper Ceremic tiles up to
4 height Ceremic tiles up to
2 height
Sink with drain board.
Doors MS Frame With Flush door painted shutters, Anodized hardware.
Windows Ms Frames, Glazed Window
Electrical Concealed Conduits & Copper wiring, Telephone, TV Points, Plate Switches
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| Exotica Elegance Indirapuram new project in real estate |
| 01.15.09 (3:56 am) [edit] |
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your dreams. Captivate your senses. Stimulate your desire with features that are planned and designed immaculately. It caresses your each moment with elegance and opulence. So, get ready to pamper your life.
3 kms away from Anand Vihar,
13 kms from Connaught Place and in close proximity to Ranbaxy Fortis Super Speciality Hospital and Prestigious Schools like
Specifications
Structure
Earthquake resistant RCC framed structure designed by highly experienced structural engineers and approved by IIT Delhi.
Doors European style designer flush doors with hardwood frame and polish/paint. With brass hardware.
Windows Aluminium composite powder coated with anodized aluminium hardware.
Electrical Fire Resistant wiring in P.V.C. concealed conduit. Provision for adequate light and power point as well as telephone & TV outlets with protective M.C.B’S.
Wall Finish Internal-Plastered and painted in Oil Bound Distemper or equivalent and wall in Master bedroom duly textured finish POP work in drawing/dining and all bedrooms. External-Excellent weather proof finish of pleasing shades.
Elevators Two elevators in each block
Water Supply
Under ground/ Over head water tank for adequate water supply in each block and adequate of bores in the entire complex.
Flooring Well developed landscaped garden in the entire complex. Well furnished all purpose club having facilities like indoor/ outdoor sports, conference room, joggers trails, swimming pool, community hall, badminton court, etc.
*Wooden flooring in all Bedrooms
*Kitchen- Ceramic Tiles. Balcony- Ceramic Tiles
Kitchen Drawing/Dining Room-Designer Info-Italian marble with modern designs and mirror finish.
Toilet Provision for Hot Cold water system with imported PPR/UPVC pipes & fittings. Glazed tiles in pleasing colors on walls up to door level. European W.C. washbasin & cisterns in white/off white shade of Hindware or equivalent brand. Chrome plated fittings of standard make. Granite counters.
FURNITURE/FIXTURES Tube lights in drawing/ dining, Kitchen and all bedrooms. Wooden Almirah in two bedrooms. Audio phone system with intercom facility for security
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| Meanwhile, Hooker get hooked on India |
| 01.13.09 (4:37 am) [edit] |
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BANGALORE: Despite realty slump and economic slowdown, Australian property marketing firm LJ Hooker has seen its order book growing significantly over the past six months in India, a top company official said. LJ Hooker’s project marketing division began operations in March 2007 and the company has secured the exclusive sales & marketing rights for property worth in excess of $1 billion, said MD Alexander Moore.
Courtesy E.T. dtd. 13th jan 09
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| EWS may get reservation in housing projects |
| 01.10.09 (3:55 am) [edit] |
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NEW DELHI: Real estate developers may have to reserve 20% of the construction area for the economically weaker section (EWS) of the society. Union housing minister Kumari Selja is set to hold a meeting with state governments urging them to ensure reservation of developed land for EWS in housing projects.
“Private builders and developers in the city will have to adhere to the new policy and make space for accommodating the poor in their housing projects,” Ms Selja said. The proposal has been included as part of mandatory reforms to avail funds under the Rs 50,000 crore Jawaharlal Nehru Urban Renewal Mission.
“Delhi and many cities, including Gurgaon, ‘Faridabad, Pune, Bangalore, Indore, Kolkata and Lucknow, have in-principle agreed to follow ‘adequate housing reservation’ policy,” a housing ministry official said. There was a shortage of 24.7 million housing units in urban areas at the beginning of the 11th five-year plan.
Courtesy: The ET dtd.06-01-09
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| HCC'S RS 30,000-CR TOWNSHIP MAY SETTLE IN NANOLAND |
| 01.09.09 (4:16 am) [edit] |
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As Ratan Tata cements the foundation of his small car Nano project at Sanand, his dream project is serving as an anchor to draw big-ticket investments to the region hitherto unknown to India Inc, reports Shramana Ganguly Mehta. Mumbai-based infrastructure giant Hindustan Construction Company (HCC) is learnt to be keen to set up a high-end township project near Sanand at the cost of around Rs 30,000 crore. ET has learnt that HCC, which gave the country the first-of-its kind economically self-sufficient township project "Lavasa" near Pune at the cost of Rs 40,000 crore, is keen to bring the concept of New Urbanism to Gujarat. Developing the proposed township not just for residential purpose, HCC proposes to establish the town as an academic and recreational hub for the residents and is likely to sign a MoU during the forthcoming Vibrant Gujarat Summit. HCC officials are tight-lipped about the project whose details would be mde public on January 12 when the company signs an MoU with the Gujarat government during the Vibrant Gujarat Global Investors' Summit 2009. Without divulging details, chief principal advisor to industries department RJ Shah told ET that HCC has proposed several projects to the state.
Courtesy:- ET dtd:- 7th Jan 2009
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| MAYTAS BAGS RS 110-CR RLY PROJECT |
| 01.09.09 (4:14 am) [edit] |
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Hyderabad based Maytas Infra a contruction company has bagged a Rs 110-cr railway project from the southern railway for doubling the broad gauge tract from Chengalpattu to Vilupuram.
The project, a joint venture with CT Ramanathan, is set to be executed within 18 months from the date of agreement according to a release. "We look forward to deliver this project on time using our strengths of people, machinery and technology," Maytas infra chief financial officer W Rama Raju said. Maytas Infra surged over 2% and was trading at Rs. 164 in the late afternoon trade on the Bombay Stock Exchange.
Courtesy : ET dtd:-7th Jan 2009.
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| Home loans for poor get cheaper |
| 01.08.09 (3:47 am) [edit] |
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Govt offers additional 5 p.c interest subsidy on loans up to Rs 1 Lakh
THE POOR can soon avail of house loans at low interest rates. Close on the heels of public sector banks announcing a lowering of interest rates on house loans up to Rs 5 lakh to 8,5 per cent, the government has decided to provide an additional 5 per cent interest subsidy on loans up to Rs 1 Lakh.
A poor person taking a loan of up to Rs 1lakh from a public sector bank or HUDCO at 8.5 percent interest, as has been announced by public sector banks as part of a new interest regime, will get additional 5 per cent government subsidy. “One has to to pay only 3.5 per cent interest on the loan taken,” said a senior official of the Ministry for Housing and Urban Poverty Alleviation.
The idea behind the rebate is to help those already having a small plot of land from 200 to 300 square feet for economically weaker sections (EWS) and up to 400 square feet for lower income groups (LIG)- to construct a house on it. This landowning requirement will be crucial in getting the loan.
Out of the funds to be used to finance this interest subsidy, the government plans to earmark 70 per cent for EWS and 30 per cent for LIG.
The economically weaker sections (EWS) are technically those with an income of less than Rs 33,00 a month, and lower income groups those with monthly incomes below Rs 7,300 a month. Here individual rather than family incomes are taken into account.
These populist announcements make sense in an election year, when the vote of the Aam Aadmi is crucial. Moreover, it is believed that the construction sector has an important sector in boosting growth. Construction sector growth has multiplier effect on GDP growth, as many manufacturing industries are related to the sector.
Courtesy:- HT dtd:-06-01-09.
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| OVERSEAS FUNDING TO BOOST REAL ESTATE |
| 01.08.09 (3:45 am) [edit] |
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The second economic stimulus package announced by the government has some good news for the troubled real estate sector. The fund-starved sector would be now permitted to tap the external commercial borrowing route to raise money, subject to the Reserve Bank of India approval, provided the money is used for the development of integrated townships.
There would also be a dialogue between the central and state governments to release more land for the low and middle income housing. Coupled with these, the RBI's easing monetary stance, signaling a lower interest rate regime, also is good news for the beleaguered sector.
"The reopening of the ECB window would address the liquidity issue currently faced by the industry. In fact, the industry is struggling with the liquidity issue,'' said Pranay Vakil, managing director, Knight Frank. "The move is also positive for the industry because borrowing money abroad is always cheaper than in India. But companies will benefit only if there is no significant change in rupee/dollar parity, which I think is unlikely,'' he adds.
As for the dialogue with state government to release more land for low and middle income groups, developers don't seem very enthused about it. "The central government will have to speak to the state government, as housing is a state subject. However, nothing much is likely to happen immediately on this front,'' said a developer who didn't want to be named. Vakil also cites the example of urban land ceiling act, which despite the center’s repeal took more than 7-8 years for the states to approve it.
But real estate experts said falling interest rates could be music to the sector, as most prospective buyers find it difficult to get house that match their budget because of higher property prices and interest rates. "Easing of the interest rate burden could actually encourage prospective buyers to start the process of looking for a house. Many customers are sitting on the fence because of the higher budget requirement,'' said a real estate expert.
Vakil also said that there would be a bit of disappointment because there were expectations of allowing foreign real estate investment trusts (REITs) into the country. "REITs could have made a big difference to the industry. Also, there were expectations that there would be some announcement in the rental property front, in which there is no uniformity in the country,'' he added.
Courtesy:- Times Business dtd:- 03rd Jan 2009
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| Akruti City forays into value homes |
| 01.06.09 (4:27 am) [edit] |
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Mumbai: Real estate developer Akruti City has ventured into value homes segment,
a tad higher than affordable housing, to attract middle class buyers having aspirations to enjoy modern amenities but with less paying capacity. The company has announced three large housing projects in Mira Road, Thane and Pune with a price range of Rs 13 lakh to Rs 24.2 lakh for one to three room apartments. These prices are 10to 20 per cent more than affordable houses but 30 to 35 per cent cheaper than luxury homes.
Courtesy:- Times Business dtd:- 03rd Jan 2009
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| Housing boost for Ghaziabad |
| 01.06.09 (4:24 am) [edit] |
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People who have witnessed the pace of development in Ghaziabad are vouching for the fact that the region will soon surpass the developments taking place in other NCR towns of Gurgaon and Noida. Both commercial and residential segments are registering an equal amount of construction. From world-class integrated townships to malls, the options available for both the investor and the buyer in Ghaziabad are immense.
Till a few years back, the periphery of the national capital ended just before the river and people living beyond that point were looked down upon as down-market populace. Then, Ghaziabad hardly had anything to offer by way of entertainment, quality education or health care.
Created on November 14,1976 from Ghaziabad tehsil of Meerut district, the small time town of Ghaziabad, which was considered ancient till some time ago, has come a long way. The entire skyline of Ghaziabad region has undergone a drastic makeover.
Vijay Kumar Jindal, CMD of SVP Builders, says with rapid development taking place, the fact that real estate prices have simply skyrocketed comes as no surprise. “The likes of Indirapuram, Vaishali and Vasundhara can today be regarded as synonymous with the success and makeover of Ghaziabad. A prime residential property in the city commands as good as what any body can get in the national capital.
From urban housing, social infrastructure to multiplexes, malls, ecology, educational centres, the city has been able to establish a strong image as a residential suburbia in the last three years.”
According to Sandeep Goel, MD of MSX Developers Pvt Ltd, price cut is required to boost demand. “We foresee that in 2009 even the bigger developers will be forced to cut prices to boost demand. Some developers are giving discounts to existing buyers who haven’t defaulted on payments. With weak demand and fund-raising becoming increasingly difficult, there is a high probability that small developers with poor balance sheets will fall. Quite a few will also halt construction. This will benefit large developers sitting on cash, but can also leave buyers in the lurch. Developers are holding back new project launches due to the credit crunch.” In such a scenario, unsold properties, especially in projects in which only a couple of units remain unsold, will offer a great opportunity for bargains.
Courtesy:- Times Business dtd:- 03rd Jan 2009
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| Maytas Infra will execute Metro project: Andhra CM |
| 01.03.09 (1:00 am) [edit] |
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In what could bring some respite to Maytas Infra, which is caught in a controversy after Satyam aborted its bid to acquire it, the Andhra Pradesh government refused to see the Satyam issue as a factor that would impact the Rs 12,000-crore Hyderabad Metro
Rail (HMR) project, which is being executed by a Maytas-led consortium. Maytas Infra is promoted by the family members of Satyam founder and chairman B Ramalinga Raju.
“There have been some issues in the Satyam management because of some decision taken by its board. They are between the shareholders and the management. We are not concerned with them in any way,” said Chief Minister YS Rajasekhare Reddy on the sidelines of a press conference here today.
“Satyam is Satyam. Maytas is Maytas. Right now, we do not see any problem. Maytas will do it (metro rail),” he said.
Earlier, HMR Corporation managing director NVS Reddy had said the project was on course to achieve financial closure by March 2009. Its consortium partner IL&FS was negotiating with different bands and 60 per cent of the loan component had already been tied up. The Maytas led consortium comprises Nava Bharat Ventures Ltd, Italian-Thai Development Plc IL&FS.
Courtesy:- ET dtd:- 02nd Jan. 2009
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| HOME WITHIN THE RANGE |
| 01.02.09 (2:46 am) [edit] |
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The year began with a bang for the real estate sector. It seemed as if the property prices would defy the law of gravity forever, as buyers didn't seem to mind paying a fortune to acquire huge houses with modern amenities. However, thanks to the economic slowdown, the picture has not been rosy since the second half of the year. According to real estate experts, the scene is going to change and 2009 is going to be a better year. And, according to them, action is going to be in the affordable housing segment.
"Higher interest rates, inflation, large house sizes and economic slowdown have spoiled the mood in the real estate sector since the second half of the year. However, November-December period has been better one for the sector," says J S Augustine, executive director, Joy Reality. "There is considerable amount of pick-up in affordable housing segment. All the new projects which have come up with affordable budgets and convenient location have seen good demand."
However, real estate pundits believe that it will take a while before the segment bounces back. "The recent interest rate concessions on low cost housing have fuelled hopes of further sops. But, most people are still waiting for property prices and interest rates to come down further," says a real estate expert.
According to real estate analysts, prices of property have already come down by 20-25% in smaller cities, and there have been price corrections in certain pockets in metros too. "Developrs are reducing prices in their individual capacity already. People who have acquired land at lower prices have already cut their prices and getting good response from prospective buyers. But, developers who have bought the land at higher price would find it difficult to cut prices," says Augustine.
"The number of queris has increased considerably in recent times. I am hopeful that if interest rates continue to fall further, things would improve dramatically in the next three months," says Dharmesh Jain, managing director, Nirmal Group.
Real estate players are also hopeful that the recent interest rate concession for houses below Rs 20 lakh could spur demand for second homes or weekend homes in the outskirts of major cities. "Once customers become convinced that the property prices and interest rates are in line with their budgets, they would start looking at this option. However, it is not likely to happen immediately," says a senior banker.
According to Augustine, the sops could actually prompt players to look at even first house in a far-off location. "For example, a place like Mumbai is well connected by train. People won't mind buying a place if it is within their budget and the location is convenient," he says. However, big-ticket purchases—such as luxury apartments and farmhouses—seem a bit remote. "At the moment, there is not much query about these cases. People seem to be postponing their decisions because they are worried about their career prospects," says the banker. "Once things start looking up, especially in the financial sector, it is quite possible that people would show more interest," he adds.
Courtesy:- TOI dtd:- 01-01-2009
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| MAYTAS PROPERTIES TO RAISE $500 M |
| 01.01.09 (1:48 am) [edit] |
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Maytas Properties, a firm linked to Satyam Computer Services chairman S Ramalinga Raju's family, is looking at raising funds through several of its real estate related ventures after a potential $1.3 billion sale to Satyam was called off following investor backlash. Maytas' fund raising exercise would see the property firm bring in equity partners in sme of its ambitious projects or sell some of its assets spread across most southern states.
The company has approached consulting firms and bankers to chart out a $500-millin (about Rs 2,350 crore) fund raising plan through divestments in key identified assets, according to people familiar with the development.
Some of the assets that could be used to unlock cash include the group's three SEZs, an ambitious warehousing project, property developments in various cities and utright sale of land parcels in and around Hyderabad. When contacted, a Maytas spokesperson said: "We cannot comment on market speculation." Kotak Realty, a real estate fund promoted by Kotak Mahindra grup is in talks with Maytas to pick up equity in Maytas' warehousing project. Confirming the development, Kotak Realty Fund CEO S Srinivasan said: "We are in talks (but) n deal has been signed so far."
Funds from the equity dilution in the warehousing project is expected to meet the promoters equity contribution of Rs 2,500 crore in the Hyderabad Metro Rail project that has been undertaken by group company Maytas Infra, people close to the development said. Maytas has been keen on divesting stake in the SEZ projects for a while now, and is also looking at offloading a majority stake in an effort to attract investor interest, said a senior executive of a proprty cnsultancy firm. Maytas' three SEZs are located near Hyderabad.
The firm has put on block over 60 acres of land situated opposite the Satyam Technology Center in the northern outskirts of Hyderabad. With prevailing land valuations in the region at around Rs 4 crore per acre, the total value of this deal could reach Rs 250 crore.
Maytas has about 350 acres of land in Nagpur, Maharashtra, as part of its land bank and another 25 upcoming projects in Andhra Pradesh and Tamil Nadu.
The company also has the option of withdrawing from a threeway consortium which successfully bid for several of the Andhra Pradesh government's real estate auctions around Hyderabad. The other mmbers of the consortium include ICICI Ventures and Nagarjuna Construction.
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Courtesy:- ET dtd:- 31st Dec. 2008
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| BANGALORE TOPS IN OFFICE SPACE ABSORPTION IN 2008 |
| 01.01.09 (1:47 am) [edit] |
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Office space take-up in the country's IT capital was robust in 2008 with 10.4 million sq ft occupied during the year, marginally higher than the absorption levels of the prvious year, according to a report. Absorption recorded in Bangalore this year is the highest among seven mtros and accounts for 28% of the overall absorption across seven metros.
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