May 2010

HDIL Posts 187% Jump in Q4 net

by Paul Joseph May 31, 2010

Housing Development and Infrastructure Ltd (HDIL) has posted a 187 per cent jump in profit after tax in the January-March quarter of FY 10. The company has posted a net profit of Rs 177.84 crore for the quarter ended March 31, 2010 as compared to Rs 61.92 crore for the quarter ended March 31, 2009. Total Income increased from Rs 388.77 crore for the quarter ended March 31, 2009 to Rs 464.46 crore for the quarter ended March 31, 2010. However, for the financial year 2009-10, the company posted a 28.15 per cent fall in net profit at Rs 596.65 crore for the year ended March 31, 2010 as compared to Rs 830.43 crore for the year ended March 31, 2009. Total Income decreased from Rs 1,814.57 crore for the year ended March 31, 2009 to Rs 1,599.58 crore for the year ended March 31, 2010. The group has posted a net profit of Rs 56,657 crore for the year ended March 31, 2010 as compared to Rs 78,071 crore for the year ended March 31, 2009. Total Income has decreased from Rs 1,78,242 crore for the year ended March 31, 2009 to Rs 1,53,663 crore for the year ended March 31, 2010.

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Unitech Reports 43.64 Per Cent Decline in Net Profit

by Paul Joseph May 31, 2010

Unitech, the country’s second-largest realty firm, has reported 43.64 per cent decline in its net profit for 2009-10 fiscal at Rs 675.05 crore, mainly due to lower margin in affordable housing projects. It had posted a net profit of Rs 1,197.71 crore in the previous financial year. The net sales, however, rose marginally to Rs 2,931.33 crore in 2009-10 from Rs 2,889.74 crore in 2008-09, the company said in a filing to the National Stock Exchange. The company also announced a dividend of Rs 0.20 per share of face value of Rs 2 each for 2009-10, it added. Unitech spokesperson attributed the fall in net profit to lower margin in affordable segment in last fiscal. The company launched many projects in this segment under a separate brand ‘Uni Home’. Moreover, he said the company had posted Rs 421.18 crore as other income from its telecom operations in 2008-09. The other income in last fiscal stood at only Rs 58.45 crore. Unitech has reduced its net debt by Rs 3,130 crore during last fiscal, and as on March 31, its net debt stood at Rs 5,281 crore. In 2009-10, the company had launched over 30 new projects comprising 26.2 million sq ft, of which it has received bookings for over 16.6 million sq ft. “In the financial year 2009-10, the company made an impressive progress in terms of new project launches and sales bookings. The revival in the real estate market coupled with the company’s attractive product range helped it to achieve an all time high sales booking of over Rs 7,000 crore,” Unitech managing director Sanjay Chandra said. The affordable housing segment received an “overwhelming response” from the customers across cities, he added. Of the total 16.6 million sq ft sold, the residential segment comprised 13.5 million sq ft, while the balance 3.1 million sq ft were commercial spaces.

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Omaxe Sees Surge in Profits

by Paul Joseph May 31, 2010

New Delhi-based property developer Omaxe Ltd reported a profit of Rs45.12 crore in the three months ended 31 March, compared with a loss of Rs41.62 crore a year earlier, as it benefited from increased demand from buyers in small cities. Net sales increased almost sixfold to Rs378.20 crore in the term from Rs64.01 crore in the year-ago period, Omaxe said. For the full fiscal, Omaxe’s net profit more than doubled to Rs112.54 crore from Rs46.72 crore in the previous 12 months. Net sales for the year ended 31 March rose to Rs1,001.2 crore from Rs798.7 crore in the previous fiscal. “Fiscal 2010 has been comparatively much better from fiscal 2009 for various reasons. The sales have improved considerably and especially in the tier II and III cities..,” said chairman and managing director Rohtas Goel. Property developers are emerging from the downturn of 2008-09 that hurt demand for houses and apartments and caused prices to drop. Accelerating economic growth has led to renewed demand in the real estate sector. Omaxe’s Ebitda (earnings before interest, tax, depreciation and amortization) margin, a key measure of operating profitability, rose to 19.6 per cent in 2009-10 from 18.5 per cent in 2008-09. Still, margins have been under “a slight stress”, said Goel. He said consumer demand had prompted the company to restructure its property portfolio and convert proposed high-rise developments into so-called independent floors that typically consist of the ground plus two or three floors. The low-level developments offer lower margins. “Moreover, cost of some of our projects launched in 2006–07 have gone up due to addition of interest, which added to the stress on the margins,” Goel said.

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Now Waiting for Afforable flats to be stupid

by Paul Joseph May 31, 2010

Affordable housing talk – Two years are about to. Think, the real estate industry is no longer needed the crutches. Next stop speed and luxury housing has been faster. If you property prices during the recession could not take advantage of low and “not now – not now” have been, so now ‘file’ may have to face. Even if the trend continues and Trade Housing Affordable People talk of ending it are ruled out, but can not ignore the fact that luxury housing is once again exposed in rapid succession. The india real estate sector to recover from the recession unequivocal signal. Interestingly, among the expensive houses to present not only include the private developers, but also governmental entity such as Noida Authority is also encouraging this trend. According to sources, the Noida Authority, Sector -135 350 duplex flats soon launch a scheme can. Price of these flats would be close to one crore eight lakh rupees. Based on 180 sqm plot size assuming present prices of these flats were fixed are. The flat-registration deposit Rs 10 lakh for money can be held. Meanwhile, ‘ Noida extension of “the interesting story. In the recent past this area was born. Projectos this place because of the low price of nights – the night was Btore headlines. Related disputes put on one side, here’s most developers Projectos hands – hands were sold. These money-friendly developers Affordable name of this place now are offering luxury Projectos. Noida extension ‘Smart City’ to bring ‘Amrapali Group’ the same place a few days ago the Independent villa Luxury Housing Project ‘Valley’ is launched, that dream home to at least Rs 65 million (1825 square feet) will pay. 88 lakhs (2525 square feet) and 1.05 crore (3025 square feet) of the homes are being constructed here. Three to five bedroom villa will be available. and jaypee launch jaypee kasa isles Just remember, in Noida extension was being home to nine million bucks. Noida Sector 78 as the ‘Modern Mahaguon’ 50 million to 12 million rupees have presented three to five bedroom apartments, “Mahaguon India Pvt. LTD. ” The. The MD says Dheeraj Jain, “now has more people breaking Baing Capissite recession is growing again. That is why once again the trend toward luxury housing market shift is happening and such products are over looked. Today people are looking at Quality affordablties more attention, because demand for expensive houses is increasing again. It will also benefit the common man, the house cost them to take Affordable had to deal with those features, they are getting facilities back home. ‘ Home prices in Gurgaon are in millions. ‘Unitech’ the ‘harmony’ from 1795 to 3486 square feet of 2,3,4 bedroom apartments start from Rs 86.2 lakh, the ‘SS Group’ being built in the sector 50 project ‘Hibiskss’ home at least worth Rs two crore is kept. These days it’s worth pondering the point where the previous one – half years, was dominated by Bcacce 1 and 2, the size of flats now have access to 5 Bcacce and penthouse and villa also has no shortage. In Gurgaon Sector 69 ‘Tulip Purple “as the 4.5 Bcacce and Penthouse are being constructed, ie full luxury. In Ghaziabad on NH 58 ‘Villa Anandam’ project are made in the name of Independent Hausej ‘Ashiyana Homes’ director Rohit Raj Modi to shift that trend does not matter, but has to balance the market. Kaattigre Affordable in most of the products for quite some time and hence this project so if any company is making 80 percent, even giving the 20 percent luxury products. He says, “Market Interest Baing born again, but a long run Affordable round. Developers also cautiously Affordable super luxury rather than as luxury products are made. Then the market demand for products of every kind is, among the plethora of products Affordable make some luxury products can not be named to be the trend-shift. ‘ Meanwhile, ‘RG Group “Rajesh Goyal, MD, also can not shift that trend, that developers have increased the facilities are better locations Projectos launch. According to Goyal, “Affordable Projectos at the peak time were built in remote Ariaj, reduce their size and facilities were also being cut. Affordable made the rounds were so small that the normal size of most houses for families living in it was difficult, but this move now reduction Baing capacity is being overcome. Even today Vilaj Kaattigre Affordable in fact, because their size is kept low. Market boom will actually see to it that any developer to verify how much space a year ago was paying the price of the flat and so is giving today? ” ‘Symbol Bildtaka “says Tiwari, MD Pacific,” both Seguments today’s market customers are present. Affordable the demand is already there, luxury products are also sold. Either can not be just one key. Noida to the majority of the clients if there are upper middle class, who believe more in Quality Affordableitie instead, so have little to do with expensive home. Well, home’s value depends on the location of the project. We at Noida’s Sector 61st Seadora project is built, which is the beginning of the 60th lakh. ‘ Look up your eyes around you too, will reflect the luxury housing Projects. It is obvious that now awaiting Affordable said would be unwise to sit.

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Builders will no longer arbitrary

by Paul Joseph May 31, 2010

If you buy the flat in UP with a builder or construction company, the new apartment Act must carry information. ACT UP in the new apartment has been applied. Under this law, in the range of builders who build apartments have been packed. Buyers of flats have been too many such rights. Planar’s Chief Town Jidic law. S. According to Goyal Act through the government’s arbitrary builder has put on the bridle. Have to delay the compensation Completion time of booking the apartment builder and flat to capture in writing the date will tell. Bookings within the scheduled time of the possession is not found, the construction company or builder must pay damages. The damages would be so, this announcement will have the builder before booking. The company will pay penalty Construction Company for no reason sometimes makes telling flat cancellations. But now the company does cancellations without notice will have to give him penalty. Amount and payment of penalty will be decided during the period of the booking. right to Paper The person purchasing the booking of flat or apartment builder has got the right to ask for relevant documents. Builders will have to copy the documents on demand. Be powerful Apartment builder or construction company authorization before changing master plan, project engineer has to get the NOC. After the capture Awantiaoan original documents relating to all the features built into apartment Aradblyue will delegate. Will retain responsibility Upon completion of any apartment or the builder’s responsibility to make him the company would be two years. If any defects found reasons Mone apartment so will have to fix it. If some kind of compensation he would have an accident, etc.. This will help the company her water during construction – temporary connection will get electricity. Water Works Department and the electrical connections before cutting the first builder must submit a show cause notice. Respective builder or company will have a chance to hear the case. DLF Bay View

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Chennai real estate in phase of residence

by Paul Joseph May 31, 2010

Realty dealers have commented that Tamil Nadu has been building momentous expansions through the chennai property bazaar dealing successful investments value Rs 30 Billion. Property has been additional complemented by the expansion in the information zone akin to IT industries and BPO companies that have completed commercial Chennai real estates awfully admired. Houses on lease in Chennai are the mainly privileged residential choice for those specialized people who related to other far off consigns so far appear to the city to effort in multinational companies or IT firms who be apt to survive close to their situate of work. The most recent built-up property regions in Chennai identifies as residential form are: Mylapore, Raja Annamalaipuram, Egmore, Velachery, Adyar and Besant Nagar, and Tiruvanmiyur. The accommodations, estates, cottages, bungalows and farm houses are situated at the most important localities of the city, for instance Chromepet, Anna Nagar, Egmore, Nanganallur, Mylapore, and many more. Fetching residential companies looming through pioneering buildings, cottages; duplexes in Chennai are raising the accommodation prospects in Chennai and adding regions of Valasaravkkam, Vela cherry and K. K Nagar. Chennai Villas are cherished owing to the growing cost of residential realties in Chennai . Consequently, Chennai residences leasing are sky kissing at several of its high favorite superior regions. Populace finding it rigid to discover appropriate place at these chief localities is rotating their interest towards such vicinities, which were former not measured consequently vital. This has amplified requirement in the periphery also. As a result, for a person through average income, it is fetching rapid complex to rent out a dwelling in Chennai because of the always developing rental values of real estates universally in the city. DLF News- Launch DLF Marine Drive Cochin

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Keeping Indian Real Estate Market

by Paul Joseph May 31, 2010

Financial analysts and economic experts hasten to add that the condition does not present the possibility of another bubble burst. However, Indian real estate markets will be better off if they let some air out. This could be the general intention of the federal government when it instituted several policy changes such as: • Implementation of new rules that effectively made it more expensive to buy India investment properties • Increase of homeowners equity and down payment requirement • Reduction of amount that can be borrowed based on the current equity in their homes Just recently, the government of India was actively encouraging NRI to increase their stakes in India properties. Several incentives were taken in order to encourage more NRI to enter the India real estate markets. These included awarding of tax credits to first-time homeowners and adjustment in the amount that can be borrowed from their existing retirement plans. DLF Launch Residential projects in DLF Bay View

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DLF Home Developers offers new housing project DLF New Town Heights in Gurgaon.

by Paul Joseph May 31, 2010

DLF Homes has launched a new housing project named “DLF New Town Heights” in Gurgaon. DLF New Town Heights Gurgaon offers 2, 3 & 4 BHK quality apartments in one of the most famous development corridors in the NCR with all the modern facilities like Living/Dining/Passage & Lobby: Vitrified Tiles within Apartment Kitchen & Toilets, Anti Skid Ceramic Tiles Bedrooms: Laminated Wooden Flooring Balcony, basement parking, swimming Pool, Tennis Court and many more. DLF New Town Heights Gurgaon located 4 kms from NH-8 IMT Manesar entrance, 12 kms from Gurgaon city bus stand & 15 kms from Rajiv Chowk. DLF Developer is well known name in real estate. DLF Group has completed many housing projects successfully in all over India. DLF group is team of extremely skilled professionals and equipped with latest technology, has expanded into the creation of world-class residential project, commercial offices, retail complexes, office cum retail projects and hotels. Affinity Solutions Pvt. Ltd an associate of all the leading brands of Indian Real Estate market with more than 10 yrs of experience in real estate services handling the entire project in India. We understand the value of your time and money so provide the best services in Real Estate market with our unique portfolio management services. Source:http://www.sbwire.com/news/view/45539 Filed under: Builders/ Developers , Delhi , New projects Tagged: DLF Ltd , Gurgaon

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Best Western Hotels Plans 14 More Hotels in India

by Paul Joseph May 31, 2010

Best Western India (BWI), a part of global hotel chain Best Western International, is looking to expand its presence in the mid-market segment. The company, which has 10 hotels in India at present, will set up an additional 14 hotels by 2012. The company, present in India since 2007, operates on a franchisee model and will come up with new properties in Ahmedabad, Ajmer, Mohali, Bhubaneshwar, Hyderabad and Bangalore among other cities. “The mid-market hotel segment which we cater too is witnessing acute shortage of rooms. As of now, there are about 20,000-odd rooms in this segment and the requirement is double this number. We are here to cater to this huge demand supply gap,” Sudhir Sinha, president & COO, Best Western India, said. He added that of the 14 hotels under construction, the majority will be completed by the end of this year, while the rest will come up by 2012. Sinha feels that the in ternational branding will help the company rope in more customers. “As the Indian hotel market matures, the supply and demand of hotel rooms will become more balanced. Revenue and profitability of hotels will be increasingly determined by the quality and level of services. Thus, hotels that invest in servicing and branding will be better positioned to compete in the future,” he said. Speaking about the company’s operational model, Sinha said Best Western has consciously opted for the franchisee model, as it will help them attain scalability and expand faster. Globally, the US-based parent manages 4,200 hotels across 80 countries with major presence in the US and Europe. It is now witnessing a rapid expansion in Asia.

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32 SEZ Developers Seek Time Extension to Execute Projects

by Paul Joseph May 30, 2010

As many as 32 SEZ developers, including Reliance Haryana SEZ of RIL, Indiabulls, Unitech and TCS, have sought extension of time to execute their projects. The inter-ministerial board of approval (BoA) will take up these cases at its next meeting scheduled for June 8, an official said on Tuesday. Besides the extension cases, five applications for new projects will also come up before the BoA headed by commerce secretary Rahul Khullar. The new applicants include those of Hindalco Industries, Sealand Ports and L&T. Hindalco wants to set up a sector specific tax-free enclave for aluminium in Madhya Pradesh and L&T proposes to set up a new IT SEZ in Karnataka. Sealand Ports is seeking permission for a multi-product SEZ in Gujarat. Reliance Haryana SEZ wants extension of the validity of the formal approval beyond June 20 for setting up a zone in Gurgaon. The Navi Mumbai SEZ, promoted by RIL chairman Mukesh Ambani and Anand Jain, has also sought extension of time for execution of three projects in Maharashtra. Besides, realty major DLF has also approached the government to reclaim its IT SEZ in Kolkata, which it had surrendered last year. “Now, the developer (DLF) has requested for rescinding the notification de-notifying the SEZ stating that the demand for IT/ITES leasing space is showing signs of improvement,” the official said.

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