bangalore-based

Singapore-based CapitaMalls Asia to invest Rs 1,800 crore in India

by Paul Joseph June 25, 2011

Singapore-based CapitaMalls Asia, which develops, owns and manages malls across Asia, has committed Rs 1,800 crore to its growth in India for the next three years. Kevin Chee, CEO and country head of CapitaMalls Asia, told Business Line that apart from funding the two malls that are operational now, this money would be also used to develop seven more malls in India. The company has forged two joint ventures in India — with Bangalore-based Prestige Estate Projects Ltd for projects in the South and with Advanced India Projects Ltd (AIPL) for projects in the North. The ventures now own the Forum Value Mall in Bangalore (launched in 2009) and The Celebration Mall in Udaipur (launched early this year). CapitaMalls’ seven other committed projects in India are in various stages of development in Bangalore, Mangalore, Hyderabad, Mysore, Kochi, Jalandhar and Nagpur. These malls are scheduled to be operational between end-2012 and mid-2013, he said. CapitaMalls Asia owns and manages 92 malls across five countries, with 53 of them located in China. The company has property value of S$23.7 million and total gross floor space of 73.4 million sq ft. The Indian malls contribute 2.1 per cent to the property value and comprise 9.8 per cent of the floor space.

Tagged as: bangalore, bangalore-based, business-line, chennai, committed, forum, forum-value, hyderabad, real estate

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Azure to Invest in Mumbai Re-Development Projects

by Paul Joseph September 20, 2010 Uncategorized

Azure Capital Advisors, a Bangalore-based venture capital firm, has launched a new realty fund which would invest in Mumbai re-development projects and other mid-sized real estate projects in the country. Speaking to Business Standard, Deepak Kumar, investment officer, Azure Capital Advisors, said that the company has floated ‘India Realty Fund I’, which is registered as a venture capital fund with the Securities and Exchange Board of India (Sebi). “We have raised Rs 80-90 crore from our own network and will raise another Rs 110-120 crore by September 30,” he said, adding that the fund’s focus would be on the re-development projects in Mumbai, mid-size residential projects in south India, Gujarat and Maharashtra. Launched by professionals who were earlier with Aditya Birla group, IDFC, Infosys and other companies, the company plans to raise Rs 500 crore by the end of this year. Among others, it has Chandrashekhar Prabhu, former president of Maharashtra Housing and Area Development Authority (MHADA) and chairman of the advisory committee of the department of housing in Maharashtra government. Kumar said that his firm expects to conclude 10-15 deals through this fund with housing societies in Mumbai. The company has identified Chembur, Andheri and two more locations in the city. “We will offer finance and would bring in eco-system partners including construction companies, architects, investors and buyers to the table, while the societies would bring in land bank,” said Kumar. “Redevelopment projects give good returns and have less risk and competition since the process is complex and needs more expertise.” The company plans to focus on cities which house corporates operating in the knowledge sector. The cities on Azure’s radar include Chennai, Coimbatore, Bangalore, Surat and Ahmedabad. “We will tie-up with corporate houses, who in turn will give incentive for performing employees, by which the employees will save around 10-15 per cent of the total property cost,” said Kumar. “Our focus is on projects which can come up in 4-10 acres, primarily small/mid-size deals with limited project risk and an investment of Rs 10-25 crore,” Kumar said.

Tagged as: bangalore, bangalore-based, companies, real estate, real estate india, real estate trends, securities

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Alliance to build residential, commercial projects in Chennai

by Paul Joseph September 13, 2010

CHENNAI: Expecting a steady demand, Bangalore-based real estate developer Alliance has shifted focus to Chennai and is looking at developing projects of five acres or less to grow big in the city. “The city has a healthy mix of industries unlike Bangalore, Hyderabad which are software focused. The market will be good for us as there will be a steady demand from the people,” Chairman and Managing Director Manoj Namburu told IANS here. Besides Bangalore and Chennai, Alliance operates in three other cities- Mysore, Coimbatore and Hyderabad. “Earlier we decided not to promote projects on less than five acres. However, to reach the top in the Chennai’s real estate development market we have now decided to reverse that strategy,” he said. The group is targeting to develop around 3,500 residential apartments here. It also has plans to build commercial projects like business parks and malls. “We will rent out the commercial space so that it gives us a steady revenue stream,” Namburu said. Asked about the group financials, he claimed Alliance has around Rs.5,000 crore worth of projects and a land bank of 65 acres across the five cities it operates. Source: http://economictimes.indiatimes.com/markets/real-estate/news-/Alliance-to-build-residential-commercial-projects-in-Chennai/articleshow/6523960.cms Filed under: Builders/ Developers , Chennai , New projects Tagged: Alliance Group , Chennai

Tagged as: bangalore-based, builders/ developers, chennai, cities, commercial, new-projects, real estate

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Sobha Developers Reports Whopping 170 per cent Hike in Q1 Net Profit

by Paul Joseph July 30, 2010

Real estate firm Sobha Developers has reported a whopping 170 per cent jump in net profit for the first quarter of the current fiscal at Rs 34.3 crore, on the back of a 78 per cent increase in total income. The Bangalore-based firm had reported Rs 12.7 crore net profit during the quarter ended June, 2009, it said in a release. Total operating income of the realty firm increased to Rs 318 crore during the reporting quarter compared to Rs 178.6 crore in the corresponding quarter last fiscal.

Tagged as: bangalore, bangalore-based, chennai, current, quarter

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Nitesh Estates bags deal to develop residential project in Bangalore

by Paul Joseph July 15, 2010

Nitesh Estates, the Bangalore-based realtor, has won the bid to develop a 1.5 lakh square feet residential project in Aga Abbas Ali Road, close to MG Road, in Bangalore. Nitesh Shetty, managing director of the company, confirmed the development and said, “The project would add approximately Rs 35 crore to the company’s bottomline.” The developer would hold 45 per cent stake in the project, which it expects to sell for Rs 20,000 per sq ft. It is also looking for another development of 3 lakh sq ft, which would add Rs 65 crore to the net profit next year, according to a report published in DNA. “We have already launched two projects this year and we will launch another eight. We have sold 330 units and expect to reach our target of 1,000 flats this year. We are expecting a net profit of Rs 175-200 crore through the sales,” Shetty was quoted as saying. The construction on the two properties has just begun. The Street is also abuzz with the news that Nitesh Estates is hiking its stake in its hotel project in Bangalore — the first Ritz Carlton property in India. It has 26 per cent stake in the project and the rest 74 per cent is owned by Citigroup Property Investors, which is being bought by Apollo Management. In about 90 days, executives from Apollo are expected to take over. The construction cost of the Ritz Carlton project is close to Rs 700 crore and the property is expected to come up by late 2011. Shetty denied increasing his stake in the hotel property, but sources said that the promoters are looking at raising 10-15 per cent stake in the project as it makes sense going forward. Nitesh is looking at selling around 80-85 per cent of its Kochi property and the project will have investment of around Rs 400-800 crore. The company will sign the deal with an Indian operator by the end of the month, a source said. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9311&cat_id=1 Filed under: Bangalore , Builders/ Developers , New projects Tagged: Bangalore , Nitesh Estates

Tagged as: bangalore, bangalore-based, dna, nitesh-estates, sales, street, the-project, year

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Nitesh Estates Awarded with Bangalore Residential Project

by Paul Joseph July 14, 2010

Tagged as: bangalore, bangalore-based, development, hotel, indian, nitesh-estates, project, promoters, property prices, real estate, real estate developers, real estate india, street, the-project

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BCIL to Construct 400 Green Houses in Bangalore

by Paul Joseph July 12, 2010

The Bangalore-based Bio diversity Conservation India (BCIL) will construct about 400 green houses in the next two years in various projects across Yelahanka, Goa, Pune and Chennai. Each project will comprise about 150 houses. The company has completed three projects in Yelahanka, totalling 7 lakh square feet. Size of each apartment varies from 700 sq ft to 2,400 sq ft, while the price ranges bet ween Rs 40 lakh and Rs 60 lakh for apartments and Rs 1.5 crore and Rs 2 crore for villas. Chandrashekar Hariharan, CEO of BCIL, said, “Our projects are a demonstration of ecologically-sound, economically efficient models of construction for the building industry to get inspired into what we are doing. Our main focus is on how we can substantially reduce the abuse of natural resources in major activities of construction in the residential sector.” “Our apartments save 22,000 tonnes of carbon emission for every 1 lakh sq feet, which is 33 per cent of conventional construction. Construction of houses should not be a business activity alone,” Hariharan added. In its constructions, BCIL does not use bricks, concrete blocks, chemical paints, vitrified tiles or ceramics and avoids chemicals in water treatment. The company uses nominal steel, composite cement and less of reinforcement steel wherever required. The company considers unique techniques it deploys in heating, ventilating and airconditioning (HVAC), water, energy, and structural system in its projects is its key strength. BCIL does not buy any construction material that is available over 700 kms from the place of construction. “Techniques of concrete and steel must be questioned seriously. I am not saying those are not good inventions. We need to take contemporary engineering understanding and blend it with traditional knowledge to build homes and protect the environment,” said Hariharan.

Tagged as: bangalore-based, environment, property prices, real estate india, residential, the-residential

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Real Estate Collaborates With Education Industry

by Paul Joseph July 2, 2010

n Realty and Infrastructure firms like GMR and Hindustan Construction Company, HCC have announced to set up university campuses and other educational institutes within India. They mainly aim to ride high on the huge returning education industry. The education industry in India is worth more than 10 bn US dollars with continuous growth rate. Because the Real Estate market is on a low these days developers are looking at alternate assets such as education. Partnerships of such kind are increasing day by day in every other township or SEZ as educational institutes bring more revenue. Chintan Patel, Associate Director, Transaction Advisory Services, E&Y said, “Access to social infrastructure such as schools and colleges serve as attractive features that make it easier for a developer to sell projects.” Further he had to say that partnerships between a developer and international institution benefits society and develops retail, office and residential spaces around. The tie ups usually work on build-and-rent business model. While a developer acquires the land and builds the infrastructure for the educational facility, the institute runs the school or college. It either pays rent or works on a revenue-share model. The companies which are laying out plans in education are HCC who have bought 500 acres for institutes at Lavasa, its hill city project close to Pune, Maharashtra.It has tied up with Symbiosis, Bangalore-based Christ University, Institute of International Business Relations of Germany, Switzerland-based hospitality Management Institute Ecole Hoteliere de Lausanne and Educomp, and more. Global infrastructure player GMR, too, has collaborated with Canada-based Schulich School of Business to build a campus in Shamsabad, Andhra Pradesh, The Company will construct the physical infrastructure for the institute, and in return, earn management fee on the maintenance of residences and hostel facilities.

Tagged as: bangalore-based, education, management, property news, university

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