being-developed

MAT to Affect 1 lakh crore SEZ proposals in Gujarat

by Paul Joseph April 27, 2011

The Government of India’s (GoI) decision to impose a minimum alternative tax (MAT) of 18.5 per cent on income of units operating within special economic zones (SEZs) is all set to adversely affect Gujarat’s 50-odd SEZ proposals at various stages of implementation. Well-placed industries department sources say that with MAT in place, proposals made in two Vibrant Gujarat investment summits, in 2009 and 2011, worth around Rs 1.25 lakh crore, would be adversely affected. “The Gujarat government has drawn the attention of the GoI’s Export Promotion Council for export oriented units (EOUs) and SEZs that MAT, which has been imposed alongside dividend distribution tax (DDT), will stunt SEZs’ growth in particular and exports in general not just in Gujarat but India,” said an official. The matter is particularly serious as, already, Gujarat’s dozen-odd SEZs account for nearly 50 per cent of all exports being made from 130 SEZs put into operation all over India. “Out of nearly Rs 3 lakh crore of exports from SEZs in the country in 2010-11, Gujarat’s SEZs accounted for Rs 1.5 lakh crore,” the official said, though conceding, “Of this, most of the export is from the Reliance Industries Ltd’s SEZ in Jamnagar.” Dahej SEZ, being developed by the Gujarat Industrial Development Corporation (GIDC), is being cited as a case in point, suggesting how GoI’s adverse policies may affect investment. Most of the allocable land – 1,175 hectares (ha) out of 1,300 ha – has already been sold out, and an investment worth Rs 7,500 crore has been made in Dahej SEZ. Five units are operational, while another 15 are likely to become operational next year. “Last year, Rs 436 crore worth of exports took place from Dahej SEZ, and if all 60 proposals pending for investment will come in, exports would reach Rs 76,000 crore. But with MAT and DDT in force, it is difficult to say how many units will come in,” the official said, adding, “Already, 24 units have postponed their decision to put in units. We have served them notice that in case they do not begin construction within the stipulated time, land allocated to them would be taken back.” In fact, there is danger that in case SEZ proposals are not implemented, as desired, the land allocated to the developers -around 16,500 hectares (ha) – may become a haven for speculative business for realtors. “There are 15-odd IT SEZ proposals in Gujarat. Of these, just two have been implemented. As for most others, they are under realtors’ plans. They appear not so keen as of today, and are waiting for an opportune moment to kick-start project,” the official said, adding, “The case is not very different for other type of SEZs.”

Tagged as: being-developed, council, developers, development, gujarat, india, not-implemented, property prices, real estate india, reliance, stipulated, the-official, units-operating

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Property bazaar in Mohali

by Paul Joseph April 8, 2011 Uncategorized

Property bazaar in Mohali has been recognized and being developed as a developed bazaar for different commercial and residential properties. Mohali is piece of the tri-cities- Chandigarh, Panchkula and Mohali. It was constructed as a porch of Chandigarh Property. Mohali shares its boundary and architectural development with Chandigarh. Mohali has at last appeared as a separate city, with a self-governing identity. It is the second most excellent option after Chandigarh real estate . Purchasers ranging from employers, residents, traders and NRIs have gone into Mohali real estate market. Property bazaar in Mohali is viewing a boom. Land builders have stormed the real estate scene in Mohali and nearby regions with plans like TDI, Emmar-MGF and Unitech. The real estate prices have grown vastly and as a result have the interest of the home investors in property. Mohali is being planed as a metropolis with an especially different image. Office gap in Mohali has been much preferred by companies like IDS Infotech, Convergys and further business support companies. Mohali Hills that embrace luxury apartments, villas, terraced town houses, lies very near to Chandigarh properties . The architecture is enjoyable and delightful. Commercial Property in Mohali mixes the erection of a pair of three-star hotels, a five- star hotel and two top-notch hospitals. Thus in this climax investment time, Mohali got pioneer position in the midst of construction. There is lot of old and new famous developers which are standing in the line of competition and try to unsurpassed their bloodthirsty builders.

Tagged as: being-developed, bloodthirsty, chandigarh, chandigarh real estate, investment-time, land builders, mohali, mohali-hills, most-excellent, much-preferred, property, property-mohali

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Mumbai Tops India’s Residential Real Estate Demand

by Paul Joseph October 11, 2010 Uncategorized

While stocks and bonds have held their positions as traditional instruments of investment, now investors are increasingly looking for options including real estate, hedge funds, private equity and Exchange Traded Funds (ETFs). A recent study by Jones Lang LaSalle, states that for the first time ever, the value of investment grade real estate in India for under construction projects has crossed USD 100 billion in 2010. Head of Research & REIS (Real Estate Intelligence Service), Abhishek Kiran Gupta, says Mumbai tops the real estate investment chart, followed by Delhi (including national capital regions Noida, Gurgaon, Faridabad, Gaziabad etc), where maximum construction activity is in progress, followed by the other five cities. While maximum real estate in Mumbai is being developed for residential projects, the city also has the maximum number of under construction office spaces at 38 per cent. Delhi follows with 26 per cent of its real estate being developed for offices. However, only 19 per cent of Mumbai’s real estate pie is being developed for retail projects, with Delhi holding the largest share at 28 per cent. The study also reveals that residential projects that are under construction are the most in demand; contributing 66 per cent of this market value. The rest is contributed by commercial offices and retail combined. The top seven Indian cities (by population –Mumbai, Delhi-NCR, Bengaluru, Chennai, Pune, Hyderabad, Kolkata etc) contribute nearly 90 per cent of the value of commercial office and retail real estate under construction in India.

Tagged as: being-developed, delhi, india, mumbai, per-cent, real estate developers, real estate trends

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CCI Restrains DLF from Cancellation of Allotment of Apartments

by Paul Joseph September 23, 2010 Uncategorized

Providing some relief to apartment buyers of DLF Ltd, the Competition Commission of India (CCI) today passed an interim order against the real estate developer in a case pertaining to its alleged abuse of dominance by changing original provisions of agreements without informing the buyers — Belaire Owners’ Association and Park Place Residence Welfare Association in Gurgaon. The interim order passed today restrains the company from cancellation of allotment of apartments of Phase V of DLF city in Gurgaon, Haryana, without the “leave of the commission”, while also restraining the company from creating third-party rights by selling or transferring apartments, common area and facilities without the CCI’s approval, sources told The Indian Express. The order is although not the final view of the commission, which is awaiting the report of director general (investigation) in the matter, the sources said adding that the report is expected to be submitted by mid-October. The Competition Act has a provision under Section 33 of passing an interim order. When contacted, the company said that it has not received any communication from the CCI in this regard. The Commission, in May, had received complaints under Section 4 (which pertains to abuse of dominance) from allottees who had booked flats in some projects being developed by DLF and on the basis of prima facie evidences of abuse of dominant market position, the watchdog had ordered probe in the matter saying that the agreements were one-sided in nature and were different from the initial stipulations.

Tagged as: being-developed, delhi, gurgaon, matter, real estate, real estate developers, real estate india

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Rashmi Housing, a ray of hope, in the affordable housing sector

by Paul Joseph August 27, 2010 Uncategorized

Having Started it’s activities in 1999 with mere 5 people to work with, Rashmi Housing Pvt. Ltd. Has come a long way fostering it’s dream to create “housing for the common man”. The group is headed by four young, visionaries , Mr. Deepak , Mr. Yogesh , Mr. Hemendra and Mr. Ashok ,the Bosmiya brothers. The group is well known in the extended suburbs of Mira Rd. and further down up to Virar for creating various affordable housing opportunities for the ‘Aam Aadmi’. The group has always been active in the extended suburbs from Mira Rd.up to Virar that  are being developed very fast.Lot more residential and commercial complexes, infrastructural developments by MMRDA are also coming up in the region. With the latest addition of the MCHI for Vasai -Virar region, the sector will be much organized and shall be the support system for Mumbai within the coming decade. Under the real estate brand ‘ Ghar ho to aisa, Rashmi Housing has always tried to offer  new standards of luxury and commercial life in these extended suburbs. The company is committed to offer it’s clientele, best of locations , excellent space planning, beautiful interiors with standard amenities and sufficient parking areas in close proximity with nature and green spaces around to give it a total feel of being at home. Since the year 2000, the Rashmi group has completed and handed over about 200 buildings till now, in the region from Mira Rd. onwards up to Virar, that comprises about 37,00,000 sq.ft. of developed area. These structures have catered to people from all strata of society and all walks of life. About 24,30,000 sq.ft. of area is being developed  in the ongoing projects. The group has acquired about 90 acres of land which will soon begin with the process of being developed as affordable housing complexes. The group has developed and completed about 20 projects in the Mira Rd to Virar region out of which 14 are at  Mira Rd, 4 being at Vasai, 1 at Naigaon and 1 is at  Virar. Amongst the ongoing projects, 1 is being developed at Mira Rd, 2 at Naigaon, 8 at Vasai, 1 at Virar, 1 at Bhayander and 1 at Ghatkopar, within the Mumbai city limits. Various future projects of the group are expected to come up in other states as well. Total 3 projects shall be developed at  Surendra Nagar, in the state of Gujarat. 1 project shall be developed at Udaipur in Rajasthan , 1 at Vellore in Chennai, and other two, within western Mumbai suburbs like Borivali (W) and Malad (E). The group has recently started with it’s new brand of affordable housing ,‘star city’, at Naigaon(E) in the year 2009. The second phase of which  is being constructed now. This special township is offering best ‘nano’ flats at affordable prices especially designed for the low income groups. Though there are loan options available with these developments, special easy to pay plans and schemes have been developed by the company for their valuable customers in such a way that they do not end up spending extra money other than the flat value and other necessary duties and charges. The company has a vision to develop today’s Naigaon like today’s Mira Rd.,which was like today’s Naigaon about 20 years back. With the brand Star city, the group is planning to have joint ventures with land owners at various parts of the country. The group aims to have a chain of star cities coming up at every major city in India. Rashmi Housing is proud to have over 7000 satisfied customers till now as their biggest asset. Very few developers are found to be keen on doing housing projects for the common man. Rashmi Housing is amongst very few such people and  therefore, is indeed a Ray ( Rashmi ) of hope for people, as far as the affordable housing sector is concerned. Source: http://www.accommodationtimes.com/project-update/rashmi-housing-a-ray-of-hope-in-the-affordable-housing-sector/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+AccommodationTimes+%28Accommodation+Times%29 Filed under: Builders/ Developers , Chennai , Mumbai , New projects Tagged: affordable housing , Chennai , Mumbai , Rashmi Housing , Real estate in Rajasthan

Tagged as: being-developed, builders/ developers, country, mumbai, region, year

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Godrej all Set to Develop its 36 Acre Prime Land in Mumbai

by Paul Joseph August 19, 2010 Uncategorized

The 36 acres of prime land that Godrej Industries owns in Mumbai are finally being developed and the master plan is almost ready. The first phase of the plan will be 6.5 lakh square feet of commercial space, of which half will house the group companies like Godrej Consumer Products Ltd (GCPL) and Godrej Properties and the other half will be leased out with expected revenues of over Rs. 350 crore annually. The first part of the project will start in February or March of next year and will be completed within 30 months. The total amount to be developed over 36 acres is 3 million square feet over 3-4 years which will be a mix of residential, commercial, retail and hospitality development. Analysts have been waiting for the value unlocking of the Vikhroli land – a project being spearheaded by Adi Godrej’s son Pirojsha. “I think value unlocking for Vikhroli is very important because it will be a cash cow for the company. I believe there will be a lot of demand for their product that they build on that land,” said Bharat Sheth, president-institutional sales at Techno Shares and Stock Broking. Godrej Properties has outperformed the real estate sector after its listing in January and so far the joint venture model seems to be working for the group.

Tagged as: being-developed, delhi, godrej, group, mumbai, real estate, real estate developers, real estate india

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IL&FS PE plans about Rs 1,400 crore urban infra investments

by Paul Joseph July 21, 2010

IL&FS Investment Managers (IIML), one of the country’s oldest private equity funds, plans to invest $300 million, or around Rs 1,400 crore, in real estate and urban infrastructure projects by the end of 2010. The PE arm of Infrastructure Leasing and Financial Services (IL&FS), with $2.8 billion assets under management, has already invested an equal amount in the last six months and evaluating some of the big-ticket projects for investment in the country, said a senior official. “We are in the advance stages of finalising 3-4 deals in residential real estate and urban infrastructure space like roads and hospitality,” said IIML vice-chairman & MD Shahzaad Dalal. According to industry sources, IIML has recently made commitments for an equity investment of Rs 110 crore in Palais Royale, a 75-storey luxury residential tower being built by Vikas Kasliwal-owned Sree Ram Urban Infrastructure. The project may entail investments of around Rs 1,800 crore, which is scheduled to be completed in the next two years. IIML, through its sector-dedicated funds with $1.4 billion assets under management, has invested in projects being developed by Ackruti City in Mumbai, Ansal SEZ Projects in Gurgaon, QVC Realty in Bangalore and ETL Infrastructure Services in Chennai. Last month, IIML’s joint venture real estate fund with Milestone Capital Advisors picked up 74 per cent stake for Rs 575 crore in a corporate park being developed by HCC Real Estate in Mumbai. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9412&cat_id=1 Filed under: Mumbai , Venture funding / P.E Tagged: IL&FS Investment Managers , PE

Tagged as: ackruti-city, being-developed, city-trends, country, financial, infrastructure, investment, joint-venture, mumbai, real estate, urban

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Sarovar Hotels to invest Rs 70 crore for 2 more hotels in Gujarat

by Paul Joseph July 5, 2010

As part of its plans to double up the number of rooms across the country, Mumbai-based Sarovar Hotels Ltd. is setting up two more hotel properties in Gujarat by December 2010. At an investment of Rs 70 crore, the company is coming up with a 5-star business hotel, Park Plaza, in Ahmedabad and 3-star property, Sarovar Portico, in Rajkot. “Hospitality industry in Gujarat is mostly driven by business, followed by tourism. Therefore, we are consciously setting up properties to cater this segment. For instance, Park Plaza, which is being developed by a Delhi-based realtor, will be a dedicated 5-star budget hotel in Ahmedabad with almost 100 rooms. Meanwhile, we are also scouting for land in cities like Vadodara and Surat for our other hotel brands,” said Anil Madhok, managing director of Sarovar Hotels. While the company will be doubling the number of hotels in Gujarat to 200 by year end, Sarovar Hotels will continue to expand its operations for the next couple of years. “Even in others parts of country, we are rapidly opening up new properties. In the next few months, hotels in Jaipur, Chennai and Chandigarh will be opened soon,” Madhok said. From 45 hotels under brands like Park Plaza and Park Inn, under its tie up with Carlson Hotels, and Sarovar Portico, Sarovar Premium and Hometel, Sarovar Hotels is aiming to expand to 75 in the next couple of years. “By the end of the next calendar year, we hope to expand from current 3,300 rooms to over 6,000 rooms across the country,” Madhok added. While the new hotel properties are being developed and managed by Sarovar Hotels itself, the company also managed properties for other developers where it has earned revenue in terms of fees of Rs 700 crore for the financial year 2009-10. Source : http://www.business-standard.com/india/news/sarovar-hotels-to-invest-rs-70-crore-for-2-more-hotels-in-gujarat/400322/ Filed under: Ahmedabad , Hotels/ resorts , New projects Tagged: Ahmedabad , hotel , Rajkot , Sarovar Hotels Ltd

Tagged as: being-developed, financial, gujarat, hotel, hotels/ resorts, new-projects, number

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Hirco hands over flats at Palace Gardens, Chennai

by Paul Joseph June 15, 2010

Hirco Developments, which launched a large residential township project, Palace Gardens, couple of years ago during the realty boom at Oragadam near Chennai, handed over the first set of residential apartments last week. Palace Gardens is among Chennai’s largest township projects and will have 10,000 apartment units, when fully completed over multiple phases. However, in the first phase, it took up the development of only 928 apartments for construction across two towers of 15 floors, six towers of 27 floors, and 11 low-rise buildings (ground plus three floors). The project, planned as a self-contained township will have accompanying physical and social infrastructure that includes offices, schools, retail, healthcare and recreational facilities. The company is also providing infrastructure facilities such as road, water treatment plants, power back-up and waste management in the project. The price of apartments at Palace Gardens, which started at Rs 2,400 per sq ft for the ground floor, has now edged up to Rs 3,600 per sq ft. However, buyers have to shell out an additional Rs 25 per sq ft for every floor they move up. According to V Suresh, principal executive officer of Hirco Developments, Palace Gardens is being developed over 369 acres. The township is located in the fastest growing business corridor in the Chennai region. “While the 15-floor towers will be completed by March, 2011 and the 27-floor towers by the end of that year, we have now started delivering the apartments that have come up in the low-rise buildings. This will continue to be delivered every month on a regular basis,” Suresh said. The township will have an exclusive club facility called Palace Club that is coming up over 1.83 lakh sq ft and will have almost all the sports and recreation facilities. In addition, the company is developing entertainment space over 14 acres.

Tagged as: apartments, being-developed, chennai, project, property prices, real estate, real estate india, the-development

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Amritsar to Have Heritage Village by Next Year

by Paul Joseph June 1, 2010

If all goes as planned, the Heritage Village being developed by the Punjab Heritage and Tourism Development Board (PHTDB) on the campus of Guru Nanak Dev University (GNDU) may become operational in a year. In a meeting held earlier this month, chief minister Parkash Singh Badal approved the draft proposal for the plan, prepared by Delhi-based consultancy firm Abhimanyu Dalal Architects. Board officials say the chief minister will soon lay the foundation stone of the Heritage Village, which will be developed on the lines of Chokhi Dhani in Jaipur. The Heritage Village, with a tagline, ‘Sada Pind Saadi Virasat’, is being developed on 11 acres. The boundary wall is under construction. After the foundation stone is laid, the board will float tenders for the construction of the project, for which it has received Rs 6.5 crore from the Central government. The state government has assured that it will pool in an equal amount.

Tagged as: being-developed, chandigarh, real estate india, tourism, university

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