housing-project

India Property Buys 49% Stake in Ramprastha Group’s Housing Project at Gurgaon

by Paul Joseph July 7, 2011

Private equity firm India Property Fund has picked up a 49% stake in Ramprastha Group’s housing project Skyz in Gurgaon for Rs 120 crore. The project, being developed on 13 acres in Sector 37D on the Dwarka Expressway in Gurgaon, is part of the company’s integrated township Ramprastha City. The company’s chief executive officer Nikhil Jain confirmed the deal. About half of the Skyz project, which will have close to 700 luxury apartments, has been already sold by Ramprastha . The money raised from India Property Fund, which is managed by nonresident investor Purnendu Chatterjee’s TCG Real Estate and US-based Vornado Realty Trust, will primarily be used for development of Skyz. “Some part of it will also go for other group housing projects in Ramprastha City,” said Jain. DTZ was the transaction advisor for the deal. The 450-acre integrated township will include grouphousing , plots, commercial, institutional space, retail, hospitals and an SEZ as well and the company is targeting revenues of over . 8,000 crore from it over the next 6-7 years. In the last two years, investing at the project level has been the preferred route for most PE funds in the real estate space.

Tagged as: delhi, dwarka, faridabad, housing-project, preferred-route, real estate developers, realty-trust, transaction

0 comments Read the full article →

Harmit Chawla Quits Paras Buildtech, Announces Own Company ‘H Corp Realty Pvt Ltd’

by Paul Joseph June 1, 2011

In a major development, Harmit Chawla, Vice President – Sales and Marketing at Paras Buildtech has called it quits and floated a new real estate company christened as ‘H Corp Realty Pvt Ltd’. His venture, according to young and vibrant Chawla, will invest about US$ 100 million over the next one year in developing quality residential real estate space in the NCR market. At 35, Harmit has had 14 years of successful stints with many realty firms. His far-sightedness and quest for quality took Paras Buildtech to the next level of growth as he headed the projects – including Paras Tierra & Paras Seasons – which had a total foot print of 5.3 million sq ft of residential development in Noida. Harmit managed to sell around 4,000 units in record time, garnering Rs 1,500 crore for the company. Pertinently, Realty Plus had honoured him presenting the Best Marketer of the Year Award, while Paras Tierea was selected as the Best Affordable Housing Project of the Year at the Realty Plus Excellence Awards 2010. Born and brought up in Delhi, Harmit did his schooling from Mount St Mary’s and graduated from Delhi University followed by MBA in Marketing & International business from Symbiosis Institute.

Tagged as: delhi, faridabad, gurgaon, harmit, harmit-chawla, housing-project, noida, project, real estate developers, sales

0 comments Read the full article →

TCG Real Estate Partners and US-based VRT Plans an Investment of Rs 270 crore in Mumbai, NCR Residential Projects

by Paul Joseph May 6, 2011 Uncategorized

The NRI investor Purnendu Chatterjee’s TCG Real Estate and US-based Vornado Realty Trust, is in the final stages of investing Rupees 270 crore in two residential developments in NCR and Mumbai . The fund will invest Rupees 150 crore and Rupees 120 crore in housing projects in Mumbai and Noida, respectively, and pick up 40-45 % in each of the projects, said a person known with the fund’s plans. “The 400 million Dollars Fund works with land-owners, state governments and developers; particularly medium size developers who lack both money and management talent, to produce international quality real estates , which supply to the high demand sector of the industry.Property developers are increasingly revolving towards private equity funds for financing their projects as commercial banks have strengthen their lending to real estate. The Fund takes both controlling and minority positions. The Fund also looks at investing in related sectors such as construction, mortgage, lending and infrastructure. The Fund invests between 5 million Dollars to 50 million Dollars in each investment. TCG is the property development and investment arm of The Chatterjee Group.

Tagged as: dollars, dollars-fund, housing-project, industry, invests-between, lending, private-equity, projects, property news, real estate, realty-trust, rupees, two-residential

0 comments Read the full article →

Unitech sells over 300 housing units in Gurgaon

by Paul Joseph March 26, 2011 Uncategorized

Realty firm Unitech on Wednesday said it has sold over 300 units worth Rs 200 crore in its mid-income housing project at Gurgaon launched last week.Unitech has received “over 300 bookings, garnering almost Rs 200 crore” in its Unitech South Park project in Gurgaon, the company said in a statement.The country’s second largest realty firm had announced in February that it plans to make available 10

Tagged as: 200-crore, gurgaon, gurgoan property, housing-project, its-mid-income, launched-last, over-300, realty-firm, second-largest, unitech, unitech gurgoan, unitech-south, units-worth, wednesday

0 comments Read the full article →

Unitech sells 300 mid-income housing units for Rs 200 crore in Gurgaon

by Paul Joseph March 24, 2011

Realty firm Unitech has sold over 300 units worth Rs 200 crore in its mid-income housing project at Gurgaon launched last week. Unitech has received “over 300 bookings, garnering almost Rs 200 crore” in its Unitech South Park project in Gurgaon, the company said in a statement. The country’s second largest realty firm had announced in February that it plans to make available 10 million sq ft of area in the next few months. In February last week, Unitech had launched a township project in Rewari. “These are in line with our business plan to launch almost 10 million sq ft in the next few months,” Unitech managing director Sanjay Chandra said. “The demand and pricing environment of the residential product is stable and there has also been a marked improvement in the demand for office spaces. We are working on a wide array of projects to tap this growing demand,” he added.

Tagged as: business, delhi, housing-project, launched-last, real estate developers, real estate india, second-largest, the-residential, unitech-south

0 comments Read the full article →

Alpha G:Corp to build Rs 400-cr Gurgaon Township

by Paul Joseph February 2, 2011

Realty firm Alpha G:Corp today said it would develop a group housing project in Gurgaon at an investment of Rs 400 crore. The company would build 670 housing units on a 12.5 acre land, which is owned by Magnum International. “The project cost is Rs 400 crore including land cost,” company’s Director and CEO S K Sayal told reporters. The investment would be largely met through bank debt and advances from customers, he added. Alpha G:Corp, which is 60 per cent owned by foreign investors including Morgan Stanley, will soon launch this project at an inaugural rate of Rs 3,400 per sq ft, but the company is looking at a realisation of over Rs 3,800 per sq ft from this project. Morgan Stanley has 14 per cent stake in the company. Alpha G:Corp’s completed developments and upcoming projects encompass an area of more than 40 million sq ft.The company’s business model entails undertaking of projects through acquisition, joint venture development and real estate asset management. Apart from national capital region (NCR), Alpha G:Corp is developing projects in Punjab, Haryana and Gujarat.

Tagged as: banking and finance, delhi, gurgaon, housing-project, morgan-stanley, project, property prices

0 comments Read the full article →

Godrej Properties to Develop Residential Project at Mohali

by Paul Joseph December 3, 2010 Uncategorized

Godrej Properties Limited (GPL), a real estate arm of Godrej Group , on Thursday said it would develop a residential housing project at Mohali in Punjab, which could involve a capital outlay of Rs 450 crore. Besides, the company would also focus on several cities, including NCR , Mumbai , Bangalore , Pune, Chennai and Chandigarh for developing a slew of residential projects in line with its plans to cash in on the growing demand for housing from urban sector. “We are looking to develop a residential project in Mohali with a minimum land of 20-25 acres…we are in talks with certain land owners here for (entering into a) joint venture in this project,” the company’s MD Milind Korde told reporters here today. Though investment is not a constraint for the company for the upcoming project at Mohali, yet the estimated capital outlay in this project may be around Rs 450 crore, including the land cost, he said. GPL is already in the process of developing its first Rs 400 crore commercial project in Chandigarh, which will be spread over 4.04 acres with a development size of 6.80 lakh square feet. “This project is going to complete by September next year,” he said. Company’s focus towards growing real estate sector of northern region could also be gauged that it has set up a 3,500 square feet office here which will take care of its projects in northern region. GPL, having presence in 11 cities across country, is developing 83 million square feet of area which would be done in a span of next 8 to 10 years. “After a gap of three years, we will develop 10 million square feet of area each year,” he said. Godrej Properties is also keen on redevelopment of real estate projects particularly in Mumbai. “We will go into redevelopment of areas like old buildings, cooperatives society houses and slum area in Mumbai,” he said. The company’s other projects are in Gujarat, Managalore, Kochi, Chennai, Gurgaon, Pune, Bangalore, Hyderabad.

Tagged as: chandigarh, housing-project, noida, properties, real estate, real estate developers

0 comments Read the full article →

Tulip Infratech to invest Rs 1,600cr on housing project

by Paul Joseph November 24, 2010 Uncategorized

NEW DELHI: Realty firm Tulip Infratech today said it will invest Rs1,600 crore over the next four years to develop a housing project in Gurgaon. The company would build 2,000 apartments in the housing project ‘Tulip Violet’ spread over 40 acres. “We have launched a new project in Gurgaon where we will come up with 2,000 flats in mid-income categories. The project cost would be about Rs 1,600 crore,” Tulip Infratech Managing Director Parveen Jain said. Jain said the project cost would be funded through debt, internal accruals and advances from customers. Construction would start in January next year and the entire project is expected to be completed in the next four years, he said, adding that the price of flats started from Rs 55 lakh ownwards. Jain said this was the company’s seventh project in Gurgaon. Besides Gurgaon, the company is also developing a housing project, comprising of 635 units in Sonepat, Haryana.

Tagged as: construction, housing, housing-project, price, project, years

0 comments Read the full article →

Realty firm Parsvnath Raises Rs 120 cr via Stake Sale

by Paul Joseph October 26, 2010 Uncategorized

Realty firm Parsvnath Developers has raised Rs 120 crore by selling 24.5 per cent stake in its office complex project at Connaught Place, in the national capital, to private equity firm Red Fort Capital. In a filing to the Bombay Stock Exchange, Parsvnath said it has partnered with Red Fort Capital to jointly develop the office complex, spread over five acres. The project ‘Red Fort Parsvnath Towers’, with a leasable area of three lakh sq ft, would be developed by its subsidiary Farhat Developers Pvt Ltd (FDPL). “The entities controlled by Red Fort Capital have acquired 24.5 equity stake in FDPL by inducting Rs 120 crore as foreign direct investment,” the filing said. When contacted, Parsvnath chairman Pradeep Jain said the total project cost of the office complex is Rs 200 crore that includes Rs 99.5 crore upfront payment to the Delhi Metro Rail Corporation (DMRC). Parsvnath has executed a concession agreement with DMRC to deliver the project on a BOT (build-operate-transfer) basis. The construction will be done by L&T. Earlier this month, Parsvnath Developers had announced that it has raised Rs 270 crore through private placement of shares with institutional investors to fund ongoing projects. Last year too, the company had raised Rs 168 crore through the QIP route and Rs 190 crore through stake sale at project level. Parsvnath had raised Rs 115 crore by divesting a 22 per cent stake in a housing project in Delhi to Red Fort Capital. In another PE deal, the company had raised Rs 75 crore by selling a stake in a Gurgaon housing project to Sun Apollo. The company has a land bank of 194 million sq ft, of which it is undertaking construction of 80 million sq ft on fast track basis.

Tagged as: bangalore, delhi, delhi-metro, gurgaon, housing-project, property prices, real estate trends

0 comments Read the full article →

Omaxe Subsidiary Bags Indore Housing Contract Worth Rs 203 crore

by Paul Joseph September 23, 2010 Uncategorized

Realty firm Omaxe Ltd said its subsidiary has bagged a contract of Rs 202.72 crore from the Defence Ministry to build a housing project in Indore. Omaxe Infrastructure & Construction Ltd (OICL), a wholly- owned subsidiary of Omaxe, has been awarded the contract from DGMAP, Ministry of Defence to construct a residential complex at Indore, the company said in a statement. “The project is pegged at Rs 202.72 crore,” it said, adding that work order involves construction of residential accommodation for defence Junior commissioned officers (JCOs) and other ranks (ORs). OICL would construct a total of 1,044 dwelling units for JCOs and ORs. The project will be completed in 25 months. After winning this project, OICL’s order book has reached to about Rs 1,181 crore. Early this month, OICL had bagged a contract of Rs 128 crore from the Defence Ministry to construct a housing project in Jammu & Kashmir. In real estate, Omaxe is developing 53 projects. Among these, there are 21 integrated townships, including a hi-tech city, 21 group housing projects, nine shopping malls and commercial complexes, and two hotels.

Tagged as: delhi, group-housing, housing-project, infrastructure, omaxe, project, real estate, real estate developers, real estate india

0 comments Read the full article →