pune

Pune land scam: CBI raids former vice-chief of Army

by Paul Joseph February 2, 2012 Uncategorized

Pune: The CBI on Tuesday raided the residences of former vice-chief of army staff Lt Gen (retd) Noble Thamburaj and former defence estates officer (DEO) of Pune circle S R Nayyar, and the office of Kalpataru Builders in connection with alleged irregularities in the development of defence land in Pune cantonment. Thamburaj, one of the seniormost officers of the armed forces to have been indicted by a CBI inquiry, was the Southern Army commander based in Pune when the agreement with the company was allegedly signed. In a release, CBI said Thamburaj and Nayyar had “shown favour to M/s Kalpatru in the matter of property at Bungalow No 8A, Lothian

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Twenty projects to come up in Pune under ‘GRIHA`

by Paul Joseph January 12, 2012 Uncategorized

As many as 20 residential projects will come up in Pune and Pimpri- Chinchwad areas developed on Green Buildings Concept under GRIHA (Green Rating for Integrated Habitat Assessment), said Dr. R.K. Pachauri, director-general, The Energy and Resources Institute (TERI). He was speaking at a seminar organized by CREDAI Pune on the science of climate change, the impacts of continued greenhouse gas (GHG) emissions & mitigation technologies from the perspective of green buildings. CREDAI-National has entered in to a MoU with GRIHA for wide campaigning on the Green Building Concept amongst the Member Developer throughout India. Dr Pachauri added, “GRIHA” is India’s national rating system for sustainable habitats designed and developed

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Real Estate Firms Drop Overseas Plans, To Stay Grounded in India

by Paul Joseph January 9, 2012

Real estate companies, which started venturing overseas around 2006-07, are reviewing their global plans. With the slump in international realty markets, many domestic companies are either withdrawing from weak markets or putting their global plans on hold, reports Business Standard. Raheja Developers, for instance, has shelved plans to enter markets such as Mauritius and Colombo.

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Puranik Builders plans three new residential projects in 2012

by Paul Joseph January 4, 2012 Uncategorized

Mumbai-based real estate company has announced plans to launch three new residential projects within the first two quarters of 2012. These projects will be launched in Thane, Pune and Lonavala, respectively. The company plans to invest Rs 700 crore in these projects over a span of three years. These funds will be generated through a mix of internal accruals and bank loans. Elaborating on the Group’s expansion plans for the year 2012, Shailesh Puranik, managing director, Puranik Builders Pvt Ltd, said, “Our Group plans to launch three new residential projects this year at Thane, Pune and Lonavala. While the overall project value of these will be in the tune of Rs 1,000 crore, we will invest Rs 700 in the next three years.” Sprawling over 1 million sq ft. area, the ‘Rumah Bali’ project at Thane is a residential project comprising 8-9 Towers of 30 storeys each. There will be more than 1,500 units of1/2/3 and 4 BHK priced at Rs 6,000 per sq ft. The second project at Pune — Sereno Espanola — will be spread over 40 acres of area and consist of more than 2,000 units of 1 / 2 and BHK and Villas of 4 BHK. The units will be priced at Rs 4,500 per sq. ft. The third project is a high-end villa project which is spread over 10 acres and will consist of 3 and 4 BHK villas priced between Rs 1-1.5 crore. Optimistic about the Real Estate scenario in 2012, Shailesh further added, “The new launches will happen within the first two quarters of this year and we hope to do good sales.” The company also has 500 acres of land bank in Pune, Sarjat, Murbad and Dombivali and it plans to launch new projects here in the next 2-3 years. Source:http://www.realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=17949&cat_id=1

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Eiffel Group to invest Rs 300 crore in golden triangle belt

by Paul Joseph January 2, 2012 Uncategorized

As the second home phenomenon gains currency in the industrially-developed Mumbai-Pune- Nashik belt, realty player Eiffel Group has earmarked Rs 300 crore over the next three years to launch more projects in the region, referred to as the state’s ‘golden triangle’. “Eiffel Group is primarily into plot development. In realty parlance, plotted development means a developer sells large tracts of land after building basic infrastructure like sewage systems and roads. We will be investing around Rs 300 crore for acquiring land as well as building the necessary infrastructure in this area. Besides, we may also develop certain residential facilities here, which we can promote as second homes,” said Shirish Mulekar , director, Eiffel Group. “Investment in real estate is the best option today. There is an enormous appetite for plots situated within 90-100 km radius of the Mumbai-Pune-Nashik belt, both for ownership as well as an investment,” Mulekar said. He said, areas such as Pen, Neral, Khalapur and Pali, near Mumbai, are a part of the golden triangle and therefore are on the cusp of rapid development as several infrastructure projects are coming up in the vicinity. “Buyers are looking for investing in prime home projects in the city and its vicinity, as prices are on fire in the city. But a property, with lower ticket price gives an opportunity even to a common man as well as investors,” he said. Moreover, Maharashtra has laid huge emphasis on infrastructure in the golden triangle, such as Panvel-Karjat rail connectivity, Murbad highway and Sewri-Nhava Sheva transharbour link. “These projects make the area ready for aggressive development,” he said. The company has already acquired 500 acre in the area for plotted development and plans to acquire another 2,500 acres over the next two years. In August 2011, the company had entered into an agreement with India Realty Excellence Fund (IREF), managed by Motilal Oswal Private Equity Advisors, to undertake plotted development projects at Karjat. “We have already tied-up for Rs 100 crore through the IREF deal. Eiffel will be pumping in Rs 100 crore. Besides, we will tie-up with other financial institutions for another Rs 100-150 crore,” he said. Source:http://www.realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=17925&cat_id=1

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Lonavala residential bungalow sold for Rs 1.6 crore

by Paul Joseph December 16, 2011

LONAVALA (PUNE): A residential bungalow, spread over an area of approximately 3,300 square feet, was sold for Rs 1.61 crore. The bungalow is part of a villa development project and offers to its residents a plush four- bedroom unit. Holiday homes in the locations of Lonavala and Khandala (which are almost equidistant from both Mumbai and Pune) have been receiving interest from investors and second-home buyers. This is partly because the infrastructure in these areas has greatly improved with more amenities like electricity and water supply and better accessibility. With a capital value of about Rs 5,000 per squarefoot, most current purchasers are likely to see good appreciation in the medium to longterm. However, in the shortterm, given the current supply which seems to be moderately higher than the demand in the location, values and volume of sales are likely to remain consistent. (Cushman & Wakefield) Source: http://economictimes.indiatimes.com/markets/real-estate/news-/lonavala-residential-bungalow-sold-for-rs-1-6-crore/articleshow/11125989.cms

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Lodha Group’s New Cuffe Parade Receives Overwhelming Response

by Paul Joseph December 5, 2011

Lodha Group has announced that it sold over 400 apartments at its New Cuffe Parade project near IMAX Dome on the Eastern Freeway in Mumbai. Spread across an area of 23 acres, New Cuffe Parade will entail a whopping investment to the tune of over Rs 10,000 crore over the next 5-7 years, making it one of the largest private investments in the MMR region. New Cuffe Parade in its first phase will consist of elegant twin towers of 63-storied, with 15 acres dedicated to lush green spaces, making this Mumbai’s greenest development. Commenting on this response, Abhishek Lodha — MD, Lodha Group, says “New Cuffe Parade is a product of great research on what Mumbai needs. We had the biggest advantage in location to which we have added a product combination that gives homebuyers the best of both worlds. We have not seen too many launches of the right product in the recent past and that has clearly reflected in the overwhelming response that we received for New Cuffe Parade” With its strategic location at the monumental meeting point of the monorail, the metro rail and the Eastern Freeway, Mumbai’s landmark destination will also be the first to offer high-speed connectivity to every part of the city as well as important emerging centers of the future. Comfortable public transportation will also mean a reduced usage of private vehicles, which means less pollution, less traffic, a smaller carbon footprint and a bigger contribution to the environment.

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Around 50% UAE NRI’s Planning to Buy Property in India

by Paul Joseph December 1, 2011

Nearly half of non-resident Indians (NRIs) plan to buy property in India for investment purposes, according to a survey released by Sumansa Exhibitions. Conducted amongst 15,000 NRIs across the UAE, the survey revealed that Mumbai and Delhi grabbed the top spots as the extremely viable options for property investments since the cities continued to be the most robust real estate markets in the country.Pune, Gurgaon and Noida have emerged as hotspots for investments making it to the top five list of favourable cities. The study further indicates that NRI’s are not necessarily looking at their hometowns for investments. Sunil Jaiswal, CEO of Sumansa Exhibitions, organisers of Indian Property Show, said: “The survey result is not surprising as Mumbai and Delhi are the most promising markets as far as RoI (return on investment) and net profitability is concerned. Both these cities enjoy commercial prominence, location advantage and increasing wealth, as such the growth momentum either has continued or is stable even if the world markets have experienced economic crisis. Factoring all the advantages these cities have, the scene will not change in near future. NRI does still consider that investing in these cities will be profitable. Pune, Gurgaon and Noida are in the top 5 as they enjoy the advantage of being in close proximity of the main cities.” Honey Katiyal, CEO, Investors Clinic, India’s leading real estate consultancy, said: “NRIs are choosing other cities apart from their hometowns and especially Mumbai, Delhi, Pune, Gurgaon and Noida, which reflects the sentiments that the investors are looking for good investment options for increasing their wealth. These cities are favourable as investors can make good profit as the real estate prices in past few years have spiraled enormously and will witness upward trend in future, barring 10-15 per cent correction in some parts of these cities, plus the cities give good rental income. Home loans and other facilities from Banks & Builders can also be availed quickly, all this makes them good options for investment. We as one of the India’s largest real estate management consultancies have seen this trend and expect the same to continue in foreseeable future”. Katiyal said NRIs stand to gain from the sharp slide in rupee over last two weeks. The rupee has depreciated more than 16 per cent against the US dollar since July 2011. This has made homes in India increasingly cheaper in dollar price terms, an attractive proportion specially at a time the real estate sector in the developed markets remain depressed. Little wonder then, NRI’s have been looking at the homes back home with renewed interest.

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Zandu Realty Strucks Deal with Mumbai Based Sheth Developers to Rebuild Herbal Healthcare Firm

by Paul Joseph November 23, 2011

Zandu Realty Ltd has struck a deal with Sheth Developers Pvt Ltd to rebuild erstwhile herbal healthcare firm Zandu Pharmaceutical Works’ headquarters in Mumbai’s Dadar neighbourhood into a 2.7-acre commercial complex. On entering the development agreement, Zandu Realty, an Emami group firm, received Rs 70 crore in cash from Sheth Developers. It will also receive half the developed area on completion of the project, R S Agarwal, joint chairman of the Emami group, was quoted as saying in Mint. Zandu Realty recently assessed the value of its Dadar property at Rs 250 crore. Going by Zandu Realty’s stock price of Rs. 1,482.70 on BSE on Monday, the market values the property at Rs 119 crore. Zandu Realty is a shell company with only one asset and no liabilities. After acquiring the company from its founders for around Rs 730 crore, Emami Ltd carved out and merged with itself Zandu Pharmaceutical Works’ herbal healthcare business. Emami is now cashing out of the fixed assets of the erstwhile herbal healthcare company. It has already sold its stake in Zandu Pharmaceutical Works in the market. “From our studies, we concluded that we should build warehouses at our Dadar property,” Agarwal said. “It will create for us a long-term revenue stream.” Emami had earlier considered building a high-end condominium at the site. Ashwin N Sheth, chairman and managing director of Sheth Developers, was more guarded. “The details of what we will build are expected to emerge in a month or so,” he said, refusing to make any further comments. The restructuring of erstwhile Zandu Pharmaceutical Works has created a layered ownership structure, under which Emami owns shares in Zandu Realty indirectly through subsidiaries. The promoter group’s 35.5 per cent stake in Zandu Realty is held entirely by Emami Rainbow Niketan Pvt. Ltd. “The cash flow from the Dadar property will benefit shareholders of Emami, permeating through the holding companies, besides those of Zandu Realty,” said Naresh Bhansali, Emami’s chief financial officer. The Emami group is currently restructuring its real estate projects, consolidating them into two listed firms — Zandu Realty and Emami Infrastructure Ltd — to focus on different segments of the business. The company had said in September that three firms, Emami Realty Ltd, Emami Homes Pvt Ltd and Emami Estates Pvt Ltd, were to be merged with Zandu Realty.

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Govt to Make Draft Real Estate Regulation Bill Public

by Paul Joseph November 10, 2011

The government will make public the draft Real Estate Regulation and Development Bill, 2011 for comments from stakeholders this week and may subsequently introduce it in the forthcoming winter session of Parliament. Aimed at protecting customers from fly-by-night developers, the draft Bill will seek to bring more transparency in the realty sector. “We will upload the draft Bill on the Ministry’s website on November 11 for suggestions by public. After considering those suggestions, we are hopeful of introducing the bill during the winter session of Parliament,” Union Housing and Urban Poverty Alleviation Minister Kumari Selja said. While unveiling the new logo and brand identity of Confederation of Real Estate Developers’ Associations of India (CREDAI), she said the draft Bill has taken into account of the concerns raised by the builder community. “The bill will be under the public domain for few days… We are also prepared to look into the suggestion of single window clearance system for realty projects wherever we can,” Selja said. Last week, she had said the Bill would protect the interest of consumers without hurting the real estate sector. “It will be a balanced kind of Bill, as on one hand we do not want consumers should be put into any difficulty (in real estate buying) and on the other hand, we definitely do not want to throttle the real estate industry. So it will be a balanced (one),” the minister had said. Real estate developers led by CREDAI has been opposing the constitution of a regulatory body to supervise sector and said that it would become a “breeding ground for corruption” when implemented. They apprehended that the objective of the draft Bill was limited to just consumer protection, leaving other important issues such as long delay in approval and rising cost of material. According to the draft, developers will need to make public disclosures related to land title, project completion date and other relevant scheme details on the website of the proposed regulatory authority. The disclosures must be made before launching a project, so that consumers are not taken for a ride at a later stage and the promoters will also have to register themselves with the regulatory authority.

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