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Realty Firm Phoenix Mills Plans to Emerge as the largest mall developer of India

by Paul Joseph July 14, 2011

Realty firm Phoenix Mills Ltd plans to buy underperforming malls and turn them around to attempt becoming the largest mall developer in India. “Acquisition is going to be a route for us. We are under-leveraged right now. We will look at under performing assets that are leaders in the market that they are in and buy them,” Phoenix Mills managing director Atul Ruia, told Mint. “Raising a war chest will not be a worry,” said Ruia, without specifying the size of acquisitions and source of funds. Phoenix operates 1.5 million sq ft of retail space, which includes 0.8 million sq ft of the High Street Phoenix mall at Lower Parel in Mumbai and malls in smaller cities with other developers, such as Entertainment World Developers Ltd and Big Apple Real Estate. Phoenix plans to emerge as one of the largest mall developers in the next 12 months, Ruia added.

Tagged as: apple-real, delhi, developers, largest, look-at-under, lower-parel, mall-developers, phoenix-mills, property prices, real estate, retail market in india, smaller-cities, street

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Corporate Entities finding it Difficult to Afford Commercial Property in Mumbai: Reports Knight Frank

by Paul Joseph May 9, 2011 Uncategorized

The pricing of land in the city has always been beyond the means of the man on the street. But a recent report by a real estate research firm shows that even big corporate entities are finding it increasingly difficult to rent or buy space in the financial capital. According to Knight Frank, the sale and lease size in the last quarter of 2009-2010 was 2.81 million sq ft, which dropped to 0.88 million sq ft in the same quarter of 2010-11. And the worst thing, the report says, is that CBD Belapur and Nariman Point, the business hubs in the metropolitan, saw nearly no deals. Instead, western suburbs, especially the Andheri-Jogeshwari- Goregaon belt, fared better. Of the total commercial deals in the last quarter, 63 per cent were struck in the western suburbs, whereas BKC saw a mere six per cent of the total share. The central Mumbai belt, mostly Lower Parel and surrounding areas, retained 22 per cent of the share. Property experts believe that lack of parking space and cheaper property rates are driving MNCs and other corporate groups to the suburbs. But the realty there doesn’t sell for a song either. As such, many firms are putting off investing in office space, at least for the time being. Ravi Bhinder, director, Prime Commercial Property, agrees that deals are rarely getting sealed because of the rates. “Owners who are ready to bargain and slash the rates are able to strike a deal. But those unwilling to budge from their demand may be in for a long wait until they make their next sale,” he said. There is also talk of corporates wanting to wait because of rumours regarding lowering of real estate rates in coming months, which is likely to bring in more stock. The average price at which commercial spaces are selling in the first quarter of this fiscal is Rs. 12,696 per sq ft. Last year, it was Rs. 14,002 per sq ft. Incidentally, of the total deals struck in the current quarter, 42 per cent are owed to the IT sector, 11 per cent to manufacturing, and 6 per cent to banks and financial institutions. Other sectors make up the rest of it. “Only those builders who reduce prices will survive. The reason why Andheri and the western suburban belt did well is because the owners did not hesitate to reduce the prices,” said Bhinder. Ajay Chaturvedi, a real estate expert, gives other reasons for a dip in the sale and leasing out of property. “The actual area and the area the seller charges for vary by a huge margin. Other than that, different taxes have been imposed on commercial property – there is VAT, and the property tax, which has been doubled. This has affected deals,” he said.

Tagged as: business, metropolitan, mumbai, per-cent, pune, rates, real estate, real estate developers, retail market in india, sale, seller, street, time, western

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DLF Valley Panchkula 2/3/4 BHK Apartments in Chandigarh

by Paul Joseph February 4, 2011 Uncategorized

Chandigarh is the best-considered metropolis in India , by way of structural design which is world-celebrated, and an excellence of life, which is unmatched. As a capital state of Punjab and Haryana, and the Union province of Chandigarh , Chandigarh property is a high-status city. The features of contemporary India , Chandigarh , is the demonstration of a reverie that Pt. Jawahar Lal Nehru imagined and Le Corbusier implemented. The capital of the states of Haryana and Punjab, Chandigarh is solitary of the best designed cities in India . It is in 3rd positioned in purchasing power, 4th situation in accommodation decisions, 8th in monetary milieu, 9th position in education and 10th in healthcare. Panchkula is encircled by Ambala-Kalka railway line; Ambala Kalka nationalized highway and Chandigarh-Panchkula-Shimla Street . It is built up on periphery of Chandigarh , surrounded by the chocolate box milieu of the shivalik mounds and the Ghaggar River . The community has been sub-divided into housing zones, industrial regions, parks and regions for district recreation, bazaars and government offices. As a result of mounting real estate rates in Chandigarh increasingly community are heading towards panchkula as it swanks of good quality infrastructure, moreover real estate in panchkula is cheaper and its superiority is as par among that in Chandigarh . DLF Valley Panchkula is the picture for the township which is positioned on a raised ground amidst a charming environment of river bed, hill and forest ensuring an existence of stillness and harmony. Calculated by prominent architect Hafeez Contractor and being enlarged by DLF, it presents the most excellent of intend, aesthetics, technology and municipal preparation. The community has exceptional road connectivity on a twice carriage highway. For more infomarion about this project and original booking visit – http://www.dlf-valley-panchkula.com/

Tagged as: street, township

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India a Hit for Foreign Investors

by Paul Joseph October 14, 2010

MUMBAI, India — Two years ago, when the crisis on Wall Street reached its pinnacle, the high-flying Indian stock market fell with a thud as foreign investors took nearly $5 billion out of the country. The situation is very different today. In September, foreign investors poured $7.1 billion into Indian stocks and bonds — a monthly record for foreign investment in India’s securities market.

Tagged as: crisis, india, india property, indian, real estate india, stock-market, street

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Kolkata property investment

by Paul Joseph July 29, 2010

Property hold up has turn into a worry of real estate investors. Nevertheless, real estate of Kolkata – The City of happiness has reserved up velocity and is motionless magnetizing investors. By way of commercial improvement in Kolkata property , and regions like Park Street, Chowringhee road and Camac Street, fetching the IT and ITeS centres, the Kolkata property market has unrelenting impetus. There has been perfect augmentation in the imminent industries in the city. Nowadays we distinguish properties in Kolkata, in an innovative incarnation among expansive retail malls, hotels and commercial and housing complexes to prop up the aloft insist. The Government shore up in the course of SEZs, IT Parks have also donated to the development observed by the city these days. If investors are appearing to invest or purchase a real estate in Kolkata, here are a few of the imminent projects in the city. May Fair Greens: lavishness apartments obtainable in 3bedroom or 4 bedroom series. IT arrives together with a variety of amenities like Kids play room , Gymnasium, Pool room, chess, dart, Carom and table tennis, Club lounge, Children’s park, Swimming pool, Library, 24 hour water supply, A.C community Hall, Lush green lung space and 24 hour power supply. Consequently most of your common day requirements get resolved with the massive services existing at the May Fair Greens. Heritage Realty – Heritage Srijan Park: In Kolkata properties ’ hay days for the duration of the Raj, it was hailed while the kolkata real estate of turrets. Splendid house overlooking exquisite gardens formed the backdrop. Those who had taste, to them life of magnificence appeared naturally. The eras have altered. But the wish for excellent-living hasn’t. At the moment here is an occasion to grasp investors’ visions. Inaugurate to generous residences entitled Heritage Srijan Park-inserted away in a best area of Park Circus.

Tagged as: city, development, government, kolkata, parks, power, real estate, street

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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

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.

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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Global Economic Recovery May Bring Back Luxury Retail Rents

by Paul Joseph June 10, 2010

Luxury retail rents may soon “bounce back” after two years of declines as the global economic recovery fuels demand for designer handbags, watches and clothes, Colliers International said. Rents fell in most of the world’s costliest shopping streets in the first quarter from a year earlier, according to a report published by the Seattle-based property broker. The average annual rent on Manhattan’s Fifth Avenue, previously the world’s most expensive shopping street, fell about 11 per cent to $1,250 a square foot. That pushed it into second place behind Avenue des Champs-Elysees in Paris. The global economy is set to grow 4.2 per cent this year, according to the IMF , helping financially healthy retailers to expand and spurring international brands to enter new markets. LVMH Moet Hennessy Louis Vuitton SA, the world’s biggest maker of luxury goods, reported in April an 11 per cent rise in first quarter sales. “With many of the world’s rich feeling more secure and comfortable with luxury purchases, demand for high-end retail premises is expected to increase over the coming year,” Ross Moore, executive vice-president and director of market and economic research at Colliers, wrote in the report. Luxury goods retailers are also attracting “aspirational” consumers from the growing middle classes of Asia, the Middle East and central and eastern Europe, Moore said. Annual rents on the Avenue des Champs-Elysees, which runs from the Tuileries Gardens to the Arc de Triomphe in central Paris, rose 2 per cent in terms of euros to the equivalent of $1,256 a square foot in the first quarter from a year earlier. That reflected the city’s status as a popular tourist destination. Russell Street in Hong Kong’s Causeway Bay district ranked third in the survey, after rents climbed 1.3 per cent to $1,205 a square foot. London’s Bond Street came in fourth, with store rents surging 52 per cent to $1,174, according to Colliers. Via Monte Napoleone in Milan declined 1.3 per cent to $929. Sydney’s Pitt Street Mall ranked second in the Asia-Pacific region behind Hong Kong with an average rent of $769, followed by Tokyo’s GinzaChuo Avenue. Rents on New York’s Madison Avenue fell 21 per cent, the biggest drop among the top 10 locations, to $590. Rome City Center declined 3.9 per cent while Bahnhofstrasse in Zurich and London’s Oxford Street both posted increases.

Tagged as: city, europe, gurgaon, per-cent, real estate, street, survey, world

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Paramount launched Floraville – the most spacious apartments at Noida Expressway

by Paul Joseph May 24, 2010

Paramount Group has recently launched its ultra modern energy efficient project ‘Floraville’. This residential project is located at Sector 137, Expressway, Noida. Spread over an area of 12 acres, the project will comprise of 2, 2+1 study, 3 and 3+1 study BHK apartments. Floraville has the most spacious apartments at the Expressway, Noida with a count of 1000 units surrounded by greenery from all sides. The project will embrace a standard living, which will have an inbuilt facility of controlling almost every electronic appliance of your home from faraway places. The features of the project are the Solar Based Street Lighting- which will make it an energy efficient project, Security and Surveillance in the entire society, Wi-Fi Connectivity, Fire Alarm System, Intercom, Boom Barriers, Digital Locking System for Doors and Ample & ventilated Basement Parking Space. The project will be a true example of luxury and comfort and will provide its inhabitants with facilities of Play School, Salon, Swimming Pool, Indoor Games, Club, Spa with Sauna, Steam bath, Cafeteria, Shopping Centre, Battery Operated Cars for Visitors and Medicare Facility. Speaking on the newly launched project Mr. Ashwani Prakash, Executive Director, Paramount Group said, “We are proud to launch our new project, Floraville, which is located at the Expressway, Noida, known as one of the hottest destinations. This project will have the most spacious apartments in this location and these artistically designed units will redefine the standards of living of its residents.” Being the member of Indian Green Building Council, the company is cautious about the global warning in the world and thus has made an effort to build this an Energy Efficient project. This residential project will be a complete self sustaining project with all the world class amenities and infrastructure”. Source:https://mail.google.com/mail/?shva=1#inbox/128bdcaf2881866d Filed under: Builders/ Developers , New projects , Noida Tagged: Noida , Paramount Group

Tagged as: new-projects, noida, residential, shopping, street

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Mall Culture not a Big Success in India

by Paul Joseph April 28, 2010

Let’s begin with defining success. In the case of a shopping mall (and most other consumer facing businesses), I believe this lies at two levels — success at a customer value proposition level (end consumer and retailer/occupier), and then at a financial level for the mall developer. For the shopping mall revolution to be considered a grand success, one would want at least 50-60% of malls in the country to deliver on these two counts. Now, let’s look at the reality. Malls were hailed as one of the key growth drivers for the retail and entertainment sector in the country 5-7 years ago, as they provided a plug and play opportunity for retailers to expand footprint and promote consumption. Today, there are an estimated 150 malls in India, and the sad reality is that only around 20-25 of these are successful. Malls like Select City Walk and Ambience in the NCR, Inorbit and High Street Phoenix in Mumbai, Forum in Kolkata, Garuda and Forum in Bangalore have done a phenomenal job of creating shopping and leisure destinations for consumers and retailers. They have even impacted traditional high streets such as South Ex., Greater Kailash-1 (M Block) in Delhi, and Commercial Street and Brigade Road in Bangalore amongst others. However, with fewer than 20% malls delivering on the customer and financial counts, one can clearly say that the mall revolution has not been a grand success in India. Issues with malls exist at a mindset, planning (or lack of it), execution, as well as mall management level. Few developers realise that malls are a “retail” business that needs to be planned, managed and nurtured like one, and not just another piece of real estate to sell to the highest bidder at the soonest possible. Also, with rentals taking up a disproportionate share of revenues for a retailer (25-35% for a number of fashion retailers!), this is a broken economic model for the occupier, hence for the developer. Like in any other industry, understanding, partnering and servicing customers on a continual basis is the key to success for developers. Till this happens, a number of retailers will continue to refer to CAM (Common Area Maintenance charges) as SCAM

Tagged as: consumer, country, customer, gurgaon, real estate, street

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