‘Parsvnath Preston’ located at Sonepat is a project developed by Parsvnath Developers Ltd. It is located on N.H-1, just 17 km from Delhi border. Parsvnath City, Sonepat is a landmark which is well connected with most the destinations of North Delhi. It is conveniently connected with major landmarks of Delhi. Various academic institutions and health care facilities are available near by it. Parsvnath Preston is also providing three tier security services. Security system provided with intercom facility and cc. camera from the entrance of the complex. Read More
Monthly Archives: March 2008
Big Property Players gear up for Cityscape Asia
March 8, 2008 – 3:26 am
A real estate event that will draw big-time property devolopers from the Middle East as well as rest parts of the globe will take place in Singapore in April from 15 to 17.
Exodus Boosts Pune Realty Prices
March 7, 2008 – 4:54 am
The building sector in Pune and neighbouring areas is in terrible straits. The mass exodus of migrant workers from UP and Bihar, following alleged threats from Raj Thackeray’s Maharashtra Navnirman Sena, has forced builders to invoke the force majeure clause to escape liabilities of delays and cost overruns. Read More
Hinduja Group appoints Ravinder Babbar as COO
March 7, 2008 – 3:32 am
Hinduga group one of the leading diversified groups in the world, today announced the appointment of Ravinder Babbar as COO for Aasia Properties Development Ltd., the real estate arm of the group.
The Indian Billionaires
March 7, 2008 – 1:11 am
Forbes has released its List of world Billionaires. There are 4 Indians in top 10 (the maximum number from a country), whereas previous year the no. was only one. India has listed total 53 billionaires (Maximum in Asia after Russia).Out of five billionaries from india one belongs to real estate.
ETA Star to venture into Indian hospitality
March 7, 2008 – 12:00 am
Dubai-based property developer, ETA Star Properties, plans to foray into the Indian hospitality industry with two properties at Bengaluru and a property in Chennai, respectively. The group has assigned an investment of two billion Dirham for its current phase of development in India.
The properties developed by ETA Star Properties will be managed by their hospitality subsidiary, ETA Star Hospitality. Speaking exclusively with Hospitality Biz, Riyazur Rahman, Director, ETA Star Hospitality says, “We also plan to adopt properties on lease. The group is open to associations with Indian real estate developers, under management contracts.”
Govt Recognizes Public Demand For Lower Home Loan Rates
March 6, 2008 – 4:34 am
The government on Thursday acknowledged that there is public demand that interest rates on home loans up to Rs 20 lakh should be slashed, but said it is for the banks and RBI to take a call.
During his post-budget interaction with Assocham, Finance Minister Mr. P. Chidambaram said, “I shall certainly bear in mind that there is public demand that interest rates for borrowers, who borrow (housing loans) up to Rs 20 lakh, must be lowered”. Read More
Real estate prices in Hyderabad getting down
March 6, 2008 – 3:01 am
Hyderabad:- Continuing with good growth of three years, it is time for the real estate prices in Hyderabad to go down. Prices, which had shot up to three hundred per cent in the majority areas, have started going down. It suggests either very low growth rates or stagnation.
Read More
Budget ’08: Industry Analysis
March 5, 2008 – 4:35 am
Everyone has expectations from the Budget and it is reasonable to accept that the Finance Minister cannot please everyone. The Budget speech reflects the absence of any significant tax changes impacting the real estate sector.
It was widely anticipated that the Finance Minister will clarify taxation aspects in relation to Real Estate Investment Trusts, or REITs, which Sebi plans to introduce and which could have provided a much sought fillip to the sector.
Read More
Bahrain Firm Acquires 49 Percent Stake In India IT Park
March 4, 2008 – 8:13 am
Asipac to Create Investment Banking and Procurement Services SBUs for Real Estate Sector
March 4, 2008 – 8:12 am
India’s No.1 real estate development services and project marketing company Asipac today announced that it is creating new Strategic Business Units to offer Investment Banking & Asset Management Services as well as Procurement Services for the real estate sector.
Mr. Amit Bagaria, Chairman, Asipac said, “In 18 months, we have helped developers raise Rs.6290 million in equity funding without a dedicated team”. Further he added, “Now, we are creating a Strategic Business Unit with a President and a team of 4 to begin with.” The company already has mandates in hand to raise Rs.5611 million of equity. He also said “The new business unit will begin with these deals and have a target of Rs.16 billion in 3 years”.
According to Asipac’s Chief People Officer James Arun, “we have already recruited a President and a VP for this unit, one with 22 years experience in fund-raising and investments in USA, Europe, South Africa, Hong Kong and India, and the other with 16 years financial planning and investment advisory experience in USA, including 6 years in real estate financing. The head of procurement has joined us with 10 years global experience in sourcing.”
India approves ONGC Videsh Venezuela jv, Qatar investment
March 4, 2008 – 8:08 am
LONDON – The Indian government formally approved ONGC Videsh Ltd’s (OVL) 102.21 mn USD investment in a Qatar-based project and also its formation of a joint venture with CVP/Petroleos De Venezuela SA (PDVSA).
ONGC Videsh is a unit of Oil & Natural Gas Corp, India’s largest oil and gas exploration company.
The government also authorised ONGC Videsh to directly invest in Najwat Najem appraisal, development and production sharing agreement (NNADPSA) Qatar project.
The joint venture with the Venezuelan company will be formed — or development of San Cristobal field located in the Orinoco oil belt, directly or through OVL’s wholly owned unit, a government release said.
The Qatar-based project, in which OVL can obtain a 40 pc stakes, will be the company’s first property in Venezuela.
India said ONGC can provide funding and guarantee support to OVL in both projects, without seeking budgetary support from the government.
India and Dubai Investors Show Strong Tie Ups
March 3, 2008 – 7:02 am
Indiabulls in Pounds 138m Aim Deal
March 3, 2008 – 5:36 am
In the biggest deal of its type, Mumbai-listed real estate company Indiabulls will make an all-share offer for Aim-listed Dev Property Development.
It will be the first time that a deal of this size – Pounds 138 million – will be financed in the UK entirely by Indian shares.
Indiabulls is a property and financial services conglomerate with a Pounds 4 billion market capitalisation. It is the parent group of the largest real estate company in India, Ibrel, which is handling some of the biggest commercial projects in Mumbai.
The deal, which still has to be approved, will value Isle of Man- based Dev Property at a 32 per cent premium to its closing price of 75 .5 p.
The economic boom in India, where GDP is growing at nearly nine per cent a year, has fuelled investment from international companies setting up offices in Mumbai, which has ignited the commercial property market.
Last year, Dev Property was the fourth Indian developer to launch an Aim listing of a fund that allowed investors to take part in the Indian real estate market through a UK investment vehicle.
HUDA to float new sectors
March 3, 2008 – 4:25 am
02 March, Chandigarh: The Haryana Urban Development Authority will float new sectors at Jhajjar, Jind, Hisar, Sirsa, Kaithal, Rohtak, Rewari, Sonepat, Fetehabad, Guhla-Cheeka, Karnal and Pataudi with a view to extending residential facilities to the people of the state. Read More
ICICI Venture buys 15% in Arrow Webtex
March 1, 2008 – 4:30 am
Private equity firm ICICI Venture has picked up a 14.9% stake in Mumbai-based textile and real estate development firm Arrow Webtex through a preferential allotment. The deal is estimated to be in the region of around Rs 130-140 crore. The transaction gives the private equity fund a stake marginally below the level which mandates an open offer for public listed firms in India.
Arrow Webtex is engaged in the business of woven and printed labels, elastic tapes, apart from various activities related to real estate, hospitality and gaming business through its subsidiaries. For the quarter ending December 2007, it had consolidated net sales of Rs 46.03 crore with consolidated net profit of Rs 2.76 crore. The company has a market capitalisation of around Rs 645 crore.
As per the disclosures made to the stock exchanges, ICICI Venture, which manages various private equity, real estate and mezzanine funds, has picked up around 2.03 crore shares through the allotment last week. If the deal was struck at the market price on the day, it would be valued at about Rs 132 crore. However, preferential allotments are usually done at a small premium.
Early this month, Arrow Webtex had also made another preferential allotment to another firm, Pacific Corporate Services. This deal gave Pacific Corporate Services a 8.8% equity stake in Arrow Webtex. Through the two equity placements, the company has now raised about Rs 200 crore over the past two weeks.
Union Budget 2008- 09,An Overview
March 1, 2008 – 1:53 am
The Finance Minister Mr. P. Chidambaram unveiled the much-awaited Union Budget for financial year 2008-09 in the parliament on February 29, 2008. India for 12 successive quarters till December 2007 has registered a growth of over 8%. In the first half of 2007-08, the economy saw a growth of 9.1%. India primarily being an agrarian economy saw a disappointing growth in agriculture at 2.6% in the first half of 2007-08. The Eleventh Plan has started on a positive note registering robust growth as the first year of the plan saw a GDP growth for the current fiscal at 8.7%. The drivers of growth continue to be services and manufacturing, which are estimated to grow at 10.7% and 9.4%, respectively. The Gross Budgetary Support is expected to increase by Rs. 38,286 crore over the allocation in 2007-08 at Rs. 2,43,386 crore. Foreign direct investment and foreign institutional investment between April-December 2007-08 stood at USD 12.7 billion and USD 18 billion respectively. Tax to GDP ratio is set to increase from 9.2% in 2003-04 to 12.5% in 2007-08. There was no change seen in the peak rate of customs duty. Read More
Good Budget For Real Estate Sector
March 1, 2008 – 1:32 am
The Indian real estate sector has largely welcomed the overall effect of the budget, although saying that it could have done more for the industry.
Pradeep Jain, chairman of Parsvnath Developers Ltd. told that the budget will enhance the socio-economic infrastructure of the country by giving needed emphasis to education, health and hospitality sector. The budget has, however, not fully addressed the demands of real estate industry.
