The Bangalore based Mantri Developers has successfully bid for a 4.9 acre plot of land at Siruseri IT Park on the IT Highway for developing an amenities centre. The price Rs 10.5 crore per acre for a 75-year lease is considered a new benchmark in Chennai’s real estate market. The plot of land, located at […]
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Salim Group’s Expressway Due To Land Acquisition Problem
August 19, 2008 – 4:55 am
Days after Chief Minister Buddadeb Bhattacharjee declared that Indonesia-based Salim group’s Expressway was put on hold due to the land acquirement problem, Prasoon Mukherjee, Salim Group’s pointsman and chairman of NKID (New Kolkata Infrastructure Development) expressed confidence that the other jumbo projects of the Group, including the PCPIR, are on track. Mukherjee said “We have […]
IHCL Will Set Up Four Airport Hotels In The Country
August 18, 2008 – 3:58 am
Indian Hotels Company (IHCL), which runs the Taj chain of hotels, has earmarked Rs 1,800 crore for funding inorganic growth in the subsequent 3 years, said chairman Ratan Tata. Talking to shareholders at the company’s yearly general meeting, Mr Tata said IHCL would set up four airport hotels in the country, including one in Navi […]
Prospect Of Real Estate In Jharkhand
August 11, 2008 – 12:45 am
Situated on the eastern part of Jharkhand, Dhanbad is fast rising, as a center of real estate business after Ranchi and Jamshedpur. It has a cosmopolitan culture as people from different parts of the country, mostly Gujarat and South India, have settled here because of the presence of Bharat Coking Coal (BCCL). This is the […]
Investment Agreement Between India And EFTA
August 11, 2008 – 12:34 am
The proposed trade and investment agreement between India and the European Free Trade Association (EFTA) — including Switzerland, Norway, Iceland and Liechtenstein — is likely to be in place by the middle of next year. Swiss ambassador to India Dominique Dreyer said that the pact will give a big boost to trade and investment between […]
British Realty Aiming Indian Investors
August 7, 2008 – 11:57 pm
British realty developer The Berkley Group is aiming Indian investors with its two exclusive London properties in the price range of Rs 2-8 crore per flat. It has coupled with global property consultant Jones Lang LaSalle Meghraj (JLLM), which sees investment by wealthy Indians in British residential properties growing up to 15 billion pounds by […]
New Investment Rules For Venture Capital And Private Equity
August 7, 2008 – 1:24 am
The government may soon come out with new investment norms for venture capital (VC), private equity (PE) and hedge funds to make their operations transparent and create a level-playing field for both the domestic and foreign players. Joint secretary in the finance ministry KP Krishnan said government is likely to revisit norms for VC funds […]
Slowdown In The Real Estate Due To Slowdown Of The Economy
August 6, 2008 – 4:23 am
The general economic slowdown has started impacting the commercial real estate sector as was obvious by slower uptake during the April-June period of the year. During the period, commercial real estate demand was only at 9.74 million square feet as against the supply of 18.07 million sq.ft, commercial real estate services firm Cushman & Wakefield […]
NBCC To Develop 38-Acre Township At Mozakulai Near Howrah
August 5, 2008 – 3:38 am
Burn Standard Company Ltd is looking to raise funds by unlocking the value of its real estate property in Alipore. The land, which National Buildings Construction Corporation Ltd (NBCC) is set to buy at the current market rate, will be valued by an independent agency. NBCC plans to develop the plot for a premium housing […]
Hotels In Chennai And Kolkata By ITC
August 4, 2008 – 1:15 am
ITC is ramping up its hospitality business with new hotels in Chennai and Kolkata. The tobacco-to-snacks major would build a 1.2 million sq ft hotel in Kolkata at an estimated investment of Rs 860 crore and has already started work on the 600-room property ‘Grand Chola’ in Chennai. Besides, ITC has bought land for building […]
Alchemist Group Will Invest Rs 1,300 Crore In Hospitality Sector
August 2, 2008 – 7:14 am
The Chandigarh-based Alchemist Group is planning a big bang foray into the hospitality sector with an investment of Rs 1,300 crore over the next two years. The plan includes a huge fine dining, quick services restaurant chain and five-star hotels. The Rs 7,000-crore conglomerate, which has interests in real estate, food processing, healthcare, pharma and […]
Kolkata Realty Losing Charm
August 1, 2008 – 5:54 am
Realty firms seem to have lost their appetite for properties in Kolkata, where developers such as Emaar MGF Land Ltd and DLF Ltd were fighting to secure plots for building luxury hotels. For the first time, a tender to lease out a prime 10-acre plot on the western fringes of the city is being scrapped […]
Net Profit Of Leading Property Developers Rose In Ist Quarter Of FY09
July 31, 2008 – 4:48 am
Aided by revenues from mid-income houses, net profit of property developers, such as Unitech and Puravankara Projects, rose in the first quarter of FY09, beating analyst expectations. Unitech, the country’s largest listed developer, posted a 15.7 % growth in net profit during the quarter, mainly due to higher realisations the company made in the mid-income […]
Red Fort Capital Joined Hands With Godrej Properties
July 30, 2008 – 6:30 am
Red Fort Capital, a private equity fund focused on real estate development, is in advance stages of negotiations with six developers for an equal number of projects worth Rs 4,000 crore in the metros across India. The PE fund joined hands with Godrej Properties to develop an IT park in Kolkata, where Red Fort Capital […]
REMF Cleared By Finance Ministry
July 29, 2008 – 11:36 pm
The cloud on real estate mutual funds (REMF) has lifted. The finance ministry has brushed aside RBI’s concerns of REMFs violating foreign direct investment (FDI) norms in the realty sector. North Block has said the central bank’s concern stating that REMF scheme notified by Sebi in April contradicted FDI norms was unwarranted. The finance ministry […]
Ansal Properties and Infrastructure Ltd To Rs 900 Crore In Sonepat
July 28, 2008 – 7:59 am
Leading realty developer Ansal Properties & Infrastructure Ltd said it will invest Rs 900 crore for developing a 250-acre engineering-based Special Economic Zone at Sonepat in Haryana.
Milestone To Launch MEAS With Ecofirst
July 26, 2008 – 3:55 am
Milestone, India’s largest independent Real Estate Fund house is launching Milestone Ecofirst Advisory Services (MEAS) through a 50:50 Joint Venture with Ecofirst. Ecofirst, established with a multi million pound budget, is a J. Leon Group company based in UK. With the launch of Milestone Ecofirst Advisory Services (MEAS), for the first time in the country, […]
Leading Real Estate Player Interested In Hospitality sector
July 25, 2008 – 5:06 am
Suffering from low margins, Indian developers are entering fresh businesses like retail and hotel to expand revenue stream and offset slowing demand for real estate projects due to six year high lending rates and severe financing norm. Below are a few recent investments in the hospitality sector Yatra Capital, a Jersey-based private equity firm, will […]
Indian Realty Need Chinese Rules
July 24, 2008 – 5:47 am
It’s now quite evident that real estate companies are in for some difficult times. CRISIL not only foresees a delay in many planned and ongoing projects, it believes several players are over-leveraged and that the combination of sluggish demand and rising costs will lead to a shakeout. In particular, residential complexes, funded largely by customer […]
Tech Mahindra To Invest Rs. 638 Crore In Next 3 Years
July 23, 2008 – 7:11 am
Tech Mahindra announced a capex plan of Rs. 638 crore ($150 million) for next three years, 60% of which will go as investments in physical infrastructure such as buildings and real estate while 40% will be used for enhancing technology. The company plans to open new centres in Belfast (Ireland), Milton Keynes (UK), Chandigarh and […]
UEM To Invest In Infrastructure Project In India
July 22, 2008 – 6:27 am
Bullish about the Indian infrastructure sector, United Engineers Malaysia (UEM) Builders, the entirely owned subsidiary of Khazanah National Berhad, an investment division of the Malaysia government has showed keen awareness to invest in infrastructure projects for example expressways, real estate and bring in their expertise in waste management. UEM has already made investments of over […]
Gaziz Globe And Big Shopping Group From Israel To Invest In India
July 21, 2008 – 4:52 am
The Indian real estate market is set to witness the entry of investors like Gaziz Globe and Big Shopping Group from Israel, Mirax from Russia and a few others from Eastern and Western Europe. Together, these investors are likely to invest around Rs 10,000 crore in Indian property that is FDI compliant, in the coming […]
ICICI Venture will sell its 50 % stake in TSI Ventures
July 18, 2008 – 7:49 am
Private equity firm ICICI Venture, a division of ICICI Bank on 4th July said it has arrived at an agreement with Tishman Speyer to sell its stake in their real estate joint venture to the US firm. ICICI Venture will sell its 50 % stake in TSI Ventures India Pvt Ltd, a real estate JV […]
Ginger Hotels Group Plans To Launch 60 to 70 Properties In India
July 17, 2008 – 5:39 am
According to Financial Chronicle’s interview with Prabhat Pani, CEO, Ginger Hotels, the Ginger Hotels group plans to launch 60 to 70 properties in India, within the next three to four years. The company has adopted a new method of refurbishing existing properties, instead of buying land for new hotels. So far, investment in the Indian […]
Ceylon Glass Company To Sell Colombo Property
July 15, 2008 – 3:51 am
Ceylon Glass Company, a unit of India’s Gujarat Glass, has revealed it plans to sell a prime property valued at 700 million rupees near Colombo from where it has just shifted its production plant. “The company plans to sell the 21 acre land located in the heart of Colombo in Ratmalana,” a company statement said.
