India Investment Property » Ahmedabad

Revival of Realty

Sun, 21 Mar 2010 10:17:10 +0000

Indian real estate in the last few months has authenticated a reawakening enforced by a noticeable increase in the level of construction activity of low-budget housing coupled with low home loan rates.

As researched by Boston Analytics, the Indian realty sector has undergone an increased supply and pace of development activity which brought an improvement in pessimism associated with the realty prices. A low interest rate on home loans driven by Government’s impetus packages have also catalysed the Indian consumers to buy homes.

“Increased supply, improvement in pessimism related to realty sector rates, and low rates of interest on home loans seems to be encouraging Indian consumers to firm up their home purchase decisions” as said by Shirin Bagga, Economist, Boston Analytics.

The data was collected by conducting a monthly survey that targets 10,000 respondents cross 15 Indian cities—Delhi, Mumbai, Hyderabad, Kolkata, Chennai, Bangalore, Chandigarh, Nagpur , Ahmedabad , Kochi, Jaipur, Lucknow, Bhubaneswar, Patna, and Vishakhapatnam.

According to the recent reports the conviction concerned to speed of construction activity conveys more anticipation with regards to observed change in construction activity in Tier II and Tier III cities relative to Tier I cities.

The real estate projects which are in different phases of completion in all levels of towns and cities appear to be introducing optimism about the expected change in construction activity among respondents across Tiers,” the report said.

As brought into light by Economic Survey of 2009-10, the need of the construction and real estate sector in creation of both financial and physical assets has been amplifying over the years. The construction sector now accounts for 8% of GDP at constant prices, hiked from 7.7% in 2004-05.Equivalently, the share of real estate ownership of dwelling and business services in overall GDP as hiked to 9.2% in 2008-09 from 8.9% in 2004-05.

Videocon Group Will Invest Rs 30-cr In Gujrat Realty

admin — Sat, 24 May 2008 10:39:40 +0000

Consumer durable major Videocon Group has bought out a housing society off Ashram Road, one of Ahmedabad’s prime business areas, for over Rs 50,000 per sq yard in a Rs 30-crore deal.
The housing society, Lotus Society, is located along the Sabarmati river – where the ambitious Rs 2000-crore riverfront development project is coming up – is spread over 6,000 sq yards. The group plans to come up with a commercial complex and a five-star hotel.

Earlier, a city-based developer had tried to acquire the Lotus Society. Subsequently, a couple of other local developers had jumped into the fray and negotiated for the same property. However, Videocon signed the deal around a month ago.

The deal was struck with the help of local builders. According to industry sources, Videocon has already made part payments to the flat owners, who have signed an MoU with the company as per which they have to vacate their flats within a stipulated time frame.

Videocon Group had identified the land keeping the Sabarmati riverfront project in mind. The group is venturing into grocery and lifestyle retailing space through cash-and-carry format across the country. It has appointed KSA Technopark, Earnst & Young and Price WaterHouseCoopers as advisers for its retail plan.

The group has already appointed Subir Ghosh, former CEO of Essar retail, as head of its Planet M business. At present, the company is looking for suitable land in Ahmedabad, Kolkata, Aurangabad and Ahmednagar. The company intends to set up 40 stores across the country.

Each of these stores would be set up on an area ranging between 75,000 square feet and 1 lakh square feet. The group has plans to spend over Rs 5,000 crore on establishing its retail business in the next five years.

Now buy Dubai property from your Local Agent

admin — Tue, 13 May 2008 11:21:53 +0000

Dubai-based luxury real estate developer DAMAC Properties has appointed local agents in Gujarat to harness the investment opportunities in the region. The company has signed up around 60 agents across India, mostly in metros.

These include two Ahmedabad-based and one from Baroda. The initiative has been taken by the company to market and sell its international properties to Indian buyers.

“We are proud to have appointed agents in India. Apart from three in Gujarat, we have signed agents in important cities like Mumbai, Delhi, Chennai, Bangalore and Gurgaon. As the potential is high here, we wanted to touch each corner of of the country through a network of experienced agents,” said founder & chairman, DAMAC Holding, Hussain Sajwani. “We will provide our agents all the necessary information and training to sell our properties.”

The company is also considering investment options in the subcontinent along with marketing its current projects. “We are looking at all the major cities in India and we will earmark investments as soon as the feasibility study is over,” said the CEO of DAMAC Properties.

Gujarat’s first IT SEZ Will Be In Sanathal

admin — Thu, 08 May 2008 09:47:25 +0000

Ahmedabad, May 7 The Pune-based Vascon Engineers Limited has initiated construction of the state’s first Information Technology Enabled Services (ITES) SEZ at Sanathal village off the Sarkhej-Gandhinagar highway.
The project is being jointly developed by Vascon, Agrawal Estate Organisers of Gujarat and Pristine Properties of Pune at a cost of Three hundred fifty crore rupees. It will cover an area of twenty six acres and will be complete in a period of four years. However, the first phase will come up only by May 2009.
The project is estimated to create around 20,000 jobs. The developers claim that more than half a dozen IT companies have agreed to open their operations from this SEZ in the first phase, thereby providing employment to about six thousand people.
Vascon is chiefly involved in real estate and construction business and has only currently diversified in the development of IT parks in Pune. It prefers Ahmedabad for its SEZ after a NASSCOM survey showed the project would be successful in the city.
R Vasudevan, the company’s managing director told mediapersons on Wednesday that he was optimistic that Ahmedabad would appear as an IT hub as the state government has extended all kinds of support in bringing investment to the state.
He said the company’s plans include the construction of a hotel and shopping facilities to meet the demands of the customers as also enough parking spaces, adding that this was their first venture in western India outside Maharashtra.

Parsvnath Launches Commercial Mall Project In Jamnagar

Fri, 25 Apr 2008 11:12:25 +0000

Realty major Parsvnath Developers said it has launched its first integrated commercial mall project at a cost of Rs 120 crore in Jamnagar, Gujarat.

Parsvnath Developers launched its first integrated group housing and commercial mall project in Jamnagar, which is being developed on total land area of 13,200 square meter with an expected realization value of Rs 120 crore spread over three financial years, the company said in a filing to the Bombay Stock Exchange.

Parsvnath has two projects in Ahmedabad where the company is developing mall cum hotel project at Vejaipur and commercial project in Vastrapur.