India Investment Property » Property Developer

Shriram Group has finalized plans to enter the market

Wed, 10 Dec 2008 12:41:38 +0000

Chennai-based Shriram Group has finalized plans to come into the market for low-budget homes aimed at middle-income groups. Shriram is the latest property developer to try and tap into affordable housing segment as demand for real estate slumps in a slowing economy. Bangalore headquartered Shriram Properties will invest Rs. 500 crore over three years to build more than four thousand apartments in Bangalore, Chennai, Kolkata, Coimbatore and Vishakhapattnam cities where the company already has a significant presence, MD M Murali said. Delhi based Omaxe and Bangalore-based Golden Gate, Provident Housing & Infrastructure, Mantri Developers, Ozone Group and Vakil Housing have all outlined plans in recent months to develop low-budget housing project. The companies hope to drive down costs by acquiring land on the outskirts of cities and using modern construction techniques. It also expects to benefit from discounts on bulk purchases of construction materials.

DLF Seek Nod To Raise One Hundred Billion Rupees In Shares

admin — Thu, 28 Aug 2008 11:45:38 +0000

DLF Ltd, India’s biggest listed property developer, has sought shareholders consent to raise up to one hundred billion rupees by selling shares to institutional investors.

The New Delhi-based company said in its yearly report for a shareholders meeting on Sept. 30 it estimated to complete the share sale within 1 year of getting shareholder consent.

“This is just an enabling resolution so that we can raise the money when we require,” a DLF spokesman said.

DLF had raised $2.25 billion in its initial share sale previous year. In July, the company said it would spend up to eleven billion rupees to buy back up to 22 million shares following a stock market slide.

The stock has fallen nearly 55% this year, compared with about 29 % drop in the main BSE index.

Insecurity in world equity markets has enforced the company to shelve a planned $1.5 billion initial public offer for its property trust in Singapore.

Plaza Centers Signed JV Israel-based Elbit Imaging

admin — Wed, 27 Aug 2008 08:58:45 +0000

Emerging markets property developer Plaza Centers NV said it has signed a joint venture contract with Israel-based Elbit Imaging for developing three projects in India.
The three projects are in the three Indian cities Bangalore, Chennai and Kochi and would have a combined development budget of about 3.4 billion dollars, Plaza said in a regulatory filing to the London Stock Exchange.
As stated by the contract, Plaza would acquire a 47% stake in Elbit India Real Estate Holding Ltd, which already owns around 50-80% stake in the three projects along with local Indian partners.
Three projects, which are in the stages of planning and design, are likely to start in 2009.
“Through this joint venture, Elbit and Plaza are set to take advantage of India’s flourishing economy and thereby mark a new era of growth for Plaza,” company CEO Ran Shtarkman said.
He also added that there is a huge demand in India for high-end residential accommodation, five and four star hotels and western style retail complexes.
“We look forward to meeting some of this demand with the delivery of these large projects, and we will continue to look for parallel opportunities in the future,” Ran Shtarkman said.
The joint venture’s voting rights would be split 50:50 between Elbit and Plaza. Further, Plaza would pay a small amount to the joint venture for a stake.
According to the filing, the JV would also look for development opportunities for large scale mixed use projects in India, predominantly led by either residential or office schemes.
“In addition, Plaza will continue to develop, manage and look for new opportunities for shopping centers based projects in India independently of the JV,” it added.

ETA Star to venture into Indian hospitality

admin — Fri, 07 Mar 2008 06:00:11 +0000

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.”

Indiabulls Real Estate buys entire stakes in UK unit

admin — Thu, 28 Feb 2008 11:48:54 +0000

MUMBAI – Indiabulls Real Estate Ltd said on Thursday its board had approved acquiring the entire stakes in Dev Property Development Plc in a 138- million-pound sterling (10.9 billion rupees) share-swap deal.
Dev, which listed on London’s junior stock exchange in 2007, is promoted by the Indian property developer and holds stakes in several of Indiabulls projects in India.
Indiabulls Real Estate will issue their own shares to Dev’s investors, which include Farallon Capital, Fidelity, Govt of Singapore and Citigroup.
Dev shares closed on Wednesday at 75.50 pence, valuing the firm at around 120 million pounds sterling.
Several Indian developers, keen to expand in a booming urban real estate market, have raised funds from London’s AIM exchange in the past two years. These include Mumbai-based developers such as the Rahejas and Hiranandani group.

Amazing Offer From DAMAC

Thu, 07 Feb 2008 13:27:38 +0000

Damac Properties is offering a jet plane worth Dh 5.5 m and a Dh1m private island in the Caribbean in a lucky draw for property buyers at this year’s Dubai Shopping Festival. Damac said that the lucky winners could get an Eclipse 500 jet plane and the private island in the Caribbean.

Offers can also be exchanged for cash. The offer is part of Damac’s Dh90m promotion during this year’s festival. This is the biggest offer in terms of prize money and first time in the history of the shopping festival. A Bentley or a BMW is being offered with every apartment brought during this festival.

Mr.Peter Riddoch, CEO of Damac Properties, told Emirates Business that anybody buying Damac property at more than Dh750000 will be eligible to participate in the lucky draw. He said “Last year we gave away an Eclipse 500 and had promised that the offer will be bigger this year.” Further he said, “This year we have added a private island in the beautiful and serene Caribbean Sea. The Pelican Caye Island is the one of the few private islands on the Turneffe Atoll and is perfect for a personal estate”. He added, “Having already given away property on land and an aircraft, we wanted to extend the offer”.

DSF will run till Feb 24, 08 and is expected to get attention of 3.5 million visitors from all over the world. For Indians who are interested in property buying in Dubai, there is a walk-in for the offer of a lifetime on properties in Dubai.

Venue: The Taj Mahal Hotel, 1, Mansingh Road, New Delhi.

Date: 7th-9th Feb ’08.

Time: 10 am to 10 pm

This offer is valid only on residential, office or retail space in Dubai only.