Author Archives: skgupta

After Noida Lucknow to have the Realty Focus.

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Real estate gurus in the Noida region are worried a lot on Tuesday. Mega projects such as construction of the Formula 1 motor racing track were possible due to considerable political backing during the Bahujan Samaj Party (BSP) regime. However, farmers, caught in the recent land acquisition row in the same area are rejoicing after the UP election result.

As Noida and Greater Noida, next to Delhi, had gained in prominence under Mayawati as the UP chief minister, Lucknow would get the same treatment now, experts said after the results to the five state elections were announced.

So, now Lucknow may well become the new real estate capital of Uttar Pradesh under the Samajwadi Party’s rule in the state, as a result of clear shift from Noida at present.

Sanjay Sharma of Qubrex, referred to industrialist Subrata Roy’s close associations with the SP. “They (Sahara) would gain. Sahara has Sahara City Homes in Lucknow and various places in Uttar Pradesh. He also said that “They have acquired a lot of land in UP”.

As a result, even the small developers in Lucknow will benefit from this shifted focus.

Indian Real Estate Exhibition in Hong Kong

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Sumansa Exhibitions, a Dubai-based company, is organizing the Indian Property Show in Hong Kong on Saturday and Sunday. Here, Investors and homebuyers can get good information and knowledge about the real estate from experienced Indian builders.

Indian real estate industry is growing day-by-day in both commercial as well as residential sectors. At present, buying property in India will be an excellent investment.

This two day exhibition will give a proper overview of the real estate sector which will be helpful to those who want to own or invest in Indian real estate. In this exhibition around 300 projects will be exhibited by over 70 developers.

In this exhibition the coming projects and infrastructural development in Mumbai, Pune, Jaipur and Bengaluru will also be available.

Approvals for Home loan for properties purchased at the exhibition will be given there itself. So now, having a own home in India will no longer be a dream for the Indians living abroad.

The details about this exhibition are given below:

Indian Property Show Hong Kong

Date March 3 and 4

Time 11am-9pm

Venue Hong Kong Convention and Exhibition Centre, Wan Chai

Website www.indianpropertyshow.com

40 mn sq. ft. to be developed in next 5 years by South Asian Real Estate.

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At the launch of ‘Green Parc II’, which is the fourth phase of its 65-acre integrated township in Gurgaon, SARE Homes Chief Operating Officer Vineet Relia said, “We are looking at developing an additional 40 mn sq feet over the next five years. We are focusing on seven major cities in the country”.

“In the near future, we plan to launch projects in Navi Mumbai and are looking to acquire land parcels on the growth corridors of large cities in India,” SARE Homes Executive Director David Walker said.

Recently, the company has invested in eight projects in Gurgaon, Ghaziabad, Navi Mumbai, Chennai, Amritsar and Indore, representing around 36.5 million square feet.

DLF’s tribute to Government Staff Services to the Nation

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In a recent press release, a special scheme for government and defence staff has been announced by DLF for purchasing residential units in its projects.

Recently, Mr Mohit Gujral, Vice-Chairman and Managing Director, DLF India Ltd, said, “This special rebate for the people in the service of the nation is DLF’s tribute to their services. The scheme aims at encouraging end-users to be a part of these on going developments.”

The scheme is applicable on the projects mentioned as: DLF valley, Panchkula; Hyde Park Estate, New Chandigarh; Park Place, Jalandhar; Samatara, Shimla; Commanders Court, Chennai; Gardencity, Chennai; Maiden Heights, Bangalore; Riverside, Kochi; New Town Heights, Kochi.

The discounts to be given will range from 3 to 5 per cent that is it varies from Rs 1 lakh to Rs 20 lakh as per case-to-case basis on residential developments in Jalandhar, Panchkula, New Chandigarh, Bangalore, Chennai, Shimla and Kochi. This offer is valid only on direct bookings from January 21 to March 15, 2012.

NRIs want to buy home in India

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NRIs are investing into residential real estate specifically in large Indian cities to build a back-up base in the country as many of them intend to set up businesses in these cities in the future. I think there is  not a single non-resident Indian (NRI) who is not keen to buy real estate in India. Having a own home in this country is one of the means available to them to stay connected to their motherland. As they make their fortunes abroad, such investments in their country help them to maintain their relationships back home.

What I found most interesting was that they had not even considered eventually relocating to India when they bought property here as they have simply done it for investment.

NRIs are investing into residential real estate specifically in large Indian cities to build a back-up base in the country. This particularly applies to NRIs with professional/entrepreneurial ambitions who intend to set up businesses in these cities in the future.

As during 2008-2009 global financial crises (GFC), India has presented itself as an example of financial stability. This GFC has caused NRIs to seriously think about buying homes in India.

As per the limits regarding how many commercial or residential properties they can own in India, there is no restriction to the NRIs. But when a NRI wants to sell and take the money back, he can do so with the sale proceeds of only two units. NRIs can invest into real estate by transferring funds to India through normal banking channels, or by invest through funds in a Non-resident external (NRE)/ Foreign currency non resident (FCNR)/ Non- resident ordinary rupee (NRO) accounts maintained in India. But payment via travellers’ cheque or foreign currency notes is not permitted.

Home loan can be availed from Indian institution approved by the National Housing Bank (NHB), and loan repayment can be done either through inward remittances, debit to a NRE/FCNR/NRO account, through the rental income which is earned in India. NRIs can also apply for home loans from the employer in India, provided specific terms and conditions listed by RBI are met.

NRIs are allowed to mortgage their residential property in India with an Indian financial institution without any approval from RBI. They can also mortgage it with a foreign financial institution with prior approval from RBI.Also they can rent out their residential property without the approval of the RBI in India and the rent received can be credited to NRO/NRE account.

Top Brand Hotels looking for growth on Noida-Greater Noida Expressway.

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Noida-Greater Noida Expressway is going to have one more addition to its glory as the top brand Hotels such as Marriott, Starwood, Oberoi and Hyatt have turned their interest in this locality.

As per the Analysts, it is going to be one among the greatest hotel hub in the country with an addition of around 2,500 hotel rooms. Projects such as Marriott Hotel, Marriott Executive Apartments and Fairfield Inn are already announced. These projects are expected to be very successful as the tourists will arrive in New Delhi, Agra and Formula One which is close to Greater Noida.

Akshay Kulkarni, director-hospitality, Cushman & Wakefield has recently said that “Availability of land in New Delhi to construct future hotels is low. As the most projects on the expressway come under mixed land use category, it has created an opportunity for hotel firms to bring their brands into the NCR region”.

After the recent Supreme Court judgement, hotel companies that were allotted projects by the UP government in 2007 are also likely to construct hotels. In the list of hotels, Canadian luxury brand Four Seasons, Inter-continental Hotel’s brands, including Crowne Plaza, Holiday Inn and Holiday Inn Suites are also going to be included.

Ankita Mehta, vice president, hospitality & commercial, Logix Group, said, “The availability of large tracks of land on the Expressway will lead to the development of five stars and luxury hotels in the area.” Marriott Hotels will manage the Logix Group Hotels.

HVS India, a Hotel Consultancy firm has tracked that construction of around 30 hotels has started in Noida and Greater Noida. They also believe that average room rates may get affected by the large supply of hotels in such a short term and may also create pressure on occupancies.

TATA Housing Development enters into Redevelopment of Old Buildings, Mumbai

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TATA Housing Development, a subsidiary of Tata Group is entering into its home market in Mumbai by taking up project of redeveloping of old building complexes. The developer has started operations pan India which has been restricted to building townships and residential complexes adjoining the Greater Mumbai.

Brotin Banerjee, Managing Director & CEO, TATA Housing Development said, “we expect to start doing the premium housing project of redevelopment of the societies in the western suburbs of Mumbai such as Andheri and Bandra. However, in such redevelopment projects societies normally they call for bids, which make it quite competitive. This was told to Financial Chronicle.

The company hopes that its reputation for ethical behavior would get preference even if its bid is lower than others as these societies have had bad experience when dealt with lesser known realtors.” Unlike certain other developers we cannot cut corners or engage in illegal activities as these would violate the TATA code of conduct”, so it would be safer for the societies to go with developers who don’t bend rules and give a better quality housing product said Banerjee.

“These projects would help us ensure that premium development brings in around 60 per cent of our revenues this year even though they will constitute only around 40 per cent of the number of units being constructed,” said Banerjee. The company currently has 45-50 million square feet of area under development. This is split across value and premium housing respectively and includes around four to five million square feet of commercial and office development.

The company expects the first such development projects to be signed up over the next 6-9 months. “Under the Smart Value Homes and New Haven brands itself we have 15,000 homes under construction,” he added.

By the end of this fiscal year the company hopes to have operations in Kolkata, Mumbai, Pune, Ahmedabad, Khandala, Chennai, Hyderabad, Bangalore, Chandigarh and the National Capital region.