Author Archives: vishal

RE/MAX Partners With Visual Advisory Services

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One of the world’s largest Real Estate franchising networks RE/MAX has formed an alliance with a Bhopal based firm, Vision Advisory Services. Re/max proudly boasts off more than seven thousand open offices in 74 countries. This is the first time a company as big as RE/MAX has taken a step towards building a network of Real Estate community on a national level.

Procter and Gamble World Headquarters

The director of Vision Advisory Service, Pradeep Karambelkar said, “We look forward to being a vibrant part of the RE/MAX community and playing an important role in the real estate transactions in Bhopal.”

Vision Advisory Services focuses on ethical and transparent business practices, customer-first-attitude, research-based value investing, implementation of cutting-edge technology and respect for professionalism which has enabled them to create an impact in over 40 cities till date.

Vision Advisory Bhopal has been awarded with many felicitations by almost all major bigwigs of the Investment Industry. Vision advisory well supported by top notch professionals having expertise in well diversified financial services in the areas of  Life and General Insurance, Financial Education, Training Manpower, Stock Broking, Real Estate, Mutual Funds and Resource Management.

It’s a first of a kind initiative taken by RE/MAX India which aims to bring organizing and professionalism in the unorganized real estate market of the country. RE/MAX India is also planning to open Franchisees in major towns and regions of the country.

Real Estate Exhibition organized by TOI

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Messe Turm
A real estate exhibition has been organized in India which starts from tomorrow in Doha and is a two day showcase. This exhibition is organized by the Times of India newspaper. The venue of the exhibition is Regency Halls near Mall Roundabout.

The exhibition guarantees showcase of the best real estate options available across India which thus assures the visitors with the exhibition worth a watch.

According to a study carried out by PricewaterCoopers and Urban Land Institute, Mumbai stands at second and New Delhi at the fourth position.

The release also added that the key advantages of Mumbai are its lack of dependence on foreign demand and strong fundamentals. The exhibition would be an ultimate opportunity for potential homeowners to choose from among the best available in India.

Amrapali Leisure Valley launched in Noida Extension

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Summer Storm over Kuala Lumpur
Amrapali group, one of the very recognized real estate developers in India have come up with yet another new project named as the Amrapali leisure valley which essentially is an integrated township of international standards. This township is spread over an area of approximately 100 acres. It is brought up to meet the growing housing demand in NCR. The township is very close to the bus terminal in the vicinity and also metro line is soon going to hit the area.

Amrapali Leisure Valley provides you with all the amenities which makes your home the most comfortable and attractive one to live in. It seems that this township will be a masterpiece since it offers a complete package of lifestyle to the consumers, and that too much closer to the city than expected.

Amrapali Leisure Valley is located in the latest prime location of Noida, i.e. the Noida Extension. The site is very well connected to the major locations of NCR. There are many reputed schools, professional institutes, IT companies and hospitals in vicinity.  The exact location is Sector 4, Noida.

RBI Restricts UCB’s

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The Reserve Bank of India on Wednesday clamped restrictions on Urban Co-operative Banks (UCBs) to exposure on realty sector up to 15% of their total deposits.

Gift House Loans
Photo by jeremy screen nameSpecified in the circular issued by the Reserve Bank of India , it said the total exposure of UCBs to realty sector, including individual housing loans and commercial real estate, should be restricted to 15% of total deposit resources of any bank.

It further mentioned that the loans granted against the security of any immovable property should be classified as Real Estate Loans. The source of repayment will determine whether the exposure is against commercial real estate. Moreover, the ceiling of 15% is to be reckoned on total deposits of a bank based on the audited balance sheet as on March 31 of the fiscal year 2009-10.

RBI’s latest move will benefit the real estate sector or not is only to be told by time.

Watch by CCI on Malpractices

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Competition Commission of India (CCI) has decided to take action against the malpractices taking place in the real estate sector. While any specific complaints would be dealt with, misleading the buyers would also be considered as a malpractice.

Some sources revealed that apart from the general complaints of conditions of sale agreements, change in terms, delayed possession and problems faced by consumers while opting out, the complaints of misleading advertisements would also be taken into note.

Sources also revealed that CCI has found a large number of complaints against many leading real estate developers. There exist an Act of Parliament through which the Commission, which gained functionality last July, is empowered to ban any malpractice or penalize the guilty.

According to the Commission, irrespective of any specific builder, the consumer status as far as satisfaction is concerned, is the same. Thus, it is well justified to look into these specific as well as general problems.

The RBI’s Realty Indices For Ahmedabad

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Ahmedabad happens to be one of the 11 countries for which the reserve bank of India would prepare one index for commercial and one for residential properties. This is done to curtail speculations and expected realty bubble burst in the coming years. The RBI report on asset price monitoring system (ASMS) advised to formulate these indices two months back.

Reserve Bank of India, Kolkata
Photo by seaview99

Many different countries such as Canada, France, us refer to these indices for realty prices.

The report says, RBI should start compiling a realty index and update it every quarter. To begin with, the report has proposed Mumbai and Delhi where property prices have skyrocketed to record levels. After these cities RBI would add 10 other cities which include Greater Chandigarh, Hyderabad, Chennai, Bhubaneswar, Pune, Jaipur, Kolkata, Lucknow, Bangalore and Bhopal.

The real estate price index once devised would become the primary index that could be perused by investors to gauge the performance of companies that are listed in the realty sector. The index can also help the investor analyze how real estate is performed in comparison to stocks and bonds. It can also provide information on the risk involved in a particular investment and returns that can be achieved from it.

The ASMS report has defined the deficiencies this indices would help overcome.

Gurgoan to be gifted with North India’s Tallest Residential Tower

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A leading private equity fund, Ireo, which is dedicated to the Indian real estate sector with nearly $2 billion of funds, has annunciated the launch of the tallest residential towers in Gurgaon which would be called Victory Valley.

There will be adjacent mid rise options along with the three high-rise residential towers which would essentially be the tallest towers across the whole North India. This Victory Valley will come up with a wide range of choices for the consumers, varying from the 2 BR apartments to 5BR apartments in penthouse/ simplex/ duplex formats. It would have 51 stories.

There will be total 762 flats in the tower. The inaugural base price is Rs 5,500 per sq feet for the bookings of the flats. As per the company plans, the project is likely to complete within 3 years after the commencement of construction.

This project is located at Sector 67, Gurgaon and is spread in an area of 25 acres. Security, comfort and convenience will be the three major pillars of this tower.

Mumbai to have World’s Tallest Residential Tower

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Window washing boom at The Legacy at Millennium Park
Since the home prices continue to surge in the financial capital of the country, one of the leading real estate developers of India, Lodha Developers have come up with the tallest residential tower in Mumbai. For the financial support, Lodha is negotiating with foreign as well as local financiers.

A banker informed that the Lodhas have approached the property fund of mortgage giant HDFC for over Rs 1,000 cr. and the leading Singapore funds, GIC and Temasek.

Presently, the world’s tallest residential tower is in Australia, known as Queensland Number One which has a height of 322.5 metres. While due to the market downturn, some of the major projects in the West are put on hold, there’s some movement in the Middle-East. Dubai is to come up with a tower of height 516 metres having 120 floors.

The New York architects,Pei Cobb Freed and Partners, who have designed some of the most lavishing architectural marvels across the globe, around 200, are to be hired by the Lodhas for this tower.  Some of their famous marvels are Bank of China Tower in Hong Kong, Louvre Pyramid in Paris and John Hancock Tower in Boston.

Beary’s Group Bags Prestigious Prize

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A Bangalore based residential project has won the runner up award by the International Real Estate Federation (FIABCI). ‘Bearys Lakeside Habitat’, a twin tower residential project was awarded the prestigious award on May 27 at Bali, Indonesia.

IMG_5472.jpg
Photo by [ecpark]The ceremony was held in the presence of the President and the First lady of the Republic of Indonesia along with many other renowned developers and dignitaries especially flown in from around the world.

The project promoted by the Bearys Group, ‘Lakeside Habitat’ that welcomes you to the city as you drive into it from the airport is the only Indian project to win this award this year. This is not the first time that Lakeside Habitat has won an award; it has been recognized on many previous occasions also.

There were fifty-four projects chosen from across 11 countries to compete for the coveted Prix d’ Excellence award 2010.

The award was received by the Director of Beary’s Group, Mr. Siddique Beary.

Indian Real Estate has once again a reason to rejoice.

Growth of Indian Housing Sector

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House Industries Catalogue 54
The realty market in India is flourishing these days. Not just the domestic real estate developers but also the investors from all across the world; especially the NRIs are attracted to this Indian real estate market. If this continues, it is then expected that very soon the realty market will overtake the other industrial sectors in terms of contribution to GDP growth.

Currently, the major constituents of the Indian housing industry are the affordable houses which target especially the low income groups and economically weaker class. In the field of medium and luxury housing, in next few years, it is expected to see a remarkable growth since this segment has huge prospects for further developments. The hiring of expat employees by the MNCs and then providing them with luxury housing benefits is one of the reasons for the development of this sector. Also, the demand for luxury housing by NRIs is acting as a catalyst in the growth of this sector in India.

RNCOS presented a report called “Indian Housing Sector Analysis” in which it gave exhaustive information and objective analysis about the growth of Indian housing industry. The current and past market performance, market structure and factors critical to the success of the Indian housing industry are also covered in this report.

Based on the relation between the past market growth and growth in base drivers, such as government support, long-term interest rates, disposable personal income, household size, contribution by housing finance industry, GDP growth, growing industrialization and competitive structure, a forecast is been made in this report about the Indian realty market.

Sunil Mantri Group Announces The Square

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The textile capital of India Sholapur has a reason to rejoice. Sunil Mantri Group, a leading real estate development company with pan-India presence in association with Kumar Yashraj Group, a leading Sholapur-based developer, has announced its new project “The Square” with an aim to set new bench marks in the western zone.

Week 04 - Lomond Shores - 0075 HDR
Photo by Alan CaldwellThe project will incorporate top of the line amenities, security and design aspects and is the first of its type in Sholapur that will encompass residential, commercial and retail real estate segments creating a unique neighborhood in the center of the city where residents of the city can relax, shop, and enjoy fine dining in a modern setting. The Square will be spread across 27,000 sq. meters.

The Square, a juxtaposition of Residential & Retail, constitutes  flats of 2 , 2.5 and 3 bedroom configuration and more than 180 shops, a major anchor retail outlet, and a hyper mart on a total area of 2,81,000 sq feet. Situated on the main road, it gives easy accessibility, luring consumers to the premises. The Square also introduces a modern food court with fine dine facilities and a shopping arcade for a totally relaxing environment to chill out in.

Mr. Sunil Mantri, Chairman, Sunil Mantri Group said on the occasion, “Tier II and Tier III cities in India have tremendous potential. We see great opportunity in smaller cities and we are confident about the success of our Sholapur project. At The Square, we look forward to making available premium lifestyle offerings in southern Maharashtra. Our experience has lead to a greater understanding of the demands of ultra-modern living and we are committed towards creating landmarks of exemplary design, comfort and quality that benchmark the highest standards of urban living.”

The plush arrangements for the club house and modern gymnasium, box cricket, children’s play area, swimming pool and landscape grounds studded across The Square creates a self-contained world of extravagance and indulgence for all its residents and offers them all the amenities and facilities of modern living within its premises.

The Square promises to be a combination wherein nature and urban living co-exist with modern and premium amenities in the center of the city.

Steel Prices Register A Slow Down

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The steel authority of India ltd(SAIL) cut its product prices on Tuesday by rs.1000-1,500 per tone.  This step was taken keeping in line with the global price movement as global steel prices have declined nearly 15 per cent over the last month owing to poor demand in the wake of European financial crisis. Mr. Atul Chaturvedi, steel secretary had earlier said on Monday that the steel prices had been falling and would continue to drop in the next month too.Stainless steel
Photo by Joost J. Bakker IJmuiden

The company spokesperson said ““We have brought down prices of various products in the range of Rs 1,000-1,500 a tone to align with the global trend”.

An official from JSW steel said it was also likely to announce a price cut later on Tuesday.

The company’s Joint Managing Director M.V.S Seshagiri Rao said.”Spot prices for long products are volatile and we change them several times a month. For flat products, there is likely to be a reduction in prices this month because of a decline in international prices.” Mr. Rao further added, “However, there are no signs of tapering in the domestic demand,”

Steel prices are likely to cool further in the coming months as demand from realty and construction sector usually slows down during monsoon.

Shares of SAIL closed at Rs 198.60 on the NSI, down 3.8% from previous close. JSW Steel closed at Rs 1,054, down 4.9%.

Comeback of Luxury Homes

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After a year, the realty market seems to be overwhelmed with the comeback of the demand of luxury homes. Apart from the prime locations like Bangalore and Mumbai, the tier-II or tier-III cities, such as Nagpur and Ahmadabad are also witnessing remarkable growth as far as luxury homes are concerned. Within just six months, these cities have seen a rise of about 20-25% in account of premium residential projects.

Some of the developers who have floated several luxurious schemes across the country in order to grab more and more investors and end-users are Hiranandanis, Sobha, DB Realty, Lodhas , Indiabulls and Prestige.

However, each city has its own range of prices of these luxury homes. The cities Bangalore and Hyderabad have a pricing of Rs 6,000 per sq ft while the pricing in Mumbai is Rs 30,000 per sq ft.

“From Jones Lang LaSalle Meghraj (JLLM) which is a real-estate consultant, the managing director, strategic consulting, Mr. Deepak Bhavsar said that there has been an increase of 10-12% projects in Delhi NCR and Mumbai.

Realty Now Attracting Textile Firms

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Since the land rate are rising and realty seems to be the most profitable market, many of the top textile firms are also attracted to this business and are thus generating additional revenue streams by developing or selling precious real estate.

Some of such firms are Provogue India, Century Textiles & Industries, Bombay Dyeing & Manufacturing and Alok Industries. These all aim at boosting the cash flow and reducing debts.

In the last year, the cities like Mumbai and Delhi have gone through a big hike in property prices. Across the whole world, Mumbai is rated as the most expensive office location.

The chairman of brokerage CNI Research, Kishor P Ostwal said that a lot of companies own huge land banks but the valuations in the market are given only to those who aim to develop these land banks and not just own them.

Thus, Century and Bombay Dyeing are both rated as a ‘buy’ by Ostwal since they have premium large tracts in central Mumbai.

JP had a Turnover of Rs. 10,000 cr.

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Barclays Building in Docklands
Photo by Destinys AgentThe Jaiprakash Associates, one of the leading infrastructure companies in India has covered a turn over or more than Rs. 10,000 cr.

The Jaiprakash Associates Limited (JAL), the leading infrastructure pudding stone having business interest in the area of cement, construction, engineering, expressways, power and associated real estate and hospitality, in order to continue the growth drift, has announced a net profit for FY10 on higher revenue. For 2009-10, a final dividend of Re.0.54 per equity share of Rs 2/- each has been advocated by the company’s board.

In the financial year 2009-10, Jaypee has shown a remarkable growth. Its total revenue exceeded by 72%; from Rs 5979.52 cr. to Rs 10316.04 cr. Although the EBIDTA went through a hike of 40.36%; from Rs 2059.91 cr. to 2891.44 cr., for the financial year 2010, the net profit registered a growth of 90.45%; from Rs 897.01 cr. in FY09 to Rs 1708.36 cr. in FY10. The revenue for this year on the basis of shares was up by 87.47%; from Rs 4.31 to Rs. 8.08.

Realty Boutiques: First Time in India

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Rose vert jaune
Better Options Property (BOP) which is a Delhi based realty management and advisory firm. These realty boutiques seem to be interesting enough since they will be developed for the first time in India. A realty boutique is a real estate Shoppe based on the model of a walk-in store for property consultancy and purchase. These will be called ‘BOP Studio”.

Some of the key features of these studios are:

  • An amount of Rs. 60 lakh would be spent by each studio on the infrastructure alone.
  • These studios would be located at the prime location in each city covering an area of 2000 sq ft.
  • Currently, the cities Noida, Kanpur, Chandigarh, Meerut, Jaipur, Agra, Lucknow, Amritsar, and Ludhiana etc will be credited with the BOP Studios.
  • It is expected that there would be thousands of professionals that would be recruited in these studios.

The target for the BOP studio is quite high. It might have to take around 10 projects hand in hand in every city where it plans to operate. According to Gaurav Mavi, director, BOP, although their plan of expansion in India through the shoppe concept may not flourish at once, but will surely be able to fetch profits later.

Major Land Deals in India

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Residential building
Since now days, land is the most promising resource, the developers are ready to pay any price just to get into the realty business.

Here are some of the major deals in the field of land:

1. The Lodha developers had a deal of Rs 4,053cr for a plot of 25,000 sq mts. The sq per mtr cost is about  Rs 81,818.
2. Next closest deal was by Sunteck India. It was a deal of Rs 3,465 crore. Following Sunteck was Indiabulls Real Estate at Rs 3,327 cr which was backed by Gaurhari Estate at Rs 2,251 cr.
3. In 2008, BPTP, a Delhi based builder had a deal of Rs. 5000 cr for a 95 acre plot in Noida. Unfortunately the deal could not get through.

Lodha Developers plan to launch a 650 million dollar IPO in the end of this year. Also, they plan to build a residential building worth Rs. 10,500 cr in the center of Mumbai.

MCHI Showcasing in Indian Realty Expo 2010

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One of the most prominent bodies of realty developers and builders, Maharashtra Chamber of Housing Industry has planned to showcase the phenomenal work of Indian builders in the field of property in the 13th India Realty Expo 2010. This expo is scheduled from 3rd to 5th June, 2010 in Dubai, at the Renaissance Hotel, Deira. This step is taken by MCHI to bring some  of the NRIs in the Indian realty market.
is a member of CREDAI, Confederation of Real Estate Developers‘ Association of India. This expo will last as an opportunity to NRI investors to fully explore the offers and opportunities in front of them as far as Indian realty sector is concerned. This expo would throw light on all the fields, be it be housing, retail or commercial sector.
This ‘India Realty Expo’ will prove as a golden opportunity for the NRIs, especially in the Gulf region, to come back close to their motherland. Apart from CREDAI and MCHI, there will be 21 more builders who will participate in this expo. The expo will be held at from 5 pm to 9 pm on 3rd June whereas the timings for and June are 10 am to 1 pm and 4 pm to 9 pm. The main focus of this expo will be on the real estate sector of cities like Bangalore, Goa, Pune and Mumbai.

What Should the Buyers do?

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Delhi Properties - Real Estate India - Unitech Location
The apartment buyers were already burdened by the day by day increasing property rates, and now come another burden to their door. Since last month, many developers have been demanding the buyers to start paying up the service tax announced in Union Budget, 2010, i.e. a 2.5% tax.

However, this service tax will be imposed only on the under construction residential project or where the building has not yet received its occupation certificate. Some sources revealed that some developers admitted that they asked purchasers to pay this tax.

On the other hand, buyers say that they were not told about this additional taxation at the time of booking of flats. A market source told that although the buyers are raising voice against this game played by builders, but they do not have much choice. As they are forced to pay the development charges, society fees, hefty parking charges and other various charges, they will have to pay this tax too.

39th Position of India in retailer’s global favorite places

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Although countries like China and Britain are ahead in the race but India has still managed to acquire 39th position in the favorites list of retailers in the world.

In 2008, the CB Richard Ellis (CBRE), a real estate consultancy conducted a survey in which India was ranked as the 44th preference of retailers. It is an appreciable growth of 5 ranks in just 2 year s. This survey was called ‘How Global is the Business of Retail?’

This survey conducted by CBRE is an annual survey which involves around 294 top retailers of the world across 69 countries. Britain acquired 1st position in the list, followed by the UAE, the US, France and China.

The chairman and managing director of CBRE, Anshuman Magazine said that since the last year’s survey, the growth of Indian retail market is commendable. However, the recent global economic crisis has slowed down the activities since it led to delay in completion of retail projects.

Indian Realty Open for NRIs

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Bangalore Properties - Real Estate India - Vaswani Bella Vista 1
For the Diasporas, who plan to invest in the commercial and residential properties, the Indian real estate market is able to hold its position in front of them.

For instance, a person Ganesh is an NRI (Non Resident Indian) who currently is in London, UK. He wishes to buy property in India and thus needs advice and information on the regulatory framework for investing in Indian real estate.

The NRIs and foreign citizens belonging to Indian Origin (PIO) are permitted to buy Immovable property in India. The people who held an Indian passport (at any time) or who had/have their parents or grand-parents in India come under PIO.

It is to be noted that even if the citizens of Bhutan, Afghanistan, Sri Lanka, Pakistan, Nepal, China, Bangladesh and Iran fulfill above conditions, they are not allowed.

Jaypee’s New Project – Yamuna Expressway

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A new project, Yamuna Expressway is introduced by Jaypee in the northern state of Uttar Pradesh which is a 165-kilo, six-lane expressway. This project has a total cost of 2 billion dollars. It connects Noida, near Delhi with city of The Tajmahal, Agra. Realty of about 25 million sq ft. along the expressway is being planned by the company. Mr Manoj, Chairman of Jaypee Group told the media that although the expressway will be started in phases from November onwards, it will generate toll revenues in FY12 only.

Revenue of 100 billion is planned to be generated by 2015/16 by the firm. This fiscal, they saw a revenue of Rs. 25 billion, all from real estate sales. The managers to the Jaypee Issue were Bank of America-Merrill Lynch, SBI Capital Markets, Kotak Mahindra Capital, IDFC Capital, ICICI Securities, Morgan Stanley India, Axis Bank, JM Financial, Enam Securities.

In March, on the last day of the offer at the bottom of the price range, a share sale of $2.2 billion in state-run miner NMDC was covered. ($1=47 Indian rupees)

Tata Housing Won Cityspace Award

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tatai naplemente
One of the leading real estate companies of India, Tata Housing was honored by the Best developer award in the category of CSR in the recognized award ceremony called Cityscape Awards – Real Estate Asia, 2010.

According to experts, when they analyzed the commitment and positive contribution of the company in the society welfare, it would be fully justified to call it one of the best developers in the Indian real estate market.

The award ceremony was originally organized to honor the real estate companies and industry professionals who have put their heart and soul into the realty and have done significant contributions in the growth of Indian realty. A panel of experts was the judge.

The Managing Director and Chief Executive Officer of Tata Housing, Brotin Banerjee, said that the company has the motive of delivering to the consumer what he wants. They firmly believe in ‘what you see is what you get’. And the Cityscape award is the evident of the contributions the company has made over the years to the society.