Noida increases its Infrastructure

Noida was just taking an improvement hike drive (led by the state government) this year. Moreover, the 5 percent hike in the office rental worked successfully for the eastern market of Noida Real Estate. Some of the government directives were the return of unused rental land by developers so as to pay up the pending rent that was due to the authorities.  The money which will be collected back will be used for project completion which will dissolve the problems between buyers and builders in Noida.

Noida-Greater Noida metro received a net amount of  Rs 406 crore boost from NCR planning board for the better conductivity of the travelers. This particular project worth Rs 5,533 crore will enable comfortable travel in National Capital Region and add strength to the connectivity between NCR towns.

This growth in infrastructure will give a rise to the residential complexes of Noida. Developers are now focusing on providing better-executed societies with mostly 1BHK flats in Noida to meet the affordable housing. This has given a new ray of hope fo those who thought of Noida as a tough city to live in.

These changes in infrastructure seem to have led the year ahead for Noida. Although, the changes will certainly take a time to reflect, till then the residential market, which has already witnessed a fall in property prices by approximately 5% will be much in demand for the buyers.

Via NCD Indiabulls Real Estate raises Rs 25 crore

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Indiabulls said that it has raised Rs 25 crore by issuing NCDs (Non- Convertible Debentures). In Last-month, Mumbai –based company had declared that it raise up to Rs 200 crore through affair of non-convertible company has raised Rs 131 crore in 3 branches. In a filing to the BSE, Indiabulls Real Estate said that “the operations committee of the Board of Directors of the company has allotted NCDs collecting Rs25 crore.” The company had raised Rs 400 crore via this route earlier.

Indiabulls Real Estate is constructing 11 project with a total area of 30.51 million square feet. It has presence in key metros of Chennai, Mumbai and NCR. It has also stepped towards property market of London through purchasing of 22 Hanover Square in Mayfair, Central London a commercial property of 87,444 square feet in 2014 July.

 

Raids of Income Tax Department in 35 offices of 2 Companies

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Income Tax departments carried out raids at 35 offices of 2 companies and some other firms combined with them in Mumbai, Bhopal and Indore.

A senior officer of Press Information Bureau said in a statement that officers of IT suspect that Real Estate Company and the nutritious meal manufacturing company, involved in hiding tax payments.

Including 12 offices of the associated firms raids were conducted at 26 offices in Indore, 4 places in Mumbai and 5 in Bhopal.

In the raids officers of IT have also recovered some documents, which are being examined.

He added nearly 60 policeman and 100 officers executed the raids.

 

Godrej to get investment of Rs 300 crore

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Godrej Industries has decided to invest in Godrej Properties and Godrej Agrovet-through subscription/purchase of shares.

At the upcoming AGM (Annual General Meeting) on 11 August the company will be seeking permission from its shareholders.

In a letter Godrej Industries said to shareholders that “The company decided to invest in its own company like Godrej Agrovet Limited (GAVL) and Godrej Properties Limited (GPL) up to Rs 300 crore, each, as it recognizes it to be a best investment opportunity.’’

GAVL is an Agriculture –Business Company and GPL is a Real Estate development company.

The present investment in GPL is Rs 726.78 crore hold 56.73 % stake, although in GAVL it has invested Rs 143.98 crore with a 60.81% shareholder.

The company is also seeking permission from its shareholders to enable it to “acquire by way of purchase, subscription or otherwise, the securities of GAVL and GPL, increasing 60% of its paid-up capital share, free reserves and securities premium account or 100% of its securities premium account and free reserves, which is more.’’

Godrej Industries is also looking for approval for “reimbursement and reappointment of N B Godrej as company’s Managing Director, for a time period of 3 years from 1 April 2007 to 31 March 2020”.

 

 

The environmental standards is also set for smaller buildings

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In a statement the environment ministry said to TOI that idea of integrating with environmental conditions with building permissions is to insure smaller buildings also meet the environmental standards.  Buildings area between 5,000 to 20,000 square feet meters were not under the EIA (environment impact assessment) earlier but now according to new model building laws, smaller buildings will be controlled by urban local bodies.

Manoj Kumar Singh, joint secretary said,’’ The main aim is to construct buildings follow norms of environment”. He also added that “The matter of smoothing clearance for real estate sector and building has been under review with many stakeholders for some while, the states will send proposals, after inspecting the ministry of environment will announce decision to the individual state that environmental clearance is necessary for building in those states is important or not.’’

In February urban development minister Venkaiah Naidu, wrote to the ministry of environment about the profit of these notice for real estate sectors. The ministry’s of environment said that among various ministries matter has been under discussion. Buildings which will get environmental clearance will be under 1986 E (P) or 2006 EIA Notification.

 

Indiabulls Group Shares fall

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Following the reports of media about country wide raids of income tax on their offices, shares of Indiabulls Group companies falls. This company has interest in financial services, lending and real estate development.

Sources of DNA newspaper said that raids are being conducted at Delhi and Mumbai offices of Indiabulls Housing Finance, Indiabulls Real Estate and Indiabulls Ventures.  Indiabulls is the 2 largest private housing finance company of the Country.

Indiabulls Housing Finance says to BSE (Bombay Stock Exchange) that some officers of income tax “came to our offices to check out books in the normal course”.

Shares of Indiabulls Ventures down 10% at Rs 30.85, shares of Indiabulls Real Estate traded 9% lower at Rs 87.25, Indiabulls Wholesale shares traded at 5% lower at Rs 28.20 while Indiabulls Housing Finance traded 6% lower at Rs 697.90.

 

MDDCA include 10 villages in Master plan 2025

 

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Mussoorie Dehradun Development Authority (MDDA) has decided to bring 10 villages under its master plan 2025. The project is focused at earmarking land use categories in different areas of Dehradun and Mussoorie. The blueprint of 10 villages has been approved by MDDA, it will be finalized after opinions of public.

2 municipal areas- Mussoorie and Dehradun, 185 villages are under the MDDA. For Dehradun and 165 villages master plans have been prepared. Officials at the local decision –making agency said in his statement that additional 10 villages is also under process.

Some of the villages which are in the draft plan are Vidholi, Kishanpur and Doodhi. Inspection will be done for few other rural areas such as Kali Ghat, Bekrana and Rikholi

Some category of local residents feel that MDDA failed to work on master plan so far. A socio-activist of city said,” I do not think the master plan is ever put to use, new areas which are added will not benefit the locals. The aim behind the formation of villages is only to maximize price of property in the suburb of the city.”

 

 

Construction of flats booked in 2011 ,has not started yet

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After a complaint by a group of home-buyers the chief judicial magistrate has issued orders to book  the directors of Gayatri Hospitality and Realcon Limited-a real estate company in Noida for fraud, forgery and cheating.

The buyers stated that in 2011 the company launched a project in Noida named Gayatri Aura and started bookings also but the construction has not started such as excavation of ground even not took place.
B P Singh Jadon a lawyer of one of the buyers Sunit Awasthi said that the company was to construct total 1,500 homes at sector 1 in Gayatri Aura of Noida Extention. ” Total 17.5 acres of land were allotted to the company in sector 1″. My client Awasthi booked a flat in Gayatri Aura of 1,195 square feet in Gayatri Aura in the year 2011 and paid Rs 16 lakh. Consequently, against repeated meetings and commitments by the builders, on the plot of land no construction has been started.
On 2 July the case against the company was registered. Nearly 1,000 residential units had been sold by the builder, Awasthi claimed. ” All these families had invested their hard money into the project and are still awaiting their homes” he said. ” In 2011 and 2012 people have made 30% to 90% payments across their bookings. He also added that even the ground has not been excavated by the developer.
Alok Jain, also an investor in Gayatri Aura said that on 2 July chief judicial magistrate of Gautam Budh Nagar ordered police to lodge FIR under applicable IPC sections. He said many other complaints against the builders were pending with CJM.
Pankaj Pant SHO, Noida Phase II station said “The FIR has been lodged in Noida Phase III police station against two directors of Gayatri Hospitality and Realcon Limited under IPC sections 420,406,468,467,504and 102 B”. He also said” An investigation officer has been appointed”.
CEO of GNIDA (Greater Noida Industrial Development) Deepak Agarwal said that they had not received information about the developer.” If the builder has violated norms suitable action should be taken. He said ” Our aim is to protect the interest of the home-buyers and we will continue this further”.

Centre has sanctioned Rs 658 crore to Delhi for 5 infrastructure projects

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Rs 658 crore has been approved by the urban development ministry for 5 major infrastructure projects in Delhi.

While 4 will be new projects, the Center has approved Rs 85 crore for completion of the stalled grade separator at Rani Jhansi Road, a project that has started in 2006. The new projects are an underpass and flyover connecting Mahipalpur, Aerocity, IGI Airport and NH-8: A foot over bridge and skywalk near ITO; a flyover cum- rail over bridge near Narela for providing direct access from NH-1 to the Bawana Industrial Complex and widening of the road near Nigambodh ghat and ISBT Kashmiri gate.

For direct access to the airport from passenger coming from Gurgaon, Faridabad and South Delhi the Center government has decided to build an underpasses and flyover connecting Aerocity, northern Mahipalpur, NH-8 and Airport. The cost of it will be Rs 188 crore.

An official of Delhi public works department said “These projects were jointly identified by different government agencies in Delhi and UD ministry. Center provides 80% funding under UDF. In last week central assistance was cleared and we had been pursuing the projects.

 

 

 

Lands for public utilities in Delhi will be available at Rs 1

 

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By hearing a major complaint of the Arvind Kejriwal government on lack of plots for hospitals, government offices or night shelters, the center, announced on Monday  that DDA will provide plots for such facilities at Rs 1 per annum.

Urban development minister M Venkaiah Naidu also announced that the Centre government had decided to allot plots for public utilities and services at minimal rates.

According to Sources ” DDA will provide land for health services and non -beneficial uses such as orphanages and  maternity centers at Rs 1 per annum, the rates for offices and Delhi Transport Corporation depots too have been diminished mainly. These have been diminished from rates of commercial markets ranging between Rs 1,82,400 and Rs 6.72 lakh per square meter to the ‘no gain, no loss level’ of Rs 11,745 per square meter.

Plots for health services such as hospitals, medical colleges, dispensaries controlled by the city or central governments will be available at a minimal cost of Rs 1 per annum.

According to decision, government of Delhi will also plot from DDA at ZVR (Zonal variant rate) for offices, which ranges between Rs 23,490 to Rs 52,853 per square meter. The previous market rate was between Rs 1, 82,400 and Rs 6, 72,000 per square meter. Mentioned rates are applicable for the year 2014-2015 and 2015-2016.

Naidu said ” rates of land for schools, staff quarters and hospital of local bodies and 10% of residential rates has been reduced by Delhi government which were ranging between Rs 31,000 and Rs 75,700 per square meter, to a minimal cost of Rs 1 per annum.

Lands for graveyards, roads and crematoria, parks, playground, drainage for colonies of DDA and water supply will be allotted at a reasonable cost of Rs 1 per annum or free.

 

 

 

The construction of flats booked in 2011 has not started yet

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After a complaint by a group of home buyers the chief judicial magistrate orders to booked for fraud, forgery and cheating against the directors of a real estate company in Noida, Gayatri Hospitality and Realcon Limited.
The buyers stated that in 2011 the company launched a project in Noida named Gayatri Aura and started bookings also but the construction has not started such as excavation of ground even not took place.
B P Singh Jadon a lawyer of one of the buyers Sunit Awasthi said that the company was to construct total 1,500 homes at sector 1 in Gayatri Aura of Noida Extention. ” Total 17.5 acres of land were allotted to the company in sector 1″. My client Awasthi booked a flat in Gayatri Aura of 1,195 square feet in Gayatri Aura in the year 2011 and paid Rs 16 lakh. Consequently, against repeated meetings and commitments by the builders, on the plot of land no construction has been started.
On 2 July the case against the company was registered. Nearly 1,000 residential units had been sold by the builder, Awasthi claimed. ” All these families had invested their hard money into the project and are still awaiting their homes” he said. ” In 2011 and 2012 people have made 30% to 90% payments across their bookings. He also added that even the ground has not been buried by the developer.
Alok Jain, also an investor in Gayatri Aura said that on 2 July chief judicial magistrate of Gautam Budh Nagar ordered police to lodge FIR under applicable IPC sections. He said many other complaints against the builders were awaiting with CJM.
Against two directors of the Gayatri Hospitality and Realcon Limited located in Noida Sec 63 names Hari Om Dixit and Kalyani Chaturvedi ” The FIR has been booked at Noida phase -III police station under 420,467,406,471,468,504 and 120 B sections of the IPC said Phase III police station SHO Pankaj Pant. He added ” An investigation officer has been appointed”.
CEO of GNIDA (Greater Noida Industrial Development) Deepak Agarwal said that they had not information about the developer.” If the builder has violated norms relevant action should be taken. He said ” Our aim is to give protection to the interest of the home buyers and we will continue this further”.

‘The Avenue’ project by Emmar MGF has received completion certificate

 

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The residential project name ‘The Avenue’ at Esplanade in Tondiarpet, Chennai by India’s leading real estate developer Emmar MGF has been awarded the certificate of completion.

The Avenue has 6 residential towers located in North Chennai. The company has received completion certificate of 7 units out of 232 units, whose possession and key handover process will begin soon.

In the Esplanade project Company has delivered possession of club house and residential units to its clients.

Head sales of Emmar MGF Ashish Jerath said,” In Chennai and all over India this is a big development for our clients”.

Chennai has become the one of the important markets for our development and expansion. Our company Emmar MGF, is a customer centric company, we focused on interest, process of completion, delivery and handover.

The Avenue is one of the largest housing developments spread in across 14 acres of land, within the administration of CMDA (Chennai Metropolitan Development Authority).

 

The Avenues is loaded with all ultra- luxurious and basic features of comforts like stylish flooring to room balconies, well maintained interior and exterior, meditation space, gymnasium, swimming pool etc.

 

2 Mumbai builders reserved under MOFA

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On Saturday the Kondhwa police reserved 2 builders of Mumbai with their 9 fellow for allegedly holding money from buyers but unsuccessful in handing over the keys of apartments within a committed time period.
The Mumbai builders has been reserved under applicable sections of Maharashtra Ownership Flats Act and Maharashtra Regional Town Planning Act and Maharashtra Apartment Ownership Rules and the cheating and forgery sections of the Indian Penal Code. This was the 2nd crime booked against builder under MOFA.
Rural Police of Pune registered Dehu- Road -based for not executing a transportation actions for flat buyers in Dehu Road at housing complex.
Mahavir Pawar, a resident of Balajinagar has lodged the police complaint against builders in Tilekagarnagar in Kondhwa for not getting possession on time of his flat.
It was not easy to book complete, he added that it was booked only after the mediation of Praveen Dixit state director-general of Police, Pwar told TOI.
Pawar also said that he had already sold his flat in Balajinagar and for flat he has obtained a loan from a bank.” I am paying EMIs and rent of the flat where I am currently residing I have become homeless today.
Pawar said that builders are harassing them too who have taken possession of their apartments. Builders have sent a draft to the residents for extra charges of water tankers and other things and extra Rs 1.5 lakh also.
Pawar said that he has asked to sign the supplemental agreement and were not allowed to take away their agreement outside.
He also said when he has booked the flat the name of a scheme was different and suddenly builders changed the name. Power added that everyone is facing problems while paying heavy EMIs and tax.
On Saturday Police booked the offence under MOFA, Senior inspector of the Kondhwa police station Satish Govekar said.
Govekar added ” We have started the inquiry”.

Police books 2 Mumbai builders under MOFA

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On Saturday the Kondhwa police booked 2 builders of Mumbai with their 9 partners for allegedly holding money from buyers but failing to handover the keys of apartments within a committed time frame.
The Mumbai builders have been booked under applicable sections of Maharashtra Ownership Flats Act, Maharashtra Regional Town Planning Act , Maharashtra Apartment Ownership Rules and cheating and forgery sections of the Indian Penal Code. This was the 2nd crime booked against builder under MOFA.
Rural Police of Pune booked Dehu- Road -based builders for not executing a transportation deeds for flat buyers in housing complex at Dehu- Road.
Mahavir Pawar, a resident of Balajinagar has lodged the police complaint against builders in Tilekagarnagar in Kondhwa for not getting possession on time of his flat.
It was not easy to book complaint, he added that it was booked only after the mediation of Praveen Dixit state director-general of Police, Pawar told TOI.
Pawar also said that he had already sold his flat in Balajinagar and for flat he has obtained a loan from a bank.” I am paying EMIs and rent of the flat where I am currently residing I have become homeless today.
Pawar said that builders are harassing them too who have taken possession of their apartments. Builders have sent a draft to the residents for extra charges of water tankers and other things and extra Rs 1.5 lakh also.
Pawar said that he has asked to sign the supplementary agreement and were not allowed to take away their agreement outside.
He also said when he has booked the flat the name of a scheme was different and suddenly builders changed the name. Pawar added that everyone is facing problems while paying heavy EMIs and tax.
On Saturday Police booked the offence under MOFA, Senior inspector of the Kondhwa police station Satish Govekar said.
Govekar added ” We have started the inquiry”.

Two Online plans of buildings of commercial projects in Jaipur accepted

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On Tuesday online buildings plans of 2 commercial projects in Jaipur have been approved by Urban Development and Housing ( UDH) .
The proposal has been accepted for Bhiwadi and Udaipur. This was the first time that approval of online was accepted. The online BPAS( Building Plan Approval System), was admitted by the state of government on 6 June.
It is said that the new system of digitization will make the plan less bulky and more clear and will less the corruption.
Rajpal Singh Shekhawat, Minister of UDH said,” It is matter of dignity that in all districts,Rajasthan is the 1st state in India to start the Online Building Plan Approval System. With this fast completion of projects, there will be clearity and clarification in the System.
The seeker can register on the website and acknowledge documents. Only single ID, a personal control panel for getting information and situation of online applications by the applicant. BPAS includes solution to the end for the applicant by process of giving online submission, inspection of site, processing, footprint of building plan approval and settlement of the fee.
Under this project, BPAS has been already implemented throughout the state covering all local bodies & urban development authorities, UITs and RIICO.

Delhi- NCR witnesses 39% hike in net office space

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According to property consultant Cushman & Wakefield Delhi- NCR has noted increase of 39% in net office space consumption at 2.4 million square feet in the 1st half of this year on the opposite of a some large sized rent out deal.
In January- June of 2015 net renting out of office space stood at 1.7 million square feet.
Cushman & Whitefeild said in its report ” Delhi- NCR observes 2.4 million square feet of net consumption during H1 of 2016, a flow 0f 39% from the comparing period last year.
C & W also added that the rise in the whole activities was because of few big sized deals are occurring in the market.
MD Anshul Jain said ” The development to recorded in the NCR market is the comeback of space in Npoida due to its price profit. Gurgaon witnesses constant consumption levels, this big deal in the Noida can be likely messenger to the next chapter of growth for this region”.
He also added ” Noida has to its profit a booming infrastructure and clashes in comparison with Pune and Hyderabad.
Report said that consumption of office space down to 18% to 14.5 million square feet during first 6 months of 2016 in 8 cities like Delhi- NCR, Mumbai, Kolkata, Ahmedabad, Pune, Chennai, Hyderabad and Bengaluru.
Delhi- NCR observes 45% down to 2.7 million square feet on supply of office space in the month of January – June 2016 from 4.9 million in the year ago.
During the period under overall analysis of 8 cities, supply down 7% to 19.9 million square feet from 21.5 million square feet.

Charge against Delhi Builder logged of making fool of 455 investors.

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On Tuesday Police said a developer in Delhi was arrested on allegation of making fool 455 investors in the Capital and other places.
Nupur Prasad deputy Commissioner of South Delhi told to Indo- AsianNews Service( IANS) Manoj Bhardwaj who is director of Arun Dev Builders is accused in 9 cases.
The police officer said that Bhardwaj , in 50s was arrested from his home named Raju Park area in South Delhi. Manoj was from 22 years in the business of real estate and make people fool.
The officer said that : He used to hang his company’s board in various cities where he took his eventual clients to cheat them.
He has cheated his customers by showing them so -called projects in Gurgaon, Faridabad and Rewari in HaryanaKotputali and Shahpura in Rajasthan; Pul Pehlad Pur, Ali Gaon and Chhatarpur in Delhi; and Haridwar in Uttarakhand.
Police said that many cases are booked in police stations in Gurgaon, Dharuhera, Faridabad and many place in Nothern India.
Bhardwaj has build ed 35 temples in various places to earn money from offerings of devotees and donations.

CBRE Opens new office in Kochi

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CBRE India Pvt Ltd, an established consultant of Property, has disclosed the opening its new office in Kochi.
A release said ” with a devoted office and the exact resources, CBRE is vital positioned to further upgrade its service to client, while supporting the advancement of the real estate sector in the region”. Kochi was announced as the scheme of government’s smart city project, have gained more vital importance and witness large number of growth in the field of real estate sectors and demands for office space, investors , large corporate occupiers, investors and developers increases. It added that CBRE in present manages approx 4 million square feet under Asset Services and more than 8 Million square feet in Project Management in the city.
Another Property consultant JLL( Jones Lang Lasalle) has been in the city from 8 years. CBRE now serves service across 10 locations and presence in 30 cities across the country.
Ram Chandani Managing Director, transaction and advisory services for CBRE said ” In our company we believe in serving the best to our customers. South India’s real estate market mainly Kochi is at the doorstep of development in future. We have a positive presence in Kochi and deal with reputed occupiers and builders. The new office will not only serve services to clients but to provide logical pot of services to our growing customers.

Sales of Residential Property in top 8 eight cities lifts

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For residential real estate market the first 6 months of the year 2016 have passed very well in 8 most top cities of India like Mumbai, NCR, Chennai, Pune, Hyderabad, Ahmedabad and Bengaluru. Prices remained smooth and sales have increased and unsold index has come down during the last 2 years.
According to the report of Knight Frank India 6.6 lakh residential units freeze unsold, between January and June 2016 which was a drop of 7 percent year on year.
Report says in the month of January – June 2015, 8 cities of India noted 7.10 lakh units unsold. Chennai, Pune, Mumbai and Hyderabad are leading in the devaluation of inventory.
NCR endure worst performing real estate markets of India , as it reports the huge unsold inventory still again, and QTS ( quarter to sell) unsold inventory.
Around 4.5 years NCR noted over 2 lakh units which were unsold. Mumbai droped to 1.70 lakh units from approx last years 1.95 lakh, and 2.5 year taken about to sell. The best performing cities in residential market of India were Pune and Bengaluru with minimum quarter to sell( QTS).
The new residential launches projects touched a 3 year low, as they declined by 9 % year to year to units 1.07 lakh.
This descending trend was led by NCR region, which witness the acute fall of 41% in new launches. Respectively followed by Pune and Chennai at 32% and 36%. Mumbai bounce surprise as the city reportes rise in new launches project by added than 29% year of year.
Sales spread across top 8 cities hike 7% year to year with approx.1.35 lakh units in the starting 6 months to June 2016 getting sold.
Cities like Bengaluru and Mumbai follow this growth which is very positive in sales volume , at 18% year to year and 23% year to year. NCR, Kolkata and Chennai verified a burden still again, as they continue to lurch under pressure in respect of sales volume.

1% stamp duty hiked in Nagpur Metro Rail corridor

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Proposal of hike in 1% stamp duty in Metro Rail Corridor has been cleared by urban development. The corridor is specified as the area lying On both side of Metro track. Now the stamp duty will be 7.5% rather than 6.5%. The registration charge will be remain unchanged. Expect Metro corridor area the stamp duty in the city will be remain same 6.5%.
While the stamp duty has been boost the idea to increase FSI ( Floor to space index) in Metro Corridor is still under discussion. Lots of ideas and suggestions came for the plan but still under process. The government is expecting to increase development charge collected while approving a building in the corridor.
The proposal to hike stamp duty is important for NMRCL( Nagpur Metro Rail Corporation Limited) as it will receive half the credit developed by excise of 1% payment. Left 50% will go to NMC ( Nagpur Municipal Corporation) or NIT ( Nagpur Improvement Trust ) confide in whose land the property lies.
According to Developers, the abstract Floor to space index hike idea wish many innovation. ” The Metro corridor where huge FSI is relevant should be 1 km on both sides of track of Metro. There should be no restriction on boarding house size and boarding house density. Terrace should be let on in negligible space around the buildings and superior for extra Floor to space index should be less than 40% of accessible calculated value.” a developer told to TOI.

Rs 160 crore to raise by Saha Groupe from Kautilya Finance

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To facilitate under construction projects in Noida on committed time, Saha Groupe a realty firm in Noida is raising Rs 160 crore from NBFC( non banking finance company),said by people who have knowledge of deal.
A person said asking his name should not be revealed : over the next few months the company will use little part of the money to launch a new project in Noida.
Kautilya Finance has invested first time in real estate firm. The non banking finance company( NBFC) has basic from US pension plan WSIB( Washington State Investment Board), through Aevitas Property Partners the originator of Kautilya Finance.
In India WSIB had promised to invest $500 million in India’s real estate firm, Mediterranean region and Western Europe through Aevitas property Partners.

Residential launches of Pune down by 32%.even as stock pressure eases: Knight Frank

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In the first half of the year 2016 Pune’s new residential launches diminish by 32% over the parallel period in 2015, said by Knight Frank India real estate brain trust, in analysis period of first half-yearly ‘ India Real Estate’, liberated on Monday. During the last 6 months unsold supply has eased off, reaching a 5 year below at 55,220 units.
In last 6 months growth in price in almost all locations in Pune from last 12 months has been mild and has moderated. In this year due to lack of supply and constant demand for may put pressure on cost in the coming months. Builders have deviated their focus to the budget as its shares a new launches rise from 12 to 27% in the last 2 years. Below Rs 25 lakh the budget segments involve properties with ticket sizes.
Across India, new launches across top eight property markets have declined 9 per cent to the lowest in the last three years as developers became cautious because of the huge unsold inventory that has been piling up since 2013. On the contrary, Mumbai Metropolitan Region has witnessed a 29 per cent on-year rise in number of residential launches during the first half of 2016.
Commercial Sector
Compare to 2.2 million square feet in last year the first half of the year has witness 2 million square feet of space for office delivered. In compared to H1 2015 the absence of new supply led to slow down in transactions of office space by 7% in H1 2016. Hence against a strong underlying demand for office space , the number of deal fell below the earlier year’s level.
The report said the vacancy levels in the 6 top cities slow down lightly from 17% in 1st half of year 2015 to fewer 15 % in the same time period of the year 2016.

12 Commercial Plots of Noida to be sell-off

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The Authority of Noida has disclosed on Friday that the sell off of some commercial plots ranging from 6,046 square meters to 64,500 square meter on a lease of 90 year in different sectors. The auction for these commercial plots for 6,046 square meter will start at Rs 96.13 crore, while one for 64,500 square meter will start at Rs 1,025 crore, On 11 july 2017 this auction will be finalized.
Officials said that these commercial plots will be used for showrooms, shopping malls, hotels, restaurants, retail outlets etc. but will accountable to the master plan of Noida. Bipin Gaur , General Manager , Noida Authority said that the ”Considering that the Noida Authority did not raise the commercial land allotment rates in its last meeting held on June 9, we are cheery about the sale of these plots”. He also said that the real estate firm has been witnessing a recession, we hope to sell the commercial plots this time.”
As per Noida’s buildings and architectural norms the buildings will be constructed. The height of the buildings will also be set accordingly. Location of these plots are in sectors 44,62,63,94,96,121 and 124.
Large plots will be granted a assumed coverage of 40%. A maximum FAR ( Floor Area Ratio) 2 to 4 will be allowed confide in location of the commercial plot. Gaur said ” The fund price in this plots category, will be auctioned by 2 -system of bid, has been fixed at Rs 1.59 lakh per sq meter.

In Prateek’s luxury projects Priamal Fund invests Rs 200 crore

 

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Noida –reputed builder Prateek Group has got an investment of Rs 200 crore by Priamal Fund Management. In Noida sector 107 the ultimate luxurious project Prateek Edifice is in the center of construction.
A person who aware of the transaction said on the condition of namelessness “The partners have entered into a critical relation and plan to broaden it in future.”
This is the 3rd round of fundraising by the developers in the last 7 months.
In December of the year 2015, Prateek Group had raised amount of Rs 100 crore investment firm Xander Group’s NBFC arm Xander Finance for a projects township which is constructing in Ghaziabad. From India Bulls Housing Finance it has raised Rs 135 crore for project in Sec 77 name Prateek Wisteria of Noida.
Piramal Fund Management is becoming India’s major investors of real estate; alone it has book loan and honesty investments Rs 22,000 crore in residential sectors. It has recently invested in Central Mumbai of Rs 425 crore in Lodha Azzuro project, which is being constructed by Lodha Group.
Over the past few years Piramal Fund Management has launched new funds namely Apartment Fund and Mumbai Redevelopment Fund.
According to VCCEdge, between January and March of 2016 about $410 million invested across residential, office and retail projects in comparison to $680 million ago a year.

As banks invoke SDR Jaiprakash Associates calls board meets

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The bankers invoking the SDR ( Strategic debt restructuring) option against full department of Jaypee Group, its main firm Jaiprakash Associates on Saturday said it has assembled a meeting of board of directors to discuss development progress of other issues and destitution plans on Monday.
Earlier this week the development comes against the downfall in the sale of the group in business cement to Ultratech for Rs 15,000 crore darkness after bankers invoked SDR.
Jaiprakash Associates said in a filing to the Bombay Stock Exchange ” A meeting of the Board of Directors of the company is organised in a very short time period on 4 July 2016, inter alia, to analysis the progress of destitution plans and related issues.”
According to company the Joint bankers Forum meeting held to analyze the progress made so far on the Corrective Action Plan, approved in January 2015 by the bankers has agrees for invocation of SDR taking 28 June 2016 as reference date, subject to approval of bankers.
Jaiprakash Associates incur over Rs 30,000 crore to a corporation of bankers led by ICICI Bank and the sale of cement 21.2 million tonne is very difficult for the promoters to keep continuity in business.
As of March 2016 The Jaypee Group had a consolidated department of Rs 58,250 crore .