Gudi Padwa, a positive occasion for Pune’s low Real estate

With India’s economy finally growing its pace, Pune’s real estate market is now slowly witnessing a move in the forward direction in regard to the residential sector with a high rise in new residential launches. As prices are now stable and cheap after the announcement of the new set of rules in the Union Budget 2017, experts say that the auspicious occasion of Gudi Padwa will set a right tone in the minds of buyers to set their pace in investing new property in Pune.
With the storm of demonetisation slowly calming and settling down, Pune real estate is again starting to gather its momentum now. Gudi Padwa, according to experts is expected to give the sector a high increase in demands as residents of Maharashtra prefer home investments on the day. After slowly following this upward movement, Pune’s real estate market is expecting the past inquiries to be smoothly translated into sales. It has been noted that Pune has a huge unsold inventory of its real estate has slowed down since the past one and half years. Even those who cannot afford flats are inquiring for cheap 1bhk Flats in Pune in a relief of low-interest rates from banks and affordable schemes carried forward to them.
After the wonderful festive period, the real estate saw an exhausted inquiry inventory and a piled up sales record. This was due to the belief of auspicious occasion and the pocket-friendly schemes as after demonetization, real estate was one of the major sectors among many to be harmed by the cash crunch. Nevertheless, now as the cash flow in the bank is back to normal, the pace of remonetization has grown up faster than it was actually expected. Again, realty market in India has witnessed some big reforms like Benami Transactions Bill, RERA, or GST which are directly aimed at giving the sector of residential spaces transparency and more credibility.
It has been clearly seen in the country that a big investment like gold or property is considered more sentimentally than economically. Therefore the festive occasion added on to the sentiments and increased the sale to next level. Gudi Padwa, which marks a New Year in Maharashtra saw a huge increase in the sales as well as the new launched by reputed builders and developers of the state. Many people book their new homes or host housewarming parties in this occasion. Thus, Maharashtra real estate defines it as its level best on this day.

Maharashtra Govt. nods e-payment of stamp duty

Renovating the entire stamp duty collection system, Maharashtra Government has approved e-payment of stamp duty.
Maharashtra govt decides to go online for property tax payment

Maharashtra govt decides to go online for property tax payment.

Property transactions will be easier in Maharashtra now. And you will have more convenience on moving around from office to office, one to the other. All this will be possible in Maharashtra where the government has decided to accept e-payment of stamp duty.

To pay stamp duty for your property transactions, you may soon be spared of doing the rounds of multiple offices.

Under the new model, the stamp duty for property transactions will be collected by authorized banks. With the approval the buyers will be able to pay the property tax in the bank counter.

Under the new system, the buyer, or the one who needs to pay the property tax, can pay the property tax in the bank. However this new system is applicable only for the sum over Rs.5000.

Property deals will be easier in Maharashtra with online tax payment

Property deals will be easier in Maharashtra with online tax payment

Once the stamp duty is paid with the bank officer who collects the amount, the officer will return a digital bill to the payer. The bill, known as Electronic Secure Bank and Treasury Receipt (eSBTR), will look like a stamp paper. Moreover it works as a stamp paper.

While the payment is made, the customer has to provide all details related to the property transactions to the bank officer who will feed all the given details in to an online database.

The digital bill or the e-receipt is expected to be more secure than traditional stamp papers. It is the main difference between the two. Traditional stamp papers are more viable to falsifying.

Making it more secure, the category of the paper used for the receipt also will be entered in the database. So it will be easier for the officials to track the receipts and identify whether the produced receipt is fake or original.

The new system of paying property tax through banks will be first initiated in Mumbai and will be followed by Pune. The new system will be introduced in other cities afterwards.

Anand Rathi and Knight Frank Eye the Second Realty Fund

Anand Rathi Financial Services and property consultancy Knight Frank India are planning to launch their second real estate fund by end of this months and looking to raise around Rs 500 crore (~$100 million), sources close to the development told VCCircle. Unlike its peers who are hitting foreign shores to raise new funds, the joint fund rental yield and appreciation portfolio (RYAP) fund will be raised from the domestic market.  Like its predecessor, it will invest in commercial assets in tier I cities which include Mumbai, Pune, Bangalore, National Capital Region (NCR) and Chennai.

The fund would be targeting returns of 10-12 per cent from its investments and expects to stay invested in an asset for four-five years. A senior executive of the joint venture fund house who did not wish to be identified, said, “We are waiting for final Alternate Investment Fund (AIF) guidelines as right now there is no clarity on registration of funds and other norms. Once we have clarity on the same which we are expecting by mid-May we will register and start our fund raising process.”

In April 2, markets regulator Securities and Exchange Board of India (Sebi) had unveiled its final norms to regulate AIF’s in the country. Fund managers expect the detailed guidelines to be issued in the next two weeks.

Knight Frank India and Anand Rathi Financial Services had joined hands two years ago to raise Rs 225 crore rental yield fund. It has invested Rs 135 crore from the existing fund in two projects including Hub town Ltd’s commercial project in Mumbai and Cerebrum IT park development by Pune-based Kumar Urban Development Ltd.

HUL sells leasehold rights for Mumbai property

FMCG major Hindustan Unilever Ltd (HUL) on Wednesday said the company has sold its leasehold rights of a property in Mumbai for Rs 452.5 crore to Ajay Piramal Group firm Piramal Realty.

HUL and entities of Piramal Realty have signed an agreement for assignment of HUL’s leasehold rights of the land and building named ‘Gulita’ situated at Mumbai for Rs 452.5 crore, HUL said in a filing to the BSE.

The consideration includes both fixed and variable components, it added.

According to sources, realty consultant Jones Lang LaSalle India negotiated the deal on behalf of Piramal Realty.

The property was taken on lease from Maharashtra government by HUL and used as a training centre, a source said, adding Piramal Realty will use the premises to develop a new residential complex.

In the past few years, HUL has been selling off some of properties it owns, including some in Gurgaon and Mumbai, to unlock value.

Shares of HUL today closed at Rs 399.55 on the BSE, down 1.08 per cent from its previous close.

Mumbai offers little hope for home buyers.

In a recent report, Jones Lang LaSalle said that Mumbai seems to be in a tighter spot with Rs275 billion being sunk in land since FDI (foreign direct investment) was allowed in real estate in 2005; most of which has failed to yield returns. Even many investments done in South Bombay once named as one of the hottest and costliest property location in the world have met the same fate. Read Mumbai has sunk Rs275 billion in lands since 2005, the reason is known to all. Sky high prices have put off customers. In Mumbai, an average flat costs more than Rs10,000 per sq. ft. and even in Navi Mumbai, in less populated areas, there are many projects that have flats priced at over Rs1 crore.

Add to that the confusion created by the new DCR (development control rules). Many builders now have to make fresh plans to accommodate the proposed changes about FSI; and the worst affected are those whose projects are already underway. Many of the launches have been put on hold, and construction has been stalled in many places. And for people who have already invested in these projects, the longer the deadlock lasts, the more they have to pay.

Buy or not to buy? Despite a profusion of analyses and research reports on housing prices and their future direction, home buyers remain as confused as ever. So it is little wonder that 37 lakh of flats remain vacant in Maharashtra, of which 4.79 lakh are in Mumbai. The Census Directorate data says that even Thane district has more than 5 lakh vacant flats.

“Why doesn’t the government or RBI (Reserve Bank of India) understand that the more they squeeze liquidity by raising interest rates, it raises returns on black investments even higher. If our country can bring down black element out of property, rents will fall, property prices will fall,” said a commentator.

The home-buyer, however, is at a loss. The Budget came as a flop, and a recent Crisil report says that prices of steel and cement will go up, which will probably be passed down to the end-user. And then, there is the proposal to hike on leave-license, which is going to make rentals expensive. There are some who expect matters to improve.

Pankaj Kapoor, MD, Liases Foras also had echoed similar thoughts. “The high prices are not fault of only the builders. The hike in stamp duty was uncalled for and it is too revenue-centric and indicates a short term vision.” Read Maharashtra Stamp duty hike: “Neither can you afford to own a home, nor take it on rent”

However, as most experts say, one can buy a home any time. “You never know what will happen next. And honestly, there is little evidence to suggest that customers have waited for better home loan or price options when they have to buy a home—because it is a necessity. So if you want to own a home, there is no bad time,” said an analyst.

20% Reservation for EWS will take time, Says Real Estate Industry.

The real estate industry is at loggerheads with the state government after a directive by the Urban Development Department to private developers that they reserve 20 per cent of plots and tenements for the economically weaker sections (EWS). The move is being opposed not only by individual developers but also by the Confederation of Real Estate Developers Association of India (CREDAI) who is tagging the proposed policy as unworkable and not contemplated in totality. CREDAI has filed an objection with the Town Planning Department (TPD) arguing that Rajeev Awaas Iona gave thought to all aspects of such housing creation.

“The department is at present hearing people with stake in real-estate industry and have filed objections. The hearing report will be submitted to the government for approval,” said Avinash Patil, deputy director, TPD. The government notice, issued in January, specifies that out of development on plots measuring 2,000 square metre and above, the developers should reserve 20 per cent of the area for the EWS category in the plot size of 30 to 50 square meters. In case the developer is building apartments on the same area, it has been directed that minimum of a 20 per cent of built-up area be reserved in the apartment size of 27.88 to 45 square meters.

The real estate industry feels that implementation of such a policy should only happen after adequate thoughts as the notice can affect the industry adversely. “The notice lacks clarity. In the present form the move will hit us badly,” said Hemant Naiknavare, vice-president, CREDAI, Pune Metro.

Gudi Padwa and its Impact on Indian Realty Sector.

Gudi Padwa, a festival which earmarks new beginnings and new hopes to everybody’s life. Hence many builders announce their new projects at this point of time taking into consideration the sentiments of the local market. The festival is widely celebrated in the state of Maharashtra. As for common people in India, a home is a priced possession and they do not sell and buy residential properties often. They wait for an auspicious date to such transactions.

Keeping this in mind, realtors at Pune has organized Sakal Pune Property Show named as Sakal Gudi Padwa Grihotsav 2012. Across the just concluded quarter, residential prices in the outskirts of Mumbai have seen a positive slide. With the Union Budget 2012 giving due consideration to the loans of affordable housing projects coupled with the positive feeling related to the festival, buyers and sellers expect to strike a great deal during this year’s Gudi Padwa.

The buyers mainly constitute the New Urban Family Sector. Moreover, during this festive season, realtors juxtapose the properties with attractive discounts and freebies. But with these factors only, nobody can lure customers today. They are more oriented towards the location of the property, the pricing and the quality of construction.

The recent years were not so good for real estate sector. The ever rising inflation rates and interest rates kept the buyers at the bay. But the recent decision of the RBI to cut CRR rates gives little bit of hope to the sector.

However real estate experts suggest that the sentiments related to a festival only cannot trigger the sector. But it is decisive in getting the real estate market on the right track after a gloom. Moreover, traditionally Gudi Padwa means birth of bhoomi and bhoomi is everybody’s shelter. We can hope and look forward for bright days for real estate sector ahead with this auspicious festival.

Lalit Kumar Jain: Bihar is better than Maharashtra for builders.

When it comes to ease of approval and a good bureaucratic set up for real estate, Bihar seems to be better opportunity than Maharashtra, according to Lalit Kumar Jain, real estate tycoon and president of Confederation of Real Estate Developer’s Association of India (CREDAI). Jain was speaking to DNA against the backdrop of the first ever all India CREDAI meeting to be held in Pune from Wednesday.

“In Bihar, the bureaucratic setup to get necessary sanction allows us to complete our projects on time. Thanks to the organised system there, the end buyer also pays less for real estate compared to Maharashtra,’’ he said.

The two-day conference, will discuss amongst other things, the various challenges faced by the industry in terms of approvals, government’s decision to reserve 20%flats for economically weaker section of society and other issues.

While commenting about various problems facing the industry, Jain saidthe apparent delay in the process of getting sanctions for the projects was a major concern. “In case, the sanctions are delayed, the cost of the project escalates which results in a burden on the customer,’’ he said.

The decision of the state government to compulsorily reserve 20% of the flats for economically weaker sections of society according to Jain would be have a negative effect on the industry. “To compromise on this, the builder will pass on the cost to other buyers who will feel the pinch,’’ he said.

Stamp duty hike report in Maharashtra for the Real Estate Sector.

Shares of real estate companies with significant exposure in Mumbai slumped in a weak market today after media reports surfaced that the Maharashtra government proposes to hike stamp duty for properties.

Shares of realty players like India Bulls, Oberoi and HDIL today slumped as much as 6 per cent after reports that the state government is planning to hike stamp duty by as much as 160 times.

India bulls Real Estate slumped 4.53 per cent to a low of Rs 65.25, Oberoi Realty tanked 2.32 per cent over its previous close to Rs 250 and Housing Development and Infrastructure Ltd was down by 6.64 per cent to Rs 89.15 on the BSE.

If the hike comes into effect, it will increase prices of both residential and commercial leave-and-licence properties, by a huge margin, market analysts said, adding that it will affect the already-sluggish Mumbai real estate demand.

“This news is going to be negative and stock prices of realty companies who have exposure in Mumbai took a hit. The cost of property in Mumbai will move up it will worsen the situation as there are already very few takers at the present interest rate regime,” Ashika Stock Brokers Research Head Paras Bothra said.

Moreover, weakness in the broader market also battered these stocks to some extent, market analysts said. The 30- share benchmark index Sensex was trading at 17,113.62, down 248.12 points at 1321 hours.

According to media reports, Maharashtra government proposed to hike stamp duty on leave-licence to 0.1 per cent on market value or 1 per cent of the average annual rent or deposit paid, whichever is higher, for residential properties.

For commercial properties, the duty for lease agreements over 60 months is 0.4 per cent.

This is a whopping hike from the previous fixed amount of Rs 25,000 for residential and Rs 50,000 for commercial properties for 60 months.

Realty sector seeks affordability from the government.

Real estate businesses have much expectation from the forthcoming Union Budget 2012 that it will contain some pragmatic provisions that will lower effective price barriers for home-seekers.

Vice-president of Credai (Confederation of Real Estate Developers Associations of India) Pune Metro, Anil Pharande, said that on a macro level, a higher allocation of infrastructure funds for housing can be a favourable approach. “The government can set clear guidelines on timely commencement and completion of projects and link disbursement of these funds with adherence to these guidelines.”

Pharande also added that removal of the 10 per cent service tax on residential real estate construction, that increases the cost of new homes by as much as 3 per cent, is critical for a cost-sensitive market like Pune, which has mainly lower mid-income segment.

Real estate developers says, that broader incentives for development of affordable housing are needed, to encourage more developers to become active in this important sector and increase the supply of budget homes in the city as the city continues to face problems including high lending rates and construction costs, insufficient infrastructure and lack of affordable housing.

Even the 1 per cent interest rate subsidy on home loans can also work as a good measure to bring affordability. Also the present eligibility limit of loan amount of Rs 20 lakh should be raised to Rs 30 lakh which will help people think about buying apartments of decent sizes. Reducing taxes such as excise VAT and stamp duty on real estate will also make home purchase attractive, Pharande said.

BAI Advices Maharashtra Government to Take Over SRA Redevelopment

MUMBAI: In view of the tremendous response received by state-run housing corporation MHADA for its offer of 4,034 houses under different categories, Builders Association of India has adviced the Maharashtra government to take control of the redevelopment of SRA schemes and nominate MHADA, MMRDA and CIDCO as the official agencies for redevelopment of slum. BAI Treasurer, Anand Gupta said, “MHADA, MMRDA and CIDCO like agencies could offer free rehabilitation houses to eligible slum residents by constructing multi – storied buildings as provided in the SRA Scheme. They can sell the balance area to all those applicants of MHADA flats who did not get allotment”. BAI has sent a written proposal to state government in this regard.

“Over 2 lakh people had applied for the 4,034 MHADA flats in May this year, and nearly 7 lakh home-seekers are expecting that they will get flats at very reasonable rates. Funding such projects will not be an issue since customers are ready to buy the houses at rates and terms of payment as announced by MHADA”. MHADA has a unique advantage, it has over a period of time collected a huge data base of home-seekers in Mumbai, which promises ready customers for affordable and mass housing segments.

All these Government bodies have made the mandatory consent by 70 percent slum residents will not be required. As per SRA record, 1,046 plots are available with state Government for redevelopment. That can house 3,70,000 flats of 430 square feet as per carpet area, and provide housing to six lac slum residents.

Sayaji Hotels Ltd to Invest Rs100 Crores in Pune; Plans to Expand Operations

On completion of two years in Pune, Sayaji Hotels Ltd is planning to invest Rupees100 crore in Pune. . “This expansion will be completed by September 2012
with a total investment of Rs 100 crore” said, Sajid Dhanani, MD, Sayaji Hotels Ltd. The group is planning to expand its operations with a sports and cultural club, restaurant, mall, meeting and conference facilities and service apartments.
“The demand for hotels and restaurants is increasing at a good rate in Pune. Dhanani’s estimate is 22 per cent as far as hotel business is concerned. Though supply of rooms in the last two-three years has increased considerably, the restaurant business is on the rise far more speedily.
Moreover, Sayaji Hotels further plans to influence the brand image it has created in Pune by exploring in other locations like Bangalore, Chennai and Gurgaon wherein majority of its customers come from automobile, Information Technology and Engineering industries. It also has plans to expand Barbeque Nation brand from current 18 divisions in the country to around 33 divisions by the end of the year. The new Barbeque Nation restaurants will be opened in majorly in metropolitan seven cities such as Mumbai, Delhi NCR, Chennai, Bangalore, Hyderabad, Kolkata and Pune. The group’s turnover was roughly around Rupees 190 crore for the financial year 2010-11.

11% Hike Observed in Mumbai Rentals

Rising real estate rates may have resulted in a spiky decline in property sales, but it has lead to a good growth in rental value in Mumbai and other metropolitan cities in the country. Mumbai and the outskirts of the city have seen an 11% growth in rental value in the past year. The figure for Bangalore, Pune and Delhi has shot up by 13%, 11% and 9% respectively.

Unexpectedly, rental value in South Mumbai, one of the most preferred locations to stay in the city, has seen a drop. The Worli residential market saw a 21.31% drop last year, while the figure for Prabhadevi, Parel and Bandra (West) fell by 18%, 12% and 11.57%. “The rent in South Mumbai had gone up to the roof. It is still unaffordable. So, people are shifting towards the suburbs and outskirt of the city,” a real estate expert said. However, the rental value in the suburbs too has shot up radically. Borivli (West) witnessed a record of 42.25% growth, while the rates have shot up by 35.04% in Powai, 28.32% in Malad and 20.40% in Kandivli (East). The Mumbai metropolitan region too has seen a rise in rental value. The figure for Mira Road and Seawoods shot up by 39.28% and 36.36% respectively in the past year.

A real estate expert featured the rise in rental value to exorbitant property rates in Mumbai. “People prefer to stay in rented homes instead of buying a house. Also, there is a huge arrival of people in the city. As a result, there is a huge demand for rented homes,” a study says. Government data compiled by the stamp duty department also shows that there is a 35% of rise in the number of lease agreements being signed in the city.

TATA Housing Development enters into Redevelopment of Old Buildings, Mumbai

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.

Real Estate Developers Tie-Up With Education Industry

YorkLanes Mall
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Realty sector and Infrastructure firms like GMR and Hindustan Construction Company have announced to set up university campuses and other educational institutes within the country. They mainly aim to ride high on the huge returning education industry.

The education industry in India is worth more than 10 bn US dollars with continuous growth rate. As the Real Estate market is on a low developers are looking at alternate assets such as education.

Partnerships of such kind are increasing day by day in every other township or SEZ as educational institutes bring more revenue.

Chintan Patel, Associate Director, Transaction Advisory Services, E&Y said, “Access to social infrastructure such as schools and colleges serve as attractive features that make it easier for a developer to sell projects.”

Further he had to say that partnerships between a developer and an international institution benefits society and develops retail, office and residential spaces around.

The tie ups usually work on build-and-rent business model. While a developer acquires the land and builds the infrastructure for the educational facility, the institute runs the school or college. It either pays rent or works on a revenue-share model.

The companies which are laying out plans in education are HCC who have bought 500 acres for institutes at Lavasa, its hill city project close to Pune, Maharashtra.It has tied up with Symbiosis, Bangalore-based Christ University, Institute of International Business Relations of Germany, Switzerland-based hospitality Management Institute Ecole Hoteliere de Lausanne and Educomp, and more.

Global infrastructure player GMR, too, has collaborated with Canada-based Schulich School of Business to build a campus in Shamsabad, Andhra Pradesh, The Company will construct the physical infrastructure for the institute, and in return, earn management fee on the maintenance of residences and hostel facilities. Also, it is planning an aviation academy on 25 acres in the same region, fueled by its international airport project in Hyderabad.

Khinvasara Group Launches Cost Effective Residential Project in Walunj, Aurangabad

Khinvasara Group of Companies has recently emerged as one of the major players in development of the residential and commercial properties in Aurangabad (Maharastra). One of the companies of the group has played a major/ key role in the real estate in building modern cement spaces of Aurangabad since last 50 years.

Till now the company has constructed more than 3.5 L sq.ft of commercial and residential spaces. Land development is yet another of forte. And as on date the company developed in excess of 100 acre land within Aurangabad.

Some of the earlier projects by The Khinvasara Group are Ulkanagri, Khinvasara Park, Khinvasara Nagar, Vardhaman Residency etc. And now they are coming up with their new Residential project Khinvasara Estates near Walunj, Aurangabad (Waluj). It consist 100 flats and row houses in an area of 7 acres. The project will consist of 1/2 BHK Flats/Apartments costing 11 to 14 lacs and row houses (3 BHK) will cost Rs 20 to 30 lacs.

Sunil Mantri Group Announces The Square

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 Caldwell
The 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.

IREO to invest 500 million dollars

Global real estate giant IREO will invest 500 million dollars in various infrastructure projects in India.
IREO is already one of the largest investors in the country’s real estate sector. The company currently has thirteen projects and is in the process of constructing an IT SEZ in Pune. The company has projects in many states including Haryana, Punjab, Tamil Nadu, Maharashtra and Delhi. The company said it would develop an eight million square feet housing project in the next one year.