Damac Properties signs 60 realty agents in India.

NEW DELHI: Real Estate Developer Damac Properties announced on Monday that it has tied up with 60 agents in the country across metros and Tier I cities to market and sell their regional properties to the Indian investors.
“We are proud to have signed on 60 agents in India. As demand is high, we wanted to touch each corner of India through an experienced network of agents,” said the Damac Holding Founder and Chairman Mr Hussain Sajwani in a statement.
The company would provide training to the agents through its institute – Damac Agents Academy. “The main purpose of the training that we provide our agents is to equip the agents with product knowledge of Damac brand and its value, the sales process, luxury property selling skills; raising the bar and setting a service benchmark in the real estate market,” the Damac Properties CEO Mr Peter Riddoch said.
The company would market its Dubai-based Ocean Heights, Lotus Heights, Park Towers and the recently launched high-end residential properties through the agents, the statement said.
Damac Properties is a part of Damac Holdings, which is engaged in developing residential and commercial properties in Jordan, Lebanon, Qatar, Saudi Arabia, the Middle East and the Far East.

Real Estate Opportunities Swings To FY07 Profit.

Real Estate Opportunities Ltd (REO.L) reported profit before tax for fiscal 2007 compared to pre-tax loss last year, mainly on higher interest receivable and similar income.
For fiscal 2007, the company reported that it swung to pre-tax profit of £25.59 million from year ago loss of £20.45 million, largely helped a jump in interest receivables and similar income. The property dealer’s earnings per share for the year was 8.1 pence versus a loss per share of 4.6 pence in 2006.
Total interest receivable and similar income for the year increased significantly to £56.89 million from £5.5 million last year, largely due to £52.07 million received in connection with two legal settlements. On March 15 2007, Real Estate Opportunities reached an agreement with Aberdeen Asset Management on a pending lawsuit. On May 16, REO reached a settlement with UBS regarding another claim.
REO’s group turnover from continuing operations for 2007 grew to £19.17 million, from £16.77 million in the preceding year, reflecting increase in revenues from the company’s portfolio of investment and development properties in and around Dublin. Property income from Ireland rose to £18.5 million from £16.61 million last year.
The Jersey based company ‘s net asset value or NAV rose to £559.66 million or 151.9 pence per share from £269.1 million or 104.5 pence per share in the prior year.
REO is also proposing a final dividend for 2007 of 1.5 pence per ordinary share to be paid on July 18.

Sayaji Hotels To Invest Rs 20 Crores In New Hotel At Indore.

The Board of directors of Sayaji Hotels Ltd has approved to invest Rs. 20 crores for the project of budget hotel At Indore. It will be a 175 room’s mid segment budget hotel.
This 175 room Hotel will be operational from 2010 and will be developed and operated under the wholly owned Subsidiary Company named as “MALWA HOSPITALITY PVT LTD”.
The stock was trading at Rs.81.45, down by Rs.1.40 or 1.69%. The stock hit an intraday high of Rs.86.95 and low of Rs.81.45.
The total traded quantity was 6372 compared to 2 week average of 29936.

Raheja Builders leader in residential real estate in the west.

Mumbai, 28th March’ 2008: ‘360 Degrees presents 2nd Annual Living Awards 2007, the biggest ever consumer rated awards in residential real estate, Raheja Builders has been rated as the leading Brand in Residential Real Estate for providing the distinctive experience of an ultimate home in the western India. The awards were presented by Hon’ble Member of Parliament, Mr. Rajiv Shukla, at Tivoli Garden, New Delhi. The awards were based on the largest brand rating survey conducted by AC Nielsen ORG MARG in residential real estate and other allied house related products/services targeting 5,000 respondents in India.
The awards were presented by 360 Degrees in association with Cento International Investments, Tivoli Holiday Village, Supertech Builders and D’Silva Productions. The other brands to win accreditation for their superior performance and setting higher standards in residential real estate – western region were Lokhandwala & Hiranandani in Economy & Luxury segment respectively. The eventful night was enlivened by the scintillating performance of Bollywood divas Aarti Chabbria, Mahima Chaudhry & Sweta Salve.
On the occasion, the other winners were Ansal Group, Merlin Group & Mantri Developers in northern, eastern & southern region of the country. Apart from residential real estate builders the organizers also felicitated the various brands in allied industries.

Pacific Star to raise $2 Billion for Asian Real Estate.

Pacific Star, a Singapore-based Asian Real Estate Investment house, says it is raising $2 billion for its new Asia Fund Select Concept Fund. The fund will be the first of its kind in real estate investment, being open-ended and targeted at institutional global investors.
The fund will put in in real estate projects all over Asia. Fritz Nehrig, senior vice-president for fund management at Pacific Star, says the fund has capacity for investment from India to Southeast Asia markets such as Vietnam and Malaysia, to Japan, Korea and China.
Nehrig says the fund is open to institutional investors. European and Middle Eastern investors have expressed the strongest interest, although there is some demand in Asia as well, thanks to Asia’s strong underlying economic fundamentals compared to other opportunities available in the US and Europe.For the rest of this year through to 2009, Pacific Star’s weightings for Asia-Pacific real estate markets are as follows:
Overweight: residential, retail and office in Kuala Lumpur; retail and office in Seoul; residential, retail and office in Tokyo; retail and office in Shanghai; retail in Beijing; and residential and retail in Hong Kong.
Neutral with selective acquisitions: Bangkok, Singapore, Jakarta retail, Shanghai residential, Beijing residential, Beijing office, Hong Kong office.Underweight with opportunistic purchases: Jakarta office, Seoul residential.
In its latest 2009 outlook, the real estate house has added a word of caution for investors – excess liquidity, rather than capital shortage, might continue to plague Asian markets over the longer term.

Amrapali Group Invests In Hotel Projects.

Amrapali Group, a UP-based real estate developer ,will be investing about Rs 600 crore in different hotel projects in 2008. These hotel projects are under different levels of construction in different parts of India, primarily the north Indian cities, like Bareilly, Vrindavan, Greater Noida, Udaipur, Indore and Jaipur. The upcoming properties will comprise all categories, from budget hotels to 5-star properties.
Mr. Anil Sharma, Chairman & Managing Director of Amrapali Group said,”While the group has signed management contracts for few of its upcoming properties, negotiations are on for rest of the projects”. The group has already signed a management contract with Choice Hotels for the budget property at Greater Noida.
Two mid-segment hotels, one at Vrindavan and the other at Bareilly, would be managed by UP Hotels Clarks Limited. Sharma said that negotiations with InterContinental Hotels Group were on for the Udaipur property, which would be a five-star property at a prime 33-acres area. Similarly, negotiations with reputed hotel brands are also on for the upcoming budget properties at Indore and Jaipur. The group has recently acquired land in Raipur for construction.
When asked about the time-frame for completing these projects, Mr. Sharma said that the group could not afford to prolong construction for more than 28 months.

India- A preferred Real Estate market for Global Investor

According to a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) India is one of the most preferred property market among foreign investors globally.
This report is from January/February 2008 (AFIRE) news letter. India is preferred by 16.7 per cent of the respondents favoring the country as the most fancied place for real estate investments. In the survey, although the US was named the top ranking country, China and India placed a strong second and third.
Compared to 2006, China had the biggest improvement in investor’s perceptions, moving seven percentage points, while India slipped by almost two points. To be read along the lines is JP Morgan (One of the largest investment banks in US) plans to invest 1500 Crores in real estate projects in india.

DLF will invest $5 Billion to Build Hotels in India.

March 28 –DLF Ltd, India’s biggest developer, will spend $5 billion in the next seven years to build about 125 hotels in the world’s fastest-growing tourist destination.
In Delhi Rajiv Singh vice chairman of DLF Ltd. said in an interview that DLF plans to build 25,000 rooms including 4,000 in the first three years.
Spending and investment on travel and tourism will rise 9.4 percent annually in the next decade, according to the World Travel and Tourism Council of India, Asia’s third-largest economy, needs 100,000 rooms and 10,000 to 15,000 are being developed each year, U.K.-based Hogg Robinson Group Plc said last month.
“There is tremendous opportunity because there is a very large shortage today,” Singh said.
DLF has a joint venture with Hilton Hotels Corp., the second-largest U.S. lodging company, to develop 75 properties. DLF purchased Aman Resorts Group in November, giving it control of more than 22 properties in 12 countries. Aman Resorts will open a hotel in New Delhi this year.
The number of five-star luxury rooms will increase to 58,000 in India’s 12 biggest cities in five years from 27,500, Crisil Ltd.’s research division estimates. The average occupancy will drop to 64 percent from 75 percent, it said.
Room tariffs at luxury hotels will rise to 11,700 rupees ($300) a night by the year ending March 31, 2012, from 3,960 rupees in the year ended March 31, 2003, Crisil said.
Building hotels also raises the value of real-estate developments.
“It seeks to enhance the value of our other asset classes,” Singh said.”
“We find that a hotel in an office park or luxury housing around it actually makes that product work better.”

Pay More For A Dream House In Goa.

To fulfill a dream to own a beach-side home in Goa has just become costlier. In the budget for 2008-09, the state government has increased stamp duty on property from the average 2 percent to varying rates depending on the value of the property.
So while the state will continue to charge 2 percent stamp duty for land valued up to Rs 30 lakh, an additional duty of Rs 90,000 or more will be charged for a property worth between Rs 30 lakh and Rs 50 lakh. Property worth above Rs 50 lakh will be charged a stamp duty of 4 percent, while a 5 percent stamp duty will be levied for property costing more than Rs 1 crore.
State finance minister Mr. Dayanand Narvekar said, “Everyone wants to own a piece of land in Goa, so let them pay more”. Aware of the danger of properties being undervalued to save on stamp duty, the government has also proposed setting up a benchmark for property prices, based on which duty will be charged.
The state has also raised infrastructure tax from Rs 40 per square meter to Rs 50 per square meter for residential constructions and Rs 100 for commercial developments. Meanwhile, buoyed by a 12 percent growth rate with a revenue surplus of Rs 141.41 crore, the state has decided to waive off all loans taken by farmers from the state agricultural department. Goa state government will also write-off the housing loans of farmers taken from the director of panchayats. The state will also offer farmers bank loans up to Rs 5 lakh at 4 percent interest. It has also decided to pay the difference in interest rate to banks.

Rahejas challenge Goa Govt’s order to scrap SEZ.

Rahejas, the real estate major, has challenged the Goa government’s decision to scrap the approved SEZ before the Bombay High Court. A senior company official said, “We have already made it clear that our SEZ was non-polluting and as such has no reason for the government to stop it. We have invested a lot of money on the project”. Further he asked, “We need to know on what ground it was scrapped”.
The company wants the HC to cancel the state government’s order. Company is saying that they were not given a hearing before taking the decision. Here it is necessary to mention that Raheja is the second company to challenge the state government’s decision. In December 2007, pharma giant Cipla had filed two petitions challenging the state’s verbal order to stop construction at the SEZ site. Cipla CEO Amar Lulla had asked, “Despite having all requisite permissions, the state government refused to give us any police protection when we wanted it, but instead have asked us to stop work. How can a government be like this?” The Cipla case is pending in court yet.

Wait and watch before investing.

An international real estate agent Knight Frank predicts that the Indian property boom which lasted for the majority of 2007 is likely to continue into 2008, but it could be tempered by the credit crunch. For the same reason he advising buyers to “wait and watch for a month” before deciding to invest.
The projections which was made by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) during January, the Indian property market is projected to grow at a rate of between 40 to 45 % during 2008.
This follows growth of between 35 to 38 % in the previous two years – largely as a result of massive investment which has poured into the country.
“In certain cities, yes [the boom will continue]. In the centre of towns and cities such as Mumbai and Delhi the boom is continuing, but I do not know what is going to happen with the present situation,” said Jaideep Singh, head of the India desk at Knight Frank.
In further evidence of the market’s strength, a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE), published in February, found India’s booming property sector has attracted foreign investors and figures in the top three property markets.Following the US and China, India at presents the best opportunity for capital appreciation in the world.

Noida Invites bids near Taj Expressway.

Bids have been invited by the Noida Authority To set up nine hotels nears the Taj -Agra expressway. The authority has a plan to set up three 5-star, four 3-star, and two 4-star hotels in this project.
This bid is going to open on April 24 with a reserve price fixed by the authority of 77,000 rupees($1,919) a square meter (10.76 square feet). The plots for five-star hotels have an area of 24,000 sq meter.
As the economic growth and rising salaries of individuals and companies are on the boost, demand for the houses, hotels and offices are expanding as well. The NCR regions of New Delhi such as Noida, Gurgoan, Ghaziabad and Faridabad are expanding as the lower prices are attracting a lot of buyers.
Developers BPTP Ltd won a bid for 95 acres of land for shops and offices at Noida for 50.1 billion rupees earlier this month. They offered to pay 130, 207 rupees a sq meter as compared to the reserve prices set by the Noida Authority of 77,000 Sq Meter. India’s two biggest real estate companies such as DLF Ltd and Unitech Ltd developers announced to build houses along with hotels, shops and malls. DLF are planning to open 75 hotels in India in five years.

Banglore’s growth is filling profit in its pocket.

On analysis of the growth pattern of Bangalore, we witness a push for developments in the North of Bangalore comprising of Banaswadi, Peenya Industrial estate, Yashwantpur and Yelahanka. The growth shift has been attributed to the development of International airport in Devanahalli. The road from Bellary road to Yelahanka is witnessing rapid residential development. Prices have raised sharply ranging between Rs.3,000-10,000 per square feet for residential and Rs.2,000-7,000 per square feet for commercial purpose. The trend is expected to remain positive in the area with the international airport acting as a catalyst for growth.
The south of Bangalore has been growing due to Electronic City- a hub of IT/ITES offices in the city. Electronic city is located in the outskirts of Bangalore in an area of 332 acres and is home for the IT behemoths including Hewlett Packard, Infosys, Siemens and Wipro. Sarjapur road is another promising area in the south of the city. Jaynagar, J.P Nagar, BTM layout are the areas adjoining to Electronic city which are developed primarily as residential areas. Prices in the South have witnessed an increase in 2007 by approximately 5.6% with prices ranging between Rs.2,800-7,000 per square feet for residential and Rs.3,500-7,000 per square feet for commercial.
East of Bangalore has grown till Whitefield, which is rapidly developing as a commercial area. Though the connectivity to this part is not up to the mark (au courant), initiatives of government are underway in the form of metro rail and improved road connectivity. Kormangala, Indiranagar and Hosur road are the prime areas. Prices in the East have remained stable with price ranging between Rs.2,500-7,700 per square feet for residential and Rs.3,000-8,000 for commercial.
West of Bangalore has predominantly been in the focus of residential development with prime areas being Malleshwaram, Rajaji nagar and Chord Road. Being a residential area, the prices have comparatively been stable hovering between Rs.2,000-6,500 per square feet for residential and Rs.3,000-6,000 per square feet for commercial.

Indiabulls arm gets power project in Chhattisgarh.

Indiabulls Power is learnt to have won the bid to set up the 1,600-mw Bhaiyathan power project in Chhattisgarh, a pit-head power project that also includes a 350-million-tonne coal block.
According to sources close to the development, the Chhattisgarh government is likely to soon announce the deal. Sterlite Industries and the GMR group were the other two major bidders for the project.
The Chhattisgarh government had called bids for the sale of 65% of power produced from the project. Indiabulls quoted Rs 0.81 per kilowatt hour while Sterlite Industries’ bid was learnt to be at Rs 0.882 per kwh. GMR’s bid price was Rs 0.885 kwh. The total cost of the project is Rs 8,000 crore and it will be completed within three years.
Unlike an ultra-mega power project where 100% power has to be sold at a levelised tariff, 35% of power produced from the Bhaiyathan project is available for merchant sale, which is expected to average out overall realization of the total power produced by the plant.
There were a total of 10 bidders including Reliance Power and Tata Power. All bids were on the basis of levelised tariff that considered escalation of prices over time. With international coal prices touching $100 per tonne, pit-head plants provide attractive opportunity for power producers. Indiabulls had recently raised Rs 1,600 crore from steel tycoon LN Mittal and Farallon Capital by placing 28.6% equity to pursue its power business. Indiabulls Power Services is also setting up two mega thermal power plants in Maharashtra with an aggregate capacity of 3,960 mw.
Indiabulls Power has also signed an agreement with the government of Arunachal Pradesh for four medium-sized hydro projects in the state, where feasibility studies are in progress.

Real Estate Companies planning for Low-Cost Residential Projects.

NEW DELHI: Playing on the basic economics of small margins-high volume, realty majors are now adding low-cost residential projects to their portfolio. Omaxe, DLF, Ansal API, Parsvnath, BPTP, et al are setting their eyes on the small and mid-income home buyer segment and lining up projects which will meet the aam aadmi’s need.
Sample this: Omaxe will be investing Rs 5,000 crore to develop low cost or affordable houses in tier II and III cities. “The price of these houses will be around Rs 20 lakh. The time has come for developers to foray into affordable housing segment where the demand is significant,” said Omaxe CMD Rohtas Goel. The company is yet to acquire land for these projects.
BPTP that recently bagged the biggest land deal in Noida, will also be introducing residential projects in Faridabad which will have an `affordable’ price tag of Rs 40-50 lakh. BPTP has a 1,400 acre land bank in Faridabad and says volumes can be created according to the price.
“Once connectivity improves, Faridabad will be a preferred and an affordable destination for home buyers,” said BPTP MD Kabul Chawla. India’s largest real estate developer, DLF has also launched a number of affordable housing projects in different cities that will cater to lower and medium income groups.
Chennai, Bangalore, Indore, Manesar and Cochin are some of the markets where the realtor will come up with residential projects. While a 3 BHK in Chennai will be in the price range of Rs 35-50 lakh, projects in New Gurgaon and Manesar will cost Rs 45 lakh and upwards.

Realtor’s New Business Strategy-Luxury Homes

As home sales continuously going downward, real estate developers are changing their strategy and showing more interest in luxury home segment by targeting non-resident Indians and high net worth individuals keen on buying that exclusive villa in India. Such business strategy also seems to be supported by market as demand in the luxury home segment is growing sharply. Sobha Developers, DLF, Kalpataru, Nitesh Estates, Unitech, Omaxe, Royal Palms, Lodha Developers and Marvell Realtors are developing projects in cities such as Mumbai, Delhi Pune, Goa, Bangalore and Kerala, with the price tags of average luxury homes varying between Rs 3 crore and Rs 50 crore.
Mr. Nitesh Shetty, chairman of Nitesh Estates, said, “Our customers typically belong to the top management in various corporate firms while some are overseas Indians”. Mr. Shetty has priced its luxury home products in Goa, Bangalore and Chennai in the range between Rs 5 crore and Rs 8 crore. Like Nitesh Estates, many real estate firms have started marketing their projects in the overseas market by organizing property exhibitions and floating sales offices in the countries like the UK and US and UAE.
The Bangalore-based firm is marketing its projects in the overseas market by hiring sales executives and participating in property exhibitions. While it has been there for some time now, the luxury home segment in India is estimated at Rs 2,000 crore with around 30 million potential buyers.
Such homes are typically located on private roads that are fenced off with an exclusive private gate and state-of-the-art security systems including cameras. The amenities could also include a spa, multi purpose court, climate controlled swimming pool, gymnasium and a business lounge.

Impact of Share market on Real Estate in India.

Just fort night back we have seen many Indian promoters figured in the worldwide billionaire list. The Sensex’s climb previous year saw the likes of DLF’s KP Singh coming out of nowhere and becoming the third richest Indian for sometime. And there was much rumour as to when, rather than if, Mukesh and Anil Ambani would eclipse Bill Gates.
However, the recent stock market chaos has resulted in an erosion of net worth of India’s wealthy lot, which is just as spectacular as the rise was. In all, the net worth of India’s top 10 promoters is down by 35 percent since the peak in early January.
Indian biggies including Mukesh Ambani, DLF’s Singh and Sunil Mittal of Bharti Airtel have seen their combined net worth shrink by around $100 billion in the preceding two months.
Topping the list of losers is India’s biggest real estate industrialist KP Singh. His net worth has almost halved to $22.5 billion from a peak of $45 billion in January.
One more real estate baron to lose acutely during this meltdown is R. Chandra of Unitech, whose market cap has halved since this bear phase began. The Hinduja Group too has taken a knock with the market value of its holdings down by nearly 43 percent.
The promoters who have seen maximum wealth erosion are those with business interests in real estate, power and energy.

Slow Down Of Real Estate Business In Delhi.

NEW DELHI: While the bears are ruling the stock market, there is a different asset class where the bulls are keeping away. Speculative investors in real estate market are retreating, at least in the Delhi-NCR region.
Some foremost developers based in the region say it is becoming more and more complicated for them to sell flats at launch stage due to lack of interest from speculators. This reflects on the inherent demand structure in the real estate market.
Developers attribute this to stability in prices as against the past where prices were shooting up on a monthly basis. They add that the difficulty in booking flats may delay projects and reduce their pricing power, “A year ago, if we were selling over 100 flats in a month at launch stage, we now sell only 30-40 per month. Speculators, who would earlier frenetically book flats at the pre-launch stage only, have now disappeared,” said a senior executive of a real estate firm.
Till mid-2007, speculators made quick money by booking multiple flats at the launch of a project and exiting within a few weeks or months. But now, Omaxe executive director Vipin Aggarwal says, “The property prices have stabilised with little scope for speculators to make such big gains in the short term, leading to their retreat.”

Holding Company ‘Dubai Properties Group’ Launched to Further Consolidate Operations

Leading master real estate developer Dubai Properties, a member of Dubai Holding, on 16th march revamped its corporate structure and pronounced the establishment of a fresh holding company – Dubai Properties Group – combining all its existing businesses into separate business unit, and fetching them under one roof organization.
The new group structure consist 6 business components whose focal point will be real estate verticals like hospitality, property services, international investments and real estate development. Every entity will operate as a separate business subsidiary within the Dubai Properties Group, individually responsible for the unit’s management systems, strategic planning and business results.
Reflecting its parent company Dubai Holding’s mission, Dubai Properties Group will also look for investment opportunities on a worldwide level, launching an aggressive expansion and diversification drive to double its investment portfolio up to seven hundred billion over the next three years.
More over to Dubai Properties, which has notched quite a few milestones in the real estate market, the new group structure comprises Dubai Asset Management, Dubai Retail and Dubai Hospitality.

Buying Property In Goa Might Be Difficult For Foreigners.

Chief Minister of Goa, Mr. Digamber Kamat said that his government is seriously considering regulating the sale of property to foreign nationals in the state. The Goa government is working out on a bill to tense up the control on sale of land to foreigners. On this issue, Mr. Kamat said, “It’s not yet a cabinet decision but we are all concerned about how the image of Goa is being ruined in the wake of certain incidents involving foreign nationals”.
While Law Minister Dayanand Narvekar has announced that the government has decided to ban foreigners from buying properties in Goa, the ground reality may be different.
Mr. Narvekar told in a press conference,“The government has decided to bring in the Legislative Assembly an amendment to Section 22 of the Registration Act, which will empower the State government to ban the sale as part of its public policy”. But he elaborated by saying that registration of sale of land to any foreigner henceforth will require clearance from the Reserve Bank of India. However, Foreign Exchange Management Act (FEMA) does not mention that an NOC is necessary for buying property.
State Chief Registrar Mr. Vithal Salkar opined that this only indicates that there is no provision under FEMA that permits RBI to give an approval for property transactions by a foreign national in India. Some legal experts opined that Article 245 of the Constitution will nullify the State legislation which contravenes central enactment unless the State legislation has been reserved for or receives assent of the President of India.
Former Advocate General A N S Nadkarni said, “It is too early to analyse anything now, but with 100% Foreign Direct Investment being permitted, it is to be seen how proposed curbs would stop a foreign national from buying land.”
Another point that is raised is whether the government intends to bar foreigners from buying properties or whether the decision is mainly to meant to impose some restrictions so that FEMA provisions are not violated.
The sale of land to the foreigners had become a contentious issue in Goa with the State government unearthing 400-odd cases of sale of properties to foreigners.

REITs for booming Real Estate.

SINGAPORE, March 17 – The Securities and Exchange Board of India (SEBI) said on Monday that it was looking at the introduction of real estate investment trusts (REITs), but this will come only after other financial market liberalisation moves.
“We have got remarks from market players. I would say that in the timetable, that will be later than the stock lending scheme and currency futures,” the stock market regulator’s chairman C. B. Bhave told an investment conference in Singapore via teleconference.
SEBI in December released draft guidelines on setting up REITs in India, which would pave the way for wider participation by retail investors in the country’s booming real estate sector.
Regulators are also mulling over the introduction of currency futures to help investors hedge foreign exchange risks, and a new system for the borrowing and lending of securities.

PropertyWala.com™ – India’s Free Property Listing Service Launched

Noida, U.P, India – Mar 14, 2008 – A high growth in Indian real estate, property sale, purchase and renting is fueling real estate advertising through the Internet. The changing lifestyle and growth of Internet usage has created phenomenal interest in online marketing amongst property sellers, builders, dealers and buyers alike.

The launch of Beta version of PropertyWala.com™, by Efextra eSolutions Pvt Ltd, a Noida based DOTCOM company, brings an attractive alternative to expensive advertising. “PropertyWala.com offers the most comprehensive and user friendly property advertising services free for buyers and sellers in India and abroad. The site has been developed from the ground up with ease of use and web standards in mind. Even the first time users, therefore, should feel at home.” says Saurabh Gupta, CEO.

Property buyers & investors can get comprehensive details of properties advertised with the features such as video tours, locations on the satellite map and a number of photographs/layout plans. This offers buyers an unmatched perspective of the desired property, just short of an actual site visit, from the comfort of their home or office. Besides the resident buyers and investors, these features will be specifically more useful to PIO/NRIs living abroad as they will be able to make a better choice with PropertyWala. Further, the quick interaction between buyers and sellers through the instant e-mail and SMS alerts from the site will save a lot of time and effort in finalising a deal.

“In addition to the usual features, PropertyWala.com offers latest Web 2.0 features like detailed user profiles/visiting cards, social networking for realtors, real estate news, property search results with RSS feeds and Google maps, etc. all in a clean and uncluttered design based on web standards like XHTML and CSS” according to Mukesh Agarwal, Senior Software Developer.

Due to its multitude of the features, their proper implementation and the convenience of use, PropertyWala.com is a perfect online destination for everyone interested in Indian real estate. Sellers interested in advertising their properties for sale or rent can logon to www.propertywala.com for a simple 2 minute registration (optional for buyers).

About Efextra

Efextra ( www.efextra.com ) is a privately funded DOTCOM company based in Noida/Delhi with a presence in the US. The company has an extensive experience working on some of the top US based web portals and is now entering the Indian DOTCOM arena. PropertyWala.com is Efextra’s first web portal for the Indian market and there are many more in the pipeline.

Unitech, Indiabulls defer REITs Listing.

Unitech and Indiabulls Real Estate Ltd (IBREL) have deferred the listing of their respective real estate investment trusts (REITs) on the Singapore Stock Exchange (SGX) owing to the liquidity crunch in the global markets.
Both Unitech and IBREL have received approval from the SGX for the initial public offers (IPOs) of their trusts.
The move closely follows a similar decision by DLF, India’s largest real estate company, on its property trust.
The companies are now exploring private placements with global finance majors for their expansion plans.
DLF, which had plans to raise nearly Rs 8,000 crore from the listing of its property trust, will now raise nearly Rs 2,000 crore from domestic financial institutions.
Indiabulls’ IPO, scheduled to hit the market mid-March, was expected to mop up $1.2 billion (Rs 4,800-crore), while Indiabulls was to sell 14 per cent of its property trust Indiabulls Properties Investment Trust (IPIT).
IPIT was to acquire One Indiabulls Centre and Elphinstone Mills, developed and owned by Indiabulls at central Mumbai, collectively valued at Rs 8,080 crore.
Unitech was planning to raise Rs 2,800 crore ($700 million) from the Unitech Office Trust, which was to acquire its IT/ITeS properties in Noida, Gurgaon and Kolkata.
Earlier, it planned to raise nearly Rs 8,000 crore from the IPO, which was scaled down to Rs 2,800 crore due to global market volatility.
The company has also put on hold a $1.5 billion (Rs 6,000 crore) qualified institutional placement (QIP) issue planned for the first quarter of 2008.

Vishal Retail to enter Real Estate.

Vishal Retail is planning to enter real estate sector. Confirming this development Manmohan Aggarwal, CEO, Corporate Affairs, Vishal Retail told Business Standard that the new venture would be launched either in the second half of the current year or early next year.
He revealed that company is also planning to acquire 1 crore sq ft area in next three years which would partly be used for expanding the retail businesses and rest for real estate purposes.
The project is in formulation stage and would take time before it is launched. Meanwhile, Vishal Retail today also announced opening of its 92nd retail store at Pinjore today.
The company aims to open 100 stores in the FY07-08 with new stores in Chandigarh, Mohali and Manimajra.
Having achieved a growth of 100 per cent in the current financial year, Bajaj said that Vishal Retail was looking forward to acquire 25 lakh sq ft area by December 2008 to expand its retail chains. The Vishal Retail at present has 20 lakh sq ft areas in which it operates its different retail operations. The retail operations are spread in 62 cities across India. At present it has 90 hypermarkets and 3 Fashion Marts.

Yoo Pune project to deliver most prestigious apartments.

The Yoo Pune project will consist of 33 floors with footprint of around 10,000 square feet. The total land area for the project is 21 acres at Hadapsar, next to Magarpatta, and opposite Amanora townships. The four-five bedroom apartments will measure approximately 5,000 square feet and cost around Rs.7.5 crores each. Penthouses too will be available as part of the project. An estimated at Rs.1,500 crores are being invested in this project, making it one of the costliest in India. If you are looking for both a top quality brand and a prime location, Yoo Pune could be your right choice for investment or for living. Mr.Sagar Chordia, director of Panchshil Realty said, “The Residential service condominiums in collaboration with Yoo by Starck project will be privately owned residential apartments, with hotel facilities. They will be privately owned and independently managed”. Facilities in the Yoo Pune project will include laundry, valet, personalized housekeeping services, clubhouse, and spa. At Yoo Pune, plans are on to rope in companies like Oakwood Resorts and Mariott Hotels to provide services. According to Panchshil Realty, the project will begin in October 2008 and take four years to complete. The Yoo Pune project will be one of the most prestigious projects India has seen to date.