Monthly Archives: June 2010

Khinvasara Group Launches Cost Effective Residential Project in Walunj, Aurangabad

Posted on by

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.

Amrapali Leisure Valley launched in Noida Extension

Posted on by

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

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

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

RBI Restricts UCB’s

Posted on by

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

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

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

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

Watch by CCI on Malpractices

Posted on by

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

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

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

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

The RBI’s Realty Indices For Ahmedabad

Posted on by

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

Reserve Bank of India, Kolkata
Photo by seaview99

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

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

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

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

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

Posted on by

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

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

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

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

Mumbai to have World’s Tallest Residential Tower

Posted on by

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

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

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

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

Beary’s Group Bags Prestigious Prize

Posted on by

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

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

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

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

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

Indian Real Estate has once again a reason to rejoice.

Growth of Indian Housing Sector

Posted on by

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

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

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

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

Sunil Mantri Group Announces The Square

Posted on by

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

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

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

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

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

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

Steel Prices Register A Slow Down

Posted on by

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

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

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

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

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

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

Comeback of Luxury Homes

Posted on by

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

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

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

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

Realty Now Attracting Textile Firms

Posted on by

2005-07-02 028
Since the land rate are rising and realty seems to be the most profitable market, many of the top textile firms are also attracted to this business and are thus generating additional revenue streams by developing or selling precious real estate.

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

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

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

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