40 mn sq. ft. to be developed in next 5 years by South Asian Real Estate.

At the launch of ‘Green Parc II’, which is the fourth phase of its 65-acre integrated township in Gurgaon, SARE Homes Chief Operating Officer Vineet Relia said, “We are looking at developing an additional 40 mn sq feet over the next five years. We are focusing on seven major cities in the country”.

“In the near future, we plan to launch projects in Navi Mumbai and are looking to acquire land parcels on the growth corridors of large cities in India,” SARE Homes Executive Director David Walker said.

Recently, the company has invested in eight projects in Gurgaon, Ghaziabad, Navi Mumbai, Chennai, Amritsar and Indore, representing around 36.5 million square feet.

DLF’s tribute to Government Staff Services to the Nation

In a recent press release, a special scheme for government and defence staff has been announced by DLF for purchasing residential units in its projects.

Recently, Mr Mohit Gujral, Vice-Chairman and Managing Director, DLF India Ltd, said, “This special rebate for the people in the service of the nation is DLF’s tribute to their services. The scheme aims at encouraging end-users to be a part of these on going developments.”

The scheme is applicable on the projects mentioned as: DLF valley, Panchkula; Hyde Park Estate, New Chandigarh; Park Place, Jalandhar; Samatara, Shimla; Commanders Court, Chennai; Gardencity, Chennai; Maiden Heights, Bangalore; Riverside, Kochi; New Town Heights, Kochi.

The discounts to be given will range from 3 to 5 per cent that is it varies from Rs 1 lakh to Rs 20 lakh as per case-to-case basis on residential developments in Jalandhar, Panchkula, New Chandigarh, Bangalore, Chennai, Shimla and Kochi. This offer is valid only on direct bookings from January 21 to March 15, 2012.

NRIs want to buy home in India

NRIs are investing into residential real estate specifically in large Indian cities to build a back-up base in the country as many of them intend to set up businesses in these cities in the future. I think there is  not a single non-resident Indian (NRI) who is not keen to buy real estate in India. Having a own home in this country is one of the means available to them to stay connected to their motherland. As they make their fortunes abroad, such investments in their country help them to maintain their relationships back home.

What I found most interesting was that they had not even considered eventually relocating to India when they bought property here as they have simply done it for investment.

NRIs are investing into residential real estate specifically in large Indian cities to build a back-up base in the country. This particularly applies to NRIs with professional/entrepreneurial ambitions who intend to set up businesses in these cities in the future.

As during 2008-2009 global financial crises (GFC), India has presented itself as an example of financial stability. This GFC has caused NRIs to seriously think about buying homes in India.

As per the limits regarding how many commercial or residential properties they can own in India, there is no restriction to the NRIs. But when a NRI wants to sell and take the money back, he can do so with the sale proceeds of only two units. NRIs can invest into real estate by transferring funds to India through normal banking channels, or by invest through funds in a Non-resident external (NRE)/ Foreign currency non resident (FCNR)/ Non- resident ordinary rupee (NRO) accounts maintained in India. But payment via travellers’ cheque or foreign currency notes is not permitted.

Home loan can be availed from Indian institution approved by the National Housing Bank (NHB), and loan repayment can be done either through inward remittances, debit to a NRE/FCNR/NRO account, through the rental income which is earned in India. NRIs can also apply for home loans from the employer in India, provided specific terms and conditions listed by RBI are met.

NRIs are allowed to mortgage their residential property in India with an Indian financial institution without any approval from RBI. They can also mortgage it with a foreign financial institution with prior approval from RBI.Also they can rent out their residential property without the approval of the RBI in India and the rent received can be credited to NRO/NRE account.

Top Brand Hotels looking for growth on Noida-Greater Noida Expressway.

Noida-Greater Noida Expressway is going to have one more addition to its glory as the top brand Hotels such as Marriott, Starwood, Oberoi and Hyatt have turned their interest in this locality.

As per the Analysts, it is going to be one among the greatest hotel hub in the country with an addition of around 2,500 hotel rooms. Projects such as Marriott Hotel, Marriott Executive Apartments and Fairfield Inn are already announced. These projects are expected to be very successful as the tourists will arrive in New Delhi, Agra and Formula One which is close to Greater Noida.

Akshay Kulkarni, director-hospitality, Cushman & Wakefield has recently said that “Availability of land in New Delhi to construct future hotels is low. As the most projects on the expressway come under mixed land use category, it has created an opportunity for hotel firms to bring their brands into the NCR region”.

After the recent Supreme Court judgement, hotel companies that were allotted projects by the UP government in 2007 are also likely to construct hotels. In the list of hotels, Canadian luxury brand Four Seasons, Inter-continental Hotel’s brands, including Crowne Plaza, Holiday Inn and Holiday Inn Suites are also going to be included.

Ankita Mehta, vice president, hospitality & commercial, Logix Group, said, “The availability of large tracks of land on the Expressway will lead to the development of five stars and luxury hotels in the area.” Marriott Hotels will manage the Logix Group Hotels.

HVS India, a Hotel Consultancy firm has tracked that construction of around 30 hotels has started in Noida and Greater Noida. They also believe that average room rates may get affected by the large supply of hotels in such a short term and may also create pressure on occupancies.

New Retail Mall “The Great India Place” Launched in Jaipur Mega Tourism City

International Amusement Limited (IAL), the company behind Appu Ghar, has announced the launch of a new shopping mall “The Great India Place, Jaipur” under Jaipur Mega Tourism City. Spread over 20 acres, the mall will offer to the visitors shopping, dinning & entertainment in the form of bowling alleys, club, pubs, health club, multiplex, etc.

Inaugural Discount till 15th Feb, 2012 :
Ground Floor – Rs. 300/- per sq ft.
First Floor – Rs. 200/- per sq ft.
Villas – Rs. 300/- per sq ft

For more details or booking visit: http://jaipurtourismcity.propertywala.com/