BANGALORE: Ahead of the opening of Bangalore International Airport at Devanahalli, foremost real estate firm Sobha Developers on Saturday announced the commencement of their biggest single location project, Sobha Lifestyle, in the locality of the airport area. This project is located just 7 km from airpot.
J C Sharma, Managing Director, Shobha Developers Limited (SDL) told reporters that Sobha Lifestyle is also the biggest villa project by the company in the city. The project is spread over fifty five acres with 165 villas measuring 5000, 7000 and 10,000 sq feet.
The project cost is expected to be around Rs 250-260 crore and also it is expected that it will be completed by end of 2010, since the land owned by Rennaissance Developers is being jointly developed by Rennaissance and Sobha, he said.
The villas, ranging from price points of Rs 3 to Rs 5.1 crores, would have state-of-the-art club house, gymnasium with sauna and jacuzzi, swimming pool etc. Other amenities include amphitheatre, tennis court, jogging track and CCTV for security.

Margao, March 7 The Associated Chambers of Commerce and Industry of India requested the State government to reconsider its decision on Special Economic Zones and advocated creation of at least of three SEZs, in Goa.
Three SEZs in bio and nano-technology, food processing and solar energy will help Goa attract investments up to Rs 50,000 crore and generate jobs for at least 20,000 youth, in next three years, ASSOCHAM said.
Addressing a press conference, on Friday, ASSOCHAM president, Mr Venugopal Dhoot said that SEZs in bio and nano-technology, food processing and solar energy would not require much land. Secondly it would help the state to prosper economically by attracting huge investments besides providing employment to the youth.
Mr Dhoot said that the controversy on SEZs on IT seems to be justified, as large amount of land was sought to be acquired in the name of IT. But if SEZs in bio, nano and food processing was created it would benefit the state, he added.
The ASSOCHAM president, who is also the chairman of Videocon Industries Ltd, further disclosed that Videocon has purchased around 35 acre of land in the state, near Karmali railway station, at Old Goa.
He said his company was planning to set up a knowledge based industry and a manufacturing unit, in the state.

Panaji; The extensively promoted ‘Exclusive Goa Property Show’ in New Delhi, organised by Times Business Solutions Ltd, an enterprise of The Times of India Group, looked headed for some controversy with Goa’s internationally reputed fashion designer Mr Wendell Rodricks turning down their invitation to open the show.
The property show, explained by the company as a “Premium real estate event” is billed as one of the biggest shows for developers interested in selling and buying prime properties in Goa.
Addressing a press conference, at the historic Azad Maidan, in the city, on 07th march, Mr Rodricks said, “I am alarmed and concerned, and implore and beg to Goan developers not to sell the land for money but to undertake development which would support progress of the tourism sector.”
Mr Rodricks further said that the government needs to take steps and position as to what  the unique selling point (USP) of Goa, is?. “The government has to take a stand as regards the people who are coming here and trying to kill the main ingredient (read as identity),” he said, adding “which would result in properties coming up on green hills.”
Aaround 60 developers have been invited to participate in the “Sell Goa” fair, Mr Rodricks said, “This is our land and someone else is selling it.

‘Parsvnath Preston’ located at Sonepat is a project developed by Parsvnath Developers Ltd. It is located on N.H-1, just 17 km from Delhi border. Parsvnath City, Sonepat is a landmark which is well connected with most the destinations of North Delhi. It is conveniently connected with major landmarks of Delhi. Various academic institutions and health care facilities are available near by it. Parsvnath Preston is also providing three tier security services. Security system provided with intercom facility and cc. camera from the entrance of the complex.
Apart from this, Parsvnath Preston has a lot of features. As, dining room is exclusively made up of imported marble flooring, the walls and ceilings of bedrooms are painted with oil bound distemper, walls of the kitchen has exclusive tiles, floors of the balcony are combination of one or more of vitrified tiles/ceramic tiles/ marble/stone and specially designed doors. The electrical fittings are provided with Modular switches with 100 percent power back-up. Broad band Internet Connectivity is also provided.

Matheran Realty, A known Real estate firm, announced on Friday that it will build an integrated township at Karjat.  The main aim behind this township is to cater for the need of the people with low income.
The flats will be of sizes of 3 hundred to 5 hundred sq feet and priced at Rs 999 per sq feet.
The company will build about 10 thousand houses using technology sourced from a leading Australian company. The township will have facilities such as schools, hospital, theatres and retail stores.

Delhi-based real estate developer Omaxe has postponed its plan to raise Rs 1,500 crore through private placement until a favourable time.
This follows Unitech’s decision to put on hold $1.5-billion qualified institutional placement (QIP), and Emaar MGF’s initial public offer (IPO), which was withdrawn midway. Industry insiders say the delay in fund-raising plans is unlikely to have any immediate impact on earnings.
Mr. Vipin Aggarwal, Executive director, Omaxe, said “We are waiting for the market to stabilize before we go in for private placement. We may not get the right valuation in the present situation”. Omaxe had originally planned to raise Rs 1,500 crore by issuing fresh equity to institutional investors.
The company intended to use the sale proceeds to buy land. On that issue, Mr. Aggarwal said, “The stake sold through this process could have been close to 15%”. At this rate, the transactions could have given Omaxe a valuation of Rs 10,000 crore, close to the company’s market capitalization during mid-December.
The Omaxe stock price had touched a high of Rs 613 on December 13, 2007, on BSE. It has lost almost two-thirds of its market cap since then. Omaxe scrip closed at Rs 221.60 on Wednesday on BSE, 5% down from the previous day’s close.
The promoters, Rohtas Goel and family, hold 89.3% stake in the company. Last December, the promoters pledged their 15% stake to Indiabulls for Rs 300 crore.
The company is engaged in developing several group housing, integrated townships, shopping malls, multi-product SEZ and hotels. It has recently won the bid to develop 393-acre township at Naya Raipur, Chhattisgarh, at a cost of Rs 1,800 crore.

The building sector in Pune and neighbouring areas is in terrible straits. The mass exodus of migrant workers from UP and Bihar, following alleged threats from Raj Thackeray’s Maharashtra Navnirman Sena, has forced builders to invoke the force majeure clause to escape liabilities of delays and cost overruns. 
With the labour rates in the building industry almost trembling due to insufficient workers and absence of skilled employees, buyers will have to shell out more for their flats. Kumar Gera, chairman, Gera Developers, said, “We have informed our customers that there will be a delay in the delivery of flats due to this force majeure situation”. Further Mr. Gera said, “We can’t say when the sub-contractor’s labour will be back and when normalcy will return or when flats will be ready”. He added, “The number of laborers on our project sites has come down from 2,300 to 1,400 now. This has resulted in a 75% slowdown in construction”. Mr. Gera is also the founder chairman of the Confederation of Real Estate Developers Association of India.
Kumar Builders chairman and president of the Promoters and Builders Association of Pune (PBAP), Mr. Lalit Kumar Jain said that the labour rates have shot up by 250% to Rs 750 a day. This means that it is only a matter of time before prices of residential properties go up as builders pass on this hike to the buyers.
Mr Jain said, “We believe that 50% of labourers have gone back and labour rates have surged from Rs 350 a day to Rs 750. We are not even sure if the labourers will come back”. He added that builders have sent people to Bihar and UP to try and force the labourers to return to work, but the response so far has been poor. Further he said, “The Builders Association will wait till the end of March and assess the situation. The members will then take a decision on informing their customers about the possible rate hike”.

BANGALORE: Realty marketing and consultancy firm Asipac Projects is close to putting together a real estate fund, in association with a few institutional investors. The move by the company , aimed at widening the scope of the company’s services is part of a series of initiatives that will roll out in the coming months.

According to Bangalore-based Company, the first fund will have an initial amount of Rs 50 crore and will invest in real estate SPVs across the country. “The first fund should be in place in six months. We intend to invest small amounts into SPVs, picking up a 2-3% stake in specific projects,” said Asipac Project’s chairman Amit Bagaria.
Year 2008 will see the company launch two new strategic business units (SBUs) — an investment advisory services group and a construction management consultancy division. “The idea is to be an end-to-end consultancy services company, helping clients (realty firms) raise funds for as well as help reduce material procurement costs,” said Mr Bagaria.
As on date, Asipac Projects represents about 18 real estate firms. The company is also seeming to expand its services to Indian business houses that are in the process of unlocking value from their land holdings.

The Paul Hotels and Resorts plans to develop a five star hotel chain in South India. As part of the first stage, the group will develop business class hotels or resorts across Karnataka, in locations such as Bengaluru, Mysore, Hampi and Coorg.

According to Shelly Thayil, Director – Operations, The Paul Hotels and Resorts, the group wants to tap the state’s immense tourism potential. In addition to this, the Karnataka Government is keen on providing the investors with incentives.

The group has acquired five acres of land for a 180 room hotel in Mysore. It will be developed with an investment of Rs 150 crore. The group is in the process of sourcing 30 acres of land for its 75 suite heritage property in Hampi. It will be developed near the Tungabhadra River at a cost of Rs 30 crore (in the first phase).

The Paul Hotels expects both these properties to be operational within the next two years. “We develop all our properties in phases, as this gives us enough time for trials. This model also helps us to work on our guests’ feedback, after which we make the necessary changes,” offers Thayil. Commenting on the tax holiday for hotels in UNESCO-certified heritage sites in India, Thayil feels that this announcement has come at the right time. The Hampi property is in the drawing board stages.

The real estate sector can hope to indirectly benefit from rationalization of slab rates for individuals, which will result in lower tax outflows thereby enhancing their appetite for home loans.

The realestate and constructions company IDEB is building infrastructure in all major cities of India. This will include Bangalore, Pune, Hyderabad, Jaipur, Mysore, Chandigarh, Dehradun, Kashipur and Delhi.
IDEB is an ISO 9000-2001 certified company. Apart from real estate and construction the company is also into hospitality services. They are planning to build a 4 star, 104 room hotel somewhere in Bangalore.
IDEB manufacturing equipments is another supporting company with in the same group. They can be reached at the toll free number 18004251006.

A Bahraini real estate firm has acquired 49% stake in an information technology park in Noida at a cost of $69 million.
Acacia Real Estate, a company spearheaded by Bahrain-based TAIB Bank, has acquired 49 per cent of Logix TechnoPark located at Noida in Uttar Pradesh.
Mr. Iqbal Mamdani, Acacia executive committee board member and TAIB Bank chief executive, said, "We are proud to be able to offer our clients this unique opportunity to invest in India’s real estate market". Further he said that with a projected internal rate of return of over 24% per annum, the deal was structured to provide investors with downside protection and an average cash coupon of 8% per annum over a three-year holding period.

Property in Lucknow is very much a sought after option for NRIs in the Gulf. There is a large population base of Lucknow working in Dubai and Middle Eastern countries that are looking for high quality life back in their hometown. A large number of NRIs from Gulf countries are investing in residential property in Lucknow in a big way as an after-retirement option. This was the reason why Lucknow properties were in focus at the Indian Property Show held in Dubai in December 2007. The show generated a huge response from Gulf expatriates for a property in Lucknow. Mr. Kunal Banerjee, president of corporate communications and marketing at Ansal Properties and Infrastructure Ltd, said, “There are a large number of NRIs in Dubai who have shown interest in buying a property in Lucknow”. Its Golf Villa in Sushant Golf City in Lucknow priced at about Rs.25 million is primarily targeted at NRIs and high net worth individuals. Main reason behind their interest is emotional attachment with the native land and future security sought by Gulf NRIs.