Ascendas Property Fund Trustee, curator of Ascendas India Trust (a-iTrust), has signed a forward purchase agreement with Casa Grande Group. According to this agreement, they will acquire Casa Grande Group’s first industrial plant in Mahindra World City, Chennai. The company announced this deal in a media release.
The project is an industrial plant with a net leasable area of approx. 0.42 million square feet. It is pre-leased to Pegatron Technology India, a wholly-owned subsidiary of Pegatron Corporation, with a 7-year lock-in period and annual hikes.
a-iTrust will also offer funds for the development of the project under the Forward Purchase Agreement. It offers to fund the development of the project on the completion of certain circumstances. One of them is, it will acquire 100% of the shares of the entity that develops the project.
It also has the opportunity to offer more funding for the development of industrial amenities. These industrial amenities will be approx. 0.37 million square feet, subject to lease and other conditions to be met. Construction expected to complete in mid-2021.
The preliminary effect of the proposed acquisition for the financial year 2020 per unit distribution (DPU) became 0.04 Singapore cents. The acquisition of this industrial property will increase the size of a-iTrust’s committed portfolio by 1.8% from approx. 22.8 million square feet to approx. 23.3 million square feet.
Housing sector is expected to face a shortage of supply this year as most of the under construction projects have gone only a halfway through.
The prospective buyers will have to wait for one or two years more for getting their new homes. Though the year 2013 was predicted to see completion of more projects, it won’t happen this year, leading housing sector to face shortage of supply. Continue reading →
There are seven housing projects for seniors in Bangalore. The city is far ahead to the others like Chennai and Pune which has three each such projects.
Bangalore is one of the prime IT hubs in India. It is known for its IT development. Temperate climate, end-user oriented residential sector, stable property prices, etc. were some of the most used adjectives for Bangalore city. Adding to all these is the top position for developing most number of housing projects for the ‘seniors.’ Continue reading →
Private Equity wing of Essel Financial Services Ltd plans to launch its first real estate fund. The Rs.1000 Cr PERE fund will be invested in the residential sector.
Essel plans to raise Rs.1000 Cr for investing in residential sector.
MUMBAI: Private Equity wing of Essel Financial Services Ltd has already raised Rs.200 Cr. The fund will be invested in the real estate sector. Essel Group plans to develop housing projects in top cities across the subcontinent.
Private equity in real estate (PERE) is increasing in India. 2012 saw 32 PERE investment deals. Nearly PERE Funds worth $464.26 million was invested in last year. This is well above $310.88 million in 2011 which saw only 15 such deals.
The PE wing of Subhash Chandra-owned Essel Group plans to launch a Rs.500 Cr fund. The group also has plans to raise another fund of the same amount. The fund will be raised from domestic investors.
Essel Financial Services CEO and MD of Amit Goenka said that developers raise huge demand for capital. He added that most of the projects are stuck, due to the lack of capital. He finds delay in approvals as another reason for the stuck projects. Continue reading →
Pallavaram in Chennai now witnesses a surge in the property prices. Property prices in the area soar very quickly due to its close connectivity with the IT hubs.
Pallavaram in Chennai booms due to its close proximity to the IT hubs.
CHENNAI: Pallavaram in Chennai is a place of historical importance. The area is more connected with Pallava dynasty. However that is not what concerns the home buyers of the area. They are worried over the surge in property prices.
Due to many reasons, Pallavaram is one of the most popular residential destinations in Chennai. The area is just 17km away from Chennai city. Moreover it is well-connected to the Thoraipakkam and Shollinganallur, two IT hubs.
Due to its close proximity to these IT corridors, the demand for housing units has increased. There is a hike in property prices in equal proportion to the demand.
Living in Pallavaram means living away from the hustles and bustles of the city. The area is 7-10 km away from the IT hubs. And so it is easier for those IT professionals to stay here and work. Continue reading →
With infrastructure growth in the area, Iyyapanthangal in Chennai has become one of the most sought after destinations in Chennai. The area now offers better connectivity to the people here.
Connectivity boost the growth of Iyyapanthangal
The home buyers are always keen to know the connectivity of the area. Once they feel that a residential property is located in a location where they can enjoy better connectivity, their sentiments are boosted and they readily buy out the property. This is what happens in Iyyapanthangal in Chennai now.
Iyyapanthangal; an area located in the Sriperumbudur Taluk of Kancheepuram district, has carved a place for itself in the Chennai’s real estate landscape. The growth of the area is mainly due to its improved connectivity and infrastructure development.
Iyyapanthangal is rightly supported by better connectivity and infrastructure. The residents of the location enjoy better advantages as it is situated between the Bangalore Highway and the Grand South Trunk Road which provides better connectivity.
Connectivity and infrastructure development affects the property prices of the area which move upward day by day. The average capital value for the properties here range from Rs.4000 to Rs.6000 per sq. ft. There is an increase in the rental rates of the area as well. Continue reading →
Recent trends in Chennai real estate show that it will stand with Bangalore real estate. How far it will take place? Following comparative analysis will tell you how far.
Chennai Real Estate Seems to Be in Safer Hands. ( image source )
Chennai and Bangalore are two prominent South Indian cities which generate new business. Both the cities have witnessed a higher level of growth in the recent past yet Chennai real estate stands little higher.
Real estate sector in both these cities are growing very fast. Of course Bangalore might stand steps ahead regarding the maturity aspect. Market growth of Bangalore which preceded that of Chennai can be counted as the reason behind this. Continue reading →