Property Headlines

Golf Course – The Latest Buzzword In Realty
The latest trend in the super-premium housing segment is the development of residential dwellings with a golf-course. Big players like Unitech, DLF, Ansal API have already started developing projects with golf courses. DLF Golf and Country Club in Gurgaon is flanked by the twin luxury high-rise residential projects, 'The Aralias' and 'Magnolias' inside the 18-hole DLF Golf Course, is one of the examples of such projects. According to developers, the trend is increasing due to a growing passion for golf among the elite. "Golf is not just a game but it’s a symbol of urban upper class lifestyle," said Mr. Pramod K. Magu, Executive Vice President, Unitech.
2 May 2008 indianrealtynews.com

UK Developers Wooing Indian Property Buyers
Indian property buyers are being enticed by developers in UK who are offering to facilitate loans as well as guaranteeing rentals, which can be used to pay back the loans. All the buyer has to do is make a down payment of Rs 20 lakh in two equal installments. Firms like Baron Group International guide buyers through the investment process. "The investor has to just pay Rs 10 lakh up front and another Rs 10 lakh on completion of the project. Once he or she gets possession and the loan installments need to be paid, we provide rental guarantees that take care of the loan," said Mr. Nayan Bavishi, Managing Director of Baron. Ms Mona Jalota,Baron's India representative, said they have been approached by one UK developer looking for Indian investors. She added that, mostly diamond traders and businessmen, who have children studying in the UK, are interested in buying a house there.
2 May 2008 Hindustan Times

A High-End Commercial Tower To Come Up In South Delhi
Anushree Realtors is coming up with a commercial building, 'The Pinnacle Commercial Tower' near Surajkund in Delhi. The Pinnacle Business Tower is hundred percent commercial and has no retail space. This 67-meter high tower will have five high spread elevators and 360-degree open scenic views and a landscape driveway. An impressive 6, 000 sq ft triple height lobby, suspended coffee shop of 2, 691 sq ft. NCR's largest conferencing spaces measuring in excess of 35, 000 sq ft are the key highlights of the project. Also, the area around the building will have Five and Three Star Hotels and Service Apartments, which makes it an interesting option.
28 April 2008 Hindustan Times

Delhi Plot Bought By Parsvnath For Rs 200 Crore
Real estate major, Parsvnath Developers has bought a 1.18-acre plot in the heart of Delhi for Rs 200 crore from Mahajan Industries. The price paid by the company has set a new benchmark for land in the national capital. The plot is located at 27, Kasturba Gandhi Marg and has been bought by Primetime Realtors, a recently formed subsidiary of Parsvnath. The company plans to develop a luxury mall with shopping and office space on the property. The property development will see an overall investment of around Rs 300 crore, including the land cost, and is likely to be completed by 2010-end.
2 May 2008 Business Standard

Redevelopment Of Staff Quarters In Bandra
Mumbai's western suburb Bandra might see an availability of close to 60 acres of real estate development. The residents of Maharashtra government's employee staff quarters have suggested redevelopment of the colony, which is spread across 96 acres. As per the proposed plan, the redevelopment project is expected to cost Rs 1, 686 crore with an estimated revenue of Rs 1, 899 crore. If approved, the project will release a significant supply of real estate at Bandra (East), which has attracted corporate houses to set up new offices in recent years. Mr. Sanjay Dutt, Joint Managing Director, Cushman & Wakefield said that the additional piece of land will have a huge impact considering the strategic location of the colony. While residents maintain that the July 2005 deluge has severely damaged the buildings, so, it is important to give this colony a new shape.
26 April 2008 indianrealtynews.com

Kochi To Get A Realty Boost
Sahara group launches Sahara Grace brand of residential complexes in Kochi. The Kochi project of the company is the third brand after Sahara Grace at Gurgaon and Lucknow. Sahara Grace, Kochi offers residential and commercial facilities designed for high-income group customers. The project, spread over 14.72 acres proposes to house 728 residential units on a total built up area of about 1,68,670 square metres. It is a mix of two to four bedroom apartments, three and four bedroom duplex apartments and penthouses.
2 May 2008 propertybtyes.com

Parsvnath Invests In Jamnagar
Delhi based, Parsvnath Developers has forayed into Jamnagar in Gujarat. The company is developing its first integrated group housing and commercial mall project. The project is being developed on a total land area of 13, 200 sq meters, with an expected realization value of Rs 120 crore spread over 3 years.
28 April 2008 Hindustan Times

Rs 150 Crore To Be Invested By ETA Star In Bangalore
ETA Star Property Developers, a part of the Emirates Trading Agency (ETA) Group based in Dubai is planning to invest Rs 150 crore in its third project, which is a 7.5 million square feet multiple-use development in Binnypet, Bangalore. Out of the total development, 1.2 million sq ft is for office space, 1 million sq ft for shopping and retail, and the rest 5.3 million sq ft is reserved for residential use. The project is expected to take off from early 2009. The company's first project in Bangalore is on 'Binny Crescent' on Nandidurg Road in Benson Town. The second project — The Gardens — is on Magadi Road being developed on an old Binny Mill property.
2 May 2008 Business Standard

Sistema To Foray Into Realty And Hospitality Industry
Russian company, Sistema is planning to enter the real estate and hospitality industries in India. The company is looking at investing Rs 800 crore to build office and commercial projects in the country by year end, Mr Alexander A. Chinyaev, the Chief Representative in India of Sistema said. It is planning to come up with 'A class' office and hotel projects in Delhi, Goa, Gurgaon, and in almost all the metros, including Kolkata. However, they will not build residential projects in India. They are also looking at building and managing hotels in India."We have plans to participate in the tourism business in India through exchange of tourists between the two countries. We can bring our tour agencies to India for this purpose. This will be supported by developing businesses like hotel and resort projects," Mr. Chinyaev said.
1 May 2008 The Hindu Business Line

Foreclosures – A Pain For Affluent In Greenwich
Greenwich in the U.S. is facing a biggest challenge as auction of houses is getting difficult in the country. For example, on Hettiefred Road, the owner of a 2, 720 sq ft, four bedroom colonial featuring a luxury kitchen, swimming pool and tennis court has been pressurized with foreclosures for months. Several other owners in Greenwich have received foreclosure notices this year. But there is a difference, auctioning off such homes is a far greater challenge here than elsewhere, as rich but cash squeezed owners find ways to delay losing their homes. At times, they come up with just enough to make last-minute payments avoiding a final sale. But the most financial stressed of Greenwich homeowners have generally been able to ward off actually losing their homes. According to RealtyTrac data, in Greenwich, foreclosure filings were made against 100 homes last year, which translates into less than half of one percent of Greenwich’s households, compared with a rate higher than 1 percent nationwide.
26 April 2008 Hindustan Times

Super Luxury Apartments To Come Up
A super luxury apartment complex is being built by Dewa Projects Private Ltd (a venture promoted by a group of NRIs based in Kuwait) on Marine Drive in Kochi. Mr. K. Venugoplan Nair, Chairman of the company, said that the project will set new benchmarks for residential property. Top companies of Germany, Italy, Australia and Canada will provide kitchen, bathroom fittings, doors and other fittings. It will have a quake-resistant structure and will comprise of 400 apartments surrounded by four acres of landscaped garden. The cost of these apartments will be Rs 3 crore for a three bedroom apartment. The project is expected to be completed by 2011.
27 April 2008 The Hindu

A Mega Township To Come Up In Pune
Pune-based real estate companies, the Avinash Bhosale group and Kumar Properties, have formed a 50:50 joint venture to set up a Rs 1,400-crore township in the third phase of Rajiv Gandhi Infotech Park, Pune. Pegasus Properties is a 50:50 joint venture floated by the two firms, which will develop the project over the next five years. The project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone. The township will have a total of 21-storied buildings built on 150 acres of land. It will be developed on the lines of the new township policy enacted by the Maharashtra government. "We want to promote the walk-to-work culture as most of the prominent IT firms like Wipro, TCS, Infosys, Tech Mahindra are close to this project. We have also created vehicle-free zones within the township," said Mr. Amit Bhosale, Director, Pegasus Properties. Singapore-based RSP Architects and Belt Collins International will do the architecture and landscape designing respectively for this project.
1 May 2008 indianrealtynews.com

Four SEZs To Be Developed By Uppal Group
Real estate company, Uppal Group plans to invest over Rs 8,000 crore to develop four Special Economic Zones and two hotels in north India. The company is coming up with two SEZs in Gurgaon for which it has already received the notification and the other two in Uttar Pradesh for which it has received a formal approval. "Infrastructure work has already started on the 263 multi-service SEZ in Gurgaon, where we will develop 22 million sq ft in different phases," said Mr. Gian Bansal, CEO of Uppal Group. He added that the project cost, including land is Rs 5, 000 crore. The construction work on another IT/ITes SEZ in Gurgaon is expected to start in the next three months. The two projects coming in UP are over 26 acres of land each. The construction of these SEZs, one in Noida and other in Greater Noida will start in another five months.
1 May 2008 indianrealtynews.com

Modern Housing To Match Contemporary Lifestyle
KLJ Town recently announced launch of its new project, 'KLJ Greens'in Faridabad. It is a 51 acres group housing complex with two three & four bedroom apartments. The apartments come with all the modern amenities making them synonymous to contemporary up-market lifestyle of people. The company has 28 other projects in pipeline including an IT park in Noida, three shopping malls in Delhi, an IT Park in Delhi, office complex and IT Park in Gurgaon, SEZ in Greater Noida.
29 April 2008 Hindustan Times