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November 30, 2006

Accor to develop hotels in India | INRnews

New Delhi, November 30, 2006 : As part of its global development strategy aiming at opening 200,000 new hotel rooms by 2010, of which 60% in emerging markets, Accor has signed today significant partnerships that trigger a major expansion in India. This expansion plan covers the full spectrum of the hotel market in India, including budget Formule 1 hotels, economy Ibis hotels, mid-market Novotel hotels and upper-upscale Sofitel properties.

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November 27, 2006

Prestige launches Kensington Gardens in Bangalore | INRnews Project Feature

Bangalore, November 27, 2006 : Leading real estate developer Prestige Group has launched a new project, Prestige Kensington Gardens in Bangalore. The project is located off BEL Circle, close to Prestige Wellington Park at RMV II Stage Extn., a 10 mins drive from Sadashivnagar.

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November 23, 2006

Buoyancy in Bangalore residential real estate| INRnews

Bangalore, November 23, 2006 : The Bangalore residential real estate market is seeing a lot of activity with a number of new units released in the market in 3Q06.

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Aggressive growth ahead for Bangalore commercial and retail real estate | INRnews

Bangalore, November 23, 2006 : Aggressive growth is forecast for the Bangalore commercial and retail real estate by real estate services firm Jones Lang LaSalle (JLL). New supply will prevent the market from overheating.

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November 19, 2006

Old Mutual in large retail leasing deals in India | INRnews

Mumbai, November 19, 2006 : Two large retail leasing deals have been signed in India by Pioneer Property Zone, a joint venture between Johannesburg and London-listed Old Mutual Property Group and ICS Infrastructure, of India. The deals are for Viva City in Thane with 650,000 square feet of retail space, and for a luxury mixed-use development in Bangalore. The leases cover a combined 50,000 square meters for both projects.

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November 17, 2006

Prime areas in Bangalore witness steady demand | INRnews

Bangalore, November 17, 2006 : Prime residential areas in central Bangalore continue to witness a steady demand and will continue to command high rental values due to limited supply. North Bangalore continues to be a center for development activity. Sarjapur Road/Outer Ring Road will be preferred locations for IT employees due to good connectivity.

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November 16, 2006

Bangalore commercial real estate market witnesses aggressive construction | INRnews

Bangalore, November 16, 2006 : The Bangalore commercial real estate market is seeing large-scale construction activity. Approximately 21 million sq.ft. of office space is either planned or under construction and of this, approximately 6 million sq.ft. is expected to be available by the year end, while the balance is scheduled for completion by 2007 and 2008.

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November 15, 2006

India's retail revolution begins | INRnews

Hyderabad, November 15, 2006 - If India's much anticipated retail revolution has a start date, it could well be the first week of November 2006. On November 3, in a classic RIL move marked by scale and ambition, Reliance Retail launched 11 Reliance Fresh retail outlets simultaneously in the southern Indian city of Hyderabad, firing the first salvo in what will be a keenly contested battle to win a huge prize - nothing less than the wallets of Indian consumers!

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November 10, 2006

Leverage India Fund invests Rs 17.50 crore in Digital Shoppy | INRnews

Hyderabad, November 10, 2006 :  Digital Shoppy, a retail chain of stores for consumer electronics and home appliances in Andhra Pradesh and Karnataka, today announced that the Company has concluded a private equity placement of Rs. 17.50 crores with Leverage India Fund managed by IL&FS Investment Managers Limited (IIML), one of India's largest private equity firms.

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November 02, 2006

NHAI receives Rs.16 crore for Bangalore elevated highway project| INRnews

New Delhi, November 02, 2006 -The National Highways Authority of India (NHAI) received a cheque of Rs. 16 crores here today towards Negative Grant for the elevated highway project on Bangalore-Hosur Section of NH – 7.

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October 27, 2006

Brigade Metropolis - integrated 36-acre enclave in Bangalore | INRnews Project Feature

Bangalore, October 27, 2006 : Leading Bangalore based real estate developer the Brigade Group has launched the Brigade Metropolis, billed as an integrated enclave with three distinct and separate areas—for business, commercial and residential purposes on 36-acres of land.  Brigade Metropolis is located on the Whitefield road, just 6-km from Indiranagar.

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October 19, 2006

Presidential apartments - the new symbol of prestige in India | INRnews

Bangalore, October 19, 2006 :  A new phrase - "Presidential Apartment" - is fast entering the lexicon of real estate developers and the newly rich in India. Presidential Apartments are super-premium apartments in exclusive neighbourhoods, with oodles of space, the most luxurious of interiors, named architects, private lifts, landscaped gardens, and every facility that could be required such as a gym, swimming pool, security and CCTV, children's play areas.

Nitesh Estates Buckingham Gate Luxury Apartments Bangalore

 

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October 07, 2006

India's flagship event on Green Buildings to be held in Bangalore

Bangalore, October 7, 2006: CII - Sohrabji Godrej Green Business Centre is organizing the 4th edition of India's flagship event on Green Buildings this year at Bangalore during 12 - 15 Oct 2006.

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October 03, 2006

Bangalore residential real estate prices stabilise in the second quarter

Bangalore, October 3, 2006: According to real estate services firm Colliers International, Bangalore real estate prices have shown signs of stabilising in the second quarter. Very little fresh stock has appeared in the market during this period. Real estate prices in areas such as Palace Orchard, Airport Road, and Indiranagar have grown by 6-8% over the previous quarter.

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September 28, 2006

Spencer's - a leading supermarket brand in India

Chennai, September 28, 2006: Spencer's is fast emerging as a key retail brand in the country. The 80-store supermarket chain, part of the RPG group, is comprised of 7 hypermarkets each occupying more than 35,000 sq.ft, 3 supermarkets up to 15,000 sq.ft, and 70 Daily stores between 4,000 to 7,000 sq.ft where consumers can purchase fresh produce, frozen products, bakery products, groceries and other daily requirements.

Spencer's Retail plans to open Spencer's Dailies in Pune, Hyderabad, Trichy and Bangalore. According to the company, in October it will open one new store every two days.

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September 24, 2006

GMR Infrastructure to venture into real estate development

Bangalore, September 24, 2006: Bangalore based infrastructure company GMT Infrastructure is to expand into real estate development across India. The company is looking at land acquisition in Bangalore, Hyderabad and Kolkata for residential as well as commercial realty projects.

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September 14, 2006

Bangalore Mahanagara Palike to issue khata in seven to thirty days

Bangalore, September 14, 2006: The Bangalore Mahanagara Palike (BMP) is to launch the "Suvarna Khata" scheme on September 30. ‘Suvarna khata’ is a special scheme to issue khatas within 30 days. Khatas for some properties such as those allotted by the Bangalore Development Authority or the Karnataka Housing Board will be issued within seven days. Applications for properties that already have a khata and simply need this to be transferred to another person would also be cleared in seven days. Applications for other properties would be cleared within 30 days.

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Brigade launches "Sereneti" - retirement residences for senior citizens

Bangalore Brigade Sereneti Senior Citizens ApartmentsBangalore, September 14, 2006 : Brigade Group, the Bangalore based property developer, has launched residential flats for senior citizen in J.P.Nagar, Bangalore.

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September 13, 2006

Banyan Tree Expands Its Resorts and Spas In India

Singapore, September 13, 2006 : Singapore Main-Board listed Banyan Tree Holdings Limited (“Banyan Tree” or the “Group”), a leading manager and developer of premium resorts, hotels and spas in the Asia Pacific region, recently announced that it has secured new agreements to manage two Banyan Tree Resorts and one Angsana Resort in India, and manage three new spas in Ireland, China and India respectively.

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September 12, 2006

Bangalore to get new flyovers

Mayor Mumtaz Begum has said that the Bangalore Mahanagara Palike (BMP) is to build flyovers at Coles Park and Shivajinagar to improve traffic flow and reduce congestion. She said that funding was not an issue.

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September 09, 2006

Bangalore real estate - land values raised

The Karnataka state government has increased substantially the guidance values for land in six taluks around Bangalore city - Devanahalli, Doddaballapur, Hoskote, Kanakapura, Nelamangala and Ramanagaram. Residential rates have been increased by as much as 50 per cent. Increases for commercial properties are as much as 100%.

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Bangalore real estate - Bidadi Township to be ready in three years

INRnews had reported on Aug 22nd about the Bangalore township projects under development by the Bangalore Metropolitan Region Development Authority (BMRDA). Work on the Bidadi township project appears to be gaining momentum. The township is planned on 9.685 acres of land and is located 39km from Bangalore city and 4 km from Bidadi on the Bangalore-Mysore highway.

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September 08, 2006

Bangalore commercial real estate - office space in short supply

According to property services firm DTZ Debenham Tie Leung, 7 million sq.ft. of office space was absorbed in Bangalore up to July 2006. Current rate of absorption of office space in Bangalore is 1 million sq.ft. per month, almost 60% of which is driven by the IT/ITES sector.

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September 07, 2006

Bangalore apartment for the chosen few

Bangalore-based Mantri Developers has launched an ultra premium apartment in one of the most exclusive neighbourhoods in the city.

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New access-control stretch for Tumkur Road in Bangalore

The National Highways Authority of India (NHAI) is planning an access-controlled section on Tumkur road in Bangalore to reduce traffic congestions and minimise accidents.

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September 06, 2006

Prestige Group to expand development of retail malls in South India

The Prestige Group, a Bangalore based real estate developer, is to develop over 7 malls at an investment of Rs. 300 crore each. Buoyed by the success of its Forum mall in Bangalore, the company plans to invest over Rs.2,500 crore for mall development in South India alone.

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September 04, 2006

IVR Prime to aggressively develop real estate projects across India

IVRCL hopes to execute real estate projects across the country,including townships, residential estates, golf courses, shopping malls and hotels, in the next four years. The estimated cost - Rs.6000 crores.

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September 01, 2006

Bangalore - Land acquisition for new airport expressway to begin soon

The process of acquiring around 300 acres of land for the proposed 4-lane airport link expressway will soon be underway. The acquisition cost is estimated at Rs.300 to Rs.400 crores.

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August 25, 2006

Sterling township in Whitefield, Bangalore with HDFC; Growth plans on anvil

In an equal-participation joint venture formed in December last year, Sterling Developers and HDFC Realty Fund are set to develop a township in Whitefield, Bangalore.

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August 24, 2006

Bangalore to get a new expressway to connect to the Devanahalli international airport

The Karnataka State Government and BMRDA are to fund a new 30-km expressway between the upcoming airport at Devanahalli and the city. The Rs. 350 crore project will kick-off in earnest in January and the project will complete in three years.

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Bullish on real estate in the South (External Article)

ICICI Venture fund manager, Kishore Gotety who manages a $550 million fund focused on Indian realty is bullish on opportunities in the South particularly in Hyderabad, Bangalore and Chennai. In an interview in FinanceAsia he opines that real estate opportunities in India witnessed so far are only the tip of the iceberg.

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August 22, 2006

Bangalore township projects moving slowly

With a view to decongesting Bangalore city, the BMRDA had announced three months ago a project to develop five integrated townships on the outskirts of Bangalore. The townships at Bidadi, Ramanagar, Sathanur, Solur and Nandagudi were to come up on 60,000 acres of land at a cost of over Rs. 20,000 crore.

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August 19, 2006

HCL to invest Rs 500 crore for SEZs in Noida, Bangalore and Chennai

HCL Technologies has got approval to set up three special economic zones (SEZ) in India in the cities of Noida, Bangalore and Chennai. The company plans to invest Rs. 500 crore to set up the SEZs.

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August 18, 2006

Property prices see correction in Mumbai, Delhi and Bangalore

Market reports point to reduction in property prices across the key metro cities in India. Cities such as Delhi, Mumbai and Bangalore that have witnessed a huge run up in prices over the last few years are seeing a correction. Property prices in other cities such as Kolkata and Chennai that still have affordable housing available are not seeing a decline, though growth rates may slow down.

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August 13, 2006

Bangalore residential property prices stable in the second quarter

Bangalore residential property rental rates as well as capital values have remained stable in 2Q06 as compared to the previous quarter. While rental values for the prime residential areas are stabilizing around Rs. 26–28 per sq. ft. per month, capital values are stable around Rs. 10,000–14,000 per sq. ft.

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Bangalore office property rentals increase in the second quarter

Bangalore office rental values have risen by 6.0% in the central business district locations. While 2Q06 rentals in the Bangalore CBD are up over the previous quarter, rentals are more-or-less stable in SBD locations and in Electronic City, and have seen a marginal decline of 4% in the Whitefields area.

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August 10, 2006

Bangalore property construction to cost more

The State Government plans to impose a 1% cess on building construction cost where the cost is above Rs. 1 million.

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August 05, 2006

Second Hotel for The Park in Bangalore

Apeejay Surrendra Group's Park chain is expanding. They plan to open a 300-room luxury hotel in Bangalore to cater to corporate clients amongst whom the chain is very popular. Their preferred location is in the area around Whitefield on the outskirts of Bangalore. The first Park Hotel in Bangalore is already running at 85% occupancy. 

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Approval sought for R&D SEZ in Bangalore

Approval has been sought for the development of an R&D SEZ on 1,000 acres of land near Bangalore. The Rs. 700 crore project - "Gandhi City" - has been mooted by a group of people from the IT industry and Private Equity firms.

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August 02, 2006

Taj GVK group to develop three new hotels

The Taj GVK group is progressing plans to develop three new five star hotels one each in Chennai, Bangalore and Hyderabad. The 125-room Chennai hotel already under development is likely to be completed by March 2007. The 189-room hotel in Hyderabad is likely to be ready by 2008. Taj GVK is also to acquire land for the Bangalore hotel.

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New ring roads for Bangalore

The Bangalore Metropolitan Region Development Authority (BMRDA) plans to develop a Satellite Town Ring Road, an Intermediate Ring Road and Radial Roads connecting the two, comprising over 734 km of roads in the city.

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June 04, 2006

Sustained boom in Indian realty sector

Real Estate prices in India have been on a tear in the last one year. According to Knight Frank India, prices for A Grade properties have increased significantly. In Mumbai residential rates have moved up from Rs. 17,000 to Rs. 30,000 a sq. ft., while for commercial property the rates have gone up from Rs. 11,000 to Rs.29,000.  Delhi has seen residential prices move up from Rs. 10,000 to Rs. 25,000 a sq. ft. and commercial property go from Rs. 8,500 to Rs. 16,000. Chennai has moved up from Rs. 3,500 to Rs. 3,600 for residential property and Rs. 4,000 to Rs. 4,500 for Commercial Property while Bangalore residential property has moved up from Rs. 4,000 to Rs. 4,800 a sq. ft. while commercial property has moved up from Rs. 3,500 to Rs. 6,000 a sq. ft.

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May 05, 2006

DLF plans hi-tech IT park in Bangalore

To be located on Whitefield Main Road, near ITPL, DLF Technolopolis is being developed on 1.5 million sqft area and would be completed by third quarter of 2007.

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May 01, 2006

Bangalore’s realty lure continues to keep its lustre

India’s IT capital Bangalore remains the most preferred destination for the real estate developers. Rapid industrial growth, high-profile job opportunities, salubrious weather round-the-year, Cauvery drinking water, and life style on par with international standards hold the city top in the Indian real estate map. Real estate in Bangalore is also attracting substantial foreign investment. Funds to the tune of $800 million to $900 million would be injected in the south Indian realty market within the next two years and Bangalore is expected to grab 60% of this investment.

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April 27, 2006

Cabinet approves Bangalore Metro Rail Project

New Delhi, April 27, 2006 : The Union Cabinet today gave its approval for implementation of the Bangalore Metro Rail Project by the Bangalore Metro Rail Corporation Limited (BMRCL) covering a length of 33 Kms. in 2 corridors at current cost of Rs. 5453 crore. The project will have a debt equity ratio of 70 : 30. The main objective of the project is to provide reliable, safe, energy efficient, comfortable, affordable, and non-polluting rail based mass transit system for Bangalore City.

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April 16, 2006

Bangalore CBD - an attractive real estate destination for new firms

An article in Business Standard points to Bangalore’s Central Business District as the most attractive and suitable real estate destination for new firms entering Bangalore, the congestion and heavy traffic notwithstanding. According to CB Richard Ellis, the CBD has recently seen companies like 3M, Citibank, UTI Ventures, Kawasaki, Regus, JLL, Cable and Wireless and Amba Research commit themselves to central locations.

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Prohibitive land costs hurt Bangalore real estate

Prohibitive land costs in Bangalore, India, is turning out to be a major concern for the real estate sector. Developers are facing an extreme shortage of quality land and land prices have been spiralling to unreal levels. There is also a clear gravitation towards the northern part of Bangalore. Lured by large land parcels, good roads and open possibilities, companies, equity funds and developers alike are queuing up in the Hebbal-Devanahalli stretch along the Bellary Road.

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