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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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Office space absorption in National Capital Region increases | INRnews

New Delhi, November 30, 2006 : The National Capital Region (NCR) has witnessed overall office space absorption of 6.36 million sq. ft. in the first three quarters of 2006. The total absorption for NCR is estimated to be 8 million sq. ft. by year end, nearly 3.5 times of the absorption in the entire year of 2005 (2.36 million sq. ft.).

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Proposal to regularise Sainik Farms in Delhi | INRnews

New Delhi, November 30, 2006 : The Union Cabinet has directed, while considering the proposal for regularization of unauthorized colonies in Delhi, that the department of Urban Development may bring up a proposal examining the options for deterrent penalties for the different violations in case it is decided to consider the regularization of Sainik Farm or other similar colonies. The Minister of State for Urban Development Shri Ajay Maken stated this in a written reply in Rajya Sabha today.

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November 29, 2006

New 130,000SF office building slated for Gurgaon, India | INRnews

Gurgaon, November 29, 2006 : The WIRE Group have unveiled plans to develop a 130,000SF International Class A Office building in Gurgaon India (about 20 miles southwest of New Delhi CBD). The build-to-suit facility will be built on 1 acre adjacent to the Jaipur-Delhi Highway, one of the region's main north-south arteries. LEED Certified professionals will be involved in the design and development of the building. The amount of the transaction was not disclosed.

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November 19, 2006

Delhi set to benefit from Commonwealth Games | INRnews

New Delhi, November 19, 2006 : Delhi is becoming a hot destination for hotels - and the major infrastructural development in the city in preparation for the 2010 Commonwealth Games is the reason why.

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November 18, 2006

Delhi commercial real estate prices soar | INRnews

New Delhi, November 18, 2006 : With no new office supply in the New Delhi CBD (Connaught Place) and surrounding locations, demand has clearly outstripped supply. The renewed eviction drive by the Municipal Corporation of Delhi, against unauthorized usage and development, has put further pressure on the already soaring values. The CBD vacancy rate is presently under 2%, which is further constrained by lack of Grade A office space and has resulted in an annual rental escalation of approximately 95% in the CBD and capital value appreciation of close to 140% according to real estate services firm Cushman & Wakefield.

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November 17, 2006

Boom times for Faridabad real estate | INRnews

New Delhi, November 17, 2006 : Faridabad real estate has seen a sharp increase with a 70% increase in land prices in the last year and a half. The industrial town, home to many small-scale industries, is benefiting from the boom in the Delhi & NCR region, and with sky-high prices elsewhere, developers are now eyeing Faridabad as it is still lower priced than other areas.

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Delhi & NCR residential real estate prices steady, rentals firm up in prime areas | INRnews

New Delhi, November 17, 2006 : Delhi & NCR real estate prices are likely to remain flat in the short tem. However, the high demand and limited supply of good quality accommodation in prime localities of South Delhi is likely to increase rental values by approximately 5-7% over the next quarter. Considering the projected supply of apartments in Gurgaon, the rental values in this micro-market are expected to remain stagnant.

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November 16, 2006

New five-star hotel in Gurgaon planned by Taj Hotels | INRnews

New Delhi, November 16, 2006 : The Taj Group of Hotels is planning a 200-room hotel on 7 acres of land in Gurgaon. The total investment for the project is expected to be above Rs.150 crores.

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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 14, 2006

Quantum fund buys stake in real estate developer Ansal API | INRnews

New Delhi, November 14, 2006 - The Quantum Fund promoted by George Soros has purchased 1% of real estate developer Ansal API for Rs 25 crore. The purchase has been made from the secondary markets. Ansal API has very recently raised Rs 175.8 crore through a 5% private placement with Citigroup. The HDFC Realty Fund has also invested Rs 50 crore in Ansal API.

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Property exposition to be organised in India and abroad | INRnews

New Delhi, November 08, 2006 - Jaaydaad.com, an Indian real-estate site, today announced that the 1st Jaaydaad Expo-cum-Sale World Tour 2006-07 will commence from December 15, 2006 at Hall No. 14, Pragati Maidan, New Delhi.

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November 08, 2006

Gillette India to sell properties in Gurgaon and Okhla | INRnews

New Delhi, November 08, 2006 : Gillette India is to sell two properties - a 1,200 square yards industrial plot in Okhla and and a business park in Gurgaon. The floor price set is Rs.180 crore for the Okhla property and Rs.250 crore for the Gurgaon business park.

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November 07, 2006

Amtex Systems Opens Global Development Center in Delhi | INRnews

New Delhi, November 07, 2006 - US based Amtex Systems Inc, among the top 4 privately held IT Consulting & Services company in New York, today announced the opening of its state-of-the art Global Development Center in the capital city. The facility will be a key component in augmenting Amtex’s global business model of end-to-end IT consulting & services offering, currently handled from six countries in US, Europe & India.

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October 24, 2006

Global Infocomm to open 600 property shops countrywide | INRnews

New Delhi, October 24, 2006 : Delhi-based Global Infocomm plans to open 600 property shops countrywide with an investment of Rs. 120 crore. People could buy, sell or rent properties at any of these showrooms that would be connected to a central database of properties. Of the 600 real estate showrooms, 70 are to be set up in Uttar Pradesh, 16 in Delhi & NCR, Lucknow and Kanpur.

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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 18, 2006

Trinity Capital PLC to invest in £215 million IT Park, Greater Noida

New Delhi, October 18, 2006: Trinity Capital PLC has announced the acquisition of a stake in an Information Technology Park project in Greater Noida. Trinity has committed £28.3 million to the project. The initial tranche comprises £10.3 million and a second tranche of £10.1 million will be due in November 2006.  A further £7.37 million of equity will be invested into the development of the project.  The total cost of the development is expected to be £215 million which will be financed through a mix of debt and pre-construction sales.

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Delhi to Gurgaon metro land acquisition to begin

October 18, 2006 : The Haryana Urban Development Authority (HUDA) is to put efforts to accelerate land acquisition for the Delhi-Gurgaon Metro stretch. The land acquisition will start under the emergency clause according to HUDA administrator SP Gupta.

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October 10, 2006

Delhi New Master Plan to allow housing on 27,000 hectares of land

New Delhi, October 10, 2006:  The Master Plan for Delhi, to be announced by December 2006 will have provisions to permit putting up of dwelling units on 27,000 hectare agricultural land that Delhi has in its possession and also provide for easier and relaxed floor area ratio norms for city’s vertical development with necessary no objection certificate from water and power authorities.

These observations were made by the State Minister for Urban Development Mr Ajay Maken while releasing a report "ASSOCHAM Study on Housing For All".

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October 03, 2006

New Delhi residential real estate prices on the upswing in Q2

New Delhi, October 3, 2006: According to real estate services firm Colliers International, property prices have been on the upswing in Delhi in the second quarter. According to Colliers, capital values increased by 45% quarter on quarter and rental values were up by almost 30% for the same period. Prime property in Lutyens' Delhi saw a sharp increase driven by scarcity of supply. Rentals in Prithviraj Road were up by 100% over the last quarter.

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October 02, 2006

Amarpali group launches mall at IMT Manesar

New Delhi, October 2, 2006: Amarpali Group, a well-known name in the real estate business, launched its Shopping Mall Cum Corporate Hub at IMT Manesar. Positioned on the Manesar entry road on NH8, the 6804 sqm ultra-modern mall is a strategically located commercial complex amongst all HSIDC approved projects. Two SEZs by DLF & Reliance are also proposed near the site location.

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September 25, 2006

Delhi Development Authority's hotel plot auction a damp squib

New Delhi, September 25, 2006: Of 10 hotel plots that the Delhi Development Authority (DDA) put on auction on Sep 25, only one was sold. The Mangalam Place, Rohini plot of 7,127 square metres sold for Rs. 48.05 crore, only marginally above the reserve price of Rs. 48 crore.

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September 22, 2006

Delhi Metro turns to leasing of property

New Delhi, September 22, 2006: Delhi Metro has found profitable use for its property and has significantly gained financially from leasing its property in the capital.  Accounts of the last financial year reveals that Delhi Metro earned over Rs.296 crores from leasing of property while its earnings from Metro rail traffic has been Rs.113 crores.

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September 21, 2006

Cabinet approves transfer of Defence land for road projects in Delhi

New Delhi, September 21, 2006 :  The Union Cabinet today gave its approval to proposals for transfer of Defence land in Delhi to the Government of NCT of Delhi for various road projects. The projects when completed will help ease traffic congestion in Delhi city.

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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

Jaypee Group to construct hotel in Greater Noida

The Jaypee Group is developing a 350-room hotel in Greater Noida. The project on 450 acres of land will be promoted as a mixed-use project including hotel, cottages, golf course and resort. The hotel is scheduled to open before the 2010 Commonwealth Games. Jaypee is also mulling plans to enter the three-star hotel segment with the launch of a few hotels in this tier before 2010.

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September 08, 2006

Delhi & NCR commercial real estate booming

Delhi NCR experiences highest office space absorption in its history during the first seven months of 2006. Absorption crosses 5.1 million sq ft.

In a study conducted by leading global property adviser DTZ Debenham Tie Leung, Delhi NCR has in this year recorded the highest ever commercial Grade – A space absorption in a year of 5.1 million sq ft. Commercial space absorption increased by 42% in just the first seven months of the year as compared to the absorption of 3.5 million sq ft in entire 2005. “The office market has primarily been driven by the IT/ITES sector which accounts for about 75% of the total office absorption in NCR” says Ankur Srivastava, Managing Director, DTZ Debenham Tie Leung India.

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2.4 million new homes required in Delhi by 2021 - Ajay Maken

A master plan for Delhi's development requires 27,000 hectares of land to accommodate urban growth until 2021. 2.4 million homes need to be created. This is according to the Minister of State for Urban Development and Poverty Alleviation, Mr. Ajay Maken. He envisages that by 2045, 70% of the country's population will be living in urban areas. To put it in perspective, India has 5200 small and big towns today. By 2050, we would (according to the minister's projections) require 3000 additional townships.

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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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Classic Diamonds announces the launch of its Retail Store in Delhi

Company plans to open chain of retail stores in other metros in India

Classic Diamonds India Ltd has announced the soft launch of the company's Retail Store in Delhi, after receiving a overwhelming response for its store, the Gold Souk, in Gurgaon. It is opening its next retail store in Ludhiana soon and is also evaluating the launch of further retail stores across metros in India. With this initiative, the Company aims to cater to the needs of consumers of diamond studded jewellery, primarily focusing in the north of India.

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September 01, 2006

DLF sees strong demand for Belaire real estate project in Gurgaon

Indian real estate developer DLF has reportedly sold 50% of the available 360 flats at it's latest project in Gurgaon "Belaire". The pre-launch saw the company raise approximately Rs. 560 crore jst within two hours of the opening of bookings.

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Indian real estate major DLF delays IPO plans

Indian real estate developer DLF has postponed its IPO that was expected to raise $3.5 Billion for a 12.8% share in the company. The IPO was expected to be the largest in India's capital market history.

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Delhi Development Authority to auction hotel sites

The Delhi Development Authority will auction ten hotel sites on September 25, 2006. Going by the reserve prices, the DDA will stand to make around Rs.2,699 crores at the very least.

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August 31, 2006

Jasola - the next real estate hotspot in Delhi

Jasola, a once sleepy South Delhi village located near Apollo Hospital on Mathura Road is fast becoming one of the most attractive real estate destinations in the capital. Jasola is one of the few remaining places where land is available in Delhi. Jasola is also well connected to commercial areas such as Nehru Place, Okhla Industrial area, Noida and Faridabad and residential areas such as New Friends Colony and Sarita Vihar. This easy access is fast making Jasola a major residential and commercial/retail property magnet.

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August 29, 2006

Noida - 43 acres of land allotted for housing by IVRCL

2.8 million sq.ft of group housing is planned for construction in sector 119 and 121 by IVRCL Infrastructures and Projects. Built by its subsidiary, IVR Prime Urban Developers, the 43-acre project will begin in December this year. Funds will be garnered from booking advances in the last quarter of the current financial year. IVR PUDL is currently engaged in the construction of a mall and IT park of 2.2 million sq.ft at Gachibowli in Hyderabad.

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August 26, 2006

Record prices at Delhi Development Authority auction

299 square metre plot in Dwarka sold for Rs 5.26 crore.

The Delhi Development Authority (DDA) has raised over Rs. 188 crore from an auction of 61 plots earlier this week. Prices bid at the auction were substantially higher than the reserve price indicating a firming up of property prices.

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Delhi Development Authority DDA to auction prime hotel plots in capital

The Delhi Development Authority (DDA) has put out a Public Notice for auction of prime plots on freehold basis for constructions of hotels in Delhi. The auction, slated for September 25th, will see 10 plots between 7,000 to 30,000 sq.m. put on the block for reserve prices ranging from Rs. 48 crore to Rs. 723 crore.

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August 24, 2006

Delhi Development Authority announces DDA Housing Scheme 2006 - apply now!

The Delhi Development Authority has announced the DDA Housing Scheme 2006 on its website. Under this scheme, various two-bedroom and three-bedroom flats that have been constructed and are already ready for occupation are being released. The scheme shall remain open from 22.8.2006 to 12.10.2006. Given the broad reach and coverage of INRnews.com, we are providing timely information about this scheme, information about the application process and relevant links to DDA as a service to our readers.

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August 21, 2006

Kenneth Builders to develop super premium apartments in Delhi

Kenneth Builders, a 50:50 joint venture between DLF Universal and Indiabulls, is to develop one of Delhi's most exclusive and expensive apartment complexes. The Tehkhand project on 35.8 acres of land in a posh South Delhi locality will house around 750 high-end residential apartments in a beautifully landscaped gated community with complete facilities such as a clubhouse and swimming pool.

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August 20, 2006

Over 2 million new houses required in Delhi by 2021

Minister of State for Urban Development Ajay Maken said in a written reply in the Lok Sabha that 2.4 million new houses will be required in Delhi by 2021 to meet growing population needs. This includes covering an existing backlog of houses as well as replacement of dilapidated structures.

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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 17, 2006

85 km of elevated corridors for Delhi

The Public Works Department (PWD) is planning to set up seven elevated corridors in Delhi to ease congestion on the Ring Road. All the corridors put together are expected to have a length of almost 85 km.

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August 13, 2006

Delhi prime residential property values stable while rentals increase

Capital values for prime residential property in New Delhi have remained stable in the second quarter of 2006. Prime locations like Prithviraj Road, Greater Kailash and Hauz Khas saw little change, while some areas such as Vasant Vihar saw an appreciation of 10.0% in 2Q06 over 1Q06.

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Strong demand for office property in Delhi with low vacancies

Demand for office property in Delhi continued to be strong in the second quarter of 2006, significantly decreasing vacancy levels, according to global real estate services firm Jones Lang La Salle. Vacancy levels for Grade A and Grade B space in the CBD have declined to the current level of 3.0%. The decline has been more marked in the SBD where the vacancy levels declined from 12.0% to 4.0 % in 2Q06 compared with 1Q06 levels.

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August 05, 2006

Rs.736 crore Noida-Delhi metro on its way

The foundation stone for the 7.1 km metro link from New Ashok Nagar to Noida City Centre was laid at the City Centre in Sector 32 this week. Work has also begun on the Indraprastha-New Ashok Nagar link (Phase II) already. As of today, the total project cost is Rs.736 crores. The Noida Authority will pay Rs.520 towards construction costs with Rs.91 crores coming from the Central government.

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August 03, 2006

Delhi to spend $5.75 Billion on infrastructure for the Commonwealth games

India's capital, New Delhi, will see a boom in infrastructure investment leading up to the Commonwealth games in 2010.  According to A.K. Walia, the Delhi Urban Development and Finance Minister, Rs. 26,808 crore ($5.75 Billion) will be spent on infrastructure including 25 flyovers, overbridges, tunnels, parking lots, rail transit system and housing facilities.

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August 01, 2006

Real estate major Unitech in massive land deal

Real estate major Unitech is set to announce India's largest real estate deal at a sticker price of well above Rs. 2,000 crore. The land deal is said to surpass earlier mega deals including Unitech's Rs. 1,568 crore Noida Expressway deal, Reliance Industries Rs, 1,100 crore Bandra-Kurla deal and DLFs Rs. 702 crore deal for NTC mill land.

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July 29, 2006

Noida property auction fetches Rs. 14 crore

Five properties in Noida, including three industrial properties and two residential properties, have been auctioned for Rs. 14.4 crores, four times their original reserve price. The properties were auctioned by the IT department.

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Gems and jewellery SEZ to be set up in North West Delhi

The Delhi State Industrial Development Corporation (DSIDC) is developing a special economic zone (SEZ) focused on the gem and jewellery business on 150 acres of land in Baprola, North West Delhi. The SEZ is expected to come up in three years and will require an investment of Rs. 300-400 crore. The SEZ would include a gem testing lab, assaying and hallmarking centre, marketing space for designers and a business centers.

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July 28, 2006

Delhi Development Authority to allot MIG and LIG flats by Jan 2007

Minister of State for Urban Development, Ajay Maken, has told the Lok Sabha that DDA is to allot 1,700 MIG flats, and 632 LIG flats by January 2007. The system of allotment of flats by draw of lots would continue, Maken added.

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July 26, 2006

Delhi property sells for Rs. 137 crore

Delhi has witnessed its highest property deal with the sale of a 1 acre plot for Rs. 137 crore. The land with bungalow is located at the exclusive Amrita Shergill Marg within the Lutyen's Bungalow Zone, and has been purchased by businessman Sanjay Singhal from the Dutch embassy. Until recently it was the home of the Dutch deputy ambassador.

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June 09, 2006

New flyover opened on Delhi Gurgaon section of NH-8

New Delhi, June 09, 2006 : The Union Minister of Shipping Road Transport & Highways Thiru T.R. Baalu today opened the flyover at Rajeev Chowk across Gurgaon Sohna Road on the Delhi-Gurgaon Section of National Highway No. 8 on trial basis for public. The length of the flyover including approaches is about 1100 m. It is expected that the project highway from Palam to km 42.000 would be completed by December 2006 and from Rao Tula Ram Marg to Palam by June 2007.

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June 04, 2006

Real estate developers avoid taxes

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Indian real estate developer Unitech challenges big players

Last week the Rs 1,600 crore Unitech group, in an audacious deal, piqued DLF to the post by grabbing 345 acres of prime land in Noida for a staggering Rs 1,582 crore crore — till then the largest land deal in the country. The land in Noida will be used to make 4,000 top-of- the-line apartments priced at Rs 2 crore each. The investment required to build this dream residential project: Rs 3,000 crore.

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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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Delhi to overtake Mumbai in real estate rental rates

In the first three months of the current calendar year, rents of commercial properties in NCR (mainly Delhi and Gurgaon) have grown much faster than rents in the country's commercial capital, Mumbai. In the NCR, the average commercial rentals were up by an average of 30%, with Mumbai and the adjoining areas registering a relatively smaller 17 to 18% average growth.

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May 28, 2006

Unitech strikes gold in Noida real estate deal

Unitech, a leading real estate developer in India, has won a bid for a 340 acre plot auctioned by the Noida Development Authority in Sector 96,97 and 98. Unitech's bid of Rs. 1,583 crore topped other rivals such as DLF and ICT Bangalore. The company plans to build residential accomodation on the land. No commercial developments are allowed in this low-density area.

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May 18, 2006

Boom or Bust, DLF will rock on

In a recent interview, Rajiv Singh, vice-chairman of DLF Universal, which is proposing a gigantic IPO of over Rs 10,000 crore towards the end of June maintains that his company is fortified against a possible real estate bubble-burst.DLF's large-scale business diversification plans and the bank of land assets it has build over the years would anchor it on protected territory. Here is how DLF plans to stay on top.

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Eye on Ansal Group companies

The domestic real estate sector is projected to grow at a CAGR of 30 per cent to touch $50 billion in size by 2008 according to FICCI, the Federation of Indian Chambers of Commerce and Industry. This phenomenon is fuelled by a projected rise in demand from the technology sector, talent movement and favourable government policies. Property developers across the country are busier and getting richer faster than ever before. One of the biggies to watch and invest in may be the New Delhi-based Ansal Group.

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Parsvanath Developers real estate IP to raise Rs. 1,600 crores

Parsvanath Developers is to hit the capital market with its Rs. 1,600 crore IPO. Shares are likely to be priced at Rs. 480. The company plans to dilute approximately 25% of its paid-up capital by issuing 3.3 crore fresh shares to the public.

The company is a leading developer with projects in Delhi, Noida and Gurgaon. The company has bought land auctioned by Delhi Metro Projects. It plans to use the IPO proceeds for real estate projects in various parts of the country.

Analysts expect that real estate issues will be over subscribed given the large interest in this sector. Foreign institutional investors will be able to invest in this issue after ruls governing investment in real investment were modified.

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May 13, 2006

Delhi Development Authority to develop Commonwealth Games Village

A Commonwealth Games Village  will come up over 60 hectares of land, adjoining Akshardham Temple and is likely to cost nearly 1,100 crore. Envisaged as a public-private partnership model over half the funding is expected to come from 6-8 hotel sites that DDA will sell in the village. Private players in the hospitality sectors will be invited to participate in the tendering process.

DDA is expected to raise over Rs. 2,000 crores from land disposal this financial year. As many as nine hotel plots are slotted for auction in June. In addition to land acquisition, the funds are being utilised to develop the mega sub-cities of Rohini, Dwarka, and Narela.

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Ind-Swift plans real estate development in Gurgaon and Navi Mumbai

The Ind-Swift Group, a leading pharmaceutical company in India, plans to plans to enter the real estate development market in Gurgaon and Navi Mumbai via Ind-Swift Infrastructure and Developers (ISID) a newly floated company.

The group's maiden venture is the Regalia Towers apartment complex on the Zirakpur-Kalka highway. The project would comprise 28 penthouses, 184 two and three bedroom flats spread over 3.65 acres of land. Investment for this project is expected to be Rs. 50 crores. Construction of the apartment complex is expected to be complete by August 2007.

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Delhi Development Authority may auction MIG, HIG apartments

A new proposal recommends that DDA auction all its HIG and MIG flats from now on. These two and three bedroom apartments are currently priced lower than other market alternatives. The move is probably aimed at closing the difference in the price of new flats from DDA and the substantially higher resale prices for the same flats. Once these new flats are sold through an auction, prices could rise substantially, perhaps to even double.

The proposal is now in front of the Urban Development ministry according to reports.

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May 11, 2006

Strong demand for commercial property in Delhi and NCR region

In Delhi & Gurgaon, both rental and capital values for commercial property have been on an upswing. The demand situation is strong with almost all grade A buildings occupied and those under construction already leased. While demand for commercial space in Delhi is high, supply is limited since the supply of commercial land depends on auctions by DDA which are held infrequently.

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April 18, 2006

Conversion of Leasehold system of land tenure in Delhi into Freehold

New Delhi, April 18, 2006 : The Union Cabinet today gave its approval to proposals to modify the existing scheme of Conversion of Leasehold system of land tenure in Delhi into Freehold.

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April 16, 2006

Delhi & NCR Region real estate investment picks up pace

According to various reports, the real estate investment market has picked up pace in Delhi and is today one of the top destinations in India for investment —residential, commercial, retail,et al. Over Rs 10,000 cr of loan disbursement was done by various banks for Delhi in 2005. The figure will well cross the Rs 12,000-cr mark this year.

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Meet KP Singh of DLF Group, India's richest realty developer

KP Singh of DLF GroupKP Singh presides over closely held DLF Group, India's largest real estate developer with an estimated land bank of 3,000 acres in prime city locations. Singh, who owns 99.5% of parent DLF Universal with his family, is said to be worth at least $5 billion.

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February 23, 2006

269-km Peripheral Expressway project to commence by July in NCR

New Delhi, February 23, 2006 :  Regional Plan-2021 of National Capital Region notified on 17.09.2005 recommends implementation of Peripheral Expressways comprising Eastern and Western Peripheral Expressway on priority basis in first phase besides other radiating roads and National Highways. Consensus on construction of Peripheral Expressway has been arrived at.

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