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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 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

Mumbai commercial real estate see strong appreciation | INRnews

Mumbai, November 17, 2006 : Mumbai's commercial real estate market has appreciated considerably over the last one year. Rents in South Mumbai (CBD) for Prime and Grade A office space are up by 73% while capital values are up by 51% vs. 12 months ago. In the suburban Bandra Kurla complex, rentals are up by 132% and capital values are up by 115% over a year.

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Mumbai real estate market at a high | INRnews

Mumbai, November 17, 2006 : With demand clearly in excess of supply, the Mumbai real estate market has reached unprecedented heights, exceeding the 1995 peak levels. Capital Values of good quality large apartments, in well-maintained older buildings and new projects, in South and South Central Mumbai, have crossed the Rs.30,000/sq.ft. and Rs.40,000/sq.ft. mark, respectively. The demand for good quality accommodation in North Mumbai also continues to remain robust owing to the extensive growth of the commercial real estate in and around Bandra Kurla, Andheri (E), Andheri (W), Malad and Powai. Capital values are up between 30% to 40% over a year ago.

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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 03, 2006

Maharashtra cabinet approves draft housing policy | INRnews

Mumbai, November 03, 2006 : Maharashtra Chief Minister Vilasrao Deshmukh announced on Tuesday a draft housing policy for the state aimed at delivering low cost housing, decongesting Mumbai, and implementing consumer protection measures. Feedback will be received from the public for the next sixty days and the government plans to implement the final policy in January next year.

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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 15, 2006

Ahmedabad - Mumbai in five hours by road | INRNews

Ahmedabad, October 15, 2006 : If everything goes well with the Union Government plan, within three years one will be able to reach Mumbai from Ahmedabad within five hours by road. This was indicated by Minister of State for Shipping Road Transport and Highways, K.H. Muniyappa.

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October 12, 2006

Trinity Capital PLC to invest £11.6 million in Mumbai residential project with Lokhandwala

October 12, 2006 : Trinity Capital PLC announced that the asset manager of its Fund, Trikona Capital (‘Trikona’), has entered into a partnership with Lokhandwala Builders, a Mumbai based real estate developer, to undertake a residential project in Mumbai. Trinity has acquired 49% of the equity in this venture for a consideration of £11.6 million.

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October 06, 2006

Mahindra Gesco closes US$ 105 million QIP issuance

Mumbai, October 6, 2006 :  Mahindra Gesco Developers Limited (MGDL), one of the leading real estate and infrastructure developers in India has successfully closed its US $ 105 million Qualified Institutional Placement ("QIP").

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New hotels planned for Mumbai

Mumbai, October 6, 2006: A number of new hotels are planned for Mumbai to cater to the increasing demand from both domestic and international visitors to the country's commercial capital.

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October 05, 2006

Office rentals in Bandra Kurla complex hit a high

Mumbai, October 5, 2006: So high is the demand for office space in the Bandra Kurla complex that new tenants are paying almost 100% more in rentals now than the prices prevailing a year ago. Space in Bandra Kurla rents for Rs.250 per sq.ft and this could touch as high as Rs.300 per sq.ft soon.

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October 03, 2006

Mumbai residential real estate prices stabilise in the second quarter

Mumbai, October 3, 2006: According to real estate services firm Colliers International, the premium residential market in Mumbai appears to have stabilised in the second quarter with pricing remaining steady without an upward trend. 1

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September 30, 2006

Bombay Dyeing to develop prime real estate in Dadar, Mumbai

Mumbai, September 30, 2006: The Wadias of Bombay Dyeing are to develop the 35-acre Spring Mills site in Dadar Naigaum into a residential and retail complex. The site is amongst the largest mill sites available in Mumbai city that is available for redevelopment after a supreme court ruling to this effect earlier in the year.

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September 25, 2006

Nirlon to develop real estate assets worth Rs. 1,000 crore in Mumbai

Mumbai, September 25, 2006: Multi-product company Nirlon is making a real estate play that has driven up its share prices by over 40% in just a week. The company plans to develop land in Goregaon near Mumbai occupied by its tyre cord plant. The developed asset is likely to be valued at Rs. 1,000 crores.

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September 23, 2006

Hiranandani to develop commercial real estate space below Andheri flyover

Mumbai, September 23, 2006: Real estate developer Niranjan Hiranandani is to develop the space below the 1.5-km Andheri flyover in Mumbai. On the cards is a 90,000 sq.ft. commercial development comprising retail showrooms and office spaces. The ground plus one structure beneath the flyover can accommodate a 500 unit car-park.

The commercial space is to be designed by renowned architect Hafeez Contractor.

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September 22, 2006

Reliance buys into Mumbai real estate

Mumbai, September 22, 2006: The Reliance group led by Mukesh Ambani is reported to have purchased two apartment complexes in Mahalaxmi, Mumbai for close to Rs. 200 crores. While the deal size was not disclosed, at a prevailing rate of Rs. 10,000+ per sq.ft. the estimated value of the property is in the Rs.200 crores range.

The site is located on the Hindoostan Spinning & Weaving Mills property near Mahalaxmi railway station. Reliance has purchased the apartment complex from ICICI Bank.

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September 19, 2006

Mumbai - now it is the Railways turn to exploit land resources

First we heard about the Mumbai Port Trust's proposal to sell excess land and get cash rich. Now, the Mumbai Railway Vikas Corporation (MRVC) plans to exploit surplus land at Bandra (East) by leasing it out to the highest bidder. The 45,371 sq.mt plot is expected to generate over Rs.1000 crores in an open bid. Developers being wooed for the task are Hiranandani, Raheja, Parsvanath and DLF.

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Mumbai - over 1,000 acres of prime real estate may soon be up for sale

Hold your breath. Imagine a piece of real estate three times the size of all the mill lands in Mumbai Central being available for sale in the heart of Mumbai. That is exactly what may be on the cards, if the Mumbai Port Trust has its way in consultation with the Union Ministry of Shipping. When the fate of so much invaluable land is in question, it is inevitable that politicians and the central govt. will be involved.

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September 04, 2006

Mumbai - Buy prime office space on the internet

It now looks like you can also buy space in central Mumbai - about one lakh sq.ft of it - on the internet. While it is not clear if it would be from e-bay, the word is out that HSBC India is considering selling their office property in Worli on the Internet. Just to keep the sale more transparent.

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August 29, 2006

Prime Property acquires real estate in Mumbai and Pune

Prime Property Development Corp has purchased real estate in Mumbai and Pune that it hopes to develop commercially.

The Mumbai property on SV Road, Goregaon, can be developed into 35,000 sq.ft. of retail space, while the Pune property in Pimpri-Chinchwad can be developed into a retail and hospitality destination covering more than 400,000 sq.ft. of space.

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August 22, 2006

India's first real estate index launched

Mumbai-based research agency Liases Foras has launched the Real Estate Sensitivity Index (RESSEX) to track real estate prices. RESSEX will be based not only prices but also on other factors like interest rates that affect demand.

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Technical clearance obtained for airport in Navi Mumbai

Civil Aviation Minister Praful Patel has told the Rajya Sabha that the International Civil Aviation Organisation (ICAO) has recently communicated to the government that it was technically feasible to set up a new airport in Navi Mumbai.

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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

Mumbai prime residential property prices rise

Capital values for prime residential property in Mumbai have appreciated over 4Q05. The capital values across the city, apart from Navi Mumbai, have appreciated by 25.0–40.0% in 2Q06 over 4Q05 prices. The market has also not seen any downward movement after the May 2006 BSE SENSEX correction.

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Mumbai office property leasing transactions fall

Mumbai office property leasing transaction volume in second quarter 2006 declined by half versus the first quarter according to global real estate services firm Jones Lang La Salle.

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August 10, 2006

Mumbai property prices to soften in the short-run

Real estate industry experts believe that the Mumbai property market, especially residential, may see a softening trend in the short term.

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August 05, 2006

New airport in Navi Mumbai

The government is likely to initiate construction of a new airport to meet Mumbai's growing traffic demands. While the exact location has not yet been determined, it is likely to be in Navi Mumbai, close to the SEZs under development there.

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August 03, 2006

Hindustan Lever may sell South Mumbai HQ

Consumer goods giant Hindustan Lever Ltd may sell "Lever House" its Backbay reclamation headquarters in South Mumbai, as well as "Brookfields" the erstwhile Brooke Bond headquarters in Bangalore. News reports indicate that the company is consolidating its operations in a new campus in Andheri and is aggressively seeking to unlock the value in its real estate holdings through disposing off office and residential properties.

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Hiranandani plans to set up 100-acre IT SEZ in city

Mumbai-based Hiranandani Group proposes to set up a 100-acre special economic zone (SEZ) outside Mumbai, subject to approvals. Approvals are not necessarily a given at this stage since there is already a surfeit of IT SEZs with 66 having already been approved so far.

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August 01, 2006

Bidders pre-qualified for Mumbai trans harbour link project

Three consortiums have pre-qualified for the Mumbai trans harbour link project and the Maharashtra State Road Development Corporation (MSRDC) will now invite RFPs from them. The Rs. 4,000 crore project is for the construction of a 22 kilometre, six-lane over the sea bridge from near Sewree railway station to join NH-4B at Chirle.

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Navi Mumbai SEZ to house international financial services hub

An integrated financial services hub, modeled on Hong Kong and Dubai, is being planned within the Navi Mumbai SEZ promoted by Mukesh Ambani of Reliance Industries and others. The facility will boast infrastructure facilities on par with international standards including a trading exchange, infrastructure, high speed telecom facilities, security, and office infrastructure.

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July 29, 2006

Reliance Industries to build new headquarters in Mumbai

Reliance Industries (RIL) is developing a 2 million square feet headquarters in suburban Mumbai with an investment of Rs. 150 crore to house its petroleum, retail and agriculture businesses. The office complex will be built on a theme titled ‘brilliance per square inch’ and will include a lake and a greenbelt amongst others.

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June 27, 2006

The Park group of hotels to launch business hotel in Navi Mumbai

The Park group of hotels, who already have shop in Delhi, Kolkata, Chennai and Bangalore, are starting business in Mumbai according to online reports. The Park Hotels, new property in Navi Mumbai will be launched as a trendy business hotel. This 80 room property is scheduled to be opened by end 2006 and will target business travelers here. Not just that, it will also house a hospitality management school.

Read Full Article at the Link Below:
Luxury hotel boutique, The Park Hotel, now in Navi Mumbai
(Source: Vashi2Panvel.com)

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June 25, 2006

Multinationals cash in on Mumbai real estate boom

A number of multinationals such as Hindustan Lever, Deutsche Bank and American Express are said to be offloading flats in the booming Mumbai realty market at peak prices. Hindustan Lever is planning the sale of a 3,110 sq ft apartment in Breach Candy for Rs. 15 crores. The asking price works out to Rs. 50,000 per sq ft, a significant premium versus the going rate of Rs. 32,000 per sq ft. HLL has appointed international real estate consultants Cushman and Wakefield as its broker.

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MNCs cash in on realty boom
(Source: DNAIndia)

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June 04, 2006

Real estate developers avoid taxes

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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 30, 2006

Is Reliance eyeing a land deal in Powai?

After it's recent purchase of 7.5 hectares of land in the Bandra-Kurla complex, Reliance appears ready for another large land deal. Speculation is rife that Reliance Industries is looking to acquire a 61 acre plot in Powai from Larsen & Toubro for upwards of Rs. 1,000 crore. In news reports, L&T has denied that any deal is happening.

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May 14, 2006

Maharashtra government makes cuts in stamp duty fees

Stamp duty provisions have been relaxed in Maharashtra and this move will benefit some property owners/purchasers. A formal notification reduces stamp duty for relinquishing claim over an ancestral property from the earlier 1% to only Rs. 200. For hypothecation and deposit of title deed of a property for a loan of up to Rs. 10 lakhs stamp duty will now be only Rs. 1,000 versus the earlier 0.5% stamp duty.

According to the modified provisions, members of a slum redevelopment scheme will be paying Rs 100 now instead of Rs 1,250 for a home worth Rs 2.50 lakh and Rs 7,800 instead of Rs 9,000 for a home costing between Rs 2.50 to Rs 5 lakh. A duty waiver would be applicable for a home worth Rs 2.50 lakh now, up from Rs 1 lakh value stated earlier.

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May 13, 2006

Municipal Corporation of Greater Mumbai plans eco-friendly housing certification

The Municipal Corporation of Greater Mumbai (MCGM) plans to introduce a compulsory ‘Eco-Housing certification programme’ to regulate housing constructions in Greater Mumbai. The initiative seeks to promote sustainable urban development and reduce the burden on the citys infrastructure and environment.

Developers and builders are to be encouraged to use eco-friendly initiatives such as solar energy, rain-water harvesting, water recycling, energy efficient lighting, solid waste management, use of alternative and cost efficient building material etc., in their projects.

The programme also aims at promoting environment friendly and energy efficient housing projects in Greater Mumbai. MCGM will partner with USAID and International Institute for Energy Conservation in this initative. Mumbai will be the first city in India to promote such eco-friendly certification.

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April 14, 2006

India's Property Market Booms

India's property markets are booming, driven by a rapidly expanding economy and a growing middle class. India's growing middle class is continuing to snap up new homes, and the average age of a homeowner is down, from 45 a decade ago to 32 today.

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