Mumbai, India, June 12, 2007 - Rajesh Exports Ltd has announced that the Board of the Company on June 12, 2007, decided to initiate the development of 5 selected properties from the Company's existing land bank of 32 properties. This is the first phase of development that the Company will be undertaking from the 32 strategically located properties owned by the Company.
Bangalore, India, March 28, 2007 - The Karnataka government plans to auction more than 300 acres of government land in Bangalore - North, North-Additional, South, East and Anekal Taluks on April 4 and 11, 2007.
Bangalore, December 13, 2006 - Residential property prices in Bangalore saw an increase in the third quarter of 2006, with a strong demand situation.
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.
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!
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.
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.
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.
Bangalore, September 14, 2006 : Brigade Group, the Bangalore based property developer, has launched residential flats for senior citizen in J.P.Nagar, Bangalore.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.