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April 01, 2008

Vodafone launches 34th Vodafone store in Mumbai | INRnews

Mumbai, India, April 01, 2008 - Vodafone Essar, one of India’s leading cellular service providers has announced the launch of its 34th Vodafone Store in Mumbai. The new store aims to deliver a complete Vodafone experience to customers and is located on the 1st Floor, Rehman Mansion, Dr. B.A.Road, Hindmata, Dadar East. The new Vodafone Store is open all days of the week from 10.00 am – 7.00 pm. This takes the strength of Vodafone Stores in Mumbai to 34 and that of self-service kiosks to 63.

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March 31, 2008

Progress on leasing and sales shows robust demand for Ishaan's real estate portfolio | INRnews

Mumbai, India, March 31, 2008 - Ishaan Real Estate Plc ("Ishaan") is pleased to announce the leasing and pre-letting of a further 577,000 sq. ft. of office and retail space, increasing the total area of leased and pre-let space in its commercial and retail development projects to 2.4 million sq. ft. Tenants have also exercised options for 232,000 sq. ft. of the commercial space in its Mindspace developments in Navi Mumbai and Hyderabad.

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Construction starts on Eredene Capital’s low-income mass housing project near Mumbai | INRnews

Mumbai, India, March 31, 2008 – Eredene Capital PLC (AIM: ERE), the AIM quoted investor in Indian infrastructure and real estate, today announces that construction has begun on its joint venture low-income housing project near Mumbai following a ground breaking ceremony at the first of its greenfield sites. This is the first phase in the planned construction of approximately 185,000 affordable homes within commuting distance of the city over the next 10 years.

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March 19, 2008

SRUIL to construct LEED Platinum rated residential tower in Worli, Mumbai | INRnews

Mumbai, India, March 19, 2008 - IGBC, (Indian Green Building Council); which is part of CII (Confederation of Indian Industry); announced today that Shree Ram Urban Infrastructure Limited (SRUIL) is building India's first ever Green residential building at Worli, Mumbai. Entitled 'Palais Royale', this project will be India's first residential building aspiring to achieve the prestigious LEED Platinum rating. One of IGBC's main objective is to ensure that the real estate industry in India migrates to creating benchmarks in Green Buildings across all realty formats.

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March 14, 2008

KSL & Industries to develop 15 properties across India | INRnews

Mumbai, India, March 14, 2008 - KSL and Industries Ltd., Mumbai-based leading textile and yarn manufacturer has embarked on a major expansion to develop real estate on a pan-India basis.

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March 11, 2008

CEAT sells 7 acres land in Bhandup for Rs 130 crore | INRnews

Mumbai, India, March 11, 2008 - CEAT Ltd, the flagship company of the 13, 500 crore RPG Group and one of India’s leading tyre manufacturers has today signed an agreement with M/s. Ashford InfoTech Limited for development of a vacant portion of about 7 acres of land located at Village Road in Bhandup, Mumbai.

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March 08, 2008

MIAL begins roll out of Duty Free Retail at Mumbai international airport | INRnews

Mumbai, India, March 08, 2008 - Mumbai International Airport Private Limited (MIAL) today announced the roll out of the new duty free retail experience for passengers at the Chhatrapati Shivaji International Airport (CSIA) in Mumbai. In the first phase, a new duty free area operated by DFS Galleria was opened at the arrivals area of international Terminal 2C at Sahar.

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March 07, 2008

ETAM opens an exclusive store at Breach Candy | INRnews

Mumbai, March 7, 2008: Etam, the leading French lingerie brand, a part of the Future Group, today opened its exclusive store in Mumbai at Breach Candy in South Mumbai. On the occasion, super model Viveka Babajee showcased ‘Etam Spring Summer 2008 collection’, comprising of lingerie, swim wear and night wear. She also interacted with some customers and shared with them some lingerie style tips. An exclusive wine and cheese event was also held at the store in the evening.

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February 21, 2008

HDIL sells Mumbai property for Rs 900 crore | INRnews

Mumbai, India, February 21, 2008 - Housing Development & Infrastructure Ltd (HDIL) has announced that the Company has entered in to sale of Developmental rights agreement dated February 21, 2008 with respect to its project named Kaledonia situated at sahar Road, Andheri (East) with Mack Star marketing pvt ltd for a consideration of Rs 900 crores (Rupees Nine hundred crores).

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HDIL sells Mumbai property for Rs 900 crore | INRnews

Mumbai, India, February 21, 2008 - Housing Development & Infrastructure Ltd (HDIL) has announced that the Company has entered in to sale of Developmental rights agreement dated February 21, 2008 with respect to its project named Kaledonia situated at sahar Road, Andheri (East) with Mack Star marketing pvt ltd for a consideration of Rs 900 crores (Rupees Nine hundred crores).

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January 22, 2008

Uma Petroproducts to develop township near Khopoli | INRnews

Mumbai, India, January 22, 2008 -  The board of directors of Uma Petroproducts have decided to enter into a memorandum of understanding (MoU) with MS Group of Companies to jointly develop a township near Mumbai.

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January 11, 2008

Mercantile Bank Building in Vashi sold to Shah Group | INRnews

Mumbai, India, January 11, 2008 - The Mercantile Bank building in Vashi has been sold to the Shah Group.

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January 10, 2008

Supreme Infra bags Rs 71.99cr contract from Thane Coporation | INRnews

Mumbai, India, January 10, 2008 - Supreme Infrastructure India Ltd (SIIL), an infrastructure development company engaged in civil construction activities, has bagged a building construction contract worth Rs 71.99 crores from Thane Municipal Corporation (TMC). This is in Joint Venture with M/s. Chawla Interbild. This work of construction of RCC building in Thane City (Tulsidham) is part of BSUP scheme. The contract will be executed in a period of 18 months.

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January 09, 2008

Dev Property Development eyes £114 million sale of development projects in Mumbai | INRnews

Mumbai, India, January 09, 2008 - Dev Property Development plc (AIM: DPD), a company investing in Indian real estate, today announces that it has sent a circular to shareholders convening an extraordinary general meeting (EGM) on 25 January 2008. The purpose of the EGM will be to seek shareholder consent for the disposal of Dev's interests in two of its three development projects for a total minimum consideration of £114 million (the Minimum Consideration).

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January 03, 2008

Godrej looking to develop factory land | INRnews

Mumbai, India, January 03, 2007 - The Godrej Group, a leading industrial group in India, is looking at real estate development of some of its factory properties.

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January 01, 2008

Indian Real Estate Roundup - 2007 | INRnews

Mumbai, India, January 01, 2008 - Anuj Puri, Chairman & Country Head, Jones Lang Lasalle Meghraj, looks back on the year 2007 in Indian real estate.

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December 28, 2007

Unity Infraprojects wins mall project in Kurla, Mumbai | INRnews

Mumbai, India, December 28, 2007 - Unity Infraprojects Ltd has announced that the Company has received the Letter of Intent from Offbeat Developers Pvt Ltd, Mumbai for Civil Construction Work for construction of Mall named Market City, at Kurla, Mumbai. The Contract Value of the Project is Rs 57.41 crores (Rupees Fifty Seven Crores and Forty One Lakhs Only) excluding the cost of concrete and it is to be completed within 15 months.

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December 18, 2007

Pride Hotel gears up for expansion of Rs. 340 Crores | INRnews

Mumbai, India, December 18, 2007 - Pride Hotels announced today, that it has received a significant investment from Kotak India Real Estate Fund towards part financing of its Rs. 340 crore expansion-cum-renovation plan.

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December 05, 2007

Ishaan Real Estate PLC half year report | INRnews

Mumbai, India, December 05, 2007 - Ishaan Real Estate plc has released an interim report for the six months ended 30 September 2007. The key highlight is completion of 100% of investment in the initial portfolio with £133.2 million invested in eight projects across Mumbai, Hyderabad, Pune and Bangalore.

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November 30, 2007

JLLM head on Maharashtra's scrapping of the Urban Land Ceiling Act | INRnews

Mumbai, India, November 30, 2007 - The Central Government had not considered states like Maharashtra and Andhra Pradesh when it repealed the ULCRA in other states like Gujarat, Karnataka and Punjab. It had its reasons, but it became evident that the ULCRA rendered valuable land useless for all practical purposes. In India, land constitutes approximately 50% of the price of real estate.

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November 27, 2007

MIAL awards contract to DFS Group for duty free retail | INRnews

Mumbai, India, November 27, 2007 - Mumbai International Airport Private Limited (MIAL) today awarded the duty free retail contract for Chhatrapati Shivaji International Airport (CSIA), Mumbai to DFS Group Limited.

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November 23, 2007

Kalpataru launches Kalpataru Gardens Phase II | INRnews

Mumbai, India, November 23, 2007 - Situated in the heart of Suburban Mumbai, Kalpataru Gardens Phase II is yet another well designed and modern residential project of Kalpataru Properties Pvt.Ltd – a haven of luxurious space and sunshine, surrounded by true natural beauty.  It is conveniently located at Kandivali, East 15 minutes away from Western Express Highway; 10 minute distance to Kandivali station and also in close proximity to leading educational institutions, malls and multiplexes.

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November 20, 2007

Gulf Finance House to invest over US$ 2 billion in Mumbai | INRnews

Mumbai, India, November 20, 2007 - Bahrain-based Gulf Finance House (GFH) is investing over US$ 2 billion in a green field site close to Navi Mumbai, near to the commercial capital's airport. GFH has already raised US$ 630 million towards the initial development and infrastructure requirements of the project.

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November 19, 2007

Deutsche Bank Urban Age Award given to 2 Mumbai city projects | INRnews

Mumbai, India, November 19, 2007 - Dr. Josef Ackermann, CEO of Deutsche Bank is pleased to announce the winners of the first Deutsche Bank Urban Age Award (DBUA) in the presence of the German Chancellor, Dr. Angela Merkel and SM Krishna, Governor of Maharashtra. The announcement follows a unanimous decision by an international jury. The award of $100,000 will be split between two high level projects: the Triratana Prerana Mandal initiative and the Mumbai Waterfronts Development Centre, with a special Commendation for the Urban Design Research Institute’s Fort Management Project.

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Piramal Enterprises floats realty JV with Sunteck | INRnews

Mumbai, India, November 19, 2007 - Piramal Enterprises Ltd (Ajay Piramal Group) has announced its realty joint venture (JV) with Sunteck Realty and Infrastructure Ltd.

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Fiat India sells 53 acre Kurla property to IKG Associates | INRnews

Mumbai, India, November 19, 2007 - Fiat India Pvt Ltd, in continuance of its process of restructuring and consolidation of its operations in India, has announced the sale of its 53-acre Kurla property to IKG Associates, an IL&FS affiliated entity for Rs. 608 Crores (Rupees Six Hundred and Eight Crores). The company operations have completely shifted to Ranjangaon, near Pune in Maharashtra, a facility measuring about 200 acres.

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Ishaan invests in 4.5 million sq ft of commercial development space in India | INRnews

Navi Mumbai, India, November 19, 2007 - Ishaan Real Estate plc today announces that it has concluded its investment in an IT SEZ (Special Economic Zone) in Navi Mumbai, on which a development of up to 4.5 million sq ft of commercial space is planned.

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November 13, 2007

New supply to stabilise residential prices in Mumbai | INRnews

Mumbai, India, Novemer 13, 207 - With new supply of residential real estate space in Mumbai, development of new areas like Navi Mumbai, and redevelopment projects such as the Dharavi redevelopment in the pipeline, the outlook is for stable prices in the Mumbai market.

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Mumbai office space rentals rise in submarkets | INRnews

Mumbai, India, November 13, 2007 - Rentals for office space in submarkets of Mumbai such as Worlid, Prabhadevi, Goregaon and Navi Mumbai jumped by 10%-20% in Q3 2007. As compared to this, rental and capital values in the CBD remained stable.

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November 08, 2007

CCEA approves operator to develop Mumbai Port offshore container terminal | INRnews

Mumbai, India, November 08, 2007 - The Cabinet Committee on Economic Affairs today gave its approval for Development of Offshore Container Terminal on Build, Operate and Transfer basis at Mumbai Port, under Licence Agreement to be entered into by Mumbai Port Trust (MbPT) with the BOT operator namely, aConsortium of M/s. Gammon India Limited, M/s. Gammon Infrastructure Limited and M/s. Dragados SPL, Spain. 

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October 26, 2007

HDIL - Agreement executed for the Mumbai Airport Slum Rehabilitation Project INRnews

Mumbai, India, October 26, 2007 - Housing Development & Infrastructure Ltd (HDIL) has announced that the Company has received a Letter of Intent dated October 15, 2007, for the Airport Slum Rehabilitation project, for removal of slums from encroached Airport land, which has been awarded by Mumbai International Airport Pvt Ltd to the Company.

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October 25, 2007

Hirco Invests £96.6 Million to develop Panvel township in Mumbai Metropolitan Region | INRnews

London, UK, October 25, 2007 - Hirco Plc (AIM:HRCO.L), the investment vehicle for Hiranandani, India’s largest developer of prestigious mixed-use townships, today announced that it has invested £96.6 million in a Residential Township (“Panvel Residential”) development project located in Panvel, in the Mumbai Metropolitan Region of India.

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October 01, 2007

Ishaan Real Estate Plc secures pre-letting agreement for Mindspace IT SEZ, Navi Mumbai | INRnews

London, UK, October 01, 2007 - Ishaan Real Estate Plc ("Ishaan") is pleased to announce that it has signed a new letter of Intent with a leading ITES company for 360,000 sq. ft. (including 220,000 sq. ft. under option) at Mindspace IT Park (SEZ development), Airoli, Navi Mumbai.

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September 21, 2007

Peninsula Land to raise funds through equity issue | INRnews

Mumbai, India, September 21, 2007 - Peninsula Land, the real estate arm of the Ashok Piramal group, is to raise funds via fresh issue of shares.

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September 20, 2007

Development of rail network crucial for DMIC - Minister | INRnews

New Delhi, India, September 20, 2007 - Shri Kamal Nath, Union Minister of Commerce and Industry, has stressed on constructing more rail lines and improving their gauges for the development of industrial nodes being taken up under the Delhi-Mumbai Industrial Corridor (DMIC) Project. In his communication sent to the Railway Minister here today, Shri Kamal Nath has focussed on the crucial need for the development of rail networks especially in Madhya Pradesh where the rail route kilometer length is much less than the neighbouring states.  

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September 19, 2007

Modern India to set up an IT SEZ at Khopoli near Mumbai | INRnews

Mumbai, India, September 19, 2007 - Modern India Ltd has announced that the Company is planning to set up an IT / ITES SEZ (Information Technology / Information Technology Enabling Services) (Special Economic Zone) on about 15 Hectare of land at Khopoli. This project will be implemented through a wholly owned subsidiary Company viz Modern India Property Developers Ltd.

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September 14, 2007

Unity Infraprojects awarded mall contracts aggregating to Rs 134.15 crore | INRnews

Mumbai, India, September 14, 2007 - Unity Infraprojects Ltd has announced that the Company has received the following orders aggregating to Rs 134.15 crores:

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September 11, 2007

Peninsula Land sells Mumbai business park premises for Rs 1054 crore | INRnews

Mumbai, India, September 11, 2007 - The Ashok Piramal Group's Peninsula Land Ltd has announced that the Company has entered into an Agreement for sale of 5,75,000 sq.ft. out of its proposed development at its Dawn Mills (Peninsula Business Park) premises at an approximate consideration of Rs 1,054 Crores to Alok Infrastructure Pvt Ltd.

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August 29, 2007

HDIL to purchase 15 acres of property in Navi Mumbai | INRnews

Mumbai, India, August 29, 2007 - Housing Development & Infrastructure Ltd (HDIL) has announced that the Company has already entered into an MOU for purchase of 15 acres of property belonging to Eveready Industries Ltd situated at Navi Mumbai for a total consideration of Rs 115 crores. Subject to necessary approvals the transaction will be effected in stages over a period of time.

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August 27, 2007

Parsvnath Developers bags redevelopment project for Mahim Bus Terminus, Mumbai | INRnews

Mumbai, India, August 27, 2007 - Parsvnath Developers Ltd has announced that the Company has won another project from BEST, Mumbai to develop a plot of land at Mahim Bus Station, Mumbai for commercial and residential utilization along with remodeling of existing bus station.

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August 23, 2007

Spencer’s to expand retail stores across Western region | INRnews

Mumbai, India, August 23, 2007 - The re-launch of Spencer’s Hyper at Inorbit Mall, Malad in June ’07 has been a phenomenal success. The re-designed store layout and the introduction of newer categories has increased traffic size to a whopping 2 lacs per month thus making it the most widely visited Spencer’s store across the country. Inspired by this success, Spencer’s has laid down strategic plans to expand its footprint across the Western region including Mumbai, Pune, Aurangabad and Ahmedabad. It also plans to foray into Vadodara and Nashik thereby increasing the overall trading area by an additional 1.2 lac sq feet within the next three months.

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August 20, 2007

Dharavi Redevelopment Project in Mumbai attracts interest from real estate developers | INRnews

Mumbai, India, August 20, 2007 - Over 20 real estate developers are likely to bid for the massive Dharavi Redevelopment Project that envisages a potential of 70 million sq ft built-up space. According to news reports, over Rs 1,000 crore could be raised from all five sectors. The government will award only  one sector per developer. The bidding is to begin before October.

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HDIL enters into MOU for purchase of 8 acres in Bhandup, Mumbai | INRnews

Mumbai, India, August 20, 2007 - Housing Development & Infrastructure Ltd (HDIL) has announced that the Company has already entered into an MOU for purchase of 8.32 acres of property belonging to Kilburn Engineering Ltd situated at Bhandup for a total consideration of Rs 124,70,00,000. Subject to necessary approvals the transaction will be effected in stages over a period of time.

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Kalpataru Properties wins CNBC Awaaz-CRISIL Real Estate Award | INRnews

Mumbai, India, August 20, 2007 - Kalpataru Properties Pvt. Ltd., one of the top 10 developers in India today, has won awards for both the Best Residential Property and Best Organization Structure at the CNBC Awaaz- Crisil Real Estate Awards 2007 held at Taj Landsend on August 16, 2007. Kalpataru was awarded out of 175 entries for the Best Residential property and the Best Organization Structure award out of 15 entries. 

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IQMS Software to set up IT Convention Centre near Mumbai | INRnews

Mumbai, India, August 20, 2007 - IQMS Software Ltd hasannounced that the Company is embarking on setting up an Information Technology Convention Center nearby Mumbai.

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August 16, 2007

Delhi Mumbai Industrial Corridor project given approval | INRnews

New Delhi, India, August 16, 2007 - The Union Cabinet today gave in principle approval to the following proposals in regard to Delhi Mumbai Industrial Corridor (DMIC) Project outline :

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INOX launches single screen theatre in Santacruz, Mumbai | INRnews

Mumbai, India, August 16, 2007 - After reigning supreme in South Mumbai with its flagship property at Nariman Point, INOX fans in the suburbs are set for a treat as INOX launches its second movie theater in Mumbai at the Milan Mall, Santacruz. INOX at Milan Mall is a single screen theatre with 420 seats and is the 18th property in the INOX chain.

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August 15, 2007

Infiniti Retail acquired 4 properties in Mumbai and Pune | INRnews

Mumbai, India, August 15, 2007 - Infiniti Retail, a subsidiary of Tata Sons, which runs Croma — a countrywide chain of multi-brand consumer electronics and durables, has acquired four properties in Pune and Mumbai.

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August 09, 2007

Mumbai property prices decline in the second quarter of 2007 | INRnews

Mumbai, India, August 9, 2007 - The Mumbai real estate market witnessed a slowdown in the second quarter of 2007 with a decline in property prices.

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August 06, 2007

Shringar Cinemas opens in Dahisar | INRnews

Mumbai, India, August 06, 2007 - Shringar Cinemas Ltd has announced that the Company has commenced its operations at Thakur Fame, Dahisar w.e.f. August 05, 2007 which consists of 4 Screens and 1784 Seats.

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July 31, 2007

Eredene Capital to invest up to INR 1,312 million in Mumbai low income housing | INRnews

London, UK, July 31, 2007 - Eredene Capital PLC (Symbol: ERE), the AIM quoted Indian real estate investor, today announced that its wholly-owned subsidiary Aboyne Mauritius Limited (together “the Eredene Group”) has entered into an agreement to invest up to INR 1,312 million (GBP 16.4 million) in the development of up to approximately 185,000 low income residential units on the outskirts of Mumbai where there is rising demand for affordable homes within commuting distance of the city.

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July 26, 2007

Mumbai property market to see price correction | INRnews

Mumbai, India, July 26, 2007 - The Mumbai residential property market is expected to see a marginal correction in capital and rental values during the coming year according to real estate services firm Cushman & Wakefield. This is likely to affect the price-sensitive pockets of the city more than high-end destinations. The greater challenge will be the limited infrastructure that has not kept pace with the growth of the city.

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July 24, 2007

Maharashtra government tables draft housing policy | INRnews

Mumbai, India, July 24, 2007 - The Maharashtra Government has tabled a draft housing policy in the Legislative Assembly yesterday. Significant policy measures proposed include encouraging private investment in the housing sector, facilitating township development on the peripheries of cities, raising FSI limits, ensuring sale of apartments is on carpet-area basis only, allowing non-agriculturists to buy land, and no ceiling limits for holding land. Continue reading this article to view the full draft of the housing policy.

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July 22, 2007

FICCI to hold International Real Estate Summit in Mumbai in September | INRnews

Mumbai, India, July 22, 2007 - The Federation of Indian Chambers of Commerce and Industry (FICCI) is back with its fourth annual International Real Estate Summit to be held on 27 and 28, September 2007 at Hotel Hilton Towers, Mumbai, India.

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July 19, 2007

Hirco PLC announces investment in Commercial Township Development in Panvel, Navi Mumbai | INRnews

Mumbai, India, July 19, 2007 - Hirco PLC  (AIM:HRCO),  a real estate investment company, has announced an investment of £128.4 million in a Commercial Township Development project located in Panvel, in the Mumbai Metropolitan Region, India.

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July 17, 2007

Future Group & Talwalkars promote Health & Fitness Destinations within shopping malls in India | INRnews

Mumbai, India, July 17, 2007 - The Future Group in partnership with Talwalkars, the leading chain of health centers has launched a new initiative, Talwalkars Fit & Active, which offers health, fitness and gym services within shopping malls and consumption centers. Talwalkars Fit & Active centers have state-of-the-art gymnasiums, weight-loss centers and health spa along with personalized counseling services of dieticians, nutritionists, physiotherapists, weight-loss trainers and personal fitness trainers. Along with these facilities, Talwalkars Fit & Active will retail best-in-class fitness equipments and accessories to its customers.

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July 12, 2007

CINEMAX, Mumbai's biggest Multiplex launches CINEMAX Red Lounge, Bandra | INRnews

Mumbai, India, July 12, 2007 - Cinemax India Ltd, one of the largest exhibition theatre chains in India, has started operations in its single screen theatre — Cinemax ‘Red Lounge’ — at Bandra today. A first of its kind, Cinemax Red Lounge Bandra is a luxurious 160 seater single screen theatre with 79 high comfort recliners and 81 comfortable push back seats. With the launch of this plush establishment, the total number of screens in the country that now Cinemax owns amounts to 39.

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July 09, 2007

India's retail sector looks towards smaller cities | INRnews

Mumbai, India, July 09, 2007 - Most organised retailing and retail property activity is still concentrated in India's two largest cities - Delhi/NCR and MUmbai. While there are considerable property opportunities in these two cities, increasing competition and growing opportunities in India's regional markets is encouraging both retailers and property developers to move into new and potentially more rewarding markets further afield according to real estate services firm Jones Lang LaSalle Meghraj.

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July 05, 2007

Payment of Arrear Electricity and Water Bills and Property Taxes by PAPs Resettled Under MUTP | INRnews

Mumbai, India, July 05, 2007 - (Public Notice) This has come to the notice of MMRDA that some PAPs resettled under MUTP are facing problems in paying up the arrear water and electricity bills and property taxes.

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June 21, 2007

Sternon Group's NRI mega-township in Navi Mumbai generates global interest | INRnews

Dubai, UAE, June 21, 2007 - An NRIs-only mega-township of villas and row-houses in Navi Mumbai, being promoted by Sternon Group, Dubai-based real estate developers, builders and promoters, has generated global interest, driven by Navi Mumbai's growing reputation as one of the hottest real estate markets, Hussaini F. Nalwalla, Managing Director, Sternon Group, said in Dubai today.

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June 12, 2007

Satra Properties signs MoU for Bandra - Turner Road Property in Mumbai | INRnews

Mumbai, India, June 12, 2007 - Satra Properties India Ltd has announced that the Company has signed an MOU for development of a prime property in the Bandra — Turner Road area in Mumbai.

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May 31, 2007

Government approves international airport in Navi Mumbai | INRnews

New Delhi, India, May 31, 2007 - The Government today gave its approval for the construction of an International Airport at Navi Mumbai. The Airport will be developed as a Greenfield Airport through Public Private Partnership (PPP) along the lines of the Greenfield Airports at Hyderabad and Bangalore.

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May 11, 2007

Grade – A office space in India – Is Oversupply building up?

Mumbai, India, May 11, 2007 - The Indian A-Grade leasehold office space markets are currently at an all time high; both in terms of the quantum of space leased per annum and the prevailing rental values. A study conducted by global property advisers DTZ, reveals that while demand for the A-Grade leasehold office space continues to remain healthy, most cities in India, are seeing the beginning of an oversupply situation that will continue in the short to medium term.

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April 11, 2007

Satra Properties develops mall in Hughes Road, Mumbai | INRnews

Mumbai, India, April 11, 2007 - Satra Properties India Ltd has announced that their project "Prime Mall Down Town" at Hughes Road is going in full swing. The Company expects the project to be completed within 12 to 15 months.

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March 30, 2007

Satra Properties to open mall in Bhandup in October | INRnews

Mumbai, India, March 30, 2007 -  Satra Properties India Ltd has announced that construction of its project "Dream the Mall" at Bhandup, a suburb of Mumbai on the central railway line, is in full swing and  the project is expected to be completed by October 2007.

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March 28, 2007

Real estate business of Ajmera Group to be corporatised | INRnews

Mumbai, India, March 28, 2007 - Shree Precoated Steels Ltd has announced that the Company and a flagship of Ajmera Group has submitted the scheme of amalgamation with Anik Development Corporation Pvt Ltd (ADCPL), to the Hon'ble High Court for its approval after obtaining No Objection from BSE & NSE. The consideration given to the existing shareholders of ADCPL would be through issue of 4.16 Crore Equity Shares face value of Rs 10/- of the Company which has been arrived at ratio of 5 equity shares of the Company for every 6 equity shares of ADCPL. Commenting on the occasion Mr. Lodha, group CFO and Strategic Advisor of the Company said, "The main reason for an amalgamation is to start corporatising the real estate business of Ajmera Group and unlock the value of the same to the stake holders of the Company.

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March 18, 2007

Commercial real estate prices record high in Mumbai | INRnews

Mumbai, India, March 18, 2007 - The British High Commission in Mumbai is contemplating a Rs.147 crore purchase of 42,000 sq.ft of office space in the Bandra-Kurla complex according to news reports. The actual carpet area is around 28,000 sq.ft .

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March 08, 2007

Orbit Group purchases two acre plot in Kalina, Mumbai | INRnews

Mumbai, India, March 08, 2007 - Property developer Orbit Group has purchased a two-acre plot in Kalina, Mumbai from Gujarat Ambuja Cements for Rs. 333 crore, at a price per sq.ft of Rs.20,000.

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February 21, 2007

Garnet Construction in international tie-up to promote Navi Mumbai township project | INRnews

Mumbai, India, February 21, 2007 - Garnet Construction Ltd has announced that the Company has entered into an exclusive global marketing alliance with the Sternon Group (Dubai-based real estate developers, builders and promoters) to market its residential and commercial projects to prospective buyers around the world.

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January 30, 2007

Navi Mumbai international airport project drives up land prices | INRnews

Mumbai, January 30, 2007 - The proposed international airport project in Navi Mumbai is driving up land prices in areas such as New Panvel, Kalamboli and Kharghar. The City and Industrial Development Corporation of Maharashtra (CIDCO) has recently sold plots in the area for significantly higher amounts than recent market prices.

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Navi Mumbai international airport project drives up land prices | INRnews

Mumbai, January 30, 2007 - The proposed international airport project in Navi Mumbai is driving up land prices in areas such as New Panvel, Kalamboli and Kharghar. The City and Industrial Development Corporation of Maharashtra (CIDCO) has recently sold plots in the area for significantly higher amounts than recent market prices.

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January 12, 2007

Redevelopment of shanties brings windfall to owners | INRnews

Mumbai, January 12, 2007 - A Mumbai based builder MK Enterprises has reportedly offered Rs.80 lakh each to owners of MHADA tenements at Tata Colony near the Bandra Kurla Complex in Mumbai. The builder proposes to develop the four acre site for residential and commercial use.

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January 11, 2007

Allow higher FSI - Godrej | INRnews

Mumbai, January 11, 2007 - Mr. Adi Godrej, Chairman of the Godrej group has asked the government to consider alloting higher Floor Space Index (FSI). This along with other initiatives such as opening out of mill land for development and repeal of the urban land ceiling act will help bring a lot more supply of real estate into the market.

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January 08, 2007

Satra Properties acquires property at Borivli, Mumbai | INRnews

Mumbai, January 08, 2007 - Satra Properties India Ltd has announced that the Company has executed the Deed of Conveyance for acquisition of property at Village Eksar, Taluka Borivli, District: Mumbai, for a consideration of Rs 95,00,000/- having a potential of constructing a residential complex thereby generating a saleable area approximately of 30,000 Sq. Ft. under the proposed project name Satra Enclave.

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January 05, 2007

Bombay Dyeing plans commercial complex at Worli plant | INRnews

Mumbai, January 05, 2006: Mumbai based textile company Bombay Dyeing is to develop commercial real estate at its Worli site in Mumbai, following the relocation of the manufacturing unit from Worli to Pune. The company is looking at developing a retail shopping centre, including a 4,000 sq.ft company store on the Worli site.

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January 03, 2007

Kamanwala Housing secures rights to develop Andheri property | INRnews

Mumbai, Janary 09, 2006 - Kamanwala Housing Construction Ltd said on Monday that it bought a property in Mumbai and the deal is worth Rs 33.3 crore.

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Unity Infraprojects to develop commercial premises in Mumbai for Indiabulls Properties | INRnews

Mumbai, Janary 3, 2006 - Unity Infraprojects Ltd has announced that the Company has secured a project from M/s Indiabulls Properties Pvt Ltd (IPPL) for development of commercial premises at Elphinston, Mumbai.

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January 01, 2007

Mumbai property prices may not see major appreciation in 2007 | INRnews

Mumbai, January 01, 2006 - With real estate prices already sky-high in Mumbai, most market watchers do not see major appreciation likely to happen in 2007 in the residential market. On the contrary, they see a lot of policy decisions ahead that could improve the supply of housing stock in the next few years and help keep prices in check.

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December 12, 2006

GIC invests in a shopping mall project in Mumbai | INRnews

Mumbai, December 12, 2006 - The Government Investment Corporation of Singapore (GIC) is reported to have invested over Rs. 250 crore in a 8.5 lakh sq.ft mall in Ghatkopar, Mumbai, being developed by the Runwal Group.

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Expatriates drive rental demand in South Mumbai | INRnews

Mumbai, December 12, 2006 - With foreign companies forming JVs with large Indian corporations, the traffic of expatriates is on a rise in India's financial capital, driving demand for high-end property particularly in South Mumbai. With demand exceeding supply, the rental and capital values in this part of the city, have also shot up according to real estate services firm Colliers International.

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BSEL Infrastructure Realty brings NRI investment | INRnews

Mumbai, December 12, 2006 - BSEL Infrastructure Realty FZE, UAE, a wholly owned subsidiary of BSEL Infrastructure Realty Limited has brought investment from Gulf Based NRIs to the tune of USD 25 Million for BSEL Infrastructure Realty Limited.

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December 05, 2006

Mumbai property prices keep on rising | INRnews

Mumbai, December 05, 2006 - According to a recent news report, an apartment in Cuffe Parade in Maker Tower B was recently sold for a rich Rs.73,000 per square feet. Some even expect prices to touch Rs.80,000 per square feet for prime South Mumbai apartments.

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Cluster based redevelopment of old housing colonies in Mumbai | INRnews

Mumbai, December 05, 2006 - With a relaxation of FSI norms to 2.5 FSI in Mumbai suburbs, builders and developers are rapidly developing high-rises in older housing societies in Mumbai. As taller buildings come up in the place of low-rises, this is putting pressure on infrastructure such as roads, water supply and drainage systems in the area. To alleviate this situation, the authorities are mooting the concept of cluster-based housing.

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Kasliwals to develop Worli real estate in Mumbai | INRnews

Mumbai, December 05, 2006 - The Kasliwals who own 87% of Shree Ram Mills are to rename the company as Shree Ram Urban Infrastructure and enter the real estate business. The first project is likely to be the development of 17 acres of mill land in Worli in Mumbai for a mixed-use project.

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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

Garnet Construction acquires 25 acre land near Panvel | INRnews

Mumbai, October 19, 2006 - Garnet Construction Ltd has announced that the Company has acquired 25 acres of land at Express Highway near Panvel in Navi Mumbai to develop a mega residential township with all modern facilities.

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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.

Read Full Article at the Link Below:
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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