Published by Newsroom October 31st, 2007
in City Scape and Newsbytes.
Pune is on a fast track in industrial and economic growth. Fuelled by the IT boom, there is a huge demand for housing in the city estimated at about 40,000 houses added every year, the challenge would be to provide basic housing infrastructure with related facilities.
Realising the challenge ahead, the government of Maharashtra had issued guidelines to allow private participation in designing fully integrated townships with world class infrastructure, modelled on international quality of living standards, at prices that are affordable. And City Corporation, a part of City Group, a leading real estate developer in
Pune, is the first to get the green signal to plan a township, called Amanora Park Town.
Published by Newsroom October 31st, 2007
in Newsbytes.
Lodha Group, a
Mumbai-based realty player, is mulling an initial public offer (IPO) to sell 10 per cent stake for raising funds, according to a top company official.
"We plan to come out with our IPO in the next 12 months and 10 per cent stake will be offloaded," said Lodha Group Director Abhinandan Lodha to reporters.
He, however, did not disclose the size of the proposed public offer. Lodha Group's plans to tap the capital market comes amid a rush of real estate companies to raise funds through this route. Many property developers such as DLF, HDIL and Purvankara have listed on the bourses in the recent past.
Published by Newsroom October 31st, 2007
in Newsbytes.
Tata Realty and Infrastructure, a wholly-owned subsidiary of Tata Sons, will raise $750 million (Rs 3,000 crore) to fund realty and infrastructure projects.
The fund, which is expected to attract investment from insurance companies, pension funds, government entities and endowment funds, is expected to close in a fortnight.
Dinesh Chandiok, managing director, Tata Realty and Infrastructure, said, “Tata Sons holds huge real estate properties from which we can unlock the intrinsic wealth by developing them.�
Published by Newsroom October 31st, 2007
in Newsbytes.
What does a soaring Sensex mean for the property buyer? For her, the bad news is that a spiralling stock market will postpone any serious correction in the booming real estate mart. Developers can raise cheaper money as their companies become more valuable, more foreign money through hybrid instruments will flow in to chase real estate, commercial as well as residential and any meaningful cut in the interest rate (that will make home loans cheaper) will be delayed.
However, there is a silver lining: what is not picking up is the ultimate sales. Developers grudgingly admit that there aren't too many transactions taking place. The festival season between Dusshera and Diwali has traditionally been the time when most families choose to move into their new homes.
Published by Newsroom October 31st, 2007
in City Scape and Newsbytes.
Mumbai: Real estate developer Royal Palms India today said it would invest Rs 1,500 crore in next three years for developing an eight million sq ft property in suburban
Gurgaon.
MALL AND HOTELS
"We would build 5 star, 4 star and 3 star hotels, IT offices, residential properties, villas and a retail mall. We would be roughly investing Rs 1,500-2,000 per sq ft area for construction," the Royal Palms India Joint Managing Director, Mr Dilawar Nensey said. The Rs 1,500 crore would include only the construction cost and not the land cost.
