PROPERTY PRICES have shot through the roof on MG Road.
For two small shops of 6000 square feet each, shopkeepers now pay something between Rs 1.5 and Rs 2 lakh per month. According to the tenants, there has been an increase of 10-15 percent in the property rates here once the Metro line is ready; landlords say property pries will rise further.
“We did not get any rents for about two years. Now that desealing has taken place, it is natural that property prices are going up,” said Vijender Kumar Lohia. But the landlords are also worried about the future.
“What if the shops are sealed again? May be this is a temporary sop in an election year (Delhi Assembly elections are due later this year), “said Lohia.
Some shopkeepers still prefer to pay the increased rents then shifts from MG Road. “I have invested lakhs in furnishing this showroom and if I have to remove all this, my investment would go waste,” said Deepankar Chaudhary, who runs a shop selling carpets.
Many have hiked the prices of good to cover the high rent.
Sunday, April 13, 2008
Saturday, April 12, 2008
LEHMAN BUYS 40% IN IT PARK
Global investor Lehman Brother has picked up a 40 per cent stake in the upcoming IT Park project of property developer Peninsula Land (PLL) in Hyderabad. Lehman is expected to hold the remaining 50 crore into the project. PLL is expected to hold the remaining 60 per cent.
The initial cost of the project, including land, is Rs 125 crore and the development cost is nearly Rs 1,400 crore. The company is planning to fund the project through debt and draw more funds from Lehman if required, sources said.
The initial cost of the project, including land, is Rs 125 crore and the development cost is nearly Rs 1,400 crore. The company is planning to fund the project through debt and draw more funds from Lehman if required, sources said.
Friday, April 11, 2008
CITI ARM PLANS $160M BPTP INVESTMENT
Hong Kong-based Citi Property Investment, the real estate investment arm of Citibank, is investing $160 million (Rs 650 crore) in Delhi based realty major BPTP to develop four special economic zones in Noida, Greater Noida, Faridabad and Gurgaon, BPTP sources said.
According to sources, a special purpose vehicle has been formed for the purpose. Citi Property Investment holds 40 per cent in the SPV, while the remaining 60 per cent is with BPTP. However, this is not Citi Property Investment's first investment in BPTP. In 2007, the Citi arm picked up 5.89 per cent in the company for Rs 322.50 crore.
BPTP has been in the news recently for bagging the country's largest land deal worth Rs 5006 crore to develop commercial projects over 94 acres in Noida.
The four InfoTech SEZs developed by BPTP total up to 206 acres. The company plans to develop six million sq ft. of area, out of a total area of 20 million sq ft in the first phase. "The investment by Citi Property Investment shows the tremendous goodwill and investor confidence that the company has earned in the market in such a short time," a BPTP executive said
According to sources, a special purpose vehicle has been formed for the purpose. Citi Property Investment holds 40 per cent in the SPV, while the remaining 60 per cent is with BPTP. However, this is not Citi Property Investment's first investment in BPTP. In 2007, the Citi arm picked up 5.89 per cent in the company for Rs 322.50 crore.
BPTP has been in the news recently for bagging the country's largest land deal worth Rs 5006 crore to develop commercial projects over 94 acres in Noida.
The four InfoTech SEZs developed by BPTP total up to 206 acres. The company plans to develop six million sq ft. of area, out of a total area of 20 million sq ft in the first phase. "The investment by Citi Property Investment shows the tremendous goodwill and investor confidence that the company has earned in the market in such a short time," a BPTP executive said
Monday, April 7, 2008
APARTMENT COMPLEXES ARE MUSHROOMING IN KOLKATA
The tastes and preferences of a Kolkatan are changing fast. Ten years ago, an apartment in the city was something that they would die for. Today; a discerning customer is looking for what he will get other than the space trapped between four walls.
Customers now prefer 'self-sufficient' housing complexes rather than stand-alone apartments in the heart of the city As a consequence housing complexes are now mushrooming all around the city and have turned barren land into prime locations. 'Ideal villas' of Rajarhat, Kolkata West, Uniworld City, and Calcutta Riverside are all examples of the above.
These projects, in addition to sprawling flats or bungalows, are set in the lap of nature and provide the best in entertainment and civic facilities. As Pradeep Sureka, Chairman, CREDAI Bengal, says, "Location is not the prime concern any more. Inside the city it is congested and prices are hitting the roof. In addition to location, people are today looking at features these 'townships' offer namely large open spaces, an economical approach and professional management."
According to Sureka, these 'self sufficient' housing complexes have become a numero uno choice for customers because of the range in prices and the facilities they comes bundled with. "The more people stay in a complex, the more facilities they offer. That is exactly why a large housing complex is always economical both for the developer and the customer," Sureka adds.
It is but natural that most of these complexes are coming up on the outskirts of the city that is already reeling under a severe space crunch. Take for instance, the Aponaloy housing complex in Madhyamgram. Set amidst undulating green lawns, it has facilities such as a gymnasium, auditorium and plenty of space for children to play the popularity of these housing complexes stems for the fact that they promise "lifestyles on offer."
Rajat Ghosh, an IT professional who recently bought an apartment in Rajarhat, states, "The primary reason I opted for my flat outside Kolkata was because I wanted to move away from the din of the city. Besides, purchasing a flat here proved to be cheaper for me than it would be in the heart of Kolkata," points out Ghosh.
Customers now prefer 'self-sufficient' housing complexes rather than stand-alone apartments in the heart of the city As a consequence housing complexes are now mushrooming all around the city and have turned barren land into prime locations. 'Ideal villas' of Rajarhat, Kolkata West, Uniworld City, and Calcutta Riverside are all examples of the above.
These projects, in addition to sprawling flats or bungalows, are set in the lap of nature and provide the best in entertainment and civic facilities. As Pradeep Sureka, Chairman, CREDAI Bengal, says, "Location is not the prime concern any more. Inside the city it is congested and prices are hitting the roof. In addition to location, people are today looking at features these 'townships' offer namely large open spaces, an economical approach and professional management."
According to Sureka, these 'self sufficient' housing complexes have become a numero uno choice for customers because of the range in prices and the facilities they comes bundled with. "The more people stay in a complex, the more facilities they offer. That is exactly why a large housing complex is always economical both for the developer and the customer," Sureka adds.
It is but natural that most of these complexes are coming up on the outskirts of the city that is already reeling under a severe space crunch. Take for instance, the Aponaloy housing complex in Madhyamgram. Set amidst undulating green lawns, it has facilities such as a gymnasium, auditorium and plenty of space for children to play the popularity of these housing complexes stems for the fact that they promise "lifestyles on offer."
Rajat Ghosh, an IT professional who recently bought an apartment in Rajarhat, states, "The primary reason I opted for my flat outside Kolkata was because I wanted to move away from the din of the city. Besides, purchasing a flat here proved to be cheaper for me than it would be in the heart of Kolkata," points out Ghosh.
Sunday, April 6, 2008
UNION BANK LAUNCHES REVERSE MORTGAGE PLAN
Pune: Union Bank of India on Friday launched its reverse mortgage scheme for senior citizens. The scheme will enable senior citizens to obtain a monthly payment by mortgaging their residential property. Under the title “Union Reverse Mortgage Scheme”, the bank will offer benefits to people aged above 60 years. The loan drawn against mortgaged property will have fixed interest rate of 10 per cent per annum. The same will be revised after every five years.
Courtesy: Busi. Standard April 7, 2008
Courtesy: Busi. Standard April 7, 2008
Friday, April 4, 2008
PARSVNATH INAUGURATES LUXUARY TOWNSHIP PRIDE ASIA
Delhi's real estate firms Parsvnath Developers Ltd. (PDL) have announced inauguration of their 123 acre luxury township Pride Asia in Changiarh. This project is being developed by PDL in association with Chandigarh Housing Board.
Company has claimed that after a period of three years, the actual cost of this project will become 10 crore dollars. This project is situated in gorgeous environment between Sukhna Lake, Golf Course and an under construction Five Star Hotel having Shivalik Hills behind it. It has 38.5 lac sq.ft. Residential and 2.7 lac sq.ft. Commercial saleable area.
Pride Asia is a part of Rajiv Gandhi Chandigarh Technology Park itself. And it will provide a consolidated infrastructure to setup IT Company’s campus and other facilities PDL chairman Pradeep Jain said "Chandigarh is becoming a hot destination for IT companies and policies of the administration there are also congenial. This is going to be proved a mile stone for us." Pride Asia will consist one BHK to 5BHK air conditioned apartments and its price will be Rs 52 lac to Rs. 3.8 crores. It will also consist high price villas whose price will be Rs. 6.00 crore each or more. It will also consist specially constructed service apartments and luxury club. In addition, games premises and wellness facilities will also be spread in an area of 6 acre
Company has claimed that after a period of three years, the actual cost of this project will become 10 crore dollars. This project is situated in gorgeous environment between Sukhna Lake, Golf Course and an under construction Five Star Hotel having Shivalik Hills behind it. It has 38.5 lac sq.ft. Residential and 2.7 lac sq.ft. Commercial saleable area.
Pride Asia is a part of Rajiv Gandhi Chandigarh Technology Park itself. And it will provide a consolidated infrastructure to setup IT Company’s campus and other facilities PDL chairman Pradeep Jain said "Chandigarh is becoming a hot destination for IT companies and policies of the administration there are also congenial. This is going to be proved a mile stone for us." Pride Asia will consist one BHK to 5BHK air conditioned apartments and its price will be Rs 52 lac to Rs. 3.8 crores. It will also consist high price villas whose price will be Rs. 6.00 crore each or more. It will also consist specially constructed service apartments and luxury club. In addition, games premises and wellness facilities will also be spread in an area of 6 acre
YATRA CAPITAL INVESTS IN TWO PROJECTS IN BANGLORE
ANNOUNCING ITS 10th and 11th investment in Indian real estate sector, European fund Yatra Capital has invested 28 million euros in two new joint venture projects in Banglore.
The venture fund has million euros in palladium Constructions Pvt. Ltd, for a 30 per cent stake in a mixed- use development and 10.15 million euros in Platinum Hospitality Services Pvt. Ltd for a 30 per cent stake in a hospitality project. Yatra’s joint venture partner in both developments is The Phoenix Mills Ltd.
With these investments, Yatra has so far committed 146.34 million euros of the 220 million euros of the capital raised.
Courtesy HT---31March 2008
The venture fund has million euros in palladium Constructions Pvt. Ltd, for a 30 per cent stake in a mixed- use development and 10.15 million euros in Platinum Hospitality Services Pvt. Ltd for a 30 per cent stake in a hospitality project. Yatra’s joint venture partner in both developments is The Phoenix Mills Ltd.
With these investments, Yatra has so far committed 146.34 million euros of the 220 million euros of the capital raised.
Courtesy HT---31March 2008
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