It's kind of a coup for Indiabulls Financial Services to strike a real estate partnership with DLF Group. They have formed a 50:50 joint venture called Kenneth Builders & Developers to develop residential and commercial properties
across India. The JV has already bagged 35.8 acres of land from Delhi Development Authority (DDA) through a competitive bidding
process for Rs 450 crore ($100 million). DDA had called for bids to develop residential projects under its public-private
partnership project. Indiabulls is an upstart in in the real estate business. In the last one year, it had acquired two
mills in Mumbai through bidding for a total of Rs 700 crore ($155 million) or so. DLF group is India's largest and high quality
real estate construction group. The JV gives Indiabulls one leg up. [Via The Economic Times]
Mahindra Gesco company plans to launch residential projects at Mumbai, Pimpri and
Faridabad aggregating over 1.5 million sq ft while new residential projects approximately 800,000 sq.ft. were launched at
Chennai and Mumbai.
DLF and Laing O’Rourke enter into strategic alliance
New JV: DLF Laing O’Rourke formed
New Delhi, February 1, 2006
There is growing investor interest in the 100-odd special economic zones proposed to come up across the country. Landmark
Holdings of the Dalmia Group, along with US-based affiliate Banyan Real Estate, is picking up a 16.5% stake in Vipul’s
Rs 1,200-crore IT SEZ in Gurgaon for Rs 75 crore.
Gaurav Dalmia, director, Landmark Holding, told ET that his group
would be keen to invest in other SEZ projects. Banyan Real Estate is a SPV floated by US-based institutional investors, targeting
Indian real estate market.
Several real estate developers who have announced SEZ projects have received positive feelers
from domestic and international investors over the last one month and similar such deals are currently in the pipeline, industry
players said.
In the last one month, corporates like Reliance and developers like DLF, Mahindra Gesco, Ansals have
evinced interest in setting up SEZ projects across the country.
As per industry estimates, the government has received
around 180-odd proposals for setting up multi-product and industry-specific SEZs across the country over the last two months.
Mr Dalmia said Vipul’s SEZ, which received in-principle clearance from ministry of commerce last month, will cater to
IT and BPO companies.
The construction will be spread over three to four years. Landmark Holding has investments in
real estate projects in cities like Delhi, Mumbai, Calcutta and other metros and towns, in projects worth around Rs 5,000
crore.
The Aeren group has chalked out plans to put in place a dozen odd theme malls across the country over the next three
years with an investment of around Rs 2,500 crore. The first of the malls is coming up at Ludhiana.
The Festival City project at Ludhiana is spread over 2m sq feet with an investment of Rs 250 crore. Based on “mall
within a mall’ concept, the destination mall at Ludhiana, situated on a highway, is positioned as family outing centre
for shopping, entertainment and leisure.
Apart from showrooms of leading domestic
and international brands, the mall will house six-screen multiplex and an IMAX screen, including a ice-skating ring, gaming
zone, bowling alley, and a video arcade.
“This will be the first experience
of mall-in-a-mall concept for Ludhiana, with special focus on kids, lifestyle, fashion, hospitality, entertainment and leisure,”
Sujit Kumar, CEO, Aeren R Enterprises told ET. Mr Kumar said around 50% of total commercial space has already been leased
out.
The Festival City is spread across seven floors and is expected to be completed
by April 2008. The catchment area of the mall will be Phagwara, Jalandhar, Moga, Khanna, Amritsar, Chandigarh and Ambala.
According to Mr Kumar, the group is looking at around a dozen-odd theme malls
over the next three to five years across north India with an investment of around 2,500 crore.
The Aeren group already runs several mall projects including Gold Souk, a speciality mall for jewellery and wedding,
Crown Interiorz at Faridabad, and another at Vikaspuri at Delhi. The group is also developing high end residential projects
at Gurgaon and Rishikesh.
- NOIDA
-
Payment of advanced lease rent has been introduced allottees will have to pay lease rent 63 times over a lease
period of 90 years as against previous scheme in which one had to pay 11 times till now after every 10 years.
-
In yet another decision property, except commercial property, once cancelled will not be revived and restored before six
months.
-
The Greater Noida Authority Board also decided to construct its office complex at a cost of Rs 15 crore over an area of
five acre.
2. Ghaziabad
-
Development of the Faridabad - Noida - Ghaziabad Expressway, strengthening of the national highway with provision of service roads. Development
of Ghaziabad as major terminal station for passangers & goods.
-
Metro Rail link - Development of an IRBT corridor for better connectivity with Delhi Metro in the Coming Three
Years.
Nitesh Estates, the real estate arm of Bangalore-based Nitesh group, has finalised a Rs 100-crore housing project deal
with ITC.
The project envisages development of a top-end condominium project for the diversified corporate house.
Leading developers like Godrej Properties, Sobha Developers, Prestige group and RMZ Corp were the other majors bidders for
the project.
The project will be ITC’s largest corporate housing project till date. “As per the agreement
with the ITC management, we will develop the project and ITC will buy it from us.
The project is coming up in Jakkur
in Bangalore. Along with Singapore-based architects Jurong Corporation, we will develop the project within 15 months,”
Nitesh Shetty, MD, Nitesh Estates said.
Recently, Siachen Capital, a New York-based private equity firm, decided to
invest $100m in two phases in Nitesh Estates. The US company will invest $30m in the first phase.
This investment
will be through an SPV route that will provide Nitesh Estates with base capital required for its larger projects and reduce
its exposure to debt.
The real estate company rolled out a brand-new gated township — Nitesh Forest Hills —
promoted by Australian cricketer and one of the greatest leg spin bowler, Shane Warne.
Prime Minister Manmohan Singh on Wednesday announced his government’s decision to assist Indians settled abroad to
invest in sectors like insurance and real estate.
The scheme of dual nationality for Indians settled abroad is now operational. The ministries concerned are constantly looking
at simplifying procedures in fields like insurance, investment and purchase of property, Dr Singh said during an interaction
with Indian nationals and prominent Indologists in Uzbekistan.
“We have taken several initiatives which have found a positive resonance amongst Indian abroad,” Dr Singh said.
He said India recognised the significant contribution being made by non-resident and overseas Indians in the development
of the Indian economy and commerce. Acknowledging the importance of their work and to address their specific requirements,
he said one of the first decisions the UPA Government took was to set up the Ministry of Overseas Indian Affairs to address
the concerns of the Indian diasporadiaspora.
|
