Mahindra Lifespace Developers, the real estate company of the eighteen thousand crore rupees Mahindra group, has entered into a joint venture with private equity fund ARCH Capital Asian Partners to develop a residential township at the Mahindra group’s special economic zone, Mahindra World City, near Chennai.
The Mahindra group will have a fifty one per cent stake in Mahindra Residential Development, the JV company and ARCH Capital will hold fourty nine per cent.
The project, on fifty acres, will have seven hundred fifty residential apartments apart from retail and recreational facilities. It did not disclose financial details, pending the announcement of its financial results.
Mahindra World City, being developed by the Mahindra group and the Tamil Nadu Industrial Development Corporation (TIDCO), has three sector-specific SEZs for information technology, auto ancillaries, and apparel & fashion accessories.
Mahindra Lifespace recently signed an agreement with the Board of Investments of Sri Lanka to develop a sixty five acre SEZ in Sri Lanka.
Mahindra Lifespace has a land bank of nearly five million sq ft and is developing two other Mahindra World Cities at Pune and Jaipur.
Wednesday, April 30, 2008
DLF Plans Multiplexes In Country
Chandigarh: DLF, a leading real estate player in the country, plans to invest One thousand two hundred fifty crore rupees for the development of its multiplex business. The company has planned to add minimum 500 screens in the next four to five years across the country.
DLF’s entertainment arm DT Cinemas will set up a multiplex, which will have twelve screens with a total capacity of 2,500, as part of their upcoming project, Mall of India, at Gurgaon.
Expected to be one of the country’s biggest malls, it will cover an area of 40 lakh sq ft.
DT Cinemas announced the opening of their multiplex at DLF Infocity, IT Park, Chandigarh. Infocity covers an area of 1,90,000 sq ft and most of the space has been leased out. The mall will start operating within the comming 10-12 days.
Kajal Aijaz, CEO, DT Cinemas, said that with the multiplex offering state-of-the-art facilities like Christie cinema projection system, excellent acoustics, wall-to-wall carpeting, extra legroom with comfortable slideback seating and push back armrests for the audience, they were eyeing about 66 per cent occupancy at the multiplex in the first year.
With DLF planning to set up another 120 malls in different parts of the country, DT Cinemas would be the chief attraction in most of these malls.
Apart from Ludhiana and Jalandhar, where multiplexes would be opened in a couple of years, the company is also opening multiplexes at Savitri-GK2, Shalimar Bagh, Vasant Kunj and Saket in Delhi and Star Mall, Gurgaon, this year, Aijaz said.
DT Cinemas will also set up multiplexes in Hyderabad, Chennai, Kochi, Bangalore, Mumbai, Pune, Ahmedabad, Goa and Kolkata.
DLF’s entertainment arm DT Cinemas will set up a multiplex, which will have twelve screens with a total capacity of 2,500, as part of their upcoming project, Mall of India, at Gurgaon.
Expected to be one of the country’s biggest malls, it will cover an area of 40 lakh sq ft.
DT Cinemas announced the opening of their multiplex at DLF Infocity, IT Park, Chandigarh. Infocity covers an area of 1,90,000 sq ft and most of the space has been leased out. The mall will start operating within the comming 10-12 days.
Kajal Aijaz, CEO, DT Cinemas, said that with the multiplex offering state-of-the-art facilities like Christie cinema projection system, excellent acoustics, wall-to-wall carpeting, extra legroom with comfortable slideback seating and push back armrests for the audience, they were eyeing about 66 per cent occupancy at the multiplex in the first year.
With DLF planning to set up another 120 malls in different parts of the country, DT Cinemas would be the chief attraction in most of these malls.
Apart from Ludhiana and Jalandhar, where multiplexes would be opened in a couple of years, the company is also opening multiplexes at Savitri-GK2, Shalimar Bagh, Vasant Kunj and Saket in Delhi and Star Mall, Gurgaon, this year, Aijaz said.
DT Cinemas will also set up multiplexes in Hyderabad, Chennai, Kochi, Bangalore, Mumbai, Pune, Ahmedabad, Goa and Kolkata.
Costliest Kerala Flats Being constructed At Kochi
KOCHI: The Dewa Group promoted by NRI businessman K Venugopalan Nair is foraying into the real estate sector in Kerala with an thirty billion rupees project, which includes a super luxury apartment complex on the Marine Drive here.
The complex ‘Dewa Royale’, spread across six acres of premium property reclaimed as part of the Goshree project, will be launched today, group chairman K Venugopalan Nair told reporters here.
“We will set new standard for residential space creation in the state in terms of quality of construction and construction material,” he said claiming it was the first project in India that provides a 10-year warranty for the entire complex.
The warranty would be applicable for electrical installations, bathing systems and a slew of instruments, which includes even screws used for fixing doors and windows. On offer are 400 apartments facing Kochi backwaters in six towers surrounded by four acres of landscaped garden that would cost around thirty five million rupees.
According to Nair the entire project will come up in a 22.5 acre land and the first phase would be completed by 2011 at an estimated cost of fifteen billon rupees. The project also includes a five-star hotel and a convention centre. Most of the investors are Kuwait-based NRIs.
The group and its allied companies have substantial real estate holding in the major cities of India, including Bangalore, Chennai,
The complex ‘Dewa Royale’, spread across six acres of premium property reclaimed as part of the Goshree project, will be launched today, group chairman K Venugopalan Nair told reporters here.
“We will set new standard for residential space creation in the state in terms of quality of construction and construction material,” he said claiming it was the first project in India that provides a 10-year warranty for the entire complex.
The warranty would be applicable for electrical installations, bathing systems and a slew of instruments, which includes even screws used for fixing doors and windows. On offer are 400 apartments facing Kochi backwaters in six towers surrounded by four acres of landscaped garden that would cost around thirty five million rupees.
According to Nair the entire project will come up in a 22.5 acre land and the first phase would be completed by 2011 at an estimated cost of fifteen billon rupees. The project also includes a five-star hotel and a convention centre. Most of the investors are Kuwait-based NRIs.
The group and its allied companies have substantial real estate holding in the major cities of India, including Bangalore, Chennai,
Tuesday, April 29, 2008
Wait and watch before investing
An international real estate agent Knight Frank predicts that the Indian property boom which lasted for the majority of 2007 is likely to continue into 2008, but it could be tempered by the credit crunch. For the same reason he advising buyers to wait and watch for a month before deciding to invest.
The projections which was made by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) during January, the Indian property market is projected to grow at a rate of between 40 to 45 % during 2008.
This follows growth of between 35 to 38 % in the previous two years – largely as a result of massive investment which has poured into the country.
“In certain cities, yes [the boom will continue]. In the centre of towns and cities such as Mumbai and Delhi the boom is continuing, but I do not know what is going to happen with the present situation,” said Jaideep Singh, head of the India desk at Knight Frank.
In further evidence of the market’s strength, a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE), published in February, found India’s booming property sector has attracted foreign investors and figures in the top three property markets.
Triangle RE fund to raise five hundred million dollar for Indian realty
o cash in on the growth of organised retail in India, UK and South Africa-based real estate investment groups have launched retail property focused Triangle Real Estate Fund (TREF) for India. The $500 million fund will be routed through Mauritius and will be managed by Property Zone - a joint venture between Old Mutual Investment Group Property investment Ltd., South Africa and ICS Realty Private Limited, India.
Strutt & Parker Real Estate Financial Service Limited (SPREFS) has been appointed as UK and European placing agent. “Unlike most other real estate investors, the fund will dedicatedly concentrate on tier 2 and tier 3 cities in India.
Four projects in cities of Aurangabad, Jaipur, Indore and Nagpur have been selected for the first phase of investment. Surat is also being considered,” Nick Harvey Jones of SPREF told DNA Money.
“It is a high net worth investor fund which requires minimum investment of $5,00,000 form an individual and $5 million form institutional investors,” he added.
Two deals, consisting of 11 projects and having cumulative worth over $200 million, are in the pipeline.
Ishaan Real Estate Plc. Hopeful Of Good Progress In 2008
LONDON - India-based real estate investment company Ishaan Real Estate Plc. told that it has leased and pre-let 577,000 square feet of office and retail space, growing the total area of leased and pre-let space in its commercial and retail development projects to 2.4 million square feet.
Ian Henderson chairman of Ishaan Real Estate Plc. told that they are predicting to make strong progress on construction and leasing activity during the remainder of 2008.
The company said around twenty percent of the saleable residential space in its first-class residential development project, Vivarea, in central Mumbai city, has now been pre-sold, also at prices above those expected at the time of admission.
Ishaan Real Estate said pre-sales of the apartments commenced at the end of October and are experiencing strong demand.
Ian Henderson chairman of Ishaan Real Estate Plc. told that they are predicting to make strong progress on construction and leasing activity during the remainder of 2008.
The company said around twenty percent of the saleable residential space in its first-class residential development project, Vivarea, in central Mumbai city, has now been pre-sold, also at prices above those expected at the time of admission.
Ishaan Real Estate said pre-sales of the apartments commenced at the end of October and are experiencing strong demand.
Monday, April 28, 2008
Bengal Chief Minister to Realtors
KOLKATA: Buddhadeb Bhattacharjee Chief Minister of West Bengal expects real estate developers to think green.
Inaugurating the ‘Realty Expo 2008′ organized by Confederation of Real Estate Developers Association of India (Credai-Bengal) at the Science City grounds on Wednesday; he said realty industrialists should concentrate on developing green buildings which make better use of solar energy.
“Global warming is a real threat to the society,” the chief minister said, while explaining the rationale behind the need to have eco-friendly buildings. The government is considering the merits of making rainwater conservation mandatory for developers. “I am in discussions with the municipal affairs minister (A. Bhattacharya) to have rainwater harvesting included in the municipal Act,” Bhattacharjee added.
The green building has already started taking roots in the city, particularly in the IT parks arena. A typical eco-friendly building uses alternative energy sources, such as solar or wind, ensures water efficiency through rainwater harvesting and also has effective waster management systems in place.
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