Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

Source: The Economic Times Land Owners To Be Authorised To Raise Rent At Regular Intervals; Forceful Occupation & Sub-Letting Not To Be Allowed Rajat Guha NEW DELHI THE Centre is planning to amend the archaic rent control rules in a way the property owners also have a reson to smile. In the new revised rent control ACT, the land owners would be authorised to increase rent at certain intervals. A forceful occupation of the property will not be allowed. Tenants who have been sub-letting the property also will not be allowed to do so under the new law. Urban development minister Jaipal Reddy recently said the ministry would soon bring out a new regulation. "The rent control laws are very tricky and sensitive issues. They have to be sensibly dealt with. We are finalising the modalities for the revised law. for which we are in active dis-cussions with all concerned parties," a source in the Nirman Bhawan said. According to sources, the new revised Rent Control Bill is likely t

Source: Economic Times Spirituality may seek to wean people away from material desires but it has emerged as a major factor driving India's $15 billion realty industry that is growing at 35 percent per annum, say industry experts.Religious tourism is pushing the realty industry's growth in destinations like Vrindavan, Mathura, Haridwar, Ajmer, Amritsar, Tirupati and Nasik - cities on the fast track and emerging hot spots for real estate developers."Religious towns have good growth prospects. They are witnessing more than 45 percent annual rise in property prices against the average 25-35 percent in Tier II cities," says Vipin Agarwal, executive director, Omaxe Developers. Spirituality may seek to wean people away from material desires but it has emerged as a major factor driving India's $15 billion realty industry that is growing at 35 percent per annum, say industry experts.Religious tourism is pushing the realty industry's growth in destinations like Vrindav

Source: Economic Times SINGAPORE: The Securities and Exchange Board of India (SEBI) said on Monday that it was looking at the introduction of real estate investment trusts (REITs), but this will come only after other financial market liberalisation moves. "We have received comments from market players. I would say that in the timetable, that will be later than the stock lending scheme and currency futures," the stock market regulator's chairman C B Bhave told an investment conference in Singapore via teleconference. SEBI in December released draft guidelines on setting up REITs in India, which would pave the way for wider participation by retail investors in the country's booming real estate sector. Regulators are also mulling over the introduction of currency futures to help investors hedge foreign exchange risks, and a new system for the borrowing and lending of securities.

Source: The Hindu Business Line To develop business district; payment to be made over 8 years New Delhi, March 11 In what is being billed as one of the largest land deals in the country, real estate company BPTP Group on Tuesday snapped up 95 acres of prime commercial land at Noida for Rs 5,006 crore. The land was auctioned by the Noida Authority. BPTP, which outbid three well-known developers DLF, Omaxe, and Ansal Properties and Infrastructure Ltd, to clinch the land along the Noida and Greater Noida expressway, plans to build a commercial destination that will have offices, hotel and retail space. BPTP quoted Rs 1.30 lakh per sq. m against the reserve price of Rs 77,000 per sqm. "We are very excited. This is an ambitious project. India lacks large, planned commercial district with modern concepts and quality facilities. Delhi does not have a proper business district. We will make this commercial complex a world-class destination," Mr Kabul Chawla, Managing Director and prom

Source: Business Standard CITIES Property developers are going for eco-friendly buildings that help slash energy costs REUTERS I n a sizzling property market, architect Manit Rastogi at MD Morphogenesis has created some of India's coolest buildings, using recycled water, wells, wind tunnels and sun screens to chill work places and slash energy costs. Thanks to his designs, students in a Jaipur fashion school mill around classrooms cooled to around 25 degrees Celsius (77 F) without air conditioners, while the desert bakes at nearly double that temperature outside. And guests at the Swab-humi Hotel in Kolkata feel a breeze as they step out of a building resembling sliced mushrooms fused together, and inspired by the way trees trap wind. But although developers and investors arc coming under the environmental spotlight because buildings account for half the world's carbon dioxide emissions, Rastogi says few in India are going green. "In India s booming real estate market, the

Source: The Free Press Journal MUMBAI: Indiabulls Wholesale Services today said its open offer for acquiring 20 per cent stake in Piramyd Retail will start from tomorrow. Indiabulls Real Estate, a person acting in concert to the acquirer, today informed the Bombay Stock Exchange that its open offer for the acquisition of 40.32 lakh equity shares of Piramyd Retail would now start on March 12 instead of February 2 as announced earlier. The offer would now close on March 31, as per the revised schedule instead of Feb 21, it said. The company had announced the open offer on Dec 9 last year.

Source: Economic Times NEW DELHI: Global financial firms Citigroup, Merrill Lynch and DE Shaw are likely to invest Rs 2,000 crore or $500 million in the DLF Assets’(DAL) real estate investment trust(REIT), according to sources. The transaction is likely to be completed by early next week. Part of DLF Group, the largest real estate developer in the country, DAL is focused on buying and managing office space. Currently, DAL is a owned by DLF promoters and the listed firm has no equity stake in this firm. However, as per the plan, DLF will also invest $750 million or Rs 3,000 crore in the REIT. DAL had earlier planned to list the REIT, but now is going for a private placement. DLF spokesperson declined to comment saying that the Singapore market regulation didn’t allow company to make any comment on the issue as its application for listing of REIT was still being scrutinised by the authorities. DLF Assets originally planned to raise $2 billion through its REIT called DLF Office Trust. Giv

French Bank's Subsidiary Atisreal To Buy Majority Stake In Bangalore Co's Consultancy Business Boby Kurian & Rajesh Unnikrishnan ------------ E UROPEAN financial powerhouse BNP Paribas is foraying into Indian real estate brokerage and consultancy space, making it probably the first international banking group to offer such services in the country. The French bank's real estate services subsidiary, Atisreal, is acquiring more than 50% stake in the consultancy business of Bangalore-based Redwoods Projects. Redwoods is a two-year-old real estate development and services start-up floated by a team led by former Jones Lang LaSalle senior executive Anuj Nautiyal. The domestic partner will keep a minority stake in the joint venture company, which will be renamed Atisreal Redwoods. The financial details of the transaction were not available immediately. The new entity is expected to offer consultancy services in real estate investment and related fields, including debt and equi

Source: DNA The President of India has recently approved several amendments in the Maharashtra Ownership of Flats Act Vinod Sampat. Mumbai On 25th February, 2008, the President of India approved several amendments in the Maharashtra Ownership of Flats (Regulation of the promotion of construction, sale, management and transfer) Act, 2005. The highlights of the amendments along with the specific section are as follows: • Builder/s will have to execute the conveyance. • Power is given to the District Deputy Registrar to act as Competent Authority: Section 5A • Power is given to Competent Authority for registration of Co-operative Society under the provisions of Maharashtra Co-operative Societies Act, 1960: Section 10(1) • It is the duty of the promoter (builder) to file with the competent authority within the prescribed period, a copy of the conveyance executed by him: Section 11(2) • If the promoter fails to execute the conveyance in favour of the co-operative society, company or as

Source: The Hindu Home they say is where the heart is, but if one goes by all the activity in the real estate market it would be hard to keep one's heart in one place. A few years back, buying a house, flat or even a plot would simply mean that one was getting a roof over ones head. This was satisfying a very basic need, that of housing. Fast-forward to today and housing is no longer just about a roof, it's everything to do with lifestyle, building com-munities, being socially connected, making good investments etc. The real estate market has become many things and today it is a prime source of investment. The recent economic boom and the growth in the IT and BPO sectors have seen a rise in affluence levels across the board. The return of the Indian Diaspora from greener pastures has resulted in the quality of homes going up. Gated communities, villas and large format flats have now become the norm. It wouldn't be right to assume that real estate has become only about luxur

Source: Economic Times PUNE: The building sector in Pune and neighbouring areas is in dire straits. The mass exodus of migrant workers from UP and Bihar, following alleged threats from Raj Thackeray’s Maharashtra Navnirman Sena, has forced builders to invoke the force majeure clause to escape liabilities of delays and cost overruns. With the labour rates in the building industry almost trebling due to insufficient workers and absence of skilled employees, buyers will have to shell out more for their flats. “We have informed our customers that there will be a delay in the delivery of flats due to this force majeure situation,” said Gera Developers chairman Kumar Gera. “We can’t say when the sub-contractor’s labour will be back, when normalcy will return or when flats will be ready,” added Mr Gera, who is also the founder chairman of the Confederation of Real Estate Developers Association of India. “The number of labourers on our project sites has come down from 2,300 to 1,400 now. This

Source: Economic Times DUBAI: A Bahraini real estate firm has acquired 49 per cent stake in an information technology park in Noida at a cost of $69 million. Acacia Real Estate, a company spearheaded by Bahrain-based TAIB Bank, has acquired 49 per cent of Logix TechnoPark located at Noida in Uttar Pradesh. "We are proud to be able to offer our clients this unique opportunity to invest in India's real estate market," said Acacia executive committee board member and TAIB Bank chief executive and vice-chairman Iqbal Mamdani. With a projected internal rate of return of over 24 per cent per annum, the deal was structured to provide investors with downside protection and an average cash coupon of 8 per cent per annum over a three-year holding period, he said. TAIB Bank is the exclusive placement agent for the project. The property, along the Greater Noida Expressway, consists of four newly built 100 per cent occupied office towers with a total gross leasable area of 461,120 sq-

Source: Business Standard BS REPORTER Bangalore, 4 March T he National Association of Realtors-India (NAR-I) has signed a bilateral agreement with the National Association of Realtors-US (NAR-US) to facilitate realtors from both countries to source properties for buying and rentals. NAR-I, a New Delhi-based non-profit society registered in Bangalore, aims to streamline and promote professionalism in real estate brokerage in India to achieve transparency, accountability, fair dealing and ethical practices. Addressing a press conference on Tuesday, Farook Mah-mood, president NAR-I said, "In addition to sourcing properties, a bilateral agreement between both organisations has also been signed to provide skills, education and to share best practices." "Now local realtors in India can now extend their operations by transacting on a global level," he added. Earlier in the day, Banga-lore Realtors' Association - India (BRA-I) along with its counterparts from Chennai, P

Source: The Times of India There are no indications that investor activity has overtaken genuine buyer activity in the market, says Anuj Puri MYTH 1: There is a 'bubble' in the Indian real estate market, and it will burst soon. Fact: There is no evidence of a 'bubble'. When a bubble develops in any market, it is because prices for that particular commodity or asset have gone through the roof and beyond affordability. This is far from the case in Indian real estate. The residen�tial sector is led by endusers and it is they who dic�tate the state of the market. Neither is there a sig�nificant correlation between the state of the stock market and that of the property market. There are no indications that investor activity has overtaken genuine buyer activity. In residential, the propor�tion is approximately 80% end users and 20% in�vestors. In the commercial sector, the proportion is almost 100% end users who are taking property on lease. There are instances of overheating

Source: Economic Times NEW DELHI: The Indian real estate sector has welcomed the overall impact of budget while saying that it could have done more for the industry. "The budget will boost the socio-economic infrastructure of the country by giving due emphasis to education, health and hospitality sector. The budget has, however, not fully addressed the demands of real estate industry", said Pradeep Jain, chairman of Parsvnath Developers Ltd. "While we welcome the emphasis on education and health given by the finance minister, the long-awaited demand for industry status for real estate would have gone a long way in providing the desired impetus to the growth of the sector, which is highly capital intensive. "The sops given to infrastructure and housing sector in rural areas are welcome. However, a reduction in duties and service tax benefits directly to consumers would have propelled the demand for realty across the country. "The reduction in input cost of cemen

Source: The Hindu Business Line Real estate industry is the second largest provider of employment after agriculture. We urge the Finance Minister to recognise this and accord the same consideration and treatment as other industries like software. Service tax should be reduced along with the modification of entire income tax structure for real estate industry. The real estate industry has matured significantly in the last few years. Hence, the Government should consider introduction of sectoral concepts such as rental housing, and real estate investment trusts (REITs) to allow housing more easy and affordable for common man along with raising more funds. Such developments proved their worth in number of other industries. M.A. Vakil, CMD, Vakil Housing Development Corporation, Bangalore

MUMBAI: Real estate firm Anant Raj Industries Ltd said on Friday it has priced its global depositary receipts (GDRs) at $7.494 each. Each GDR represents one equity share of the company. It said the company has received commitments for $151 million. The GDRs will be listed on Luxembourg Stock Exchange.

Source: 18 Feb 2008 The Financial Express ‘Budget Homes’ are gaining popularity among builders and middle class has finally begun to dream. India’s urban population is growing at the rate of 2.5% annually. By 2011, close to 41% of India’s total population will be living in the urban areas. This has lead to increasing demand for budget homes. The country is witnessing an average addition of 2.3 billion sq ft of residential area each year, which means that 2 million houses of 1,175 sq ft each will be built every year. Industry experts believe that builders should plan keeping a certain clientele in mind. For such houses, they need to concentrate on volumes rather than ‘limited editions’ and price homes in a manner so that the lower or middle income segments can afford them, depending on target clientele. According to Mr. Anuj Puri, Chairman and Country Head of Hoems LaSalle Meghraj, ‘All major cities have a ‘budget home’ segment. Most of the activity would be in the sub

Source: DNA Analysts say the move makes sense as it is already fairly diversified Mithun Roy. Mumbai Textile major KSL and Industries Ltd (KSL), promoted by Saurabh Kumar Tay-al, is betting big on its realty business. A banker close to the development said the Rs 800 crore company plans to demerge its realty business into a separate company and list it on the bourses. The rising rupee, which has hit exporters hard, seems to have taken a toll on its core business - textiles. Hence the focus on realty play in the next few years, said the banker. Analysts say the demerger makes sense considering the company has diversified into the realty business in a big way Tayal told DNA Money, "We are analysing all possible growth areas including hiving off and thereafter listing on bourses, but not immediately A separate team is looking into it and once the internal report comes, we will take the final call and subsequently inform the exchanges." Going by industry sources, KSL has started

Source: Business Standard RAGHAVENDRA KAMATH Mumbai, 26 February A fter Biyani's Future Group. BSE-listed stationery maker Today's Writing Products is entering into the retail of office supplies and stationery products. Today's is planning to open 500 stores under the brand name OFFIX in the next three years. The company has earmarked nearly Rs 160 crore for the venture and plans a mix of company-owned and franchises for the same. The company has floated a subsidiary Today's Stationery Mart for the venture. Today's is also setting up six warehouses, in the range of 70,000 to 80,000 sq feet, to cater to the operations of the company across the country. Last year, Future Office, the office products venture of Future group, entered into a joint venture with $16 billion US company Staples to form Staples Future Office Products in the country's $ 10 billion office products' market, which is dominated by city-specific unorganised players. According to estimates, t