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

Emaar MGF Land, a joint venture between Dubai's Emaar Properties and India's MGF, is to develop 31 million square feet of area in 10 locations in South India with a planned investment of $3bn. The first of these developments to be launched is Boulder Hills Golf & Country Club, a leisure and residential community in Hyderabad. The $1.4bn project features an 18-hole championship golf course, luxury residences, large format retail facility, luxury & boutique hotels and IT park.

Source: The Times of India Mumbai: Small flat-owners across Mumbai could expect greater relief in their property tax assessments. All party MLAs on Tuesday proposed that no changes will be made in the tax structure for flats with an area up to 500 sq ft for an initial five-year period. Put simply, lakhs of middle-class residents in chawls in the island city and those living in old buildings in suburban Mumbai could be spared any increase in the property tax which would shortly be levied on the basis of the market value of a property as against its rental value. The proposal was discussed at the joint select committee meeting of the state legislature which met on Tuesday to seek an all-party consensus to shift to the capital value system of determining property tax while protecting the interests of the middle-class. At present, property tax is calculated on the basis of the rents determined in 1940. Minister of state for urban development Rajesh Tope chaired the meet. While the MLAs una

Source: Business Standard SIDDHARTH ZARABI New Delhi, 18 May S etting a new benchmark for apartments in the super-luxury segment in the national capital region, a local developer is offering 7,672 square feet of super area at a basic prices ranging between Rs 13,500 and Rs 14,750 per square foot (sq ft), the highest in the region. The property is attracting keen interest in the market and analysts said it indicates the market for luxury properties remains strong as ever. The 240-apartment property is being developed by Ambience Infrastructure Pvt. Ltd, a company promoted by Raj Singh Gehlot. Located 800 metres from the toll gate on the Delhi-Jaipur expressway of national highway 8, the 150-acre site borders the vast Rajokri greens. The smallest apartment in the Ambience project - The Caitriona - has a basic sale price of Rs 9 crore, while the largest carries a basic tag of Rs 11.31 crore. There are others charges that buyers have to bear: for preferential location, an open terrace with

Source: The Economic Times Co Also In Talks With Canada's Four Seasons & France's Accor To Set Up Hotels Chaitali Chakravarty & Boby Kurian NEW DELHI/BANGALORE I N WHAT could be mark the beginning of Reliance Industries' foray into real estate and hospitality, the Indian conglomerate has sealed a Si-billion joint venture with the New York Stock Exchange-listed Vornado Realty Trust to set up a real estate fund that will develop a network of mega malls and highway shopping centres in India, not just for Reliance Retail (RRL) but also for others. Reliance is also in talks with the Canada-based Four Seasons Hotels and French group Accor to set up hotels at some of its properties in Mumbai and Ahmedabad. The RRL spokesperson, however, declined to comment. The joint venture with Vornado (ET reported about the two being in exploratory talks in February) is Reliance's fifth global partnership in three months�the other four being with Marks & Spencer, Vision Express,

Source: Hindustan Times Hussain Sajwani, founder and chairman, DAMAC Holding speaks to Nuzhat Aziz on DAMAC's recent venture in India and the investment opportunities in Dubai DAMAC Properties has recently tied up with 60 agents in India across metros and tier I cities. What is going to be the strategy and how will DAMAC sell regional properties to the Indian investors? India is one of the fastest growing markets in the world. The purchasing power has also gone up accordingly If you look at the recent developments with regard to real estate industry alone in India, the picture is quite positive and that has also grown due to the buying power of the consumers in India. We are currently in the feasibility study stage and will share more details as things unfold. Are there any particular cities that DAMAC will focus on? Which are they and why? We are currently looking at Tier 1 and Tier 2 cities. We are in the evaluation phase. However, we feel that the growth is more or less uniform

Source: The Times of India Taking a lifestyle plunge in your swimming pool on the 40th floor brings the ultimate outdoors, indoors . What does it take to make this aquatic statement? reports What makes the exclusive penthouse a coveted segment of premium real estate? Several things. It could be a rooftop terrace or a private clubhouse or your very own swimming pool in your high rise pad. "It translates into a lifestyle experience with the added advantage of privacy," says Vinod Thakkar, CEO of real estate Square Feet "A swimming pool at ground level puts every swimmer vulnerable to peeping toms. A pool on the terrace is off-limits to anyone looking out the windows," he explains. Putting another spin to it is real estate professional Sunil Bajaj. "In space starved Mumbai, real estate requirements at times can be quite complicated. You need to have maximum open space on ground level for car parking, this means you have to move the garden and swimming pool 'up

Source: The Hindu Business Line Our Bureau Pune, May 1 While two townships are already under construction in Pune, the third Metropolis, a 150-acre township is also taking shape. The township is coming up at phase III of Hin-jewadi where Blue Ridge township, a Paranjape Scheme, is also getting ready. Pegasus Properties, a joint venture between Avinash Bho-sale Group and Kumar Properties, has announced the launch of Megapolis at an investment of Rs 1,400 crore . Talking to presspersons, Mr Manish Jain, Joint Managing Director, Kumar Properties, and Mr Amit Bhosale, Director, Pegasus Properties Pvt Ltd, said the property is under construction and would be completed in the next five years. PROJECT DETAILS Mr Jain said the township would have 58 high rise towers with 21 storeys each. The options would include studios, one to five BHK (bedroom hall kitchen), and senior citizen blocks. He said the phase I, which was launched on Tuesday, would give the consumers the options of two, 2.5 and th

Why Invest in Nagpur? Nagpur stands second in the overall tally of most developing cities of India as per Knight-Frank report. 4,00,000 (Four Hundred Thousand) employment is estimated to be generated. The city has shifted from Tier III to Tier II status. Mind blowing appreciation of 500% in the land prices of Nagpur in the year 2006-2007.Around 20 to 30% shrewd NRI investors are already proud owners of this land. MIHAN CITY NAGPUR:- The MIHAN (Multimodal International Cargo Hub Airport at Nagpur) + IT Park + Health City + SEZs project rising over 4055 acres.- Multi Million Doller Investments and land purchasees in Nagpur: - FDI: Rs. 1500 Cr. - Ascendas: US$ 185 m. - HCL: Rs 500 Cr. Satyam & Maytas: 1018 acres - KSL Group: Rs. 450 Cr. - Mantri Realty: Rs 2350 Cr. - Gati Ltd: Rs. 100 Cr. - Jagdamba Realtors: Rs. 2000 Cr. - CIDCO & NMC: Rs. 5895 Cr. - NDF Govt: Rs. 5000 Cr. - L&T: 120 acre. - Wipro: 117 acre. - DLF:150 acre. SAHARA City-106 acre - Rahejas. - H

Source: The Times of India The proposed International Cargo hub (MIHAN) has made Nagpur a real estate hotspot, says Shilpa Sachdev It is one of the fastest growing Tier III cities in India and believed to be India's future IT and Aviation city Nagpur is India's second capital and third big city in Maharashtra. It is famous for its oranges and hence is known as the 'Orange city'. Recent developments have fuelled the growth of real estate in Nagpur. One of them is the proposed Multi-modal International Hub Airport that has suddenly spurred the interest of investors in commercial and residential spaces in the city Located in the centre of India, Nagpur is a strategic location for the Multi-modal International Hub Airport. Boeing's maintenance base is another development that has added to the real estate growth in the city The upmarket zones of the city include areas like Dharampeth, Ramdaspeth, Gokulpeth, Ramnagar, ShivajiNagar, Byramjee town, Gandhinagar and Ravi Naga

Source: Economic Times. The Union Budget, may not have done wonders for the real estate developers but has certainly proved to be a blessing in disguise for the industry with both the movers (builders) and shakers (buyers) sounding equally enthusiastic about it. To explore this Budget bonanza which the real estate sector is about to witness, Times Property takes a look at the new tax breaks on spending and investment avenues of the potential home buyers. A city based young couple, which together fetches an annual income of Rs 10 lakh per annum sound really enthusiastic about the entire tax break provision. Shikha, who works in a bank herself is happy about the fact that her additional spending power would not only make her feel liberated to shop but also help them save better for the prospective property that she and her husband will soon be buying in the Hazratganj area. She expands, “Rishi, my husband and I had zeroed down on a house last year itself, but since we didn’t have the pa

Nagpur is South east asia's and India'sone and only cargo hub cum hub airport which willtransform it into a world trade city. The combined investments committed as of date invarious projects is more thanRs.50,000crores.Additionally,Nagpur MunicipalCorporation is pumping another 6000crores intodeveloping the metro city infrastructure. MIHAN project will give direct employment to close to1,50000 people and indirect employment to another4,50,000 people.The various SEZ's in butibori willprovide equal amount of Employment. All these adds up to a huge population migration intothe city resulting in current housing demand of500,000 new homes. Nagpur is expected to have a population of close to75lakhs by 2015 when majority of the projects will beon or nearing completion. All this is putting pressure on land prices which isslated to rise @100% plus for the next 4-5yearsatleast. Nagpur, the center of India is fast becoming the center of attraction for global investments due to the fol

Source: The Indian Express OVER the years, Maharashtra has paid a great deal of attention to housing. In fact, it was the first state in India to declare its independent housing policy. According to Lalit Kumar Jain, chairman, Promoters and Builders Association of Pune (PBAP), Maharashtra is a national leader in housing and real estate. When it comes to housing, Maha-rashta has many firsts to its credit. It implemented the Maharashtra Ownership Flat Act for flat holders in the state. It was also the first state to construct houses for low-income groups at subsidised rates. It was the first state to incorporate modern features in construction, facilitate online design plans, online development and contracts and online booking. In fact, the computerisation initiatives undertaken by Pune's engineers for the housing sector have even received national recognition. "Housing in Maharashtra has always been a flourishing business and will remain so. Construction is now an industry. Bui

Source: Hindustan Times This week, we try to dispel some myths regarding commercial real estate by answering some frequently asked questions. How well is commercial space doing vis-a-vis the other real estate sectors? The market for office space in India has witnessed a compounded annual growth in excess of 30 per cent over the past seven to eight years. The growth has been highest in the met-ros, and there is an overall annual addition of approximately 58 million square feet of office space. Is commercial space the primary driver? Does retail count in it? For all practical purposes, retail counts as commercial space - meaning that it is used for commercial purposes, and that a different set of parameters from those that apply to residential space comes into play. However, the IT and IT-enabled services industry does lay claim to a pretty significant chunk of the overall demand. Retail, in the form of shopping malls and multiplexes falls in a comparable league. There is also a huge dem

Source: Economic Times. NEW DELHI: Real estate companies , who are bound by strict conditions for bringing in foreign direct investment (FDI), can now look forward to a breather. Companies developing several projects simultaneously are likely to get a waiver on meeting FDI conditions on some if majority of the projects are FDI-compliant. Realty companies are subjected to conditions such as three-year lock-in period and a minimum development of 10 hectares for bringing in FDI. The move will particularly benefit real estate companies that take up expansion plans from time to time. Under the proposed waiver, such expansion schemes/projects would be eligible to get foreign funds even if they do not comply with the required conditionalities separately on their own. “Many a time, the developer faces difficulty to hive off projects that are not FDI-compliant. The industry’s main grouse is that if some of the projects are taken in isolation it negates the purpose of the whole project,” a sen

Source: The Economic Times WITH townships mushrooming across the country, it appears that healthcare companies are having a field day. To meet the government's mandate to set aside 10% land for facilities such as healthcare and education in townships, healthcare companies are being wooed by real estate players to set up hospitals in their townships. With just a handful of corporate hospitals in India, which have both the scale and brand, there is an urgency among developers to choose from the few healthcare companies available. "While it is an opportunity for both healthcare companies and developers, the scenario has become more favourable for us. We are being approached by real estates players from across the country, " says Max Hospitals ED medical operations Pervez Ahmed. Fortis Healthcare has entered into an agreement with DLF to set up 14 hospitals across the country in latter's townships. Cushman & Wakefield, India, joint managing director Sanjay Dutt said,

Source: The Financial Express It is not questions on establishing a brand presence in India or educating the Indian customerorascertainingthesizeof the Indian luxury market or understanding the mindset of the Indian customer that tops the list of challenges on a luxury company CEO's mind. Real estate and the availability of luxury retail space is what worries him the most. "Finding the right location is the most challenging task for us, says Andrea Per-rone, CEO, Brioni, of the exclusive menswear brand from Italy. His competitor, Paolo Canali, sales & marketing director, Canali agrees, "We are trying to find the requisite space for ourselves. It is akeytosales." Vittorio Missoni, chairman of Missoni points out that location of the store is key to a luxury purchase. "One cannot expect someone who purchase ahigh-end good, to tolerate a buying experience that is not as good. In luxury retailing, this experience is everything," he says, adding that develop-

Source:The Times of India New Delhi: Home loan rates alone do not affect activities in the real estate sector; the performance of the stock market also has a direct bearing on property prices. So, while high home loan rates have hit the real estate sector in the past one year, properties in tony areas like south Delhi and south Mumbai have appreciated by up to 85% during this period. In the last six months alone, rates here have gone up by 15 % to 47 %. Besides increased demand in the posh areas during the stock market boom, the limited supply also contributed to the high price. During the period of stock market boom till around two months ago, there was a rush of cash-rich investors willing to buy houses for over Rs 5 crore. Though the subsequent market crash has led to decreased demand for ul-tra-delux apartments, limited supplies and absence of distress sellers have meant that prices continue to rise. Said Amit Bhagat, head of ICICI Properties, in the past two months, hardly any dea

Source: Hindustan Times FINDING A perfect home to stay in is a priority for most of us. However, not everybody is certain about what they want in a home. If we look around us, we'll see some great projects coming up and which satisfy the dream home criteria for most of us. The real estate market in India has been in ascendancy over the last few years, and it has become much easier now to compare various options, and take an informed decision. To find a dream home, however, one needs to be clear on certain aspects like type of property, number of bedrooms, the budget, location and the expected appreciation from the property. Here are some tips that should be kept in mind when looking for a perfect place to stay: Make the right search: Individuals should evaluate all possible mediums like online real estate portals, newspapers, property agents etc. when short-listing properties. New technology like the Internet has drastically reduced the time that an individual spends in making prel

Source: The Economic Times Deepshikha Sikarwar & Rajat Guha new delhi T HE government is planning to liberalise foreign direct investment norms in real estate. The Department of Industrial Policy and Promotion (DIPP) has circulated a Cabinet note proposing waiver of two conditions, a three-year lock-in on foreign investment and the requirement that the investment be at least $ 5 million in case of a joint venture or $10 million in case of a wholly-owned venture. The waiver has been sought for real estate projects that include hotels, according to a government official. The proposal has been justified on the ground that it would boost tourism and hospitality, sectors identified by the government as vital job creators. At present, 100% FDI is permitted in hotels and tourism as well as in real estate. However, real estate FDI faces a three-year lock-in the investor cannot sell his stake for that period. If he wishes to repatriate the investment before the completion of three years, he

Source: The Hindu Business Line Mumbai, March 27 Yatra Capital Ltd, a Euronext quoted company investing in Indian real estate, has committed Rs 113 crore for a mixed use development to Palladium Constructions and Rs 65 crore to Platinum Hospitality Services for a 30 per cent stake in each of these joint venture companies. Yatra's partner in the two ventures is Phoenix Mills. Both the projects of about 3.5 million sq ft are to come up in Yeshwantpur, Bangalore. Palladium Constructions will develop 1.9 million sq ft -1.4 million sq ft of retail space and 0.5 million sq ft of residential space. Platinum Hospitality Services will develop a 0.5 million sq ft hotel property, including serviced apartments.

Source: The Asian Age DUBAI-BASED LIMITLESS Holdings, part of the Dubai World group, has acquired a 50 per cent stake in DLF's ambitious Bidadi Knowledge City project in Karnataka. Limitless Holdings is an real estate developer that handles activities including feasibility studies, conceptualisation, planning, execution and property management of development projects. The project is being positioned as New Bangalore, spread over an area of 9,178 acres. It will entail an investment of over Rs 60,000 crore, the largest ever by a private sector company in the world.

Source: Economic Times. DUBAI: UAE Property major Emaar Properties has said that it will reconsider its initial public offering (IPO) in India "when the time is right" though the company is bullish about the Indian real estate market. In February, Emaar MGF withdrew its IPO for lack of adequate response. The company wanted to raise around Rs 6,500 crore on the initial price band of Rs 610-690. This was twice revised to Rs 530-630 and the closing date extended to February 11 from February 6. "India will be one of our largest operations and we have long-term plans there. The economy is doing well and we see a bullish story for the next 20 to 25 years," chairman Mohamed Ali Alabbar told the annual general meeting (AGM) of the company. "We would go to public at the right time. We are cash rich and we may even double our size," he was quoted as saying by the Emirates Business daily. Alabbar said the Indian and Morocco operations had contributed between Rs 1,64

Source: economictimes.indiatimes All the bad news about the meltdown in the US share markets has deflected the world’s attention from what is arguably an even more fundamental problem facing the US economy: the sharp deceleration in productivity growth since the middle of 2004. It is a stronger indicator of a slowing economy, reducing business and yes, lowering job prospects. Closer home, all of us are assured that the fundamentals of the Indian economy are strong. Yet, the recent fall in stock markets across the globe and the strengthening of the rupee against the dollar are events which continue the uncertainty in our minds. For India, the immediate implications of the US economy slowdown are not worrying, but this is getting organisations to look at productivity’ as the single most important determinant of long run prospects.India advantage The two fastest growing components of cost for any organisation in the country today are real estate and people. Business and HR professionals i

Source: Economic Times. Want to do up your house without spending big bucks? Fret not, a little bit of planning and loads of innovation can make the same articles in your house look really new, cheerful and absolutely fresh! Here are easy ways to a new looking home--- Move a little bit, here 'n' there Start by arranging the furniture. Decide the focal point of the room. Set furniture around the focal point. That should change the look of the room. Consider the traffic patterns through your living space. Make sure all pieces of furniture are accessible and uncluttered, but be careful not to make the room appear vacant. Use angles when placing furniture. Offsquare angles make the room warmer, and gives it a casual, lived-in elegance. Sofas or other large pieces of furniture need space away from the wall. Just pull the entire piece away from the wall 3/4 either evenly or at an angle. Decorative tables don't necessarily have to go on either end of the couch or love seat. Try us

Source: The Economic Times Rajesh Unnikrishnan MUMBAI CUSHMAN & Wakefield. one of the world's largest property consultancy firms, said the real estate downturn in the US could continue and that India, China and the Middle-East will become even more attractive as these markets offer huge opportunities for investment. The US-based property consultant also said that more financial institutions in the US and Europe are likely to face financial problems in the coming weeks. In an interview with ET, John C Cushman III, chainnan of the board, Cushman & Wakefield said: "More bad news could come. We are facing new challenges everyday. Though there is a debate on whether this is a recession or not, in the coming months more bad things are waiting to happen." He said, as a consequence, global attention will be on the real estate market in India and China as these markets are offering huge investment opportunities. "India, with a GDP growth rate of 8% compared to less th

Source: The Times of India Mumbai: The government will soon for builders to provide affordable housing in the city, revenue minister Narayan Rane told the legislative council on Tuesday. He was replying to a calling attention motion moved by the Shiv Sena's Madhukar Sarpotdar and other leaders. According to Rane, in the new housing policy the government will make it compulsory for all builders to keep 30% space for small flats ranging from 400 sq ft to 600 sq ft. Admitting that homes in the city have become very expensive and it was reflected in the increasing ready reckoner rates, the minister accused builders of inflating rates so that buyers could get higher loans from housing finance companies. Sarpotdar and other MLCs said stamp duty had also increased leading to further rise in prices of flats. The Maharashtra Housing and Area Development Authority (Mhada) has already proposed the construction of homes for the middle and lower-income groups. This, it proposed to do by impleme

Source: DNA Residential sales have declined in major cities, but prices are not falling yet Pooja Sarkar & Vivek Seal. Mumbai/New Delhi There is a slowdown in the sales of residential projects. But the house-hunter is still cribbing. His complaint is that the dip in sales is not reflecting in prices. The villain here's the office-space segment. Surging prices in this segment is putting the real-estate developer under no pressure to change the pricing matrix in the residential segment. Shailesh Kanani, research analyst, Angel Broking, acknowledges that sales in residential projects are going down. "There's definitely a fall in residential sales. It has gone down 60-70% in Mumbai," he said. In Delhi, it has fallen by 50-70% on a year-on-year basis. Sales are also declining in cities like Hyderabad, Chennai and Bangalore, but to a lower extent, two analysts told DNA Money. But real-estate developers are not worried. Says Amitabh Bhattacharya, senior vice-president, O

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