FDI in Retail will Create Millions of Jobs- Sharma

Making a strong case for FDI in India’s multi-brand retail, Indian Commerce and Industry Minister Anand Sharma has said that entry of global retail giants would help create millions of jobs and not weaken the unorganised sector as feared. Dismissing “septics and scare mongers” who say FDI in the sector would lead to job losses, Sharma said “it (FDI) will generate millions of jobs from sorting to processing to packaging to marketing”.

“I do not see a situation where the unorganised retail sector will be weakened (by allowing FDI) because they are also moving, modernising and competing,” he said. He was here to participate in the ‘India Show’organised by industry body CII. The Department of Industrial Policy and Promotion (DIPP), under Sharma’s charge, had floated a discussion paper on FDI in the sector and is in the process of formulating a policy. Read More »

LIC to Invest Rs 1000 crore in Mall Cum Office Complex at Mohali

Insurance major Life Insurance Corporation of India (LIC) today said that will invest a sum of Rs 1,000 crore to develop a mall-cum-office complex at Mohali. “The expected investment in developing a mall-cum-office complex in Mohali will be Rs 1,000 crore and it may be ready within one-and-a-half to two years,” a senior LIC official, who declined to be identified, told reporters here.

On 9.6 acres of land LIC has proposed to build 6 lakh square feet of area for this project. “Three lakh square feet will be developed for shopping and a mall while remaining 3 lakh square feet area will have offices,” he said. Currently, LIC is in the process of hiring an architect for this ambitious real estate project. Consultancy agency IL & FS has also submitted its report on how to go about this project, he revealed. Read More »

DLF Puts on Hold its Plan to Sell Non-Core Assets

DLF, India’s largest real estate company, has put on hold its plan to sell its non-core assets including ultra-luxury hotel chain Aman Resorts and wind energy business for the next three quarters, said Rajeev Talwar, MD at DLF Developers In July, the realtor had indicated that it plans to raise around `2,500 crore in the next 15-18 months by selling its non-core assets. The firm had raised around `290 crore for the quarter-ended June through sale of land parcels.

“Properties assume different prices at different times. Since prices in the real estate sector have started firming up, we have deferred our divestment plan for three quarters. We will rather wait for the right market condition,” said Mr Talwar. Reasons for holding onto the two business are different. “The valuation of our wind energy business was high so we decided to wait. In case of Aman, we want to check how the travel industry fares before selling our stake in it,” he said. DLF saw improved cash flows from operations in the past few months in the backdrop of recovery in the realty space. With commencement of construction of many projects, the cash flows are expected to improve further. The builder saw its total debt increase 25% to `18,463 crore during the June quarter due to the acquisition of debt-laden DLF Assets. Read More »

Abus to Enter into India’s Realty and Hospitality Sector

Abus Security Center, a wholly owned subsidiary of Abus Group of Germany plans to tap India’s booming realty and hospitality sectors. The mechanical and electronic security technology company has already tied up with Bengal Peerless Housing Development Company and Calcutta Medical and Research Institute (CMRI) for providing security solutions, said Philippe Bremicker, managing director, Abus Security Centre.

“The complete security solutions market in Germany alone is estimated to be Euro 2.6 billion. Given India’s population, particularly the size of its middle class, we expect this market in India to be much larger,” he said. Read More »

BPTP’s Plans Residential Project “Park Arena” in Faridabad

BPTP has announced the launch of its new residential project — Park Arena — in Faridabad. Starting at a base price of Rs 2,750 per square feet, Park Arena is spread over approximately 10.5 acres of land, and is a sports theme based group housing offering a range of 2 BHK, 3 BHK and 4 BHK (Duplex) apartments, according to a company press release.

Park Arena is located in Parklands — the signature BPTP integrated township in Faridabad spread over approximately 1,415.49 acres of land with saleable area of 57.99 million sq ft. Parklands comprises residential plots and independent floors, villas, high and low rise group housings, convenience commercial complexes, IT park, IT SEZ along with other social infrastructure like clubs, hospitals, schools, police post and places of worship. The project is in proximity to the existing NH-2 (Delhi-Agra) as well as the upcoming Faridabad-NOIDA-Ghaziabad expressway which will connect Faridabad, Noida and Ghaziabad.
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Ahmedabad Realtor to Foray into Mumbai Commercial Real Estate

Ahmedabad-based Dharmadev Infrastructure is planning to foray into commercial realty market in Mumbai. The company will come up with ‘Swaminarayan Mall’ in Malad. The company has already acquired land for the mall and is in the process of acquiring various permissions, according to a report published in DNA. “This is a commercial complex-cum-mall, which will be developed on 2 lakh square feet land,” said Umang Thakkar, chairman and managing director of Dharmadev Infrastructure.

The proposed mall will be located just outside Malad station. “We want to develop it purely as a commercial centre without mixing it with entertainment and other things,” he said. One of the most important features of the mall will be parking space. The company plans to allot two floors in cellar for parking. Dharmadev Infrastructure is planning to invest around Rs 50 crore in this project. The construction work is expected to commence within two months and it will take around two years to complete the project.
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Sobha Developers Announces Launch of Luxury Housing Project in Bangalore

Sobha Developers announced the launch of a super luxury project — Sobha Classic — on Sarjapur Road in Bangalore, that would develop 243 units across 6.9 acres. The apartments will range from 1,752 sq ft to 2,070 sq ft priced between Rs 76.71 lakh and Rs 90.10 lakh, a company press release said.

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OCUS Group Announces the Launch of its Second Commercial Project in Gurgaon

After the grand success of Ocus Technopolis, located on the Golf Course Road in Gurgaon, Ocus Group has announced the launch of Ocus Technopolis2 — Gurgaon’s first ultra efficient commercial project. Spread over 2.43 acres in Sector 51, Gurgaon, Ocus Technopolis2 is slated to become the location of choice for all retail and commercial needs, claims the company. This commercial edifice will have a range of office blocks/ business suites overlooking the wide and open expanses of Sector 51, giving a clear and unobstructed view of the Gurgaon skyline, along with an open sky retail piazza to satisfy everyday as well as exquisite needs.

With a fascinating and diversified landscaping, Technopolis2 aims to fulfill the desire of those who want to “live their work life,” with serene natural surroundings and modern and premium amenities at their fingertips. Several on-site and nearby amenities in and around Technopolis2, add a unique appeal to the address. It will boast of flexi offices, furnished business suites, business centre, several fully-equipped conference rooms, F&B outlets, multi-cuisine take-away & a world class retail arcade among other facilities.
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HDFC Increases its Retail Prime Lending Rate (RPLR)

After a gap of two years, mortgage leader HDFC has increased its retail prime lending rate (RPLR) by 50 basis points to 14.25 per cent.
Significantly, the lender has not said anything on the continuation of its “teaser rates loans”, launched late last year and which was supposed to end yesterday.

“This (the hike) is in line with the current rates of interest in the economy, which have hardened in the last few months due to rising inflation and tightening of liquidity in the domestic market,” HDFC said in a statement, adding that the new rates will be effective from tomorrow.
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Kishore Gotety Appointed Country Head of Indian Real Estate by GIC

The Government of Singapore Investment Corporation (GIC) has hired Kishore Gotety, who was most recently at RREEF, as country head for India real estate. GIC confirmed the appointment of Gotety as head of real estate for India but declined to comment further. However, the hire suggests GIC believes the opportunity is ripe to start investing in real estate in India.

Gotety was earlier with RREEF Alternative Investments, the global alternative investments business of Deutsche Bank’s asset management division. Real estate is one of RREEF’s core businesses. Gotety joined RREEF at the end of 2007 as head of Deutsche Asset Management’s real estate and infrastructure investment advisory services in India and was widely expected to spearhead the firm’s expansion there.
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