Indian Property News on 'July, 2007'

DLF Sees Profits Surge

Indian property giant DLF announced results of its first quarter of the current financial year 2007-2008. The company registered an overall turnover of Rs 3,121 crore and net profit at Rs 1,515 crore.

And, the total revenue on standalone basis is estimated to be Rs 1, 207 crore and net profit stood at Rs 579 crore. Read More »

Bust or the So-Called Bust in INDIAN PROPERTY MARKET??

Indian realty has been thriving with healthy returns reaching sky high over the last two years. This has been succeeded in grabbing the attention of prospective investors who made a beeline to strive for their share in the pie. After the uninterrupted boom time, the market suddenly began going down. Unrealistic and unaffordable property prices along with multiple hikes in home loan interest rates have turned the residential property dream sour.

However, much important is to learn what makes Indian property market lucrative for both domestic and international investors. Read More »

Unitech, Marriott Int. to invest $720 mn in Hotel Projects

Unitech, India’s leading property developer plans to invest a whopping $720 million in the next four years to construct 28 hotels in partnership with Marriott International, the world’s biggest operator of a range of luxury hotels.

Four hotels are already under development and the construction work for 10 other hotels is scheduled to begin by end of the current year. Of these 10 hotels, 4 will be operated by Bethesda, the Maryland-based Marriott. Read More »

DLF Cashes In On the Boom Time

Indian real estate giant, DLF Ltd., has got a nod from Delhi Development Authority (DDA) to develop an International Convention Centre at Dwarka in New Delhi.  The project will come over an area of approximately 2 million sq ft and is likely to be completed over 3-4 years.

The proposed Centre will house a convention and exhibition centre, hotel complex and an array of other facilities including accommodation for international students/diplomats, exclusive recreational club etc. Read More »

Taubman Eyes Opportunities in Indian Real Estate

American real estate baron, A Alfred Taubman, who made billions by developing exclusive shopping malls across the US, is now looking forward to carve out a niche in Indian realty.

Considering the bullish growth that is being witnessed by retail industry in India, NYSE listed Taubman Centers Inc has already initiated discussions with private equity funds and prominent real estate developers. Read More »

Taj Group Plans a Business Hotel in Gurgaon

The Indian Hotels Company (IHCL) on Tuesday announced to develop a premium 200 room Taj Business Hotel in Gurgaon in partnership with HB Estate Developers, which has been scheduled to be operational by 2010.

Designed to cater needs of business travelers, the hotel will offer everything from elegant rooms with scenic views, efficient service, conference facilities, vivacious bars, fully equipped business centres, and experienced staff. Read More »

Mumbai Properties May See Price Correction

Around 82,000 new flats with an area of 1,000 sq ft. each will come up in Mumbai adjoining Navi Mumbai, Thane, and Kalyan in the next three years, says the report compiled by the real estate consultancy firm Knight Frank India.

Residential property market constitutes almost 80% of the real estate in India. In 2006, property prices in Mumbai have witnessed a 30-80% hike and were believed to be the major factor in bringing down the sales and pulling down the demand. Read More »

International Park Set up for Home Decor Products

IHDP Global Pvt Ltd has set up an International Home Deco Park at Noida in Uttar Pradesh at an investment of $25 million to facilitate trade in home decor products from India and abroad.

“IHDP is an effort to bring buyers and sellers on the same platform for increasing interaction and improving tde in this sector,” IHDP Co-founder and Managing Director Aditya Gupta told reporters. Read More »

Industrial Units in Pune Explore Real Estate Prospects

Pune will soon get a major face lift with re-development of its industrial townships Pimpri and Chinchwad into exclusive residential area for young professionals.

Few years back, Pimpri-Chinchwad and the areas in vicinity constituted industrial hub of Pune. Its makeover is being helped by the development of bigger industrial location at Talegon-Chakan, further up the road towards Mumbai, where large manufacturing units have already come up or are under the development phase.

The makeover of every place is an immediate outcome of the changing economics and market dynamics. For example, the credit of successful change in Central Mumbai goes to the textile mills. Read More »

AAI’s Property Strucks in Rent Dispute

A chunk of land under the Airports Authority of India (AAI) which could easily fetch a rental of Rs 10 lakh is turning into a waste at Juhu Aerodrome.

A decade ago, AAI rented out the land to Indian Airlines which used it for the development of an enclosed structure, and later sub leased to Shobha Singh & Sons, when it shifted its operations to the Santacruz airport. Poor documentation and leniency meant that neither company collected rents from their respective tenants over the years.

With reference to the case, Indian Airlines owes AAI Rs 80 lakh as outstanding dues and Shobha Singh & Sons owes Airlines Rs 16 lakh. None of the parties is ready to make their respective payments. The structure contains wreckage and storage material. Read More »