Indian Property News on 'August, 2007'

Nariman Point Fetches the Highest Rental

Multinational companies have made a beeline for acquiring commercial space in Mumbai. None of the constraints seem to deter them from carving out a substantial niche in the city.

The recent lease transaction done by the ABN AMRO Bank is believed to be the most expensive in India. The Bank has renewed its lease agreement for commercial space located on the third floor of 12-storey Sakhar Bhavan at Nariman Point in Mumbai, at a whopping monthly rental of Rs 500 per sq ft. Read More »

Delhi Govt. to Construct Low Price Houses for EWS

The Delhi Government has drawn out a plan to offer flats costing Rs 1 lakh to economically weaker section (EWS). A total of 50,000 such flats have been planned for Khanjawala, Bawana, Samapur and Neb Sarai, announces Manoj Parida, MD, Delhi State Industrial Development Corporation.

Khanjawala and Bawana will see the construction of 20,000 flats whereas Samapur and Neb Sarai will have 7,656 and 700 flats respectively. Read More »

Gazit-Globe Plans $110m investment in HIREF

Gazit Globe, a real estate company listed on the Tel Aviv Stock Exchange, is planning to invest $110 million in Hiref International LLC, an Indian real estate investment fund registered in Mauritius.

HIREF International is the real estate fund set up by HDFC. The latter will make a co-investment of $50 million alongside. The life period of the fund will be nine years, with two one-year options to extend.

Gazit-Globe will invest in Hiref through a subsidiary that will be one of the four anchor investors in the fund. The move will help the company to secure a significant place on the fund’s investment and other committees along with the co-investment options at the company’s discretion in construction projects that the fund will put money into. Read More »

Ongoing Office Space Trends in India

Demand for commercial properties in India has got a major push by a large growth in IT and ITes companies. In case, you come across a productive land which does not have any hoarding announcing the imminent arrival of any retail or residential project, then you may self assume it to be reserved for a commercial project.

Over the years, the IT sector in India has reached to a new high and so have multinationals which now look out for bigger spaces to enlarge their operations into a single large building. Such a growing trend among companies of national and international repute in India is leading to the growth of built to suit commercial space in India. Read More »

Renting a House in Ludhiana Goes Simple

Real estate agents in Punjab are fast cashing in on nowadays. A major part of the credit goes to the construction boom which has nurtured the growth of real estate business in the state. Although, property prices in most part of the state are going through roof but rentals are growing at a stable rate. One of the cities witnessing such a trend is Ludhiana.

House rentals in the areas accommodating middle class income group as well as the posh like Sarabha Nagar have recorded a sharp increase in the last 1 year. Rent for an independent house built over 250 sq yards in Sarabha Nagar is hovering anywhere between Rs 7,000 – Rs 15,000 per month. Read More »

Retention Policy for Buildings in HP Likely To Bring Down Rentals

Property price in Himachal Pradesh fears a sharp fall in rentals in the wake of the recent decision of the state government to approve the Retention Policy for buildings.

The move will push the development of structures that were stopped midway. Since, the prices will go down; there will be more accommodation for visitors, feel real estate consultants. However, industry watchers say the property prices to soar again once there are more housing units available on rent regularizing rules. Read More »

DLF to Develop New City Centre in Gurgaon

Indian property giant DLF Ltd will soon come up with a modern city centre near the 18-hole Golf Course Road in Gurgaon. The company will take up the construction in collaboration with global construction major Hines.

The complex will be designed by the famous Robert A M Stern. To feature 30 storeys, the centre will be developed over a large area of 20 acres with the total 2.5 million square feet of constructed area. Read More »

DLF’s Upcoming Investments at a Glance

India’s biggest real estate firm, DLF Ltd. is drawing plans to invest around Rs 1,000 crore for establishment of a Special Economic Zone (SEZ) for information technology (IT) firms.

Commenting on its first IT zone to come up at Nagpur, DLF says it to be operational by 2010. The zone will come over an area of 140 acres. The IT Park is a part of the 3,250 acres multi modal international hub airport SEZ project at Nagpur.

To be located adjacent to the international hub airport in Nagpur, the zone would have an international and national information technology firms. The project is believed to generate a large pool of job prospects, says a DLF spokesperson. Read More »

Indiareit’s Retail Fund Garners Rs 400 cr

Indiareit, the real-estate fund promoted by Piramal Enterprises, announced to raise Rs 400 crore through its first retail focused fund – Indiareit Fund Scheme III. Rs 25 lakh was considered as the minimum investment limit.

Earlier, the fund had decided for Rs 350 crore as the targeted investment. However, it has now already raised Rs 400 crore. Indiareit is also considering about a greenshoe option for another Rs 300 crore and will close the deal by August-end. Read More »

Bank of India to Revaluate Its Fixed Assets

The Bank of India (BoI) is looking forward to raise its Tier II capital, a secondary bank capital including undisclosed reserves and subordinated term debt. The plans have encouraged the bank to revalue its fixed assets.

Revaluing the assets will help the bank to ensure its fair market value and fixed assets such as properties. The board of directors of Bank of India (BoI) will have a meet on Thursday and revalue identified fixed assets. They will also give a thorough consideration on the increase in their value during the current quarter. Read More »