Indian Property News on 'August, 2007'

Global Hotel Chains on the Way to India

Increasing tourism in India has made a dozen global hotel chains bullish on to expand their horizons in the country. Putting it altogether, they have plans to set up over 350 five star hotels, four star and budget hotels and 50 villas.

If plans turn green, they would translate 65,000 additional rooms. The total number of hotel rooms in all categories has only grown by 10%, accounting for around 92,000 rooms. Read More »

Actions Of DDA Under The Scanner

Delhi development Authority (DDA) is finding it hard to sell off its hotel plots. Of the total 38 plots, only 13 were able to attract the buyers. Unattractive location of these plots is believed to be the only reason for the developers to keep these plots at bay.

DDA has been accused of misrepresentation of facts for attracting a heavy price for a hotel plot to a private builder. It is a 1,688 sq mt plot located in Vivek Vihar and was auctioned for Rs 14.64 crore on May 14. Such an act of treachery has put the Authority under scanner of the Delhi High Court. Read More »

Haryana To Develop 2.5 Lakh Housing Units

The proposed 135-km state of the art “global business corridor” to come along Kundli-Manesar-Palwal (KMP) Expressway is likely to see a huge demand for residential property from the workforce to be employed by companies on the corridor. Considering the same, the Haryana Housing Board (HHB) says to construct over 2.5 lakh housing units in different parts of the state over the next two years.

The corridor will attract large influx of foreign investment of over Rs 2 lakh crore and generate a large pool of job opportunities. Some Japanese companies are showing large interests to establish their operation centers on the corridor. The later has also attracted some prestigious European companies, informs Shiv Bhatia, Media Advisor to Haryana CM. Read More »

Agriculture Sector Leads Homeownership, Says New Survey

ACCORDING to the data released by the study ‘Invest India Incomes and Savings Survey 2007’, homeownership in India is the highest among the people engaged in the agriculture sector.

Of total homeownership in India, farmers and other agricultural workers make for 37.94%. The farmers with marketable surplus grab the top position among homeowners in India and even outnumber businessmen in cities. People in this category are believed to be earning Rs 90,000 a year. Read More »

Archaic Land Laws Responsible For Current Realty Process

There is no dearth of good apartments in Mumbai but if it is about scouting good flats at cheap rates, then there is a doubt. Close by heels of Mumbai, there are other cities witnessing frentic real estate development activities but their property rates are going through the roof.

The only reason for the lack of developable space appears to be the demand-supply mismatch in cities which is further ‘pushing up the property prices’. Undoubtedly, there is an extreme scarcity of land in growing cities. Read More »

DLF Wins Land Bid For Durgapur Township

Indian real estate giant DLF is all set to develop a new township at Durgapur City Centre in West Bengal. The project will come over an area of 95 acres.

DLF paid the highest amount among the others bidding for the land reserve which the company has purchased at the rate of 35 lakh per acre, informs an official at Asansol Durgapur Development Authority (ADDA). Read More »

Era Parks Rs 6000mn In Meerut Real Estate Projects

Era Landmarks (India) Limited (ELIL), a part of the renowned Era Group has commenced Rs 6000 million realty projects in Meerut. The whopping investment is used in the development of two integrated Townships, an exclusive shopping mall, and a multiplex.

The residential project in Meerut will include two townships – Era Aspen Garden and Era Gardenia Estate. And the mall will be named as ‘Era Mall’. Read More »

Reliance Mart To Open Stores In Jamnagar & Gurgaon

Reliance Mart, the first hypermarket of Reliance Retail, is planning to come up with mega retail stores by sewing up real estate deals fast.

The company had signed deals for over 50 million sq ft through franchise and direct route. The arm envisions a target of 100 million sq ft by 2011 to open its hypermarket business.

The company has chosen Ahmedabad for its first hypermarket whereas the second and third hypermarkets will come up in Jamnagar (Gujarat) and Gurgaon (Haryana) in September 2007. Read More »

Church Land In Chennai To Attract High Bids

South India property market may undergo a paradigm shift with an auction of a 9 acre plot on Chamier’s Road in the Chennai’s central business district. The site is wooing big realty players of national repute. The list includes the prominent names such as Hiranandanis, DLF, Unitech, Nitesh Builders. They all put in bids evaluated at over Rs 500-550 crore.

The Archdiocese of Chennai administers properties through a trust. The Authority is offering the land on a 66 years lease. In addition, there is no renewal clause attached to the land, which is primarily attracting the bids. However, the bids will be open this week. Read More »

HVPN To Develop Properties In Gurgaon

Attracted by the glitz of real estate business, the state owned Power Company Haryana Vidyut Prasaran Nigam (HVPN) has recently decided to step into a developer’s shoes and construct sky scrapers catering to commercial offices at peripheral locations in Gurgaon.

The Authority has large plans to make real money from construction of these complexes by renting out the commercial and office space to major retail players bullish to establish their presence in cyber city of Gurgaon. Read More »