Indian Property News on 'October, 2007'

Sobha Carnation’ in Pune

Bangalore based Sobha Developers Limited is soon to come up with its first residential project ‘Sobha Carnation’ in Pune. Located in NIBA/V Khondwa area, the location has scenic surroundings and picturesque beauty in the background

The project would be developed in phases. The first phase will spread over a large area of 5.7 acres of land. It will feature 116 luxurious 3-4-bedroom apartments, a few duplex apartments and penthouses. Read More »

A View at Puravankara’s Net Profit

Puravankara Projects (PPL) records a hike of 114% increase in its combined net profit for the second quarter (Q2) ended September 30, 2007. The company’s consolidated net profit for quarter (Q2) of the current financial year stands at Rs 60.21 crore whereas it is Rs 28.19 crore for the corresponding quarter in the previous fiscal

There is a sharp increase in PPL’s net profit margins that are believed to have escalated to over 42%. Revenues have increased by 45% to Rs 141.01 crore from Rs 97.34 crore because of the developable area of current projects increasing to 14.90 million sq ft with projects in cities including Bangalore, Chennai, Hyderabad and Mysore. Read More »

DIAL Attracts Interests of Hotel Majors

The proposed project of modernizing Delhi’s airport By Delhi International Airport Private Limited (DIAL) is attracting large interests from leading players in Indian and international real estate and hospitality industry to develop 45 acres of commercial land near the international terminal.

The company has so far considered 15 applications, of which, 9 have been short listed and four will participate in a competitive bidding process. Read More »

Mumbai Properties for Just A Few Thousand Rupees

Here’s something about Mumbai properties which is truly surprising.

Many millionaires pay a few thousand rupees annually as lease rent for some of the most expensive Mumbai’s properties they hold. The leases for such properties have been expired long ago but the state government was in no mood to take any initiative to renew.

Indeed, the bungalow of the famous actor Shah Rukh Khan is leased out to him at mere Rs 2325 per year. The property is located in one of the costliest areas of Mumbai. Incidentally, he bought the property on an expired lease. Read More »

Hirco to Invest $198 mn in Mumbai Township

Indian property developer Hirco put $198.1 million in a 280-acre mixed Township development project in proximity to Mumbai.

The Panvel Residential Township, which comprises 18.3 million square feet of planned residential and retail space, is situated near the planned second Mumbai International Airport. The project is very close to Mumbai’s Central Business District.

The Township is designed to cater increasing demand of residential property from India’s middle classes in Mumbai-Pune growth corridor. The company is likely to offer flats, townhouses, villas, healthcare facilities, and other amenities required to create an excellent structure. Read More »

Uppal Housing to Invest Rs 1,500 Cr in Hotel properties

Delhi based Uppal Housing Private Limited will invest a whopping Rs 1500 crore to develop hotel properties in India over the next 2-3 years.

The Group is planning to set up five star hotels in Pune, Hyderabad, Bangalore, Goa, and Chennai and has two five-star hotel properties under development in Gurgaon and Chandigarh. Read More »

Airport Project to Hit Castor Areas in AP

The booming real estate of Hyderabad has brought a bad time for the agriculture sector in the city. The new airport project at Shamshabad has hit the castor crop field in Mahboobnagar, which leads in castor area in Andhra Pradesh.

Out of the normal area of 1.42 lakh hectares, castor has been in 1.24 lakh ha during the Kharif season, which ended earlier this season. Read More »

Akruti Plans Rs 1,500cr for Pune Realty

Akruti City (formerly known as Akruti Nirman), a prominent name in Indian real estate is considering expanding its activities in Pune by developing high end buildings to cater to commercial as well as residential requirements, IT Parks, and Special Economic Zones (SEZs).

The company has already started the development of a SEZ for IT sector in a joint venture with DLF, the real estate major. The project will come up at Hinjewadi near Pune. Read More »

Ishaan Picks Stakes Worth Rs 1,082-Crore In K Raheja Projects

Ishaan Real Estate, the first real estate fund listed in the London Stock Exchange Alternative Investment market (AIM), has acquired 40% stake each which makes a total of Rs 1,082 crore in eight construction projects by K Raheja Corp.

The list of these projects are as follows: Inorbit shopping mall in Hyderabad, Inorbit shopping mall and IT park in Pune, Mindspace IT park in Hyderabad, Mindspace IT park in Navi Mumbai, two Mindspace IT parks in Hyderabad, Commerzone IT park, hotel and retail development in Bangalore, and Viverea residential development at former Hindustan Spinning & Weaving Mills site in Mahalaxmi at Mumbai. Read More »

RBI Asks Govt to ban automatic FDI in Real Estate

The Reserve Bank of India has asked the government to open the doors for Foreign Direct Investments (FDI) into real estate sector only after the clearance from Foreign Investment Promotion Board (FIPB).

Currently, up to 100% FDI is allowed in realty projects on automatic route if it complies with certain conditions like a three year lock in period on investments and minimum capitalization of $5 million. Read More »