Indian Property News on 'March, 2008'

George Soros buys 2.5-per cent stake in Indiabulls Real Estate

George Soros, the real estate billionaire has acquired a 2.5-per cent stake in Indiabulls Real Estate (IRE), for Rs276 crore.

Soros’ hedge fund Quantum Fund picked up over 6 million Indiabulls Real Estate shares in the open market on Tuesday 18 March for Rs455.8 on a day when the shares closed 4.2 per cent down at Rs449.4. Read More »

India among top three global realty markets after US, China

In the league of the most preferred property market among foreign investors globally, US has retained its top position, while China was ranked second followed by India, a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) said.

China moved to the second place, garnering 21.4 per cent votes and displacing India in the process, which was preferred only by 16.7 per cent of the respondents favoring the country as the most fancied place for real estate investment. Read More »

Gujarat set to be the biggest gainer as SEZs gather Steam

Gujarat is set to claim more than one-third of the country’s total value of exports from special economics zones (SEZ) in 2008-09 as more companies, including Reliance Infrastructure Ltd, prepare to start full-fledged operations from these regions during the year.

Exports from Gujarat’s special economic zones are projected to be worth Rs35,000 crore in fiscal 2009, or 35% of the Rs1 trillion in estimated exports from all SEZs in the country, said Ravi Saxena, development commissioner, Kandla Special Economic Zone, Gujarat. In the following year, the state’s SEZ exports are expected to double to more than Rs70,000 crore. Read More »

Global attention turns toward Indian Real Estate Market

Cushman & Wakefield, one of the world’s largest property consultancy firms, said the real estate downturn in the US could continue and that India, China and the Middle-East will become even more attractive as these markets offer huge opportunities for investment.

The US-based property consultant also said that more financial institutions in the US and Europe are likely to face financial problems in the coming weeks. Read More »

No takers for 2 Plots at BKC Mumbai

In what is perhaps a sign of the slowdown and correction in the commercial property market, two of three commercial plots put up for auction by the Mumbai Metropolitan Region Development Authority (MMRDA) at the prime Bandra Kurla Complex has failed to find any takers.

Just last November, the MMRDA had struck the biggest ever land deal in the country after the Wadhwa group quoted a staggering Rs 5.04 lakh per sq m or 46,000 per sq ft for a 16,500 sq m commercial plot. Riding high on this unprecedented deal, the MMRDA had in its 2008-09 budget declared that it expects to raise Rs 3,910 crore from sale of land alone. Read More »

Government probing Russians Land deals in Morjim

The government authorities are investigating Mr Leonid Beyzer, a Russian on whom a show-cause notice has been served for cancellation of his visa and his subsequent deportation, for various land deals in the state and his involvement in other illegalities. They have also written to the central government to ban his entry in the country in future for illegally buying properties in Goa.

According to the information provided by sources in the Goa police as well as the state administration, the role of the Russian, who is reported to have been convicted in a drug trafficking case in 1989 in erstwhile Russia, bought five properties in Morjim village of Pernem taluka, within one month of his entry in the state and registering a company. Read More »

Reliance (ADAG) Group may tie up with Indiabulls for Raigad SEZ

Anil Dhirubhai Ambani Group (ADAG) company Reliance Energy Ltd. (REL) is reportedly forming a 50:50 joint venture (JV) with Indiabulls Real Estate Ltd. to develop the 6,000-acre multi-product special economic zone (SEZ) in Maharashtra’s Raigad district.

This move is part of REL’s plan to diversify into real estate and infrastructure development businesses, says a financial daily. The company aims to utilise the 22-km Mumbai Trans Harbour Link project from Sewree to Nhava-Sheva as a logistics link to the SEZ, the newspaper adds. Read More »

Mantri unveils 5 Realty Projects in Bangalore

Mantri Realty Ltd, a Sunil Mantri Enterprise, has launched five real estate projects in Bangalore. The total land investment in Bangalore is to the tune of Rs 550 crore, a press release from the company said.

Sunil Mantri, chairman of Mantri Realty said, “these projects consist of innovative ideas and quality construction. All these projects have been designed by international architects and we want to price it as a premium category and give amenities which make luxurious living a basic minimum standard.” Read More »

Short Listing of Companies for Panchkula Tech Park starts Today

The interviews for the allotment of the first phase of ‘Panchkula Technology Park’ will begin on Tuesday. The interviews will be conducted at the HSIIDC office in Panchkula. Nearly 60 companies from across the country, including IT firms and real estate developers, will be interviewed for the allotment of 11 plots.

Official sources said that the HSIIDC is also looking at the background of the promoters, the performance of the companies in existing projects and plans to choose companies that are keen to start operations immediately after the allotment. Read More »

Carlson Hotels to Manage new Hotel in Hyderabad

Carlson Hotels Worldwide –Asia Pacific, one of the world’s largest privately owned hotel companies, will manage a new hotel in Hyderabad, the capital of the state of Andhra Pradesh and the fifth largest city in India.

Radisson Plaza Hotel Hyderabad Banjara Hills, scheduled to open in the first quarter of 2010, will be located towards the west of the city, within close proximity to the main tourist attractions, railway station and international airport. The 160-room hotel is owned by India’s Daaj Hotels & Resorts Pvt Ltd. Read More »