Indian Property News on 'May, 2008'

‘Leander Sports’ ties up with Omaxe

Ace tennis player Leander Paes today joined hands with real estate developer Omaxe Ltd to design and manage fitness centers in latter’s five townships in North India.

‘Leander Sports’, the company promoted by Paes, today signed a memorandum of understanding to provide the concept and design of health clubs, spas, meditation centers, yoga cells, gyms, sports complexes in the upcoming five townships of the developer. Read More »

Trent to Expand in Tier-II, III Cities via Franchises

The delay in opening of malls, closure of retail complexes and surging property rentals, among others, have prompted Trent, the Tata Group’s retail company, to opt for the franchise route to open its Westside chain of department stores in tier II and III cities. Under the franchise deal, Trent will own and provide the stock to the franchises.

Trent has 30 company-owned Westside stores in Mumbai, Delhi, Kolkata, Lucknow, Baroda, among other cities. The stores, which sell womens wear, menswear, kids wear and cutlery, range from 15,000 to 30,000 sq ft each in size. Read More »

Leading Bahraini Islamic Bank to Invest in Indian Real Estate Sector

Khaleeji Commercial Bank, one of Bahrain’s leading Islamic banks, has announced that it has raised $163.5 million of equity from investors across GCC for Danat India Investment Company that will invest in a real estate development project in the vicinity of New Delhi, India.

Ebrahim H Ebrahim, CEO and Board Member, Khaleeji Commercial Bank, said, “We are extremely pleased with the response to Danat which is our first foray into the Indian sub continent. With a target return on investment of 83% over a 3 year period, Danat seeks to address the demand for middle income residential properties”. Read More »

Guardian Lifecare to Invest Rs 100 crore for India Expansion

Guardian Lifecare, the country’s second largest retail pharmacy chain, plans to go into an expansion mode. The company intends to open 150 new stores across the country. Guardian is all set to raise funds worth Rs 100 crore for the planned expansion.

Ashutosh Garg, Chairman and Managing director, Guardian Lifecare, said, “Major expansion plans are on the anvil, with an investment plan of over Rs 100 crore, we intend to make a foray into the Western India market. By the end of March 2009, we would have also added another 150 stores across India. Presently, we are growing at the rate of almost two new stores every week. Our employee strength too shall double in a year’s time”. He further added, “Our stores are based on four models— High Street Stores, Mall Stores, Hospital Stores and Personal Stores. We also have a rural and semi-urban format under the brand name Aushadhi.” Read More »

Hunter Beer Maker Joins Realty Play with Madhya Pradesh Land Buy

The Bhopal-based Som Distilleries and Breweries, manufacturer of the Hunter beer, has acquired a 50-acre prime plot in Gwalior for Rs 266 crore from the Madhya Pradesh government. The company will develop a retail mall, a theme mall and two hotels — a star hotel and a budget hotel — as well as residential apartments, in the property.

The project, called Thatipur Gandhi Road Project, is a 60:40 collaboration with Patel Engineering and marks the brewing company’s foray into realty business. Sompel, the company in charge of the project, is promoted by Som Distilleries. Read More »

Indian Builder Provides Real Estate in Dubai

India’s second-largest developer, the Mumbai-based Lokhandwala Infrastructure has made its way to Dubai as Lokhandwala Builders International where it builds, wheels and deals some of the city’s most sought after real estate.

Dubai’s booming real estate industry has attracted investors from the expatriate community and especially Indian and Pakistani natives with British or U.S. citizenship who is rushing to the new hub between Europe and Asia, a short flight between their two homes, Jean Soriano, Lokhandwala Builders International’s sales coordinator, told reporters. “Indians go back to Dubai instead of Bombay where real estate is more expensive,” she said. Real estate in Dubai offers an excellent investment choice with premiums of at least 30 percent in three years and the law allows homebuyers to sell their property after their first down payment. Read More »

SC dismisses DLF’s plea, asks it to Execute Agreement

The Supreme Court has dismissed real estate major DLF Univeral Ltd’s plea challenging Monopolies and Restrictive Trade Practices Commission’s order asking it to execute an agreement for setting up a nursery school in Gurgaon, Haryana with certain changes.

A bench comprising Justices S B Sinha and L S Panta recently stated, while upholding the MRTPC’s judgement, “Once the appellants (DLF) have accepted the earlier order of the Commission dated January 16, 2004 which has attained finality, the appellants are left with no option but to execute a fresh lease deed with the complainant on modified terms suggested by him. The order of the Commission impugned in this appeal does not suffer from any manifest error or perversity or invalidity.” Read More »

At Rs 1.2L/sqft, Vinod Khanna sets Realty Record in Mumbai

Little Gibbs Road at Malabar Hill is a charming, up market residential enclave where the crème de la crème live, virtually cut off from the hustle and bustle of a congested Mumbai.

On Tuesday, one of its most prominent landmark buildings, Il Palazzo, created a national record after an apartment here was sold at an astonishing rate of Rs 1.20 lakh a square foot — each floor tile more expensive than a Nano car. Read More »

BIAL Exploring Real Estate Development around Airport

The Bengaluru International Airport Limited (BIAL) is exploring real estate development around the airport. According to Anurag Mathur, joint managing director of Cushman & Wakefield, BIAL is planning to put up premium office space, technology centre and business centre over 150 acres.

“The company is also exploring major urban entertainment centre on an area of about 50 acres. The opening of the airport will set benchmark for airport real estate sector in the form of retail, office space, convention centre and hospitality,” he added. Read More »

India’s First ‘Real Estate’ TV Channel

Real Estate TV (RETV), a round the clock channel dedicated to infrastructure and realty said on Wednesday that it has appointed Prem Kumar Menon as its CEO.

Menon brings with him 27 years of rich media and marketing experience and before joining Real Estate TV, he was working as COO of a media group in Chennai, the channel said in a release.

Besides Menon, Anil Nair has also joined the group as its News Head. Prior to this appointment Anil Nair was working as business journalist in the Indian Express Group. Read More »