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Godrej launches residential project in Mangalore

499 apartments priced in range of Rs 50-80 lakh to be ready in 3 years.

Mumbai-based real estate developer Godrej Properties Ltd has announced the launch of its new residential project in Mangalore. The 499-apartment Godrej Alpine is likely to be ready for occupation in 36 months, according to Mr Pirojsha Godrej, Executive Director of Godrej Properties Ltd.

Addressing presspersons here on Tuesday, Mr Godrej said that there is good demand for quality residential project in Mangalore. Godrej Alpine will offer a modern and contemporary lifestyle in a green and natural environment, he said.

Asked the about the target customers for this project, he said that the company will market it for both local and NRI population. Stating that a huge amount of Mangaloreans live in Gulf and elsewhere, he said the company will make efforts to appeal to that segment.

Situated at Yeyyadi on Airport Road in Mangalore, the project is spread over 4.5 acres with three towers of 19 floors each. Customers can choose from two to three bedroom houses, which range from 1,203 sq. ft to 1,695 sq.ft, to penthouses that range from 2,700 sq. ft to 3,500 sq ft, he said.

The price range starts from Rs 3,500 a sq.ft. It works out to Rs 50-80 lakh for an apartment. The construction of Godrej Alpine will be done by Larsen & Toubro. Mr Godrej said that the Mangalore project is joint venture with Fiza Developers and Infrastructure Ltd.
Mr B.M. Farookh, Managing Director of Fiza Developers and Infrastructure Ltd, said that his company secured this land through an auction thatwitnessed stiff competition.

He said that his company convinced Godrej Properties Ltd to come to a tier-II centre such as Mangalore. Initially, the plan was to launch the project for high-end customers. After seeing the demand for the residential space from the middle-class people here, Godrej decided to change the design. Following this, the number of apartments was raised from 250 to 499, he said.

Source: http://www.thehindubusinessline.com/companies/article2868889.ece

Memoirs of a real estate tycoon

DLF, the joke went, stood for Damn Lucky Fellow. Not without reason: its chairman, Kushal Pal Singh, has had five close brushes with death in his 81 years. Also because Singh is a rare phenomenon — a billionaire businessman from the Jat community. You will find his kinsmen as agriculturists, wrestlers and boxers, soldiers, bus drivers in Delhi Transport Corporation, cops on Delhi streets — but never in high business. Singh remains till date the only Jat to have ever made it to the Forbes’ List of Billionaires, a list dominated by Gujaratis, Marwaris and Banias. In popular lore, they are supposed to be strong and straightforward, and with a wit that hangs between dark humour and sarcasm. “Do you have to hang from a tree?” a Jat is likely to ask you if you enquire what time of the day it is — certainly not the smooth tongue so essential to make it big in business.

Still, Singh shows decent business sense. When he goes to buy land from farmers at Gurgaon, the Jat village next to Delhi, he wears a Dhoti and a beret from his cavalry days. The idea is to strike a chord with the farmer as well the soldier in the household. Conversations with a troublesome Jat trade union leader are in their thick native tongue. And once when Singh is abducted by dacoits near Bulandshahr in Uttar Pradesh, the place of his ancestors, Singh tells his abductors he is one of them. They offer him a tumbler of hot milk and let him off. What remains unsaid is if he reported them to the police. He ought to have; they were after all a menace to non-Jat travellers.

That Singh has left his outspoken Jat genes somewhere far behind reflects right through his autobiography. There are no villains in the piece, no business adversaries. Most people don’t even have shades of grey. Except perhaps Bansi Lal. Singh’s run-ins with the former Haryana chief minister are well known. At that time, all DLF’s investments were at Gurgaon. The political risk was not hedged. By twisting state policy, Bansi Lal almost drove DLF and Singh out of business. Singh traces the incident back to a dinner party at his home in December 1975. Bansi Lal, then the Union defence minister, was a guest. It was all going well till another guest, a serving army officer who had downed a drink too many, walked up to Bansi Lal, complimented him on the nice job he was doing and offered to put in a word for him with the most powerful man in the country, Sanjay Gandhi. Bansi Lal left in a huff, without waiting for dinner, and later took his revenge on Singh.

It was a twist of fate that pulled Singh out of the dumps of despair. One hot day, while he was seated on a charpoy in the shade of a tree, a car screeched to a halt and the driver asked for water to cool the engine. That’s how Singh met Rajiv Gandhi and sold him the dream of suburban development. To be fair, Singh does not leave loose ends in his tales. He met Bansi Lal many years later. The politician was shattered by the death of his son in an accident and admitted to Singh that he had needlessly hassled him. Singh also revisits his old girlfriend in England, who was distraught at his leaving for Dehra Dun to join the Indian Military Academy, only to find her married. Later enquires tell him she died early in Africa.

Though he may appear guarded in his observations and judgements, Singh really pours his heart out when he talks about his wife’s recovery from an injury in a helicopter crash near Mussoorie and her subsequent fight against cancer. The anxiety contained in these pages is palpable. You can see Singh pleading with doctors across the world to come and treat his wife. As complications mount, and unexpected infections show up, you can sense the trauma in the man.

Singh’s has been a roller-coaster life. He studied at a madrasa, yet became part of the British high society in England, the landed gentry complete with mansions, pheasant hunts and long horse rides. From there, he joined the cavalry, only to leave it a few years later to help his father-in-law, Chaudhary Raghvendra Singh, in business. After trying his hand at industry (Willard and American Universal), Singh took it upon himself to restore the fortunes of his father-in-law’s almost defunct company, DLF. Though DLF had built colonies in south Delhi, the government had taken all urban development in its hands. So DLF was left with no business, and Chaudhary Raghvendra Singh had decided to sell it for Rs 27 lakh. Singh pleaded for a chance. Chaudhary Raghvendra Singh probably had little to lose and handed the company over to his son-in-law.

Singh’s is a good example of the patience that is required to do business in India, especially real estate development. He waits years together for the feisty Rukhsana Sultana to vacate a building he owns in downtown New Delhi, though the court has issued a directive for her eviction. Singh, from his office at the top, sees goons from old Delhi in her apartment. Clearly, she wants to make a political tamasha out of it. Sensing her intention, Singh decides to stop all legal proceedings and wait for her to leave. The passive resistance works, and Sultana leaves quietly, though after several years.

Source: http://www.business-standard.com/india/news/memoirsa-real-estate-tycoon/463827/

Reliance Industries, Indiabulls construction projects under scanner for green norms violation

Mumbai: The State Expert Appraisal Committee (SEAC) has picked on two major construction projects for carrying out work without obtaining environment clearance (EC).

The projects include the commercial tower-cum-parking lot that is being jointly developed by Reliance Industries and Wadhwa developers at Bandra-Kurla Complex (BKC) and the central library and residential project by Indiabulls group at Kalina. Noting that the developers in both cases have “initiated the construction work without obtaining the prior environmental clearance (EC)”, the SEAC has directed the state environment department to look in to the “violation and take necessary action”.

While officials were unwilling to be quoted due to the ongoing election code of conduct, a senior government official said that any project that is being carried out without an EC will be immediately issued a notice under section 5 of the Environment Protection Act and can be directed to stop work until further orders.

The BKC project is coming up on a 2.5 acre land (C 66) that Reliance Industries purchased during an auction from the Mumbai Metropolitan Region Development Authority (MMRDA) in 2007. Using an FSI of over 8, the company along with Wadhwa developers will be developing a 20 floor commercial building with four floors of parking at an estimated cost of Rs 1,581 crore.

The Indiabulls project is proposed over a four acre plot within the Kalina University campus. The project was dogged by controversy as the land was originally transferred by Mumbai University to the state government on the condition that the latter would build a public library on the entire plot. Questions were raised about the decision of the state Public Works Department under minister Chhagan Bhujbal to call for bids and hand over half the plot to a developer. Indiabulls will be constructing a 13 storey high-end residential project in exchange of building a six storey library on the other half. The company has started work on leveling the site.

Environment experts point out that the EC is granted based on the comprehensive mitigating measures proposed by developers. They state that projects over 20,000 sq m have to get a prior environment clearance even before carrying out the basic ground preparation work.

When contacted by Newsline, Indiabulls refused to comment on the issue.

A spokesperson for Wadhwa group said, “We have permissions to construct till plinth from MMRDA. As per EC norms, we can construct up to 20,000 m at this stage. We are well within this limit.” The spokesperson added that the company has been following up with the authorities for EC since the last fifteen months.

Source: http://www.financialexpress.com/news/reliance-industries-indiabulls-construction-projects-under-scanner-for-green-norms-violation/907419/0

CBI charges Emaar with financial irregularities

Delhi-based real estate developer Emaar MGF has been accused by the Central Bureau of Investigation (CBI) for allegedly committing financial irregularities through stated sale of plots at grossly undervalued price in the 358.36-acre joint venture Emaar Hills Township Project (EHTPL) in Hyderabad.

While the accusations center around the sale of villa plots covering 36 acres, the CBI says that the larger scam involves the reduction of the equity stake of the state-owned Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to 6.5 per cent from the original 26 per cent in the project.

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The CBI yesterday arrested AP government’s principal home secretary BP Acharya for his role as vice-chairman and managing director of APIIC in facilitating both.
The investigating agency had already arrested Emaar MGF top official and ex-CEO of EHTPL GV Vijayaraghavan last week. He was named as an accused.

The CBI is going to file a charge-sheet in the case tomorrow. A senior CBI official said, “All aspects of the case are being looked into. There is a case of conspiracy between the company and the government. There has been exchange of favours between the two parties.”

According to the CBI officials, Emaar was made a conduit by government officials for providing favours to certain parties. “Emaar was given land at a nominal rate and a blind eye was turned at them when they were giving bungalows and villa plots in an unfair way,” a CBI official said.

A spokesperson for Emaar MGF said, “the project is being developed within the defined parameters and regulations and in accordance with the joint venture and collaboration agreements entered with APIIC and in furtherance of various state government orders. Emaar is a developer of global repute and high ethical standards. We have already completed the prestigious HICC (convention-centre-cum-five star hotel) and an 18-hole golf course in Hyderabad. We have full faith in the laws of the land and investigating agencies. We have fully cooperated in any investigation/ inquiry till date and will continue to do so.”

The CBI maintains that apparently the company has been the biggest beneficiary of the alleged scam that was going on between 2005 and 2010 untill new VC and MD of APIIC, BR Meena, served legal notices and notices for termination of agreement on the company starting June, 2010. The AP High Court, acting on a letter written by a state minister and a public interest litigation filed by Opposition Telugu Desam Party, had ordered a CBI probe into the whole case in August last year.

Beginnings
It all started with EHTPL roping in Emaar MGF as the developer of the project comprising township with villas and plots as well as an IT park. Emaar MGF has so far invested about Rs 400 crore in the project.

EHTPL was one of the three joint venture special purpose vehicles (SPVs) set up by Emaar Holdings, incorporated in Mauritius by Emaar PJSC, Dubai, the original signatory of the MoU with the state government. EHTPL has so far invested about Rs 400 crore in the project.

The other two SPVs were responsible for developing an international convention centre and an 18-hole golf course, golf club with resorts and hotels respectively. The total land allotted to all the three SPVs was 525.5 acres in prime areas abutting the campuses of top IT companies in Hyderabad.

The entry of Emaar MGF apparently triggered the decline of APIIC equity to 6.5 per cent as the former was given 75 per cent stake in the township project without the consent of APIIC board. EHTPL was then left with 25 per cent stake. With Emaar Holdings having 74 per cent equity in the SPV, APIIC share came down to 6.5 per cent.

Emaar MGF told the High Court during the hearing process that its entry was mainly necessitated because the SPV partners were not in a position to infuse additional capital to maintain the existing equity shareholding in EHTPL. APIIC, on the other hand, had rejected this stating that the original understanding was that its equity remains at 26 per cent in exchange for land allotted by the government at the rate of Rs 29 lakh per acre.

The CBI said selection of the developer and subsequent reduction in equity were not brought to the notice of the board of directors of APIIC though Acharya endorsed these changes without informing or seeking the approval from the board.

The plot thickens
Through Stylish Homes the company decided to sell villa plots at Rs 5,000 per square yard as a ‘promotional gesture’ as against the open market price of between Rs 40,000 and Rs 60,000 per square yard, according to a report submitted by the AP government’s Vigilance and Enforcement wing. The company availed of a Rs 150-crore loan from Axis Bank by mortgaging just 14-acre land at a valuation of Rs 22 crore per acre.

At the average price of Rs 50,000 per square yard, the total income from the sale of 136 plots could have been Rs 905 crore as compared with Rs 88 crore shown in the books of EHTPL, it said.

According to the remand report filed by the CBI, Emaar MGF had directly sold 34 of the total 136 plots covering 171,000 square yards area of which 18 villa plots were sold to 10 different companies registered under the names of Emaar MGF employees.

Source: http://www.business-standard.com/india/news/cbi-charges-emaarfinancial-irregularities/463416/

Acharya’s arrest is latest in Emaar’s JV hiccups in India

Booking of ex-APIIC boss rekindles rumours about Dubai major splitting with India partner, but companies say they will travel together

Controversy is nothing new for Emaar Properties. Dubai’s leading real estate group has hit the headlines afresh with the arrest of Andhra Pradesh principal secretary (home), B P Acharya, in connection with a Hyderabad upmarket housing project, Boulder Hills, jointly promoted by Emaar-MGF and Andhra Pradesh Industrial Infrastructure Corporation (APIIC).

Among earlier instances where the joint venture (JV) faced rough weather are over its Common-wealth Games housing project in Delhi, approval issues for some residential plans, regulatory hurdles in its proposed IPO, scrapped plans, late delivery of projects and the probe into the alleged Andhra land scam by various investigative agencies. The buzz over a break-up in the partnership between Emaar and MGF has also been a constant over the years.

Emaar, with operations in 14 countries, joined the real estate race in India in a JV with MGF Development in 2005. Apart from upmarket residential, the JV works across high street retail malls and luxury hotels, too.

While the buzz of a break-up between the two partners has been doing the rounds for long, both have maintained on different occasions that they remain committed to the India business.

Industry sources in the know of things point at the false start that Emaar-MGF had in its India journey. Emaar’s entry in 2005 started with Punjab Urban Planning and Development Authority issuing a notice to the company for advertising in newspapers seeking pre-launch booking of plots without having the requisite licence to do so. It was asked to withdraw the advertisement and refund the amount if received.

On the way, there have been other instances of the company’s strategies not working as planned. It had planned a five-star hotel in Dehradun, but it never took off, for example, says an industry source close to the company. Emaar MGF and Inter Continental Hotel group had entered into a memorandum of understanding (MoU) with the Uttarakhand State Tourism Department in 2008 to construct the five-star hotel on PPP mode. The tourism department had given 10 acres of land to the company however, the project never started, he adds.

Emaar MGF had three failed attempts to launch an initial public offering (IPO). The company had first hit the capital market to raise Rs 7,000 crore through an IPO in 2008, but withdrew it due to poor market response. Later on September 29, 2009, Emaar MGF filed its prospectus for the second time to raise Rs 3,850 crore through an IPO. In March 2010, it even got approval from Securities and Exchange Board of India (Sebi) to launch the public offer. In September 2010, Emaar MGF had, for the third time, filed revised application with the Sebi to raise Rs 1,600 crore through a public offer. But it never came out with one.

Emaar chairman Mohd Ali Alabbar had told the Indian media early 2010 that the company was trying to launch an IPO in the next 90 days. More recently, the company was in the news over non-delivery of the CWG flats. Emaar-MGF posted a net loss of Rs 205.94 crore for the year ended March 31, 2011. “The issue is that Emaar and MGF did not leverage on each others’ strength,” according to an analyst.

Yesterday, the Central Bureau of Investigation arrested senior IAS officer B P Acharya in connection with the Emaar-APIIC scam. Acharya was managing director of the APIIC when the scam took place. He allegedly played a key role in the dilution of the corporation’s equity from 49 per cent to 26 per cent and then to six per cent in a township developed by the Emaar MGF group. The alleged reduction in equity caused a loss to the exchequer, but no estimate has been made of the loss yet.

The CBI, which is set to file a chargesheet in this case tomorrow, is likely to question senior officials of the Emaar group. A senior CBI official said the agency was looking into all aspects of the case. “There is a case of conspiracy between the company and the government,” he said. “There has been an exchange of favours between the two parties.”

Source: http://www.business-standard.com/india/news/acharyas-arrest-is-latest-in-emaars-jv-hiccups-in-india/463409/

What the Emaar scam is all about

What the Emaar scam is all about

On the orders of the AP High Court following a petition filed by Congress MLA P Shankar Rao, the CBI filed an FIR on August 17, 2011, against BP Acharya, directors of Emaar Properties, Dubai, Emaar Hills Township Pvt Ltd, Emaar-MGF Land Pvt Ltd, directors of Stylish Homes real Estate Pvt Ltd, unknown public servants of AP government, and others and charged them with criminal conspiracy, cheating, criminal breach of trust, showing forged documents as genuine under the Prevention of Corruption Act.

The allegation is that BP Acharya and others named in the FIR entered into a criminal conspiracy to cheat APIIC during 2005-2010, and towards that end, Emaar Properties, Dubai, and Emaar Hills Township Pvt Ltd entered into an agreement with Stylish Homes to sell villa plots at pre-determined prices which was less than the market value and without the knowledge or consent of the APIIC board. Further, the CBI alleged that Emaar Hills Township assigned the rights of development to Emaar-MGF without in-principle approval of APIIC.

The joint venture between APIIC and Emaar Properties, Dubai, was to develop an integrated project consisting of golf course, club house, boutique, hotel, township, on 535 acres of land at Manikonda on the outskirts of Hyderabad in Ranga Reddy district besides a business hotel and convention centre on adjoining leased land. While APIIC’s stake in the Manikonda project was 26%, the same in the convention centre was 49%.

According to the CBI, while the GOs mandated that only Emaar Properties, Dubai, should execute the project, the MoUs signed between APIIC and Emaar later inserted a clause regarding assignment of rights towards development, management and operation of the project by the developer to a third party.

Subsequently, in April 2005, Emaar Properties, Dubai, assigned the project to three other firms, Emaar Hills Township Pvt Ltd, Boulder Hills Leisure Pvt Ltd and Cyberabad Convention Centre Pvt Ltd. Emaar Properties also entered into an agreement with Stylish Homes represented by its director T Ranga Rao, who, on behalf of Emaar Hills Township, was to sell plots and residential units in the project at Rs 5,000 per sq yard for which the latter was entitled to 4% commission on the sale value.

According to the CBI, Stylish Homes collected excess amounts in cash ranging from Rs 5,000 to Rs 50,000 per sq yd from villa plot buyers. In all, Stylish Homes sold 105 villa plots and pocketed at least Rs 95 crore over and above the documented rate of Rs 5,000 per sq.yd and deprived APIIC of its due share in the revenue generated by the sale of villa plots. In the meantime, the stake of APIIC was reduced both in the Emaar Hills Township and the convention centre projects, the CBI has charged.

Incidentally, CBI’s efforts in the case was facilitated by an inquiry in the matter earlier by the vigilance and enforcement department of the AP government then headed by Dinesh Reddy who is now the director general of police. The V&E report had unraveled the scandal and exposed the nexus.

CBI charges against Acharya

As VC and MD of APIIC, Acharya abused his official position and knowingly and intentionally did not object to the sale of villa plots at lower price besides failing to bring these facts to the knowledge of the APIIC board

Despite being the nominee director in these projects, Acharya did not ensure that the project was implemented as per norms and agreement executed between APIIC and Emaar Properties, Dubai

Though APIIC held 26% equity in Emaar Hills Township Project, Acharya did not raise any objection to the decision of Emaar Properties, Dubai, and Emaar Hills Township, to sell the villa plots through Stylish Homes

Despite being aware of the fact that Stylish Homes was selling the plots by accepting upfront payments from buyers without the APIIC board having finalized the rate, he did not raise any objection and thus was a willing partner in the criminal conspiracy

Did not raise any objection when Emaar Hills Township and Boulder Hills Leisure Pvt Ltd decided to bring in Emaar-MGF as a co-developer. He also did not bring this fact to the notice of APIIC or the state government at any stage even though he was aware that the induction of Emaar-MGF as a co-developer was not permissible and had a bearing on the revenue sharing detrimental to the interest of APIIC.

Did not object to the reduction of APIIC’s stake in the project and the reduction in revenue sharing. A team of officials constituted by Acharya to inspect the progress of the project submitted a detailed report raising questions about the execution of the project by the developers, but he did not initiate any until December 2009 when he left APIIC CBI conclusion.

Acharya did not protect the interests of APIIC, committed the offences of criminal conspiracy, criminal breach of trust, misappropriation of government property and, thereby, cheating APIIC. Being a senior IAS officer, Acharya’s role and complicity in the commission of the offence has been clearly made out, it contended.

Source: http://timesofindia.indiatimes.com/city/hyderabad/What-the-Emaar-scam-is-all-about/articleshow/11692273.cms

Essar Groups’ realty arm on aggressive expansion drive

Problems surrounding the real estate sector are not stopping corporate realty players. After the Tatas, Mahindras, Godrej and Hinduja groups, the Essar Group, which forayed into realty in 2007 through its fully-owned arm Equinox Realty, has aggressive plans for 2012.

Equinox is looking to finalise at least three land parcel deals—in Thane, Bangalore and Pune—totalling upto 4.5 mn sq ft by the end of 2012. It is looking to partner with private equity players in these projects. Essar Group has reportedly committed Rs 4,000 crore to its realty arm.

Equinox already has presence in Thane and Bangalore, where it would be launching projects this year. “We are looking at Thane, Pune and Bangalore for new projects measuring at least 1.5 million sq ft each,” Chirag Ramakrishnan, chief executive officer, Equinox told Hindustan Times. “Private Equity players have approached us and a partnership in special purpose vehicles in our new projects is on the cards.”

The company would be launching an 8-lakh sq feet residential project in Thane in 2012, which industry sources estimate will yield about Rs 500 crore revenue. Equinox is also set to launch the third phase of its Bandra Kurla Complex commercial project, totalling 1 million sq ft, which generates Rs 200 per sq ft rentals as per the company.

“We are going conservatively with our expansion plans and see ourselves as one of the top 10 players as far as EBITDA is concerned within next two-three years,” said Ramakrishnan.

Source: http://www.hindustantimes.com/business-news/CorporateNews/Essar-Groups-realty-arm-on-aggressive-expansion-drive/Article1-801158.aspx

3C Company expects sales realisation of Rs 18,000 cr in 7 yrs

NEW DELHI: Realty firm The 3C Company today said it is developing about 10 projects, largely residential, in Noida in Uttar Pradesh with an expected sales realisation of Rs 18,000 crore over the next seven years.

At present, The 3C Company, which focuses on green buildings, is developing 23 million sq ft of area on about 200 acres of land.

“We have completed construction of 250 housing units in our first housing project Lotus Boulevard at Noida in about 750 days. We are giving possession of the flats to buyers,” The 3C Company Director Vidur Bharadwaj told reporters.

The company is developing a total of 3,000 flats in this 30-acre project in various phases, he added.

“We are currently working on various projects in Noida, which have an estimated sales realisation of about Rs 18,000 crore over the next 6-7 years,” company’s Director (Sales and Marketing) Brijesh Bhanote said.

Bhanote further added that the company would soon launch a couple of more housing projects at Noida and Gurgaon.

The 3C Company, which has land bank of more than 600 acre, has delivered many commercial projects in the national capital region. It also runs Lotus Valley International School at Noida and Gurgaon.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/3c-company-expects-sales-realisation-of-rs-18000-cr-in-7-yrs/articleshow/11554646.cms

DLF to sell convention centre project, wind power business for Rs 1800 crore

NEW DELHI: DLF, the country’s biggest real estate firm, will sell a convention centre project in Delhi and its wind power business for about 1,800 crore early next fiscal, a senior company executive said.

The developer, which had a debt of over 22,000 crore at the end of September, is hoping to raise 3,000 crore in the current fiscal and about 3,500 crore in 2012-13 by selling its non-core businesses.

The executive, who did not want to be named, said DLF is close to finalising a joint venture agreement for the convention centre at Dwarka, in west Delhi, with a Japanese company that executes mega mall projects. The source declined to name the company but said DLF may hold a very small stake in the joint venture as part of a structured deal. The convention centre is expected to fetch DLF about 800 crore.

DLF had acquired a 35-acre plot from the Delhi Development Authority (DDA) in 2007 for 901 crore to ready a convention centre ahead of the 2010 Commonwealth Games. But the project, which was to include three hotels, commercial complexes and meeting areas, could not take off. Later, when the company wanted to exit the project and sought a refund from the DDA, the development body refused after seeking legal advise.

A top DDA official told ET, “DLF has sought permission to change the structure of the company that has got the land for the convention centre. They want to convert it into a consortium with a foreign partner, but DDA has not taken any decision yet.”

The DLF executive said the developer has started negotiations with investors for its wind power business and expects to raise 1,000 crore through its sale.

A DLF spokesperson declined to comment when contacted by ET.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/dlf-to-sell-convention-centre-project-wind-power-business-for-rs-1800-crore/articleshow/11548623.cms

Ashiana Housing enters into Gujarat realty market

Ashiana Housing Ltd has entered into Gujarat real estate market through a revenue share agreement for 10.65 acres of land located in Halol near Vadodara in Gujarat, the company informed in a statement issued on Thursday.

“This 10.65 acres of land in Halol will be utilized to develop a residential colony. The land is currently in the process of receiving the ‘Non-Agricultural’ clearances for getting Group Housing project on the land. Company plans to receive the requisite clearances in next six months start development thereafter,” a filing with the Bombay Stock Exchange (BSE) said.

Over the past few years, rapid industrialization, growth of manufacturing sector and creation of a better social infrastructure has made Gujarat the most attractive destination for real estate, the company informed.

The statement further added that Delhi-Mumbai Industrial Corridor passes though Vadodara and has well established air, rail and road networks.

Halol is home to many large companies such as Sun Pharma, HNG Float Glass, General Motors, SETCO, CEAT, Windar Renewable Energy, Siemens and many others. The land is located 40 kms from Vadodra and 150 kms from Ahmadabad and well connected to key industrial centers such as Ahmadabad, Bharuch and Surat, along NH8.

Source: http://www.business-standard.com/india/news/ashiana-housing-enters-into-gujarat-realty-market/461596/