Latest Property News on 'Bangalore'

Domina Plans Three Vedic Sub-Brands

Real estate firm Shristi Infrastructure, which had set up a joint venture hotel management company, Domina India, with Milan-based Domina Hotel Group last year, all set to introduce three sub-brands under the umbrella Vedic label in India.

About Rs 2,400 crore will be invested over five years to set up about 35-50 properties. These will be the two-star Vedic Inn, a mid-scale Vedic Domina and five-to-seven star resorts — Vedic Resorts and Palaces. The partners will have equal share in the investment. Read More »

Hotel Room Rates in India are More than the Global Average

An industry survey estimates that the three major Indian metropolitan areas — Bangalore, Mumbai and Delhi — command some of the highest hotel rentals in the world. The study, conducted by Indusview Advisors, found that Bangalore had the world’s highest room rentals, averaging about $500, with Mumbai ($400-450) coming in a notch lower and Delhi ranking third at $350 plus.

Internationally, London hotels charge $300-450 while star properties in Moscow and Rome charge $260-350 and $140-350 respectively. But while the situation is acute even in traditional high-cost cities such as New York where room rates spiraled up 15.4 percent last year to an average of $320.87, according to an American Express report some of the strongest surges have been in Asia. With the upcoming Olympics in Beijing this August, China’s room rates have leapt 20 percent since last year. But despite the surge, room rentals in China and Singapore still range around $155 for the former and $137 for the latter as against India’s $350 in the deluxe category. Read More »

Realty Bites Tech Hubs in Bangalore, Chennai

The stock of unoccupied properties with real estate developers in the main technology hubs of Bangalore and Chennai is mounting and indications are that their problems will only get worse as software companies head towards greener pastures.

In Bangalore’s Whitefield suburb, once a magnet for IT firms, supply outstripped absorption by 300,000 sq ft in 2007 and about 8% of the developed area remained vacant, data from real estate consultancy Cushman & Wakefield (C&W) show. Prices are stagnating and the situation is deteriorating. In the first three months of 2008, the demand-supply mismatch was more than a million sq ft. Read More »

Marriott Signs New Hotel in Bangalore

Marriott has signed a management contract with Prestige Estates Projects Private Limited, for a 300-room golf resort, spa, and convention center in Bangalore, India. When opened in 2012, the Bangalore Marriott Golf Resort & Convention Center at Nandi Hills will be Marriott’s fifth property in Bangalore and 30th in India.

The Bangalore Marriott Golf Resort & Convention Center at Nandi Hills will be part of a 300-acre, mixed-use project in the city’s Nandi Hills area, approximately 10 kilometers from the airport. The project will also consist of a first-class 18-hole golf course and a residential community comprised of approximately 225 single-family homes. Read More »

Tata Housing Aims to Develop Bangalore’s tallest Building

India’s silicon city is growing taller. A planned 32-storey tower in Jalahalli, once completed, will surpass the 24-storey twin towers of Bearys Lakeside Habitat in Hebbal as the city’s tallest residential building.

The 344ft (105m)-tall structure is one of the three towers of the Aquila Heights project that will be launched April end by Tata Housing Development Co. Ltd on land earlier owned by state-owned watch and tractor maker HMT Ltd. Read More »

Nitesh Estates to set up mall in Bangalore

Nitesh Estates, the real estate arm of the Bangalore based Nitesh Group, marked its foray into the booming retail space with the announcement of setting up a 1 million sft shopping mall in Bangalore.

The mall, which would be the largest in South India, would come up on 5 acres at an investment of Rs 400 crore. The project would be ready by the end of 2009, said Ashok Ganguly, vice-president, (marketing and communication). Read More »

Yatra Capital invests Rs 175 cr in Bangalore Property

Despite fears of slowdown, investments in the Indian properties continue unabated. The Euronext-listed real estate investment company Yatra Capital has invested nearly Rs 175 crore in Bangalore-based property developments.

Yatra has invested Rs 111.62 crore in Palladium Constructions, which will develop a mixed complex of retail and residential buildings, for a 30 per cent stake. Yatra has also invested Rs 63.44 crore in another entity Platinum Hospitality Services for a 30 per cent stake. Platinum will develop a hotel in Bangalore. Read More »

Phoenix Mills buys Bangalore land from GKW Ltd

Mumbai-based real estate developer, The Phoenix Mills Ltd, has struck a deal to acquire a 25-acre plot in Rajaji Nagar in Bangalore for around Rs320 crore from beleaguered engineering firm GKW Ltd. And, while it was negotiating the deal, Phoenix Mills and its subsidiary Bellona Finvest Ltd also built a 7.5% equity interest in GKW.

When contacted, Phoenix Mills’ managing director Ashok Kumar R. Ruia confirmed his company had bought some 4.5 million shares of GKW from the market, noting: “We are interested in GKW’s land bank.” As to the specific land deal, Ruia said an announcement about the deal would be made in the “next couple of days.”At the current market price of GKW—Rs90.45 a share—the stake is valued at Rs40.72 crore. It is unclear what Phoenix paid for its shares. GKW chairman K.K. Bangur couldn’t immediately be reached and calls made to his office weren’t returned. He had, however, indicated in the past that his company was looking to sell the plot. 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 »

Sobha Developers to invest Rs 2,200 crore

Sobha Developers plans to invest Rs 2200 crore for developing about 12 million square feet of commercial and residential space during fiscal 2008-09. It sees this as an opportunity for the company to rapidly move ahead in the Indian real estate industry.

Of the 12 million square feet, 4 million will be commercial, which will include hospitality and retail. The proposed development will cover 5-6 cities, mainly in south India and the project will be funded through customer advance, internal accruals and debt. The Bangalore-based real estate company complete is expecting to complete the smaller projects in 2-3 years and the larger ones in 4-5 years.