Latest Property News on 'Chennai'

Build Intec 2012 to focus on green building concept

Coimbatore: The city will witness a massive congregation of world’s construction industries’ best brains between February 17 and 20 as sixth edition of Build Intec 2012, an international construction exposition, is schedules to be held at the Codissia Trade Fair Complex.

Expected to draw more than 8000 visitors and showcase new and efficient constructive ideas, the thrust area of Build Intec 2012 would be ‘Green Building Concept’ said its Chairman, S Manivasakam.

Being hosted by Coimbatore District Small Industries Association (CCODISSIA), around 200 exhibitors from Maharashtra, Tamil Nadu, Andhra Pradesh, Haryana, Kerala and Delhi and representations from the US and China are expected to participate in the expo.

Building materials and components, building technology, construction materials and equipments would be show-cased in an area of around 3,000 sq m said the Codissia President, M Kandhaswami.

The line of items put on exhibit during the event is quite extensive too, ranging right from construction machinery, brick making tools, tower cranes and coir products, to landscaping devices, storage appliances, building management systems and housing finance services.

Build Intec is one of the leading building and construction industry related trade fairs in India. The show serves as a convenient platform for qualified experts from this sector to closely deliberate upon the latest market trends and developments. The show gets its global flavor from the large contingent of foreign participants, hailing from countries like Pakistan, Germany and the United States, who are present here.

The expo would provide excellent business networking opportunities for the participating companies and the visitors.

Playing host to more than 200 exhibiting companies, showcasing a vast range of construction tools, products and machines, some of the main items to be exhibited at the show are industrial adhesives, ceramic tiles, flooring solutions, electrical products, bath fittings, aluminum composite panels, hardware, plumbing accessories and waterproofing products. Damage resistance tools, safety and security equipments, air conditioning systems, cables and solar energy tools are also to be showcased along with brick making equipments, construction machinery, tower cranes, transmission instruments, stone cutting tools, housing finance services and trade publications.

Several eminent industry professionals from the construction sector, including architects, contractors, promoters, distributors, interior decorators, builders and consulting engineers are expected to register their presence in the expo, which would also witness participation of leading property developers, project managers, structural engineers and facility planners.

Curtain raiser

Build Intec 2012At the curtain raiser event was organised by Build Intec and Codissia at Hotel Aloft here on Wednesday. Speaking on the occasion, chairman of the Coimbatore Chapter of Indian Green Building Council, Rajesh B. Lund, said there would be a seminar on ‘Green Building – The Only way’ on February 18, where the focus would be on green houses and conversion of existing factories to green factories. He said the green building concept was catching up, albeit slowly.

The President of the Indian Chamber of Commerce and Industry, Coimbatore, Dr M. Krishnan, said such events would serve as platforms for showcasing Coimbatore globally. ‘Though the city has grown, we have failed to market the city,’ he told The Hindu.

Lead Bank Manager, J Vanangamudi, said there was a slight reversal in trend with bankers now approaching various builders evincing their interest to participate in such fairs. “Banks participation would also help visitors have a fair idea of the product offerings of different banks, make a comparison of the interest rate, and understand the market trend,” he added.

Source: http://smehorizon.sulekha.com/build-intec-2012-to-focus-on-green-building-concept_construction-viewsitem_6880

Prestige Group launches Bella Vista in Chennai

Prestige Group launches Bella Vista in Chennai

The Bangalore-based Pr­estige Group has launched its first residential apartment project Bella Vista, near Porur, a suburban area in west Chennai. The company has already done a few commercial office space projects and is also constructing a high-end mall in Chennai.

The project, to come up in an area of over 25 acre, originally planned to be an IT SEZ by the Chennai-based Rattha Group, is being developed by Prestige on a joint development basis. The land has been de-notified to develop a residential project now and the developers have received all necessary approvals from the authorities.

The project will offer 2,600 apartments, ranging from one BHK studio apartment to two, three, four BHK, besides offering variations in terms of study rooms and toilets, among others, taking the apartment size to around 2,600 sq ft. The group has offered a launch price of Rs 4,200 per sq ft for the first 500 apartments that are booked or sold. The group intends to increase the price before the scheduled completion.

The project promises a series of interconnected courtyards and safe pedestrian zones with water bodies and extensive gardens exclusively for its residents. There are a whole lot of common amenities and a large club-house to suit the multiple needs of such a large community of residents.

“This is our first residential development in this city, where there is scope for quality residential developments in this market,” says Irfan Razack, CMD, Prestige Group. “Chennai is a very important market for us in our growth plans and we are looking at several more high-profile launches,” Razack added.

According to him, the company intends to take up construction and finish the entire lot of 2,600 apartment units in a single phase. “The Chennai residential market has been growing at a rapid pace and there is growing demand for international-quality residential developments. The Prestige Group has a wide repertoire of residential projects to their credit, spanning across luxury apartments and villas to townships, across several cities in south India. We are happy to be partnering with them on this project,” said, HS Rattha, chairman, Rattha Group.

Source: http://www.mydigitalfc.com/real-estate/prestige-group-launches-bella-vista-chennai-038

Skyscrapers to dot suburbs soon

If the state government heeds to the proposals of Chennai developers, the city’s suburbs will soon be dotted with skyscrapers while the supply of office space within Chennai will go up.

Also, multi-level parking facilities could come up in residential apartments solving the parking problems of most city folks.

“Premium FSI space in DTCP areas, conversion of IT projects into office space and extension of parking space are among the amendments that we have sought to the development control rules (DCR),” said Mr T. Chitty Babu, president, Confederation of Real Estate Developers Association of India (Credai), Chennai.

“With Chennai suburbs going in for expansion, there is a need to encourage growth in these areas through vertical route. For this, premium FSI space in DTCP areas is needed,” he said at a function unveiling a new Credai logo.

Also, conversion of 1 crore square feet of IT space lying idle in the state into office spaces is another request from Credai to CMDA. There is hardly 2 lakh square feet offtake of IT space per quarter, Mr Babu pointed out.

Another key demand is to allow multi-level and stand-alone car parking facilities in residential areas. For now, such facility is allowed only for commercial projects.

The residential demand in Tamil Nadu has been strong following the entry of companies into the state. “There is an influx of people from outside as more companies are moving into the state,” the Credai chief said.

This trend is established by a recent study that shows more non-Tamils buying residential units in the state. “About two years ago, 90 per cent of homes was bought by Tamils. But now, the ratio is 60:40 with 40 per cent non-Tamils in the state buying up properties,” Mr Babu said.

The national chapter of Credai has come out with a code of conduct for developers and has opened a consumer redressal forum.

Source: http://www.deccanchronicle.com/channels/cities/chennai/skyscrapers-dot-suburbs-soon-410

TN Housing Board studying joint development, land pooling concepts

The Tamil Nadu Housing Board is working on new business models such as joint development and land pooling concept in real estate development to increase supply of affordable housing, according to Mr Phanindra Reddy, Secretary, Housing and Urban Development, Tamil Nadu.

Addressing the Municipalika 2012, an international seminar on sustainable urban development, he said the public sector housing provider has run out of land bank stocks and is exploring new business models. These include joint development of land and land pooling in which the land owner not only gets the market price for land but also benefits from the value addition to the land as he gets a share of the developed portion, he said.

The State Government agencies such as the Housing Board, Chennai Metropolitan Development Authority and the housing cooperative societies are all focussed on improving service delivery. Public transport is set to get a fillip with the implementation of the Unified Metropolitan Transport Authority which will coordinate with the different modes of transport. Focus is also on planned development of smaller cities and towns

Mr Sudhir Krishna, Secretary, Urban Development, Government of India, said State Governments have to strengthen the capacity in skills and processes in the local bodies for improve urban governance.

Development of satellite cities is of primary importance to bring down pressure on existing urban centres. Success stories in Delhi and Kolkata are a proof of the necessity for satellite cities. Redevelopment of cities while protecting heritage structures is important, he said at the international seminar on urban governance organised by the Good Governance India Foundation.

The Tamil Nadu Minister for Housing and Urban Development said the housing board and the Tamil Nadu Slum Clearance Board together plan on providing over 1.85 lakh residential units at a cost of over Rs 17,230 crore over the next five years.

Source: http://www.thehindubusinessline.com/industry-and-economy/article2825784.ece?homepage=true&ref=wl_home

Sobha Developers launches Rs 400 crore projects in Chennai

Bangalore-headquartered Sobha Developers today announced its foray into Chennai residential market by launching two ventures with a combined project size of over Rs 400 crore.

Company Managing Director J C Sharma announced the launch of Sobha Merrita and Sobha Serene at Kelambakkam and Porur on the city outskirts respectively.

This was the second residential project by the developer in the state after its projects in Coimbatore though the company was executing “contractual projects” for IT firms Infosys and Dell in Chennai, he told reporters here.

Coming up over six acres with various amenities, Sobha Meritta had a project size of Rs 300 crore, TP Sanjaya Sarathy, Regional Director of the firm said.

He added that Serene was of a project size of Rs 120 crore and coming up at Porur over 3.15 acres.

There was “overwhelming response to the soft launch and good buyer interest,” he said adding the company was looking at implementing various projects, including Villas in Chennai.

A company release said Sobha Developers had completed 73 real estate and contractual projects as of September 30, 2011 with a total developed area of 47.37 million sq.ft.

“We currently have 45 ongoing real estate projects in six cities across the country,” it said.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/sobha-developers-launches-rs-400-crore-projects-in-chennai/articleshow/11536967.cms

Paramount Group Signs MOU with Germany Based Aluplast Group

Real estate developers Paramount Group today signed a memorandum of understanding (MOU) with Germany-based Aluplast Group for the supply of windows specially designed for the Indian firm. As per the agreement, Aluplast will supply 25 lakh square feet of U-PVC windows to Paramount at the cost of Rs 300 square feet. “To start with, the initial module is of Rs 75 crore. It is a ongoing process. We will be continuing these windows in all our projects,” Paramount Group of Companies Executive Director Ashwani Prakash told reporters here.

This is in line with the our investments in superior technology and quality products, he added. “We have always provided our customers best luxury in affordable range. I am delighted that we have once again maintained our promise by signing this MOU,” Paramount Group of Companies MD Mukesh Aggarwal said in statement. The windows to be supplied by the company will have the same technology that is being used in Germany and will be hundred per cent lead free and energy efficient, Aluplast said.

Aluplast Group Chairman Manfred Seitz said: “Aluplast windows are patented windows. The company is the technology leader in the market offering a wide range of different products that suit every geographical situation and individual market necessities.” Aluplast has 23 production plants and produces nearly 10 million windows annually.

Emami Group buys 850 Acres of Prime Land in Countrywide Property Expansion Binge

Emami Group, a Rs 3,700-crore diversified conglomerate, has bought about 850 acres of prime real estate in a countrywide property expansion binge. The company has spent more than Rs 200 crore to buy land in Hyderabad, Chennai, Coimbatore, Jhansi and Kolkata for developing up-market large scale residential and commercial complexes.. Top officials from Emami are negotiating more land deals and expect to clinch them in 2011-12, RS Agarwal, group joint chairman, Emami, was quoted as saying. “We are indeed in a hurry to lap up huge tracts, but will not close the land deals in haste. All pros and cons will be weighed before we clinch the property,” he said.

Agarwal, however, refused to reveal the break-up of these deals citing corporate governance issues. He said the company has been supported by commercial banks and lending institutions. “We are looking to build premium residential complexes. We also plan to develop large as well as mid-sized mixeduse housing projects comprising residential, hospitality, retails and commercial properties depending on prevailing market conditions,” said Girija Choudhary, director, Emami Realty.

“Our real estate ventures, like all other projects being undertaken by us, will be financed by unsecured and secured loans, advances from customers and promoter’s own funds,” Choudhary said. The Emami Group, which has taken big strides in FMCG and personal care space over the years, has been actively involved in the city’s realty market. It has acquired majority stakes in some of Kolkata’s landmark real estate projects being developed by a city-based realtor or a group of realtors. On its own, the group has been building residential complexes under the Orbit brand.

“Although a firm decision has not been taken, as a group we intend to grow our real estate business independently. Joint venture developments will be taken up selectively and only if the deal is lucrative. Going forward, the focus will be more on promoting the umbrella brand ‘Emami’,” Agarwal said, outlining the group’s future plans.

Bangalore Based Sobha Developer Looking to Raise 150cr via Sale of Land Bank

Sobha Developers, the Bangalore-based publicly-held realtor, is understood to be looking to offload a part of its 2,550 acres of land bank spread across the country to reduce its gearing (comparison of long term debt to its equity capital) by the end of FY11. The company, which has a debt of Rs 1,362 crore with a gearing of 0.71 times, is looking to bring this level to 0.5 by end of the ongoing fiscal, reports Business Standard. “We are targeting to raise Rs 150 crore through sale of land bank shortly. In addition to this, with steady sales being registered we should be able to able to bring down the leverage to more comfortable levels,” a senior official of Sobha Developers was quoted as saying.

The company over the past 18 months has been offloading land bank parcels after touching a uncomfortable leverage of just under two times as it amassed debt to expand its land bank when the global financial meltdown of 2008 hit the realty sector in India.
According to the company, its net debt level recently increased as it invested to acquire a majority stake in one its subsidiaries which is expected to realise sales of Rs 808 crore over the next few years as and when it is developed. Sobha Developers has 45 ongoing projects aggregating to 16.16 million square feet in real estate and with 22.30 million square feet of total area under development.

It is also lining up 17 projects aggregating 8.97 million square feet in real estate. According to the senior official of Sobha Developers, eight projects aggregating to 2.25 million square feet of projects are targeted for completion in FY12 in the real estate segment, while 23 projects aggregating to 2.80 million square feet of projects are planned to be completed by the end of this fiscal. “Overall, 31 projects, aggregating to 5.05 million square feet are targeted to be completed and handed over by FY12,” he added.

Despite gloomy macroeconomic conditions, the company has managed to grow its average sales realisation to Rs 5,196 per square feet as against Rs 4,547 per square feet during the corresponding previous second quarter of last fiscal. “The present trend reflects further improvement in the realisation in the coming quarters and we are confident of maintaining current operating margins despite cost pressures,” the official noted adding that they are poised for Rs 1,500 crore new sales in real estate. The company has cash and cash equivalent of Rs 438.54 crore by end of Q2 of FY12.

SMR’s Flagship Gated Community Project Getting Ready in Hyderabad

SMR Vinay Fountain Head, the flagship gated community of real estate developers SMR Group, would be ready by February next year. SMR would give possession of the dwelling units then. In all, it has about 975 units in 10-acre project coming up at Hydernagar, near the Miyapur to Ga-chibowli road in Hyderabad. The project is situated near the IT hub of Hyderabad. According to SMR chairman and managing director, S Ram Reddy, who is also the chief architect of the project, the Fountain Head focused on the layout to ensure that it would not be ‘crowded’. It would have four towers, each 19 floors and a lot of landscaping.

The project is a combination of two BHK averaging 1,200 sq ft and three BHK measuring around 1,800 sq ft. The company claimed it has sold about 50 per cent of the units at an average price of Rs 2,900 per sq ft. The project cost is estimated to be Rs 350 crore, of which Rs 75 crore came from promoters, Rs 70 crore as loans from financial institutions and about Rs 150 crore from the owners- to-be.

“The total area of construction is about 20 per cent. We have left the remaining open. The structure is designed to withstand seismic loads,” he said. Based on customer feedback, it designed the living room for multiple uses. The units would have sit-outs offering a view of the surroundings, said Reddy, adding that the project has a 50 ft setback including 30 ft road and 20 ft greenery. About 75,000 sq ft has been earmarked for various amenities. For health freaks, Fountain Head would have a jogging track and separate gyms for men and women.

The terrace garden turns into a venue for get-togethers and celebrations with music. And for the pumped up ones, there is a dance floor, too. For leisure, swimming pool, reading room, coffee shop and tennis court are lined up. The gated community, where the apartments would not have common walls, would also provide wi-fi connectivity, a three-level parking including for guests, children play area, an amphitheatre and multiple banquet halls.
SMR has other residential projects — such as Sky City with 120 apartments in 13 floors at Uppal and Symphony with 190 units at Gachibowli — which are already partly occupied.

Puravankara Targets Overseas Market; Plans Project in Sri Lanka

Real estate developer Puravankara is eyeing the overseas market for expansion. The company’s maiden project in a foreign soil is coming up in Sri Lanka. The company had invested on the land some years back, but postponed development as the situation was not congenial for promoting mega projects. “We were waiting for the right time to develop it,” a senior official of the company told Business Line.

Stating that Purvankara would make an announcement about this upcoming project before the end of the current calendar year, the official said “the site is located en route to the airport from Colombo city. It is a 25-acre plot and we have the necessary approvals in place from the respective authorities.” The real estate development major also owns another piece of land within the city limits, but would look at developing the same at a later date he said, referring to the land holding in Colombo.

“The project would comprise apartments and mid-segment dwelling units,” he said without disclosing more details about the company’s overseas venture. In India, Puravankara is planning to reach out to 22 cities over the next five years. The company is planning to moot projects in Tiruchi, Salem, Madurai and so on among other locations.
The company, meanwhile, has expressed its intent to hike the price of ‘Purva Bluemount’ – a project under construction at Singanallur in Coimbatore, from November 21. The project is sitting on 16.86 acre, with a planned layout of 1,116 units, comprising two and three bedroom apartments ranging from 1,352 sq feet to 1,872 sq feet. Construction is under way, work commenced around May 2011.