Latest Property News on 'Delhi'

SRK Group planning Major Investment in India

Real estate developers SRK Group is planning to invest Rs 5,000 crore in developing residential and commercial projects in India. The group will undertake work in various cities like Delhi, Gurgaon Ahmedabad, Pune and Chennai over the next five years with plans to expand to new cities. “The group has identified many projects in south India and other parts of the country to pump in about Rs 5,000 crore in the next five years in developing residential as well as commercial projects,” industry sources said.

When contacted, the Pune-based SRK Group’s Chairman and Managing Director K Rasheed Malik said, “We are looking into new areas and different projects. Currently we are talking to land owners to acquire land, but nothing has been finalised yet. In Kerala, we have already identified some projects, which we will be developing in the future.” He, however, declined to comment on the size of the investment the group is planning to put in. Read More »

Mega Realty Deals dot Delhi’s Golf Links

The real estate sector might have hit a rough patch of late, but that has not stopped India’s rich and mighty from striking housing deals in Delhi’s elite areas at fancy prices.

Three low-profile but high-value transactions worth Rs 300 crore have been closed in Central Delhi’s posh Golf Links locality, where infrastructure major GMR, a prominent auto dealer, former prime minister IK Gujral’s son Naresh Gujral and a politician have each bought a house in the past two months. Read More »

Realty rocks in Micro Markets

Not everyone is unhappy about the way real estate prices are moving up in the country. In fact, there’s reason for cheer for some who live in the periphery! Would you have thought five years back that your property in Indirapuram in NCR, Lower Parel in Mumbai, Old Madras Road (OMR) in Chennai or Bellary Road in Bangalore would fetch you such high returns? Maybe not. These locations may not have been commanding a premium then, but today the rates here have jumped manifold.

Figure this out: A phenomenal level of growth, with residential capital values in certain areas recording a 400-500% increase, has been wit-nessed in the last five years. Locations such as Noida in NCR, Lower Parel and Parel in Mumbai and many areas in North East Bangalore such as Hebbal, R T Nagar, Bellary Road, Yelahanka and Cox Town have seen a rise of over 400% in the last six years. Read More »

Squeeze on Tech Firms could Pull Down IT Office Rentals in NCR

An anticipated oversupply in information technology or IT office market is, expected to push down rentals of these buildings in the National Capital Region (NCR), which includes Delhi and its environs, according to real estate consultant Jones Lang LaSalle Meghraj. Rentals of such office space are presently hovering at around Rs 35-70 per sq. ft in NCR.

Cheaper space? A view of DLF Cyber Greens in Gurgaon “I think there will be an oversupply in the IT office market,” Abhishek Gupta, head of research, Jones Lang LaSalle Meghraj, said. “Rentals will certainly come down. The only question is which micro markets will be able to sustain rentals.” 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 »

Residential Rentals in Delhi up 13% in 2008

Rentals of residential properties in central Delhi has appreciated up to 13 per cent in the first quarter of 2008 as demand continues to be buoyant despite the capital witnessing saturation in development of new space, a report says.

Global real estate consultant Cushman & Wakefield said central Delhi locations have witnessed appreciation in rentals in the range of 7-13 per cent in the first quarter as demand in these locations was driven by expatriates who have the ability to pay higher rentals. Read More »

Paramount Group to Invest Rs 1100 cr in three Projects

Delhi based real estate developer Paramount Group is understood to have decided to invest about Rs 1,100 crore in three projects over the next two years.

The company is developing a group housing project - Paramount Symphony - in the upcoming integrated township, Crossings Republik in the national capital region, spread over 360 acres of land. 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 »

Delhi NCR Rents may Stabilize Next Quarter: Report

Rentals in the National Capital region are expected to stabilize in the next quarter as supply is set to increase Gurgaon and Noida, says a report.

According to commercial real estate services firm CB Richard Ellis, rentals are expected to be stable in the next quarter as the supply is set to increase significantly in Gurgaon and Noida. Read More »

The SC order of increase in the size of dwelling units: A bonanza for Delhiites

The recent judgment of the Supreme Court permitting the construction of a third floor in the national capital is a bonanza for citizens of Delhi. It will enable the residents to use the entire permissible construction area under the new Master Plan 2021 (MPD-2021). However, the present judgment is conditional to the final one on the same issue. While the court allowed the construction of third floor subject to the condition that it should meet the floor area ratio (FAR) norms outlined in the MPD-2021, it has restricted the number of dwelling units that can be constructed on a given plot-size. Consultants feel this will limit the pressure on the existing city infrastructure to an extent.

The court’s decision has resulted in a sudden escalation of the price of plotted development in the city. According to one estimate, the land rates for plot sizes up to 250 sq meter have gone up by around 15% to 20%, post judgment. Even the price of large properties has gone up by around 10%. As shown in the chart, the permission for construction of the third floor has released huge construction area in the city. The owner of a plot size of up to 250 sq meter is benefited the most. Now, they can construct 30% to 33% extra. Earlier, as the third floor was not allowed and ground coverage area was restricted to 90% and 75%, the owner of plot of up to size of 250 sq meter could not utilize the entire area allowed for construction on the plot. Read More »