Latest Property News on 'Faridabad'

DLF Puts on Hold its Plan to Sell Non-Core Assets

DLF, India’s largest real estate company, has put on hold its plan to sell its non-core assets including ultra-luxury hotel chain Aman Resorts and wind energy business for the next three quarters, said Rajeev Talwar, MD at DLF Developers In July, the realtor had indicated that it plans to raise around `2,500 crore in the next 15-18 months by selling its non-core assets. The firm had raised around `290 crore for the quarter-ended June through sale of land parcels.

“Properties assume different prices at different times. Since prices in the real estate sector have started firming up, we have deferred our divestment plan for three quarters. We will rather wait for the right market condition,” said Mr Talwar. Reasons for holding onto the two business are different. “The valuation of our wind energy business was high so we decided to wait. In case of Aman, we want to check how the travel industry fares before selling our stake in it,” he said. DLF saw improved cash flows from operations in the past few months in the backdrop of recovery in the realty space. With commencement of construction of many projects, the cash flows are expected to improve further. The builder saw its total debt increase 25% to `18,463 crore during the June quarter due to the acquisition of debt-laden DLF Assets. Read More »

BPTP’s Plans Residential Project “Park Arena” in Faridabad

BPTP has announced the launch of its new residential project — Park Arena — in Faridabad. Starting at a base price of Rs 2,750 per square feet, Park Arena is spread over approximately 10.5 acres of land, and is a sports theme based group housing offering a range of 2 BHK, 3 BHK and 4 BHK (Duplex) apartments, according to a company press release.

Park Arena is located in Parklands — the signature BPTP integrated township in Faridabad spread over approximately 1,415.49 acres of land with saleable area of 57.99 million sq ft. Parklands comprises residential plots and independent floors, villas, high and low rise group housings, convenience commercial complexes, IT park, IT SEZ along with other social infrastructure like clubs, hospitals, schools, police post and places of worship. The project is in proximity to the existing NH-2 (Delhi-Agra) as well as the upcoming Faridabad-NOIDA-Ghaziabad expressway which will connect Faridabad, Noida and Ghaziabad.
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OCUS Group Announces the Launch of its Second Commercial Project in Gurgaon

After the grand success of Ocus Technopolis, located on the Golf Course Road in Gurgaon, Ocus Group has announced the launch of Ocus Technopolis2 — Gurgaon’s first ultra efficient commercial project. Spread over 2.43 acres in Sector 51, Gurgaon, Ocus Technopolis2 is slated to become the location of choice for all retail and commercial needs, claims the company. This commercial edifice will have a range of office blocks/ business suites overlooking the wide and open expanses of Sector 51, giving a clear and unobstructed view of the Gurgaon skyline, along with an open sky retail piazza to satisfy everyday as well as exquisite needs.

With a fascinating and diversified landscaping, Technopolis2 aims to fulfill the desire of those who want to “live their work life,” with serene natural surroundings and modern and premium amenities at their fingertips. Several on-site and nearby amenities in and around Technopolis2, add a unique appeal to the address. It will boast of flexi offices, furnished business suites, business centre, several fully-equipped conference rooms, F&B outlets, multi-cuisine take-away & a world class retail arcade among other facilities.
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Sobha Developers to Start $107 Million Luxury Home Project in New Delhi Suburb

Sobha Developers Ltd., the best performing stock on the Bombay Stock Exchange Realty Index this year, plans to start a 5 billion rupee ($107 million) project in a New Delhi suburb to build luxury homes as the economy expands. “We are entering the golden era in real estate now,” J.C. Sharma, managing director of the company said in an interview. “Residential houses are showing signs of robust recovery. The growth phase has started now.”

The project, located in Gurgaon, on the outskirts of New Delhi, is spread across 150 acres (61 hectares) and will start by March, Sharma said. The government’s focus on building roads, ports and airports, a growing middle class and a rise in factory output are leading to higher economic growth and stoking demand for homes, Sharma said. India’s economy has grown an average 8.5 percent every year during the past five years, doubling per- capita incomes in the period. Read More »

Multiplex Chains Plan Expansion

Multiplex chains are expected to add over 200 screens before March 2011 as some of the mall projects that were delayed due to the downturn in the real estate sector are being completed now. Many of such projects were pending due to lack of demand for space from retailers as well as funds with property builders to complete construction due to the economic slowdown. Although some see it as an early sign of a recovery for the retail segment of real estate, others believe multiplex owners will face fresh hurdles to expansion in the next two years as developers are still cautious in initiating new mall projects as retailers are not expanding so furiously.

Rajeev Talwar, executive director at DLF said: “It will take another successful festive season and monsoon to assure developers to expand their retail business further, which is expected to happen in the next fiscal.” Although this has not stopped top multiplex players including Big Cinemas, PVR and Inox Leisure from chalking out big expansion plans, Milan Saini managing director of Mexican firm Cinepolis, one of the recent entrants to the business said the future looks tough. “Going by the cautious approach of developers to take on new mall projects we are not sure if our targets of adding screens would be met at the pace we would like it to be,” he said. Read More »

12% Hike in Delhi and NCR Housing Rentals

Housing rentals have gone up by 12 per cent on an average in Delhi and NCR in the April-June period of the current year compared to the same period last year, real estate portal 99 acres.com on Tuesday said in a report. The report, which took 3 BHK flats into consideration, said the highest appreciation during the period in South Delhi was seen in the Saket area, where rentals increased by 31 per cent followed by South Extension, Safdarjung and Malviya Nagar by 24 per cent, 22 per cent and 21 per cent, respectively.

“Both Vasant Kunj and Dwarka seem to have emerged as the most affordable rental destinations in Delhi for the middle income group,” it said. Key localities in East and West Delhi have seen an upward trend in rental prices with areas like Patparganj, Vasundhara Enclave and Mayur Vihar witnessing a 12 per cent increase in rental values during the April-June over the same period last year. Read More »

Haryana comes up with New Guidelines for Flat Registration

The urban local bodies department of Haryana has come out with new guidelines for registration of independent floors within the area of municipal corporations or councils or committees of the state.

Urban local bodies minister Mahender Pratap Singh said the registration of independent floor would be allowed in case of the residential buildings situated in approved residential town planning schemes, improvement trust schemes or any other scheme approved or adopted by the state government or regularised colonies and the existing buildings located inside the original limits of municipal corporation or council or committee. The registration of independent floors would be allowed only in case of the buildings having access from at least 20 feet wide street or road.
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Unitech all set to Acquire New Projects

Buoyed by an over 14 per cent jump in its consolidated quarterly net profit, the country’s second largest realty firm Unitech is all set to explore possibilities for acquiring new projects in the coming months.

The company had reported its consolidated net profit for the quarter ended June 30 at Rs 180.04 crore compared to Rs 157.77 crore in the same quarter last fiscal. The total income of the Unitech Group also increased by 53.87 per cent to Rs 843.57 crore in April-June compared to Rs 548.22 crore in the corresponding quarter last fiscal.
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Zuri Group Looking at an Investment of Rs 1,200 crore to Expand its Presence in Hotel Industry

Zuri Group Global, the multinational conglomerate, has chalked out a multi-pronged expansion approach for its hotel chain, Zuri Hotels and Resorts, in India and abroad over the next five years. The company is looking at an investment of Rs 1,200 crore in the hospitality sector to set up its own brands and take up management contracts as part of its strategy to increase the number of wholly-owned properties.

The management contract model will allow Zuri to rapidly build a presence in more cities around the world, Priti Chand, assistant vice-president, PR and Corporate Communications, said. Chand said the company intends to set up at least 10-15 projects under the management contract models in cities, such as Hyderabad, Chennai, Mysore, Kochi, while the owned projects will be coming up at Bangalore, Nairobi and in West Asia in the next two years. The company is in advanced stage of discussions with various private owners for management of these hotels, she added. Read More »

Vigneshwara to Launch Commonwealth City development Project in Gurgaon

Vigneshwara a leading Infrastructure developer has joined hands with Common Wealth Games as Official Licensee in the Real Estate category for Common Wealth Games, Delhi 2010.

Vigneshwara is preparing to launch its first Commonwealth City development Project in Sector-74 Gurgaon in September 2010. For this, it plans to call the ambassadors, chief de mission of respective countries and other important dignitaries for the Grand launch.

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