Latest Property News on 'Gurgaon'

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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HDFC Increases its Retail Prime Lending Rate (RPLR)

After a gap of two years, mortgage leader HDFC has increased its retail prime lending rate (RPLR) by 50 basis points to 14.25 per cent.
Significantly, the lender has not said anything on the continuation of its “teaser rates loans”, launched late last year and which was supposed to end yesterday.

“This (the hike) is in line with the current rates of interest in the economy, which have hardened in the last few months due to rising inflation and tightening of liquidity in the domestic market,” HDFC said in a statement, adding that the new rates will be effective from tomorrow.
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Bangalore Based Firms Plans to Raise Rs 100 crore through NCDs

Century Real Estate, a Bangalore-based full-service real estate development company recently raised Rs 100 crore through a private placement of non-convertible debentures (NCDs). The company, which has plans to launch seven projects, will use these funds for project development, according to a company press release. Through these projects, the company would develop a built-up area of 1.7 million sq ft in the next eight months.

Mahesh Prabhu, director-finance, Century Real Estate, said in the release that with the launch of these projects, the company plans to add an inventory of over 1,500 apartments to the existing inventory of 1,200 apartments. The company currently has nine ongoing projects with a total built-up area of 1.2 million sq ft across Bangalore.
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Aditya Birla Group Plans to Expand its Luxury Retail Chain

Aditya Birla Group, promoted Madura Garments Lifestyle Retail today said it will set up its high-end luxury stores -’The Collective’ in three new cities next year, besides expanding in the existing locations. The company currently operates two stores, one each in Mumbai and Bangalore that sell high-end luxury apparel and accessories from brands across the world under ‘The Collective’ banner.

“We are opening the third store in Delhi on Sunday and the plan is to explore opportunities in Chennai, Chandigarh and Hyderabad by next year. We will also look at opening more stores in Mumbai and Delhi,” MGLRC Chief Operating Officer Ram Iyer told PTI. Iyer, however, did not specify the total number of stores the company is planning to set up in 2011 saying that talks were currently on with the real estate developers. The company is likely to make an investment of about RS 40 crore in next year. “One store entails an investment of Rs 8 crore,” Iyer said without specifying the total investment planned. Read More »

Hoteliers Planning to Increase Room Tariff by 10-15%

In an attempt to cash in on the peak winter season and the improved economic scenario, “Hoteliers are planning to increase the average room rates (ARRs) by 10-15 per cent from September 2010 as they expect tourist traffic to improve,” says a report by domestic brokerage Angel Broking.

Although, the report didn’t talk about their plans for the upcoming Commonwealth Games, it is expected that tariffs will increase from October 3-14 on the back of strong demand. Last two years proved dull for the hotel companies as they were forced to slash average room rates by 25-30 per cent due to terrorist attacks in the country that led to lower occupancy levels as people were apprehensive to travel, the report said. Read More »

Global Commercial Real Estate to Touch $300-bn Mark

Reflecting improved investor confidence, investment in commercial real estate globally is expected to witness a “healthy” growth of 40-50 per cent to $300 billion in the current year, says a report. According to the report by global real estate services firm Jones Lang LaSalle, the first half of 2010 saw investment worth $130 billion in the commercial real estate globally and is likely to touch $300 billion in the full year, representing an increase of 40-50 per cent from 2009.

“The first half of the year showed that confidence has improved and momentum has increased. While markets across the globe are strengthening, the last few weeks have shown that regional markets are moving with different dynamics,” the report noted. In the commercial real estate market, the quickest recovery was seen in the Asia Pacific. Europe lagged behind, where the investors still seem more hesitant, due to sovereign debt and austerity packages concerns, followed by the US, which had a slow start to 2010, but investment markets are picking up with the stabilised market fundamentals. Read More »

Godrej to Fully Focus on its Property Arm

The $2.5-billion Godrej group plans to make its property development arm Godrej Properties (GPL) the largest business within the group in 5-10 years. “This is the fastest growing and capital intensive business and does not entail competitive pressures as other businesses have. In turn, most of this company’s growth will be from the affordable housing segment,” group chairman Adi Godrej said.

Godrej Properties will be raising Rs 500-1000 crore within two years through a qualified institutional placement. “The promoter holding in the company is around 83%. We can dilute up to 10% equity to raise money depending on project requirements,” he said. The company, which has a debt-equity ratio of 0.6:1, had raised around Rs 550 crore in January through its initial public offering. Read More »

Lalit Suri Hospitality Group Plans Expansion

Lalit Suri Hospitality Group, which runs the Lalit chain of hotels, will invest Rs 2,500 crore by 2014 for expansion across luxury and mid-segment properties. The group’s chairperson and managing director Jyotsna Suri said that it has earmarked Rs 2,000 crore for expansion of luxury hotels and Rs 500 crore for mid-segment hotels. Suri said the group is taking up new projects in the luxury segment in cities, including Jaipur, Chandigarh, Kochi and Ahmedabad but did not share details.

The group has seventeen luxury hotels with 3,600 rooms in the five-star deluxe segment.
She said the company plans to open its hotel in Thailand by 2014, while it has put on hold plans to open a hotel in Dubai due to economic situation there.
Commenting on the group’s plans for mid-segment, she said the first hotel under the ‘Lalit Traveller’ brand will be opened within the next six months with the operationalisation of its property at Faridabad.
“The objective is to promote domestic tourism. There is a need to create hotels in the budget segment, ” Suri said. Read More »

Wal-Mart and Carrefour Ask Govt to Allow 51% Foreign Investment in Multi-Brand Retail

Two of the world’s top retailers, Wal-Mart and Carrefour, vying for a cut in India’s organized retail pie, have asked the government to allow up to 51 per cent foreign investment in multi-brand retail. India allows 51 per cent foreign direct investment (FDI) in single-brand retail and 100 per cent FDI in cash-and-carry or wholesale trading.

Wal-Mart has partnered Bharti Group to operate cash-and-carry wholesale stores and intends to continue the tie-up for multi-brand retailing. Bharti Wal-Mart believes that FDI in multi-brand retail should be permitted without any restrictions. They believe it will create conditions for greater flow of investments to the back-end with related benefits for farmers, small businesses and consumers.
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Indospace Plans to Spend Rs 500 cr in Developing an Integrated Logistics Park

Indospace Logistics Fund, part of the Sameer Sain-promoted Everstone Capital that invests in logistics and industrial real estate, plans to spend around `500 crore in developing an integrated logistics park in the National Capital Region, according to people familiar with the development.

Indospace Logistics is currently talking to FWS, a Delhi-based logistics developer, to build the facility which will have large warehouses which can be used by retail and consumer goods companies. The proposed implementation of the Goods and Services Tax, or GST, is expected to create the need for large warehouses that will replace the current practice of smaller stockyards in multiple states. This is done to avoid duplication of taxes but will not be required once the GST regime is in place. Read More »