Latest Property News on 'Noida'

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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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 »

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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Investors Trust Real Estate Industry over MF’s

The rich rarely admit when they lose money. Often it’s too little to matter. More often, they are too proud to tell the world how wrong they were. A client, who asks a private wealth manager to handle Rs 50 lakh, may change her banker if the man fails. But she is unlikely to write a letter to the editor, or drop a mail to regulators — things that angry mutual fund investors often do. Better known as HNIs, these investor’s fish for ‘sophisticated’ products that appear smarter than stocks or bonds.

Over the last four years, more and more of them have been drawn to properties. They don’t get into cash deals, broker-dealings and paper work — the messy side of real estate transactions. Instead, they ask real estate fund managers to grow their money. Their message to fund managers is simple: “first, don’t buy listed stocks, go for unlisted builders; second, pick those property firms with projects in Mumbai and Delhi, the hottest markets.” Around 15 local real estate funds are today managing Rs 10,000-12,000 crore. That’s as big as the portfolio management business of stock brokers. Read More »

FDI in India’s Booming Real Estate Jumps 80 Folds

It’s not Indians alone who are monitoring the real estate market here. More and more money is being pumped into India’s housing sector from abroad. And this, despite the recent downturn. Foreign direct investment (FDI) in India’s booming real estate and housing market jumped 80 times between 2005 and 2010. Figures obtained by TOI show that in 2005, FDI in real estate was a mere Rs 171 crore. That soared to Rs 13,586 crore in 2009-10. In April and May this year, Rs 737 crore in FDI was pumped into the sector.

It is no surprise that the largest number of building projects where FDI is in play are in the country’s commercial capital, Mumbai. Of the total 1,614 projects in which foreign investors have put in money since 2005, 422 were cleared by the Reserve Bank of India’s Mumbai office, followed closely by 316 in Delhi. Other big cities like Bangalore (225 projects), Hyderabad (105 projects) and Chennai (68 projects) also enjoyed considerable attention of foreign real estate developers. Read More »

IFC in Discussion with Real Estate Developers to Create Large Affordable Housing Projects

The International Finance Corporation is in talks with several real estate developers to create large affordable housing projects in India. “IFC has been talking with everybody; there have been discussions with the Tatas and with other corporate groups on this,” said Mr Paolo Martelli, Director, South Asia, IFC. “Everybody” includes both real estate developers and housing finance companies, he said.

“We are working on this and we hope one of these projects will be developed in the next six months,” he said. If the estimated housing deficit in India is 25 million units, then such a large requirement cannot be tackled completely from a real estate point of view, according to Mr Martelli. IFC can help the Indian sector with advice on how affordable housing has been tackled in other countries such as Mexico where “literally, they are building cities at a time, 15,000 to 20,000 homes, costing between $7,000 to $15,000”. (The Corporation is also in talks with home builder Homex in Mexico for such projects here in India.) 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 »

Realty Firm Supertech to invest Rs 2,000 cr in an Integrated Township Project at Greater Noida

Realty firm Supertech will invest Rs 2,000 crore to build an integrated township on Yamuna Expressway near Greater Noida. The township ‘Upcountry’ will be spread over 100 acre. It would be developed in two phases, the Noida-based company said in a statement. The company plans to invest about Rs 600 crore in the first phase and “the entire project will involve an investment of Rs 2,000 crore,” it added.

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 »