Latest Property News on 'Real Estate Trends'

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 »

TCIL Plans Exit from Real Estate Business

Transport Corporation of India (TCIL) will demerge its real estate and warehousing divisions in next three months and expects to create greater value for shareholders through the hive-off. After the demerger, the company would focus on the core activity of providing logistic services, according to a report published in Financial Express.

“Our board approved the demerger in April this year while shareholders have just given their nod to the proposal. The matter is with the Andhra Pradesh High Court at present. We are expecting a green signal in next 2-3 months,” (TCIL) executive director Vineet Agarwal, said. “The logic in the demerger is that we want to create value for shareholders by focusing on our core activity. The development of real estate and warehouses will be done by the new company,” he added.
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Consumer Affairs Ministry Gives Green Signal to 49% FDI in Multi-Brand Retail

The Consumer Affairs Ministry has given the green signal to allow 49 per cent FDI in multi-brand retail. It has written a letter to this effect to the Commerce Ministry. India currently allows 100 per cent FDI in cash-and-carry operation and 51 per cent in single-brand retailing. Foreign investors are barred from investing in multi-brand retail. Additionally, the Ministry also sought that a model law be first put in place at the State-level to protect mom-and-pop stores from the impact of the ‘Big Boys’ of retail.

“Multi-brand retail should be permitted with a cap of 49 per cent. A significant chunk of investments should be spent on back-end infrastructure, besides logistics and agro-processing,” the Consumer Affairs Ministry had said in response to the discussion paper floated by the Department of Industrial Policy and Promotion in June on allowing 100 per cent FDI in multi-brand retail. 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 »

CMDA comes with New Guidelines to Meet Affordable Housing Demand

In a bid to create housing stock jointly with owners having large tracts of land and to meet the increasing demand for affordable housing in Chennai metropolitan area (CMA), the Chennai Metropolitan Development Authority (CMDA) has framed a new set of guidelines for implementation of the Public Private Partnership (PPP) scheme.

The guidelines comes in the wake of Minister for Slum Clearance and Accommodation Control Suba Thangavelan’s announcement in the Assembly in April that the Housing and Urban Development Department would implement PPP for housing projects in the CMA. Read More »

Ambuja to Build City Center Mall at Siliguri

Buoyant over the success of its multi-utility commercial property projects City Centre-I (at Salt Lake) and City Centre-II (at Rajarhat), Ambuja Realty has now come up with its third City Centre, this time round at Siliguri, on the foothills of the picturesque of Darjeeling district. More importantly, it has lined up three more City Centres — all beyond Kolkata and in fact two of them are outside West Bengal.

Harshavardhan Neotia, chairman, Ambuja Realty, said that while City Centre at Siliguri has come up with a capital outlay of Rs 280 crore, the three other City Centres at Haldia, Raipur and Patna would involve an investment of close to Rs 550 crore. Patna City Centre will be ready by the end of the current year, Raipur City Centre will be ready by December 2011 and City Centre Haldia will be up and running by 2012, he said.
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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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