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Real Estate & Carbon Credits: New Accounting Rules - Moneycontrol.com -

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Wednesday, February 22, 2012
New Delhi: The Asia Retail Congress is Asia's single most important and interactive global platform to promote world-class retail practices. The focus of the two day Asia Retail Congress was to discuss and influence the issues for innovation and change providing the ideal opportunity for leading companies and brands to interact through keynote presentations, brainstorming sessions and in-depth discussions. Quality up-to-date case studies from leading corporations provided a closer look at the improvements that the biggest companies in the market are currently implementing worldwide, including India. There were over 80 countries from Asia that participated in the Asia Retail Congress 2012.

The nomination process for the Asia Retail Congress Awards entailed detailed submissions including Company Profile; Projects Reports; Awards and Accolades previously received; Achievements; Annual Report; Media Coverage. There were around 400 participants from different countries (50 International + 250 Participants from India) and about 100 invited Guests, Speakers, Dignitaries and Award Winners. The Asia Retail Congress was aimed at Company Chairs, Presidents, Directors and CEOs from among leading international and national retailers of international and national brands who believe in making change happen. Retail's most successful and innovative leaders from industry to academia shared their strategies and best practices in an interactive and fruitful manner. The Asia Retail Congress handed out their prestigious Annual Awards, carefully selected by expert juries for Awards for Retail Excellence under eminent categories.

One of the most felicitated professional companies in the Indian real estate industry, Alpha G:Corp, its Management & Projects was recently conferred with 12 Awards at the Awards for Retail Excellence & Real Estate Awards at the Asia Retail Congress 2012. The Awards were attended by leading real estate developers, governmental authorities, architects, investors, finance/banking officials, land owners, consultants, and senior industry professionals across India. The Awards night also served as an opportunity to celebrate excellence, exchange ideas and networking with like minded professionals from the industry.
12 Awards (5 Awards at Real Estate Awards + 7 Awards at Awards for Retail Excellence) at the Asia Retail Congress 2012 Awards for Alpha G:Corp, its Projects and Management.

Real Estate Awards on 13th February 2012

1. Popular Choice Awards Categories - Award for Professional Excellence in Real Estate Awarded to Alpha G:Corp Development Private Limited (AGDPL).

2. Popular Choice Awards Categories - Award for CSR Initiative of the Year by a Real Estate Firm Awarded to AlphaOne, Amritsar - Let's Make Amritsar Sparkling Campaign.'

3. Award under Property Awards Categories - Integrated Township of the Year Awarded to Alpha International City, Karnal.

4. Achievements Award Categories - Most Enterprising CEO of the Year Awarded to Mr. S.K Sayal, Director & CEO, Alpha G:Corp.


5. Award under Developer of the Year Award Categories - Developer of the Year – Retail Awarded to AlphaOne, Amritsar & Ahmedabad.

Asia Retail Congress Awards 2012 on 14th February 2012

6. Organizational Categories - Best Retail Marketing Campaign of the Year Awarded to Alpha G:Corp Development Private Limited (AGDPL) for (AlphaOne, Amritsar and Ahmedabad).

7.Organizational Categories - Jury Special Award for Shopping Centre of the Year Award, Awarded to Alpha G:Corp Development Private Limited (AGDPL) for (AlphaOne, Amritsar and Ahmedabad).

8. Organizational Categories - Award for Impactful Retail Design & Visual Merchandising Awarded to AlphaOne, Ahmedabad.

9. Organizational Categories – Retailer of the Year (Organization)- Real Estate Awarded to Alpha G:Corp Development Private Limited (AGDPL).

10. Individual Categories - Retail Leadership Award- to Dr. Prodipta Sen,Executive Director,Alpha G:Corp.

11. Individual Categories - Lifetime Achievement Award- to Col. RS (Pickles) Sodhi, MD, Alpha G:Corp.

12. Individual Categories - Young Retailer of the Year Award- to Mr. Avnish Kumar Singh, Marketing Manager, Alpha G:Corp.

Dr. Prodipta Sen, Chairman of Asia Retail Congress 2012 and Executive Director, Marketing, Corporate Affairs & Retail, Alpha G:Corp thanked the eminent Jury, Asia Retail Congress and all sponsors, organizers and the distinguished audience at the prestigious ceremony and commented, "The theme of the Asia Retail Congress 2012, 'Meeting the Demands of the Smart and Discerning Consumers', was making it a path breaking one for the benefit of the entire retail and development fraternity as the focus has expanded beyond conventional issues to include the primary aspirations and concerns of customers who are stakeholders of modern retail. This entailed understanding of the customer beyond the intellectual level and defined the growth of segments that will keep up with the changing requirements. Our Brand: Alpha G:Corp -- 'Expect the Finest' has driven the success of Alpha G:Corp with continuity, consistency and positive cumulative effect. We are proud to be part of this incredible development process and the fact that our endeavours and efforts have been duly recognized at all levels, be it business, social or cultural; the three most important aspects of modern life. Most of all, I would like to express my humble appreciation and gratitude to my long-term colleagues and core team members as also my most valuable team at Alpha G:Corp for these awards." e ing a professional core team managing the entire operations.duia s widely recognized for ur and several other cities in Guja

The Asia Retail Congress 2012 was represented by over 80 countries from across the world namely are India, US, UK, France, Germany, Australia, China, Japan, Russia, South Africa, Italy, Austria, Belgium, Denmark, Mexico, Canada, Hong Kong, South Korea, Singapore, Indonesia, Malaysia, New Zealand, Oman, Philippines, Qatar, Sri Lanka, Saudi Arabia, Thailand, Taiwan, Turkey, and UAE, among others.
Source:12 Top Awards to Alpha G:Corp for Brand Excellence, Leadership and Innovation

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Hyderabad Extended Area Master Plan - Delayed. Use the opportunity to review status of your land.

Hyderabad Extended Area Master Plan - Delayed. Use the opportunity to review status of your land.

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CWG VILLAGE CBI to probe DDA's Emaar-MGF bailout


DDA decided to buy 333 flats at R11,000 per sq ft, which was higher than the R9,720 suggested by experts or the then market rates.
CBI SOURCE
The Central Bureau of Investigation (CBI) has started a preliminary inquiry into the alleged irregularities in the development of the Commonwealth Games (CWG) Village.
The project was executed by the Delhi Development Authority (DDA) and a private construction firm Emaar MGF.

Though the DDA was chosen to develop of the village, the agency allegedly took two years to decide upon entering into a Public Private Partnership (PPP) contract with Emaar MGF. The two of them had signed a Project Development Agreement only in September 2007, said a CBI source.

The agency suspects that key principles of the PPP model were ignored and a loss of several hundred crore was caused to the public exchequer.

A preliminary inquiry is a precursor to a regular case. Emaar MGF had executed the project with the help of a sub-contractor. A CBI source said that Emaar MGF had sought financial assistance from the DDA and government. The DDA had bailed it out due to `time constraints'.

“As part of the bailout package, the DDA decided to purchase 333 flats -at a rate of R11,000 per square feet -from the developer. The accepted rate was higher than the R9, 720 suggested by DDA experts and the valuation committee or the then market rate,“ the source added.

According to the source, though the firm had asked for R321 crore as loan or purchase of 250 apartments, DDA decided to purchase 333 apartments.

The deliberations of a highlevel meeting held on April 4, 2009, in which a decision was taken to “accept the rate of R11,000 per square feet offered by the private developer“ is under CBI scanner.

Such a decision could have been taken only by the DDA that was the competent authority for this project, said the source.

The CBI source also said that DDA's decision to buy 333 apartments allegedly helped the private developer in offloading its share of unsold apartments at an inflated price. The funds of the bailout package were allegedly diverted by the private developer for non-CWG project expenses.

When contacted by HT, the Emaar MGF spokesperson said, “We have no knowledge about the CBI registering a preliminary enquiry.“




-HT

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HC directs Hiranandani to build affordable flats


Mumbai: The Bombay High Court today restrained the city-based Hiranandani Developers from carrying out any further development at its township in suburban Powai, until it provides flats for the weaker section of the society.


The division bench of Chief Justice Mohit Shah and Justice Roshan Dalvi was hearing public interest litigations, which alleged that when Hiranandani was allowed to build the township, state had laid down a condition that it must build a certain number of flats for the weaker section. Such flats were to be of smaller size, to make them affordable.


But, the developer got around this requirement by `amalgamating' such smaller flats or selling adjoining flats to different members of the same family (from affluent classes), the PILs said.


The court today said that the developer "shall not put up any further construction in remainder of the plot before specifying vacant land and buildings that can be constructed".


Judges directed Hiranandani to construct 1,511 flats of 40 square meters area and 1,593 flats of 80 square meters area without amalgamating. "No two flats shall be sold to the same person or two members of the same family," the court added.


The developer would not carry out any other construction in Powai Area Development Scheme (PADS) unless High Court allows it.


In December 2008, the court had restrained Hiranandani from selling 200 flats at Hiranandani Gardens, Powai.


Another condition put in by the court, in the case of further construction, is that "developer shall sell to the state government 15 per cent of the total FSI consumed in plot in the form of constructed tenements at Rs 135 per square feet."

financial Express

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Property sales registrations in Mumbai fall for 14th straight month in January


Mumbai, Feb 22: Property sales registrations for January in Mumbai have fallen for the straight 14th month by 15% year on year to 4,427 against 5,085 in the same month last year. There were a slew of launches expected post clarity on the new DCR or development control rules and conclusion of Brihan mumbai Municipal Corporation ( BMC)elections.


Large supply build-up from new launches could trigger the much awaited price reduction. Lease registrations were up 10% year on- year to 9,111.


Large pipeline of launches could trigger much awaited price fall toJanuary2012,said Kejal Mehta, research analyst, Prabhudas Lilladher. Sales registrations are down25% month-on-month to 4,427. Post the spike witnessed in December, sales registrations have dipped again in January to about 4,000 - 4,500 levels seen in JunetoNovember2011, said the report.


The city’s realty scenario is interestingly poised post the conclusion of the BMC elections and clarity on new DCR rules emerging in the last two months.


A number of projects which were stuck up at the approval stage in the last year are likely to be cleared, paving way for a large number of launches hitting the market. At a time when new launches during the festive season received a tepid response as affordability issues continue, a large stock of new supply could act as the trigger for the much anticipated price reduction that buyers have been waiting for in the Mumbai realty market.


Also, more land deals could take place as, with the introduction of the new DCR, developers are now sure of how much they can build and sell.


“We are already seeing media reports of possible land deals by developers like HDIL who are looking to sell off land to pare debt levels,” the report said

-Financial Express

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Put on lease , While residential rentals are on the rise, rentals in commercial sector are seeing a fall in demand


Lease rentals are on a roller coaster ride. In most cases, rentals are directly proportional to the outright sale pricing, with a few variables such as the size of floating population in cities and the number of companies in transit swaying the demand. With residential property prices looking up after a long lull, rentals are likely to increase as well. On the other hand, commercial real estate is facing an unprecedented oversupply leading to a sudden fall in demand, which in turn has led to a steady decline of rentals.


Commercial conundrum


Most big cities have seen a gradual oversupply on the commercial space front, according to Ramesh Nair, managing director (west India) of Jones Lang LaSalle India. “Having more options and tight competition in the market has caused office lease rental rates to plateau in many locations,” he says.


In some markets like Mumbai, lease rentals of commercial properties have crashed by around 25 to 30 per cent on an average, says Sunil Mantri, chairman of Sunil Mantri group. This is largely happening in central business districts (CBDs) and suburban business districts (SBDs) within cities where demand-supply imbalances exist.


The decline of Mumbai’s CBD rentals in Nariman Point is reflective of two important aspects that other micro markets across Mumbai are witnessing. There is a certain amount of rationalisation in rentals in locations that had seen unprecedented rise in peak periods of 2007-08. Nariman Point has seen a steady and, perhaps, planned decline in the last few years as other micro markets like Bandra Kurla Complex (BKC) and Lower Parel recorded a corresponding rise. BKC was consciously planned to decongest the CBD over a period of time and one can see this phenomenon setting in.


Locations such as BKC, Worli, Lower Parel and Andheri-Kurla offer larger floor plate and higher quality of construction and are also closer to residential hubs.


BKC has been inching upwards in terms of rental values (6 per cent rise in 2011) owing to a steady demand from sectors such as banking financial services and insurance, consulting and other sectors. Locations of Andheri-Kurla and other western suburbs are catering to the requirements of back office operations, says a recent Cushman and Wakefield report.


Ganesh Vasudevan, vice-president & business head of India Property, agreed that there is a situation of over-supply in cities across the country. “When there is over-supply, prices cannot move up and, therefore, lease rentals are either plateau-ed or falling. And we should not expect any correction till late 2014 or mid-2015. Price situation is, to some extent, better in case of furnished lease rentals than unfurnished ones.”


South Delhi, in particular, has seen a higher appreciation in rentals due to better connectivity towards Gurgaon and major workplaces in Delhi. Areas like Saket has always seen high demands but the areas like Jasola, which was initially not in demand, has seen a rise due to better connectivity.


Santhosh Kumar, CEO (operations) of Jones Lang LaSalle India, said the commercial property rentals have been stable for the past two years. The pockets like Saket and Gurgaon are experiencing a rise in demand, which is keeping the overall rentals scenario stable. During the downturn, the rates in these pockets have gone down to Rs 140-150 per sq ft but now the rates have increased to Rs 180-190 per sq ft. The future trend will depend on the market dynamics of demand and supply.


In Bangalore, prices are more or less flat as demand for lease rentals is not that much high, Vasudevan said.


In Chennai, prices are moving up in the city area while not so much in the outskirts. As for commercial office space rentals are concerned (basically non-SEZ IT space), the lease rental rates in the CBD areas are in the range of Rs 55-65 per sq ft. In Guindy, which is a major office space hub, thanks to the re-development of defunct industrial units into hi-tech offices, the rental rates are around Rs 45-55 per sq ft. In the suburban areas like Taramani, it is hovering in the range of Rs 40-48 per sq ft. On the OMR, Chennai’s IT Corridor, the lease rentals are around Rs 35- 38 for buildings up to the Toll Gate and Rs 25-35 for buildings that have come up beyond the Toll Gate.


In Chennai, the IT sector has been the main sector that drives the demand. “This past year saw a total absorption of around four million sq ft of space and much of it was accounted by the IT/ITes sector, with additional contribution from the banking and insurance sector, besides telecom. As for the demand scenario, it seems quite normal, with not much of excitement. We will continue to miss 'large ticket space takers' and this is likely to continue for some more time, given the global economic uncertainty,” said Rajesh Babu, director of Recs Group, a city-based property advisory firm.


In Hyderabad, according to D Sreedhar Reddy, president of National Association of Realtors, the established markets of Gachibowlli and Hitec City are commanding commercial rentals up to Rs 40 per sq ft while its eastern counterpart is now extending some discounts to attract clients. The average rate is around Rs 30-35 per sq ft, depending on the size, location and proximity to the hub centre. It is estimated that about two million sq ft of commercial space is in various phases of development and might be ready within a year or two.


The scenario is a bit different in Kolkata. Whether it is residential or commercial, size or format of the property is important in deciding lease rentals. “The demand for large office space on rental basis is low in Kolkata. Therefore, the stock of such properties is in plenty. Although large space is not doing well, smaller space is doing reasonably well. There is significant demand for smaller office spaces of sizes between 800 sq ft and 1,500 sq ft. The prices in this segment are on the rise. However, beyond 1,500 sq ft, there is not much demand. Stocks are large and therefore prices are either plateaued or on the decline,” said Nilesh Biswas, managing director of Calcutta Skyline, a realty consulting and brokerage company.


On high streets, the demand for retail space is good and rentals are rising in specific locations.


Residential rentals


In some prominent markets like Mumbai, residential lease rentals have remained steady. According to Mantri, residential lease rentals have remained steady given the demand in this segment. In fact, Mantri expects the rentals for residential segment in Mumbai to increase from June onward.


Pankaj Kapoor, chief executive officer of Liases Foras echoed a similar view. He said residential prices have remained stable in the city and may increase by 5-6 per cent in 2012.


Residential real estate is experiencing a higher pace of lease rentals, according to Nair. “This sector is sensitive to bank lending rates and increased capital values. Purchasing of residential units in many the larger cities has gone down because both bank lending rates and capital values have reached unprecedented levels in recent times. This has caused greater demand for rentals, which has led to increased rental rates,” he said.


The residential rentals are proportionate to the capital value appreciation and have seen an increase in Delhi-NCR region as well.


In residential properties, pricing is also market-specific. For instance, in places such as central Mumbai, south Mumbai and western Mumbai, buying an apartment is out of reach for the salaried class, and hence the demand for lease rentals, particularly for one BHK, two BHK and studio apartments, is high.
Financial Chronicle

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Golfforeste luxury living in Greater Noida


Over the past few years, the Indian real-estate industry has witnessed a quest for revolutionary transformation in terms of luxury living and its affordability. Golfforeste villas in Greater Noida by Paramount group is another project that addresses the demand for such luxury living.


The project is coming up in an area of approximately 100 acre comprising luxurious villas and fully furnished (optional) studio apar­tments as well as two and three BHK apartments.


The Rs 750 crore-project will have around 2,000 villas and 572 studio apartments. The project offers a combination of golf, luxury, clubhouse with five-star amenities and swimming pool. The project is likely to be completed by 2014 and will cost Rs 3,400 per sq ft.


Speaking on the project, Mukesh Aggarwal, managing director of Paramount group said, “We have been known in the industry for our service delivery module which is based on four basic key elements — cost, quality, innovations and on-time delivery of our projects. We will continue to do so for our ‘Golfforeste’ project.”


Ashwani Prakash, executive director of Paramount group said, “Around 70 to 75 per cent of our project has already been sold out and we expect to complete the project within the proposed time-frame.”


Golf mart is the proposed commercial centre at Golfforeste catering not only to the township but also to the nearby sectors of Greater Noida. The premise includes res­taurant, gymnasi­um, party halls, business centres, cafeteria, open shops, services studios and suites.


The USP of studios and suites are surface and basement par­king, well-ventilated room, gene­rous bedroom with attached dres­sing room and toilets. Patrons will also have access to sky bridge restaurant, gym, aerobic room, conference room, doctor on call, business centre and commercial zone.


“The company aims to have a pan-India presence and beyond the Delhi-NCR it has already completed a housing project in Saharanpur. We have plans to target tier-II and III cities, but right now we are busy with the present projects in the Delhi NCR, which we have to complete on time. The Saharanpur project was delivered before time. Besides our real estate business, we are planning to diversify to businesses such as hospitality,” said Prakash.
Financial Chronicle

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Godrej Properties launches Alpine in north Mangalore


After successfully co­mpleting a prime residential project in new Airport road in Bangalore, Godrej


Properties, the real estate development arm of the Godrej Group, recently announced the launch of its residential project Godrej Alpine in the prime area of Yeyyadi, Airport Road, North Mangalore.


Located in the heart of the city, Godrej Alpine would have direct access to the city centre as well as the national highways and is surrounded by magnificent hills and beautiful palm fringed gardens. The Mumbai-based real estate developer is offering contemporary design, world-class facilities and an area of 80 per cent open space for the residents to unwind.


The project would spread across 4.5 acres and will consist of three towers of 19 floors each and will offer a total of 449 modern apartments. The basic price is Rs 3,500 per sq ft. Customers can choose from amongst two, 2.5 and three BHK apartments that range from 1,203 sq ft to 1,695 sq ft and penthouses that range from 2,700 sq ft to 3,500 sq ft.


Godrej Properties, executive director of Pirojsha Godrej, said, “We believe the city has good demand for quality residential real estate. Godrej Alpine will offer its residents a modern, con­te­mporary lifestyle in a green and natural environment.”


Godrej Alpine features inter­na­tional design, contemporary styling and world-class recreational facilities such as a squash court, a tennis court, a badminton court, a billiards room, a carom and table tennis room, among others. This project will also have a state of the art gym, a health club and a swimming pool. There will also be serviced apartments for gu­ests, a crèche, a multi-purpose party hall and cafeteria that are being planned in the project.


Godrej has planned several env­ironmental-friendly features in the project and an interesting highlight is the design that offers 80 per cent open space for residents to unwind.


The construction for Godrej Alpine will be done by leading construction firm Larsen & Toubro. Like most of GPL’s projects, Godrej Alpine is also a joint venture project. GPL has entered in to a development agreement with BM Farookh for this project.
Financial Chronicle

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Bombay Realty unveils Island City Center


Wadia Group has recently launched a fully integrated mixed use development — the Island City Center, which will comprise two towers called One ICC and Two ICC at Dadar East in Mumbai.


The price of the luxury residences would start from Rs 6 crore and above. One ICC and Two ICC will rise above 74 floors and will comprise three and four BHK apartments.


The Island City Center will be built over 45 acre and it will consist of luxury residences, service apartments, offices, a five-star hotel, a high street, a premium mall and an international school. It will also have over eight acre of open green landscape, the company said in a statement.


Jeh Wadia, managing director of Bombay Realty, said: “The group has accomplished landmark projects across residences, offices, hospitality, retail, industrial and even townships across India. Bombay Realty is our newest venture and will consolidate the group’s land bank of over 10,000 acre and develop the same in a progressive manner.”


According to Manish Agrawal, vice president (marketing) of Bombay Realty, “The group has close to 700 acre around Mumbai, and 70 acre in the Island city. With the launch of the mixed-use project — The Island City Center, we are offering a lifestyle that provides the ability to live, work and play, all at one place. The Island City Center aims to provide a better quality of life to its residents, by saving them a couple of hours of commute every day, which they can then spend with their family and friends.”


The residential towers will offer multiple high-speed elevators. It will have advanced safety and security systems like smart cards allowing restricted entry. It will also offer picture windows, grand entry-foyers, modern imported modular kitchens, stylish bathrooms and elegantly designed rooms, among others, said the statement.


Wadia Group, through its arm Gherzi Eastern, has been associated with various premium residences in Mumbai such as Springs, Samudra Mahal, Beach Towers, Twin Towers and Naperol Towers. It has also constructed many office buildings, IT-SEZ, hotels among others across the country.
Financial Chronicle