|August 24 2012, 07:11 PM||#21|
Supertech to raise Rs 750 crore via private equity for Noida project
NEW DELHI: Realty firm Supertech today said it will raise Rs 750 crore through private equity to fund the development of its mixed-use premium project in Noida with an investment of about Rs 2,700 crore.
It has already raised Rs 100 crore from US-based private equity firm Walton Street Capital.
"We are launching today 78 high-end luxury apartments priced between Rs 5 crore and Rs 7 crore in the 'Supernova' project," Supertech Chairman R K Arora told reporters here.
The company would develop 5 million sq ft of area in this 17-acre project at a cost of Rs 2,700 crore, he added.
Asked about the funding, Arora said: "We will raise Rs 750 crore through private equity and out of that Rs 100 crore has already been tied up from Walton Street".
He said talks are on with various private equity firms but declined to divulge the name.
Arora said the remaining investment in this project would be funded through internal accruals, advances from customers against sales and bank debt.
Elaborating on the project, Arora said it will have luxury flats, studio apartments, two 5-star hotels, retail space and office complexes.
The company will construct five towers in the project. Arora said that the 78 luxury homes launched today would be part of an iconic tower, which he claimed would be the country's tallest with 300 metres height and 80 floors.
The Noida-based company is in discussion with global hospitality chains for management of its two hotels in this project.
Supertech to raise Rs 750 crore via private equity for Noida project - The Economic Times
|August 29 2012, 08:58 AM||#22|
Real estate developer SARE Homes plans to sell over 4,600 residential units in FY13
CHENNAI: Real estate developer SARE Homes (South Asian Real Estate) plans to sell over 4,600 residential units this financial year, a top company official has said.
SARE Homes sold about 2,000 units last year. "We are focused in residential real estate business. This year we are expecting to sell over 4,600 units. We have sold 4,500 units till date," SARE Homes Executive Director David Walker told reporters here.
Stating that demand for affordable residential units has been growing over the last two years, he said the company is currently engaged in several projects across India.
"Currently, our land bank is about 700 acres. We are engaged in three projects in NCR, one in Mumbai, one in Indore, one in Amritsar and two in Chennai," he said.
Walker and senior company officials were here to announce their second expandable villa project -- SARE Crescent ParC, near Chennai, to come up on 112 acres valued at Rs 1200 crore.
"This is our second project in Chennai. We completed our first project 'MeadowVille' comprising 400 apartments and it was very successful," he said.
He said the apartment units in the second project would be priced between Rs 40 lakh (for two BHK duplex villas) and Rs 55 lakh (for 3 BHK duplex villas).
The expandable villa project are designed to enable owners add additional room at their convenience. Layouts are pre-approved to ease this expansion, he said.
Real estate developer SARE Homes plans to sell over 4,600 residential units in FY13 - The Economic Times
|September 29 2012, 11:02 PM||#23|
Alpha G:Corp to enter Meerut market
NCR based, FDI-funded real estate developer, Alpha G:Corp, has planned a state-of-the-art mixed-use project for Meerut. Located on NH-58 connecting Delhi to Haridwar, the project will be developed on 19 acres (approx.). It will feature a multiplex, a shopping mall, low-rise contemporary styled group housing with apartments and villas, a business hotel and a convenient shopping outlet. The project’s launch will be announced in the coming few months. “Although Meerut’s strategic location offers huge potential to evolve into an industrial and commercial hub, it offers little to the contemporary resident in terms of comprehensive living spaces which integrate world-class shopping, entertainment and recreation within a single development. Alpha G:Corp plans to bring an all-inclusive mixed-use development to Meerut city catered to people who wish for living standards at par with major metros such as the Delhi National Capital Region and Mumbai,” S.K. Sayal, Director & Chief Executive Officer of Alpha G:Corp said on the occasion.
|October 7 2012, 11:08 AM||#24|
Sobha Developers reports higher sales in Q2 FY13: Religare
BANGALORE: Sobha Developers reported strong Q2FY13 sales volumes of 0.95msf up 13% quarter on quarter aided by higher sales volumes in Thrissur and Bangalore, with new project launches seeing higher sales," says Religare Institutional Equity in a recent report on Sobha Developers.
"For Q2 FY13, we estimate revenue and profit after tax (PAT) growth of 5% to 7% q-o-q led by first-time revenue recognition for some projects , including Sobha Garnet and the next phase of Sobha City. We would see PAT growth once the International City project (Gurgaon) reaches its revenue recognition threshold in H2FY13," says Arun Aggarwal from Religare Institutional Equity in the report.
Sobha's net debt is expected increase q-o-q due dividend payouts of Rs 0.57bn, a pick-up in construction spends, and investments in land acquisitions. "While the operational environment remains good for Sobha, the same is already priced in and we see limited scope for outperformance from here on," mentions the report.
Sobha Developers reports higher sales in Q2 FY13: Religare - The Economic Times on
|October 9 2012, 02:59 PM||#25|
CCI rejects complaint against Supertech
New Delhi: The Competition Commission today rejected a complaint regarding alleged abuse of dominance by real estate developer Supertech, as the fair trade regulator did not find any evidence to support the charges.
There is nothing on record which gives any evidence of dominance of Supertech, the regulator said in an order dated October 4.
The Commission said that it finds that no prima facie case has been made out against Supertech for violation of the provisions of the Act and referring the matter to Director General for investigation.
"Therefore, the dominant position of the opposite party (Supertech) in the relevant market is not made out under section 4 of the Act. The question of abuse of dominance, therefore, does not arise," it added.
The complaint was moved by Shivang Agarwal and Shubham Agarwal, who had booked one flat each on payment of Rs 51,000 each.
The Commission said the grievance of the informants apparently shows infringement of contractual terms ad idem.
According to the informants, even though they were informed that no preferential location charges would be levied on flat on 12th floor and above, the realty firm raised demand for the same.
They alleged that Supertech was arbitarily deciding the price and raising demand contrary to the agreed terms.
CCI rejects complaint against Supertech
|October 16 2012, 09:50 PM||#26|
Mahindra Lifespaces plans low-cost houses in Mumbai, Chennai
MUMBAI: Mahindra Lifespaces Developers plans to enter affordable housing segment with projects in cities like Mumbai and Chennai.
"We are seriously looking at entering the affordable housing segment. We have already purchased land in Mumbai and Chennai for this. Wherever we get the approvals first, we will start project there," Mahindra Lifespaces Managing Director and Chief Executive Anita Arjundas told reporters here.
She declined to share further details such as when the company expects to launch the first project and size of the investment involved.
The realty arm of USD 15.4 billion Mahindra Group at present caters to the middle and high--end housing segments. It is developing projects in cities like Chennai, Mumbai, Pune, Nagpur, Jaipur, Gurgaon and Faridabad.
The company's residential and commercial footprint includes completed development of 7.14 million sq ft of space and 9 million sq ft of ongoing and forthcoming projects.
Meanwhile, the company has released a report based on the Global Reporting Initiative (GRI) guidelines.
"The report indicates that the company has maintained the highest level of transparency and voluntary disclosure," Arjundas said.
GRI, a non-profit organisation, works towards a sustainable global economy by providing organisational reporting guidance.
Mahindra Lifespaces plans low-cost houses in Mumbai, Chennai - The Economic Times
|October 17 2012, 06:24 PM||#27|
Tata Housing buys a bungalow in Delhi's Connaught Place for Rs 218 crore; plans to build luxury apartments
NEW DELHI: Tata Housing has paid Rs 218 crore to buy a bungalow on a one-acre plot in the centre of Delhi's Connaught Place, with plans to build luxury apartments in a low-rise complex.
The real estate arm of the diversified Tata Group has bought the bungalow on 2, Hailey Road from the Singh family, consisting of two sisters and two brothers. The family members, who had filed a suit in the Delhi High Court for partition of the property, agreed to a sale to the Tatas more than one person involved in the deal said.
These sources said that the Tatas are planning to pull down the bungalow and build a low-rise complex consisting of apartments that could cost as much as Rs 30 crore each. The last time apartments were sold in and around Connaught Place was in 2000, when real estate firm Ansal built a residential complex, Upasana, on the same street.
While the Singhs could not be reached for comment, a lawyer who represented one of the parties confirmed the deal. In an emailed response, Tata Housing said: "This property transaction is being continuously monitored and directed by the Hon'ble Delhi High Court."
The bungalow is a stone's throw from Agrasen ki Baoli a monument protected by the Archaeological Survey of India. A number of bungalows on Hailey Road and Kasturba Gandhi Marg, which cross each other, come under the ambit of ASI guidelines that does not permit any construction within 100 metres of ancient or protected monuments.
Only a small part of this bungalow, however, falls within that zone, one person said. Instead, most of the plot falls under a separate set of ASI guidelines, covering constructions between 100 and 300 metres. Under these rules the Tatas will be allowed to build up to 15 metres tall structures, and can build close to 80,000 square feet of total space on the 4,576 square yard (or approximately one acre) plot.
Tata Housing said that any future development on the plot would be in conformity with and subject to all applicable laws. "All provisions of law laid down by Archaeological Survey of India (ASI), National Monuments Authority, MPD 2021, Delhi Building By-Laws 1983 and laws/directions of local bodies and regulatory authorities will be strictly adhered to in letter and spirit," Tata Housing said.
The bungalow on 2, Hailey Road was first bought by Sardar Shivdev Singh in 1927 and later by the Singh family in the 1970s. Though the bungalow is not part of the Lutyen's Bungalow Zone, it could fetch a premium for its location, being barely half a kilometre away from the Connaught Place circle. Also, in the Lutyen's Zone, a number of restrictions apply on how much can be built on a piece of land and the kind of modifications that can be done to existing structures, which often results in the property fetching comparatively low bids.
Tata Housing had built an apartment complex, Tata House, in the Lutyen's Bungalow Zone on Prithvi Raj Road before 1988. The LBZ rules came into effect soon after that and group housing projects were not allowed in the area. Apartments here today sell for around Rs 35 crore each.
The LBZ area, home to top businessmen and politicians of the country such as Naveen Jindal, LN Mittal, Sunil Mittal, Sanjay Singhal and KP Singh, has seen a number of 100-crore plus property deals in the last few years, property prices in areas outside this zone have been on a boil in recent years because of higher development potential and larger built up areas.
Tata Housing buys a bungalow in Delhi's Connaught Place for Rs 218 crore; plans to build luxury apartments - The Economic Times
|October 18 2012, 06:50 PM||#28|
Sun-Apollo to invest up to $50 mn in Sobha Developers
MUMBAI: Private equity firm Sun-Apollo will invest up to $50 million in projects developed by Indian real estate company Sobha Developers, sources with direct knowledge of the matter told Reuters.
The investment will be on a project basis, and Sun-Apollo will invest 20-25 per cent of its commitment in the first project, one of the sources said.
Executives at Sobha and Sun-Apollo could not immediately be reached for comment.
Sobha, based in the southern Indian city of Bangalore, has built more than 51 million square feet of homes and offices since its inception in 1995.
Sun-Apollo, a joint venture between India's Sun Group, controlled by the Khemka family, and Apollo Real Estate, part of US-based Apollo Global Management, raised more than $600 million in 2006 to invest in real estate projects in India.
In December 2011, it invested about 450 million rupees ($8.5 million) in a subsidiary of Mumbai-based Godrej Properties .
Private equity investments in real estate fell 44 per cent in the September quarter to $394 million from $726 million a year earlier, according to Venture Intelligence, an industry data tracker.
Sun-Apollo to invest up to $50 mn in Sobha Developers - The Economic Times
|October 27 2012, 12:10 AM||#29|
Flat delivery failure: Ansal to pay Rs 14L
New Delhi: Ansal Landmark Township Pvt Ltd has been directed by a consumer forum here to refund Rs 13.33 lakh to a customer for failing to deliver him a two-room flat in time in its project "Sushant Royale" at Karnal in Haryana.
The New Delhi District Consumer Disputes Redressal Forum also awarded a compensation of Rs one lakh to customer Rohit Dhingra for the harassment caused to him.
The forum observed that the real-estate firm had not delivered the flat to Delhi resident Dhingra till 2010 at the time of filing the complaint by him despite accepting Rs 13.33 lakh and executing the agreement to deliver it in June 2006.
"We have gone through the case of both the parties and find that opposite party (Ansal Landmark Township) has not pleaded any circumstances to explain delay in terms of the agreement. The delay of four years is most unreasonable and complainant has been made to wait endlessly.
"In the circumstances, we hold opposite party guilty of deficiency of service and direct it to refund the entire amount paid by complainant. We also award compensation of Rs one lakh for harassment including litigation expenses," said the bench presided by C K Chaturvedi.
According to Dhingra's complaint, he had entered into an agreement with Ansal Landmark Township for a two-room flat in its scheme "Sushant Royale" with agreed cost of Rs 18,09,000 and the agreement was executed in June 2006.
He had already paid Rs 13,33,061 for booking six flats in the project, but the whole of his money was adjusted towards the two-room flat, Dhingra had said.
He had alleged that the real-estate firm had failed to deliver the flat which was to be delivered in 30 months as per the agreement.
Ansal Landmark Township in its reply had stated that it could not deliver the flat as it was not ready.
Flat delivery failure: Ansal to pay Rs 14L
|November 2 2012, 09:51 AM||#30|
Godrej Properties Q2 Net up 67.50%
New Delhi: Godrej Properties today said its consolidated net profit after the minority interest rose by 67.50 per cent to Rs 32.58 crore for the second quarter ended September 30, mainly on account of robust sales.
The company had posted a net profit after the minority interest of Rs 19.45 crore for the same quarter last year, Godrej Properties said in a filing to BSE.
Total consolidated income from operations rose to Rs 232.74 crore in the quarter from Rs 139.47 crore in the same period previous fiscal.
Established in 1990, Godrej Properties is a part of the diversified business conglomerate Godrej group. The company is developing landmark projects in 12 cities across the country.
Shares of Godrej Properties were trading at Rs 606.55 per scrip in the afternoon trade on BSE, up 4.52 per cent from its previous close.
Godrej Properties Q2 Net up 67.50%
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