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Biggest deal: 6 acres for Rs. 4k cr

Mumbai: Mumbai has bagged the biggest deal of Rs. 4,053 crore from Lodha Group on 25th May. This has set an all-India record in realty market. Though Mumbai has few open spaces like parks and playgrounds compared to other leading global cities but, its real estate is among the priciest in the world. In 2008, Delhi-based developer BPTP had bagged a 95-acre plot in Noida for Rs 5,000 crore, but the deal was later called off. Till now, DLF's bid of Rs. 1,750 crore for 350.7 acres in Gurgaon last year was considered the country's highest. But on May 25, Lodha Group beat this record by several times after it outbid three developers for the Wadala plot by quoting double the reserve price.
MMRDA had set a minimum rate of Rs. 40,000 per sqm (Rs. 1,980 crore) and Lodha put in its bid for a hefty Rs. 81,818 per sqm. The six-acre land located in the Wadala Truck Terminal will set a platform for the developer to utilize an unheard of floor space index of 20; average FSI (ratio of permissible built-up area vis-a-vis plot size) in Mumbai is between 2 and 4. This is because the entire FSI available for the Wadala truck terminal is being used up on this six-acre portion. This location is well connected with upcoming metro and monorail projects. With the plot offering a saleable area of close to 80 lakh sq ft, they have planned to utilise about 70% of it for residential purposes. This will be a luxurious apartment laden with all modern amenities.in the city. Other developers in the fray were Piramal Sunteck Realty (Rs. 3,465 crore), Indiabulls (3,327 crore) and Dosti Group (Rs. 2,251 crore). Perhaps the biggest advantage of this jaw-dropping transaction is the easy payment schedule laid out by the MMRDA. Lodha will have to shell out this humongous amount over five years with a 10% annual interest (which takes the figure to over Rs. 5,700 crore). Of this, barely 30% of the amount will have to be paid in the first three years. They will manage its finances from the sale of apartments once the booking commences. The developer has already calculated his profit at Rs. 3,036 crore. Success of this hot deal is a clear sign of booming economy.
Source: Times Of India

SBI hikes short-term corporate loan rates

Mumbai: The country's largest lender State Bank of India (SBI) might be continuing its teaser rates for home loans but has hiked its rates for short-term corporate loans by 0.25-50 basis points.With surplus liquidity gradually disappearing from the system, we have re-priced certain segments of our short-term corporate loans by 0.25-0.50 bps upwards, he said. SBI chairman OP Bhatt, however, said that the bank is unlikely to increase its deposit rates soon and agreed that liquidity is here to stay in the system. SBI said the public sector entity will be shelling out close to Rs 18,000 crore for 3G auctions. We have got requests and demands for that kind of money. At the maximum we will lend Rs 18,000 crore. Having said that, we are still having a surplus liquidity of Rs 26,000,said Bhatt. On an average there is still a fair amount of liquidity in the system. If you see, the 10-year government security bond is close to 7.40%. There is not much pressure on the liquidity at the moment. It is too early to say if the impact on liquidity will have a temporary or a permanent impact on the liquidity condition, Meanwhile, Union Bank of India CMD MV Nair said the bank would be giving out Rs 2,000 crore for 3 G auctions.Liquidity will not be impacted with the money flowing out as we already sitting on adequate liquidity,he said. Talking about bad loans, Bhatt said NPAs have started coming down in the last few quarters and that the worst is over. On the recent credit growth numbers, Bhatt agreed that credit growth is not picking up well and it can be due to the slack season. Usually in April there is always a negative growth. So it is too early to say if it is because of the slack season or if there is more to it,� he added.

Source: Financial Express

DLF Plans to Renew its Kolkata SEZ

With improvement in the real estate sector, the country's largest developer DLF wants to revive its plan for a special economic zone in Kolkata. The company which surrendered four SEZ projects last June due to demand shrinkage for commercial space has approached the commerce ministry for reviving the Kolkata project, an official said on Wednesday.

The board of approval will take up the DLF request for renotification of the SEZ in its next meeting on June 8, the official said. The tax-free enclave, meant for the IT and ITES units, was notified in June 2008 over 10.48 hectare and at the request of the developer it was denotified this February. .

Now, the developer wants to get the project renotified, stating that demand for IT\ITES leasing space is showing signs of improvement, the official said, adding however, DLF's three other projects in Gujarat, Haryana and Orissa remain denotified. In all about 12 developers had pulled out their projects due to slowdown in the commercial space segment last year.

Source: indianrealtynews

HIRANANDANI GROUP TO LAUNCH Rs 2,000 CRORE PROJECTS.

“Hiranandani Group , Mumbai's leading Real Estate company, plans to launch projects worth Rs 2,000 crore across residential, commercial and IT segments in financial year 2010. The new projects will be launched at Thane, Ahmedabad and Pune, and Kandivli, Chembur, and Panvel areas in Mumbai. While 70 Percent of this new developement will be in the residential segment, the remaining 30 percent will be across commercial and IT segments, according to a top company official.In the residential segment , the new launches will be a mix of luxury projects, mid segment and affordable homes. The on-going projects include one project each at Powai, Kandivli and Chembur in Mumbai, two in Thane, two in Chennai and one each in Hyderabad and Bangalore. Apart from construction, the group has also diversified into education, horticulture, hospitality, entertainment and retail. Since its inception, the Group has come a long way to be recognised countrywide for their modern and state-of-the art mixed -use township projects in Powai and Thane, both of which have become preferred residential and commercial locations in and around Mumbai.”

Source: Realityplusmag

MAHINDRA LIFESPACES EYES 4,000 ACRES FOR BIZ CITIES

“The realty arm of the Mahindra group, Mahindra Lifespaces, is in the process of acquiring over 4,000 acres to promote two more' integrated business cities', where walk-to-work will be the norm. The Group already has two such'Mahindra World Cities':a 1,550-acre business city in chennai and another 3,000-acre hub in jaipur. The new Chennai facility will be about 1,200 acres, while nearly 3,000 acres development will come up near Pune. According to Anita Arjundas, managing director and CEO, the focus of the present 'Chennai World City', which comprises a multiproduct special economic zone, would be on developing the social infrastructure. About 50 customers had signed in for the IT, auto ancillary and apparel and fashion SEZ.

Of these, 32 Companies are operational with 19,000 employees. Similarly, attention would be paid to the developement of the domestic traffic area which forms almost half the SEZ acreage. In the residential space, about 671 homes are being built, comprising villas and apartments with prices ranging from about Rs 45 lakh to Rs 1.8 crore. Over 220 homes, built during the initial phase, have been sold. The Jaipur World City launched in 2006, will also have gems and jewellery , logistics and warehousing facilities, besides a sizable component of social infrastructure.”

Source: Realityplusmag

OMAXE TO RAISE Rs 6800 CRORE VIA QIP.

“Real estate developer Omaxe is planning to raise Rs 800 crore through private placement of shares and stake sale at projects level, mainly to repay part of its debt."We intend to raise Rs 800 crore next fiscal mainly to retire part of our debt, which stands at Rs 1,650 crore,"said Rohtas Goel, Chairman, Omaxe. He said the funds would be raised through qualified Institutional placement(QIP) or a Combination of QIP and private equity at projects level. Goel said the company would launch QIP when the market condition is conducive."The size of the issue has not been decided yet and would depend on the market condition at that point in time."

When asked if the company would dilute to raise funds through QIP, he said equity dilution could be about 20 oercent. At present , promoters have 90 percent stake in the company. Omaxe is developing 54 projects , including 22 integrated townships, 21 group housing projects,9 commercial and 2 hotels. Besides , there are 3 hi-tech townships in Allahabad, Bulandsahar and Lucknow.

The Company has presence in 31 cities and 10 states across the country. Omaxe reported a consolidated net sales of Rs 280.20 crore for the quarter ended December 31,2009, Compared with Rs 180.42 Crore in the year-ago period, registering a growth of 55 percent."

Source: Realityplusmag

PURAVANKARA JV WITH HOMEX

“Puravankara, Bangalore-based real estate developers, has announced a joint venture with homex, a subsidiary of Desarrolladora Homes of Mexico.The Real Estate developer said that the companies have established the rules for a non-exclusive joint venture company to undertake projects in the affordable entry level housing Segment. The first project is expected to be in the metro area of Chennai."Our business plan has been to cautiously assess opportunities in order to replicate our proven business model in other populous countries where the housing market is undeserver. We will be adding our expertise and business model to what we both feel is a strong business opportunity in India's affordable, entry-level market,"according to Gerardo de Nicolas Homex's chief executive officer.”

Source: Realtyplusmag

UNITECH FETCHES Rs 7,033 CRORE FROM PROPERTY SALES

“Unitech ltd has sold properties worth Rs 7,033 crore during the last fiscal on the back of a strong revival in housing demand, particularly in the offordable segment in the country.

In a presentation to its investors, the company said it has become a major player in all four metros.Earlier Unitech had a greater presence in the national Capital region(NCR)."Value of sales booked in last fiscal year is more than Rs 7,000 crore,"Unitech said.

Of the total sales booked ,nearly Rs 5,000 crore came from housing, while the non-residential segment contributed Rs 2,056 crore to unitech's overall sales revenue, the presentation said.

Last year Unitech started to focus on the affordable segment to boost its sales and launched a separate brand, Uni Homes, to focus on this Category.

As per the presentation , the company sold, 16.6 million sq ft of area during the 2009-10 fiscal out of 26.2 million sq ft that it launched. It has sold 13.5 million sq ft of housing and 3.1 million sq ft of non-residential property.

The company aims at launching 30 million sq ft of area in the year 2009-10. Unitech said it has increased the number of workforce around its various sites to 21,000 from about 3,000 at the start of the last fiscal.On the delivery status of past projects, the company said 6.8 million sq ft has been delivered, while 15.6 million sq ft is yet to be delivered."

Source: Realtyplusmag

AMRAPALI UNVEILS TWIN PROJECTS IN NOIDA.

“Realty major Amrapali Group has just announced the Launch of its prestigious twin projects, Amrapali Silicon City's Princely Elite and Amrapali Smart City, in crore to develop 12,000 housing units in these projects over the next three years.

Announcing this at the launch event, chairman of Amrapali Group, Anil Kumar Sharma, said that this affordable residential, twin projects would feature tastefully designed 1-4BHK flats in the range of 500 sq ft to 2,350 sq ft. The price for a one bedroom hall flat will start from Rs 9 lakh Onwards.

The two projects Smart City and Silicon City are being developed in 100 acres and 60 acres of land with investments of Rs 2,150 crore and Rs 1,850 crore, respectively.The company is currently holding negotiations with some private equity players to raise up to Rs 500 crore.Both projects will feature modern amenities like green club with sports, health, leisure and entertainment facilities, swimming pool, kids play area, gymnasium, medical facility."

Source: Realtyplusmag

MANTRI REALTY TO SET UP AFFORDABLE SEZ AT NAGPUR

“After affordable housing and cheaper small cars , now comes an affordable Special Economic Zones(SEZ). The SEZ to be set up in Nagpur by Sunil Mantri Realty will have rental as low as Rs 16 per sq ft while for long-lease, it would be Rs 1,600.

"We plan to market our Nagpur SEZ as an affordable IT SEZ. We will fix a rental of Rs 16 per sq ft and Rs 1,600 for long lease,"the company's chairman Sunil Mantri, said. Apart from the affordable tag, the SEZ will also be "green"and eschew hogh-rises, Mantri added.

To be developed over 40 lakh sq ft, the SEZ would have only two to three storyed buildings which will further reduce costs, he added. The SEZ will have a ratio 1:1 between commercial and residential development.

Meanwhile the group will invest Rs 500 crore in Bangalore and is planning to raise Rs 1,000 crore through the PE route to fund its various projects. The company at present has two ongoing projects in Bangalore with another five in the pipeline, in both the residential and commercial segments.

In the coming years, the company will focus strongly on tier II and III cities, Mantri said, adding, "Creating hubs in main locations and growing around that area will form the core of our strategy.Our future projects in Noida, Gurgaon, Amritsar, Kochi, and Gwalior will follow this strategy. In Maharashtra, it has ongoing projects in Solapur, Kolhapur and Pune, besides three in and around Mumbai--One in the western subrubs, Panvel in Navi Mumbai and in Thane."

Source: Realtyplusmag

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Concept & Designed By:
Suman Bhattacharya