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Maytas Properties ties up with Bangalore's Shriram

233134 — Wed, 14 Oct 2009 13:00:00 GMT

Maytas Properties, a closely-held firm run by the son of disgraced Satyam founder B Ramalinga Raju, has tied up with Bangalore-based Shriram Properties to develop a prime property in Chennai.

It hopes to get loans from banks by pledging the sale proceeds of the developed property as collateral and raise money from banks to complete the upmarket Maytas Hill County project.

“The deal will ensure funds flowing into the company in small amounts now and the major portion starting in six months when sales begin at the Chennai project. We have also discussed with the banks to let them have rights over those funds which will give them confidence to provide immediate funds as additional loans,” said Ramalinga Raju’s younger son Rama Raju in a letter to the customers of Maytas Hill County.

Shriram Properties is an arm of the Shriram Group and has projects in Bangalore, Kolkata, Chennai, Coimbatore and Vijaywada. Both companies will develop around 14 acres of prime property in Chennai.

The Hill County project has been in a limbo for over a year now. The company faced execution problems after Ramalinga Raju confessed to perpetrating a Rs 7,000-crore fraud at Satyam Computers. Maytas needs around Rs 150 crore to complete the project.

Rama Raju Jr has been facing the ire of several customers who have not been handed over the property. A criminal complaint has been launched against him for defrauding customers.

Besides, the promoters are under pressure to sell their stakes in projects or even exit the business as they have failed to honour commitments made to customers. The company has also denotified one of its three Special Economic Zones in the city outskirts.

Two other projects — Jubilee Hills Landmark and Jubilee Hills Park View — have also been halted due to the credit crunch.

While Maytas Properties hopes to win customers’ confidence, the move has seemingly irked many of them. According to a few customers, the deal adds to the existing certainties as they will have to wait till the company reaps profits from the project.

Source: Economic Times

Rajesh Exports' realty plans deferred for 18-24 months

233134 — Sun, 28 Dec 2008 13:33:00 GMT

Gems and jewellery maker, Rajesh Exports Ltd, has deferred its real estate development plans by at least 18-24 months on concerns over slowdown in property demand, Chairman Rajesh Mehta told NewsWire18 here.

"This is not a wise time to get into real estate business. We will not get into construction activities for the next one-and-a-half to two years,"said Mehta.

Current land bank of the company is about 100 acres in Bangalore and parts of Kerala, excluding additional 200,000 square feet developable area in the central business district of Bangalore.

Mehta clarified the company has no intensions to sell its land bank as it plans to pursue its realty plans once property demand picks up. "No, we are not looking at selling the land we have. We acquired these lands at a very low cost," he said.

In August, the company had said the value of land in hand was pegged at 8 bln-9 bln rupees and was expected to rise to 14 bln rupees after development. Rajesh Exports has also shelved plans to expand its retail network in the current financial year and will look to add retail stores only next year, Mehta said.

"As of now we have slowed down our retail expansion plans. Maybe we will re-start it next year," he said. Rajesh Exports had plans to expand its branded retail jewellery stores--350 Shubh stores and 150 Laabh stores--over the next four years.

Mehta maintained the company's earnings in 2008-09 (Apr-Mar) would be affected because of the economic slump and financial crisis but declined to detail further.
Source:NewsWire18

Keen to avoid the ‘oversupply mistake’-QVC Realty

248075 — Sun, 20 Apr 2008 13:11:00 GMT

Land, capital and execution skills — most players in the real-estate business come armed with the first of the three considered mandatory to break through in the business.

But Mr Prakash Gurbaxani, CEO, QVC Realty, the country’s first private equity-backed real-estate start-up firm, unlike most of his competitors, dived into the brick and mortar world with the second — capital — and built a team that could execute its plans.

Mr Gurbaxani, a new-age entrepreneur and founder of 24x7, explaining his shift from IT-enabled services (ITES) to realty, says in 2005 he realised that the real-estate sector would see a sea change in the way it operates: from a fragmented, traditionally owned business, to a more professional and competitive operation. “With deregulation, the supply-demand constraints will go away and customers will have more choice than ever before.”

More importantly, he’s betting that buying homes will never go out of fashion. Mr Gurbaxani is also determined to be different from his competitors on another score, he will not to get into the numbers game. “We’ll stay focussed on single-family homes and town houses — on asset classes that are inherently undersupplied in the market,” he says.
Projects

QVC Realty (QVC stands for quality, value and customer experience) launched last year is working on four major projects across the country. Two 300-acre integrated townships at Gurgaon, with 4.2 million sq.ft of built-up space and over 1,000 homes priced at Rs 1.5-5 crore each.

Another township in Nandi Hills, Bangalore, where the homes are tentatively priced between Rs 90 lakh and Rs 2.5 crore, and a second home, golf community coming up at Chikmagalur, offering homes priced from Rs 60 lakh to Rs 1.2 crore. The company has tied up with Delhi-based Uppal Group and Sobha Developers of Bangalore for these projects.

With a land bank of around 500 acres, QVC expects to receive a second round of funding of $200 million from IL&FS in the next few months. Last year, the company raised $100 million from IL&FS.

In the next three-four years, it expects to have a billing portfolio of Rs 3,000 crore. An IPO is still a couple years away though the company may look at a third round of funding through a special purpose vehicle (SPV), says Mr Gurbaxani.
Commercial space

QVC, like most other developers, is also considering a foray into the retail or mall space. In Gurgaon, it is working on 8-9 lakh sq.ft of retail space and “may announce similar plans in Bangalore soon,” he says. Other commercial projects include IT Parks and special economic zones (SEZs), office space and hospitality.

The company will stay away from apartments that boast of high floor space index (FSI) because “we would not like to get into the oversupply mistake,” he says. Future projects include apartments for the mass market, but with a difference.

“These would be smaller (1,000 sq.ft) homes priced between Rs 20 lakh and Rs 40 lakh with customers paying more for quality rather than large spaces and no compromise on the location.”

The company is also considering studio apartments for those who want to acquire real-estate early, and perhaps upgrade to larger apartments later.
Source:The Hindu Buisness Line, 20th April, 2008
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DLF Goes Abroad To Raise Funds

248075 — Fri, 19 Oct 2007 11:02:00 GMT

The biggie of the real estate sector wants to grow bigger, as DLF Ltd plans to borrow $1.5 billion overseas to fund new projects and acquisitions in the next 30 days. It will spend half of the money on buying shares in DLF Offices Trust, a Singapore based entity. The Senior Vice President Mr Saurabh Chawla remarked that â€œTo further the business plan of DLF, including investment in the forthcoming IPO of DLF Offices Trust, the board has given us an approval to raise a loan of up to $1.5 billion through an overseas subsidiary, Stocks of DLF Offices Trust will be traded on the Singapore Stock Exchange. DLF will participate in the IPO and invest up to $750 million.â€ Singapore was chosen for the IPO because, â€œWe did a study and found that the Singapore market best suited our sort of listing. Singapore has a good legal structure and is a preferred choice for many foreign institutional funds. It has a friendly regulatory environment for foreigners. We thought an IPO in Singapore will be better for DLF Assets.â€ said the spokesperson.
Source- 11 Oct' 07 The Telegraph

Pucca House Still Remains A Dream For Poor

248075 — Fri, 19 Oct 2007 10:57:00 GMT

For the poor and unprivileged section of Indian Society owning a pucca house still remains a dream. Whereas the World Bank report of April 2007 shows the amazing impact of replacing dirt floors by cement floors in Mexico, adults reported 69 percent higher satisfaction and children's educational development improved by up to 96%. And in India 158 million still live in slums and millions of people still sleep on roads, footpaths or wherever they find a shelter. Ms Kalyani Menon points out that only 6000 out of the 27000 families evicted from the Yamuna Pushta area in 2004 were resettled. Some of the families were bought by city contractors to build the Asian Games infrastructure. The plots were allocated through so called "voluntary relocation" but were priced beyond their pocket size. In the process of the Capitals Ashok Malhotra scandal large number of fake ration cards and allotment letters were seized. They represent the stolen dreams of Hudson Lane slum evacuees, who were resettled by the DDA in Dhheerpur. Though real estate sector is doing wonders in Metropolitan cities yet most of the slum evictions take place in cities like Mumbai. The city has come up with an innovative idea idea of public-private partnership model to rehabilitate the poor in Dharavi. Unprecedented promises have been made so far in order to improve the contemporary condition of slum dwellers. Perhaps, Dharavi will rewrite history.
source:8 Oct' 07 Hindustan Times

Golden Gate Properties close to stake sale

233134 — Sun, 07 Oct 2007 14:58:00 GMT

Bangalore based real estate developer, Golden Gate Properties, is believed to be close to a sale of a 20%-30% stake in the company. Leading financial institutions like ABN Amro, Credit Suisse and Deutsche Bank are reported to be in the race for picking up this stake for an estimated $100 million, according to an article in the Economic Times.

The proposed investment in Golden Gate values the company at around $350-500 million according to ET.

Golden Gate Properties Ltd is a Bangalore based Public Limited Company that started its operations in 1997. In a short period of time it has emerged as one of the leading developers in South India. The Company has 7 ongoing projects worth Rs.1500 crore and is poised to launch 10 different Projects, at strategic locations of Bangalore, Chennai and Hyderabad. These projects will have total inventory of 10,000 units. In the current financial year. Two SEZ s with proposed built-up area of 6 million sft are also planned.

FDI deals ion Indian real estate doe this year include Morgan Stanley's Rs 675 crore investment in Oberoi Constructions, CapitaLand's JV with the Runwal Group for projects worth $100 million, and TPG-Axon Capital's Rs 300-400 crore investment for 15%-20% of Bangalore based DivyaSree Developers. Other FDI deals include Siachen Capital's investment in Nitesh Estates with $30 million upfront and another $70 million committed to in the second phase, and Morgan Stanley's $68 million investment in Mantri Developers.
Source:INR News The No.1 Indian Real Estate News Website

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30,000 acres of land encroached upon in Bangalore Urban district !!!

233134 — Sat, 28 Jul 2007 13:32:00 GMT

BANGALORE: The Joint Committee of Legislature on Land Encroachment in Bangalore City/Urban District headed by A.T. Ramaswamy on Thursday tabled its second interim report, which runs to 130 pages, in the Legislative Assembly detecting encroachment of about 30,000 acres of land belonging to different departments and statutory bodies in the district.

The Joint Legislature Committee on encroachments in Bangalore Urban district, in its interim report (part two), has recommended “certain basic and long lasting” measures, including criminal prosecution of land grabbers, persons who abet such activities and the officials concerned who connived with them, for preventing encroachments in future.

The report was tabled in the Legislative Council on Thursday by the committee member “Mukhyamantri” Chandru, and by its chairman A.T. Ramaswamy in the Legislative Assembly.

It has recommended prosecution of offenders under the existing provisions of the IPC, the recently amended Land Revenue Act, and the “Goonda Act”.

There were some reported instances of “daylight murders” of people related to real estate business in Bangalore city in March 2007.

In the light of the expansion of the area of BBMP from 250 sq km to 790 sq km encompassing seven city municipal councils and a town municipal council, the land grabbing activities were bound to increase manifold.

Therefore, it was necessary to find “basic solutions” to regulate “this menace” effectively, the committee said.

Referring to its first interim report, the committee said: “The administrative machinery has utterly failed to take action against the land grabbers and their official abettors and promoters.”

It has made recommendations in respect of some of the “glaring cases of land grabbing” such as the encroachment of 180 acres in B.M. Kaval village in Bangalore south taluk by a leading business family; 11.5 acres of tank bed in Pattandur Agrahara in Bangalore East taluk by creating bogus records; 1,099 acres of forest, 313 acres of tank bed, 767 acres in Bannerraghatta National Park; lands belonging to Dharamrayaswamy and other temples; valuable property in Chamarajapet donated to Endowment Department through a will but handed over to land grabbers by the BBMP officials; illegal possession of public roads by Purvankara Builders in connivance with the BBMP and Registration Department officials; and the activities of societies such as the Judicial Employees Housing Cooperative Society and Shanthinagara House Building Cooperative Society.

Biggest loser.

Mr. Ramaswamy said the Revenue Department was a major victim of encroachment and 25,713 people encroached 21,706 acres.

The second was the Bangalore Development Authority. Nearly 2,878 acres of valuable land in and around Bangalore was encroached by 4,595 people. The Forest Department was the third biggest to lose land — 2,179 acres to 2,231 people. The value of the land encroached has not been provided in the report.

The other departments, whose lands were encroached were (acres and encroachers respectively are given in brackets): Wakfs Board: (263 and 97), Cooperation Department: (86 and two), Animal Husbandry Department: (48 and 248), Endowment Department: (61 and 199), Karnataka Housing Board: (34 and 302), Karnataka Industrial Area Development Board: (32 and 601), Karnataka Slum Clearance Board: (12 and 202), town municipal councils and city municipal councils: (eight and not available), Bruhat Bangalore Mahanagara Palike: (13 and 124), National Institute of Mental Health and Neuro Sciences: (three and one) and Bangalore University: (13 and 50).

Besides these encroachments, the committee had detected government lands of various categories which were encroached upon such as those resumed under the Inam Abolition Act, the Urban Ceiling Regulation Act and Sections 79A and 79B of the Land Reforms Act.

This accounted for 12,012 acres.

The report said that the committee would prepare department-wise reports showing names, addresses and extent of encroachment by them.

Source: The Hindu

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Godrej Properties to build Bangalore residencies

233134 — Tue, 22 May 2007 11:34:00 GMT

Godrej Properties, the real estate arm of the Godrej group, has initiated two projects worth Rs 850 crore in Bangalore.

The company's Bangalore entry is through Godrej Woodsman Estate, a 2.3 million square feet residential project being built in phases. The project is located on 15 acres about 1 km from Hebbal flyover on the Bellary Road.

The land for this project was acquired from Amco Batteries three years ago.

"Godrej Woodsman Estate encompasses seven towers, each 16 storeys, housing nearly 840 two and three bedroom apartments. It has been designed to give an open countryside feel," said Adi Godrej, chairman, Godrej Group.

In Bangalore, the company will initially concentrate on the residential market.

It is busy creating a land bank to take up commercial and retail projects thereafter.

According to Godrej, "From mass housing to customised luxury apartments, from the dot.com era to the current BPO and information technology wave and the ongoing retail boom, we will continue to provide value added property solutions through commercial and residential properties."

Godrej Properties has been in business for 16 years and has a sizeable presence in the suburbs of Mumbai and some upmarket locations in Pune.

Now the company is making efforts to enter the residential, IT parks and commercial real estate markets in Bangalore, Hyderabad, Kolkata and Chennai with a total offering of about 20 million square feet.

The company has been active in Kolkata, having tied up with two IT parks and one retail mall.

In Kolkata, it will build a 1.8 million square feet IT Park titled Godrej Waterside, another 1.5 million square feet IT park titled Godrej Simoco at Salt Lake and a 400,000 square feet retail mall to be called CESC Godrej Plaza at Park Circus.

In the Mumbai and the Pune regions, the group has taken up Godrej Coliseum at Sion.

Godrej Castlemaine in Pune is already catering to the customised demands of the IT industry. Godrej Eternia at Pune houses Shopper's Stop, Godrej Avanti (Pune) and Godrej Chestnut Plaza (Thane).

The company's clients include Veritas Software, Reliance Infocomm, Tata consultancy Services, BNP Paribas, Suzlon Energy, State Bank of India, HDFC, LIC and Hyundai.

Its projects are handled by architects like DP Architects of Singapore, JP Parekh and PG Patki and Sembcorp Project Management Consultants of Singapore Technologies.

The group's residential projects include a 19 acre green enclave at Edenwoods at Thane, Planet Godrej in the heart of Mumbai city, Godrej Glenelg in South Mumbai and Godrej Waldorf in the western suburbs of Mumbai offering an international lifestyle.

Source:Anil Urs / Bangalore May 22, 2007, Buisness Standard

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Nagarjuna Construction gets Rs 3.02-bn orders

233134 — Mon, 16 Apr 2007 11:32:00 GMT

Nagarjuna Construction Co Ltd said recently that it had secured three orders worth 3.02 bn rupees, including a water supply project order worth 2.46 bn rupees.
The Economic Times New Delhi Edition March 27 2007

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Hamburg based Union Investment Real Estate AG in talks to buy India Builders Corp’s IBC-Knowledge Park

475368 — Fri, 23 Mar 2007 07:54:00 GMT

BANGALORE: Hamburg-based real estate investment management company, Union Investment Real Estate AG, which manages assets worth over e13.2 billion globally, is in talks to buy out the Bangalore-based India Builders Corp’s Knowledge Park which is located on Bannerghatta Road Near Diary Circle, partly or in whole, for an undisclosed amount, sources say.

According to IBC’s website, the 14 acre Knowledge Park is valued at Rs 380 crore. Union Investment has already sent a letter of intent to the promoters of IBC Knowledge Park. This could mark the German’s major real estate player foray into India.

When contacted, Smita Ramakrishna, an official of IBC, confirmed the development but refused to give more details. The park is located on Bannerghatta Road, 5 km from Bangalore. With over 1.4 million sq ft of commercial space, the project houses the offices of Accenture and Oracle.

Union Investment plans to enter India through its Singapore subsidiary Deutsche Immobilien Fonds AG (DIFA). DIFA was formed to aid Union Investment’s penetration into Asian growth markets.

“The real estate major is looking at commercial as well as mixed-use property development opportunities in India. Apart from investing in real estate projects in the country, the company could launch its real-estate brokerage service as well,” said a source. An email to Union Investment remained unanswered.

Investments in city-centre office space and business parks are the mainstay of DIFA’s investment strategy. In addition, DIFA is increasingly investing in shopping centres and business hotels. DIFA opened its regional office in Singapore in December 2006. The company, then had commented that it is looking at growth markets such as China and India.

The company currently manages five funds for private and institutional investors, comprising some 230 properties and projects in Europe, the Americas and Asia. Within the commercial real estate market, Union Investment Real Estate AG is active as an investor and project property developer, landlord and property seller.
Source: Economic Times
http://economictimes.indiatimes.com

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