Life Insurance Corporation (LIC) is outbidding some of the leading private realty players to acquire huge tracts of land all over the country. The corporation plans to augment earnings by developing these properties into commercial office complexes and subsequently leasing them.
LIC, which manages over Rs 6 lakh crore of assets , has spent around Rs 100 crore a year until 2006-07 . This fiscal, LIC is reported to have bought land worth Rs 400 crore. “LIC has already acquired tracts of land in Delhi, Jaipur, and Kolkata.
We intend to acquire additional land in any prime location that will be put on auction by state establishments during the rest of the year. Although, we haven’t acquired any land in Mumbai, we are also on the lookout for expression of interest (EoI) from government bodies,” LIC managing director AK Dasgupta told ET.
LIC has made an acquisition of a 5-acre plot of land on Kolkata’s Eastern Metropolitan Bypass for a mind-boggling Rs 276.2 crore. The land has presumably been bought for constructing an “investment building” , which is basically a structure that will help the insurance major earn very good returns over a period of time. Sources said that the land was purchased to set up an `investment building’ either an IT park or a commercial complex to be rented out. While a large number of the LIC’s old properties are non-performing assets generating rentals of less than Rs 10 per month, new properties are generating decent returns.
Agreeing with LIC’s predicament, a well-known real estate consultant pointed out: “Some of LIC’s existing buildings are lying vacant, for example, but since the buildings are old and lack plug-and-play infrastructure , companies are reluctant to rent them and instead prefer new buildings coming up at Ballygunge, Lower Circular Road and even Salt Lake,” a real estate consultant pointed out.
Mr Dasgupta said that LIC would engage a third party to build hi-tech structures. So far, LIC had restricted itself to acquiring land from government authorities only. It hasn’t yet ventured into purchasing from private parties.
Currently, LIC owns nearly 1,571 properties in India and some overseas. Of these, some 374-odd LIC real estate portfolios are primarily investment properties. It also has some free-hold lands in metros, a majority of which will be used to house offices or employee families. The surplus may be used to boost the firm’s rental income.
Source: http://economictimes.indiatimes.com
Tuesday, October 23, 2007
Tuesday, October 16, 2007
Real Estate Banglore
Bangalore-based Asipac, a provider of concepts, planning and marketing solutions to the real estate market, along with over 20 builders (domestic and international) are planning India's biggest private sector housing venture—the Rs 62,000-crore Satyagriha Project, which proposes to build 342,000 homes in the nex six years across India.
These homes will come up across 125 projects, to be built by developers like Bangalore-based Mantri, Salarpuria Group and Golden Gate Properties, Hyderabad-based Koncept Ambience, Jaipur-based Unique Builders Mannat, Chennai-based Marg Constructions and Israeli-consortium PBEL. M A Alagappan of Murugappa Group will invest in his personal capacity. The first project, at Jaipur, is planned to be launched in November, and the second, at Visakhapatnam, in January 2008.
Conceptualised along the Japanese idea of ‘space saving', the project proposes to deliver 1BHK (504 sq ft), 2BHK (900 sq ft) and 3BHK (1,206 sq ft) homes in the price bracket of Rs 7.75 lakh to Rs 23 lakh, substantially lower than most current offerings.
"While the real estate sector in India talks about square feet, in Japan they talk of square centimetre. So much so that Japanese houses don't even sport corridors," says Bagaria. Doors are wardrobes on wheels, making use of spaces that are otherwise of little use.
The houses are fitted with sensors to conserve electricity and water. Bathrooms have shower cubicles split into a wet and dry area. These have weight sensors—when a person steps into the wet area the water starts, and turns off the moment he steps into the dry area. The toilet bowls are fitted with bum-washers, which too conserves water. The Satyagriha consortium plans to customise these technologies to Indian requirements.
The other big cost advantage comes from standardising everything for the project, and having common design, specifications and centralised procurement. Individual projects would not require separate sets of architects, engineers and other back end staff. The procurement is expected to be of the order of Rs 28,000 crore, and doing this centrally could deliver enormous savings.
Sushil Mantri, MD of Mantri Developers, who plans to build 11 such projects, says, "Today's middle class consumers, who are the target audience for this project, are looking for functional homes and also want some amount of luxury."
Source: http://timesofindia.indiatimes.com
These homes will come up across 125 projects, to be built by developers like Bangalore-based Mantri, Salarpuria Group and Golden Gate Properties, Hyderabad-based Koncept Ambience, Jaipur-based Unique Builders Mannat, Chennai-based Marg Constructions and Israeli-consortium PBEL. M A Alagappan of Murugappa Group will invest in his personal capacity. The first project, at Jaipur, is planned to be launched in November, and the second, at Visakhapatnam, in January 2008.
Conceptualised along the Japanese idea of ‘space saving', the project proposes to deliver 1BHK (504 sq ft), 2BHK (900 sq ft) and 3BHK (1,206 sq ft) homes in the price bracket of Rs 7.75 lakh to Rs 23 lakh, substantially lower than most current offerings.
"While the real estate sector in India talks about square feet, in Japan they talk of square centimetre. So much so that Japanese houses don't even sport corridors," says Bagaria. Doors are wardrobes on wheels, making use of spaces that are otherwise of little use.
The houses are fitted with sensors to conserve electricity and water. Bathrooms have shower cubicles split into a wet and dry area. These have weight sensors—when a person steps into the wet area the water starts, and turns off the moment he steps into the dry area. The toilet bowls are fitted with bum-washers, which too conserves water. The Satyagriha consortium plans to customise these technologies to Indian requirements.
The other big cost advantage comes from standardising everything for the project, and having common design, specifications and centralised procurement. Individual projects would not require separate sets of architects, engineers and other back end staff. The procurement is expected to be of the order of Rs 28,000 crore, and doing this centrally could deliver enormous savings.
Sushil Mantri, MD of Mantri Developers, who plans to build 11 such projects, says, "Today's middle class consumers, who are the target audience for this project, are looking for functional homes and also want some amount of luxury."
Source: http://timesofindia.indiatimes.com
Monday, October 8, 2007
Real Estate Jaipur
JAIPUR: IT services major Genpact is planning to invest around Rs 150 crore in the upcoming IT SEZ in Jaipur. Genepact vice-president and Jaipur Site Leader Diwakar Singhal told ET that the company is coming up with a captive SEZ across 25 acres of land.
“The state government has identified land for us on Agra Road and will be handing it over in couple of weeks time. Either we would develop this SEZ on our own or rope in a real estate major as a codeveloper who specialises in SEZ devlopment.
However, we plan to start operations in about 12-15 months after the land acquisition,” he said refusing to spell out the price which the state government had offered the company for the proposed SEZ facility.
The ITes major already has two facilities in Jaipur with around 2500 seats. “With the new facility in operation we would be generating direct employment for 6000 more people and 24000 indirect employment opportunities for the people of Rajasthan,” Mr Singhal said.
The company is gearing up to meet the increasing man power requirement with the scaling up of the operation. It is banking on local talent as acquiring talent from across the country will not only be costly but also increase the attrition rate. “We are opening knowledge centres in colleges to identify and train young graduates for ITes jobs,” he said.
Source: http://economictimes.indiatimes.com
“The state government has identified land for us on Agra Road and will be handing it over in couple of weeks time. Either we would develop this SEZ on our own or rope in a real estate major as a codeveloper who specialises in SEZ devlopment.
However, we plan to start operations in about 12-15 months after the land acquisition,” he said refusing to spell out the price which the state government had offered the company for the proposed SEZ facility.
The ITes major already has two facilities in Jaipur with around 2500 seats. “With the new facility in operation we would be generating direct employment for 6000 more people and 24000 indirect employment opportunities for the people of Rajasthan,” Mr Singhal said.
The company is gearing up to meet the increasing man power requirement with the scaling up of the operation. It is banking on local talent as acquiring talent from across the country will not only be costly but also increase the attrition rate. “We are opening knowledge centres in colleges to identify and train young graduates for ITes jobs,” he said.
Source: http://economictimes.indiatimes.com
Wednesday, October 3, 2007
Real Estate India
Indian real estate developer DLF saw its biggest share gain on Wednesday after winning a government contract to help build a $15 billion township on the outskirts of Bangalore.
New Delhi-based DLF will carry out the work via a 50:50 partnership with Dubai-based land developer Limitless Holdings, a division of state-controlled Dubai World. The township will reportedly be spread over 9,000 acres.
DLF shares gained 16% on the Bombay Stock Exchange, closing at 889.40 rupees ($22.36), and helping push up the valuations of other real estate stocks. The benchmark Sensex also saw an intra-day high of 17,953, but later pared some of its gains, closing up 3%, at 17,847.04.
Capital isn’t a problem for DLF, which this July raised $2.3 billion in an initial public offering. “The project will be spread over five years, and as it develops, most of the money will come from customer advances,” said Bhuvan Yadav, real estate analyst at Karvy Stock Broking. DLF has about 615 million square feet of land under development, about half in Delhi and Mumbai.
Yadav said the main concern was where demand would come from. DLF’s flagship township in Gurgaon, on the outskirts of New Delhi, has seen about 6,000 acres urbanized in the last three decades. “You can argue that rapid demographic changes will make urbanization faster in Bangalore, but it’s likely to be some years before the township attracts demand up to its capacity,” he said.
Source: http://www.forbes.com/
New Delhi-based DLF will carry out the work via a 50:50 partnership with Dubai-based land developer Limitless Holdings, a division of state-controlled Dubai World. The township will reportedly be spread over 9,000 acres.
DLF shares gained 16% on the Bombay Stock Exchange, closing at 889.40 rupees ($22.36), and helping push up the valuations of other real estate stocks. The benchmark Sensex also saw an intra-day high of 17,953, but later pared some of its gains, closing up 3%, at 17,847.04.
Capital isn’t a problem for DLF, which this July raised $2.3 billion in an initial public offering. “The project will be spread over five years, and as it develops, most of the money will come from customer advances,” said Bhuvan Yadav, real estate analyst at Karvy Stock Broking. DLF has about 615 million square feet of land under development, about half in Delhi and Mumbai.
Yadav said the main concern was where demand would come from. DLF’s flagship township in Gurgaon, on the outskirts of New Delhi, has seen about 6,000 acres urbanized in the last three decades. “You can argue that rapid demographic changes will make urbanization faster in Bangalore, but it’s likely to be some years before the township attracts demand up to its capacity,” he said.
Source: http://www.forbes.com/
Wednesday, September 26, 2007
Indian Property Expo
MUSCAT — The Indian Property Exhibition 2007 opens today at Al Falaj Hotel.
Billed as ‘India — a destination for investment’, the exhibition will feature India’s leading builders, promoters, real estate companies, banks and financiers.
India has turned out to be a real estate hotspot and NRI investors wanting to invest in real estate will have access to a first hand information on the upcoming and on-going real estate projects.
Owing to the real estate boom, buying a value-for-money home in India isn’t just easy. The third Indian Property Exhibition is being organised to address the rising need for quality homes with its guidelines, guidance and a galore of choices.
After years of toil in the Gulf, a lovely home is everyone’s dream. Indian property exhibition offers key solutions for Indian expatriates to find their choice of homes across India — be it apartments, independent villas, bungalows or farmhouses. For those looking for commercial properties, beach resorts and plots, there will be a lot to go for.
More than 150 projects will offer freedom to purchase dream homes in New Delhi, Mumbai, Kolkata, Burdwan (West Bengal), Hyderabad, Chennai, Bangalore, Mysore, Hosur, Vizag, Coimbatore, Trichy, Madurai, Ooty, Thirunelveli, Courtallam, Pattukottai, Ludhiana, Ajman, Panipet, Ghaziabad, Mohali, Sonipet, Meerut, Bhathinda, Karnal, Jaipur, Lucknow, Gurgaoan, Jodhpur, Kundli, Chandigarh, Dindugal, Nagarcoil, Kanyakumari, Tirupur, Salem, Sathur and many other locations.
Billed as ‘India — a destination for investment’, the exhibition will feature India’s leading builders, promoters, real estate companies, banks and financiers.
India has turned out to be a real estate hotspot and NRI investors wanting to invest in real estate will have access to a first hand information on the upcoming and on-going real estate projects.
Owing to the real estate boom, buying a value-for-money home in India isn’t just easy. The third Indian Property Exhibition is being organised to address the rising need for quality homes with its guidelines, guidance and a galore of choices.
After years of toil in the Gulf, a lovely home is everyone’s dream. Indian property exhibition offers key solutions for Indian expatriates to find their choice of homes across India — be it apartments, independent villas, bungalows or farmhouses. For those looking for commercial properties, beach resorts and plots, there will be a lot to go for.
More than 150 projects will offer freedom to purchase dream homes in New Delhi, Mumbai, Kolkata, Burdwan (West Bengal), Hyderabad, Chennai, Bangalore, Mysore, Hosur, Vizag, Coimbatore, Trichy, Madurai, Ooty, Thirunelveli, Courtallam, Pattukottai, Ludhiana, Ajman, Panipet, Ghaziabad, Mohali, Sonipet, Meerut, Bhathinda, Karnal, Jaipur, Lucknow, Gurgaoan, Jodhpur, Kundli, Chandigarh, Dindugal, Nagarcoil, Kanyakumari, Tirupur, Salem, Sathur and many other locations.
Source: http://timesofoman.com
Tuesday, September 11, 2007
Property in India
When people imagine luxury villas, they mostly think of a huge and spacious house, surrounded by greenery and a well kept garden. Well, in reality, they are very much like our imagination, sometimes even better. These villas are the ultimate in luxurious and comfortable living.
For people who take their families for a vacation to the countryside, luxury villas are a good accommodation option. Living in a villa gives a homely feeling; at the same time you feel like royalty. There is ample space, which is a scarcity in crowded cities, both indoors and outdoors. Coming from a cramped and noisy atmosphere of the bustling cities, people enjoy the slow pace of life and serenity provided by these luxury villas. These villas are also a favorite destination for people who have retired or have abandoned city life, and have planned to spend their lives in a relaxed and meditative environment.
Heralded for their much sought-after locations, architectural distinction and environmental sustainability, these luxury villas in India meet every expectation of luxury homeowners and ensure every modern amenity to guarantee safety and well being.
And for buying luxury villas in India you should always look for a premier realtor who not only helps locate the best available property that meets your requirements but also guides you throughout the process of leasing/purchasing the multi-crore luxury villas, farmhouse/real estate asset.
For celebrities, tycoons and high net worth individuals looking for ready-built luxury abodes, Ramji offers an extensive portfolio of premium properties - deluxe farmhouses with most modern amenities, posh villas and beautifully landscaped bungalows, designer built and quality fitted to match the lifestyle of the ultra-affluent in India.
Thursday, June 14, 2007
Crowne Plaza Today Gurgaon appoints Barun Jolly as RM
Crowne Plaza Today Gurgaon announced the appointment of Barun Jolly as the Resident Manager. Located in Gurgaon, the brand defining property is set to open its doors mid this year.
In his new assignment, Barun will be the direct link between the GM, the guests and the staff. He will provide key support in the constant endeavor towards ensuring the guests comfort, also voice and address the requirements of the staff.
Situated in the heart of Gurgaon, Crowne Plaza Today Gurgaon, part of the InterContinental Hotels Group (IHG) - the largest hotel group by number of rooms worldwide - will be the finest state-of-the-art business hotel, with customized conference facilities for business clients.
The 234-room hotel will also launch the country’s first specialty Brazilian restaurant - Wildfire, a Club Lounge and Bar called Connexions, and Café G, an all-day live-cooking buffet-restaurant, along with personalized span and health facilities.
Source://Moneycontrol
In his new assignment, Barun will be the direct link between the GM, the guests and the staff. He will provide key support in the constant endeavor towards ensuring the guests comfort, also voice and address the requirements of the staff.
Situated in the heart of Gurgaon, Crowne Plaza Today Gurgaon, part of the InterContinental Hotels Group (IHG) - the largest hotel group by number of rooms worldwide - will be the finest state-of-the-art business hotel, with customized conference facilities for business clients.
The 234-room hotel will also launch the country’s first specialty Brazilian restaurant - Wildfire, a Club Lounge and Bar called Connexions, and Café G, an all-day live-cooking buffet-restaurant, along with personalized span and health facilities.
Source://Moneycontrol
Subscribe to:
Posts (Atom)
