Godrej Properties announces New Towers in Godrej Garden City, Ahmedabad

The launch of new towers in the Godrej Garden City (GGC) project has been announced by Godrej Properties Ltd (GPL) which is the real estate subsidiary of the Godrej Group. Till date almost 2,500 apartments housed within the project located in Ahmedabad have been sold off. With the launch of this new phase GPL will be offering two/three BHK apartments which will be equipped with modern amenities. The sizes of the partments will range from 1,270 square feet to 1,729 square feet.

Pirojsha Godrej the executive director of GPL said that the company was very upbeat about announcing the launch of the new phase of the Godrej Garden City township project. The executive director further added that already about 2500 apartments has been sold and GPL plans to continue this momentum in order to provide the residents of Godrej Garden City a world class self-sufficient township. On completion Godrej Garden City will have over 13,000 apartments and villas. GPL also plans to create transport, education, healthcare, recreation, hospitality, retail and banking facilities within the project. In order to make Godrej Garden City a fully self-sufficient township GPL plans to add important civic facilities as well as public utilities. World-renowned architects, Skidmore, Owings and Merrill (SOM) have created the master plan of Godrej Garden City.

Gurgaon based developer AlphaG: Corp launches Phase III of GurgaonOne 84

The Phase III of GurgaonOne 84 residential project has been launched by the Gurgaon-based real estate developer Alpha G:Corp Development (Alpha G:Corp) which is also a partner of Morgan Stanley. Spread over an area of around 12.5 acres the project will be developed in Sector 84 of New Gurgaon.

Mr. S K Sayal the CEO and director of Alpha G:Corp said that within the first two days of its launch the Phase III of GurgaonOne 84 project has been sold out. He admitted that the company was overwhelmed by this demand in Gurgaon which it did not anticipate. He attributed the high brand presence because of the success of its earlier project GurgaonOne in Sector 22 which witnessed a three-fold appreciation in the last three years. According to Mr. Sayal this was the reason why GurgaonOne 84 got sold out so fast.

ARCOP of Montreal, Canada has designed the GurgaonOne 84 project which will have seven independent towers. Each tower will have more than 19 floors which will have combinations of two, three and four-bedroom apartments. The carpet area of these apartments will range from 1,181 to 3,194 sq ft. There will be a total of 668 apartments in the said projects which is divided into four phases. The first two phases were launched in February. There were a total of 439 apartments and the base price was Rs 3,420 per sq ft.

Unitech coming up with office cum retail complex in Gurgaon

The Nirvana Country 2 project of Unitech which is a 100 acre integrated township located in Sector 71,72 Gurgaon will now have a commercial complex named Nirvana Courtyard 2 which will be housed within the project. Nirvana Courtyard 2 will have readymade office suits with sizes ranging from 486 square feet onwards. These office suits will have facilities like false ceiling and lighting, split AC and round-the-clock power back-up. Apart from that Nirvana Courtyard 2 will also have retail options like health clubs, beauty clinics, restaurants with open terrace, cafes and boutiques etc and sizes will range from 300 square feet onwards.

Mr. Nagaraju Routhu the vice-president (corporate planning) of Unitech said that the Nirvana Courtyard 2 office block will have spacious lobbies as well as common areas and these will offer independent access. All the suits will offer high visibility and will have split ACs along with 24x7 power back-up. He said that being a gated community the Nirvana Courtyard 2 office block is also well connected to NH-8 and Golf Course extension. Moreover the Nirvana Country 2 integrated township project enjoys the advantage of being located near world-class schools and hospitals like DPS, Heritage, Max and Apollo etc. The township will also have in-house facilities like clubhouses, schools, medical centres, shopping arcades and facilities for sporting activities.

DLF, Unitech’s projects in NCR delayed due to slump

A number of real estate projects launched between 2005 and 2007 in the National Capital Region (NCR) have not been completed yet. Some of these are Magnolias and Belaire in Gurgaon (launched by DLF), Exotica in Gurgaon and Palacia and Privilege at Greater Noida (launched by Parsvnath). Similarly two other projects namely Escape and The Close in Gurgaon launched by Unitech are also getting delayed. When asked to comment on delayed projects a DLF spokesperson said that the company was striving to complete its two delayed projects by this year end.

On the other hand an official of Parsvnath developers said that the company is focusing on completing the two projects located in Greater Noida by the end of next year. While talking to DNA the same official said that although there were delays in completing its Exotica project in Gurgaon possessions in the first two phases have been already completed. He said that at present the company is in the process of offering possession in the third phase and will begin to provide possessions in the fourth phase in six months.

A spokesperson of Unitech disclosed that the company has already offered possession of The Close project and possession of The Escape project has also started. Apart from other factors the 2008-09 slowdown is being cited by developers as the reason for project delays.

Tata to invest 1000 crore in real estate

Affordable homes will be developed across India by Tata Housing Development Company. Up to Rs 3,000 crore would be invested by the company by next fiscal for this purpose. Already five affordable housing projects are under Tata Housing Development Company and by next fiscal another 7 to 8 projects are on the anvil which the company will launch shortly. A subsidiary named ‘Smart Value Homes’ has been formed by Tata Housing and the company plans to develop affordable houses under this subsidiary. The prices of affordable houses will range from Rs 5 lakh to Rs 35 lakh.
Mr. Brotin Banerjee, the managing director of Tata Housing Development Company said that an amount of Rs 2500 to Rs 3000 crore will be invested by the company in 2011-12 for the development of existing as well as new affordable housing projects. Mr. Banerjee said that three projects with a total area (saleable) of 10-12 million sq ft are being developed by Smart Value Homes in Mumbai, Pune and Chennai respectively.
He said that three more projects are on the anvil in Mumbai, Bangalore and Ahmedabad. These will begin during the first quarter of 2011-12. The company is also planning to start more projects in other parts of India.

Home loan declines in India

With the increasing housing problems and taking it seriously State Bank of India decide to launch new home loan policy .The increasing demand of home loans made State Bank of India and seeing the inability of borrowers to repay loans on time. State Bank of India decided to launch new home loan policy. The bank is considering increasing rate of interest on home loans that would surely affect borrowers. The demand of home loans has surely risen up high. The bank has decided to keep interest of 8.5 till a loan of Rs 5 lakh and 9.25 upto loan of Rs 20 lakh.

The withdrawal of teaser loans has resulted in slight declination in application of home loans. The rising property prices also led the demand of housing loans go down. According to data issued by State Bank of India it is evident that after the interest rates have been made high and withdrawal of teaser loans has brought slight moderation in home loans demand. The inability to clear loan on time for longer periods becomes a serious problem for banks. Therefore now Banks will be reviewing its home loans policies periodically. One would have to wait to get property loans as it can not be given instantly now and high rate of interest attached with it.

India Trying to Build Consensus on Liberalising FDI in Retail

India is looking to make its position strong in promoting foreign direct investment in country. Finance Minister said in a press conference in Washington to maximize liberalization in defence and retail sector. In this direction finance Minister is trying to build up a unanimous policy to increase the foreign direct investment. The defence minister wants the FDI to be restricted to just 49%.There exists differences within the government on this issue. Other ministries have also opposed this decision from Finance Minister. The policy is under discussion and any decision would be taken after the final discussion completed with in the government.

Taking this issue Mukherjee will further have discussion with US treasury secretary beginning from tomorrow. The US wants new opening of industries in Indian markets and is of the view that this process should go on realizing each other potentialities and capabilities. The future discussion can be productive when tow countries jointly work together for it. The Indian market is full of potentialities and US is waiting for the nest move from India on retail sector. It is still unclear that at what percent will FDI be allowed to work on. Many companies have welcomes this step where as there are companies who have expressed their displeasure on this issue.

Govt May Approve Amendments to Benami Property Law Today

Government is most likely to review laws on benami property and most probably go for amendment to show its concerned attitude on this issue. The amendment will provide government with the right to take over any land that is declared as benaami or it belongs to person who has not paid property tax properly. Earlier a law related to this was passed by Parliament in 1988 but it never into implementation .The newly formulated law would be enacted strictly to stop generation of black money. This law will authorize government to seize any illegal property and bring it in use into development related work.

The following act has made compulsory that all property deals will be certified by CA.It will surely reduce the amount of black money generated by property owners. This law will directly benefit government and increase its annual revenue. The real business gives rise to ample amount of black money. But with the coming into light of 2G spectrum scandal possibilities of black money exist in other sectors also. Therefore government was forced to stop the property theft and take over bennami property for various development schemes. This law if properly implemented will reduce the cases of black money in country.

CapitaMalls Asia to invest Rs 1,800 crore in India

Famous construction company CapitaMalls Asia has decided to invest Rs 1,800 crore to increase its business in India. In the next three years company will fund the malls that are still under construction with new seven new malls across the country. Kevin Chee, CEO and head of Capitamalls Asia said in his recent interview that company has joined hands with two Indian based construction companies. The Bangalore based Prestige Estate Projects Ltd will after projects operational in South and Advanced India Projects Ltd will work in the North. Both these companies will work together with CapitaMalls Asia.

Company has already owned some big malls in India like Forum Value Mall in Bangalore and The Celebration Mall in Udaipur. Apart from these malls seven other malls are under construction in Bangalore, Mangalore, Hyderabad, Mysore, Kochi, Jalandhar and Nagpur. These seven malls will be completed between 2012 and 2013.The company has owned total 92 Malls across five countries and more than half that is 53 of them are in China. The property of this company is estimated to be around $23.7 million with a total constructing space of 73.4 million sq ft. The revenue contribution by Indian malls is approximately2.1 percent of total property and a space of 9.8 percent.

Acron Infra Projects Developing Residential Complex at Pune

Acron Infra Projects which is Mumbai based construction company is building up a sky touching residential complex at Karvenagar located in the center of Pune. Amar J Britto who is director of Acron Group told that the cost of the project is Rs 800 crore and it will be completed in six steps. The project work is already under progress with 25 storey buildings will be made ready with in a time period of 18 months. The company has asset a target of developing total 800 apartments in first step. Each apartment will be consisting of two bedroom covering an area of 900 sq feet. The interested customers have to pay around 40 to 50 lakhs to book apartment here.

The project has given home buyers a relaxing apartment with all basic facilities. The eco friendly environment will save people from city pollution. Home buyers belong upper middle class can easily afford these apartments. Acron Group has two other branches in Goa and Bangalore with a remarkable and skilful construction management. Today Acron Group is a big name in construction world .Apart from many facilities registration and stamp duty cost has to bear by home buyer. The apartment location is in the center of city which is not less than a dream.

BSN Developers under Scanner over Controversial Mumbai Land Deal

Mumbai realty sector received a major set back few days back when a complaint against HDIL was filed with Mumbai police. The case involves a deal of Rs800 crore of a plot between HDIL and Kanakia Group. The police sources said that after six months of deal BSN developer claimed its ownership on 30,000 square meter plot. When the matter came into notice HDIL also filed case against BSN developers. The investigations are in initial stage which reveals that BSN developers owned this land by submitting fake documents. Originally this land belonged to A Thakur who died last August. Therefore the whole seem to be fake and BSN acquired this land by forgery.

The officers who are investigating this case said that this land was sold to HDIL by Thakur family for over Rs 400 crore.BSN developers presented fake documents in registration department which looked like original. The report submitted to police clearly mentions case of forgery and submission of fake documents from BSN developers. For further investigation a team of Andheri police will soon leave for Varanasi. Meanwhile HDIL has decided to take help of court and filed a case against BSN developers. In January the land was being sold to Kanakia group for complex construction.