Out of the 4,587 members of the IAS, around 660 have not trailed their statements even on the final day for affirming fixed property. The statements sent on the department of personnel and training website exhibit how babus are ingenious investors since most of them possess numerous properties; Greater Noida is the most desired investment place, trailed by other parts of the broad and fast developing NCR.
Any senior official on Central deputation possess a flat, plot or house in Greater Noida. Moreover, it is a preferredendpoint for babus of AGMUT cadre, who are typically posted in Delhi at specific point of their careers. Many officers, regardless of their positions, own many properties.
However, there are specific exceptions among senior bureaucrats, whose revenuesprove that neither they nor their partnershold any property. Several officers have not filled in the column on recent market price on the appeal that they have not resolute it. There are few statements, which display suspect at very first look.
Previous NDMC chairman ParimalRai, who was one of the officers designated in the Shunglu Commission report, has professed eight properties, comprisingtwo flats in aristocratic area of Green Park. He has appreciated the flats at Rs 10 lakh each, which is beyond synchronicity with the usual property costs in the city. His other propertiescomprise a four-bedroom luxurious flat in Lucknow, and a plot in Ghaziabad. A K Mehta, a J K cadre 1978 batch Joint Secretary in UUD ministry, possess 10 immovable properties, which are three plots in number – two of which are in Golf City (Noida sector 75) valueRs 37 lakh each – and a property in a Dwarka mall worth Rs 16 lakh.
Saturday, March 31, 2012
Real estate developer Brigade Group opened a lavishing new mall in Bangalore
The infamous real estate group, Brigade group has opened, developed and managed its new flagship retail venture Orion mall located at the Brigade Gateway Enclave, Bangalore spread over 8.2 lakh sq. ft. The mall is a house to many local and international brands.
This lavishing mall is located at Brigade Gateway Enclave where many other famous commercial complexes such as World Trade Center, Sheraton hotel, Columbia Asia hospital, etc are located. It also houses more than 1200 residences and a galaxy club. The most attractive features of the Orion mall are two acre manmade lake, an open air children’s play area and an amphitheatre. The exteriors and interiors are also world class which clearly indicates the experienced brains of the mall designers which include Foley Designs and DSP designs for interiors and HOK, from New York for the exterior design of the mall. The mall has new world class features which inter alia are LED lighting solutions, automated sensor controlled car parking, over 225 closed-circuit security cameras and 42 lifts and escalators.
The major brands in the mall includes high end brands such as Zara, Debenhams, Tommy Hilfiger, Jack & Jones, Mango, Espirit, Nautica, Wills Lifestyle, Arrow, Allen Solly, Da Milano, Westside, Celio, Nike, Levis and Hush Puppies.
This lavishing mall is located at Brigade Gateway Enclave where many other famous commercial complexes such as World Trade Center, Sheraton hotel, Columbia Asia hospital, etc are located. It also houses more than 1200 residences and a galaxy club. The most attractive features of the Orion mall are two acre manmade lake, an open air children’s play area and an amphitheatre. The exteriors and interiors are also world class which clearly indicates the experienced brains of the mall designers which include Foley Designs and DSP designs for interiors and HOK, from New York for the exterior design of the mall. The mall has new world class features which inter alia are LED lighting solutions, automated sensor controlled car parking, over 225 closed-circuit security cameras and 42 lifts and escalators.
The major brands in the mall includes high end brands such as Zara, Debenhams, Tommy Hilfiger, Jack & Jones, Mango, Espirit, Nautica, Wills Lifestyle, Arrow, Allen Solly, Da Milano, Westside, Celio, Nike, Levis and Hush Puppies.
Unitech moves to a Gurgaon court against Telenor
Unitech, the well known real estate firm moves to the Gurgaon Company court against Norway’s Telenor to preclude it from creating a new telecom joint venture in India. The company in a statement issued on Wednesday also stated that it has sought to prevent Telenor from using the assets of their joint venture for the purpose of the new venture.
The real estate company has files a company petition at the Gurgaon district court under the Arbitration and Conciliation Act. The plaintiffs alleged that they had a non- compete clause in the shareholder agreement to restrain Telenor from entering into any sort of direct competition with them. The statement issues by Unitech Ltd clearly stated that they have moved an arbitration application under section 9 of the said act restraining Telenor from participating in any manner or being financially interested in any other project that competes with the business of Uninor adding further that Unitech has also sought an injunction against the transfer of business of Uninor by Telenor to a new entity altogether. The objective behind this move was to protect the interest of Unitech’s investment in the telecom industry. The district court is yet to set a date for the hearing of the petition.
The real estate company has files a company petition at the Gurgaon district court under the Arbitration and Conciliation Act. The plaintiffs alleged that they had a non- compete clause in the shareholder agreement to restrain Telenor from entering into any sort of direct competition with them. The statement issues by Unitech Ltd clearly stated that they have moved an arbitration application under section 9 of the said act restraining Telenor from participating in any manner or being financially interested in any other project that competes with the business of Uninor adding further that Unitech has also sought an injunction against the transfer of business of Uninor by Telenor to a new entity altogether. The objective behind this move was to protect the interest of Unitech’s investment in the telecom industry. The district court is yet to set a date for the hearing of the petition.
The scene of Indian luxury residential spaces
Sunteck Realty, a premium real estate developer, in association with Vertu, a luxury mobile phones maker announced the launch of ‘Signature Concierge services’ for the residents of Signature Island in Mumbai.
Sunteck’s Signature Island, the premium project of the company is located in the heart of Bandra Kurla Complex, Mumbai. The concierge services will be accessible through the Vertu Signature & Constellation handset in each apartment and a dedicated ‘Signature concierge services’ desk at Signature Island. Signature Island is an ultra-premium luxury project will be home to top honchos of the corporate world and the association with Vertu is a step towards giving them the best concierge services available globally.
Signature Island, with developable area of over 1mn sq.ft, is an iconic landmark at Bandra Kurla Complex (BKC) that makes for an enviable residential address for the discerning few. Each of the duplex apartments at Signature Island, designed on the concept of ‘Bespoke’ model which offers high degree of customisation to the residents. The duplex apartments are available in two configurations- 7000sq ft and 11,000sq ft.
Signature Island is surrounded by renowned international educational institutes, hospitality services and infrastructure. BKC being the commercial hub of Mumbai, makes the ‘walk to work’ concept come alive. Signature Island is nearing completion and will be handed-over by end of the year.
Sunteck’s Signature Island, the premium project of the company is located in the heart of Bandra Kurla Complex, Mumbai. The concierge services will be accessible through the Vertu Signature & Constellation handset in each apartment and a dedicated ‘Signature concierge services’ desk at Signature Island. Signature Island is an ultra-premium luxury project will be home to top honchos of the corporate world and the association with Vertu is a step towards giving them the best concierge services available globally.
Signature Island, with developable area of over 1mn sq.ft, is an iconic landmark at Bandra Kurla Complex (BKC) that makes for an enviable residential address for the discerning few. Each of the duplex apartments at Signature Island, designed on the concept of ‘Bespoke’ model which offers high degree of customisation to the residents. The duplex apartments are available in two configurations- 7000sq ft and 11,000sq ft.
Signature Island is surrounded by renowned international educational institutes, hospitality services and infrastructure. BKC being the commercial hub of Mumbai, makes the ‘walk to work’ concept come alive. Signature Island is nearing completion and will be handed-over by end of the year.
Indian Realty Funds’ Offshore Flight Hits Air Pocket
At a time when the Indian real sector is facing acute credit crunch, the flight to offshore fundraising by realty funds from the country is facing heavy headwinds. The fund raisers are forced to make emergency landing with revised targets as they have found few takers for their ambitious initiatives.
Some of the important fund raisers who are raising money overseas include JP Morgan, Kotak Realty Fund, Ajay Piramal’s IndiaReit, ASK Property Investment Advisors and Triangle Real Estate Fund. Real estate sources said quite a few of these, such as JP Morgan and construction major Shapoorji Pallonji’s Mauritius-registered real estate fund, received poor response from the Limited Partners.
According to sources familiar to the development, Shapoorji’s maiden offshore realty fund, launched in 2010, is yet to see its first close and has not reached even one-fourth of its target of $500 million. Simultaneously, JP Morgan’s proposed $500 million India-focused realty fund has cut the size by a third to $350 million. “It was planning to close the fund by January but the fund is still open. The company has revised the plan to close it by March-end,” the person added on condition of anonymity.
Amit Goenka, national director (capital transactions) at property consultancy Knight Frank India, says, “Some of the players who went out to raise money have abandoned their plans and come back. The market is very unfavourable and the good old days for big funds are over now. Firms are now targeting $300-400 million at best.”
Some of the important fund raisers who are raising money overseas include JP Morgan, Kotak Realty Fund, Ajay Piramal’s IndiaReit, ASK Property Investment Advisors and Triangle Real Estate Fund. Real estate sources said quite a few of these, such as JP Morgan and construction major Shapoorji Pallonji’s Mauritius-registered real estate fund, received poor response from the Limited Partners.
According to sources familiar to the development, Shapoorji’s maiden offshore realty fund, launched in 2010, is yet to see its first close and has not reached even one-fourth of its target of $500 million. Simultaneously, JP Morgan’s proposed $500 million India-focused realty fund has cut the size by a third to $350 million. “It was planning to close the fund by January but the fund is still open. The company has revised the plan to close it by March-end,” the person added on condition of anonymity.
Amit Goenka, national director (capital transactions) at property consultancy Knight Frank India, says, “Some of the players who went out to raise money have abandoned their plans and come back. The market is very unfavourable and the good old days for big funds are over now. Firms are now targeting $300-400 million at best.”
Friday, March 30, 2012
FM gives real estate sector a miss
The Indian real estate sector is facing lot of problems in terms of credit crunch. Due to high interest rates, real estate developers are finding it tough to raise funds for the housing and other real estate projects. Due to paucity of funds, real estate developers are not been able to complete the ongoing projects in time and the buyers are getting frustrated. The representatives of the real estate sector had met the Finance Minister before the Budget was presented and urged for some incentives. But the Finance Minister has lot yet another opportunity to drive the consumer demand for real estate and turn the fortunes of the sector and in turn give a fillip to GDP growth in 2012-13.
While the Finance Minister said that the objective of the budget was to create conditions for growth and to focus on domestic demand, he gave the real estate sector, which could have aided him meet these objectives, a miss.
The real estate sector has a key role to play in the overall growth of the country. If the GDP is to grow around 7 percent, the growth of the real estate sector is very crucial. The housing sector has linkages to more than 250 ancillary industries and employs more than 10% of our workforce.
So by ignoring this sector the Finance Minister has failed to boost the economy in any big way.
While the Finance Minister said that the objective of the budget was to create conditions for growth and to focus on domestic demand, he gave the real estate sector, which could have aided him meet these objectives, a miss.
The real estate sector has a key role to play in the overall growth of the country. If the GDP is to grow around 7 percent, the growth of the real estate sector is very crucial. The housing sector has linkages to more than 250 ancillary industries and employs more than 10% of our workforce.
So by ignoring this sector the Finance Minister has failed to boost the economy in any big way.
Union Budget: A mixed bag for real estate
The Finance Minister Pranab Mukherjee presented the Union Budget for the Financial Year 2012-2013. As expected the Opposition came down heavily on the Government describing the Budget as anti-poor. Leaving aside the other sectors, the Budget has failed to cheer the real estate sector. The Budget has allowed External Commercial Borrowings (ECBs) for the affordable housing segment and the real estate developers will be able to raise money from overseas markets at lower interest rates. However, experts are of the view that this measure is not sufficient to boost the overall real estate sector in any big way.
Moreover, the Finance Minister’s move to exempt proceeds from the sale of any residential property from capital gains tax, if such money is invested in equity or equipment of an SME, have also been welcomed by experts cautiously.
No doubt the measure will give the home buyers more reinvestment options. In the long run this may lead to outflow of cash from the real estate sector which is already not in a healthy shape in so far as credit flow is concerned.
Anuj Puri, Chairman & Country Head, JLLS, said earlier the only route for exemption of such proceeds was purchase of another property or tax saving bonds. He feels that this move may also result in a lowering of sales volumes on the secondary sale market.
Moreover, the Finance Minister’s move to exempt proceeds from the sale of any residential property from capital gains tax, if such money is invested in equity or equipment of an SME, have also been welcomed by experts cautiously.
No doubt the measure will give the home buyers more reinvestment options. In the long run this may lead to outflow of cash from the real estate sector which is already not in a healthy shape in so far as credit flow is concerned.
Anuj Puri, Chairman & Country Head, JLLS, said earlier the only route for exemption of such proceeds was purchase of another property or tax saving bonds. He feels that this move may also result in a lowering of sales volumes on the secondary sale market.
Thursday, March 29, 2012
Real Estate in India
Recent growth and development in the Indian economy has made investment in the real estate more expensive. A recent study by Donald Trump shows an average annual growth of 30% estimated at about US $12 billion. Property prices in Bangalore, Pune , Mumbai and more recently Ahmedabad have appreciated by about 50% or more. Many factors are responsible for the property becoming “out of reach” for Indians in India.
Growth in India’s commercial and retail real estate has brought about a boom in the construction of shopping malls and entertainment centers in many big as well as small cities of India.
Information technology and BPO sectors offer high paying jobs, so demand for luxurious property has increased.
Real estate in India being cheaper has caught the attention of NRIs , so the inflow of NRI funds for investment in the real estate has contributed to the rise in the real estate prices.
Some foreign investors like Morgan Stanley, Merrill Lynch, GE Commercial Finance Real Estate etc have invested in real estate in India, as they find that the returns are higher in properties of India.
India’s growth is real estate growth too.
Growth in India’s commercial and retail real estate has brought about a boom in the construction of shopping malls and entertainment centers in many big as well as small cities of India.
Information technology and BPO sectors offer high paying jobs, so demand for luxurious property has increased.
Real estate in India being cheaper has caught the attention of NRIs , so the inflow of NRI funds for investment in the real estate has contributed to the rise in the real estate prices.
Some foreign investors like Morgan Stanley, Merrill Lynch, GE Commercial Finance Real Estate etc have invested in real estate in India, as they find that the returns are higher in properties of India.
India’s growth is real estate growth too.
Real Estate and FDI
Since the present government decided to allow FDI in real estate in 2005 it has been in a bubble. Only Non resident Indians and Persons of Indian Origin could invest in real estate before the introduction of the FDI in the real estate sector. But now with this new policy, foreign investors can now invest in the development of townships, infrastructure construction development projects, housing, commercial premises, hotels, resorts, hospitals, educational institutions and recreational facilities.
India received a total of US $2.70 billion in 2003-2004 of which only 4.5% was used in the real estate sector; in 2004-2005 this was 10.6% of US $3.75 billion FDI, and 16% of US $5.46 billion in 2005-2006. The change in the government policy on FDI has had an impact on the growth in demand of residential, commercial and retail sectors of the real estate and attracted three times more foreign investment. This has shown a direct impact on the quality and the pace of the construction activities in the country today. Thus we find that this sector is more organized and professional using advanced technology for a more competitive and healthy environment both for the domestic and foreign investors.
India received a total of US $2.70 billion in 2003-2004 of which only 4.5% was used in the real estate sector; in 2004-2005 this was 10.6% of US $3.75 billion FDI, and 16% of US $5.46 billion in 2005-2006. The change in the government policy on FDI has had an impact on the growth in demand of residential, commercial and retail sectors of the real estate and attracted three times more foreign investment. This has shown a direct impact on the quality and the pace of the construction activities in the country today. Thus we find that this sector is more organized and professional using advanced technology for a more competitive and healthy environment both for the domestic and foreign investors.
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