Godrej Properties sells Puravankara Bangalore plot to Shubh Properties

Godrej Properties Ltd said it has transferred majority ownership in a special purpose unit developing an 18-acre plot in Kanakapura to Shubh Properties Cooperatief U.A. — a joint venture between APG Groep N.V., Sparinvest Property Investors and Godrej Properties Ltd.. The plot was acquired by Godrej Properties (in association with Dutch pension services provider APG) earlier this month from Puravankara. The stake transferred is to the extent of 74.90%. It has been given in Godrej Home Constructions Private Ltd — a specal purpose vehicle of Godrej Properties Ltd — which…

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Airport on the anvil, bids for Navi Mumbai plots take flight

With the Centre seen waiving the 150-km rule and certain environment regulations to allow a new airport in Navi Mumbai, bids for residential-cum-commercial plots in Kharghar have through the roof. Builder Bhagwati Group bid Rs 1.84 lakh per sq mtr – the highest price quoted so far for a Kharghar plot. That translates to Rs 74.5 cr per acre. The group also emerged the highest bidder for two other plots as well quoting Rs 1.71 lakh per sq mtr and Rs 1.61 lakhs per sq mtr respectively. “One of the…

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Lodha Developers closes ‘IPO’ of Thane real estate project

Lodha Developers, which describes itself as the largest real estate developer in the country, said it has got more applications for its upcoming Prime Central Thane residential project than the number of units on sale. Against around 2,000 1- and 2-bedroom homes, it got applications for 2,500 in the nine-day IPO style event, it said. “With a robust waitlist of nearly 500 applicants already, this is shaping up to be one of the biggest and most unique real estate offerings for the year,” it said. Under the IPO concept, a…

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Tata Housing to conduct online real estate exhibition

After registered sales of mobile phones, it’s registered sales of flats. Tata Value Homes, an arm of Tata Housing Development Company, announced India’s first online exhibition for an exclusive audience through a valid invite code. Registrations for this three day event starting 13th to 15th July, have begun on www.tatavaluehomes.com. “With this launch, Tata Value Homes – pioneers of online home buying in India, has added yet another milestone to its exciting online journey by envisioning and creating an online user experience very similar to a real life exhibition,” the…

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Fashion TV Residences comes to Lucknow

After debuting in cities like Pune, Noida and Mumbai, the Fashion TV brand will be emblazoned on an apartment in Lucknow. New Modern Buildwell, a Lucknow-based builder, has tied up with FTV to develop an ultra-luxury residential project in Lucknow. “The tie-up aims to build a plush and premier real estate project on the lines of themed residential realty. New Modern Buildwell will be investing around Rs 1000 crore in developing the project,” the company said. “India’s luxury real estate segment is the fastest growing in the sector with an…

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Developer Antriksh Group ready to take payment in small EMIs

North India-based real estate developer Antriksh Group has introduced a unique concept under which you can buy a flat by paying Rs 10,000 online, and pay remaining at the rate of 0.9% of the value per month. The scheme is applicable on 5th July for its “Urban Greek” project in Dwarka in Delhi. “Urban Greek” offers 1100 residential units (2-, 3- and 4-bedroom apartments in the size range of 900 sq ft. to 2,750 sq ft. “Prospective buyers can book their expression of interest for BUYING OR WALKTHROUGHS by paying…

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SBI to cut processing time for home loans to 10 days

State Bank of India (SBI), the largest commercial bank in India, has promised to cut home loan processing times to ten days under its new ‘Project TATkal’. “The initiative will help the home loan applicants to get the Loan within “10 Days” after receipt of application form and relevant supporting documents,” it said. Project TATkal will be rolled out across all the Home Loan marketing and processing outfits in the Bank in a phased manner. The implementation will be done at large centres with sizeable Home Loan business. Under the…

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Google, Magicbricks to launch Great Online Home Festival

After the Great Online Shopping Festival, it’s the Great Online Home Festival or GOHF. The ten day long online event, organized by Magicbricks, GroupM and Google – will be held from 18th July till 27th July, 2015. Property stock worth upto Rs. 3000 cr will be available for customers to choose from, Magicbricks said in a statement. “It’s the first of its kind holistic online event that brings the best deals in the real-estate industry and also in home decoration & homecare brands at one online platform,” the firm said….

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Housing.com sells 300 flats of Mantra Properties in one month

Housing.com, one of the most aggressive real estate classifieds firm in India, said it had sold 300 homes of builder Mantra Properties, worth over Rs 60 crores, within a month through a special campaign on its website. The achievement makes it one of the most successful online realty campaigns in India. The announcement comes close on the heels of Tata Housing selling a flat worth Rs 5.5 cr online. Mantra Properties joined hands with Housing.com to sell homes in their projects. “During the month long campaign, Housing.com showcased Mantra Properties’…

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Fitch cuts outlook on Lodha Developers to ‘Negative’ from ‘Stable’

Fitch Ratings has revised its outlook on India-based property developer Lodha Developers Private Ltd to Negative from Stable saying the real estate major’s reduction of debt has been slower than expected. However, the ratings agency expects improvements in the company’s operating metrics this year. “The Outlook revision reflects weaker-than-expected operating performance for the financial year ended March 2015 (FY15), and that a rating downgrade is likely unless Lodha’s performance improves significantly over the next 12 months,” Fitch said. India has seen a continuous slowdown in its real estate sector, which…

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Ambience says keen to lease commercial space in Gurgaon

Ambience Pvt. Ltd., a real estate developer company mainly having focus on premium developments, is in the process of leasing out a recently constructed corporate office tower in Gurgaon with one million sq ft of leasable area, the company said. The real estate firm expects to earn Rs 150 crore of annual rental income by leasing out this commercial space. Out of the total area, Ambience has already leased out 2.5 lakh sq ft to Panasonic India, country’s leading consumer electronics company, it said. This newly constructed office space has…

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DLF says land deal was a small one; aware of SN Dhingra Commission

Real estate major DLF said it was aware of the appointment of Justice S.N. Dhingra as chairman of a commission to probe its land deal with Robert Vadra, son-in-law of Congress Party president Sonia Gandhi. “…it is well known that this was a very small transaction of approximately Rs 50 crore. When called upon, we will fully cooperate with the Hon’ble Commission,” said the company. The Haryana government, led by the Bharatiya Janata Party, appointed a retired Judge of Delhi High Court, Justice S N Dhingra, as one-man Commission of…

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Snapdeal tries to offer deals in real estate with builder TDI Infracorp

In an attempt to bring its value-for-money proposition to the real estate sector, Snapdeal announced that TDI Infracorp ltd will sell 2 and 3 BHK flats from its Hi-rise apartments at its township LakeGrove in Kundli near Delhi through the online sales portal. The homes will be priced between Rs 34 lakh -65 Lakhs and are from Lakeside height and lakedrive properties. A few months ago, Tata Homes had opened booking for its value homes through Snapdeal as well. Kundli is about 15 minutes’ drive from Rohini in north Delhi….

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DLF says no deal with Blackstone on Pune IT Park yet

DLF Ltd said it had not sold the 2nd phase of its Pune IT Park to private equity firm Blackstone. DLF was responding to a query raised by the National Stock Exchange of India after the Hindu Business Line carried an item titled ‘Has DLF sold Pune IT Park 2nd Phase to Blackstone’. However, said DLF, it does keep exploring various opportunities to enhance shareholder value, “which includes M&A, divestment of assets adn fund raising opportunities.” No transaction has been done with Blackstone with regard to the above property, DLF…

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Indiabulls Asset Mgmt to invest Rs 10,000 cr through real estate funds in 5 years

Just in case you are one of those people who believe that the Indian real estate market still has upside, Indiabulls Asset Management has launched its maiden real estate fund. The Rs 500-cr fund will invest in residential projects in top 5 cities in India. “We plan to scale up our AIF / Co-investment presence and have plans to raise over Rs 10,000 Crores under real-estate fund category in next 5 years from offshore and onshore markets,” said Akshay Gupta, the company’s Group Executive head and CEO. “The (first) fund…

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Builder argues real estate investment not covered under consumer law

Giving relief to a builder, the National Consumer Disputes Redressal Forum has asked the Punjab State Consumer Disputes Forum to determine whether someone who buys a real estate property without the intention of living in it can be given protection under consumer laws. In a case involving delay in the hand-over of flats, real estate developer Emaar MGF Land argued that people who buy flats for investment purpose should be considered investors rather than consumers. The builder said that since a person had booked two flats, he cannot be considered…

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Global real estate firm Hines to invest Rs 1,500 cr in Indian market

Hines, the international real estate firm, has launched a new $250 mln investment vehicle known as Hines India Residential along with an international partner for investment into the Indian housing real estate sector. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. At a time when most realtors are facing a cash crunch due to stagnancy in the real estate market in the country, Hines is planning to acquire stakes in…

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Reduce home loan rates to 8% – real estate developers

National Real Estate Developers Council (NAEDCO) asked for lowering of interest rates on home loans to 8% and said it would help achieve housing for all by 2022. In a ‘Delhi Declaration’ issued at the end of the two-day national convention, NAREDCO welcomed the government’s commitment to clear various bottlenecks in implementing the policy and adopt a PPP model to develop mass, affordable housing. “The developer community will be more than happy to be a valuable stake holder,” it said. NAREDCO president Mr Sunil Mantri said the implementation of the…

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Bangalore attracts maximum NRI real estate investment – survey

Indian property developers are anticipating a 35% surge in enquiries from NRI-based purchasers as compared to last year about 18%, even as Bangalore remains their favorite destination, reveals the Associated Chamber of Commerce and Industry of India (ASSOCHAM) latest study. The ASSOCHAM conducted a random survey of nearly 850 real estate developers in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun, Chennai etc. The survey reveals that interest for buying property by NRIs have increased by over 30-35% over the last year. “NRIs feel confident about the new government…

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Real estate prices up in Mumbai, down in Bangalore and flat in Delhi

Mumbai’s real estate prices increased 7% over the last one year, while Delhi region saw no change in house prices and Bangalore saw a dip of 5% in prices per square foot, according to a survey by real estate portal 99acres.com. In terms of rentals, Delhi-NCR region saw a dip of 3% and Bangalore has witnessed a 4% increase in rents in April-June compared to the same period a year ago. However, the trend in Mumbai was far from uniform, with certain areas showing 20% plus appreciation, while others showed…

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