Gurgaon-based real estate firm Vipul Limited, one of the leading real estate developers in the country, plans to invest Rs 80-100 crore in setting up a four-star business hotel in Bhubaneswar .

Vipul Limited had identified Bhubaneswar as one of the 5-6 strategic locations in the country where it intends to set up three-star and four-star business hotels.

Apart from Bhubaneswar, these business hotels are set to come up in the states of Punjab, West Bengal and Andhra Pradesh. Each of these business hotels would cost Rs 80-100 crore.

More : business-standard.com

Zamanzar.com is the first Indian real estate portal to create an online tool for property buyers and sellers in India to check property rates and get an online value estimate (ZamEstimate(TM)) for an Indian residential or commercial property.

Real estate buyers and owners who need to find current value of their property and real estate rates in India can now do so online from the comfort of their home or office. Zamanzar.com is the first Indian real estate portal to release an online tool that lets anyone calculate a property value estimate (ZamEstimate(TM)) within seconds for properties in

Delhi NCR, Mumbai, Ahmedabad, Pune, Jaipur, Lucknow, Bangalore, Hyderabad, Chennai, and Kolkata. You can go to Zamanazars online property valuation tool given below right now, fill out a small form, click the Submit button and get an online property value estimate.

More : pr-inside.com

DLF Ltd, the countrys largest realtor, has raised debt of about $300 million (Rs 1,350 crore) from Standard Chartered Bank, according to a source familiar with the development.

The money raised would be used for developing its newly announced housing projects and for other corporate activities.

The funds have been raised for the long term at an expected interest rate range of 8-9.5%, which is at least 500 basis points lower than the prevailing market rates.

DLF has net debt of Rs 13,958 crore, and the developer would use part of the fund raised to pay off some of its current year short term debt liability of Rs 3,591 crore. The loan will help the real-estate company lower its average cost of borrowing to about 12.2%, from 12.5%, Bloomberg quoted a person with knowledge of the transaction as saying.

More : dnaindia.com

According to The Economic Times, DLF, the real estate company, will sell hotel plots, which are non-core to its business by 2009 end. However, DLF has decided against selling core assets — residential, industrial and commercial plots — which it had put on the block. As a result, the debt will be reduced by half. Currently, DLFs debt stands at Rs 14000 Crore. The company has pulled back these assets from the market over the past two to three weeks. As the banks have become more liberal in lending to the real estate sector, the decision to pull back the assets was considered.

While looking at hotel properties and plots just as an investment, DLF will like to retain the Aman brand. DLF has hotel plots located in Mumbai, Kolkata, Bengaluru, Gurgaon, Baroda, Lucknow, Kasauli (Himachal Pradesh) and Sikkim among others. DLF has managed to sell hotel plots in Sikkim and Baroda.

Source : hospitalitybizindia.com

The Board of Approval (BoA) in the Commerce Ministry will consider requests from the developers for building apartments and commercial space in the non-processing areas of the four IT/ITeS SEZs at Gurgaon, Chennai and Hyderabad, an official said. The non-processing area includes non-core activities.

The BoA is meeting here on June 17 to take up the request, along with other agenda.

DLF has informed the ministry that it wants to build service apartments on 15,000 square metre and commercial space on 12,000 sq m at one of its Gurgaon SEZ. The total notified area for SEZ is 10.73 hectares (1,07,300 sq m). At the height of the SEZ ontroversy, it was alleged that the land was being acquired for real estate gains by the developers. However, the Commerce Ministry has denied these claims stating the commercial activities would be restricted to non-core areas. The SEZ developers have been demanding that they should be granted an infrastructure status for availing the bank finance.

More : pr-inside.com

The first phase of Vipul Gardens, the Rs 250-crore group housing project being developed by Gurgaon-based Vipul Limited on 9.8 acres of land at Shankarpur mauja on the outskirts of the city, is scheduled for commissioning within three years.

The entire project consisting of 578 dwelling units in 10 towers is expected to be completed within four years. In the first phase, 250 flats will be delivered to the customers.

Addressing media persons here at the ground breaking ceremony of the project, Punit Beriwala, managing director, Vipul Limited, said, the group housing project has got good response so far and about 150 flats have been booked.

Source : business-standard.com/

Realty major DLF has sought government approval for building service apartments and commercial complexes in four special economic zones, of which two are located in Gurgaon.

The Board of Approval (BoA) in the Commerce Ministry will consider requests from the developers for building apartments and commercial space in the non-processing areas of the four IT/ITeS SEZs at Gurgaon, Chennai and Hyderabad, an official said. The non-processing area includes non-core activities.

The BoA is meeting here on June 17 to take up the request, along with other agenda.

DLF has informed the ministry that it wants to build service apartments on 15,000 square metre and commercial space on 12,000 sq m at one of its Gurgaon SEZ. The total notified area for SEZ is 10.73 hectares (1,07,300 sq m).

Morhttp://www.hindu.com/thehindu/holnus/006200906141012.htme : hindu.com

Home sales have picked up in select Indian markets over the past couple of months, but analysts warn that prices may not have bottomed out yet as developers are sitting on a huge inventory.

Markets such as Delhi National Capital Region (NCR), including Delhi and surrounding areas such as Gurgaon, Faridabad, Noida and Ghaziabad, have seen a rebound in home demand, with several builders launching projects at a discount to market rates.

They call it disruptive pricing. And it has worked. In one day, DLF, Indias largest real estate company, sold almost double the number of flats in Delhi than all builders together in Mumbai in the March quarter. Check out the numbers. DLF sold 1,356 apartments in Delhi on April 7, when it launched a residential project in West Delhi by offering flats at up to 32% less than market rates.

More : economictimes.indiatimes.com

A 58-year-old woman was stabbed allegedly by her husband after she refused to transfer the ownership of their house and a shop to him so that he can sell it, police said on Thursday.

The incident was reported from Sant Nagar in Tilak Nagar of west Delhi at around 11:30 pm on Wednesday. Manjit Kaur was punched and thrashed allegedly by her
husband Balbir Singh (62), who stabbed her with a sickle after a fight with her over the transfer of ownership, a senior police official said.

Singh, who runs a radiator repairing unit, was allegedly pressurising his wife to transfer the ownership of the property in his name so that he could sell the property. However, Kaur was not enthusiastic to the idea as the couple had to marry of two more daughters. They have four daughters and two sons.

More : dnaindia.com

The government on Tuesday gave in-principle approval to DLF to denotify four of its IT, ITES Special Economic Zones (SEZ), which the company did not want to build because of the slowdown in the real estate business.

However, the denotification will be subject to the condition that DLF returns all the tax benefits that it had taken from the centre to build those SEZs.

The BoA, headed by commerce secretary G K Pillai, also allowed more time to the K Raheja group to build its tax-free zones in Goa, Hyderabad and Navi Mumbai, it is learnt. A senior official said that the denotification will be issued only after the development commissioners of respective states give the certificate that all the tax benefits that the company had taken, has been refunded.

More : timesofindia.indiatimes.com