With land increasingly becoming a scarce resource in Gurgaon, prominent real estate developers such as DLF, Unitech, Omaxe and Ansals are now approaching textile companies for completely buying out their mills or setting up joint ventures to develop commercial or residential real estate projects.
Interestingly, according to a top official in the Haryana government, of the 156 CLU (change in land usage) proposals received by the state, more than 100 are from industrial land which has been allotted to textile companies.
In Gurgaon, House of Pearl Fashions (HOPF) has entered into a 47.5: 52.5 joint venture for a commercial project on a 9-acre plot on the Delhi Jaipur highway with the Delhi-based real estate firm Ansal API. As per the deal, Ansal API would obtain the necessary government approvals and construct the property. Similarly, Orient Craft, one of Indias largest textile exporter, entered into a collaboration with real estate firm Besteck for developing a 6 lakh sq ft IT space in Gurgaon.
More : economictimes.indiatimes.com
Lemon Tree to open 6 properties next year
Upscale hotel chain Lemon Tree is set to launch six properties across metro cities in India. It is also initiating talks with Nirulas for its F&B outlet - Potpourri - for its no-frills brand Red Fox.
The company plans to launch its Lemon Tree brand in Mumbai, Chennai, Ahmedabad, Jaipur, South Delhi and Hyderabad by 2008 and one property in East Delhi by the end of this year. Patu Keswani, chairman and managing director of Lemon Tree Hotels, said, The properties in Hyderabad, Jaipur and East Delhi will be mixed-use developments. The East Delhi property is located above the East Delhi Mall (EDM).
It plans to take the figure to 14 across 12 cities by 2010. We are building Lemon Tree Hotels in Ahmedabad, Chennai, Hyderabad, Chandigarh, Bangalore, Delhi, Jaipur, Mumbai and Pune, he said. Keswani added that the group will also initiate talks with Nirulas to open its F&B brand in its Delhi Red Fox property, and will consider it for the other properties as well.
More : expresshospitality.com
DLF May Rise After Record India IPO on Property, Stock Boom
Shares of DLF Ltd., the Indian property developer that raised $2.3 billion last month, may rise on demand from investors who missed out on the countrys biggest initial stock sale.
The company controlled by billionaire Kushal Pal Singh may debut today at 555 rupees ($13.72), 30 rupees higher than its IPO price, according to the median estimate from five analysts and investors surveyed by Bloomberg. The New Delhi-based developer received orders for more than three times the shares offered.
Indias benchmark Sensitive Index has risen to a record since DLFs June 15 sale, led by cement makers on expectations the fastest pace of economic growth in two decades will sustain a construction boom. Prices near the capital New Delhi, where DLF has half its 10,255 acre (4,150 hectare) land bank, have tripled in three years, according to data compiled by Bloomberg.
More : bloomberg.com
Property rates headed south
Six months ago, Rahul Soods three-bedroom apartment in south Delhi went on the market for Rs 95 lakh. But the market was booming and Rs 1 crore looked easily gettable. He decided to wait, and that turned out be a wrong call.
The market began slipping and he managed to get Rs 85 lakh for the flat, Rs 10 lakh less than the peak-time price tag. The same apartment is now valued at Rs 65 lakh.
Sood is not feeling so bad now. Realty rates are slipping across the country. They are down by 15 per cent in Chennai, for instance. In Mumbai, the market is sluggish — sales have slowed down — but it is holding out bravely.
More : hindustantimes.com
Wakf property in Gurgaon under cloud
Close on the heels of Wakf controversies in Mumbai and Punjab, a major scam involving leasing out of Wakf properties in Haryanas prime town of Gurgaon, in connivance with private parties, has come to light. Mohammad Shayin, a state IAS officer and the Chief Executive Officer (CEO) of the Board, who blew the whistle, has been transferred since. However, he has sent a detailed report to the state Home Department, exposing the scam threadbare.
Shayin, while putting the record straight by submitting a detailed report to the state government, has asked for stern action against those who had been treating Wakf properties as their personal property to mint huge sums of money in the form of illegal gratification. The report has leveled serious allegations on the conduct of its chairman, Hamid Hussain, a former MLA from the state. Hamid Hussain, when contacted by The Indian Express, denied the charges.
The Board had leased out prime land measuring 900 square yards at Garhi Harsru in Gurgaon at throwaway prices, where land prices have sky-rocketed, especially after the Haryana Industrial and Infrastructure Development Corporation allotted 1,400 acres to the Mukesh Ambani Reliance Industries Limited for its Rs 40,000-crore Special Economic Zone (SEZ). The plot had been leased out to M/s Gateway Distri Parks Ltd. in lieu of lease money of Rs 5,000 per month from January 1, 2005. Ironically, the leasing of this property led to demolition of a mosque on this land and against a grant of Rs 1,000 to its Imam. The Board, even after receiving a complaint in this regard, could not act because the chairman of the board, at his own level, had issued an NOC for commercial exploitation of the land. Shayin, in his report, had apprehended that money had exchanged hands.
More : cities.expressindia.com
Indian shares slightly higher in mid session trade; ACC extends gains
Indian shares were marginally higher in mid-session trade as investors remained cautious at higher levels, even as shares of cement producers ACC Ltd and Ambuja Cements Ltd gained more ground on earnings and pricing enthusiasm.
At 0631 GMT, the Bombay Stock Exchanges benchmark Sensex was trading at 15,301.68 points, up 28.96 points, 0.19 pct. The National Stock Exchanges S&P CNX Nifty was at 4,511.35 points, up 0.15 pct.
In the BSE 30, 15 shares advanced and 15 declined. In the broader market, 1,553 shares gained, 930 lost and 60 remained unchanged.
More : forbes.com
Bhupathi and Ansal Properties teamed up to set up tennis academies
After the initiative of Essel Group and some senior cricket players to set up cricket academies now its time for tennis star Mahesh Bhupathi to set up tennis academies. Yesterday in the capital Bhupathi and Real Estate Company Ansal Properties and Infrastructure Ltd signed a Memorandum of Understanding (MoU) to provide infrastructure facilities to the emerging youngsters across the country.
Keeping in mind the growing popularity of Tennis in India this would be a great to groom the best talents by making available the required infrastructure needs. The plan is to set-up as many as 16 tennis academies in different townships developed by API and the academies would be named as Mahesh Bhupathi Tennis Academy.
Reportedly each academy would cost around Rs 5-7 crores with all modern facilities. Though Tennis is gaining popularity with players like Sania Mirza, Bhupathi, Leander Paes, Sunita Rao, Sikha Rao, Prakash Amrit Raj, Rohan Bopanna, Karan Rastogi but the number is very few. Therefore, it is the need of the hour to take tennis across the country.
More : newstrackindia.com
Bhupathi teams up with Ansal
Grand Slam champion Mahesh Bhupathi will open tennis academies in 16 townships of real estate major Ansal Properties, with a budget of Rs.50-70 million on each one, it was announced here on Wednesday.
Our goal has been to promote tennis and I will be happy to see more champions for India coming from Ansals townships. We are not setting any time frame and our main focus would be to give world-class facilities, said Bhupathi at a press conference.
As per the tie-up, Ansal will initially establish Mahesh Bhupathi Tennis Academy in 10 of their townships. The academies would be a part of the clubs that would be built with a corpus of Rs.50-70 million each.
More : timesofindia.indiatimes.com
DLF May Rise After Record India IPO Property, Stock Boom
Shares of DLF Ltd., the Indian property developer that raised $2.3 billion last month, may rise on demand from investors who missed out on the countrys biggest initial stock sale.
The company controlled by billionaire Kushal Pal Singh may debut today at 555 rupees ($13.72), 30 rupees higher than its IPO price, according to the median estimate from five analysts and investors surveyed by Bloomberg. The New Delhi-based developer received orders for more than three times the shares offered.
Indias benchmark Sensitive Index has risen to a record since DLFs June 15 sale, led by cement makers on expectations the fastest pace of economic growth in two decades will sustain a construction boom. Prices near the capital New Delhi, where DLF has half its 10,255 acre (4,150 hectare) land bank, have tripled in three years, according to data compiled by Bloomberg.
More : bloomberg.com
Leela buys land for hotel in Delhi
Hospitality industry major Leela Group is going to make its foray into Delhi by building a five star deluxe hotel on Africa Avenue near Chanakyapuri. The group has acquired three-acre plot for Rs 611 crore and the total investment for 250-room hotel, it plans to complete by 2010 Commonwealth Games, is estimated to be about Rs 1,100 crore. The group promises to provide the same high-end luxury in this hotel that are its hallmark at the four functional hotels in Mumbai, Goa, Bangalore and Kovalam.
But the first Leela property in the NCR will be ready in Gurgaon where the group has entered into a management partnership with an upcoming hotel on NH-8 in Gurgaon, barely a kilometre from Delhi. A new building - Ambience - is going to be ready next year and the hotel in it will be called The Leela, said industry sources.
The group is going to take possession of the Africa Avenue plot by this month-end. Falling in Netaji Nagar, the location - thats just off the prestigious Chanakyapuri - boasts of other leading hotels like Taj Mahal and Maurya. This was one of the best sites available for building a five star hotel and the group opted for it - despite a hefty tag - to make a grand entry into Delhi. The hotel is going to be ready in time for the 2010 games here, said hospitality industry sources.
More : timesofindia.indiatimes.com
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