News & Events

Indian Real Estate News

Tallest Residential Tower of the World to be Completed by December 2011

Tameer Holding Investment said the world's tallest residential tower will be completed in December 2011. The property developer said its Princess Tower project in Dubai was on schedule and the superstructure of the project was now complete. The tower will rise to 414 metre (1,358 feet) and will be second only in height to the Burj Khalifa. According to the Council on Tall Buildings and Urban Habitat, currently the tallest residential building in the world is the 78-storey Q1 tower located on the Gold Coast of Australia, which stands at 323 metre high.

But Princess Tower won't hold the record for long if the 170-storey, 550 metre Pentominium Tower, also located in Dubai Marina and already under construction, meets its scheduled completion date of 2013. Tameer said in a statement that interior finishing works were "progressing as scheduled" on the Dubai Marina development, which encompasses 107 floors. Commenting on the progress of the project, Federico Tauber, president of Tameer Holding Investment, said: "Princess Tower is now in its final stages of construction and we look forward to the delivery and handover of this iconic project to our customers.

Read More » 22 June 2011 indianrealtynews.com

Mantri Developer Announces New Residential Project in Chennnai

After the success of its first residential project in Chennai - Mantri Synergy, Mantri Developers announced the launch of their new project named Mantri Navaratna. Located at Chromepet, Mantri Navaratna comprises nine aesthetically designed apartment towers planned in accordance to principles of contemporary architecture that endeavor to be a reflection of a modern lifestyle.

Speaking on the occasion of the launch, Sushil Mantri, chairman & managing director, Mantri Developers Pvt Ltd, said, "At Mantri Developers we always strive create a legacy of excellence for our discerning customers. Today, the need of the time is energy efficiency which is on the priority list for all home improvement work these days and Mantri Navratna endeavors to provide homeowners with energy efficient measures that will not only save costs for customers but also contribute towards saving our planet. "

Read More» 22 June 2011 indianrealtynews.com

Buyers Concerned as Builders Fail to Deliver Projects on Time

Delhi-based exporter Raj Kumar Jain bought a Rs 2-crore apartment in Unitech's Grande project in Noida way back in 2007. He was told he would get possession of the flat in 2010. "I have already paid 95% of the cost. But I am still waiting," a livid Jain says. At the project site, there is a grand entrance. Inside, there is a golf course and club, and skeletal structures of a few tall buildings. Construction is on, but the builder isn't committing on a delivery date yet. Jain's experience with India's second-largest builder is just the tip of the iceberg.

Rising construction costs, labour scarcity and shortage of funds are taking a toll on the real estate industry. Projects are getting delayed and consumer anger is rising as people struggle to cope with rising EMIs. Builders, on their part, say they are helpless - funds are hard to come by and costs are escalating by the day. Typically, the construction-linked payment schedule is front-loaded, with payments done with subsequent slabs getting constructed.

Read More» 22 June 2011 indianrealtynews.com

Bharti Realty Looking to Acquire Land in Suburban Mumbai for rs 190 Crore

Bharti Realty may be looking to acquire a land parcel in suburban Mumbai for around Rs 190 crore. The company is likely to purchase this land from Cabot India, erstwhile company United Carbon. It is a 27-acre parcel in Thane-Belapur road. It's just a little bit off Thane-Belapur road, almost into Navi-Mumbai. The valuation is touted in the range of Rs 150-190 crore. The valuation is being worked out at about Rs 7 crore per acre. Now, this deal will set the benchmark in that particular area because in that particular stretch there hasn't been too many deals in the recent past, reports CNBC-TV18.

Some brokers say that it is a fair value, while some say it is little bit aggressive for the area. The divided opinion is because there haven't been too many deals in that area. Bharti Realty, for its part, has said that the company does not comment on market speculation. So, it remains unclear whether the Bharti will actually launch a residential project for that parcel or not. But it's quite likely because that's what several companies have done in that Thane-Belapur area as it actually gives a lot of volumes in terms of sales.

Read More» 21 June 2011 indianrealtynews.com

Govt Likely to Permit FDI in Multi-Brand Retail in Six Metros

The government is likely to permit foreign direct investment (FDI) in multi-brand retailing only in the six big metros. The emerging consensus in the government is that the recommendation of the Department of Commerce & Industry to allow such stores in cities with over one million population is premature. The six metros in which FDI in multi-brand retailing will be permitted are Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad. The decision in favour of a 'calibrated' liberalisation, keeping other cities out, is on account of political concerns regarding the impact of the opening up of multi-brand retailing to FDI on small retailers, reports Business Standard.

The 2001 census reported over 35 cities (up from 23 in the 1991 census) with a population of over a million. The number will be higher in the 2011 census. The note prepared by the ministry of commerce for the committee of secretaries on FDI in retail has said the cities will be selected on the basis of the 2011 census. The one million cut-off would lead to inclusion of cities such as Agra, Nashik, Faridabad, Dhanbad, Indore, Vizag, Kochi, Ludhiana, Rajkot, among others. They account for 11.5 per cent of India's population according to the 2001 census.

Read More» 21 June 2011 indianrealtynews.com

Fund Hit Realtors Selling Land Banks to Complete Projects

Sluggish sales, poor performance of the stock on the bourses and difficulty in raising money from banks and private equity (PE) players are forcing many real estate developers to turn to sell their land banks to raise funds to complete their projects. "A lot of real estate credit is lying unused by the banks and the banks are extremely cautious and selective in lending money to real estate players," Naveen Raheja, chairman and managing director (CMD), Raheja Developers, said.

"Few players, who have good credibility and track records in terms of repayment of loans and overall past experience, are only being lent money by the banks," Raheja added. As banks remain reluctant to lend to the realty sector large companies like DLF, Emaar MGF, Omaxe and HDIL, among others, that have huge debt portfolios are turning to sell their land banks to reduce their debt and raise money for their pending projects. DLF, the country's largest developer, sold land worth Rs 403 crore in Pune, Amritsar and New Gurgaon in the third quarter of 2010-11. It is planning to sell 12 million sq ft this fiscal to raise about Rs 7,000 crore. DLF said it will continue to sell land assets to raise money.

Read More» 20 June 2011 indianrealtynews.com

Events & Exhibitions

"Home 'A' Loan"

Date: 25th to 26th June, 2011

Venue: St. Ebbas Girls Higher Secondary School Auditorium, Chennai

Organised by: - Sundaram BNP Paribas Home Finance Ltd