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Monday, December 24, 2007
Hotels Being Accommodated In Big Malls
The popularity of malls has attracted the attention of the hospitality sector as well. With the rising costs of real estate, hotels are now looking to rent space in malls and other commercial complexes. Accor Hotels and Ginger Hotels are in talks with mall developers to build Formulae 1 brand of budget hotels at the top floors of malls in tier I and tier II of cities. Ginger Hotel has signed contracts in Ludhiana, Amritsar, Mohali and Ahmedabad. Real estate biggies like Phoenix Mills and DLF, too, plan such hotels in various cities."This is a concept that hotels have been following worldwide and is just catching up in India." said Mr Shishir Shrivastava, CEO, Phoenix Mills. The cost factor also works well for the hotels. For instance, a 100 room stand alone Ginger hotel will cost the company (excluding the variable cost of the land) anywhere between Rs 13-15 crore that is 30% more than what it would cost it over a mall. While the hotel sits on the top floor, the lower floors will be used for retail area. In a way it's a win win situation for both the hotelier, mall developers and owners, as developers are always keen for deals involving renting out of space in large.
source: mybangaloreproperty.com
source: mybangaloreproperty.com
Telecom, The Next Big Thing In Real Estate
The uncertainty in the prices of property has made real estate companies to integrate into telecom. Developers want to tap the opportunities as telecom offers more revenue stability. Developers are lining up in droves to offer telecom services-or, more specifically, they are lining up to pick up licenses to do so. All the real estate biggies have put in approximately 500 applications for licenses to offer telecom services with the Department of Telecommunications (DoT). Companies that have applied for the license include DLF Ltd, unitech Ltd, Parsvnath Developers Ltd, Omaxe Ltd and Indiabulls Real estate Ltd. One of the most important reasons for this rush is that the real estate business has seen a slowdown in the past few months and telecom presents a lucrative business opportunity. According to Nitin A. Khandkar, senior vice-president, research, Keynote Capitals Ltd, Real estate companies are looking at the telecom business to de-risk their business. And to look in to the details of application, a committee has been formed by Communications and IT Minister, Mr. A. Raja. However, he has said the DoT will be selective in awarding telecom licenses.
source: mybangaloreproperty.com
source: mybangaloreproperty.com
Peninsula buys property in Hyderabad for Rs 90 cr
The Ashok Piramal group's real estate arm, Peninsula Land (PLL), has purchased Rallis India's 31 acres of land at Patancheru near Hyderabad for Rs 90 crore. The acquisition, made through PLL subsidiary RR Mega Property Developers, marks the Mumbai-based developer's entry into the southern markets.
"Western and southern India are our focused markets now. We are scouting for more land in cities like Bangalore and Chennai," said Rajeev Piramal, executive vice chairman and managing director, Peninsula Land.
The land sale is subject to fulfilment of certain conditions, including the satisfactory completion of due diligence by RR Mega Property Developers with respect to the title of the property.
Rallis India, a Tata group firm manufacturing agricultural products like pesticides and fertilisers, has put around 150 acres of land in Hyderabad on the block. Out of this, Godrej Properties had purchased 30 acres of land earlier.
Besides buying the 30 acres, PLL has signed a right of first refusal (RoFR) agreement with Rallis for the remaining 90 acres. The Hyderabad buy is Peninsula's ninth deal in the past one year. It has concluded three land deals in Pune and another three in Goa. PLL has also made two land acquisitions in Nashik and one in Nagpur. The company has over 36 million sq ft under development.
While working on three major residential-***-commercial projects in Mumbai, the company has broadened its portfolio by entering more specialised projects like SEZs and IT and biotech parks. Recently, PLL had acquired a 72.6% stake in Dawn Mills for over Rs 600 crore and merged the company with itself.
Source:Economic Times, 2nd October
source: mybangaloreproperty.com
"Western and southern India are our focused markets now. We are scouting for more land in cities like Bangalore and Chennai," said Rajeev Piramal, executive vice chairman and managing director, Peninsula Land.
The land sale is subject to fulfilment of certain conditions, including the satisfactory completion of due diligence by RR Mega Property Developers with respect to the title of the property.
Rallis India, a Tata group firm manufacturing agricultural products like pesticides and fertilisers, has put around 150 acres of land in Hyderabad on the block. Out of this, Godrej Properties had purchased 30 acres of land earlier.
Besides buying the 30 acres, PLL has signed a right of first refusal (RoFR) agreement with Rallis for the remaining 90 acres. The Hyderabad buy is Peninsula's ninth deal in the past one year. It has concluded three land deals in Pune and another three in Goa. PLL has also made two land acquisitions in Nashik and one in Nagpur. The company has over 36 million sq ft under development.
While working on three major residential-***-commercial projects in Mumbai, the company has broadened its portfolio by entering more specialised projects like SEZs and IT and biotech parks. Recently, PLL had acquired a 72.6% stake in Dawn Mills for over Rs 600 crore and merged the company with itself.
Source:Economic Times, 2nd October
source: mybangaloreproperty.com
CONSTRO 2007-Exhibition IN PUNE
Construction industry equipment manufacturers from Korea, China, Malaysia, Germany, Italy, Canada, Holland, Denmark and Dubai are expected to participate in Constro 2007, an exhibition of construction machinery, materials, methods and projects, to be held in Pune from November 28 to December 2'2007. The exhibition is being organized by Pune Construction Engineering Research Foundation.
source: mybangaloreproperty.com
source: mybangaloreproperty.com
Parsvanth Developers will build Mega Township in Jodhpur
Delhi-based real estate major Parsvnath Developers has announced it will build a self-contained, mega township in Jodhpur. Spread over 110.4 acres the township will be called Parsvnath City.
According to an official release issued by the company to the NSE today, Parsvnath City will be ready for occupany within two years. The developers also launched Parsvnath Royale Villas, a limited edition of exclusively designed independent villas. The villas are offered in size options of 200, 250 and 300 square yards (in phase 1) and are a part of Parsvnath City.
They can be further expanded to suit individual requirements.
"Parsvnath City will bring alive luxurious living in the city of Jodhpur. The viilas are being designed to bring in a fusion between the traditional architectural layouts which the city is famous for, and the requirements of modern living," said Pradeep Jain, chairman, Parsvnath Developers.
The company also has its presence in other cities of Rajasthan, including residential projects in Bhiwadi and Jaipur.
Parsvnath City is the first offering by Parsvnath in the city of Jodhpur. Parsvnath has recently launched townships in Indore, Dharuhera, Panchkula and Chandigarh.
source: mybangaloreproperty.com
According to an official release issued by the company to the NSE today, Parsvnath City will be ready for occupany within two years. The developers also launched Parsvnath Royale Villas, a limited edition of exclusively designed independent villas. The villas are offered in size options of 200, 250 and 300 square yards (in phase 1) and are a part of Parsvnath City.
They can be further expanded to suit individual requirements.
"Parsvnath City will bring alive luxurious living in the city of Jodhpur. The viilas are being designed to bring in a fusion between the traditional architectural layouts which the city is famous for, and the requirements of modern living," said Pradeep Jain, chairman, Parsvnath Developers.
The company also has its presence in other cities of Rajasthan, including residential projects in Bhiwadi and Jaipur.
Parsvnath City is the first offering by Parsvnath in the city of Jodhpur. Parsvnath has recently launched townships in Indore, Dharuhera, Panchkula and Chandigarh.
source: mybangaloreproperty.com
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