Saturday, December 4, 2010

VGN Brixton- New project






VGN Brixton is a Mini Township coming up in around 23 acres at Irungatukottai (where Hyundai car factory is located), west of Chennai. 

The project will be using AFW (Aluminium Form Work) technology. AFW uses only concrete and steel (in place of bricks) with a pre-fabricated aluminium mold to offer better strength and finish. 

VGN claims that this feature is usually available only in higher-end premium projects and that even with this feature and other amenities, the rates will be fixed at Rs.1985/sqft only. 

Sizes : 
2 BHK : 740 to 850 sqft 
3 BHK : 1000 to 1235 sqft 

Features and Amenities include.. 

* Maharishi Vidya Mandir school within premises 
* Gymnasium 
* Multipurpose Hall 
* Home Theatre suites 
* Indoor Games 
* STP Plant 
* Convenience store 
* Pharmacy 
* Saloon 
* Coffee Shop 
* ATM 

VGN 'S Brixton Project




Source :India Infoline News Service / 15:39 , Nov 30, 2010

VGN Developers Pvt. Ltd., one of the leading real estate developers in Chennai, announced the launch of ‘Brixton, a contemporarily designed residential complex to be built using international ALF Technology.

VGN Brixton, which is coming up at Irungatukottai, opposite Hyundai, has been designed to offer a wide range of apartments for everyone to choose from. The project, spread across 23 acres, will have 1872 housing units, covering a total built-up area of 1.6 million sq.ft 

The project comprises of two and three BHK apartments ranging from 740 sq. ft. to 1,235 sq. ft., and is loaded with superior specifications and lifestyle amenities to provide a comfortable lifestyle.

Speaking on the occasion, Pratish Devadoss, Managing Director, VGN Developers Pvt. Ltd. said “VGN Brixton will set a benchmark in the industry by using ALF technology for a project priced at Rs. 1985. ALF technology offers superb finish and stronger structure and will also enable us to deliver the project faster. It is conveniently located at Irungattukotai, opp Hyundai just after Poonamalle well connected by 6 lane highway. We have priced the project very competitively and in the process made luxury homes affordable”

VGN Brixton will offer its customers, a wide range of features and amenities including Gymnasium, Multipurpose Hall, Home Theatre suites, Indoor Games, STP Plant, Convenience store, Pharmacy, Saloon, coffee shop, ATM and more offering paving the way for a happy living. Maharishi Vidya Mandir in the premises will offer quality education for the children which is a main priority for any parent. 

With better commuting facilities and a six lane high way, VGN Brixton is all set to become one of the best living destinations in the fast developing corridor in the region.

VGN Brixton will be delivered phase wise and phase 1 will be delivered from end of 2012.

ALF Technology: Brixton is built using Aluminium form work technology (ALF) without using any bricks. ALF technology uses only concrete and steel with a pre fabricated aluminium mould to offer better strength and finish. ALF technology so far was used only in a luxury and premium project because of the additional cost. Now VGN brings this technology to Brixton to offer better quality finish for affordable housing project priced at Rs. 1985.

Wipro, Cognizant,IBM for big-ticket realty deals




4 DEC, 2010, 01.06PM IST, SHILPA PHADNIS,TNN 



 Riding on the rapid recovery from recession, many large firms are signing up big-ticket commercial real estate deals in different parts of Bangalore. 
Industry sources say that Accenture has committed to take 8 lakh sqft in Pritech Park on the Outer Ring Road (between Marathalli and Sarjapur Road). HP and Wipro are said to have recently taken 2.5 lakh sqft and 1.2 lakh sqft respectively in Pritech. 

The east and south of the city have been the traditional IT belt, but now the north too is buzzing. IBM, Cognizant, Accenture and HP will be renting space in the second phase of Manyata Embassy Business Park near Hebbal.

Sources in the industry say that IBM has committed to 5 lakh sqft of office space in Manyata phase II. The Big Blue has already occupied 3 lakh sqft in the first phase of the park. 
"There is a lot of demand from our existing IT clients," Embassy Group CEO Gopi Krishnan said. The IT sector, he said, continues to expand at the highest rate in Bangalore. "In 2007, we signed an agreement with IBM to deliver 2 million sqft of space over the next four years," Krishnan said. 

The IBM portfolio is so huge that it contributes 33% to Embassy's rental revenues. Other companies like Cognizant and Target are also looking at Manyata as part of their expansion plans. Embassy is developing an additional 9 mn sqft in Manyata. 

Real estate consultancy CBRE estimates that Bangalore has seen an absorption of 6.8 mn sqft of office space this year. That's up from the absorption of 5 mn sqft in 2009, but still lower than the peak of about 10 mn sqft in 2008. "As companies are expanding and consolidating their operations , we see the demand for commercial real estate going up," said CBRE deputy MD (south India) Ram Chandnani. 

The majority of the expansion is expected to come up along the Outer Ring Road, and the micro markets of Whitefield , Jayanagar, JP Nagar, Bannerghatta Road and north Bangalore. "The buoyancy in the market is also reflected in the rentals. For instance, rentals on Outer Ring Road have stabilized between Rs 40-50 per sqft. In 2009, rentals had fallen sharply," said Kaustuv Roy, executive director of Cushman & Wakefield India . 

The pan-India office space demand over the next five years is estimated to be about 240 mn sqft. 

Bangalore, NCR and Mumbai are expected to account for 46% of the total demand. Kolkata and Chennai are likely to see higher growth rates though, with suburban locations having attractive price points, according to a Cushman & Wakefield report.

Wednesday, September 22, 2010

Godrej Properties to enter Chennai’s property market



Source :FC :D Govardan: Sep 15 2010
Tags:Godrej Properties


Godrej Properties is all set to enter the Chennai property market. It will develop about 12.5 acres — belonging to Amgalgamations Group company, Addison Paints and Chemicals — as a residential apartment complex through a joint development.


The property is located close to Chembarambakkam on the Che nnai-Bangalore national highway, just after Poonamallee, a western suburb, whose surroundings have seen the launch of a slew of new residential projects.


“The firm plans to develop 1,500 residential apartments in the property. Area of most of the 2 BHK and 3 BHK apartments will range between 1,200 sq ft and 1,400 sq ft. The company will also have 1BHK studio apartments on offer,” a property consultant said.


The project, which will be launched soon, plans to target em ployees of several multinationals in the Sriperumbudur Industrial belt. Officials of Godrej Properties as well as Addison Paints could not be re ached for comments.


“Some of these established traditional industrial groups are finding out ways to hedge their risks and make use of the boom in the residential segment of the property market,” Narayanan Ramaswamy, executive director, advisory services, KPMG said.


For Godrej Properties, which has already marked its entry in the south by developing a residential property near the Hebbal-Kem papura area in Bangalore, the joint development with Addison will pave its way into the growing residential market in Chennai.


With more than 40 companies and over 15,000 employees, the Ch ennai-headquartered closely held Amalgamations Group, one of the oldest industrial houses in southern India, is a billion dollar enterprise.


One of the largest light engineering groups in the country, Am algamations’ operations include manufacturing of automotive components and paints, trading and distribution, services and plantations.

Tuesday, September 21, 2010

Bad realty loans threaten to nibble at banks’ pre-tax profit



Source :MUMBAI:21 SEP, 2010, 03.36AM IST,ET BUREAU 




 State-owned banks stand to lose a large chunk of their pre-tax profits in the next fiscal because of bad loans in the real estate sector if property transactions do not pick up. Paradoxically, transactions are thinning out because of high real estate prices. 


According to a report by HDFC Securities, Indian banks have been aggressive in lending to commercial real estate sector, especially during FY06-10. 


During this period, lending to the real estate sector saw a 40% CAGR, increasing bank exposure to this sector to 3.2% from 1.9% in FY06. Net disbursals during March ’06-May ’10 from the banking system to real estate was close to $15 billion. 


Of the total commercial real estate exposure of Rs 95,700 crore, only 22% of the funds have gone to listed companies which implies the remaining 78% went to unorganised, small and medium developers. 


These companies do not have multiple avenues to raise capital, and hence, their high reliance on bank funding. 


“Sensitivity suggests that 10% slippages in loans would impact the estimated FY12 pre-tax profits by up to 18% and networth by 2%,” the HDFC Securities report said. 


Although there is no centralised data on real estate transactions, one indicator for the same is the trend in home loans.


 Despite dominant lenders like State Bank of India continuing to offer special home loan schemes, growth in mortgage has remained sluggish at 10.8%. 


Nine companies have proposed to raise funds amounting to Rs 15,300 crore through the issue of equity shares. 


The draft offer document for the proposed equity issues of most companies show that the funds will be used to complete the ongoing project or to repay loans to banks. 


Clearly, if these companies fail to raise funds, their loans run the risk of turning into non-performing assets. 


Home prices have shot up as developers keen to cash-in on the booming economy have bid land prices to new highs in land-scarce cities like Mumbai.


 For instance, last month, city-based Neepa Real Estate paid Rs 830 crore for an 18-acre plot in Andheri, Mumbai. Earlier, Indiabulls Real Estate successfully bid over Rs 1,900 crore for two NTC mill plots — the 2.39-acre Poddar Mills and the 8.37-acre Bharat Textile Mills property. 


Sanjay Dutt of Jones Lang LaSalle, in his blog, has raised the prospects of a real estate bubble in pockets like Mumbai, pointing out that some properties in central Mumbai peaked at Rs 30,000/sq.ft in 2008 and today stand at 38,000/sq.ft. 


“There is yet another reason for the concern over a bubble building on the market. All developers who had ventured to buy land overseas or across India are now buying only in their primary cities. 


In other words, Mumbai developers are concentrating on acquiring land solely in Mumbai, and the same is happening in Gurgaon. Investments are now chasing these Tier-I markets, and if this continues, there is certainly the probability of a bubble in residential property by the end of the year,” he said. 


According to RBI, the price increase is of 25-40% in large metros, back to the pre-crisis peaks. Further, despite offering attractive rates on loan products by banks, the home loan growth for the system remained sluggish at 10.8% YoY and 2.7% QoQ.


 “Going forward, fresh transactions in the housing segment could remain under pressure due to high interest rates environment and spike in property prices,” HDFC securities said.

1,200 house owners get sealing notice



Source :CHANDIGARH:Manveer Saini, TNN, Sep 21, 2010, 02.25am IST






 Around 1,200 owners of houses built by private colonisers in Gurgaon have got sealing notices from Haryana's Town and Country Planning department for failing to procure occupancy certificates (OC). 


The owners are now stuck in a limbo. On Monday, many of them were seen running around with papers to get the formalities completed. 


Alleging lack of monitoring on government's part, the owners accused the builders of harassment by not informing them about the occupancy certificates. 


We just fail to understand as to what stops the government in giving a time-frame for the builders to get the OCs for the housing units carved out by them. Now, since builder has already sold out his units and has made profit, they dont have any interest. 


Had they issued the guidelines on time, we would not have faced such problems, said R S Rathee, President of Gurgaon Citizen Council (GCC). 


Let somebody from the government come forward and narrate even a single policy favoring the allotees, said Rathee. 


T C Gupta, director of Town and Country Planning department, denied any favors being done to licensees while framing the policies. 


The policies are framed while keeping in view the requirements of common man. We know the allotees will be harassed by the colonizers so we have asked them to apply directly to us. Gupta said.


And if they have any problem, allotees are free to approach us at headquarters here, added Gupta. Gurgaon has 70,000 occupants of house made by 150 private colonisers.

Monday, September 20, 2010

NHB mulls early refinance to housing finance cos

Source : http://bankfinanceindia.blogspot.com/

Low and lower middle income segments to benefit.



Normally, housing finance companies can tap NHB for refinance at concessional interest rates in respect of home loans, given by them only after their business stabilises i.e. two to three years after kicking off operations.



To encourage flow of housing finance to low-income households, the National Housing Bank is examining the possibility of giving concessional refinance to housing finance companies, set up exclusively to fund the home ownership dream of these households, within a year of commencement of operations.

Normally, HFCs can tap NHB for refinance at concessional interest rates in respect of home loans, given by them only after their business stabilises i.e. two to three years after kicking off operations.

The proposal to offer refinance to HFCs, catering solely to the home loan needs of those in the low and lower middle income segments, early on is expected to have a beneficial ripple effect. For one, HFCs, based on refinance backing, will lend more.

 For another, knowing that home loan is available to those in the low income bracket, builders will be encouraged to construct affordable dwelling units.

Low and lower middle income households are those with a monthly income of Rs 3,000-20,000. A low-income housing unit is one whose maximum selling price does not exceed Rs 15 lakh.
Concessional refinance, according Mr R.V.Verma, Chairman and Manging Director, NHB, will galvanise all key players in the housing ecosystem — lenders as well as builders — to do more for low income housing.

“Since low and lower middle income households are not able to get home loans, builders are not creating affordable dwelling units.


 However, this situation is expected to reverse as housing finance companies focused on giving home loans to these households are coming up. Availability of early refinance to these companies will encourage flow of housing finance,” said Mr Verma.

Low and lower middle income households are a good credit bet for lenders, emphasised the NHB chief. Unlike the well-heeled, most of these households, subject to finance being available, will be able to buy a house only once in a lifetime. So, they will do their utmost to diligently service the home loan.

Credit delivery network

NHB regulates HFCs, extends refinance in respect of the home loans extended by primary lending institutions, and promotes housing finance institutions to improve/strengthen the credit delivery network for housing finance in the country.

The provision of affordable housing is one of the most formidable challenges that the country faces, according to the report of the high-level committee on affordable housing for all. Approximately 42.8 million persons or about 15.2 per cent of India's urban population live in slum settlements.

According to the Census of India, 35 per cent of urban households live in single room dwelling units and 68 per cent of such households have four members or more. 

The 11th Five-Year Plan has estimated an urban housing shortage of 24.7 million units with 99 per cent of the shortage pertaining to the economically weaker sections and the lower income groups.

Saturday, September 18, 2010

Unitech gains on plan to repay loans to mutual funds

Source :IIFL:Capital Market / 12:31 , Sep 17, 2010


Unitech gained 1.15% to Rs 88.25 at 12:31 IST on BSE, on reports the company will repay all the money it owes to mutual funds for the first time since 2001 after boosting revenue from homes sales.


Meanwhile, the BSE Sensex was up 180.23 points, or 0.93% at 19,597.72.


On BSE, 13.48 lakh shares were traded in the counter as against an average daily volume of 39.96 lakh shares in the past one quarter.
The stock hit a high of Rs 89.10 and a low of Rs 87.90 so far during the day. The stock had hit a 52-week high of Rs 114.90 on 17 September 2009 and a 52-week low of Rs 65.10 on 25 May 2010.


The large-cap stock had underperformed the market over the past one month till 16 September 2010, rising 1.22% compared with the Sensex's return of 7.57%. It had outperformed the market in past one quarter, gaining 24.20% as against 11.19% rise in the Sensex.


The company has an equity capital of Rs 503.57 crore. Face value per share is Rs 2.


Unitech has cut loans from mutual funds to Rs 60 crore and the company expects to repay the rest this month, Managing Director Sanjay Chandra said in an interview to a news agency.


Unitech expects high-end residential properies to account for a quarter of sales in the next couple of years from a fifth now, Chandra said. 


Unitech's average cost of debt has declined to 12%, from a peak of 14% in 2008, Chandra said. The New Delhi-based developer has switched to borrowing from state-run Indian banks that extend loans with longer maturities, Chandra said. The average tenure of its loans has risen to three years from two years during the crisis, he said.


Unitech, which had a peak debt of Rs 10900 crore in December 2008, has reduced liabilities to about Rs 6000 crore, Chandra said. Net debt levels have declined to about Rs 5200 crore, he said. Unitech will generate cash of between Rs 2200 crore and Rs 2300 crore this year after deducting interest costs, Chandra said.
Unitech's consolidated net profit rose 14% to Rs 180.04 crore on 53% surge in sales & other receipts to Rs 828.57 crore in Q1 June 2010 over Q1 June 2009.

Lavasa eyes Rs 2,000-cr IPO

Saturday, September 18, 2010


Source :http://bankfinanceindia.blogspot.com/






Lavasa Corporation, which is building an ambitious five-town Lavasa project in Pune district, on Tuesday filed the draft red herring prospectus with the Securities and Exchange Board of India to raise Rs 2,000 crore through its initial public offering. With around 10 per cent equity dilution the company will be valued at Rs 20,000 crore at the time of listing. The issue is expected to hit the market in November and will help the company reduce debt.


“The issue will help reduce the debt that currently stands at Rs 1,700 crore along with land expansion and project development,” said a source close to the development.


ICICI Securities, Kotak Mahindra Capital, Morgan Stanley India and Axis Bank are the book running lead manager to the issue.


The company plans to complete the first town in Lavasa in 2011 and the second by 2013-14.

Wednesday, September 15, 2010

D B Realty buys 100% stake in L&T Bombay Developers



SOURCE : B L :MUMBAI:Sep 15,2010

 D B Realty Ltd has acquired 100 per cent stake in L&T Bombay Developers Pvt Ltd, a special purpose vehicle formed by L&T Urban Infrastructure Ltd and Bombay Dyeing and Manufacturing Company, for redevelopment of MIG Colony in Bandra (East).

According to BSE filing, the company has purchased the entire equity shareholding of L&T Bombay Developers from L&T Urban Infrastructure and Bombay Dyeing and Manufacturing Company. 

Thursday, September 9, 2010

Corporation reclaims OSR lands worth Rs 50 cr

SOURCE :TNN, Sep 9, 2010, 12.38am IST

CHENNAI: The Chennai Corpoporation on Wednesday took over 23 grounds of land reserved for open spaces in two major IT parks in Guindy. The current market price of the land reclaimed by the corporation is Rs 50 crore.




Mayor M Subramanian, who represents area in the elected council, led a team of officials in establishing the ownership rights of the lands at Olympia Tech Park and Thamarai Tech Park on Jawaharlal Nehru Salai and SIDCO Street respectively in Guindy. Notice boards proclaiming the Chennai Corporation's rights over the lands were installed on the sites.



"The 23 grounds of land will soon be put to public use by providing access to people, raising compound walls, creating walkways, adequate seaters and fountains," the mayor said.



As per development control rules, 10% of any property over 10,000 sq m in area that is developed will have to be reserved as open space. The gift deeds will have to be handed over to the Chennai Corporation through the Chennai Metropolitan Development Authority. "The local body will reclaim all open space reservation lands in the city within a month. There are around 700 grounds worth Rs 1,500 crore," Subramanian said.



In a bid to reclaim more OSR lands, the local body has targetted 96 multi-storeyed buildings that were given building permits recently. Vigilance personnel have been entrusted the task of identifying the lands that are scattered across the city.



In the past two years, 76 OSR lands have been reclaimed by the civic officials, including 16 during the month of July alone. In the last four years alone, the corporation is said to have taken over encroached and OSR lands worth Rs 3,000 crore.








 

Builders accused of selling flats twice, HC orders FIR

  





SOURCE :TNN, Aug 1, 2010,

CHENNAI: The Madras high court has directed the Rajamangalam police in the city to register criminal cases against three persons who had developed a housing project but allegedly sold the flats twice by creating false documents.



Justice CT Selvam, allowing the criminal original petitions of P Srinivasulu of Sowcarpet and B Balaji of Villivakkam, asked the inspector of Rajamangalam to register an FIR against A Ramesh, who claimed to be working in the commercial tax department, his wife Hamsalatha and land owner Ekambaram of Villivakkam.



"The petitioner has sought a direction to the inspector to register FIR on the complaint dated July 1, 2010 lodged by him. A perusal of the petition and on hearing the submissions of the government advocate, this court considers it fit to direct the inspector to register a case, investigate and act in accordance with law," the judge said.



Earlier, S Prabakaran, counsel for the buyers, submitted that Srinivasulu first paid Rs 3.2 lakh towards the undivided share of land, and then paid another Rs 15.5 lakh on various dates for construction of the flat. Ramesh and Hamsalatha, claiming to possess the power of attorney of Ekambaram, executed the sale deed and agreed to deliver the fully furnished flat in a month.



Similarly, the couple had collected Rs 3.2 lakh from Balaji for the undivided share of land, and then another Rs 12 lakh for the flat. Both Srinivasulu and Balaji had raised housing loans from banks.



The flats are is not ready as yet, as they were yet to be provided electricity and water connection, sump, water tank, drainage, compound wall, gate and other essential amenities. While so, in September 2009, an official from Dena Bank pasted a possession notice on the apartment complex, revealing the fact that the property had already been sold to one Sekar and Vijayalakshmi.



The petitioners rushed to the Debts Recovery Tribunal and obtained stay restraining the bank from dispossessing them. Later, when they lodged a complaint with the jurisdictional deputy commissioner of police, it was forwarded to Rajamangalam police station, which refused to register FIR, on the ground that it was civil dispute.



Prabakaran submitted that besides cheating the prospective buyers of the flats and committing breach of trust, the builders had abused and threatened the buyers.

Wednesday, August 11, 2010

ETA Star plans to set up integrated township at Sriperumbudur

Source:TheHindu:Aug11,2010




FLEXI-SIZED FLATS:Ahamed Shakir (left), Managing Director, and Fayaz Ahmed, Director, ETA Star Property, at a press conference in Chennai on Tuesday


CHENNAI: ETA Star TechCity (P) Ltd., a joint venture of ETA Ascon Group of the UAE with minority holding from Tamil Nadu Industrial Development Corporation Ltd. (TIDC), has announced the development of an integrated township at Sriperumbudur.

The first phase of the project will house 2,000 residential units and come up on 82 acres. According to company officials, work on the first phase had already begun.



The residential project in the first phase will house flexi-sized flats ranging from 595 sq. ft. to 1,196 sq. ft. It is expected to go on stream in the next 18-24 months. The company has come out with an initial offer price of Rs. 2,200 per sq. ft. The first phase will involve an investment of around Rs. 600 crore. Top company officials told a press conference here on Tuesday that the first phase would have a debt-equity ratio of 1:1.2. ETA Star, according to Ahamed Shakir, Managing Director, had already initiated parleys with State Bank of India to raise the debt portion (about Rs. 140 crore) of the project cost. The land acquisition cost for developing 82 acres in the first phase worked out to Rs. 120 crore.


The residential component in first phase of the project would be around 80 per cent, a top official said. ETA Star had already acquired around 450 acres in that area at an estimated investment of Rs. 400 crore.



The proposed `Globevill Township' would have a full-fledged school, a hospital and business hotel. It would also have retail, recreational and shopping spaces for all its residents, said a company release.

Friday, May 28, 2010

Big ticket realty deals


Source : ET :28 May 2010, 0217 hrs IST,



Mumbai
A high-end apartment located in Mahalaxmi was sold for a total cost of Rs 12,60,00,000. The apartment, admeasuring 4,000 sqft, commanded a capital value of approximately Rs 31,500 per sqft. It is situated in an under-construction project and has therefore commanded only marginally lower value than the capital values prevalent in this region.

The current average rental value for the location ranges between Rs 34,000 and Rs 55,000 per sqft. With many new residential projects coming up here, the location has been witnessing a steady growth in demand since the past few months. Backed by positive demand, the capital values have remained stable in the last quarter and are expected to strengthen in short-to-medium term.

Central Mumbai has the advantage of being conveniently located — almost equidistant from central business district (CBD) and the other major business centres in Bandra–Kurla Complex, Andheri and Lower Parel — and thus is a preferred location for expatriates and senior executives. The location also boasts of proximity to social infrastructural facilities like retail and entertainment centres, healthcare and education centres.

Pune
An apartment covering an area of 2,800 sqft was taken on lease by a multinational corporation for use by its senior management. Located in Shivaji Nagar, the apartment was leased at a monthly rental value of Rs 1,40,000 per month.

The rental value commanded by the apartment is well within the range for high-end properties in this area, which ranges between Rs 120,000 and 2,00,000 per month. The rate commanded by the apartment, located in a high-end residential building, is in line with the existing values in the location. North-eastern Pune, including Karadi, Kalyani Nagar and Bund Garden Road, has traditionally seen high demand from expatriate and senior corporate executives in the city.

Rental values in this location have remained stable over the past few months as demand has seen some steady increase. With economic stability and resurgence of senior executives’ presence in the city, demand for lease of high-end property is on the rise.

Bangalore
A high-end residential standalone bungalow, spread across 2,400 sqft, was sold at a total price of Rs 2,60,00,000. A part of a gated community, the bungalow is situated in the peripheral location of Whitefield and commanded an average price of Rs 10,800 per sqft.

This residential unit has, however, commanded a much higher capital value due to the fact that this is an exclusive housing project being developed by a national developer and provides all the essential amenities. Whitefield, as a location, has been witnessing interests from senior managements of large Indian and multinational corporates, along with many expatriates, due to the area’s rapid growth as a corporate office location.

In addition, the location also enjoys good connectivity through excellent road network. The location is also developing into a self-sustaining micro-market with many education centres, retail and entertainment options as well as healthcare.

Contributed by Cushman & Wakefield, a real estate consultancy firm

Stalin launches e-stamping project


State government's attempt to root out fake stamp papers


M.K.Stalin

 Source : The Hindu, May 28,2010

CHENNAI: For complete eradication of fake stamp papers in circulation, the State government on Thursday launched an e-stamping project for registration of of documents.

As a pilot project, it is being implemented in nine sub-registrar offices in Chennai and will subsequently be extended to other registration offices in the State.

e-stamping can be used for execution and registration of any type of documents such as sale, mortgage etc. A single e-stamp suffices for any denomination. According to the Stock Holding Corporation of India, which has been authorised to implement the project, e-stamping of certificates is just like stamp papers, which are generated online. Registration of documents is done after verifying the payment of stamp duty online.
e-stamping has its own security features such as unique identity number , 2 D barcode, microprint and locking system.

Collection centres are being set up in all sub-registrar offices in the city. The registrants have to submit a duly filled-in application form. Stamp duty can be paid in these centres by cash/DD electronic money transfer system. Facility has also been provided to registrants for verifying the details given by them through a model certificate. Documents prepared through e-stamping, which has enriched security features, can be executed and registered in the office concerned without any difficulty. Online facility is available for verifying the genuineness of the certificate and registration will be completed by the registering official then and there.

On Thursday, Mr. Stalin issued e-stamps to 44 registrants. The facility is now available in sub-registrar offices in Chennai South, T. Nagar, Chennai Central, Triplicane, Mylapore, Chennai North and Royapuram.
Tourism and Registration Minister N. Suresh Rajan; Nasimuddin, Secretary, Commercial Taxes and Registration Department; and R. Sivakumar, Inspector General of Registration, were present.

Wednesday, May 26, 2010

Lodha picks up MMRDA’s Wadala plot for Rs5,723 crore


 Source : Pallabika Ganguly :ML : May 25,2010

MMRDA had set a reserve price of Rs50,000 per sq metre (for a minimum price of Rs1,980 crore) for the property. The plot, situated at Wadala in central Mumbai, has a permissible built-up area of 4,95,000 sq ft and 14 top property developers were in the fray

The MMRDA (Mumbai Metropolitan Region Development Authority) today auctioned a 25,000 sq metre commercial plot at the Wadala Truck Terminal (WTT). The Lodha Group won the bid at Rs5,723 crore. The developer will pay 10% of this amount upfront and the balance will be paid over five years at an interest rate of 10%. The plot has a permissible built-up area of 4,95,000 sq metre and the developer is allowed 19.8 FSI on the plot of land. It will be given out on a 65-year lease.

“Lodha Developers won the deal at Rs5,723 crore with interest. We are also granting 19.8 FSI to the developer,” said SVR Srinivas, additional metropolitan commissioner, MMRDA.

MMRDA had set a reserve price of Rs50,000 per sq metre and was seeking a minimum price of Rs1,980 crore for the property. It was finally sold at Rs81,818 per sq metre. There were 14 bidders in the fray: Sheth Infrastructure Ltd, Shriram Urban Infra Ltd, DB Realty, Reliance Infra, Bhakti Realty, Indiabulls, Parinee Developers, Godrej Pvt Ltd, Ackruti Ltd, Sunteck Realty, Gaurhati Estate, Lodha Crown, Raheja Universal and Acne Housing.

Out of these bidders, apparently only four turned up for the auction. Sources told Moneylife that Sunteck had bid Rs70,002 per sq metre and Indiabulls had bid Rs67,222 per sq metre.

“It is too high a price that the developer has paid for this land. However, the winner has got more built-up area to construct and the location of the land is not in a crowded place and hence construction with high FSI can easily come up,” said Pankaj Kapoor, founder, Liases Foras.

Moneylife had earlier reported on how MMRDA had failed to attract bidders for a prime commercial real-estate property deal in the Bandra-Kurla Complex (BKC) due to the high price quoted by it. There were around eight prospective bidders—including developers and banks—in the fray.

Currently, residential prices of properties in Wadala are around Rs8,000 per sq ft-Rs12,000 per sq ft.

Tuesday, May 25, 2010

Vasthu based layout for residense

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Eco-friendly floors






Sleek: Bamboo floor at an office in Hyderabad.
Looking out for options to make the flooring of a residence look natural? If yes, eco-friendly flooring can be the answer.

According to Sudeep Srinivas, an architect in Bangalore, in an eco-friendly flooring, the materials used for the flooring are environment-friendly. 

These are usually natural materials that are not processed in industries. These include bamboo, cork, stone and even reclaimed and sustainable wood. Materials such as glass and metal tiles are also considered eco-friendly if they are recycled.
Bamboo floors, where the raw material comes from the bamboo plant, are hard and durable. 

These are easy to clean, sustainable and attractive. However, the choice of colours is limited. Bamboo flooring is rarely done in India due to lack of adequate number of skilled workers. It is mostly done in beach houses and farm houses. The flooring is best in places where the climate is moderate, says Ganesh Kumar of Metaskapes, Chennai.

In India, it is a premium product for those who care for aesthetics and ethnic look. The bamboo is available in the North-East region of the country and also imported. According to Mr. Ganesh, the cost of bamboo flooring is comparable to the other floorings.

In the case of cork flooring, it is made out of the bark of cork oak tree. It is durable, gives a natural look to the house and is also scratch-resistant. However, cork floors require high maintenance and they are not water- resistant.

Floors made out of recycled materials such as glass are economical and eco-friendly. “Glass is used both in the exteriors and interiors but it is better used in the interiors. Toughened glass is a premium product in the market.


The glass goes through several processes like edging, frosting and staining. The glass has to be laid by skilled workers. Use of glass is gaining popularity in India. This is because of the transparency, depth and the superior glossiness. People go in for the plain and stained glass in India. The laying of glass requires skilled workers”, says Senthil K C Kumar of How Solutions, Chennai.


Granite, marble, slate, sandstone and limestones are the types of stones used for stone flooring. According to T.R.V Sundar of Architectural Granite and Marble, “People in India go in more by budget and uniformity.


Most of them are not aware of the various colours available. There are almost 155 colours of granite available in India.” Stone floorings are natural and durable. “They also provide livelihood to many, from the quarrying of these stones to laying.” Covered with “celesta” the flooring has a life of 10 years even if they are not maintained.

Rammed earth flooring, which is a mix of mud and clay, is another type that is eco-friendly.

“It is a traditional type of flooring, which if done properly gives the floor a beautiful finish, design and pattern. 

It is done mostly in places where people walk a lot like hotels. Rammed earth flooring is also cost - effective in the case of residential houses” says Mr. Ganesh.

Speaking on the advantages and disadvantages of eco friendly flooring Mr. Srinivas says that the major advantage of using eco-friendly materials for flooring is that these keep the place cool and also give a natural look. Price of the eco-friendly materials is also low.

“The use of eco-friendly materials is the sensible and sensitive thing to do at a time when global warming and green house effects are the burning topics.”


Source  :NIKHITA JOSE  ,The Hindu,Coimbatore,May 22,2010


Builders line up innovative schemes for potential customers




Deal time: Free modular kitchen scheme, interior designing and more schemes await buyers. 
 
Necessity is the mother of invention, it is said. And perhaps driven by this maxim, many real estate developers and builders in city are coming up with innovative schemes and marketing strategies to catch the attention of potential customers in these post-boom days.

So much so, customers now have wide variety of choice to pick the best scheme and venture that suits their budget. T

o name a few such schemes, SMR Vinay Constructions offers free registration and interior designing for those buying a flat at their latest projects in Kukatpally, Miyapur and Gachibowli.

Aparna Constructions has slashed its price for its projects Kanopy in Medchal and Sarovar in Gachibowli. 

As an introductory offer it had even offered monthly rent of about Rs.15,000 for buyers till possession of the flat. And then there is Cybercity's free modular kitchen scheme for the first 100 bookings at its venture Rainbow Vistas near Hitec City MMTS station.

These days customer is the king and builders have to convince them about the price quoted for the projects. Initiatives in the form of schemes act as a catalyst in attracting their attention and influence their decision making, observes D.S. Prasad, Director of Aparna Constructions. 

“These schemes do help in increasing enquiries and generating sales. For our Sarovar project, the rent free scheme fetched us 70 bookings in one month and about 130 flats were sold. Similarly, for Kanopy project there were 690 visitors and over 3,200 calls. Its boosts our morale as well,” says Mr. Prasad.

Also, they benefit both the parties. While, builders hope for good business, buyers are provided with extra benefits. The price quoted for Rainbow Vistas project is Rs. 2,750 per sq. ft, of which, Rs.150 per sq. ft is spent on modular kitchen and wardrobes. Such offers increase curiosity among customers, adds Uttam Korupulu, Chief Executive Officer of Cybercity Builders and Developers.
    
Price difference
“Every customer would like to have attractive furniture in his new home and we bargain with manufacturers and procure the kitchen furniture and wardrobes in huge volumes at much lesser price. The price difference is offered to the customers through the scheme,” explains Mr. Uttam.

It's all about presenting the projects in a new way and attracting customers. Most customers still expect the prices to come down and adopt wait-and-watch methods.
But the real story is - schemes are announced to declare that the prices have already hit rock bottom and it is good time to purchase, informs S. Rami Reddy, Managing Director of SMR Vinay Constructions. 

It is offering free registrations and interior designing. A 2 BHK flat is priced about Rs. 35 lakh and 3 BHK range varies from Rs. 40 to 70 lakh. The free registrations and interior design schemes works out in saving about Rs. 4 lakh for a customer.

This apart, if the customer is not happy with the scheme, there is the option of availing the scheme amount as discount in the original price. There has been 25 per cent conversion from enquiries to sales, he adds. 

Due to financial constraints, many projects are being developed at 15 per cent below the break-even and this is done just to ensure regular cash flows.
For potential buyers this the perfect time to purchase, advises Mr. Reddy.

Source :S. SANDEEP KUMAR ,The Hindu,Chennai,May 22,2010

Portal for real estate agents



To its real estate online platform, IndiaProperty.com, a division of Consim Info, has added what it describes as the first and largest exclusive online portal for real estate agents. 

The new portal ‘IndiaPropertyAgents.com' provides one stop solution to easily find agents and offers vast database of agent's properties, both for selling and buying, across the country, according to a statement issued here.

Speaking on the occasion of the launch, Murugavel Janakiraman, Founder and CEO of Consim, said “ this portal will surely give them their due recognition and bring more value to the agents.”

A new range of high-end apartments redefines the word luxury




Last word in luxuryLandscaped exteriors, elegant interiors, designer gyms 
 
 
A new breed of high-end apartments in the city is redefining the word ‘luxury'. Having a pool and a gym in an apartment complex used to be something to write about. Not anymore.  

Now, builders in the city are talking about beauty parlours and bowling alleys, private cinema halls and personal swimming pools, ‘smart homes' that you can control with your cellphone, and apartment designs inspired by Picasso's Cubist art. 
 
And that doesn't even cover the basic amenities that these buildings assure you — from 100 per cent power back up and piped gas to wi-fi across the entire complex and special water supplies. 

“Our focus in terms of design is to be a lifestyle product, based on the attitudes and aspirations of people living in Chennai,” says Sudarshan K.S., COO of the Ozone Group about Metrozone, the 42-acre property they are developing in Anna Nagar.                 

So, for instance, given the perception of Chennai as being more traditional, the Metrozone complex will have two pools just for women, “so they will feel comfortable”, as well as an exclusive section for ladies in the gym. 
                     
As for the newer lifestyle amenities that these builders are introducing in their properties, the list is ‘limitless' as T. Chitty Babu, Chairman and CEO of Akshaya Homes puts it. Common swimming pools, steam rooms and saunas, Jacuzzis and massage rooms, squash courts and tennis courts… that's all passé. 
 
Now, for instance, True Value Home's Lumbini Square offers a rock climbing surface and simulated golf (virtual golf in which you tee off before a large screen), Vijayashanthi's ultra-exclusive ‘The Art' coming up on Kothari Road will offer a beauty parlour and a discotheque, and all three — Akshaya, True Value Homes and Vijayashanthi's newest projects will have private cinema halls, varying in size between 20 to 75-seaters. 
 
“We're talking to cinema hall operators to put in two shows daily during the week, and three during the weekend at our 75-seater hall at Ouranya Bay,” says Nakshatra Roy, director (corporate operations), TVH.

And then, there's the next big thing in luxury — having such amenities all to yourself. “We're working on a property where every apartment will have its own pool: 36 units and 36 pools,” says Babu.

Similarly, Roy says an upcoming property of TVH in Kotturpuram will have a pool and — wait for it — a spa in each apartment, while Vijayashanthi's ‘The Art', inspired by Picasso's Cubist paintings, will feature an art gallery in the glass-floored, centrally-lit atrium of each apartment.

“You will have statues and artwork studded with real pearls, diamonds and rubies, placed in the atrium,” Suresh Jain, MD of Vijayashanthi.

It isn't all just about spas and high-art. These new complexes also address practical issues such as housing for guests and space for servants. For instance, every tower of the Metrozone complex has a guest apartment, and the clubhouse at Lumbini Square has 15-20 rooms just to house guests of residents. And ‘The Art' has innovative arrangements for servants. 

“There will be servants' quarters for each flat, but it will have a separate entrance, staircase and lift while remaining connected to the kitchen for ease of use,” says Jain. “Similarly, there will be a separate, fully-loaded room downstairs for drivers with a TV, a cafeteria, and beds provided in case of overnight stays.”
Nothing gets as much attention as security. Akshaya Homes' Aikya in Gandhinagar has a security system like something out of a Bond movie. A chip on your car sets off sensors on the main gate from a distance of seven metres to for it to open for your arrival. The lift functions on biometrics, using your palm or fingertips print.

“And you can access the surveillance cameras placed throughout the property, from the gate to the main lobby directly from your PC,” says Babu.          

If that's not hi-fi enough for you, there's the Integrated Building Management System at TVH's upcoming project that will have a computer hub in the house sync-ed to your cellphone. “So you can switch on the A/C at home when you're leaving the office, for example,” says Roy. The building will also ‘think' for you — turn on your kettle at 5 a.m. or turn off a light in a vacant room. 
         
Naturally, all these hi-end buildings offer you almost unlimited back-up in case of blackouts, most provide you wi-fi in your apartment and throughout the grounds, and piped gas is a common feature.
 
Even putting in your AC has become like ‘plug-n-play' at Metrozone.
“We do all the pre-conduiting and embedding of the pipes so your AC can be fitted and running in 30 minutes,” he says. 
                        
It's all, as he puts it, about making things as easy, and of course, as absolutely luxurious as possible.


Source :DIVYA KUMAR,The Hindu,May 22,2010