Blackstone Said to Gather $2 Billion for Real Estate

Blackstone Group LP (BX), the world’s biggest manager of alternative assets such as private equity and property, raised $2 billion in the first phase of fundraising for its fourth European real estate fund, according to a person with direct knowledge of the process.

Blackstone is targeting 5 billion euros ($6.8 billion) for the fund, called Blackstone Real Estate Partners Europe IV, said the person, who asked not to be identified because the process is private.

Peter Rose, a spokesman for New York-based Blackstone, declined to comment. The fundraising progress was reported earlier today by PEI Media’s PERE, a publication focused on private real estate investing.

Blackstone is preparing for a “growing series” of real estate sales through 2014, taking advantage of rebounding value in hotels and commercial property following the global recession, Tony James, the firm’s president, said in July. The firm is working on public offerings of Hilton Worldwide Holdings Inc. and Extended Stay America Inc., and last month agreed to sell its stake in London’s Broadgate office complex to Singapore’s sovereign-wealth fund for more than 1.7 billion pounds ($2.7 billion).
Blackstone’s real estate unit spent $3.5 billion of its funds’ money in Europe last year “because the distress there is creating very interesting opportunities,” Jonathan Gray, global head of real estate, said earlier this year. The firm’s third European property fund, which raised more than 3.1 billion euros in 2009, has returned 18 percent a year after fees as of June 30, according to Blackstone’s second-quarter earnings report.

Blackstone is also raising its first Asia real estate fund and held an initial close in June with $1.5 billion. That pool is targeting $4 billion, according to the firm.

To contact the reporters on this story: Hui-yong Yu in Seattle at hyu@bloomberg.net; Devin Banerjee in New York at dbanerjee2@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net; Kara Wetzel at kwetzel@bloomberg.net

Real-Estate News: New-Home Sales Rebound in August

Here is a look at real-estate news from Wednesday’s WSJ, including the Property Report:

U.S. New-Home Sales Rebound in August: New-home sales rebounded in August after tumbling the prior month, though underlying trends show that the housing market cooled over the summer amid a rise in mortgage rates.

Home Prices Jump, but Pace May Slow: U.S. home prices rose by their fastest pace in more than seven years during July, according to an index released Tuesday, though more recent data suggest price gains could soon moderate.

Bad-Loan Revival Unburdens Banks: Rising commercial property values throughout the country have enabled banks to cleanse themselves of the mountains of distressed office buildings, shopping centers, hotels and other real estate that they reluctantly took over during the financial downturn.

China Casts a Wider Net Over U.S. Market: The upswing in the U.S. property market is attracting Chinese developers and investment firms, and they are dipping their toes into new cities.

Milwaukee Office Tower Gets Silicon Implant: The design for what would be Milwaukee’s tallest new office building in more than 20 years, set to be unveiled this week, combines two motifs that often compete: a high-rise exterior typically associated with staid finance and law firms and a large, open interior popularized by Silicon Valley.

Storm-Proofing Condos Is No Luxury: After Superstorm Sandy, New York brokers say few buyers will sign contracts without inquiring about storm-protection measures.

New Converts: Hotels in U.S.: As demand increases for hotel rooms in the U.S. amid growth in tourism in some cities, developers are turning to pre-existing buildings to cut construction time and save money.

Bet Puts Wind at Firm’s Back: A big bet on wind farms looks to be paying off for Swedish property firm Wallenstam AB.

source:- http://blogs.wsj.com/developments/2013/09/25/real-estate-news-new-home-sales-rebound-in-august/

Ireo’s residential township in Gurgaon

The residential project located in Sector 67 comprises two, three and four BHK apartments with prices starting from Rs 1.4 crore

Ireo, India’s first FDI investor in the real estate sector, has announced the launch of a residential township, The Corridors, residential project in Sector 67(A), Gurgaon.

The 37.5-acre project has been formulated as a self-contained ecosystem with comprehensive physical and social infrastructure. Therefore, it encompasses 10 acres of greenery, a two-acre clubhouse and 1,780 apartments in configurations of two, three and four BHK. The ranging in sizes from 1,296 sq ft to 2,740 sq ft and with prices starting from Rs 1.4 crore.

“While conceptualising the project, we took into account the paucity of time in today’s hectic lifestyles. With state-of-the-art sports and fitness centres, leisure facilities and basic amenities within the complex, residents will be able to create a proper work-life balance within the precincts itself,” said the company’s vice chairman, Lalit Goyal

Nearly 10 acres of the total project area is dedicated to community amenities including five acres for a school, hospital and retail facility.

A distinctive feature of the project is its choice of leisure facilities. For health and fitness enthusiasts, it is a mini sports city with the widest array of indoor and outdoor sports amenities including football, tennis, basketball, swimming and fitness trail with distance markers.

The double-storey clubhouse spanning over two acres offers a plethora of entertainment and leisure options including restaurants, banquet halls, spa and a meditation centre.

The ground floor apartments have private gardens that overlook the central greens. The larger external courtyards accommodate play areas, sports facilities, relaxing gardens and shaded seating areas.

The main entrance of the complex will open on to a 90-metre wide access road connecting directly with NH-8. Sector 67 A is in close proximity to the proposed 215-acre university campus coming up in Sector 68 residential project. The construction is expected to be complete by 2018.

Besides The Corridors, some other projects from the company are Ireo Skyon, Ireo Uptown, The Grand Arch, Ireo Victory Valley and Ireo Gurgaon Hills in Gurgaon and Ireo Rise in Mohali. zz

subhankarpaul@mydigitalfc.com

Flats In Gurgaon- The Dream Of Development

Delhi- the capital city of India developing to its full potential, growth in land projects is enormous and so is the price but the facilities are really worth that price . During the last few years , the suburban areas like Gurgaon are experiencing a higher level of growth in capital values because of the high amount of business activities are going on in this area and thereby the increased demand for land and that too for affordable and high quality homes and offices. Hence with time Gurgaon has turned itself into the hub of such affordable flats and business places that are made keeping the youth attitude and their demands in mind.

The boom in the land value has also bought a lot of investment opportunities in the area, since in this sector the investor is only get returns with no probability of losses so a lot of families and individuals are emerging as investing entities either with an outlook to build their dream homes and offices or just for investment purposes. And yes this boom in real estate sector is not hype but truly a reality since they are giving a glimpse of future India. Even there is a lot of opportunities for the youth in Gurgaon since all the MNC’s are building up their offices in these outskirts only. These provide all the facilities and environment wished by youth for the future perspective just like fulfilling their dreams for the real development.

 So Gurgaon being the hub of investment for real estate has dragged everyone’s attention on to itself fulfilling every need as well as desire of the investor and if anyone has to invest they also have an option of looking up the plans of various builders over the internet as well as various websites which provide detailed floor plans and financing details even.

For latest project in Gurgaon call at 0124-4911700

DLF to pump in Rs 450 cr in Lucknow projects

Studio apartment, township projects estimated at Rs 340 crore and Rs 550 crore respectively

DLF, the country’s largest real estate company, has lined up investments worth Rs 450 crore in housing and township projects underway in Lucknow, company sources said.

The studio apartment and township projects are estimated at Rs 340 crore and Rs 550 crore, respectively.

The company had already invested nearly Rs 140 crore in the studio apartment project coming up in the posh Gomti Nagar area of Lucknow.

In its residential township project named Gardencity, spead over 250 acres on the Rae Bareli road, DLF had invested Rs 350 crore and Rs 200 crore more investment would be made towards its fructification.

DLF Senior Vice-President Rajeev Singh told Business Standard: “In Gardencity project, we have given bank guarantee of Rs 70 crore to the Uttar Pradesh Housing and Development Board with regards to the construction of 1,250 housing units for the weaker sections of society.”

The company was likely to commence handing over possessions of plots in the township project in another six months, DLF Executive Director Ananta Singh Raghuvanshi informed.

Meanwhile, Rajeev Singh said the recent slowdown in economy and the tightening of home loan norms by the Reserve Bank of India (RBI) would only impact the segment of buyers who invest in housing properties and are not actual buyers.

On September 3, the central bank had asked all banks to link disbursal of home loans to stages of construction to protect the interests of buyers and control any adverse consequences of “innovative” housing finance schemes. This is likely to impact home loan seekers and in turn affect housing projects.


“The migration of people from rural to urban centres in search of jobs will continue in future and this would create demand for new houses,” he added.

http://www.business-standard.com/article/companies/dlf-to-pump-in-rs-450-cr-in-lucknow-projects-113091600632_1.html

Godrej to develop housing project in Gurgaon

Godrej Properties has entered into a development agreement with Oasis Buildhome to build a premium residential group housing project in Gurgaon.

This will be the company’s third project in Gurgaon. It is already developing two residential projects in Gurgaon - Godrej Frontier and Godrej Summit. Besides, it will develop a residential project in Okhla, New Delhi.

The 13.76 acre property is situated on Northern Periphery Road (NPR) in Sector 88A/89A, Gurgaon and expected to offer 1.2 million sq ft of saleable area, the company said in a statement.

Most of the Godrej Properties projects are being executed as joint venture.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “NCR is an important growth market for us and this is the second new project we have announced entered in NCR in FY14. The project fits well with our strategy of growing our presence in India's leading real estate markets and we will aim to replicate the success of our previous projects in the Gurgaon market.”

source:- http://www.business-standard.com/article/companies/godrej-to-develop-housing-project-in-gurgaon-113080500259_1.html

Sectors 83 and 92 in New Gurgaon offer affordable property’

Delhi NCR

Gurgaon is an entity by itself when you talk about real estate. Because it is the premium commercial real estate that first drove Gurgaon, the tag of ‘premium’ even in residential real estate has stuck to Gurgaon. Having said that, the area is witnessing demand from all segments of the society – from affordable to high-end. In conversation, Adesh Munjal, proprietor, Homes2offices talks about the areas to invest in Gurgaon and in what budget. Excerpts from his interview with Neha Nagpal, Magicbricks.com Bureau:

Economy is wavering, job market is slow. In such bleak economic conditions, do you think it wise to invest in residential real estate market in Gurgaon?

In today’s economic scenario, property investment makes sense when it is done keeping the mid – long term investment in mind i.e. 3-6 years or more. Short term Investment will not reap much benefits. Residential market is volatile right now and no one wants to invest in an under construction property with a tag of Rs 1.25 crore or more.

Which areas are best to invest in that ensure good returns and why?

Those who are looking for early possession, then projects on the Southern Periphery Road (SPR) are a good buy. Most of these projects are either ready or will be ready in the next one-one and a half years. Sohna Road has already come up as a commercial hub with most of the facilities like schools, hospitals, markets etc nearby. Proximity to Sohna Road and NH-8 is also a major advantage. Average investment on SPR is somewhere around Rs 1.20 crore.

Another area for investment is New Gurgaon (Sectors 83-92). For investors looking for long term gain the prices are currently between Rs 3,500–5,500 per sq ft, which are on the lower side as compared to other areas. New Gurgaon has future potential because land has been earmarked for many public utilities such ISBT/MRTS and other recreational activities.

Which unit size sells best in Gurgaon and why?

The unit size selling best in Gurgaon ranges from 1000-1400 sq ft (2 & 2+1BHK). Many Investors and end users prefer to buy apartments in these sizes because of the low amount of investment involved.

Which budget range is most in demand in Gurgaon?

Property in prices ranging from Rs 60 lakh to Rs 1.25 crore is most in demand in Gurgaon. Infact, there is hardly anything available in the budget range of Rs 25-40 lakh.

source:- http://content.magicbricks.com/sectors-83-and-92-in-new-gurgaon-offer-affordable-property/

Get property documents online from next month

KOLHAPUR: The state government's department of registration and stamps is ready to go online with its new facility in a month, which will allow the users to do transactions online and access the search reports of their properties round-the-clock.

The department claimed that with the new facility, owners won't be required to visit sub-registrar offices (SROs) to get property transactions search reports, index-II document (extract issued by the registrar/sub-registrar) and a copy of registered documents.

There are about 470 SROs across the state where as many as 23 lakh documents regarding properties were registered in the last financial year. Approximately 1.5 crore people visited various SROs for property-related documents and the online facility will save their time, the officials said.

"The property transaction search reports traces all past registered transactions. The report is important in taking decision of buying any property and granting home loans," said P D Shelke, joint district registrar, Kolhapur. "At present, people visit various SROs, file their written application and pay the prescribed fees for the report. A person has to physically search all the previous registered documents related to a particular property which is very time consuming," he said.

The new facility will allow people to get property details number-wise. They can also download the documents from their personal computers. "People need not to visit multiple offices and can avail benefits of round the clock. We are ready to go online in the next few weeks," Shelke said.

At present, the manual process takes a week to get the documents provided the application is accurate and has all the details clearly mentioned.

"The facility will speed up the process related to properties. However, we are worried if the servers will work properly round the clock," said a member of Confederation of Real Estate Developers' Associations of India (Credai), Kolhapur chapter.

"We appreciate the new technology, which will eliminate time delay and illegal practices. But we have also observed that the digitization process has not been up to the mark as the servers fail to function appropriately. If this happens with the new facility, it will be of no use," he added.

How will the new facility work

Log on to www.esearch.igrmaharashtra.gov.in

Enter year, district, village name and property number or document number.

Get details such as document number, name, registration date, SRO name, office code, seller name, purchaser name and property description.

Note down the required document number and get index-II document or a copy by clicking download option.

source:- http://timesofindia.indiatimes.com/city/kolhapur/Get-property-documents-online-from-next-month/articleshow/22873684.cms

Home in on TOI expo for property solutions

GUWAHATI: The NE Property and Construction Expo organized by The Times of India kicked off at Maniram Dewan Trade Centre here on Thursday afternoon to provide complete property solutions to consumers under one roof.

Properties in Gujarat, Karnataka, West Bengal, Jaipur, Guwahati, Gurgaon and Chennai are on offer at the expo, in which more than 50 construction equipment companies are also participating.

While inaugurating the expo, chief guest Rajnish Kumar, who is the chief general manager of State Bank of India's Northeast Circle, expressed hope that the expo will be able to cater to the needs of property buyers in the region as well as outside.

"People want good infrastructure and quality while buying property and this expo will help fulfill their needs. The SBI is always with customers to assist them in buying property," Kumar said. He said the SBI is putting ample thrust in home loans and will help customers buy their dream property.

"Real estate development should take place on the periphery of Guwahati. However, the traffic conditions and other civic facilities must be improved to meet the demands of home buyers," he added. Mahendra A Sahu, general manager, and Sankar Gope, deputy general manager (PBBU) of the Northeast Circle of the SBI, were also present.

The expo is being supported by the State Bank of India and managed by Percept Networks and NE Trade Expo. Participants like Godrej Properties, Subham Group, RRM, Home Plus, India Green, Tata Motors, Paramount, Arya Smart Living, Ridhi Sidhi, Water Tec, Castle-X, Red FM 93.5 and Investors Clinic have also extended their support to the event.

Leading firms from across the country, including real estate, construction, home appliances, home furnishing, finance and automobile sector are participating in the fair.

source:- http://articles.timesofindia.indiatimes.com/2013-09-20/guwahati/42251978_1_india-green-property-buyers-maniram-dewan-trade-centre

Delhi bungalow is costliest property to be attached

NEW DELHI: A 6,796-sq-feet bungalow at 11-A, Prithviraj Road - one of the most exclusive addresses in Delhi - has been attached by the Enforcement Directorate. The ED claims the bungalow is owned by Arun Kumar Mishra, a former chief engineer of UP State Industrial Development Corporation, with "proceeds of crime".


Mishra, who is being prosecuted by the CBI and ED for conducting illicit transactions through fictitious banks accounts, paid Rs 23.26 crore for the property in 2007. However, real estate consultants say that the market value of the property - the bungalow and the large land around it - would be much higher, possibly 10 times higher than the declared value.

This is the biggest-ever attachment of property in terms of value under the Prevention of Money Laundering Act which allows for confiscation of assets allegedly acquired through proceeds of crime. The property was attached on August 30.

Given his relative humble job profile as the chief engineer of the UPSIDC, Mishra was an unlikely owner of such a large bungalow on Prithviraj Road - a stretch which houses top industrialists and diplomatic missions.

ED sources alleged that Mishra bought the property in the name of a Kolkata-based firm Ajanta Merchants Pvt Ltd in 2007, when he was looking after the development of Tronica City, an industrial and residential township stretching over 1,400 acres in Ghaziabad.

According to ED documents, Ajanta Merchants Pvt Ltd bought the bungalow from Ravinder Taneja and Atma Gyan Trust. The broker in the deal, Anil Vaid of Panchsheel Park, told ED that he had received a commission of Rs 21 lakh plus service tax from Ravinder Taneja for the deal.

The broker said he had been in touch with Mishra's staff since August 2006 when he wanted to buy a property in an exclusive address such as Golf Links, Aurangzeb Road, Prithviraj Road or Anand Niketan. He arranged a meeting of Mishra and Taneja at his office and Mishra had negotiated the deal.

ED sources said that Taneja, a leading Delhi-based builder, from whom the engineer had bought the property, is also under the scanner as the agency suspects that a large portion of the payment was in cash.

Apart from Mishra, those who assisted him in this property deal could attract the punitive provisions of PMLA. Section 3 of the Act says, "Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money laundering."

Mishra was raided by the CBI in early 2011 for illegal banking transactions he had allegedly carried out through fictitious names in Dehradun. The money was deposited in dozens of such banks accounts and later withdrawn and invested in his Kolkata-based companies which he had acquired.

ED believes the "proceeds of crime" was generated in the course of Tronica city land allotment during 2005 and 2007 when Mishra was the chief engineer in the UPSIDC. At that time, the Samajwadi Party was in power in UP.

source:- http://articles.timesofindia.indiatimes.com/2013-09-20/delhi/42251220_1_tronica-city-property-deal-upsidc