Pune based Kolte-Patil Developers announces four new projects

PUNE: Pune based Kolte-Patil Developers (KPDL) has announced four new luxury projects in the city, to be spread over 1.8 million sq ft. Ltd.

Rajesh Patil, Chairman & Managing Director, Kolte-Patil Group said, "We at KPDL are pleased to add these projects to our Pune portfolio. KPDL always strives to come up with projects that are in sync with the modern times, and at the same time, offers buyers' a holistic lifestyle. We are sure these projects will be resounding success and will help us further consolidate our position as one of the leading real estate companies in Pune." Two of these projects, Tuscan Estate Signature Meadows and Downtown will be located in Kharadi, 24K Glamore at NIBMRoad- Undri and 3rd Avenue at Life Republic near Hinjewadi. 

Sujay Kalele, CEO, Kolte-Patil Developers, said, "With rapid globalization, an increasing number of Indians are getting exposed to International lifestyle and prefer to have an exclusive address back home. Consumers are now open to spending that much 'extra' for that comfort and exclusivity. Keeping this in mind, we at Kolte-Patil have come up with new-age homes that cater to buyers' exclusive tastes as well as aspirational levels. We are confident that these projects will redefine luxury living in Pune." 

KPDL has a significant presence in the city, covering multiple segments including luxury residential projects, integrated townships, IT parks and retail. Over the last two decades, it has developed over 8 million sq ft of real estate in Pune and Bengaluru. It is now in the process of entering the Mumbai market with upscale redevelopment projects. The group has 9 million sq. ft. of development to be commenced in FY 2013-14.

http://economictimes.indiatimes.com/markets/real-estate/news/pune-based-kolte-patil-developers-announces-four-new-projects/articleshow/23043589.cms

Kolte-Patil Developers launches four projects in Pune

MUMBAI: Riding high on the demand for residential housing, Kolte-PatilBSE -0.55 % Developers today launched four mixed-use projects in Pune with investments up to Rs 450 crore.

"We will be developing a total of 1.8 million sq ft in these four projects. We will be investing Rs 400-450 crore in them," Kolte-Patil Chief Executive Sujay Kalele told PTI here.

The projects will have both residential and commercial components and are likely to be completed within 18-24 months, he said, adding, the company is eyeing Rs 5,500-crore revenue from them.

"We have already started construction on the sites and we believe we will be able to deliver the project in the next 18-24 months. We expect to garner over Rs 5,500 crore from these projects."

The prices will range between Rs 40 lakh and Rs 1 crore in the mid-income segment, while Rs 1-5 crore in the high-end one. Around 70 per cent of the space will be for mid-income segment, he said.

When asked how the company plans to fund the development, he said: "We have already spent on buying the land. We will require Rs 400-450 crore for construction which we will be raising through a mix of internal accruals and bank loans. We already have line of credit for the same."

The Pune-based company has so far executed over 7.5 million sq ft of area in the city.

source:- http://economictimes.indiatimes.com/markets/real-estate/news/kolte-patil-developers-launches-four-projects-in-pune/articleshow/23060959.cms

Realty companies may offer discounts to clear inventory

NEW DELHI: The upward revision in repo rate by the Reserve Bank of India is likely to increase pressure on real estate developers to offer discounts in the upcoming festive season as they struggle to clear their inventory at a time when demand is tepid and interest rates are rising.

HDFC, ICICI Bank and Axis Bank raised interest rates on home loans last month while State Bank of India did so on Thursday and the RBI on Friday raised the rate at which the central bank lends money to commercial banks by 25 basis points.

"Discounts are now inevitable," said Sanjay Dutt, executive managing director of South Asia at real estate services firm Cushman & Wakefield. This festive season is likely to see just a tenth of last year's new project launches, according to an estimate by the Confederation of Real Estate Developers' Associations of India (Credai).

"Developers will want to sell their unsold inventory instead by using innovative schemes and discounts. Rising interest rates, though, will lower sentiments and could impact sales," said Credai chairman Lalit Kumar Jain.

The festival season usually generates about 20% of the annual home sales. But demand has been severely hit this year due to the economic slowdown, higher inflation and job cuts in several sectors. The spike in interest rates can only add to the industry's woes, developers said.

"If interest rates go up, demand will be impacted slightly," said National Housing Bank chairman RV Verma. Home prices fell in 22 of the 26 cities in the quarter to June, according to the National Housing Bank's residential housing index, Residex,

"If developers really reduce prices, some sales should happen this festive season. This is an opportunity for them to clear their inventory pile-up," said a senior SBI official, who did not wish to be named.

DLF's group executive director Rajeev Talwar termed the increase in repo rate a missed opportunity. "There was a need to lower rates to stimulate demand," said Talwar.

According to property research firm Liases Foras, close to 670 million sq ft of stock is lying unsold with developers as home sales have fallen over the past few quarters.

"We will not be launching new projects this festive season. Instead we will focus on delivering old projects and will offer schemes and discounts to get rid of our inventory," said RK Arora, managing director of Noida-based developer Supertech.

Several developers are poised to launch new schemes for existing projects and also offer innovative payment structures, said Anckur Srivasttava, chairman of GenReal Property Advisers. "They are also repositioning parts of existing projects to stir sales," Srivasttava said.

SBI beats rivals with cheaper personal loans against property

MUMBAI: State Bank of India (SBI) has taken competition head on by launching a personal loan scheme against property loans at interest rates lower than that of some of its private peers.

The scheme, aimed at existing home loan borrowers and linked to the price of property, is offering personal loan at 11.25 per cent to existing home loan customers.

The offer is similar to the top-up scheme of other players such as ICICI Bank and home loan provider HDFC, which have pegged their loans at 12.50 per cent and 12.25 per cent, respectively. The new product, called 'SBI Home Equity scheme', gains relevance in the context of the rise in property prices over the last few years.

The personal loan entitlement under the scheme is linked to the value the property for which the borrower is already paying EMI. The lender will give a maximum 75 per cent of the value of the property after deducting the outstanding amount of the loan.

For instance, if the property is valued at Rs 1 crore and the borrower has an outstanding principal loan of Rs 10 lakh, the bank will deduct a margin of Rs 25 lakh and the outstanding principal of Rs 10 lakh, making the borrower eligible for a loan of Rs 65 lakh, provided his annual income supports it.

"It is too early to gauge how successful the scheme is since it was launched less than a month back," said an official from SBI on condition of anonymity. The interest rate of 11.25 per cent charged by SBI is benchmarked to the bank's base rate of 10 per cent.

Similarly, rates offered by other players like ICICI Bank and HDFC for top-up loans are benchmarked to their base rates or prime lending rates. The scheme, which links home loans to personal loans will attract home loan customers of other banks, say industry experts.

Customers may shift their loan account to SBI, particularly in the context of the Reserve Bank of India banning banks from charging any prepayment penalty. SBI is also offering overdraft facility on the new scheme at 11.50 per cent.

SBI has emerged as one of the largest players in the home loan market with a portfolio of more than Rs 1 lakh crore.

source:- http://articles.economictimes.indiatimes.com/2012-06-07/personal-finance/32101246_1_loan-borrower-base-rate?intenttarget=no

NRIs keen to invest in real estate in India, says developer

LONDON: As a sequel to recent depreciation in the rupee, Non-Resident Indians from around the globe have evinced interest to invest in real estate in India, a Mumbai-based real estate developer has said.

"With the dollar appreciating against the rupee, there is a lot of interest among rich NRIs in the UK and elsewhere to invest in India," Gaurav Gupta, Director of Mumbai-based Omkar Realtors & Developers told reporters here.

Gupta who was speaking after unveiling their ambitious 800 million (Rs 8,000 Crore) Sky Villas project - Omkar 1973 Worli - said, "NRIs want to have a house in India and they see a great investment opportunity now. We have received positive response from NRIs not only from the UK but also from Hong Kong, Singapore, Dubai and the US."

Omkar 1973 Worli, encompassing 3 towers scaling beyond a combined height of 800 metres, is a flagship development of the group spread over 4.5 acres.

The name Omkar 1973 derives from the latitude and longitudinal coordinates of Mumbai city and is designed by world's leading architecture design firm Fosters plus Partners.

Gupta said in all 400 plus 'Ultra-Luxury Apartments' would be built under the free sale portion and 40 per cent of the apartments have already been booked. The minimum cost of a flat would be Rs 18 crore (4,000 sq.ft) and maximum would be about Rs 80-90 crore (18,200 sq ft), he said.

On completion of the project by mid-2017, it will be one of the best projects in the world, he claimed. "This will change the standard of real estate in India."

Elaborating on their debut in India's residential space through the partnership with Omkar Realtors, Nigel Dancey, Senior Partner, Fosters Plus Partners said: "We have tried to give a holistic approach to the design that can be witnessed in the details of the lobby and in the individual villas. This project has a unique indoor-outdoor living design, giving home owners an opportunity to fully enjoy every space."

The project is located very close to Bandra-Worli sea link; with Mumbai s landmark Siddhivinayak shrine also located nearby.

The project attracted an initial Rs.200 crore funding from the Ajay Piramal Group and Rs.1,200 crore debt funding from Yes Bank, Gupta said.

source:- http://articles.economictimes.indiatimes.com/2013-09-22/news/42292345_1_nris-gaurav-gupta-real-estate

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