Saturday 29 April 2017

Huda website updates to boost online property deals

After a bid is closed, the successful bidder has to pay 10% of the property price within 24 hours



GURGAON: In a move to make online auction of properties more user-friendly, Huda is making changes on its website to ensure timely information is conveyed to people who want to participate in the bidding process.
Those who wish to participate have to register on the site by paying a nominal fee and then pay 2% of the reserve property price, which is refundable, to be eligible to bid.
After a bid is closed, the successful bidder has to pay 10% of the property price within 24 hours.
In absence of timely communication, many people fail to deposit the said amount, resulting in cancellation of their bids.
People also face difficulty in getting the refund (2%, deposited before bidding) as they are not alerted about the bid result on time.
Hence, Huda has decided to improve its site so that participants are kept abreast of the bid result.
"It has just been a year since we shifted from manual auction to the online system. We are aware of its glitches and are making necessary changes. This will take a while," said Huda administrator Yashpal Yadav, adding they will keep on improving the system from time to time to make it user-friendly.
Huda, which is under financial stress, is banking on online auction of its properties to tide over the financial crisis.
It has successfully raised Rs 611 crore by selling some properties on e-auctions between May 2016, when it was launched, and February 2017.





Tuesday 25 April 2017

IndiQube aims to provide 2 million sq ft co-working spaces by June 2019

The startup company’s current set up in various locations in Bengaluru accommodates 10,000 seats and is aiming to house 40,000 seats under its expanded facilities in more cities.




MUMBAI: Co-working space provider IndiQube is aiming to expand its facilities four times to 2 million sq ft by June 2019 from its current 0.5 million sq ft set up, said a top company official.

The startup company’s current set up in various locations in Bengaluru accommodates 10,000 seats and is aiming to house 40,000 seats under its expanded facilities in more cities. Its current facilities are spread over 12 locations in Bengaluru.

“Our current space has capacity of 10,000 seats. We have signed up another 5 lakh sq ft that will come up over the next 12-15 months. Following this, we will be adding another 1 million sq ft of space by June 2019,” 
Rishi Das, Co-founder and Chairman, IndiQube, told ET.

To support the proposed expansion, the company is currently in talks with private equity firms to raise up to Rs 100 core and Das expects the transaction to be concluded by June.

The company is looking to expand in cities including 
Hyderabad, Chennai, Pune, Delhi, Kolkata, Mumbai, Ahmedabad and Chandigarh. Its current client profile includes startup companies, small & medium enterprises, offshore development centers and tenants like Bluestone and Micromax.

IndiQube was started by Rishi Das, an IIT-Roorkee graduate and his brother Anshuman, an IIT-Delhi graduate along with Meghana Agarwal, an IMT Ghaziabad alumnus. The co-working space provider was started in December 2014 and its operations commenced from January 2015.





Thursday 20 April 2017

Emami keen on developing smart city projects in Madurai, Jhansi

Emami has invested about Rs 600 crore every year in realty projects for the last 2-3 years and would continue to invest at the same pace, said R K Agarwal, advisor, Emami Group



COIMBATORE: Emami Infrastructure, the realty arm of FMCG (fast moving consumer goods) major Emami Group, is looking to develop smart city projects in Madurai and Jhansi where it has bought large parcels of land, a top official said. The company has 12,000 acres of land near Madurai and about 1,200 acres in Jhansi.

“We hold big chunks (of land) in Madurai and Jhansi. They are ideal for smart city projects,” said R K Agarwal, advisor, Emami Group. Incidentally, both the cities have been selected by the union government under its ‘Smart Cities Mission’, an urban renewal programme.

Emami has invested about Rs 600 crore every year in realty projects for the last 2-3 years and would continue to invest at the same pace, he said. “The revival has already started in real estate. There will be improvement once the economy revives,” Agarwal, who was here to launch ‘Emami Aerocity’, a 62-acre, 929 units, DTCP approved layout at Kalapatti, the company’s maiden project in the city. Emami has invested Rs 15-160 crore in the project, he stated.

South City Projects (Kolkata), a consortium of six realty firms including Emami, is planning to develop residential projects in Dubai, Agarwal said. The consortium has also received a proposal to renovate old buildings in London. About 60% of the sales is complete in South City’s maiden overseas project in Sri Lanka, which is slated to be handed over in 2019, he said.




Sunday 16 April 2017

Jindal to enter paints business in mid-2018, invest Rs 1,000 crore

JSW Paints is a fully family-owned entity and the two plants are coming up at an investment of Rs 1,000 crore, which will be funded through both debt and equity said Parth Jindal




MUMBAI: The Sajjan Jindal family is investing Rs 1,000 crore to build two factories to foray into the Asian Paints-dominated paints segment and is targeting an April 2018 launch, a senior official has said.

"We are planning to launch in April of next year. We have one factory coming up in Vijaynagar in Karnataka and one industrial line coming up in Vasind in Maharashtra," his son Parth Jindal, who is looking after the business, said.

He said JSW Paints is a fully family-owned entity and the two plants are coming up at an investment of Rs 1,000 crore, which will be funded through both debt and equity.

Asian Paints is gaining market share every year in the paints segment and the family, which already runs JSW Steel and JSW Cement, looks at this as a lucrative business because of the complementarity, he said.


"The paint industry is growing at 15 per cent every year. Asian Paints is gaining market share every year. Its an industry we are very excited about, We have the cement and steel distribution already in place. We have the opportunity to become the one stop solution where we can offer cement, steel and paint to consumer," he told reporters recently.

It will be both a business-to-business (B2B) and business-to-consumer (B2C), he said, adding it will be doing a decorative unit in Vijaynagar, while the Vasind unit will focus on industrial segment.

Jindal said the company has started work on both the factories and expects them to be ready by early 2018, and it will be hitting the market in April or May, after testing the products.

At present, Asian Paints' capacity is 1 million kilolitres per annum while the total market is 2.5 million KLPA, Jindal said, adding JSW Paints is looking to hit 1 million KLPA by 2025.

Initially the focus will be on the southern and the western markets and the company is also looking at installing capacity in West Bengal in the next few years, he said.

"We are very excited by the potential of the business and we understand the retail business a little bit because of cement. I think there is huge opportunity for us, a new entrant to do well," he said.




Thursday 13 April 2017

Shriram Properties to invest Rs 15,000 crore on realty projects over 7-8 years

The company has raised about USD 460 million from investors at entity level as well as projects level but it does not have plans to raise further amount.



NEW DELHI: Shriram Properties will invest Rs 15,000 crore over the next 7-8 years for the development of around 30 ongoing projects, largely residential, across six major cities.

Chennai-based Shriram Properties, the real estate arm of financial giant Shriram Group, has also decided to focus on affordable housing after the government's decision to accord infrastructure status to this segment as well as provide other tax sops and interest subvention to home buyers and builders.

"We have completed and delivered about 15 million sq ft and are currently developing 25-30 projects comprising 60 million sq ft area in Chennai, Bengaluru, Hyderabad, Vizag, Coimbatore and Kolkata," company's Managing Director M Murali told PTI.

Out of 60 million sq ft, he said about 18 million sq ft is already under construction and work on remaining would start in phases.

On proposed investment in these projects, Murali said the total investment on construction will be around Rs 15,000 crore, which would be met through internal accruals and bank loans.

The company has raised about USD 460 million from investors at entity level as well as projects level but it does not have plans to raise further amount, he added.

Walton street, Starwood capital, TPG Capital, Tata Opportunities Fund, HYPO, Sun Apollo, ASK, Motilal Oswal, Amplus, ICICI Prudential have invested in Shriram Properties.

When asked about sales, Murali said the company is likely to achieve sales bookings of Rs 950 crore this fiscal as against Rs 750 crore last year despite demonetisation.

He said the company is targeting sales bookings of Rs 1,350 crore for next fiscal.

Shriram Properties has a land bank of 1,200 acres for future development.

On the listing plan, he said: "We will come with an initial public offer (IPO) when the market is right".

Shriram Properties is also planning to enter Mumbai property market next fiscal where its focus will be on mid-market and affordable housing and little bit of luxury.





Monday 10 April 2017

Godrej Properties to build 5-acre housing project in Mumbai with Shivam Realty

The project will be spread over 5 acres, with about 1 million square feet of saleable area




NEW DELHI: Real estate developer Godrej Properties has entered into a development management agreement with Shivam Realty to develop a housing project at Kandivali East in Mumbai, according to a regulatory filing today.

The project, located off the Akurli cross road at Hanuman Nagar, will be spread over 5 acres, with about 1 million square feet of saleable area.

“This strengthens our development portfolio in Mumbai and fits with our strategy of deepening our presence in key markets across India's leading cities," said Pirojsha Godrej, Managing Director & CEO, Godrej Properties.

The Mumbai-based real estate developer recently also announced its plan to develop a new 
residential project on a 7.5 acre land in north Bengaluru.

The project on Bellary Road (NH-7) will be of around 8 lakh sq ft.





Thursday 6 April 2017

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Tuesday 4 April 2017

CREDAI to soon launch 200 housing projects across the country

Addressing the media here on Monday, Subba Raju said the project will be launched by Union urban housing development minister M Venkaiah Naidu in Ahmedabad on April 8




VISAKHAPATNAM: Confederation of Real Estate Developers Associations of India (Credai) is to launch 200 housing projects across the country to contribute to PM Narendra Modi’s target of providing houses to all by 2022, said its new chairman K Subba Raju.

Addressing the media here on Monday, Subba Raju said the project will be launched by Union urban housing development minister M Venkaiah Naidu in Ahmedabad on April 8.

President A Siva Reddy said Visakhapatnam, Vijayawada, Tirupati and Kurnool chapters of Credai are already preparing project blueprints to participate in the Centre’s affordable housing scheme. “The location of the project, the number of units and other details will be worked out in consultation with our national body. The state government had also decided to construct 1.94 lakh houses for the economically weaker sections and our AP chapter will be involved in the project,” he said. He said cost of inputs like land, steel, cement and labour is gradually increasing and there is a possibility that the prices of houses will also go up. Siva Reddy said provisions of RERA and GST will come into force soon and these will also have an impact on the cost of houses.





Saturday 1 April 2017

Emaar India raises Rs 2,500 crore to fast track projects

Emaar recently revamped its project management team in an effort to fast track projects which were stuck due to uncertainty over the fate of this partnership



MUMBAI: Following the initiation of demerging its India partnership venture, Dubai-based realty major Emaar Properties’ arm Emaar India has raised Rs 2,500 crore to expedite and complete its ongoing projects. The funds have been raised from banks and financial institutions over the past six months.

Emaar recently revamped its project management team in an effort to fast track projects which were stuck due to uncertainty over the fate of this partnership. Dubai-based Emaar Properties PJSC, which had made the then largest FDI of over Rs 7,000-crore in its real estate joint venture 
Emaar MGF Land in 2005-06, has parted ways with its Indian partner MGF Developments.

Under the separation plan, expected to be concluded by April end, Emaar India will get control of most of the 55 ongoing or partially completed sub-projects, and is trying to expedite and deliver these. These sub-projects are part of the total 30 projects with approvals. Emaar India confirmed raising the funds from banks and financial institutions over the past six months for completion of its projects.

“…Such funds have been used towards construction & development of its projects with the target of earliest deliveries to its customers and also for repayment of high-cost debt. Due to such focused efforts for completion of projects in the past 6 months, the company has already received Occupancy Certificates for nearly 1,800 units that are now being handed over to the customers," said a spokesperson of Emaar India.

In mid-2016, Emaar MGF Land Ltd had initiated the process of reorganization of the company through demerger, to lend greater focus on the operations and projects. “The company, now being a subsidiary of Emaar Properties PJSC (Emaar), is being operated under the management of Emaar, and is committed towards completion of the ongoing projects at the earliest,” the spokesperson said.

The developer is aiming to deliver all the ongoing projects over the next 24-30 months. For this, the company has increased its labour count at project sites to 10,000 in February 2017 from 500-700 workers in May 2016. The company received occupation certificate (OC) for 1,000 units Last year and it expects to receive the same for another 4,000-4,500 units in 2017. In order to achieve its target of delivering these projects, the company is spending Rs 80-100 crore per month on construction, as against Rs 20-25 crore in May 2016.

Apart from increasing its labour headcount, the company has recently revamped its project management team. It has roped in professionals from DLF, Hiranandani Constructions, Bharti Realty, Lotus Greens, Gulf Petrochem and IREO to fast track its projects.