Sunday, July 27, 2008
Thursday, November 22, 2007
K P Singh: World's richest realty developer
India's booming real estate sector has more than doubled the number of billionaires from this space in just 12 months, with DLF's Kushal Pal Singh emerging "the world's richest real estate developer."Among 54 Indian billionaires identified by Forbes magazine, there are seven real estate developers with a net worth of over a billion dollar each.A year ago, there were just three billionaires from this sector - K P Singh, Ramesh Chandra and Rajan Raheja, who have now been joined by Rakesh Wadhawan of newly listed HDIL, Niranjan Hiranandani of London-listed Hirco, Parsvnath Developers' [Get Quote] Pradeep Jain and Omaxe's Rohtas Goel.Singh, the wealthiest in this space, has been ranked as the fourth richest Indian with a net worth of $35 billion, according to 'Forbes' India's 40 Rich List' for 2007."Kushal Pal Singh is fourth on the 2007 India Rich List with a net worth of 35 billion dollars, making him the world's richest real estate developer," Forbes said.Singh's wealth appreciated over 250 per cent after his company, DLF, went public in June this year and the stock has surged 60 per cent since then, it added.Unitech's Ramesh Chandra ranks 8th with a net worth of $11.6 billion, followed by Wadhawan at the 26th spot with a wealth of $2.35 billion.Raheja and Hiranandani, real estate developers from the financial capital of India - Mumbai, rank 30th and 31st with a net worth of $2.15 billion and $2.1 billion respectively. Although there are 54 billionaires in India according to Forbes, 14 of them could not make the cut for the 'India's 40 Richest' list which required a minimum wealth of $1.6 billion.Pradeep Jain of Parsvnath Developers ranks 46th with $1.25 billion net worth, while Rohtas Goel of Omaxe is positioned at 48th place with $1.2 billion. Parsvnath and Omaxe are based in India's capital New Delhi.Of the seven real estate companies that have entered the Forbes' list, DLF, Omaxe and HDIL got listed in the stock exchanges this year, while Parsvnath entered the stock market last year.
Source: Rediff
Source: Rediff
Hyderabad Banjara hills tops the list
India ranks 16th in the most expensive highstreets across the world and the South Indian cities, Hyderabad, Chennai and Bangalore, emerged as the top retail locations to have witnessed highest highstreet rental growth across India according to the Cushman & Wakefield India Retail survey.
Banjara Hills and Jubilee Hills, though traditional markets, are preferred by the new age retailers with the highest annual rent rise in the country. These markets are prime residential locations.Banjara Hills in Hyderabad was the highest gainer in India with an annual rental growth of 114% appreciation over last year. Nugambakkam and Khader Nawas Khan Road in Chennai also witnessed high rental growth of 106% making it the second highest in India.Sardar Patel Road and Begumpet in Hyderabad and Koramangala 80 Feet Road in Bangalore were among the highest risers with increase of 100% and 92% respectively.The National Head of Retail, Cushman & Wakefield, Rajneesh Mahajan said in a press release that the economic growth in Southern India has provided a large consumer base with increased spending power. The retailers were enjoying better revenues in these markets not only from the existing retail destinations but also in the suburban locations. As the store revenues became comparable to Delhi and Mumbai, the demand for retail real estate would push the prices closer to these two markets.In the C&W annual global report, Main Streets Across the World 2007 (MSATW), Khan Market in India emerged as the 16th most expensive retail highstreet in the world, higher than markets like Moscow (Russia), Beijing (China), Kuala Lumpur (Malaysia), Amsterdam (Netherlands), Toronto (Canada) etc. Khan Market apart from being the most expensive retail destination in India, is also the biggest riser in the ranking of the world's most expensive shopping locations in terms of retail rents, moving up 8 places from last year?s 24th position. New York's Fifth Avenue retained its title as the world's most expensive shopping destination followed by Hong Kong's Causeway Bay and Avenue des Champs Elys饳 in Paris.Retail revolutionMr. Mahajan adds: "Retail is going through a revolution in India, although part of the increase in rents is due to the lack of high-quality space in the right location. This is in strong contrast to other emerging markets such as China, where less restrictive legislation has meant more construction of retail outlets and retail chains accounting for a much larger share of total sales"Banjara Hills and Jubilee Hills, though traditional markets, are preferred by the new age retailers with the highest annual rent rise in the country. These markets are prime residential locations and home to the city's HNIs. Furthermore, the demand for space here far supercedes the supply. Begumpet witnessed cent percent increase in rentals over the last year, indicating strong demand dynamics.The exponential growth in residential development in Hitec City, Kukatpally would bring these pockets up on the retailer radar in times to come. With new highstreets emerging in future the prices would surely have a downward curve in the next 18-24 months. Mumbai & Delhi maintain their position as the best markets for retailers across categories and witness consistent demand from retailers due to the double digit growth in revenues achieved across brands within the highstreet markets. Prime high streets such as Khan Market, Greater Kailash, South Extension and CP in Delhi and Linking Road, Kemp Corner in Mumbai provide better revenue for retailers.Source: Property plus / Cushman and Wakefield
Banjara Hills and Jubilee Hills, though traditional markets, are preferred by the new age retailers with the highest annual rent rise in the country. These markets are prime residential locations.Banjara Hills in Hyderabad was the highest gainer in India with an annual rental growth of 114% appreciation over last year. Nugambakkam and Khader Nawas Khan Road in Chennai also witnessed high rental growth of 106% making it the second highest in India.Sardar Patel Road and Begumpet in Hyderabad and Koramangala 80 Feet Road in Bangalore were among the highest risers with increase of 100% and 92% respectively.The National Head of Retail, Cushman & Wakefield, Rajneesh Mahajan said in a press release that the economic growth in Southern India has provided a large consumer base with increased spending power. The retailers were enjoying better revenues in these markets not only from the existing retail destinations but also in the suburban locations. As the store revenues became comparable to Delhi and Mumbai, the demand for retail real estate would push the prices closer to these two markets.In the C&W annual global report, Main Streets Across the World 2007 (MSATW), Khan Market in India emerged as the 16th most expensive retail highstreet in the world, higher than markets like Moscow (Russia), Beijing (China), Kuala Lumpur (Malaysia), Amsterdam (Netherlands), Toronto (Canada) etc. Khan Market apart from being the most expensive retail destination in India, is also the biggest riser in the ranking of the world's most expensive shopping locations in terms of retail rents, moving up 8 places from last year?s 24th position. New York's Fifth Avenue retained its title as the world's most expensive shopping destination followed by Hong Kong's Causeway Bay and Avenue des Champs Elys饳 in Paris.Retail revolutionMr. Mahajan adds: "Retail is going through a revolution in India, although part of the increase in rents is due to the lack of high-quality space in the right location. This is in strong contrast to other emerging markets such as China, where less restrictive legislation has meant more construction of retail outlets and retail chains accounting for a much larger share of total sales"Banjara Hills and Jubilee Hills, though traditional markets, are preferred by the new age retailers with the highest annual rent rise in the country. These markets are prime residential locations and home to the city's HNIs. Furthermore, the demand for space here far supercedes the supply. Begumpet witnessed cent percent increase in rentals over the last year, indicating strong demand dynamics.The exponential growth in residential development in Hitec City, Kukatpally would bring these pockets up on the retailer radar in times to come. With new highstreets emerging in future the prices would surely have a downward curve in the next 18-24 months. Mumbai & Delhi maintain their position as the best markets for retailers across categories and witness consistent demand from retailers due to the double digit growth in revenues achieved across brands within the highstreet markets. Prime high streets such as Khan Market, Greater Kailash, South Extension and CP in Delhi and Linking Road, Kemp Corner in Mumbai provide better revenue for retailers.Source: Property plus / Cushman and Wakefield
Hyderabad Luxury resort opens
IHHR Hospitality Pvt Ltd, which has a chain of spas, luxury and business hotels, has opened Ista, a Rs 135-crore luxury business property at Gachibowli, which is in the vicinity of Madhapur-Kondapur area ? the home for many high-profile IT and MNC companies."We are the first city resort here. Spread in a sprawling 16.5-acre plot, this would offer a never-seen-before experience for our customers," Mr Jaideep Anand, General Manager, told Business Line."The location too is strategic. It is just 11 kilometres from the upcoming international airport at Shamshabad," he said.The hotel has 167 rooms and nine suites. "Though it offers a wide area for leisure, there will be no obtrusion to privacy as the two areas are distinctly separated," he said.The hospitality group is also planning to open a property in Visakhapatnam in the near future.Source: The Hindu
Inter city 4-lane project cleared
The Public-Private Partnership Approval Committee at the Centre has cleared the proposal for the Rs 1,300-crore Hyderabad-Vijayawada four-lane project that covers an 181-km stretch.
The project would be completed in 24-30 months and later expanded to a six-lane road.Of the Rs 1,300 crore, Rs 1,170 crore comprises the project cost and Rs 130 crore has been earmarked for land acquisition. This project is likely to be further extended to cover another 63-km stretch between Vijayawada and Machilipatnam.The Union Minister for Urban Development, Dr S. Jaipal Reddy, said that the Cabinet Sub-Committee for Economic Affairs (CCEA) is likely to approve the project within a couple of weeks, thereby paving the way for invitation of bids.The project would be completed in 24-30 months and later expanded to a six-lane road.Therefore, land acquisition to facilitate six-lane road would be taken up concurrently, he said. Addressing a press conference here on Wednesday, Dr Reddy said that the 181-km stretch would link up the 40-km four-lane stretch between Hyderabad and Malkapuram and 54 km between Vijayawada and Nandigama and thereby complete the total stretch of 275 km. The 181-km road stretch will also have six bypass roads at Narketpally, Nakrekal, Akupamula, Kodad, Sheikmohammadpet and Nawabpet. The Ministry for Environment and Forests cleared the project in May 2007 and the Competent Authority for Land Acquisition has been appointed and the process initiated, he said.Since road projects in Andhra Pradesh have not been covered under the Golden Quadrilateral, North-South and East-West Corridors, the State had proposed strengthening several roads and upgrading them.
The project would be completed in 24-30 months and later expanded to a six-lane road.Of the Rs 1,300 crore, Rs 1,170 crore comprises the project cost and Rs 130 crore has been earmarked for land acquisition. This project is likely to be further extended to cover another 63-km stretch between Vijayawada and Machilipatnam.The Union Minister for Urban Development, Dr S. Jaipal Reddy, said that the Cabinet Sub-Committee for Economic Affairs (CCEA) is likely to approve the project within a couple of weeks, thereby paving the way for invitation of bids.The project would be completed in 24-30 months and later expanded to a six-lane road.Therefore, land acquisition to facilitate six-lane road would be taken up concurrently, he said. Addressing a press conference here on Wednesday, Dr Reddy said that the 181-km stretch would link up the 40-km four-lane stretch between Hyderabad and Malkapuram and 54 km between Vijayawada and Nandigama and thereby complete the total stretch of 275 km. The 181-km road stretch will also have six bypass roads at Narketpally, Nakrekal, Akupamula, Kodad, Sheikmohammadpet and Nawabpet. The Ministry for Environment and Forests cleared the project in May 2007 and the Competent Authority for Land Acquisition has been appointed and the process initiated, he said.Since road projects in Andhra Pradesh have not been covered under the Golden Quadrilateral, North-South and East-West Corridors, the State had proposed strengthening several roads and upgrading them.
Institute of Creativity
The Union Ministry of Science and Technology will set up an institute to foster creativity in science and technology in Hyderabad.
The institute, to be the first of its kind in the country, will be a "global leader, focussed on enhancing the creative quotient in children, entrepreneurs and professionals and enable the application of creative ideas for the industry," the release said.The institute, to be christened Rajiv Gandhi Institute of Creativity, will foster creativity by imparting education, nurturing cutting-edge research, driven by industry and societal requirements. It will also render professional services besides building relationships with prominent institutions and organisations across the world.A decision to set up the institute here was taken at a high-level meeting attended by the Chief Minister, Dr Y.S. Rajasekhara Reddy, and Mr A.S. Rao, Adviser, Department of Scientific and Industrial Research, Ministry of Science and Technology, here on Friday, according to a release.First of its kindThe institute, to be the first of its kind in the country, will be a "global leader, focussed on enhancing the creative quotient in children, entrepreneurs and professionals and enable the application of creative ideas for the industry," the release said.The broad objectives of the institute are to impart education and training, conduct cutting edge research, nurture innovation and render creativity application services.The Creativity Application Services (CAS) to be provided by the institute would cater to the private companies and Government enterprises. In addition, it would have a Research Hub to be driven by industry requirements and other latent needs, it added.Meanwhile, at a review meeting on road connectivity to the new international airport coming up at Shamshabad near here, the Chief Minister had directed the officials to ensure complete road-connectivity to the airport by March 2008. The airport is slated to be inaugurated on March 16, 2008.Source: The Hindu
The institute, to be the first of its kind in the country, will be a "global leader, focussed on enhancing the creative quotient in children, entrepreneurs and professionals and enable the application of creative ideas for the industry," the release said.The institute, to be christened Rajiv Gandhi Institute of Creativity, will foster creativity by imparting education, nurturing cutting-edge research, driven by industry and societal requirements. It will also render professional services besides building relationships with prominent institutions and organisations across the world.A decision to set up the institute here was taken at a high-level meeting attended by the Chief Minister, Dr Y.S. Rajasekhara Reddy, and Mr A.S. Rao, Adviser, Department of Scientific and Industrial Research, Ministry of Science and Technology, here on Friday, according to a release.First of its kindThe institute, to be the first of its kind in the country, will be a "global leader, focussed on enhancing the creative quotient in children, entrepreneurs and professionals and enable the application of creative ideas for the industry," the release said.The broad objectives of the institute are to impart education and training, conduct cutting edge research, nurture innovation and render creativity application services.The Creativity Application Services (CAS) to be provided by the institute would cater to the private companies and Government enterprises. In addition, it would have a Research Hub to be driven by industry requirements and other latent needs, it added.Meanwhile, at a review meeting on road connectivity to the new international airport coming up at Shamshabad near here, the Chief Minister had directed the officials to ensure complete road-connectivity to the airport by March 2008. The airport is slated to be inaugurated on March 16, 2008.Source: The Hindu
City of Millionaires
The spiralling growth in real estate and industry is showing up in the Income-Tax returns in the Hyderabad-I region. There has been a significant increase in the number of rupee millionaires in the city.The number of applications for returns with income of Rs. 10 lakh and above at the end of the first half of the current financial year has increased by 1,199 , from 6,012 to 7,211 compared to the corresponding period last year. The buoyancy is also reflected in terms of growth in the number of assessees that increased by 53,955 deepening the tax base while the number of personal account number (PAN) cards allotted in the A.P. region stood at 35.97 lakh. Against the target of Rs. 11,623 crore, the region already realised Rs. 5,929.44 crore, with a 40 per cent growth over the same period last year.According to Hyderabad-I region Chief Commissioner of Income Tax S. Lahiri, there was a significant rise in the personal income tax that went up to Rs. 2,966 crore against Rs. 1,937 crore of the previous year, marking 53 per cent growth. Corporate tax (28%) and fringe benefit tax (43%) showed impressive growth rates. The department had extended deadline for e-filing of returns belonging to firms up to November 15 and the returns would be accepted "annexure-less" forthwith. It has decided to accept TDS certificates filed by employees of the Government and public sector units without further verification, he said. Source: The Hindu
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