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
Thursday, November 22, 2007
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
No Traffic problems, soon?
People of Twin Cities who are facing hardships, particularly severe traffic snarls and lack of efficient public transportation have to bear with it for another five years, Hyderabad Urban Development Authority (HUDA), Vice- Chairman Jayesh Ranjan said.
We are at least 10 years behind in terms of development and better late than never, we have started in real earnest now and shall cover up for the delay soon, Jayesh Ranjan assured."Miracles don't happen overnight and one has to wait patiently and be prepared to face problems for at least five years as the State Government is taking steps to improve transportation system in the Twin Cities," he said. Speaking on 'HUDA achievements and vision' at a lecture jointly organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and Builders Forum of Andhra Pradesh. Jayesh Ranjan said that to have an efficient public transportation system and to ease the traffic snarls, projects like Metro Rail Transit System (BRTS), Bus Road Transit System (BRTS), Elevated Expressway, flyovers, Outer Ring Road (ORR) and Radial Roads, among others, are being taken up. Once these projects are completed, they will reduce the traffic problems to a large extent and change the shape of the Twin Cities for the better, he said. We are at least 10 years behind in terms of development and better late than never, we have started in real earnest now and shall cover up for the delay soon, he assured. Developing infrastructure and providing civic amenities is a mammoth task and this cannot be fulfilled by the State Government alone, in this context private sector and other organisations should come forward and extend a helping hand to the government in the larger interest of the city, Jayesh Ranjan said. He listed out the works taken up by HUDA like ORR, construction of flyovers, parks development, lake improvement, restoration of polluted Hussainsagar lake, increasing green cover to 30 percent, among others apart from construction of integrated satellite townships. Source: The New Indian Express
We are at least 10 years behind in terms of development and better late than never, we have started in real earnest now and shall cover up for the delay soon, Jayesh Ranjan assured."Miracles don't happen overnight and one has to wait patiently and be prepared to face problems for at least five years as the State Government is taking steps to improve transportation system in the Twin Cities," he said. Speaking on 'HUDA achievements and vision' at a lecture jointly organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and Builders Forum of Andhra Pradesh. Jayesh Ranjan said that to have an efficient public transportation system and to ease the traffic snarls, projects like Metro Rail Transit System (BRTS), Bus Road Transit System (BRTS), Elevated Expressway, flyovers, Outer Ring Road (ORR) and Radial Roads, among others, are being taken up. Once these projects are completed, they will reduce the traffic problems to a large extent and change the shape of the Twin Cities for the better, he said. We are at least 10 years behind in terms of development and better late than never, we have started in real earnest now and shall cover up for the delay soon, he assured. Developing infrastructure and providing civic amenities is a mammoth task and this cannot be fulfilled by the State Government alone, in this context private sector and other organisations should come forward and extend a helping hand to the government in the larger interest of the city, Jayesh Ranjan said. He listed out the works taken up by HUDA like ORR, construction of flyovers, parks development, lake improvement, restoration of polluted Hussainsagar lake, increasing green cover to 30 percent, among others apart from construction of integrated satellite townships. Source: The New Indian Express
State to sue IT companies
The euphoria that the city will soon surpass Bangalore as The IT hub of the country appears to be finally wearing off.
The government is now examining legal options to prosecute the companies that had not made full use of the land given to them. Since 1996, about 2,600 acres of land has been gifted to the IT companies across the State and a huge chunk of it is obviously in Hyderabad.The IT Department has woken up to the sobering reality with an embarassing hangover - it has parted with valuable land worth thousands of crores in the belief that the IT companies will set up shop here. But have they? They have apparently not made full use of the land for the purpose intended. In a damage control excercise, the government is now examining legal options to prosecute the companies that had not made full use of the land given to them. Since 1996, about 2,600 acres of land has been gifted to the IT companies across the State and a huge chunk of it is obviously in Hyderabad. The chastened IT Department officials are also engaged in a thorough discussion over safeguards that should be built in the agreements they enter into with companies in the future. This wisdom has dawned on them after they have analysed information collected over the last six months on how the companies are doing vis-a-vis the land allotted to them. The inference from the analysis is that about 40 per cent of the land given to the companies has not been put to full use. Though the officials are happy with most of the companies on the promise of giving preference to youth from AP in employment, in other respects the companies have not done anything they had spoken of at the time of allotment. "It has been a common feature among all the companies - to paint a rosy picture that they will transform AP economy overnight at the time of seeking land. But in practice, they are doing precious little. In some cases, land is not used at all. For 2,600 acres, we should have had by now 30 million square ft of office space. In reality , it is only 2.8 million square ft. The figure is selfexplanatory," one official pointed out. Besides, legal problems have come in the way of genuine companies. "For instance, in Kokapet, we have allotted about 30 acres to 10 companies including Google, Amazon and Patni Computers. With the court staying any development activity in the area, the companies are unable to do anything, the official explained. Source: The New Indian Express
The government is now examining legal options to prosecute the companies that had not made full use of the land given to them. Since 1996, about 2,600 acres of land has been gifted to the IT companies across the State and a huge chunk of it is obviously in Hyderabad.The IT Department has woken up to the sobering reality with an embarassing hangover - it has parted with valuable land worth thousands of crores in the belief that the IT companies will set up shop here. But have they? They have apparently not made full use of the land for the purpose intended. In a damage control excercise, the government is now examining legal options to prosecute the companies that had not made full use of the land given to them. Since 1996, about 2,600 acres of land has been gifted to the IT companies across the State and a huge chunk of it is obviously in Hyderabad. The chastened IT Department officials are also engaged in a thorough discussion over safeguards that should be built in the agreements they enter into with companies in the future. This wisdom has dawned on them after they have analysed information collected over the last six months on how the companies are doing vis-a-vis the land allotted to them. The inference from the analysis is that about 40 per cent of the land given to the companies has not been put to full use. Though the officials are happy with most of the companies on the promise of giving preference to youth from AP in employment, in other respects the companies have not done anything they had spoken of at the time of allotment. "It has been a common feature among all the companies - to paint a rosy picture that they will transform AP economy overnight at the time of seeking land. But in practice, they are doing precious little. In some cases, land is not used at all. For 2,600 acres, we should have had by now 30 million square ft of office space. In reality , it is only 2.8 million square ft. The figure is selfexplanatory," one official pointed out. Besides, legal problems have come in the way of genuine companies. "For instance, in Kokapet, we have allotted about 30 acres to 10 companies including Google, Amazon and Patni Computers. With the court staying any development activity in the area, the companies are unable to do anything, the official explained. Source: The New Indian Express
Radial roads to get cash
The final discussions with the Japanese Bank for International Cooperation (JBIC) appraisal team about loan component for Outer Ring Road Phase II B concluded on Monday.
JBIC also agreed to sanction about Rs. 1,000 crore under sectoral loan category over a period of three years for about 10 radial roads. Four radial roads - one from Indra Reddy statue to Rajendranagar, Rethibowli Junction to APPA, Tippu Junction to Gandipet and the Sagar Road (State Highway) would be taken up for development in 2008.A wrap-up meeting will be held on November 8 between the JBIC team and the Department of Economic Affairs and the Ministry of Urban Development at New Delhi, according to ORR officials here. It would be followed by another meeting with Japanese government representatives in the month of December. Though the JBIC indicated in July that it was willing to fund the ORR Phase II B, a series of meetings has been scheduled to assess the project and its fund requirement, said ORR project director Piyush Kumar. The JBIC in-principle agreed for extending Rs. 2,400 crore of the Rs. 2,900 crore ORR Phase II B and the loan will be released after completion of procedural formalities in February 2008. The work on the 71-km Phase II B would commence in June 2008 and scheduled to be completed by 2009-end. As important as the ORR are the 32 radial roads identified by the HUDA including State and National Highways for development as four- or six-lane roads to help commuters access the ORR from core city. Significantly, the JBIC also agreed to sanction about Rs. 1,000 crore under sectoral loan category over a period of three years for about 10 radial roads. Four radial roads - one from Indra Reddy statue to Rajendranagar, Rethibowli Junction to APPA, Tippu Junction to Gandipet and the Sagar Road (State Highway) would be taken up for development in 2008. With the loan component for the entire ORR project tied up, it is expected to be ready by 2010. The 24-km ORR first phase connecting Gachibowli and Shamshabad would be completed in all respects by September 2008 while four-lane connectivity to the International Airport would be in place by March 2008, he informed. The work on the 62-km ORR Phase IIA split into five packages would commence on November 15. It was delayed by a month due to some land acquisition petitions and most of them have been resolved. The Rs. 2,439 crore Phase II A being taken up on annuity model should be ready by July 2009, Mr. Piyush Kumar said.The Rs. 6,000 crore 162-km ORR project is being projected as the major solution for the existing traffic congestion in the city limits which had drastically reduced the driving speed from 17 km /hour in 1981 to 12 km/hr as per 2006 data. Source: The Hindu
JBIC also agreed to sanction about Rs. 1,000 crore under sectoral loan category over a period of three years for about 10 radial roads. Four radial roads - one from Indra Reddy statue to Rajendranagar, Rethibowli Junction to APPA, Tippu Junction to Gandipet and the Sagar Road (State Highway) would be taken up for development in 2008.A wrap-up meeting will be held on November 8 between the JBIC team and the Department of Economic Affairs and the Ministry of Urban Development at New Delhi, according to ORR officials here. It would be followed by another meeting with Japanese government representatives in the month of December. Though the JBIC indicated in July that it was willing to fund the ORR Phase II B, a series of meetings has been scheduled to assess the project and its fund requirement, said ORR project director Piyush Kumar. The JBIC in-principle agreed for extending Rs. 2,400 crore of the Rs. 2,900 crore ORR Phase II B and the loan will be released after completion of procedural formalities in February 2008. The work on the 71-km Phase II B would commence in June 2008 and scheduled to be completed by 2009-end. As important as the ORR are the 32 radial roads identified by the HUDA including State and National Highways for development as four- or six-lane roads to help commuters access the ORR from core city. Significantly, the JBIC also agreed to sanction about Rs. 1,000 crore under sectoral loan category over a period of three years for about 10 radial roads. Four radial roads - one from Indra Reddy statue to Rajendranagar, Rethibowli Junction to APPA, Tippu Junction to Gandipet and the Sagar Road (State Highway) would be taken up for development in 2008. With the loan component for the entire ORR project tied up, it is expected to be ready by 2010. The 24-km ORR first phase connecting Gachibowli and Shamshabad would be completed in all respects by September 2008 while four-lane connectivity to the International Airport would be in place by March 2008, he informed. The work on the 62-km ORR Phase IIA split into five packages would commence on November 15. It was delayed by a month due to some land acquisition petitions and most of them have been resolved. The Rs. 2,439 crore Phase II A being taken up on annuity model should be ready by July 2009, Mr. Piyush Kumar said.The Rs. 6,000 crore 162-km ORR project is being projected as the major solution for the existing traffic congestion in the city limits which had drastically reduced the driving speed from 17 km /hour in 1981 to 12 km/hr as per 2006 data. Source: The Hindu
Lufthansa will be first
Official sources told Hindu that as per the current airline scheduling, Lufthansa will be the first airline to land and take off from the new greenfield airport. At the moment, according to existing airline schedules, Air India is expected to be the second airline to use the new airport.
When completed, the airport, that is a public-private partnership project between GMR Infrastructure, Malaysian Airports Holding, Berhad, Airports Authority of India and the Andhra Pradesh State government, will provide world-class facilities and infrastructure.While the opening of the airport is five months away, work is going on at a frantic pace to ensure that all activities come on line smoothly for the transfer of business from the existing airport to the one at Shamshabad. The cost of the first phase of the project that is to be commissioned in March is estimated at Rs 2,478 crore.GMR Hyderabad International Airport Limited (GHIAL), which was formed to design, finance, build, operate and maintain the greenfield airport at Shamshabad, started trial operation programmes in early September this year. It has appointed the Airport Consulting wing of Munich Airport International for handling the Operational Readiness and Airport Transfer process, more commonly referred to as ORAT. As per the agreement that the promoters have signed with the Government the existing airport in Hyderabad will close down its operations when the new airport becomes operational.For Munich Airport International, that was responsible for the shifting of business from the old Bangkok airport to the new Suvarnabhumi airport in Thailand, as well as to the new airport in Kuala Lumpur, the new Terminal 3 in Singapore and the soon to be operational Terminal 5 in London Heathrow, the task at Hyderabad is nothing new.ORAT tasks"The primary task of the ORAT team is to ensure smooth and seamless start of airport operations that include trial operations, operational readiness and airport transfer. For this they are using Facilities, Information, Systems and Human Resources concept, more commonly referred to as FISH," a senior GMR official said.The objectives of ORAT include having a coordinated approach to prepare all airport stakeholders including the airport operators, airlines, ground handlers, cargo agents and various government agencies, such as Customs, Immigration and the Central Industrial Security Force for the shift of operations to the new airport.Besides, it also has to ensure that there is streamlining of procedures, each and every person involved with the airport knowing their roles and responsibilities."At the moment we are moving people into the new airport so that they are familiar with the surroundings and can guide passengers when the airport opens. The trials would run till February 2008 and then move into the Airport Transport mode of logistics support along with some functions of Operational Readiness. The ORAT project is supported by other functions within the airport, such as Project Management, Terminal Operations and the IT department," said a GMR official.To carry out passenger trials at the new airport, the promoters are getting volunteers from, among others, the general public, GHIAL staff, colleges in the city and from the military.City connectivityWhen completed, the airport, that is a public-private partnership project between GMR Infrastructure, Malaysian Airports Holding, Berhad, Airports Authority of India and the Andhra Pradesh State government, will provide world-class facilities and infrastructure. Its single terminal will be equipped with common user terminal equipment, check-in desks and self check-in kiosks.Initially being built to handle 12 million passengers annually and 100,000 metric tonnes of cargo, in the final stage the airport will be able to handle 40 million passengers and 1 million tonnes of cargo annually. The airport proposes that almost 75 per cent of the aircraft parked in the terminal have access to passenger boarding bridges. The promoters also plan to have a 308-room business hotel on the airport campus during the initial stage of construction.In addition, plans are also afoot to have a city check-in facility at Begumpet and Secunderabad railway stations. Besides, an elevated expressway is planned to help passengers reach the city centre, the completion of which will allow passengers to reach the city centre within 30 minutes of leaving the airport.Discussions are also being held with the state government to provide mono-rail and multi-modal transportation systems for travelling to and from the airport, officials said. Source: The Hindu
Search Tags: Hyderabad International Airport First Take Off
When completed, the airport, that is a public-private partnership project between GMR Infrastructure, Malaysian Airports Holding, Berhad, Airports Authority of India and the Andhra Pradesh State government, will provide world-class facilities and infrastructure.While the opening of the airport is five months away, work is going on at a frantic pace to ensure that all activities come on line smoothly for the transfer of business from the existing airport to the one at Shamshabad. The cost of the first phase of the project that is to be commissioned in March is estimated at Rs 2,478 crore.GMR Hyderabad International Airport Limited (GHIAL), which was formed to design, finance, build, operate and maintain the greenfield airport at Shamshabad, started trial operation programmes in early September this year. It has appointed the Airport Consulting wing of Munich Airport International for handling the Operational Readiness and Airport Transfer process, more commonly referred to as ORAT. As per the agreement that the promoters have signed with the Government the existing airport in Hyderabad will close down its operations when the new airport becomes operational.For Munich Airport International, that was responsible for the shifting of business from the old Bangkok airport to the new Suvarnabhumi airport in Thailand, as well as to the new airport in Kuala Lumpur, the new Terminal 3 in Singapore and the soon to be operational Terminal 5 in London Heathrow, the task at Hyderabad is nothing new.ORAT tasks"The primary task of the ORAT team is to ensure smooth and seamless start of airport operations that include trial operations, operational readiness and airport transfer. For this they are using Facilities, Information, Systems and Human Resources concept, more commonly referred to as FISH," a senior GMR official said.The objectives of ORAT include having a coordinated approach to prepare all airport stakeholders including the airport operators, airlines, ground handlers, cargo agents and various government agencies, such as Customs, Immigration and the Central Industrial Security Force for the shift of operations to the new airport.Besides, it also has to ensure that there is streamlining of procedures, each and every person involved with the airport knowing their roles and responsibilities."At the moment we are moving people into the new airport so that they are familiar with the surroundings and can guide passengers when the airport opens. The trials would run till February 2008 and then move into the Airport Transport mode of logistics support along with some functions of Operational Readiness. The ORAT project is supported by other functions within the airport, such as Project Management, Terminal Operations and the IT department," said a GMR official.To carry out passenger trials at the new airport, the promoters are getting volunteers from, among others, the general public, GHIAL staff, colleges in the city and from the military.City connectivityWhen completed, the airport, that is a public-private partnership project between GMR Infrastructure, Malaysian Airports Holding, Berhad, Airports Authority of India and the Andhra Pradesh State government, will provide world-class facilities and infrastructure. Its single terminal will be equipped with common user terminal equipment, check-in desks and self check-in kiosks.Initially being built to handle 12 million passengers annually and 100,000 metric tonnes of cargo, in the final stage the airport will be able to handle 40 million passengers and 1 million tonnes of cargo annually. The airport proposes that almost 75 per cent of the aircraft parked in the terminal have access to passenger boarding bridges. The promoters also plan to have a 308-room business hotel on the airport campus during the initial stage of construction.In addition, plans are also afoot to have a city check-in facility at Begumpet and Secunderabad railway stations. Besides, an elevated expressway is planned to help passengers reach the city centre, the completion of which will allow passengers to reach the city centre within 30 minutes of leaving the airport.Discussions are also being held with the state government to provide mono-rail and multi-modal transportation systems for travelling to and from the airport, officials said. Source: The Hindu
Search Tags: Hyderabad International Airport First Take Off
More high-rises on the way
Due to lack of wide approach roads, inadequate open spaces and traffic congestion in the core city builders are making a beeline to construct skyscrapers in the surrounding municipalities.The trend of high-rises seems to be in favour of surrounding municipalities ever since they were merged with the core city to form Greater Hyderabad.Serilingampally municipality tops the list with maximum number of applications received for construction of multi-storey buildings (MSB). Majority of the 40-odd applications received by GHMC for MSBs since September 17 are seeking permission to build high-rises in Serilingampally municipal limits.GHMC chief city planner B. Purushothama Reddy confirmed that builders were opting for surrounding municipalities to construct high-rises. "In core city, 100-feet wide road is mandatory to construct a multi-storey building. Besides, it is not feasible to leave approximately 10-feet setback area around 10-storey building," he added. Builders forum said they viewed Serilingampally and surrounding areas as the future city. Source: The Hindu
Many takers for VUDA proposal
VISAKHAPATNAM: Over 15 developers responded to the Visakhapatnam Urban Development Authority’s proposal to develop an ultra modern township on 98.64 acres at Dakamarri. VUDA has proposed the township on ‘invest, develop and share’ basis while stipulating that the layout should be developed according to VUDA norms.The Dakamarri land had originally been proposed for auction under its bulk land offerings. But later proposed for development in ‘public-private partnership.’ The proceeds from the process will go towards budgetary support to the State Government. The State Government has set a revenue contribution target of Rs.1,000 crores to VUDA.The Dakamarri land abutting National Highway 43 will be given to the developer who assures the highest revenue, say VUDA sources. If the rate per acre is made along with the commitment for developing the layout, it will be okayed. Alternately, if a proposal comes for sharing of the plotted area and that fetches more money, it also will be considered. Sources say the timeframe for development (of the layout) will be taken into account at the time of considering the expression of interest. Earlier auctions by VUDA in the Madhurawada region fetched it upwards of Rs.5 crores an acre and for a 44.25 acre plot it was Rs.2.14 crores an acre.
Courtesy : The Hindu
Courtesy : The Hindu
Hyderabad, Chennai & Bangalore witness high rental growth: Retail survey
Bangalore, Nov. 15 Hyderabad, Chennai and Bangalore have witnessed the highest high-street rental growth across India, according to a retail survey by real-estate services firm, Cushman & Wakefield. Banjara Hills in Hyderabad has seen the highest increase in annual rental growth at 114 per cent over last year, while Nugambakkam/Khader Nawas Khan Road in Chennai witnessed rental growth of 106 per cent. SP Road/Begumpet in Hyderabad and Koramangala 80 Feet Road in Bangalore have seen 100 per cent and 92 per cent growth respectively. Mr Rajneesh Mahajan, National Head, Retail, Cushman & Wakefield India, says, “The economic growth in southern India has provided a large consumer base with increased spending power. The retailers are enjoying better revenues in these markets not only from the existing retail destinations but also in the suburban locations. As the store revenues become comparable to Delhi and Mumbai, the demand for retail real estate would push the prices closer to these two markets.” Banjara Hills and Jubilee Hills, though traditional markets, are preferred by new-age retailers; demand for space here far supersedes the supply. Begumpet witnessed cent percent increase in rentals over the last year, indicating strong demand dynamics.On the retail radar The exponential growth in residential development in Hi-tech city would bring these pockets up on the retailer radar in the future. With new high streets emerging in the future, the prices would surely witness a downward curve in the next 18-24 months, the report says.Though Commercial Street and Brigade Road continue to be prime retail locations in Bangalore, improved infrastructure, including parking facilities, has resulted in stronger growth in Indiranagar and Koramangala. Koramangala 80 Feet Road emerged as the only high street in Koramangala where smaller brands have commenced operations. With rents up by 92 per cent year-on-year, the region currently has a host of big brand outlets. Khader Nawaz Khan Road in Chennai has witnessed annual rental appreciation of 106 per cent compared to 20 per cent last year. The region has the presence of brands such as Benetton, B&O, Atmosphere, Wills Life Style, Stanley Boutique, Evoluzione, Subway, Movenpick, Mocha etc. Most preferred markets Mumbai and Delhi remain 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 high street markets.Prime high streets such as Khan Market, Greater Kailash, South Extension and Connaught Place in Delhi, and Linking Road and Kemp Corner in Mumbai provide better revenue for retailers. These will continue to be viewed favourably by retailers despite the rapid growth in mall development across the cities.
Courtesy : Business Line
Courtesy : Business Line
Prajay Engineers ties up $36 mn in FDI
MUMBAI: Realtor Prajay Engineers Syndicate Ltd said on Thursday its subsidiary, Prajay Holdings, has received commitment for $36 million in foreign direct investment for one of its projects in Hyderabad. The company added in a statement it had already received $5 million as the first instalment.
Courtesy : The Economic Times
Courtesy : The Economic Times
Hyderabad HDFC property expo
Hyderabad, Nov. 15 To assist home-seekers in their property search, HDFC, the housing finance company, is hosting a three-day property exhibition titled ‘Mana Illu’, that will focus on the emerging areas of Madhapur, Gachibowli and Kukatpally. The exhibition will be open from November 16 to 18 at the Sarath Palace in Kondapur. The mega property show will house 30 reputed developers under one roof, exhibiting over 100 projects. Giving details of the exhibition, Ms Renu Sud Karnad, Joint Managing Director, HDFC said, “The exhibition is an attempt to provide home seekers all the services required for property purchase under one roof, so that they can come with their family ,choose a home and tie-up the funds for purchase.” The exhibition will provide the visitors an opportunity to scan through a large number of projects, meet the senior representatives of the developers, freely discuss their property-related queries with them.Projects displayed at the show will include apartments, flats, villas and row houses, not only from Madhapur, Gachibowli and Kukatpally, but also from other parts of the city, which includes Kapra, Alwal, Kompaplly, LB Nagar, Shamshabad, etc, a press release from HDFC said. For those opting for home loans, HDFC counsellors will be present at the venue to assist them with their requirements, be it ‘on the spot’ approval of their loan or offering customised home loan products and repayment options. Other offerings from HDFC include special interest rate and fees, free counselling on legal and technical documentation and Home Loan Insurance etc.
Courtesy : Business Line
Courtesy : Business Line
Land Bank - Real estate round up - Tirumalgherrys
Tirumalgherry, in Secunderabad’s cantonment region, is best known for its upmarket defence crowd. Its central location and proximity to Secunderabad railway station has made it popular as a residential area, and it houses some of the best residential localities in the twin cities. Tirumalgherry is also one of the best places to shop in Hyderabad-Secunderabad. It boasts of a number of factory outlets from Levi’s to Nike to Reebok. Software major Satyam Computer Services has one of its largest campuses here, making it a key attraction for people working in the IT company. Residential: Tirumalgherry is close to the Secunderabad railway station and also to the defence quarters. Posh residential colonies such as Vikrampuri, Gunrock and Surya colony are located here. It also has a number of hospitals and schools — adding to its value as a preferred residential location. The capital value for residential property is around Rs 2,300-2,600 per sq ft. Retail: The area is home to most of factory outlets in the city from Reebok, Nike, Levi’s, and to popular eateries such as McDonald’s, KFC and Pizza Den (popular especially among teenagers and working couples). Retail grocery chains such as Trinethra and Food Bazaar are also located in this area. The rentals for retail are at Rs 60-70 per sq ft per month. The capital values for retail stores are as high as Rs 6,500-7,500 per sqft. Commercial: Being the home for most of the factory outlets and also being close to the defence area, Tirumalgherry has attracted a number of commercial investors. As a result, the capital value of commercial property in the region is quoted at Rs 4,00-4,200 per sq ft. The rentals hovers at Rs 32-34 per sq ft.
Courtesy : The Economic Times
Courtesy : The Economic Times
VUDA auctions fetch Rs. 356.6 cr
Auction of plots at Madhurawada conducted by the Visakhapatnam Urban Development Authority (VUDA) on Thursday fetched Rs 356.6 crore. The total extent of plots sold was 73.79 acres. According to a press release, Finishing Touch Developers Pvt Ltd (New Delhi) purchased 19.53 acres at Rs 5.15 crore per acre, which was the highest price realised per acre in the area. Aditya HIDCO, Hyderabad, bought a plot of 28.31 acres at Rs 4.78 crore per acre, another 10 acres at Rs 5.015 crore per acre and a third of 1.25 acre at Rs 10,101 per square metre. Seven Hills Logistics System, Hyderabad, bought 3.5 acres at Rs 4.005 crore per acre, Neptune Developers (Mumbai) 5.90 acres at Rs 4.51 crore per acre and Berggen Real Estate (Mumbai) 5.30 acres at Rs 4.51 crore per acre.
Courtesy : Business Line
Courtesy : Business Line
Uppal Housing to Invest Rs 1,500 Cr in Hotel properties
Delhi based Uppal Housing Private Limited will invest a whopping Rs 1500 crore to develop hotel properties in India over the next 2-3 years.The Group is planning to set up five star hotels in Pune, Hyderabad, Bangalore, Goa, and Chennai and has two five-star hotel properties under development in Gurgaon and Chandigarh.The Group may tie up with prominent names in the hospitality sector to manage new properties. It will raise capital through debt, internal accruals and by raising funds from private equity players. If required, the company may garner funds through the IPO route.Uppal will soon develop an exclusive mall to be christened as Centra Mall and luxury apartments called Uppal’s Marble Arch in Chandigarh. These projects will involve the investments of Rs 100 crore and Rs 250 crore respectively.
Courtesy : Indian Realty News
Courtesy : Indian Realty News
Airport Project to Hit Castor Areas in AP
The booming real estate of Hyderabad has brought a bad time for the agriculture sector in the city. The new airport project at Shamshabad has hit the castor crop field in Mahboobnagar, which leads in castor area in Andhra Pradesh.Out of the normal area of 1.42 lakh hectares, castor has been in 1.24 lakh ha during the Kharif season, which ended earlier this season.The total castor area in Andhra Pradesh for the year is put at 2.35 lakh ha this year against 2.02 lakh ha last year. The average for last three years is 2.70 lakh ha. The state has acquired some new castor fields in districts like Kurnool; the loss in the traditional areas could not give a push to its national share of 25%.The proposed airport project falls in Rangareddy District. Castor area has already reduced by 30-40% in the past to years here and Nalgonda district. Now, the project will force the farmers to loose the remaining area as well. No farmer will grow castor if they would be getting a whopping Rs 1-2 crore for an acre, says Mr. Rajender Prasad Agarwal, President, AP OIL Millers’ Association.
Courtesy : Indian Realty News
Courtesy : Indian Realty News
Lodha Group Buys land in Hyderabad for Rs 225 cr
The Mumbai-based Lodha Group could not keep itself away from the charm of Hyderabad real estate. It has recently acquired 12.9 acres of land for Rs 225.40 crore to develop a high end residential and commercial complex.The plot is located at Eden Square, Kulkatpally Housing Board Colony. Lodha Group bagged the land in an auction organized by the Andhra Pradesh Housing Board.Hyderabad real estate has come of ages and the group wants to tap its potential in the best possible way, says Abhishek Lodha, Director, Lodha Group.The group is also in a process to acquire more land in Hyderabad besides Pune. With over 25 projects under development in and around Mumbai, Lodha Group is now looking forward to other fast flourishing metros in southern and western India.
ICICI Plans $2 Billion for Biggest Indian Real Estate Fund
ICICI Venture Funds Management Co Ltd, India’s largest venture capital company, is planning to invest a whopping $2 billion for the country’s biggest realty fund, thereby tapping the potential of a burgeoning market.The fund will raise the money in India and abroad. The venture will invest in real estate projects, both commercial and residential, and buy land in 12 largest Indian cities.Indian property market has been making rapid strides and is set to grow to $90 billion by 2015 from $12 billion in 2005. India’s $906 billion economy is likely to grow more than 8.5 percent in the year to March 31, says the data showcased by Moody’s Investors Service in June.ICICI Venture was established in the year 1987 and has a venture with New York based Tishman Speyer Properties LP. ICICI Venture is moving close on heels of HDFC, which raised $800 million in August. Another inspiration for ICICI venture seems to be Sun-Apollo India Real Estate Fund LLC which has got $630 million earlier in 2007.
Courtesy : Indian Realty News
Courtesy : Indian Realty News
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