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BigNews  of Real Estate – Mukesh Ambani and Vornado to invest $500 In India

Mukesh Ambani-led Reliance Industries has announced a 50-50 partnership with US-based real estate investment trust, Vornado to invest $500 million in a shopping mall joint venture. Under the venture, RIL and Vornado Realty Trust would commit up to $250 million each to acquire, develop and operate retail shopping centers across key cities in India. “The shopping centers will contain 500,000 to 1,000,000 or more square feet and typically be anchored by a hypermarket to be owned and operated by Reliance,” Mr. Vornado said.

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Unitech arm to raise Rs 500-cr realty fund Posted On: 2008-07-30 Realty Investors India, the asset management arm of Unitech, aims to raise up to Rs 500 crore this year through its fourth domestic realty fund, a company executive said on Monday

Greater Noida is Great for Residence Posted On: 2008-07-23 Greater Noida is outstripping all other cities of NCR in the race of development. Noida appears to be well ahead in the matter of better infrastructure and word class projects. This is the reason that big & small, resident & non-resident investors are focusing the city. This city has its unique identity due to its World’s Fourth Night Safari, Taj Express Way, Taj International Airport, Gautam Buddh University, Mega Projects by the sides of Express Way, Formula One Race Track, Ganga Express Way, Transport Hub, Delhi – Mumbai Industrial Corridor, India Expomart Centre, Education Hub, Container Depot and IT city etc. During the forthcoming time, greater noida will show a special sparkle on the world-map. Situated near the country capital Delhi, this city has several such special things which are well enough to captivate each & every person. Then why every one would not like to have his beautiful house here. For this, while Greater Noida Authority brings housing scheme from time to time, the private developers are also accelerating more and more the development speed of this city. The people need not bother due to the distance from Delhi here. Here on one side the proposal for construction of an airport is being passed, while on other side it is hoped to bring the metro early. Express Way facility is already there for commuter by their own vehicles. After construction of Faridabad- Noida road, here traveling will become more comfortable. Some New Projects in Noida: Omaxe Group is constructing NRI city in an area of 80 acres in Greater Noida. It will be given shape of a Mini Township. It will provide the facility of mall also. In addition to this, Ansal Plaza and MSX Group’s MSX Mega Mall will also be here. People can search their homes in Uppal group’s Residential Pulmeria, Parshvnath’s Eaden, Platinum & Panorama , Purvanchal’s Silver City, Unitech’s Horizon & habitat including Unitech Heights etc. High-Tech Transport: Noida’s transport system will be altogether high-tech. On the lines of Indore city buses will be plied here. All the buses will be pollution free. Tata Company’s 80 low floor buses will be plied in first phase for it. High-Tech City: Preparations here already been completed to settle several high-tech cities like Noida & Greater Noida along with Taj Express Way Cities to constructed on it shall be completed in three phases. First phase master plan has been passed by Taj Authority Board during its meeting. The features of these cities shall be that the SEZ, institutional, ware housing, automobile zone, transport, sports centre, group housing and commercial pieces of land will be allotted not in yards but in hectares. Its development will be done by big developers

Emaar may Land $800 m from PE Funds for 3 SPVs Posted On: 2008-05-03 Goldman Sachs, Deutsche Bank and another financial investor are likely to make a combined investment of $800 million in three special purpose vehicles (SPVs) being created by real estate major Emaar MGF. Each SPV will have one financial investor, who will hold minority stake.According to sources, the Delhi-based developer is in advanced talks with private equity players and is likely to close three separate deals in a month. An Emaar MGF spokeswoman declined comment on the development. The deals, when they materialize, will be the first major fund flow into the real estate firm since it withdrew its IPO in February.Emaar MGF, 40% owned by Dubai-based leading property developer Emaar and 56% by Delhi-based MGF, was forced to withdraw its Rs 7,000-crore offering—the third largest in the history of the country—due to poor market sentiment.Since then, the market has lost steam on global cues, leading to dramatic erosion in the market cap of real estate firms. Realty biggies such as DLF and Unitech have lost 45% and 50%, respectively, of their market cap while smaller players such as Parsvnath and Omaxe have seen whopping two third erosion in their market cap from their January peaks.Poor market sentiment has also forced DLF, Unitech and Indiabulls to postpone the Singapore listing of their real estate investment trusts. Though the flow of funds into the real estate sector has not stopped, developers, including unlisted ones, are reluctant to go in for equity dilution at the parent company level fearing lower valuations. This has prompted most companies to look for private equity funding at project or SPV level.Emaar MGF too is raising funds at the SPV level because the current market situation may not have given it the expected valuation. The three SPVs, where PE money is likely to come in, are expected to take up projects across housing, retail and office space development.Emaar’s 3 SPVs to develop projects in housing, retail and office. Each SPV to have one PE investor, who will hold minority stake. The 3 deals may be inked in a month PE deals to be first major fund flow into Emaar since it withdrew its Rs 7,000-crore IPO in February due to poor investor response. Emaar has developed a 3,000-acre integrated township in Mohali, a 531-acre township in Hyderabad and a 14-acre residential project in Chennai. It is also executing the Commonwealth Games village project. It plans to develop more than 200 hotels over 7-9 years.Emaar has big projects on hand. The exact projects to be undertaken by these SPVs couldn’t be ascertained, but they would be part of projects already being developed by Emaar MGF. Some of the larger projects the company has undertaken include a 3,000-acre integrated township in Mohali, a 531-acre integrated township in Hyderabad and a 14-acre residential project in Chennai.The company is also executing the prestigious Commonwealth Games village project, where it is developing a 27.7-acre residential complex with an estimated saleable area of 1.8 million sq ft. The company also plans to develop more than 200 hotels over 7-9 years. It has two equal JVs with Accor for 100 budget hotels and Premier Inn for 80 hotels. The company has also entered into separate management tie-ups with Hyatt, Intercontinental and JW Marriott to run 26 hotels.

Parsvnath to build a group housing project at Indore
Realty firm Parsvnath Developers Ltd today said it would build a group housing project at Indore in Madhya Pradesh, with an expected realisation of about Rs 60 crore.

“The realisation from the project is approximately Rs 60 crore and is scheduled to be completed by the end of 2011,” the company said in a statement.

The group housing project ‘Parsvnath Premier’ is spread over 6.3 acres and is part of a 200-acre integrated township. The company would develop 300 units covering 4.11 lakh sq ft of saleable area.

In the township, Parsvnath is also coming up with an IT/ ITeS Special Economic Zone (SEZ) spread over 76 acres. The SEZ has already been notified by the Centre.

In Madhya Pradesh, it is also developing another township at Ujjain on 100 acres of area.

Parsvnath is currently developing 114 projects across the country covering 211.32 million sq ft of saleable area.

For the year ended March 2008, it posted a consolidated revenue of Rs 1,837.12 crore and a net profit of Rs 424.39
crore.