Realty major Unitech Ltd is currently developing about 80 projects across the country covering 40 million sq ft of area and focusing on improving its execution capabilities, a top company official has said.
"Going forward, the quality of execution will determine whether Unitech will move to the next level or not. And, this is where most of the company's attention is now centred," the company's Chairman Ramesh Chandra told shareholders in the annual report of the last fiscal.
Chandra said that the company's operations have expanded manifold at a rapid pace and it has about 80 ongoing projects covering a total area of about 40 million sq ft.
"These projects are spread over different geographies in India further increasing the complexity in terms of project execution. However, with the internal initiatives undertaken on improving execution, we are confident of providing high quality housing to all our customers," he said.
Some of the initiatives taken by the company are product standardisation, in-house architectural and engineering design, expansion of contractor base and higher mechanisation.
In 2010-11, Unitech launched projects covering 10.44 million sq ft area. It booked 9.16 million sq ft for Rs 4,323 crore and delivered 4.25 million sq ft of completed area.
On telecom, Chandra said that he has full faith in the judiciary and expressed confidence that Unitech Wireless would be able to defend itself. Unitech has little over 30 per cent stake in Unitech Wireless, which operates under Uninor brand. The remaining stake is with Norway-based Telenor.
Unitech Managing Director Sanjay Chandra was arrested in April this year and taken to judicial custody in relation to 2G telecom scam.
"Unfortunately, with regard to the ongoing telecom issue, I will not be able to share any of my views or facts, as the matter is subjudice," he said.
"However, it is important for me to convey to you that I have full faith in the Indian judiciary and I am confident that Unitech Wireless (Tamilnadu) Pvt Ltd will be able to defend itself in the Court of Law," he said.
Chandra said the real estate venture Unitech would continue to focus on its core business activities - project launches, sales, project execution and delivery. The company has major presence in national capital region, Chennai and Kolkata.
Located off Katraj-Dehu Road bypass, Baner is a popular suburb in Pune. It enjoys this popularity due to the connectivity it offers. Going further, Baner’s slightly lower priced cousin Balewadi is also in the limelight due to the Commonwealth Youth Games 2008 which were held in Balewadi’s Shree ...
Located off Katraj-Dehu Road bypass, Baner is a popular suburb in Pune. It enjoys this popularity due to the connectivity it offers. Going further, Baner’s slightly lower priced cousin Balewadi is also in the limelight due to the Commonwealth Youth Games 2008 which were held in Balewadi’s Shree Shiv Chhatrapati Sports Complex.
Baner-Balewadi belt’s demand grew due to the presence of commercial establishments like the Hinjewadi IT Park and other companies nearby. Areas in close proximity to the Baner-Balewadi belt are Aundh and Pashan.
Talking about Balewadi, Pravin Mahurkar, City Lead – Pune, Residential Services, Jones Lang LaSalle India says, “Balewadi is an upcoming area on the western corridor of Pune with a steady growth over the last couple of years. The rates there have seen an annual increase of 20% over the last two years. As Balewadi is located close to Baner and Aundh, the necessary social infrastructure is available in the area. It has good accessibility through road network to other locations of Pune. Balewadi is approximately 20 km from the Pune airport and 10 km from the railway station. The infrastructure has been beefed up and maintained well since the Commonwealth Youth Games 2008.”
As Mahurkar reminds us, the Commonwealth Youth Games 2008 were held in Balewadi’s Shree Shiv Chhatrapati Sports Complex. This event gave the area the required infrastructural boost. With proper planning of the area by authorities, Balewadi has emerged as an upmarket residential location. The prevailing property rates of Balewadi are in the range of Rs.4000 – Rs.5000 per sqft.
The proximity to Mumbai – Pune expressway is a major reason for steady growth. Katraj-Dehu Road bypass links to NH4 highway that provides outer access from Pune and connects to other places in Pune. The connecting road from Balewadi sports complex to Baner has been instrumental in enhancing the connectivity and real estate market of this area. There are sufficient Pune Mahanagar Parivahan Mahamandal Limited (PMPML) buses available from Baner and Balewadi belt to the city. Projects in Balewadi are reasonably priced and provide a good entry point to end users as well as ssto investors.
Balewadi has seen tremendous growth over the years. It has become a hot area for residential projects mainly targeting the software professional working in the nearby Hinjewadi Software Park and other nearby IT parks / companies.
Similar to Balewadi, Baner also enjoys substantial attention. Baner is easily accessible to the Mumbai-Pune expressway. The bridge connecting Pimpale Nilakh and Baner has made Balewadi accessible to Pimpri-Chinchwad areas. The Baner-Pashan link road connects the suburbs near Baner and Pashan.
Talking about Baner, Kishor Pate, Chairman & Managing Director, Amit Enterprises Housing Ltd says, “Baner is close to Aundh, and that counts for a lot with a majority of property buyers. Its original claim to fame was the beauty of its natural endowment, which has been somewhat compromised by the massive development in the area. Not too long ago, it was comparable to a minor hill-station.”
Explaining the connectivity, Pate says, “Baner has little to complain about. It is located next to the Mumbai-Bangalore Highway. Also, the Hinjewadi Infotech Park is comfortably accessible; this may be a significant factor to consider for residence seekers from that famous establishment. There are also a number of commercial complexes in the vicinity, making Baner a viable option. It is well connected and features on a number of regular bus routes.”
Pate adds, “In terms of residential options, Baner has much to offer. Compact and extended townships – as well as many projects in the medium-sized range – are available for instant and eventual possession. Many families prefer Baner for the fact that they can find a home in almost any budget range and also because there are schools, shopping areas, healthcare and other social facilities within commuting distance.”
In fact, facilities like schools, colleges and hospitals are easily available in this belt. Balewadi has educational institutes like Moze’s Engineering College, National Insurance Academy, MITCON Institute of Management and National Institute of Construction Management and Research (NICMAR), among others. Several hospitals like Medipoint in Aundh, Aditya Birla Memorial hospital in Chinchwad and Baner takes care of the medical needs of residents in Balewadi. The availability of retail stores, banks and hotels has made these areas viable. The mall and five-star hotels present in Pune have changed the face of the city and the suburbs.
Strategically located, well developed infrastructure and presence of various facilities around are the factors fostering the ongoing growth of these areas and establishing this belt as a preferred destination for property buyers.
Shyamkant Kotkar, CMD, Nandan Buildcon, says, “We have a studio apartment project called Nandan Acura in Baner. The reason for choosing Baner was because there was no other studio apartment in the area. Moreover, it is well connected with the Bombay Bangalore highway, the Express way and Hinjewadi IT parks and growth in returns is bound to happen.
Kotkar adds, “Basic infrastructure and facilities like roads, water, electricity is present in Baner. In addition, it has several schools and colleges around with work places in close proximity that makes life’s work and play very convenient.”
“Advantages to the residents is saving time and being in the most convenient area with best quality construction. As the human race is all about time and convenience now, this is what we have to offer residents in our project.”
Delhi/NCR
Ghaziabad’s changing skyline has added one more landscape to its property hotspots. Although, by no way a new area, Govindpuram can certainly be titled as one of the fastest emerging areas that are currently offering residential choices and one of the greatest attraction of the place ...
Delhi/NCR
Ghaziabad’s changing skyline has added one more landscape to its property hotspots. Although, by no way a new area, Govindpuram can certainly be titled as one of the fastest emerging areas that are currently offering residential choices and one of the greatest attraction of the place is affordability.
Ghaziabad is currently witnessing a boom in real estate with townships such as Raj Nagar Extension, Hi-Tech City, Loni and Govindpuram offering immense choices for a prospective buyer. Govindpuram with its great connectivity within the city is a natural choice for a person to buy an apartment of his choice.
According to Manoj Gaur, Managing Director (MD), Gaursons India Ltd, “Govindpuram is a low density population area with spacious and green spaces dotting the landscape. We have 1,000 families living at Govindpuram in our residential project.”
Gaur added “Govindpuram is an affordable place. For instance, our project is in the range of Rs 2,400 per sq ft as of now. Even penthouses can be had here in the range of Rs 50-60 lakh. This affordability factor coupled with good connectivity—with 150 mtr wide road and open areas makes it one of the best locations in Ghaziabad.” When asked whether his Group would come up with more projects here, Gaur remarked that the group’s expansion plan would depend to a lot extent on GDA policies.
This much from a reputed group that has already delivered a residential project at Govindpuram. Property Plus took views of another group that has planned its foray here. Manoj Goyal’s KDP Buildwell Ltd is coming up with a residential project at Govindpuram. Goyal said, “Govindpuram is a developed area and even the GDA is showing considerable interest in building residential townships here. The area is close to NH-24.”
Goel pointed out that due to 100 acre PAC land, a green area, where nothing could be built, thereby, creating huge tracts of green spaces. Comparing the area with Raj Nagar Extension (RNE) where Goel has residential and commercial projects, he said, “Businessmen and traders from Ghaziabad are mostly settling down here, whereas at the RNE, service class people are settling down.” Goel is coming up with his residential project at an attractive rate of Rs.2,750 all inclusive with covered car parking and 336 units in all.
Pune has undergone massive development in the last decade or so, as a result the city is now witnessing tremendous growth around its fringes. One of the areas that has witnessed positive growth is Talegaon, in the western corridor of the city.
The location of Talegaon gives it a huge advantage. I ...
Pune has undergone massive development in the last decade or so, as a result the city is now witnessing tremendous growth around its fringes. One of the areas that has witnessed positive growth is Talegaon, in the western corridor of the city.
The location of Talegaon gives it a huge advantage. It is located in the middle of three cities- Pune, Mumbai and Nashik. It is at a 20-minute distance from Hinjewadi, the IT hub, hence making it a preferred destination.
Because of its proximity to Mumbai, several multinational companies have set up their base in the area. Among the growth drivers are the industrial belt of Chakan and the automobile manufacturing units in the surrounding areas athat has led to a large number of migrant population settling down here.
Some of the major residential projects in the area are Angel Hills by Om Developers, Silver Winds by Manav Promoters, La Montana from Tata Housing Development Company Limited, Flora City from Namrata Group and Vascon Engineers who are coming up with a township in the area.
Talegaon also boasts of several schools and colleges like B.K Birla Center for Education, Pragati High School, Indrayani Mahavidyalay, MIMER Medical College, Nutan Maharastra Institute of Engineering, Siddharth College of Engineering. Institues around Wakad and Hinjewadi also benefit the residents of Talegaon. Several banks, including Bank of Maharshtra, IDBI Bank have set up their branches in the region. Hospitals like Talegaon General Hospital, MIT Hospital, Krushna Nursing Home, Atharva Hospital take care of the medical needs of the people. Talegaon has its own railway station that also helps the residents as well as the industries for better connectivity.
Explains Dhairyashil Ghadge from Tanvi Estate Agency, “Talegaon is a fast growing region and offers good scope for investment. Its proximity to the industrial belt, a huge employment driver, is the main reason behind the area developing at a fast pace creating a huge demand. The nearby IT hub of Hinjewadi also helps to a certain extent. Currently, the market is very stable and the prices haven’t shot up in the last seven months. So it is the most appropriate time to invest in Talegaon.”
Talegoan has come up a long way from being the sparsely populated region on the outskirts of the city to becoming the new industrial hub. Explains Mr. R Vasudevan, Managing Director, Vascon Engineering Ltd, “Talegaon is located at the hill top and well connected to both Pune and Mumbai by rail and road. Surrounded by greenery, the climate of Talegaon is similar to Lonavala during the rains, but no heavy rainfall. Over the years, Talegaon MIDC has grown into an auto hub, along with Chakan industry belt giants like General Motors, Mercedes and Volkswagen and their ancillary units.”
Rupesh Banthia, Director, Manav Promoters, elucidates, “Talegaon has come up very well in the last three to four years. We have observed a good quality of development primarily due to the Chakan and Talegaon industrial belt. Its proximity to both Mumbai and Pune also helped in residents pouring in from both the cities. It also has an inherit advantage of having educational institutes as well as with its own railway station for better commuting.”
Shantanu Mazumdar, Branch Head, Pune, Knight Frank India adds, “Talegaon’s development story started around 2006-07. The primary factor being the manufacturing and automobile industries that have set up their base here. The area saw a huge influx of migrant population shifting here, after which a lot of local people also started to make it their base. Currently, it is the base for the two catchment region of MIDC- Chakan and Talegaon. Since Chakan does not have many residential projects, Talegaon becomes the hub for people to reside.”
He explains, “A lot of people from Mumbai prefers to invest here as a second home destination because of its proximity to the city and easy access via the Expressway. Talegaon offers the right mix of pricing and climate as well. Because of its demand as second home destination many row houses and villas have been constructed in the region.”
Vasudevan adds, “Talegaon town has always attracted second home buyers, both from Pune and Mumbai who are looking out for a breakout destination beyond the crowded Lonavala. Also, the recent industrial development in Talegaon has led to an increase in demand for residential hubs. To cater to this rising demand, Vascon decided to build this township. Situated on the banks of perennial Indrayani river, the project location is very scenic.”
The prevelant rate in Talegaon is between 2,000-3,500 per square foot. Ghadge says, “The rate here can fluctuate as per the amenities offered by the housing society. It hovers between 2,500-3,500 psf and can go as high as 5,000 psf in socities that offers a lot of amenities.”
Mazumdar explains, “It is the affordable pricing factor that is another attraction for people to invest in Talegoan. The pricing clause along with the industrial growth as well as the scenic beauty around, have become the main driving factors.”
The region is also poised to grow at a speeding rate. Vasudevan elucidates, “With the accessibility to Mumbai- Pune express highway and good infrastructure of schools and educational instituations coming up, Talegaon is poised to grow into a suburb of Pune.”
Mazumdar concludes,”Though the region hasn’t much happening in the retail sector, housing and residential development in the region will defenitely grow in the coming years. As the industrial belt surrounding the region grow, Talegaon will continue to pose a great demand.”
In a major crackdown, the income tax department has under its scanner more than 22 crore instances of high-value transactions in the country and abroad which include unreported credit card operations and real-estate deals. The department has obtained, through its data mining and intelligence tools, ...
In a major crackdown, the income tax department has under its scanner more than 22 crore instances of high-value transactions in the country and abroad which include unreported credit card operations and real-estate deals. The department has obtained, through its data mining and intelligence tools, instances of unreported transactions involving an estimated amount of over Rs 2,000 crore. "The department is verifying details of these unreported deals and a major operation is already underway in the country," a top I-T official said.
The total deals under the probe lens are 22,52,06,979, the official said. The step is seen as a major drive to garner as much revenue as possible by the department before the fiscal closes and the budgetary target of Rs 5.32 lakh crore is achieved.
According to the official data of the tax department, its officials are working on sale and purchase of house property by 6,23,384 individuals worth Rs 30 lakh each. These transactions were made during 2009-10 and 2010-11 financial years. The department is also working on 27,50, 545 individual cases where cash deposits aggregating to Rs 10 lakh or more were made in savings bank account during the same fiscal. Under the I-T scanner are 15,23,728 individuals who made payments of Rs 2 lakh or more against their credit cards in the same fiscal while 32,21,695 individuals who acquired mutual fund schemes of Rs 2 lakh or more, bonds or debentures of Rs 5 lakh and above, shares issued by companies worth Rs 1 lakh and RBI issued bonds worth Rs 5 lakh and more. "These high value transactions have not been reflected on the I-T returns. "The department has asked tax offices to get in touch with these taxpayers or individuals urging them to file the returns or revise them," the official said.
Hyderabad has absorbed 214,000 sq ft in first quarter this year, while new supply of SEZ space is about 360,000 sq ft. While the city witnessed stable leasing and pre-leasing activity during the first quarter, companies have expanded and consolidated their requirements by shifting from CBD and SBD a ...
Hyderabad has absorbed 214,000 sq ft in first quarter this year, while new supply of SEZ space is about 360,000 sq ft. While the city witnessed stable leasing and pre-leasing activity during the first quarter, companies have expanded and consolidated their requirements by shifting from CBD and SBD areas to suburbs to take advantage of relatively lower rentals.
According to Jones Lang LaSalle’s quarter review, the city’s Grade B buildings in all submarkets continue to witness healthy leasing of small spaces ranging from 5,000 sq ft to 15,000 sq ft. However, some companies vacated space in the central business district (CBD) and moved to suburban locations in order to take advantage of the lower rentals.
In a related development, suburbs saw the highest leasing activity during the first quarter this year. Hi-Tech City and Gachibowli which saw strong absorption pace remained modest during the period. The preference for SEZ continued to remain strong amongst tenants and a few of them were inclined to move to locations such as Uppal and Pocharam in the suburban areas.
Among the major transactions in first quarter, specific mention must be made about Broadridge leasing about 200,000 sq ft in the Wipro building at Hi-Tech City and Genpact pre-leasing about 133,000 sq ft at KRC Mindspace East SEZ, at Pocharam.
Rentals are up by 6-6.5% in suburbs of Hitec City and Gachibowli during the first quarter. IT SEZ spaces commanded higher rentals due to preference by tenants and the supply exceeding demand. While investments continued to remain subdued due to political uncertainty, capital values increased in Hi-Tech City and Gachibowli by 12-13% in 1Q12 over previous quarter.
Outlook
It is expected that strong pre-leasing activity will lead to increased net absorption during this year. Despite political uncertainty, the inherent infrastructure development and potential across the city have encouraged corporates to sustain and expand the operations with the result leasing activity is expected to remain stable. The demand and supply of SEZ space will lead to rentals witnessing a nominal increase or remain stable during the year. Capital values are expected to increase moderately as leasing activity will remain stable.
Chennai
The state government on Tuesday announced a land pooling scheme to facilitate development of satellite towns and infrastructure projects like ring roads.
Housing minister R Vaithilingam, who made the announcement in the assembly, said the scheme was aimed at decongesting core areas of citi ...
Chennai
The state government on Tuesday announced a land pooling scheme to facilitate development of satellite towns and infrastructure projects like ring roads.
Housing minister R Vaithilingam, who made the announcement in the assembly, said the scheme was aimed at decongesting core areas of cities. The scheme aims at involving land owners in developmental projects. Land owners who contribute land for such projects will be allotted developed plots proportionate to the share of land they contribute to the scheme.
People, who have invested on unapproved residential plots, have a chance of getting their plots approved as the government will soon come out with a regularization scheme for housing plots in rural and municipal areas, he said.
A detailed master plan for the entire state – excluding the Chennai Metropolitan Area and other regions where master plans were rolled out in the last decade – will be brought out by the directorate of town and country planning in the next three years. In the first year, about 8,000 sq km of land will be covered under the scheme. Towns and cities to be covered in the first year include Dharmapuri, Gobichettipalayam, Rajapalayam, Kovilpatti, Chengalpattu, Kancheepuram, Sriperumbudur and Tiruvallur.
To regulate developments in areas surrounding existing composite local planning areas and new town development areas, the jurisdiction of Coimbatore, Madurai, Trichy, Salem, Tirupur and Erode CLPAs and Hosur NTDA would be expanded, said Vaithilingam.
Mumbai
Mumbai, financial capital of India, continues to be BFSI’s favourite as compared to other metros. The primary driver of office real estate in Mumbai is BFSI (Banking, Financial Services and Insurance) followed by IT/ITeS, infrastructure, media, healthcare sectors.
BFSI is concentrated in ...
Mumbai
Mumbai, financial capital of India, continues to be BFSI’s favourite as compared to other metros. The primary driver of office real estate in Mumbai is BFSI (Banking, Financial Services and Insurance) followed by IT/ITeS, infrastructure, media, healthcare sectors.
BFSI is concentrated in the key business districts of Nariman Point, Lower Parel and Bandra Kurla Complex (BKC). The average capital values prevailing at BKC are Rs 25,000-32,000 per sq ft and the average monthly lease values are Rs 250-300 per sq ft a month at BKC. While, Nariman Point, the original Central Business District (CBD) commands Rs 500 per sq ft a month and Lower Parel commands Rs 400 per sq ft a month.
According to DTZ spokesperson, “Mumbai is BFSI’s favourite. Though occupiers indicated willingness to cut occupation cost, they seemed highly unlikely to compromise on the quality of office infrastructure. More than half of the occupiers (58%) indicated that they want to lease Grade A buildings only.”
Slowdown persists in Mumbai’s office real estate. Most corporates are adopting a ‘wait-and-watch’ policy, which will lead to a slowdown in expansion plans across industries and thus a more moderate overall take-up in 2012, according to DTZ.
However, companies do not want to compromise on quality of real estate. Corporates are very keen on Grade A real estate and efficiency of building. Once the location has been identified, the next step in the process of finalizing office space is building selection. ‘Efficiency of the building’ is the most important criterion followed by ‘CAM (Common Area Maintenance) charges’. The higher the efficiency of the building, the better it is for the occupier as it gives them more usable area (excluding the area occupied by elevators, equipment, hallways, lobby, restrooms etc).
IT and ITes companies require large floorplates and hence are preferring the suburbs and peripheral locations. According to Vivek Talwar,MD – NITCO who launched Nitco biz park, an IT building at Thane two years back, says, “Nitco Biz Park is an IT building, directly attracting IT/ITES companies. Such companies, able to obtain IT certification, can avail IT-driven rates in the area as well as reduced costs of stamp duty, registration and electricity.” He adds that average standard floor plate is 25,000 sq ft carpet.
Delhi/NCR
The rise of IT and ITeS companies in Gurgaon is pushing demand for serviced apartments, resulting in real estate developers’ foray into this segment. DLF and Unitech are the primary players in this segment in Gurgaon. The latest entry has been by Gurgaon-based V Square Development Manag ...
Delhi/NCR
The rise of IT and ITeS companies in Gurgaon is pushing demand for serviced apartments, resulting in real estate developers’ foray into this segment. DLF and Unitech are the primary players in this segment in Gurgaon. The latest entry has been by Gurgaon-based V Square Development Management Co. Ltd.
According to Vivek Seth, MD of V Square, “The demand for serviced apartments is more than 700 units in the Gurgaon market.” He added that for operational purpose, the building is handed over to a hotel brand since they have specialised teams who excel at providing services. “That is not the domain of a developer so for operational efficiencies, it is best to tie-up with a hotel chain.”
The company has two serviced apartments under progress in Sector 114 and Sector 68 (Sohna Road). Seth pointed out that learning from the West, the traveller today who is coming to India prefers to stay at a serviced apartment. He believes that Sohna Road has huge potential for the growth of this segment as it is coming up as the next commercial hub. “The travellers are mostly expats from companies like Wipro, TCS, IBM, among others,” he said.
The customer requests for services like laundry, supermart closeby and swimming pool, among other features. The regular size of a serviced apartment in demand in Gurgaon market is from Rs 700 to 1,100 sq ft. “As for occupancy, we expect more than 100% after the launch.”
Other reputed serviced apartment projects include Uniworld Gardens by Unitech Group in Sector 47, Sohna Road and Central Park by DLF Ltd on Golf Course Road.
Private equity firm India Property Fund has picked up a 49% stake in Ramprastha Group’s housing project Skyz in Gurgaon for Rs 120 crore.
The project, being developed on 13 acres in Sector 37D on the Dwarka Expressway in Gurgaon, is part of the company’s integrated township Ramprastha City. Th ...
Private equity firm India Property Fund has picked up a 49% stake in Ramprastha Group’s housing project Skyz in Gurgaon for Rs 120 crore.
The project, being developed on 13 acres in Sector 37D on the Dwarka Expressway in Gurgaon, is part of the company’s integrated township Ramprastha City. The company’s chief executive officer Nikhil Jain confirmed the deal.
About half of the Skyz project, which will have close to 700 luxury apartments, has been already sold by Ramprastha . The money raised from India Property Fund, which is managed by nonresident investor Purnendu Chatterjee’s TCG Real Estate and US-based Vornado Realty Trust, will primarily be used for development of Skyz. “Some part of it will also go for other group housing projects in Ramprastha City,” said Jain.
DTZ was the transaction advisor for the deal. The 450-acre integrated township will include grouphousing , plots, commercial, institutional space, retail, hospitals and an SEZ as well and the company is targeting revenues of over . 8,000 crore from it over the next 6-7 years. In the last two years, investing at the project level has been the preferred route for most PE funds in the real estate space.
JP Morgan has invested $30 million in Parsvnath Developers’ residential project La Tropicana coming up in the Civil Lines area of New Delhi.
The deal includes an additional funding for the real estate group through JP Morgan’s local NBFC in India. According to a source close to the development, ...
JP Morgan has invested $30 million in Parsvnath Developers’ residential project La Tropicana coming up in the Civil Lines area of New Delhi.
The deal includes an additional funding for the real estate group through JP Morgan’s local NBFC in India. According to a source close to the development, part of the funds raised has been used by Parsvnath to provide an exit to Red Fort Capital, which had invested Rs 115 crore in the project in 2009. Red Fort has made a 30% return on its investment in the project, sources in the know of the deal said.
Ernst & Young, which was the advisor to the deal, and JP Morgan did not comment on the deal. Parsvnath did not respond to ET’s queries.
Parsvnath had sold 18% stake in its 16.8-acre high-end residential La Tropicana project to private equity firm Red Fort Capital for 90 crore in 2009 and later in the same year sold another 4% to the fund for Rs 25 crore. The 400-apartment project, which was launched in 2008, has been much delayed and is now expected to be completed by 2013. The developer is still selling apartments in this project at 14,000 per sq ft. The project was launched at Rs 8,000 per sq ft.
Late last year, Parsvnath had sold 24.5% stake for 120 crore to Red Fort Capital in an office project that it is developing on land it received from the Delhi Metro Rail Corporation. The project is being developed on a build-operate-transfer basis. In January this year, Sun-Apollo India Real Estate Fund invested Rs 100 crore for a 49.9% stake in a residential project, Parsvnath Exotica, in Ghaziabad near Delhi.
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Located off Katraj-Dehu Road bypass, Baner is a popular suburb in Pune. It enjoys this popularity due to the connectivity it offers. Going further, Baner’s slightly lower priced cousin Balewadi is also in the limelight due to the Commonwealth Youth Games 2008 which were held in Balewadi’s Shree ... 
Delhi/NCR
Ghaziabad’s changing skyline has added one more landscape to its property hotspots. Although, by no way a new area, Govindpuram can certainly be titled as one of the fastest emerging areas that are currently offering residential choices and one of the greatest attraction of the place ... .jpg)
Pune has undergone massive development in the last decade or so, as a result the city is now witnessing tremendous growth around its fringes. One of the areas that has witnessed positive growth is Talegaon, in the western corridor of the city.
The location of Talegaon gives it a huge advantage. I ... 
In a major crackdown, the income tax department has under its scanner more than 22 crore instances of high-value transactions in the country and abroad which include unreported credit card operations and real-estate deals. The department has obtained, through its data mining and intelligence tools, ... .jpg)
Hyderabad has absorbed 214,000 sq ft in first quarter this year, while new supply of SEZ space is about 360,000 sq ft. While the city witnessed stable leasing and pre-leasing activity during the first quarter, companies have expanded and consolidated their requirements by shifting from CBD and SBD a ... .jpg)
Chennai
The state government on Tuesday announced a land pooling scheme to facilitate development of satellite towns and infrastructure projects like ring roads.
Housing minister R Vaithilingam, who made the announcement in the assembly, said the scheme was aimed at decongesting core areas of citi ... 
Mumbai
Mumbai, financial capital of India, continues to be BFSI’s favourite as compared to other metros. The primary driver of office real estate in Mumbai is BFSI (Banking, Financial Services and Insurance) followed by IT/ITeS, infrastructure, media, healthcare sectors.
BFSI is concentrated in ... 
Delhi/NCR
The rise of IT and ITeS companies in Gurgaon is pushing demand for serviced apartments, resulting in real estate developers’ foray into this segment. DLF and Unitech are the primary players in this segment in Gurgaon. The latest entry has been by Gurgaon-based V Square Development Manag ... 
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