DLF, has sold its entire stake in Adone Hotels and Hospitality Limited (Adone) to Kolkata-based Avani Projects and Square Four Housing & Infrastructure for Rs 567 crore. This was in line with its strategy of divesting non-core assets to pare debt, DLF said in a statement.
Asset management firm ICICI Prudential’s real estate portfolio management service (PMS) today said it has divested investment in KUL Ecoloch, a township project in Pune. ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC, had invested Rs 47.5 crore in the 105-acre integrated township in Pune developed by realty firm Kumar Urban Development (KUL), a company statement said.
The government has also given more time to as many as 37 Special Economic Zone developers, including Navi Mumbai SEZ, DLF Commercial Developers and Tata Consultancy Services, to execute their projects. Five SEZ developers were allowed to surrender their projects as well. But the mounting criticism is now forcing the government to eject non-serious players from SEZ.
India is reeling under the continued onslaught of inflation, petrol price hikes and generalized insecurity about where the economy is headed. Against all expectations, property prices in our metros have held firm and even show signs of upward movement. While the man on the street continues to wonder when he will be able to buy a modest home of his own, India’s super-rich are raising palatial homes at truly astronomical expense.
Asia Pacific Office market report by Cushman & Wakefield – that compared the rental values of Central Business Districts (CBD) across Asia Pacific – ranks NCR as the 5th most expensive CBD location in the region while Mumbai – CBD ranked 10th most expensive location in APAC. Traditionally expensive office destinations of Hong Kong, Singapore and Tokyo (continued to hold the top three positions respectively.
Bandra Kurla Complex was created by MMRDA as an alternate CBD to Mumbai, with the express purpose of halting the further growth of offices and commercial activities in South Mumbai. Currently, BKC has a total stock of 8 million square feet of office space. An additional supply of 2.5 million square feet is expected in 2012 with the completion of The Capital, FIFC and TCG Finance Centres.
The recent announcement of a memorandum of understanding (MoU) between the Confederation of Real Estate Developers Association of India (CREDAI) and the Karnataka State Fire and Emergency Services (KSFES) Department on fire safety certification has raised quite a few eyebrows in the real estate industry.
While buying a house majority of the Indians have now matured to pay for ready-to-move property than a castle in the air. No wonder, despite the high appreciation potential, the new launched projects have few takers and there is hardly any market for a pre-launch offer. Thanks to the poor delivery of the real estate developers, unmet commitments and execution risk involved, at least the end users are not interested in new launches anymore.
Housing demand is expected to remain subdued in short-to-medium term…
Chicago-headquartered Hyatt Hotels Group is betting big on the upper-midscale segment in India. Its growth in India is going to be driven by three of its brands — Hyatt Place, Hyatt House and Hyatt Regency. It has already firmed up plans for the first Hyatt Place in the country, likely to be launched at Hampi in Karnataka in June.