Chennai
Foreign investors are funding Indian real estate market after the release of Press note 2 in 2005 which opened up construction and development for Foreign direct investment (FDI). Many investors who had invested at that time, largely in residential sector, are now heading towards maturity and are withdrawing their prime investments. According to a report [...] Continue Reading »
Ascendas, a Singapore-listed technology park developer, is likely to buy an IT special economic zone (SEZ) of Shriram Properties in Chennai, for about Rs 500 crore. Shriram’s IT SEZ is part of a larger mixed use development on a 58 acre land (1.3 million sq. ft.), which it had bought from Standard Motors Factory in [...] Continue Reading »
The first two quarters of the ongoing year 2012 have seen 21% decrease in office space absorption across key metro cities in India. The office space absorption in this year being 13.4 million square fee while it was 16.9 million square feet at the same period in 2011. According to the latest Cushman & Wakefield [...] Continue Reading »
The office space absorption in Hyderabad grew 5 % while overall office space absorption across top eight cities of the country plummeted 21% to 13.4 million sft as compared to 16.9 million sft in the first half of 2011, according to a study by global real estate consultancy firm Cushman & Wakefield. This steep drop in office [...] Continue Reading »
Dust that flies in from the stone-crushing units in the area is the major problem faced by the residents of Sankar Nagar in suburban Pammal which is a town in the neighbourhood of Chennai. There are 53 stone-crushing units in the Sankarnagar, polluting the homes, streets and shops situated in the area. Exposure to such [...] Continue Reading »
Chennai-based real estate developer, Omshakthy Agencies, has proposed a new 150 acre gated mini-township project at Tirumudivakkam near Chennai. It is planning to raise around Rs 150 crore through the private equity (PE) route for the project. The initial investment is expected to be around Rs 300 crore, of which 50 per cent would be [...] Continue Reading »
The district collector of Madurai, Anshul Mishra, warned the local bodies, including the Corporation, against granting individual and random approvals to building plans because of which the government is losing revenue. He also said that if they continued to do so then their authority will be withdrawn. As per Section 49 of the local planning [...] Continue Reading »
The Tamil Nadu Housing Board (TNHB), after finding irregularities in the allotment of flats in its ongoing project at Nerkundram, has planned to reallot them. The All India Service (AIS) officers were allotted with flats under the ‘Own Your Housing Scheme‘. Later the housing board had cancelled 29 flat allotments following allegations that some AIS [...] Continue Reading »
Godrej Properties Ltd (GPL) has formed a residential development platform with Rs 770 crore of equity commitment. The platform mainly aims towards the development of the middle-income residential space in Mumbai, Delhi NCR and Bangalore, apart from looking for opportunities in Chennai and Pune. GPL would contribute 29 per cent in the investment platform while [...] Continue Reading »
Commercial rent trends in the first quarter of 2012 have been idle with rates almost constant, except in some places in major cities of India where there has been a growth. Commercial rents in Lajpat Nagar and Greater Kailash in Delhi have been hopeful as they are preferred choices for commercial renting due to connectivity [...] Continue Reading »
