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| US realty firm Hines to invest $300 m here |
| Tuesday, August 28, 2007 |
The US-based real estate developer Hines has drawn up plans to invest up to $300 million in Real Estate India over the next two-three years to develop real estate projects worth over $1 billion. Using a multiple partner strategy, Hines plans to have at least a 50% equity stake in each project it undertakes, senior company executives told ET.
The realty major has identified FDI-compliant projects in high-end office and residential spaces, mixed-use townships, IT SEZs and large format mixed-use retail, commercial and hospitality projects.
“We are currently involved in projects in the National Capital Region, Mumbai, and Bangalore, we also exploring opportunities in Kolkata and Hyderabad,” Hines India Real Estate joint MD Yash Gupta told ET.
Hines India on Friday announced its first project in the country through a 50-50 JV with real estate major DLF for co-developing a high-rise office complex, high-end retail space, hotels, service apartments, and an entertainment centre in Gurgaon, spread over 15 acres, near DLF Golf and Country Club.
The first phase of the project will include a 30-storey office tower, with retail space in the ground floor and a large parking garage, with plans for a second office tower. In all the mixed-use complex will involve construction of around 2.5 million sq ft.
Mr Gupta said the company has been involved in development of several large format mixed-use complexes globally, including those in Barcelona, Paris, Milan and Washington DC. Hines is a privately owned real estate firm engaged in real estate development, investment, and property management worldwide.
It has presence in 16 countries, with offices in 96 cities with total assets currently under its management valued at around $16 billion. In all projects it is currently involved in, Hines will work in association with a local partner, Mr Gupta said.
Resource://indiatimes.com |
posted by India Properties @ 9:55 PM  |
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| ITC draws up nearly US$ 2 billion investment plan |
| Friday, August 24, 2007 |
ITC Hotels is looking to accelerate its growth in the luxury segment as the group's chairman, YC Deveshwar, announced an investment of approximately US$ 2 billion, spread over a period of seven years.
Three properties will come up in Bangalore with one hotel each in Chennai, Ahmedabad and Kolkata. While the one in Chennai is claimed to be the country's largest luxury hotel, the properties in Bangalore will be in the super-deluxe category. The other two cities will get seven-star hotels.
The hotels business maintained its upward momentum in the current quarter with segment revenues growing by 11 per cent to touch Rs 221 crore, driven by improved RevPAR in most properties and higher F&B sales. ITC had recently entered into a new phase of its franchise agreement with Starwood Hotels & Resorts for bringing in its premium brand 'Luxury Collection' to India through seven of its properties: ITC Maurya in Delhi, ITC Maratha in Mumbai, ITC Sonar Bangla in Kolkata, ITC Grand Central in Mumbai, ITC Windsor in Bengaluru, ITC Kakatiya in Hyderabad and ITC Mughal in Agra. The agreement included the rebranding of WelcomHotel New Delhi as a Sheraton, while the Chola and the Park in Chennai and the Rajputana in Jaipur continued to retain their Sheraton connections
Source://expresshospitality.com |
| posted by India Properties @ 4:03 AM |
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| Maharashtra govt tables ULCRA repeal Bill |
| Wednesday, August 1, 2007 |
Buckling under pressure from the Centre, the Maharashtra government finally tabled the Bill to repeal the Urban Land Ceiling and Regulation Act (ULCRA) in the state legislature today. The matter will come up for discussion tomorrow.
Though Maharashtra is set to be the 10th state to rescind the Act, the impact of the repeal on Mumbai’s realty market is going to be minimal. A major chunk of surplus land is covered by the Coastal Regulatory Zone (CRZ), No Development Zone (NDZ), forests and slums.
Introduced in 1976 with an aim to provide affordable housing to lower- and middle-income groups in urban areas, the Act prohibits any individual from holding more than 500 sq mt of land.
However, companies and trusts were exempted from this provision with a catch that they could use the land only for the purpose for which they had been set up. They were barred from trading these lands or developing housing schemes on these lands.
The Assembly has merely three days in the current session to take up the Bill and it is unlikely that both the Houses of the state legislature would give their nod converting it into a law.
After the Act was repealed by the Centre in 1999, each state had to repeal the respective Act by passing separate Bills since land is a state subject. Taking advantage of this fact, Maharashtra government, along with nine other state governments including Tamil Nadu, West Bengal and Jharkhand chose not to repeal the Act.
However, Jawaharlal Nehru Urban Renewal Mission (JNURM), under which states get funds from the Union government for urban infrastructure projects, made it mandatory to repeal land ceiling Acts to get the aid.
In the absence of repeal of ULCRA, the Maharashtra government, which has planned infrastructure projects worth Rs 40,000 crore for Mumbai’s makeover, stands to lose nearly Rs 10,000 crore as central aid under JNURM.
Source://business-standard.com |
| posted by India Properties @ 4:23 AM |
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