Real Estate Gurgaon

DLF, the Delhi-based real estate major, now plans to go national. Towards this end, it has added three creative agencies – FCB-Ulka, Capital Advertising and Lintas Personal – to its roster, while retaining the incumbent agency, Percept H. The four agencies will handle different projects for the company. Media duties will be handled by Percept Media, sources close to the development have told agencyfaqs!

When DLF started reviewing its creative and media duties in October 2006, seven agencies participated in the pitch. The company has allocated a media budget of Rs 25 crore, and this could increase in the future. The four agencies have been awarded business for one year, after which the creative and media duties will be reviewed. It is learnt that the company had given the agencies a brief to reposition DLF as a national brand and as a real estate company with innovative excellence and size.

DLF plans to start housing projects across the country as it successfully did in Gurgaon (Haryana), a suburb of the national Capital. The company also plans to get into SEZs and hotels across the country. The real estate giant has also filed a prospectus to enter the capital market through an IPO to raise about Rs 13, 600 crore.

Source://agencyfaqs.com

At a time when prices are merely notional if the address is right, it's hardly surprising that the cost of residential properties in New Delhi and Mumbai are going, quite literally, through the roof. Hold out long enough for the right buyer and even the most generous estimates by real estate agents or consultants could go awry.

And as Indians gain the confidence to spend as well as aspire to A-lists everywhere, a few more crores are hardly likely to matter when the price of even an apartment matches that of a decent, mid-sized company!

Only a week ago, the Oswals bought a bungalow on an acre of land on New Delhi's Tilak Marg (in prestigious Lutyens Delhi) for Rs 100 crore (Rs 1 billion). Other industrialists who own houses in the neighbourhood are steel tycoon Lakshmi Mittal, Bharti Enterprises managing director Sunil Bharti Mittal and DLF chairman K P Singh.

The most a property in this central part of Delhi has fetched is a whopping Rs 137 crore for a bungalow on Amrita Shergill Marg, becoming the most expensive residential real estate to change hands in India. The one-acre plot was purchased by Sanjay Singal of Bhushan Power & Steel.

Lakshmi Mittal, who bought a 12-bedroom mansion in London's Kensington Palace Gardens in 2004 for $125 million (Rs 550 crore), also got a slice of Delhi's residential pie for a more modest Rs 40 crore (Rs 400 million) on Prithviraj Road. Today it is valued at Rs 80-100 crore (Rs 800 million- Rs 1 billion).

According to real estate anaysts, Treveni Infrastructures picked up a 2.8 acre property on Sikandra Road for Rs 115 crore (Rs 1.15 billion). In another recent transaction, the Jindals bought a 3.2 acre property on Mansingh Road for Rs 125 crore (Rs 1.25 billion).

If Lutyens Delhi is the city's power address, in its Tony Khan Market or Jorbagh areas you should expect to pay Rs 3 lakh per sq yard. On S P Marg, where liquor baron Vijay Mallya owns a house, the going rate is around Rs 5 lakh per sq yard.

There is news now about highrise apartments being developed in central Delhi's Connaught Place. These 4,000 sq ft apartments could cost as much as Rs 16,000 per sq ft or Rs 6.4 crore (Rs 64 million) overall.

DLF is building a nine-storey apartment complex on 2.5 acres in W-block of Greater Kailash II, in south Delhi. These 6,000 sq ft apartments are being sold for over Rs 21 crore (Rs 19,000-25,000 per sq ft), by invitation only. Sources tell us about a possible development of apartments and individual bungalows by DLF in GK-II's E-block.

DLF also has a plan for very high-end villas in posh Chanakyapuri. These 6,000-7,000 sq ft villas could cost between Rs 12-14 crore (Rs 20,000 per sq ft).

Gurgaon too has some big gurgaon properties. The top-end penthouse at Ansal's The Ivy could cost between Rs 5-8 crore (Rs 50-80 million). A 2,500-4,500 sq ft apartment at DLF's new Park Place and Park Tower ranges between Rs 1.75-3.15 crore (Rs 17.5-31.5 million). Omaxe's The Forest Noida offers apartments ranging from 4,000-6,500 sq ft for Rs 2.25-4.5 crore (Rs 22.5-45 million).

Delhi may have raised the bar where expensive residential rates are concerned, but Mumbai is still leagues ahead on average.

"Every second building in Mumbai commands a huge price, anything above Rs 25,000 per sq ft to sometimes even upto a whopping Rs 75,000 per sq ft," says architect Hafeez Contractor.

The NCPA Apartments at Nariman point are among the most expensive in Mumbai with an uninterrupted view of the sea. Rs 60,000 per sq ft is the current rate there. The vice-chairman of Reliance Capital, Amitabh Jhunjhunwala, recently bought a 2,880 sq ft apartment at NCPA for Rs 18 crore (at Rs 63,000 per sq ft).

Other expensive areas in Mumbai are Cuffe Parade, Napeansea Road, Carmichael Road, Altamount Road and now Worli and Bandra as well.

Shah Rukh Khan's bungalow Mannat, on Bandra Bandstand, is currently valued between Rs 70-100 crore (Rs 700 million-Rs 1 billion). The approximate rate here is Rs 30,000-plus per sq ft, as opposed to Rs 15,000-20,000 per sq ft at Juhu, where Amitabh Bachchan owns a bungalow.

Source://rediff.com

The Times of India, the country's biggest-selling English-language newspaper, has adopted a new slogan: "India poised, our time is now".


Despite the hyperbole, what strikes most people when they arrive is the seemingly organised chaos. Cattle roam the capital's poshest avenues and ragged children beg alongside foreign-made cars and glitzy malls.


India's traditional image is overshadowed by strikingly new ones. Today the country is known for call centres and software companies, blotting out older notions of interminable penury or romantic visions of maharajahs.


While jobs are sucked out of Britain and the US to India, the country has gone from begging bowl economy to global giant. But the success of India's hi-tech sector is still to make an impact on the lives of the 360 million people who live on less than ฃ0.50 (Bt35) a day.


There is little doubt the Indian economy is booming. Growth has averaged 8 per cent since 2003, second only to China. According to investment bank Goldman Sachs, the country's young population means India has the potential to grow faster than China in the long term.


There are few better places to illustrate the changing face of India than Gurgaon, a suburb of Delhi. Ten years ago Gurgaon was a collection of muddy villages with a population of 30,000. Today it is home to more than 600,000 people, many of whom work in multinationals such as Ericsson, Pepsi, GE, Honda and Nestle, who have headquarters in the suburb.


A thicket of high-rises and cranes towers over 120 hectares of sculpted gardens and Mediterranean-style villas in Gurgaon's new neighbourhood of Nirvana Country. Prospective owners are offered an Indian dream: houses with air conditioners and Italian marble floors, with 24-hour electricity and water. Fenced off and privately guarded, the neighbourhood embodies the sanitised charm of Western suburban life.


It all comes at a cost. House prices in this part of Gurgaon start at 10 billion rupees (Bt8 billion), about 270 times the average Indian's annual income. This has done little to dampen demand. "When we last offered apartments we sold out all 250 in two hours," said Vikram Singh, sales manager with Unitech, the real estate company behind Nirvana. "On sales days it is chaos here. We cannot keep up with the buyers."


Source://nationmultimedia.com

Mukesh Ambani’s Reliance Industries (RIL) is on an aggressive land acquisition spree for its Haryana multi-product SEZ project amidst speculation in the policy corridors that land acquisitions for SEZs may be capped at 10,000 acres. According to sources, the country’s biggest corporate house has acquired close to 8,000 acres for Rs 1,600 crore which results a hike in real estate gurgaon.

However, if the government goes ahead with the policy, it will only be with prospective effect and, in all likelihood, the company would not be asked to sell off part of the acquired chunk of land, said sources. Perhaps this is one reason why RIL may have expedited the land acquisition process.

As of now, RIL is buying 60-70 acres of land from farmers everyday at an average price of Rs 20 lakh per acre. At this rate, RIL would be able to cross the 10,000-acre mark in less than two months.

When contacted by ET, a Haryana government spokesperson said, “It’s too early to comment on the issue. We will have to wait for the actual policy directives.” RIL spokesperson declined comment.

However, some industry sources feel that if the new policy is implemented mid-way, early movers such as RIL in Haryana and Unitech in West Bengal would have an unfair advantage.

“To ensure a level playing field, the policy should have prospective as well as retrospective effect. If a company already has more land than notified in the cap, it should be asked to divest,” a Delhi-based promoter of a well-known real estate and infrastructure company pointed out.

For its 25,000-acre multi-product SEZ project, RIL needs to buy 75% of the land on its own which works out to 17,500 acre. In keeping with the SEZ policy, the government would release its share of the remaining land only when RIL completes its acquisition or if the company is facing difficulty in buying land.

Meanwhile, the company has also floated a special purpose vehicle, Reliance Haryana SEZ, for the project in which the state government’s HSIIDC has 10% sweat equity.

RIL’s Rs 25,000-crore SEZ project aims at creating five lakh jobs in the state and is pegged to be a hub for manufacturing, services and agri-based industries. The project also has provisions for a cargo airport and a 2,000-mw power plant.

Source : //indiatimes.com

There are literally thousands of sellers and speculators who have laughed all the way to the bank because of a property boom in New Delhi and its two satellite towns -- Noida and Gurgaon.

The pace has been almost as brisk in many other cities in India.

In Delhi, prices have been pushed even higher by a government campaign to close shops and offices built illegally in residential neighborhoods, adding to already fierce competition for commercial property.

And a spreading underground rail network in Delhi, which will eventually reach parts of Noida and Gurgaon, has spurred property prices along existing and planned routes.

"There is also fundamental and growing demand for office and retail space because of sustained economic activity driven by software companies and branded firms," said Tanaji Chakrabarti of real estate firm Trammell Crow Meghraj.

Delhi and its suburbs are also home to fifth-ranked software services exporter HCL Technologies Ltd. and huge backoffice units of companies such as American Express Co. and Convergys that employ thousands of staff.

The $23 billion software services sector has been one of the biggest consumers of real estate along with changing shopping tastes that are favoring multi-brand malls over neighborhood mom-and-pop shops, said Chakrabarti.

Source : //boston.com