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Tuesday, November 27, 2007

Pride Group of Hotels approaches the West Bengal government for two acres of land in and around Kolkata to set up a 250-room five-star busines hotel

The Pride Group, which has interests in real estate and finance, presently has 500-odd rooms under its umbrella. The group's long-term strategy is to take the total number of room to 1,150 in key cities by the end of 2010-2011.

The Pride group already runs five-star properties in Pune, Ahmedabad, Chennai and Nagpur.

Pride's fifth property is under construction in Bangaluru.

Pride Group is also planning to set up properties in Goa, Hyderabad and Mumbai.

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The Pride Group has received a significant equity investment from Kotak India Real Estate Fund, towards part financing a Rs 350 crore expansion-cum-renovation plan.

Speaking of the ambitious expansion plans, Mr. S P Jain, Chairman, The Pride Group said: “With this key investment from the Kotak Realty Fund, we are now close to finalizing the sources of funds for our expansion plans."

:Pride group to have footprints in the east: Joy Roy Choudhury: Express Hospitality.

:Pride Living Room on Flickr: Pics_Marc's photos.

Sunday, November 18, 2007

Goa, a foretaste of ruin in paradise?

Sailesh, who always drives us around when we are in Goa, may or may not know much about climate change. But he does know only too well what is happening to his native Goa, of which the extraordinary heat and rain are only the symptoms. They’re chopping down all the trees to build more and more houses; that’s making the weather change, he said. One day all the trees will have gone; what’ll it be like then, what’ll we do? He asks of no one in particular.

His fears are only too well founded. Spurred by non-Goan speculators, rapacious property developers are swamping Goa’s green fields and forests with a lava flow of brick and concrete.Estates, apartment blocks, garish ‘luxury’ villas sprout like venomous mushrooms.

I thought of these, and of what Sailesh had said, and the morning pao and pui were somehow different. They seemed to leave a bitter aftertaste, like a promise broken, a pledge dishonoured. A foretaste of ruin in paradise?

read more | digg story

Flickr: fredericknoronha's photos

Saturday, November 17, 2007

Harshad Talera revolutionizing the hospitality business in Pune and India

Harshad Talera’s Smart Inn is a budget hotel high on IQ; a unique concept with those on the move looking for low cost hospitality. The idea is an outcome of over five decades of experience, which the Talera Group has in the hospitality industry and Harshad’s extensive research at Cornell University. Unlike conventional hotels Smart Inn is........

read more | digg story

Friday, November 16, 2007

Goel Ganga Developments, Pune, has planned townships in Kharadi and Mohammadwadi under the new township policy of the Maharashtra government

"The township in Kharadi is spread over 30 acres while the one in Mohammadwadi is of 32 acres.

Both the projects will be executed as per the rules and guidelines of the new township policy.

The work on the projects is expected to begin in six months," said Chetan Patel, director, Mahanagar Constructions, a partner in the township projects.

Subhash Goel, chairman, Goel Ganga Developments, said the group plans to complete the projects in four-five years.

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Apart from luxurious residential apartments, the two townships will have shopping malls, multiplexes and five-star hotels.

Thursday, November 8, 2007

Indian corporate real estate developer, RMZ Corp, has announced plans of entering the hospitality industry by early next year

According to Sonali Lalvani, RMZ's marketing head, discussions are on with leading hospitality brands for developing the properties. RMZ Corp will be investing US$ 2.5 billion to develop the 60 million square feet of real estate, of which 2.1 million square feet will be for the hospitality segment.

"In the next five years, we plan to develop a 60 million square feet spread of commercial space. This will include office space, which will contribute to 45 per cent of the total development. We also plan to develop space for the retail, residential and hospitality sectors." said Sonali Lalvani.

In the last five years since its inception in 2002, the company has developed over 13 million square feet of office space across Bangalore, Chennai, Hyderabad, Kolkata and Pune. "We have plans of entering tier II cities and are looking at Cochin, Mangalore, Mysore, Nagpur and Coimbatore for developing commercial space," said Lalvani.

In its latest venture, RMZ Corp has developed a 65,000 square feet retail complex, catering to both the corporate offices located at RMZ Infinity as well as outsiders.

Flickr: Shantanu's photos.

Wednesday, November 7, 2007

The initial public offering (IPO) of Pune-based realty major Kolte Patil Developers has been priced in a band of Rs 125 to Rs 145 per share

The issue opens on November 19 and closes on November 22.

The Kolte Patil Developers Ltd. will offer 1.9 crore equity shares of Rs 10 each. The total issue will comprise around 25.25% of the company's post-issue paid up capital.

The funds raised will be used to finance land acquisition, construction and development costs for some of the proposed projects.

The lead managers to the issue are DSP Merrill Lynch and Edelweiss Capital.
Business Standard.

No land for Videocon SEZ: Sharad Pawar

Sharad Pawar, NCP chief and Union agriculture minister, on Tuesday announced that the government would not acquire even one acre of land for the proposed special economic zone (SEZ) of Videocon on the outskirts of Pune. A direct fallout of this announcement is that the Videocon group’s proposed SEZ may now have to be scrapped.

read more | digg story

Tuesday, November 6, 2007

Vigorous land acquisitions by the Maharashtra Industrial Development Corporation (MIDC) and private industry in Pune

The state government’s industrial infrastructure development arm is looking to create a land bank of between 10,000-20,000 hectares in the two cities, Pune and Nashik.

MIDC is looking to acquire land for which notifications have been issued at Ranjangaon, Talegaon, Chakan, Karla and Khed.

The state government is believed to have received 1800 applications for the Chakan industrial area, 1100 for Ranjangaon and 600 for Talegaon.

The land bank with the MIDC, Pune region, is close to being exhausted and it is facing problems in acquiring new land.
:Nashik to be next real estate destination: Jayashree Bhosale: The Economic Times.

Flickr: Photos from emilyfaith.

Tier II, III cities to provide better job opportunities: ASSOCHAM

Real estate players like Parsvnath, DLF, Emmar, Unitech, Omaxe are already flooded with their housing units at the northern region like Lucknow, Bhiwadi, Jaipur, Hapur, Haridwar, Rishikesh, Sonepat, Panipat etc. The realty trend in Tier I cities have reached almost at a saturation point. he Tier II cities recorded a yield gap of 10.5 to 11.5%.

read more | digg story

Amanora Park Town, Hadapsar: 400-acre model township for Pune

Amanora Park Town, located at Hadapsar, is spread over 400 acres and will be a self containing property having schools, college, state-of-the art hospital, restaurants, sports, shopping arcades and entertainment centres—all within walking distance. The township will offers 24x7 power supply, abundant water supply (no need to hire water tankers!)

read more | digg story

Saturday, November 3, 2007

If Urban Land Ceiling Act is scraped more than 25,000 acres of land in Pune and Pimpri-Chinchwad will be released, leading to fall in property prices

The real estate players in Pune — reaping benefits of the booming market — are now going all-out to ensure that the State government postpones the decision to scrap ULC.

The Central government has made it mandatory for all states to abolish the Act if they want funds from the ambitious Jawaharlal Nehru National Urban Mission (JNNURM) for development of the city. The State government is sitting on the resolution since last few sessions.

Related Stories:

1) ULC repeal delay favours big players

2) Who is afraid of Urban Land Ceiling and Regulation Act ?