Hooray! DS Kulkarni ends agreement with the Foreign Direct Investor, GTC Cyprus

But DSK hasn't cancelled the Fursungi SEZ.... Yet!

On July 3, 2008, DS Kulkarni Developers Ltd (DSKDL) and GTC Cyprus, a Kardan Group company, has signed an agreement to develop jointly a 250 acres multi-Service special economic zone (SEZ) project in Fursungi Pune through a 50:50 joint venture.

According to Sumit Arora, Vice President-Strategic Planning and Business Development, DS Kulkarni Developers, SEZ has almost 19 million square feet land. Which has been valued at almost Rs 800 crore. Whereas DSK's acquisition cost is only around Rs 350 crore.

According to the news in Business Standard, DSK has terminated his agreement with GTC Cyprus.

However, DSK plans to continue with the development of the proposed SEZ!

Reading this news was a great relief to me. I was little bit worried since i came to know that "global money is flooding into India at the rate of $1 billion a week" on Swaminomics.

Swaminathan S Anklesaria Aiyar's comment on this "flooding" was more frightening. Swaminathan says,

"If sustained, this will be the mother of all financial stimuli, eclipsing the finance minister's budgetary endeavors."

"If shady real estate companies can attract money, anybody can!"

While describing how "flood of $1 billion a week" is changing the sentiments, Swaminathan says,

"Suddenly real estate companies that were almost insolvent and could not attract either loans or equity have been able to place almost $2 billion with qualified institutional investors."

Moral of the story: If shady real estate companies can attract money, anybody can!

Shady or Not Shady, when real estate company in Pune gets foreign funding, we all know, how property rates go up in Pune real estate market! Before the launch of Blue Ridge Hinjewadi, property rates in Wakad, Pimple Saudagar were around Rs. 2,300 - 2,500 per sq.ft. Pre-launch property rate of Blue Ridge Hinjewadi was only Rs. 2,700 per sq.ft. What happened after the launch is a history!

Point is, cancellation of an agreement between Pune builder and his foreign direct investor is a good news for Pune property buyer. What say you?

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Overseas funding to boost real estate

The second economic stimulus package announced by the government has some good news for the troubled real estate sector.

The fund-starved sector would be now permitted to tap the external commercial borrowing route to raise money, subject to the Reserve Bank of India approval, provided the money is used for the development of integrated townships. (For example..Paranjape Schemes' Blue Ridge, Kumar Properties' Megapolis, Magarpatta's Nanded City Pune, Amanora Park Town)

There would also be a dialogue between the central and state governments to release more land for the low and middle income housing.

Coupled with these, the RBI's easing monetary stance, signalling a lower interest rate regime, also is good news for the beleaguered sector.
To read more, please, visit - The Times of India

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To know more about Tanaji Malusare City at Karjat, please, visit their website www.tmcity.in

Milind, Rekha and all who called me - this is for you:

From the moment i posted the blog Tanaji Malusare City, 100 acre low cost housing scheme near Karjat, to offer 10,000 flats at Rs. 999 per sq.ft. all of you are calling me to ask "how to book a flat in Tanaji Malusare City? At last, i found their website www.tmcity.in, which gives enough details about the project and answers most of the questions.

My builder readers are also curious to know the details of the project. "How is it possible?" means "Is it financially viable?" means "Is it that profitable?" they want to know!

Karjat:

Website tells you about the Karjat - an extended suburb of Mumbai and Navi Mumbai.
1) Importance of Karjat as a railway terminus.
2) How trance-harbor link between Sewari - Mumbai and Navi Mumbai is going to make Karjat more attractive location.
3) How infrastructure developments in Raigad districts - Reliance SEZ, Navi Mumbai SEZ, new international airport at Panvel makes Tanaji Malusare City very attractive investment destination.

Next What?...... Daund?

What is the ideal location for an affordable housing for Pune?

Fringe villages, Ambegaon, Wagholi and Fursungi are out of question. Thanks to Amit's Bloomfield, Kumar Properties' Park Infinia and Bhandari Associates and Harmony's Savannath! Here property rates are already in the range of Rs. 2,200 per sq.ft. to Rs.4,000 (!)

We can not think of Loni. Because Magarpatta City is launching a township project there. Experience of Nanded City Pune tells us that integrated townships financed by Farmer's Direct Investment are as expensive as Blue Ridge and Megapolis, townships financed by foreign direct investment. And more expensive than Pune and Pimpri Chinchwad Municipal Corporation. Means if you want to live in India, Indian knowledge workers should live in Indian City or village or better he should shift to Silicon Vally!

So what's next? One of my builder friend said "Daund!" "Chale ga?" he asked in Hindi. I said "Daund! Daude ga!!" What do you think? Is Daund good location for an affordable housing? Please, let me know in the comments. I find it an ideal location. As good as Karjat!

To know more about an affordable housing in and around Pune:

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In the next couple of months Glomac is launching it's 12-hectare mixed development township in Pune

On its overseas ventures,Datuk Fateh Iskandar Mohamed Mansor, Glomac Bhd group managing director said, it was still undertaking a due diligence exercise on a proposed 12-hectare mixed development township in Pune, India, which is estimated to have a gross development value of RM750 million.

“Hopefully, it (the due diligence) will be finished in the next couple of months; if everything is okay, we (?) hope to make announcement then,” he said.

Glomac posted a net profit of RM32.19 million on the back of revenue totalling RM293.26 million in FY07.

Glomac traces its corporate history back to 1988, when the two entrepreneurs and founders of the group, Tan Sri Dato' FD Mansor and Datuk Richard Fong, joined forces to start Glomac.

The company started on a modest scale with the development of Taman Jasa Utama in Selayang in 1988 and has since expanded significantly to become a group comprising more than 30 subsidiaries, with involvement in every facet of the real estate business encompassing property development, property investment, construction, and property management. Despite this seeming diversity in business activity, Glomac remains focused solely on the property industry, leveraging on its experience and expertise in the sector.

To date, Glomac has successfully completed more than 9,000 residential and commercial units with a total sales value of around RM2 billion, as well as approximately 5 million square feet of commercial space with total a sales value of about RM1billion.

Glomac Berhad was listed on the Main Board of Bursa Malaysia Securities Berhad on 13 June, 2000. This has propelled the Group even further in terms of its capabilities and resources. The Group now undertakes not just more projects but bigger and more ambitious ones too.theedgedaily.com

Related Story:

1. Hines and DLF Announce Joint Venture to Develop Major Office Tower Within Master-Planned, Mixed-Use Complex in Gurgaon

2. "Pune can absorb up to $2-3 billion in Foreign Direct Investment annually" Lalit Kumar Jain, president, Promoters and Builders’ Association of Pune

pune real estate

Tags: vascon engineers, investing in Indian real estate market, Indian real estate, Indian real estate market, foreign direct investment in Pune real estate market, Indian joint ventures with international real estate developers,

"Pune can absorb up to $2-3 billion in Foreign Direct Investment annually" Lalit Kumar Jain, president, Promoters and Builders’ Association of Pune

However, according to the president of PBAP, not all 400 members of his organization have the skill sets required to execute such projects, so that only 10 members have been able to attract under $1 billion investment from abroad.

Who are 'attractive' developers?

1.Runwal Housing:

“FDI is our strategy for growth: most of our growth over the next few years will be through FDI. We have ongoing talks with an overseas partner for Rs 200-crore FDI in our first large project, an integrated township at Hadapsar, which we will announce by October,” Sanjay Runwal.

2. City Group:

Future group has invested $45 million (Rs 180 crore) in City Group’s Rs 850 crore Amanora Market City, through its offshore fund Horizon Realty LLC.

3. Paranjape Schemes:

Rs 250 crore invested by the IndiaReit Offshore Fund of the Ajay Piramal group, in which the UK-based 3i is invested.

4. D S Kulkarni:

The Rs 16,000-crore proposed township-cum-SEZ project is spread over 400 acres at Fursungi, on the city’s eastern edge city and a memorandum of understanding for a Rs 1,000 crore joint venture has been signed.

5. Vascon Engineers:

Credit Suisse’s real estate investment arm has invested in a hotel-office-residential block

6. Panchshil Realty:

IREO Fund’s investment in SEZ

7. Gera Developments:

Citigroup Property Investment picking up an equal stake in a high-end housing complex.

FDI norms:the project should have a minimum size of 50,000 sq mt for a commercial project and 25 acres for a residential and a minium investment of $5 million with a three-year lock in.

Related Stories

1. Indian real estate to get $6 bn in FDI

2. Mutual funds wary about realty

3. Investing in India

4. Encroachments at Ramnadi pulled down

5. FDI: Farmers' Direct Investment

pune real estate

"How long do you think this boom will last? Is it here to stay?" Mihir Sambhus

Mihir is not the only one who wants to know! We all have our own opinions and ideas about real estate boom in Pune. Today, on the occasion of an Independence Day let us not debate over it. Let us have a look at how we all are enjoying our freedom. "Within an hour or so, I had captured more than 50/60 banners!" writes Mihir Sambhus in his blog "Mihir's Thoughts". Thanks Mihir! Big players are now coming to our tire three city, FDI and REIT and private funds are also keen to invest in Pune. Who knows, who will rule the market tomorrow? Let us enjoy this Independence!

Created with Admarket's flickrSLiDR.

Tags: pune, pune real estate, real estate boom, Independence Day, FDI, REIT, mihir sambhus, flickr, hoardings, baner, balewadi, tire three city in India

Tata Consultancy and Tata Realty sign MOU for developing properties in Pune, Nagpur, Kolkata, Hydrabad, and other cities in India

Information technology Tata Consultancy Services on Friday said Tata Realty And Infrastructure Ltd (TRIL), engaged in development of real estate and infrastructural facilities, will develop its properties.

TCS have entered into a Memorandum of Understanding (MoU) with TRIL for developing properties for the IT company on land owned or to be owned by it.

The MoU covers eight properties located at Pune, Trivandrum, Kochi, Ahmedabad, Hyderabad, Kolkata, Nagpur and Mangalore about 380 acres acquired or to be acquired by TCS, the company said in a statement to the Bombay Stock Exchange.

Under the MoU, properties would be developed in a phased manner over the next few years. The buildings would be constructed and owned by TRIL (or by Special Purpose Vehicles set up by TRIL) and would be leased to TCS.

TCS and TRIL are both promoted by and subsidiaries of Tata Sons Ltd.

Related Blogs

Tatas to develop land of group companies

Tata plans to develop excess land owned by various group companies through the recently-floated $1-billion real estate fund under the Tata Realty and Infrastructure. The group believes the exercise will help it “unlock intrinsic value” for the benefit of the shareholders of its various group firms.(Real Estate Intelligence)

Tata group to set up $1 billion Indian realty and infrastructure fund

Mumbai, India, February 19, 2007 - Leading Indian industrial group Tata is to set up a new company Tata Realty & Infrastructure with a corpus of $1 billion to invest in real estate in the country:INRnews

Tatas jump into realty race...

Tata Realty and Infrastructure, which will make investments in various infrastructure and development projects. The arm is known to have modeled on the lines of Kishore Biyani, promoted Future Group’s Kshitij, says a source familiar with the plan, who did not wish to be identified.

RK Krishna Kumar, Tata Sons director is driving the initiative. Kumar has brought on board Dinesh Chandiok, the former CEO of Ansal Properties to head Tata Realty. KPMG, International Consultancy firm is also making contributions in drawing out the working strategies for the Tata’s real estate business.(Indian Realty News)

Tata Realty into "Merchant Airport"

Singapore’s Changi Airports International has started work with local partner Tata Realty and Infrastructure Ltd on its search for viable locations for "Merchant Airport".

Merchant airports are expected to allow up to 100% foreign ownership; investors could even be foreign airport companies or airlines.

Merchant airports would cater to domestic and international passenger traffic apart from meeting cargo requirements of industry and retail chains. The policy on greenfield airports allows private developers but the land is to be acquired by the state government.(Aviation India)

Tata Realty and Jafza International join hands

Jafza International is the global operations arm of Economic Zones World. Jafza International currently manages seven mega facilities in four countries and has 20 different projects at various stages of development. With the Tata partnership, the company is planning to expand its operations in India.(Real Estate India)

Tata Realty's Nashik SEZ

The Tata group may have to rework plans of setting up a special economic zone (SEZ) in Maharashtra, following the Centre’s recent policy intervention. The Tatas were on the verge of finalising its second SEZ at Sinnar near Nashik.(Nashik Real Estate)

Negotiations for funds

Sources in Tata Sons say that the group is in advanced negotiations with a clutch of financial investors like PE funds Carlyle and Warburg Pincus, who are keen to chip in as co-investors. Talks are also in the last leg with Macquarie Bank, Citigroup and a consortium of Japanese banks.(Chennai Real Estate Property)

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Fishman sees opportunity in India properties

Developers are seeking creative solutions for coping with falling property yields and rising interest rates. A solution being taken by many developers is to enter riskier markets, such as India and Russia, which have become the hot-ticket items of the day.
At a conference on “Building Trends in the Real Estate Market,” held by Maalot The Israel Rating Company Ltd. and the Chaim Katzman Gazit-Globe Real Estate Institute at Tel Aviv University, Eliezer Fishman said, “In India, land is expensive, but construction is cheap.”
Fishman Holdings is active in India through subsidiaries Mondon Investments Ltd.
“India has a shortage of 23 million housing units,” Fishman said that for historical reason relating to land ownership in India, the critical factor for a project was the purchase of land. “The price per sq.m. is almost the same between different regions, but the yields are another matter altogether. It’s therefore critical to choose the area where you’ll get the highest yield. Once you’ve bought the land, there’s no problem in obtaining financing for a project,” he said. Globes [online] - Fishman sees opportunity in Russia and India properties

Indian real estate

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SunCity enters India

Its sheer size and growth prospects make India's property market attractive to many foreign developers, including those from Malaysia, who want a share of the growing pie.
According to SunCity managing director (property development) Ngian Siew Siong, the company plans to focus on tier-two cities where prices have not gone through the roof, and new entrants would be able to make good profit margins.
Ngian said the company hoped to find the right joint venture partners for its Bangalore and Pune ventures within the next one year.SunCity enters India

Pune real estate

real estate Indian real estate market Bangalore Sunway City Bhd\'s (SunCity) Malaysia Hyderabad CLSA Asia Pacific foreign direct investment in Indian real estate Keppel Land Capitaland Emaar Group special economic zones(SEZ) vasthu principles (or Indian feng shui) ravi karandeekar

FDI: Farmers' Direct Investment

IT is a township that is attempting to redefine the FDI acronym. It is not about foreign direct investment rather it should be read as ‘Farmers’ Direct Investment’ — making farmers stakeholders instead of getting into conflict with them over land acquisition seems to be the maxim of this model.

That is how Satish Magar, one of the chief promoters of the successful Magarpatta Township Development and Construction Company (MTDCC), wants it to be seen. The Magarpatta model, where farmers pooled their land to promote the Magarpatta City project, is being replicated again in the district.

Magarpatta to be replicated in Nanded

Related Story

"Pune can absorb up to $2-3 billion in Foreign Direct Investment annually"...

pune real estate

Housing Demand to Increase in China and India, Study Says

Demand for housing in China and India will increase as more people move to urban areas and incomes grow, according to a University of California, Berkeley study.....Bloomberg.com: India

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Investing in India

India presents extraordinary real estate opportunities for astute foreign investors. Deep market knowledge, development-process familiarity, steely nerves, patience and higher-than-usual risk tolerance may be essential to realizing the gains—and providing the benefits—that Indian real estate is uniquely positioned to deliver..... WEB FEATURE: Investing in India

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investment foreign direct investment in India foreign direct investment economic growth in India infrastructure development in India Pune real estate Dorothy Alpert ravi karandeekar

Realty firms plan trusts to list in Singapore

As REITs (real estate investment trusts) are yet to take shape in India, about a half a dozen realty firms have started the spadework for listing REIT-like vehicles on the Singapore Stock Exchange (SGX).

Banking on the easing of listing norms by the SGX two months ago, the Bangalore-based developer Embassy group, Ascendas, provider of business space solutions in Asia, and the Delhi-based DLF and Unitech are planning to list their fund structures, which mainly include REITs, on the SGX....Realty firms plan trusts to list in Singapore

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Indian real estate market Indian real estate news real estate investment trust, REIT Singapore Stock Exchange (SGX) Indian real estate developers Embassy group Ascendas DLF DLF IPO DLF Assests Unitech New Delhi Bangalore Mapletree Investments, Singapore Temasek Holdings special economic zones Idian IT industry news 2007 Indian real estate investments taxable income mutual fund Indian mutual fund stocks Indian stock markets foreign direct investment South East Asia China Singapore Hong Kong Australia KPMG Nayantara Rai Raghavendra Kamath ravi karandeekar

PE investors step up India fund monitoring

Institutions and wealthy individuals who invest in private equity (PE) funds, known as limited partners (LPs), are stepping into a more active role to monitor the investments flow even as concerns that the Indian PE market might be overheating are growing.

US and UK-based LPs, who have started allocating fresh funds for investment in India, want to be closer to the ground to ensure that the money is invested in the right opportunities and at the right valuations. Several LPs have discreetly set up base in Mumbai and New Delhi in recent months to directly monitor the activities of their investee fund.........PE investors step up India fund monitoring - livemint

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foreign direct investment in India global investor private equity (PE) funds limited partners (LPs) Limited partners, UK Limited partners, USA Harvard Business School (HBS), Stanford University HabourVest Partners Pantheon Ventures Coller Capital Capvent Europe ChrysCapital India Advisors emerging market fund raising Indian real estate market foreign direct investment in Inda private investment in public entities (PIPEs) listed company venture capital Pune ravi karandeekar

‘Private equity capital shares the developer’s risk’

Indiareit Fund, a real estate venture capital fund promoted by the Piramal group, has a corpus of $100 million. It is also adviser to Indiareit Offshore Fund which has a corpus of $200 million. Recently, Indiareit Fund invested Rs 250 crore in Paranjape Schemes (Construction)’s 138-acre township in Pune. In an interview to our correspondent, Ramesh Jogani, CEO & MD, Indiareit Fund spoke about the opportunities and challenges before real estate funds in India.‘Private equity capital shares the developer’s risk’

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Smaller realtors take exit route

MUMBAI: Liquidity crunch in the real estate market is driving many small-time developers to look around for a cover. Many want to liquidate their land or incomplete projects by selling them to larger developers or private equity players even on reduced valuations. What is forcing them to take this drastic step is the stagnant market, where property rates are showing signs of a major correction, said industry sources.

“I am sitting on, at least, five-six such proposals. Some deals are at an advanced stage. The small-time developers are mainly offering land that they had acquired earlier,” Pradeep Jain, chairman of Parsvnath Developers, told ET...........Smaller realtors take exit route-Commercial-Real Estate-Markets-The Economic Times

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M`rashtra to get $ 200 mn FDI in realty

The Maharashtra government�s industrial infrastructure arm MIDC will jointly develop an integrated township with a New York-based realty firm Vorando Reality Trust at Hinjewadi on the outskirts of Pune.

Hinjewadi is known for housing some of well known IT companies like Infosys, Wipro, Oracle, IBM and others. Voreando will invest $200 million on the township which will be developed over the next five yearsM`rashtra to get $ 200 mn FDI in realty

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Mutual funds wary about realty

The global funds are gung-ho about the prospects of India�s real estate sector and have committed billions of dollars, but the Indian mutual funds are treading cautiously. The fund managers are concerned about �overstretched and unjustified� valuations of real-estate stocks and are quietly reducing their exposure to them.

�The fund managers are not investing in companies whose business models are purely dependent on residential and commercial properties. Valuation was always a concern with this sector. Attempts were made in the past to bring in transparency, but questions about the future value of the landbanks and the logic applied to derive such value, still remain,� said a top fund manager with a leading domestic mutual fund, which recently shed its real estate exposure. He also admitted that fears of a real estate bubble negatively impacted the plans of fund houses to invest in real estate firms.........Mutual funds wary about realty

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investment India real estate market India real estate news real estate investments real estate investments in India global investment funds foreign direct investments foreign direct investment in India Indian mutual fund industry real estate stocks residential property commercial property DLF IPO India real estate bubble ABN Amro Mutual Fund DBS Cholamandalam IPO Housing Development and Infrastructure Omaxe IVR Urban Prime Kolte Patil SBI Mutual Fund Pune real estate news ravi karandeekar

Environmental norms for builders to be eased soon -- The Economic Times

NEW DELHI: The government is in the process of framing easier environment clearance guidelines for builders that could significantly cut down the time needed for getting plans approved.

According to the new norms, a single-window system for environment clearances will replace the existing complicated system where developers need to have separate clearances from the state and the Centre. This could enable builders to get their building plans approved within two-three months instead of the existing time span of up to two years.......Environmental norms for builders to be eased soon-Policy-Economy-News-The Economic Times

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Global property investment at a turning point

LONDON (Reuters) - Global real estate investment is still buoyant but a few cracks are starting to show as higher borrowing costs begin to bite, making 2007 a pivotal year after an extended bull run in property prices.

Future trends will be a key theme for top executives from the world's property industry at the Reuters Real Estate Summit, which is being held in London, New York and Singapore on June 25-27..............Global property investment at a turning point

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