Mumbai: Realty Company Mantri Realty is betting big on south India and plans to foray into Chennai in Tamil Nadu and Belgaum in Karnataka with high- end residential townships. “We foresee a tremendous potential in Chennai in Tamil Nadu and Beglaum is just beginning to take- off. We are very bullish on both these new

Destination, “told the Mumbai- based company’s Chairman Sunil Mantri.

The company, which has committed and investment of Rs 1, 700 crore over the next three years in the south, is already present in a big way in Karnataka and Andhra  Pradesh with a land- bank of 600 acres and 100 acres respectively. “We are also contemplating building an IT SEZ over 25 acres in on of the campuses, “ Mantri said.

                                                                                                                                                                                        E.T 31-03-2008

RIDING HIGH ON THE SURGING ECONOMIC ACTIVITY, INCREASING DISPOSABLE INCOME AND GROWING ASPIRATION FOR MODERN LIVING, LUCKNOW IS BRACING FOR BIG TIME REAL ESTATE GROWTH

Lucknow, the city of nawabi culture, which has witnessed one of the highest growth rates in per capita GDP among similar cities in the country, has today grown into a bustling metropolis. Riding high on the surging economic activity, increasing disposable income and growing aspiration for modern living, Lucknow is bracing for big time real estate growth.

The current boom in the real estate is clearly visible from the residential and commercial development spreading out of traditional areas like Hazratganj to newer, emerging growth-centres like Gomti Nagar, Janakipuram, Mahanagar and suburbs. And, additionally, real estate development has assumed significant proportions along various highways which connect Lucknow to other important destinations like Kanpur, Rai Bareilly, Sitapur, Faizabad, among others.

  This all-round real estate growth is also marked by the entry of big national players. The scale of development can be gauged from the fact that around 100 local and outside developers are active in Lucknow, and around 10,000 dwelling units and over half a dozen shopping malls are in the pipeline, besides three operational malls.

Riding the property boom, the real estate in Lucknow has witnessed substantial price appreciation in the last 3-4 years. During the last four years, land prices have gone up 100-300% while the finished products have seen 100% price-increase, from Rs 1,100 per sq ft to Rs 2,200 per sq ft. Even the government agencies like Uttar Pradesh Housing Development Board (UPHDB) have increased housing prices by over 80% in the last five years. The residential developments by private developers have seen even bigger appreciation. With the ongoing boom, the residential prices range between Rs 1,500 per sq ft and 2,700 per sq ft. The retail real estate rental value is in the range of Rs 70-180/sq ft/month while the capital value varies between Rs 6,000/sq ft and Rs 20,000/sq ft. The commercial office rental value in Lucknow is Rs 30/sq ft/month and Rs/sq ft/month.

  There are several factors responsible for propelling the boom in Lucknow. Being an educational and economic hub, Lucknow also enjoys the advantage of a capital city of a state - India's largest state (UP) to boot. It has excellent air and rail connectivity. The construction of Lucknow bypass and Lucknow-Kanpur Expressway will considerably improve its connectivity with major centres like Kanpur, Rai Bareilly, Sitapur, Sultanpur.

The city's good infrastructure will get a further fillip with central government plan outlay under Urban Renewal Mission. A number of infrastructural improvements including Metro/Monorail are planned. Arindam Kumar Bardhan, GM (Marketing), Mapsko Group, says that taking advantage of the good infrastructural development and friendly policies of land development authority, leading developers have been able to build megatownships and malls that have contributed to the transformation real estate sector in Lucknow.

  With these growth drivers, newer areas of development have emerged in Lucknow. According to Trammel Crow Meghraj, Gomati Nagar has come up in a big way for retailing, offices and residential development, while Sapru Marg, adjoining Hazratganj, is coming up well for commercial activities. Main growth corridors for office segment are along Gomati Nagar and Ashok Marg covering Malviya Marg, Rana Pratap Marg, Park Road and Sapru Marg.

                                                                                                                                        Courtesy ET Friday 14-03-08

The residential real estate scene in Lucknow has undergone marked change in the recent years with frenetic developments in city and suburban areas like Mall Avenue, Civil Lines, Hazratganj, New Hyderabad, Janakipuram, Indira Nagar and Gomati Nagar. From group housing to bungalows, villas, condominiums, penthouses, high-end luxury apartments and townships, Lucknow is witnessing a new trend in lifestyle living. According to industry estimates, as many as 10,000 housing units are under development in Lucknow.

  Real estate developers have taken the apartment culture to Lucknoow and are developing group-housing projects in the city. Today, the apartment culture has become an integral part of city's residential real estate.

Luxury living has also caught on in Lucknow, in a big way. In fact, all leading national developers now active in Lucknow are busy developing luxury apartments, including penthouses.

Besides apartments, the integrated township concept has also dawned in the city, in a big way, with many big players busy developing mega-townships. "Today, there is a good demand for quality housing in Lucknow, which boasts of excellent infrastructure, international-standard yet affordable residential developments. As such, all developers are clocking good sales. Apart from apartments, there is a huge demand for residential plots which offer a good investment opportunity", says Suryavir Singh of Sahara Group.

                                                                                                                                                                      Courtesy ET Friday 14-03-08

Speaking about commercial projects, Sandeep Goel, MD, MSX Developers Pvt Ltd, says: "In view of the growing demand for good quality commercial space by the banks, insurance and telecom companies, financial institutions and corporate houses, the commercial real estate scene in Lucknow is revving up. The commercial developments are now spreading out to new growth corridors like Gomti Nagar, Malviya Nagar, Park Road, Mahanagar - and not just that, more and more Agrade office buildings are being developed."

However, R Mahendra, a leading real estate consultant specializing in corporate leasing blames lopsided policies of government agencies, which have been neglecting good commercial office developments at the cost of massive residential development. "For commercial office properties, the demand far exceeds supply, as good, legally sound properties are difficult to get," he says.

  Retail 

The retail scene in Lucknow that has been largely unorganized and confined to locations like Hazratganj, Janpath, Aminabad and Kaporthala has undergone a transformation with the emergence of mall-culture, leading to organized retailing. While Hazratganj continues to be a top high-street of Lucknow, places like Gomti Nagar and Saharaganj have emerged as the new hotspots for shopping malls.

  Avneesh Sood, director, Eros Group is upbeat about the prospects of shopping malls. "The success of existing malls has proved that there is a huge scope for retail development with major brands expected to take a plunge," he says.

  The two premier government agencies - Uttar Pradesh Housing Development Board (UPHDB) and Lucknow Development Authority (LDA) are contributing significantly to the growth of real estate and infrastructure in Lucknow. Lucknow has traditionally been an end-user driven healthy real estate market with realistic pricing and realistic appreciation.

Suryavir Singh believes that the future has a positive outlook and prices will hold ground: "Though, with slow down, the spiraling rise in property prices has been arrested, yet the prices will not go down as the market is not overheated. Today, with stationary demand and investors withdrawing slowly, I see a moderate 10-15% product-related price hike."

                                                                                                                                                                                              Courtesy ET Friday 14-03-08

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2008 is going to be a successful year for Indian Real Estate Industry. According to industry body Assocham the Real Estate sector saw a 30-35 per cent 2007 growth in retail and 40-45 per cent in real estate sectors respectively. Predictions are that the boom will continue even in 2008.

The following figures were revealed in a report issued by Assocham. Organised and unorganised retail sizes in 2007 has been estimated at US$300 billion which is likely to grow to US$365 billion in 2008 and will further reach the size of US$440 billion by 2010. “Out of (India´s) retail industry, worth over US$300 billion, the organised retail segment is less than 5 per cent which works out to be slightly more than US$16 billion,” said Assocham President Venugopal Dhoot.

Also to be noticed are the growth rate fugures of 2007, in the year, the retail sector ended up with a growth of 25-28 per cent whereas the real estate industry saw a growth of 35-38 per cent, according to report. As predicted by Assocham, the organised retail segment should witness an additional investment of US$25-28 billion by 2008 and in 2010 the investment size would be around US$70 billion.

Organised retailers occupied a space of one million sq ft in 2002, which shot up to nearly 14 million sq ft in 2007. “In 2008, the space occupation in the organised retail sector is likely to be 16 million sq ft as retailers like Reliance, Plaza, DLF and even Aditya Birla Group will witness their major expansion drives in the retail sector,” said Mr Dhoot.

With respect to the real estate sector, the market-size is estimated at US$15 billion which has been growing at a pace of 35-38 per cent in the last couple of years and is likely to touch US$90 billion by 2015. As a result, huge investments are coming into the sector.

The year 2007 has been a record- breaking year for the Indian Real Estate Industry. The entire year witnessed immense boom in the sector overcoming all the predictions of possible realty doom.

Some of the stupendous real estate deals of the year included the sale of a 7,107 sq metre plot at the Bandra Kurla Complex belonging to the Mumbai Metropolitan Region Development Authority (MMRDA) for an astounding Rs 5.04 lakh per sqm, the highest bid for land anywhere in the country.

Also an apartment at Nariman Point attracting a Rs 97,842 per sq ft bid from a UK-based NRI proved to be an all-time high of sorts, besides reinforcing the popular sentiment that Mumbai holds the beacon on the real estate front.

The 9,178-acre township project ‘New Bangalore City’ at Bidadi, which realty major DLF bagged in consortium with the Dubai-based Limitless, turned out to be the highest and the single largest realty investment in the country so far. The project is expected to generate over Rs 50,000-crore value.

Not to forget the he realty score in the capital market. The market was on a high with the initial public offering of DLF raking in a record Rs 9,625 crore. A stunning number of township projects (totalling 210) were announced during the year, though some analysts say acreage was given the go by in the estimation.

IT sector was one of the major grosser with large volumes generated in IT office space. The residential segment too was closely IT-driven and reported robust growth. Non-IT commercial space too kept pace, more in line with the overall economic growth.

The year also saw a rising demand for quality manpower, and the salaries of civil engineers soared as also the need for their services.

Developers were on a roll, announcing plans to build in the next few years what they had been planning to build since their inception

Life Insurance Corporation of India (LIC), the largest insurance firm of the country revealed its plans to consolidate its real estate portfolio across the country. In an advertisement the company said that Expression of interest is being invited from professional consultancy organizations for consolidating our real estate portfolio.

The consultancy involves feasibility study, including techno-economic viability assessment of expected growth potential, and investment opportunities in sectors such as commercial, housing and retail for fresh acquisition, it said.

LIC is also planning to develop existing vacant plots and redevelop old properties besides making fresh acquisitions of land. The Insurance Firm is interested in acquiring properties in tier I and tier II cities for own use and for investment purposes. For development of unencumbered plots at places such as Kolkata, Jaipur, Chennai, Kanpur and Ahmedabad, some new locations might be added in future, the advertisement said. LIC had ventured into real estate business in 2005, in a bid to get more returns from its properties.

The last date for submission of bids is 25 January. LIC, which was formed in 1956 with the Union government contributing the capital, had valuation surplus of Rs15,127 crore for the year ended 2006-07. The state-run insurer has more than 2,040 branches and offices in Fiji, Mauritius and the UK.

With world-class expressways coming up and big industries setting up base their in the area, Palwal is all set to witness a massive industrial and residential boom in the times ahead. Here's an overview to the growth patterns

The national capital region might have become the zone of high-power investments but the Tier-II towns have increasingly become the focus areas of the housing sector. Real estate experts point out that a slight decrease in the real estate market in NCR is also due to the fact that investments and development have been scattered beyond NCR. And, Tier-II towns have massively taken away the share of investment from the NCR - the latest being Palwal, in Haryana.

HUDA has also shown keen interest in developing small Haryana towns. Realising the potential of Palwal, it had recently awarded the construction work of the 135 kmlong KMP Expressway around Palwal to D S Constructions, the company which built the Dhaula Kuan-Gurgaon Expressway. This KMP Expressway will touch Manesar, before terminating at Kundli, NH-1 (G T Road). The expressway is slated for completion by 2009. Another Eastern Peripheral Expressway is underway, which will connect Palwal to Kalindi bypass.

Rohtas Goel, CMD-Omaxe, says: "Palwal has a great potential for real estate development. It enjoys its own natural advantages. It is a key Haryana town situated on the strategic Delhi-Agra Highway, which also has a heavy tourist flow. The town is surrounded by some of the most significant expressways like KMP and Eastern Peripheral. Once completed, the town will also enjoy proximity with the Greater Noida airport. The future of Palwal is bright in every respect. There are also a lot of potential buyers for the projects. Then there is that added advantage offered by Faridabad City."

An Industrial Model Town (IMP) is also being developed by the Haryana State Industrial Development Corporation (HSIDC) where industries have started coming up.

Says Sameer Gogia, a local property consultant: "Rapid industrialisation is taking place in Palwal. As a result, there has been a sharp demand for housing here. Local industrialists prefer to stay here. Within the next four years, the area will witness a massive industrial and residential boom. The nearly fivelakh strong town is bound to attract heavy population influx in the times to come."

And most importantly, the Delhi Metro Rail Corporation (DMRC) has cleared the proposal of a metro line to Ballabgarh and land has already been acquired by HUDA for the purpose.

The area will further be beautified with the private mode of development. A world-class integrated township on over 150 acres is currently under construction by real estate major Omaxe, on the Delhi-Agra National Highway-2. The township named 'Omaxe City' will be a complete township within itself, having provisions for hospitals, commercial centres, clubs, nursery-, primary-, middle-, senior-secondary schools and other basic facilities. The real articulation of development is in the construction of a five star hotel by the SRS group on NH-2, about 14 km from Palwal towards Faridabad. The hotel is said to be the first one in the country to have its own helipad.

Anil Jindal of SRS Group says: "A lot of domestic and foreign tourists travel on the Delhi-Agra Highway. But, there are no good hotels in between. There was a need to offer a luxury hotel for the tourists." According to Jindal, the nearly 15-acres-hotel site is being developed in three phases. In the first phase, 5 acres is being undertaken and would be completed by 2010 Commonwealth Games.

Local dealers say that with giants like Omaxe stepping into private housing, other developers are likely to follow suit. Already, Piyush and Era have come up in the area.

Courtesy: ET, dtd: 09^th Nov. 2007

The once sleepy town of Gurgaon in Haryana has witnessed a real estate boom since the late 90's following liberalization of the Indian economy. Gurgaon, like Pune, Chennai, Hyderabad and Bangalore, attracts IT professionals in droves. Their salaries are comparable to the best in the world. The high disposable income in the hands of employees of the booming service sector in Gurgaon has led to tremendous spurt in demand for properties in Gurgaon both for commercial and residential use.

With a space crunch in national capital Delhi, MNCs plump for nearby Gurgaon and many have made it their corporate headquarters in the country, as it is just 10 km from the Indira Gandhi International airport.

Property in Gurgaon values have skyrocketed over the past decade due to this burgeoning demand. As a result, Gurgaon properties have drawn huge investments both from inland and overseas. The influx of funds has transformed this one-time village into a hi-tech city with multistoried malls and skyscrapers dotting the landscape.

The proposed expressway to Jaipur, metro rail connection to Delhi and the special economic zone to be developed by Reliance Industries has made Gurgaon apartments treasured possessions for builders and owners alike with the rush for bookings still on. All these have contributed to increased construction activity in Gurgaon properties.

Property in Gurgaon also attracts high rental values. Many residents of posh South Delhi areas buy apartments in Gurgaon while some have already shifted lock, stock and barrel there to escape Delhi's congestion and pollution. Those who sell apartments in Gurgaon these days get much higher returns than in the case of flats in other areas of the national capital region.

So, Gurgaon property owners are set to witness happy times. However, to keep the cash registers ringing, the city authorities will have to do their bit to check the rising crime graph and improve the power scenario.