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Global property consultants set up shop in Gujarat
Written by Administrator Saturday, 28 January 2012 23:15
AHMEDABAD: Global property consultants are making an official footprint in Gujarat. International real estate services firms are setting up offices in the state considering its progressive business environment.
Ray White, one of Australia's largest real estate groups for residential, commercial and rural property, is all set to make its foray in Gujarat next month. The company plans to set up 25 offices across the state at the end of 2012.
Gulshan Nayyar, master franchisor, Ray White India, said: "Looking at the need for making available market information, we are opening three offices in Gujarat in February. As real estate is a booming market in Gujarat, we aim to open 25 franchise offices at the end of 2012."
Los Angeles-based real estate services firm CB Richard Ellis has also opened its office in Ahmedabad last week.
A report - Indian Real Estate Transparency Index 2011 - released by Jones Lang LaSalle (JLL) India rates Gujarat fourth among the top states in terms of transparency in real estate and fifth in terms of a progressive business environment. The report says that markets with higher levels of transparency benefit from reduced information asymmetry, attract foreign investment and provide adequate property rights to owners.
The report further says that although international property consultants have low presence in Gujarat, they have started opening their offices counting on the promise of a brighter economic future. This should increase availability of market information in the state.
Manan Choksi, regional owner of RE/MAX Gujarat and Maharashtra, said, "At present, market information is not readily available in Gujarat due to lack of reported transactions. In other cities like Bangalore and Mumbai, the deals are reported in an organized manner due to involvement of multinational companies. The Gujarat government had introduced jantri rates to remove this discrepancy but that too had to be rolled back. RE/MAX Gujarat, which set up its first office in Gujarat two years ago, is part of US-based RE/MAX.
International property consultants also help multinationals use them as the entry points into states like Gujarat. Nirav Kothary, regional director (Gujarat) of Jones Lang LaSalle India, which set up shop in Gujarat in 2009, said, "Property markets across the country are thriving on lack of transparency. A lot of transactions take place in cash which contribute to lack of transparency. The presence of global consultants in the state will help bring in more multinational companies, which are their usual clientele."
BOX: As per the JLL report, Gujarat is leading in efficiency in city planning and approvals process, administrative and structural reforms and urban reforms for inclusive and sustainable development. However, the state is lagging behind in availability of market information and environmental sustainability.
Times Property Expo begins today
If you are looking for property this weekend, the Times Property Expo at The Grand Bhagwati is the ideal destination. Beginning from Saturday from 10 am to 7 pm, the two-day Expo has a wide range of properties on show. Be it about availing loans to buy or renovate property, getting good deals, or being the beneficiary to impressive residential features, the Expo promises to offer the best value for your money. It is a must visit exhibition for individual and institutional investors, property buyers, asset managers, real estate fund managers, deal makers, corporate property managers and agents. Rush to The Grand Bhagwati today and tomorrow, and get the home of your choice. tnn
Acquired property may be returned
Written by Administrator Saturday, 28 January 2012 23:15
MUMBAI: Scores of individuals and families in the suburbs whose properties, now valued at several hundred crores, were acquired by the government under the Urban Land Ceiling Act in the early 1970s have some hope of getting them back.
An NGO, the Mool East Indian Sanghatna Trust, has a list of properties and is trying to get them back to their rightful owners after getting details under a RTI request. Activist priest Fr Michael Gonsalves has asked civic action groups to help people recover their properties which had been acquired under theAct which was scrapped in 2007.
IMC to auction defaulters’ plots
Written by Administrator Saturday, 28 January 2012 23:13
Indore: Time for persuasion seems to be over for many defaulters, who have not paid property tax to the Indore Municipal Corporation (IMC) despite repeated efforts over the last three years.
The corporation, for the first time in its history, has set out to auction the plots because the owners have not paid the property tax. Initially, 17 plots have been identified for auction. Process has begun to obtain offer rate from collector office to auction plots. Auctioning may take place next week. According to highly placed sources, these plots are situated in Saket, Bilawali and Scheme no 54. IMC has divided entire city in five rate zones to determine price of the plot.
IMC has identified around 40,000 properties which will be attached and subsequently auctioned to recover pending dues. Pdrocess will be initiated next week. Offset amount will be decided from the collector office. IMC officials said the revenue department has decided to identify five plots in every zone for auctioning. Revenue in-charge Chandu Shinde said in first phase two properties in every zone will be attached.
Indore has around 3.8 lakh properties. Out of these, only 1.3 lakh owners have paid their taxes till now. This, despite the fact that IMC has been imposing a surcharge of 15% on pending tax after December 31.
The civic body has prepared a list of around one lakh people who have not paid property tax for more than three years. Officials said that they will act against all the defaulters. This is the first list and not the final one. As per the IMC rules, in case of open plot, its price is decided on the basis of size. The colony in which the open plot is located is identified. Taking into account prevailing rates in the area, rent of open plot of that ward or block of the ward is worked out.
Barely 5% pay property tax to Indore civic body
Written by Administrator Saturday, 28 January 2012 23:12
Indore: Barely five percent of the property owners pay property tax to the Indore Municipal Corporation. “Appalled” by this startling fact, Lokayukta Justice PP Naolekar on Tuesday asked civic body officers to seize and auction properties of the defaulters to recover dues.
IMC officials, who met Justice Naolekar during his visit to Indore, informed him that out of 3.83 lakh taxpayers, they were able to collect tax from 6500 property owners in 2010-11
“I was appalled. The Indore (municipal) corporation had collected just Rs 12 crore as tax from around 6500 property owners and failed to collect tax from over 1.8 lakh defaulters, who have not been paying property tax for more than three years,” Naolekar told DNA.
In fact, the anti-corruption agency is setting a precedent in India by asking all other municipal corporations in Madhya Pradesh to widen tax net and recover outstanding dues promptly. Thus, a not only government babu, the usual suspects, any defaulter of the property tax to the civic body is under the Lokayukta radar.
Naolekar instructed the IMC officials to make public names of the people who fail to pay taxes and initiate action against defaulters by seizing and auctioning their properties. The Lokayuka asked the IMC to submit a monthly progress report of their actions.
“I have tried to include all the civic corporations in Madhya Pradesh (under the campaign),” Naolekar said. It is not possible to include all local bodies at one go but this will be a beginning, he added.
The Lokayukta was surprised at the staggering amount of dues owed to the corporations across the state by the taxpayers. “If the total money is recovered, the corporations will never feel any financial crunch,” he averred.
Sources close to Lokayukta told DNA that similar plan is being prepared for corporations in Gwalior, Bhopal and Jabalpur, who too would face the heat soon.
On whether the anti-corruption body could monitor the civic corporations, agency’s legal advisors are of the view that the relevant act empowers the Lokayukta to ensure that lapses in government’s revenue generation are plugged.
GINGER HOTELS, NOW IN INDORE
Written by Administrator Monday, 10 January 2011 19:08
Online PR News – 23-December-2010 –Ginger Hotels, a range of 3-star economy hotels from the house of Tatas, has opened its doors in Indore. Ginger Indore, 25th in the Ginger Hotel chain, primarily addresses the needs of value-conscious business travellers to Indore, and comes with all the facilities provided by a Ginger Hotel.
Present at the launch, Mr. Prabhat Pani, Chief Executive Officer & Director, Roots Corporation Ltd. said, “It gives us immense pleasure to unveil GINGER, Indore. The launch of the first Ginger property in Madhya Pradesh is a significant milestone for us and will enable us to cater to this important business hub that is a nerve centre of the growing economy of the state.”
For the value-conscious business traveller, Ginger Indore offers 95 smart spaced rooms, a digital safe zone to keep your valuable safe in a state-of-the-art security system, Gymnasium, Net Zone for net surfing, Laundry service, pick-up and drop facility from the Railway station, Airport and Bus Stand etc. The multi-cuisine restaurant, The Square Meal, is available for guests with a selection of Indian and foreign specialties.
Ginger Indore has a Meeting Room which seats 10-15 people and a Conference Room with a seating capacity of 35-40 people. The Meeting and Conference rooms are well-equipped with WiFi connectivity and audio visual equipment to provide a complete business experience.
For bookings at Ginger Indore, log on to www.gingerhotels.com or send requests through the Facebook page http://www.facebook.com/stayatginger or Twitter @stayatginger.
Sumer Group identifies Indore as a key growth market; launches elite township project – Sumer Saffron Homes
Written by Administrator Monday, 10 January 2011 19:08
Company expands its geographical presence in tier 2 markets; Group to invest in projects across Indore, Goa, Pune, Bangalore, Alibaug, Pawna and Gujarat
Mumbai, 27th December, 2010: Mumbai’s renowned premium real estate developer Sumer Group today announced its first project in a tier 2 market – Indore in partnership with Indore’s well know Gorani Group. After building a wave of curiosity in Indore with their campaign – Indore goes saffron, the Group launched its elite township project ‘Sumer Saffron Homes’TM Located in the heart of the city on Kesar Bagh Road near the RTO office, ’Sumer Saffron Homes’TM aims to provide world class homes which have been thoughtfully designed after deep customer insight of the local market. Spread across an area of approximately 11acres, the project will have 11 high rise towers with more than 550 units of apartments and 12 townhouses with private landscaped podium level gardens.
Sumer Saffron Homes is a first of its kind residential project in Indore that provides customer’s a new standard of residential living that has hitherto never been available. With top-notch amenities, smart design, innovative technologies and high-end comforts, Sumer Saffron Homes will usher in a new era of lifestyle living. The entire project is based on the Saffron themes, which is synonymous with health, wealth and joy as well as inspiring positive vibes, social tranquility.
Commenting on the launch of the project, Mr. Rahul Shah, Director – Sumer Group said, “We are proud to announce the launch of our elite township project – Sumer Saffron HomesTM in Indore and invite the people of Indore to come and see for themselves what we are planning to build. We believe in Innovative and bold designs and the ‘Indore Goes Saffron’ campaign which painted the town in Saffron represents this intent of ours. Amongst the many Saffron features, the project has five anchor features represented as the Saffron Promise, namely ‘Saffron Safety’ in the form of buildings that are built to resist nature’s wrath like high winds or an earth quake, ‘Saffron Harmony’ represented by Indore’s largest podium garden that is almost the size of two football fields, ‘Saffron Privacy’ - the thoughtfully designed enclosed private swimming pool for women which ensures that the women in our homes too can enjoy the pleasures of a soothing swimming pool in private, ‘Saffron Care’ – represented in the form of internal walls with your apartment having no sharp edges so as to take care of your child’s safety and ‘Saffron Luxury’ represented by high end fixtures within your apartment including German bath fittings and rain showers’.
Mr. Narendra Gorani and Sanjay Gorani, the joint development partners for Sumer Saffron HomesTM and a successful Industrialist from Indore said “This is a dream project for us and is very close to our heart. The people of Indore are tired of ‘Me too’ products and hence it is our endeavour to offer a world class residential product to the city of Indore”. Sumer Saffron HomesTM has been designed after a lot of thought from Sumer group and external real estate advisors such as Knight Frank, Skyline Architects and U.N Kamath from Mumbai. The team put together by Sumer Group from Mumbai will hence truly bring a revolutionary product to this city. The Sumer Group believes in showing prospective buyers a tangible product to help them decide and hence have chosen to open their sale only after the sample apartment is ready along with hectic construction activity that is already in progress in the first phase of five towers. The township focuses on ten dimensions of Saffron Line namely – The Saffron Environment, The Saffron Privacy, The Saffron Care, The Saffron Luxury, The Saffron Safety, The Saffron Club, The Saffron Convenience, The Saffron Address, The Saffron Buds and The Saffron Terraces. Largest podium in Indore – Aura Safran, a separate covered pool for women, walls with curved edges for safety, world class German fittings, earthquake resistant structure, private terraces, club house that includes Gymnasium, spa, community hall etc, recreation center for kids, an area of comfort zone and located centrally in Indore all factor a worthwhile experience at Sumer Saffron Homes that pamper in a way that will change lifestyle.”
Sumer Saffron Homes comprise of more than 550 units with 2 / 2.5 / 3 / 4 BHK apartments and 12 townhouses across 11 high rise towers. Other than the anchor Saffron Features, the project also has planned for the Saffrani Circle – The club house, Saffron Buds – Children’s play area and ample open walking tracks, gardens and swimming pool. Knight Frank, the international property consultants are the advisors to Saffron Homes project. Some of the renowned projects by Sumer Group in Mumbai are - Meadow, Sahar Plaza, Wind Fall, Sumer Chambers, Sumer Plaza (Corporate Parks), Sumer Heights, Sumer Park, Sumer Saraswati and Sumer Towers (Residences) and Sumer Saffron Homes which is poised to be a monument in the heart of Indore.
Parsvnath's Township Project Gets Completion Certificate; Stock Climbs 5%
Written by Administrator Monday, 10 January 2011 19:06
Integrated infrastructure developer Parsvnath Developers today said it has received the completion certificate for its 62-acre integrated development project in township Parsvnath City, Indore.
The property is strategically located on AB road by pass. The total township sprawls over 177 acres, out of which the company has received the completion certificate for 62 acres.
"With the receipt of the completion certificate our customers can start construction on the plots that they own," Pradeep Jain, Chairman, Parsvnath Developers, said. Besides, the company is developing a 100-acre township in the city of Ujjain.
Shares of Parsvnath are currently trading up over 5% at Rs.57.30 on the Bombay Stock Exchange.
Parsvnath get completion certificate for Indore project
Written by Administrator Monday, 10 January 2011 19:05
Parsvnath Developers (PDL), integrated infrastructure developer with pan India presence having a diversified portfolio announced the receipt of completion certificate of 62 acres of integrated development on its integrated township ` Parsvnath (Q,N,C,F)* City,` Indore.
The property is strategically located an AB Road by pass.
Commenting on the occasion, Pradeep Jain, Chairman, Parsvnath Developers, said,``With the receipt of the completion certificate our customers can start construction on the plots that they own. Apart from this we are also developing a 100 acres township in the city of Ujjain.``
Shares of the company gained Rs 3.35, or 6.15%, to trade at Rs 57.85. The total volume of shares traded was 220,277 at the BSE (1.02 p.m., Friday).
LIC of India takes foray in realty sector and it would undertake commercial and residential realty projects in the country at various places. Life Insurance Corporation of India is the second largest real estate asset holder after Railways, states T S Vijayan, the Chairman of LIC.
We are pleased to share
with you the details of our forth coming launch - " Palm Terraces -
Select " in "The Palm Drive", situated on Golf Course
Extension Road, Sector-66, Gurgaon, being developed by EmaarMGF -
India's premier real estate and infrastructure development company. Palm Terraces - Select, are ultra luxury
residences at The Palm Drive a group housing development with mid rise
structures (G+9 to G+12) comprising of 4 Bedrooms apartments and 5
Bedrooms duplex pent houses featuring the highest design standards,
quality amenities & high end features to name a few - Kindly refer to the attachments which include
E-brochure, Payment Plan and Client Detail Form (Application form to be
available by coming week). Attached please complete details viz. master
plan, layout, floor plan, specification, pricing & payment plan of”
Palm Terraces – Select”
-Mid rise Development
-Efficient floors plans,
-Two Apartments per floor served by two dedicated high speed elevators,
-Top Floor with Exclusive Terrace Gardens,
-VRV Air-conditioning,
-Heated Indoor Pool,
-Bowling Alley and much more..
Add on to the platter is attractive Subvention Scheme, where customer
initially pays only 15% of the Sale Price + 100% EDC/ IDC. (Balance
amount will follow through bank loan) & there is no EMI /interest to
be paid by the customer till December 2012. EmaarMGF to pay Pre EMI
interest till December, 2012.
* Basic Price = RS. 6250/- per sq. ft. inaugural discount is Rs. 500/-
per sq. ft. = Rs.5750/- per sq. ft. Less On time payment rebate 5% of
BSP(~ Rs. 287/- psf,) const.linked plan =
Effective Basic Sales price = 5463 per sq.ft
• Payment to be made by Demand Draft(s)/Pay Order(s)/Banker’s Cheque(s)
only drawn in favour of “EMAAR MGF Land Ltd. A/c Palm Terraces Select”
payable at New Delhi.
We shall be glad to assist you in any further queries / clarifications that you may require at any point of time.
Come & be a part of privileged few….
For more details please visit www.sanaassociates.com or mail us at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
or call us at +91- 9560196013 / 9910750427.
Regards,
P. Mukherjee.
9560196013
9910750427.
...........
SANA Associates
(Licence No. 50/Collector/G/PD/2010)
HO: H 16/6, DLF City Phase 1,
Gurgaon - 122002, Haryana
Tele: 0124 – 4102644
Godrej Properties (GPL) plans to convert its information technology (IT) special economic zone (SEZ) project in Hyderabad into a residential one. GPL had bought over 34 acres in Hyderabad in 2006 to set up an SEZ, keeping in view the then boom in the IT sector.
“SEZs are no more lucrative following the slowdown in the IT sector and some government regulations. We are looking at converting our Hyderabad SEZ project into a residential one, most likely catering to the mid-market segment. We will not focus on SEZs as of now,” said Adi Godrej, chairman, Godrej Properties
Real estate firm SVP Group today said it would invest Rs 140 crore to develop a group housing project at Ghaziabad in Uttar Pradesh. The company would construct 600 housing units in the project ‘Krishna Garden’ spread over six acres of land at Raj Nagar Extension in Ghaziabad, SVP Group said in a statement.
New Delhi, India, November 05, 2007 - Parsvnath Developers Ltd has announced Parsvnath SEZ Ltd (PSL), a subsidiary of the Company has signed a MoU with the Government of Madhya Pradesh to provide facilities and incentives at the 76 acres SEZ being developed, by the Company at Indore.
Bangalore-based Century Real Estate has announced the launch of its new project christened ‘Century Paradise’ in Bangalore. Located off Bannerghatta Road, with proximity to the Indian Institute of Management, Bangalore, this project, its new offering in affordable housing segment, is a testimony to the company’s design excellence and superior planning capabilities, according to a company press release.
