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Realty renewal formula succeeds
2007-04-30 14:54:00
Bob Dhillon wants to become the first Sikh billionaire in the world and is well on his way to achieving that goal. In just seven years, his Mainstreet Equity Corp., which is listed on the Toronto Stock Exchange, has reached a market cap of $350-million and $600- million in assets. He started with $17-million in personal assets and has expanded the company without equity dilution. Its stock has been a star performer for two years and some investment analysts say it is headed higher. Mainstreet's annual general meeting was held this week. "I started out of the trunk of my car with a cellphone," Mr. Dhillon said in an interview recently over lunch in Calgary. "Now I have 120 employees." His formula has worked very well. Mainstreet is a mid-market consolidator, buying small and tired apartment buildings across Canada, mostly in the western provinces. It now has 5,000 units in 100 locations, mostly in Western Canada. New appliances, fresh paint and other improved fixtures, better se...
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India, UAE come closer on real estate map
2007-04-24 15:49:00
The booming real estate market in India as well as the UAE is attracting a growing number of developers from the two countries to expand their footprints in the each other's domain. While Indian developers like Nahar Group and Sheth Estate Ltd are seeking presence in Dubai, UAE based firms like Sternon Group are setting up real estate projects in India. Sheth Estate is pumping 1.5 billion dirhams into Dubai's real estate market with its first two ventures - Iris Blue and Iris Bay, residential towers located within Dubai Marina. "Construction is scheduled for completion in December, and today the 23rd floor is completed, which means we are ahead of time. Now 90 per cent (125 units) of the tower has already been sold to investors and end-users," says Iris' General Manager Vimal Agrawal. At the same time, Nahar Group, one of Mumbai's leading real estate developers, has opened an office in Dubai to serve a growing clientele here, especially the NRIs. The Dubai office, besides cat...
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RBI bans further investment by FIIs under PIS in Indiabulls Real Estate Lim
2007-04-16 15:58:00
The Reserve Bank of India has today notified that no further purchases of equity shares of Indiabulls Real Estate Limited should be made on behalf of Foreign Institutional Investors (FIIs) under Portfolio Investment Scheme (PIS) through stock exchanges in India. The Reserve Bank has stated that Indiabulls Real Estate Limited has reached the limit of 24 per cent of its paid up capital. The stock closed the day at Rs.294.70, up by Rs.6.75 or 2.34%. The stock hit an intraday high of Rs.301.70 and low of Rs.288.10. The total traded quantity was 1885432 shares compared to 2 week average of 4467887. Source://equitybulls.com
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Indians ready to pay 1m-plus pound for a UK home
2007-04-11 14:56:00
The number of prosperous India ns seeking to buy high-end property in London and elsewhere in Britain is growing exponentially and most are willing to pay well over £1 million for a place under the British sun. Thanks to a growing economy and globalisation of enterprise, more and more Indian companies are opening offices in London to leverage its geographical, historical and financial advantages. This has resulted in swathes of prime property being bought by Indian entrepreneurs either for themselves or their companies. Indian businessmen now rival Chinese and Russian plutocrats in chasing prime property in London, according to leading estate agents. Joining the chase is Shilpa Shetty, winner of reality show "Celebrity Big Brother", who is reported to be buying a home in the trendy Hoxton area of north London. The record for buying the most expensive property in London so far stands in the name of Lakshmi Mittal, who bought numbers 18-19, Kensington Palace Gardens, for 57.1 milli...
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International Property Show 2007 Opens
2007-04-03 18:35:00
H.H. Sheikh Hasher Bin Maktoum Al Maktoum, Director General, Dubai Department of Information, opened today (April 3rd, 2007), the third edition of the Inter national Property Show , the biggest transactional property exhibition in the region, at the Dubai International Exhibition Centre (DIEC). International Property Show 2007, which will run from April 3 - 5, has grown by 35 per cent occupying halls 5, 6, 7, and 8 and will host 300 regional and international companies from various countries showcasing high-end property developments in the UAE and around the world. A major highlight of this year?s exhibition is the increased international participation with exhibitors coming from China, USA, UK, Cyprus, Malaysia, Turkey, Germany, India, Thailand, and Singapore to join top regional property developers from UAE, Qatar, Kuwait, Saudi Arabia, and Bahrain. Local leading property developers are highly represented with the participation of over 70 companies showcasing their latest achieveme...
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Sankalpan Group Unveils National Expansion Plans
2007-03-26 14:26:00
Driven by positive growth in the economy, real estate in India is booming. Along with the real estate market, the ancillary industries like the architectural and interior design consulting, infrastructure development and facility management are witnessing a great demand from corporate, retail and hospitality sectors. Mumbai-based Sankalpan Group , India?s foremost and fastest growing integrated realty and premium infrastructure services provider having interests in architectural design consultancy, turnkey fit-outs, infrastructure projects and commercial real estate development, has today unveiled its business expansion plan across the country. Detailing on Sankalpan?s current projects, Mr. Atin Kulkarni, Vice-Chairman said, ?Having already executed more than 600 projects across India, Sankalpan is ready for more and set to unveil innovations. We have recently bagged a $ 2 million interior fit-out turnkey project for a leading NASDAQ listed IT major. We will be designing 700 seats ...
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India roof collapse kills seven
2007-03-14 11:29:00
The roof of the building in Goregaon collapsed while construction work was taking place, and buried many of those working at the site under the rubble. All the victims were labourers, mostly from outside Mumbai. There was no indication of the cause of the collapse, although such incidents are common in India . Last month, 15 labourers died and another five were injured when the wall of a partially-built warehouse crumbled in a Mumbai suburb. India is going through a real estate boom, but there are few safety precautions for workers at construction sites, and incidents such as Wednesday's building collapse are fairly common. Source://bbc.co.uk
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DLF forms JV for life insurance biz
2007-03-09 02:33:07
Real estate giant DLF on Tuesday announced its tie-up with US-based financial player Prudential Financial, Inc (PFI) for a foray in life insurance business and said the two partners will invest about Rs 1,000 crore over the next ten years in the venture. "Under the terms of agreement, Prudential will have 26 per cent stake and the remaining 74 per cent will be held by DLF Group in the JV -- DLF Pramerica Life Insurance Company Ltd (DLF Pramerica)," said Kapil Mehta, Chief Representative, India of Prudential Financial. Pramerica is a brand name used in select countries by Prudential Financial, he said. He said the company will initially have a paid up capital of Rs 100 crore, including Rs 26 crore by Prudential. The two partners plan to scale up investment to 250 million dollars (about Rs 1,000 crore) over the next 10 years, he said. The company is applying for a licence from the Insurance Regulatory and Development Authority (IRDA), and hopes to start operations by early 2008. Mehta...
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A lotus in the garden
2007-02-27 02:30:06
As one of the few hoteliers to be conferred upon with the Padma Shri in 2007 - fourth in the hierarchy of civilian awards in India - hotelier Sushil Gupta has been recognised for his contribution in the field of social service. Praveen K Singh profiles the man and his contributions to the industry. A multifaceted personality, Padma Shri awardee Sushil Gupta is a successful hotelier, an active Rotarian, a sensitive social worker, an environmentalist and a keen golfer. Hailing from a family of freedom fighters from Amritsar, Punjab, Gupta is the managing director of Asian Hotels and owns the Hyatt Regency Hotels in India. He is also the chairman of Edenpark Hotels (Clarion Collection, The Qutab Hotel, New Delhi) and Choice Hospitality India, operating 35 properties under this brand in India, as well as the chairman of the newly-launched company Innova Hotels & Resorts, which will be developing Clarion Collections in India. A certified hotel administrator, Gupta has been actively in...
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Tata planning 1 bln dollar realty fund
2007-02-20 14:26:03
The Tata group is planning to launch a realty fund to invest up to 45 billion rupees ($1.02 billion) in the country's booming property sector, the Times of India newspaper reported on Monday. A spokesman for the group said it was drawing plans for real estate but could not immediately confirm any details. The newspaper said the real estate business would be headed by Dinesh Chandok, former chief executive of Ansal Properties. Foreign investors will also be involved in the fund, it said. India's real estate sector has seen rapid growth in recent years on the back of robust economic expansion. Global players such as Warburg Pincus, AIG, 3i and Deutsche Bank have been attracted to India after rules on foreign investment in real estate were eased in early 2005. Last week, Merrill Lynch Capital Markets Espana SA said it had bought a further 4.73 percent stake in Indian real estate developer Prajay Engineers Syndicate Ltd., raising its stake in the company to almost 8 percent. In J...
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SunCity building up image overseas
2007-02-13 14:21:02
SUNWAY City Bhd (SunCity) has big plans to build up its reputation and brand name overseas as a developer of premier properties. It has identified growth opportunities in India, China, Cambodia and Australia. ?These countries offer strong property demand fundamentals and economic growth. We will be able to value add by injecting offshore talent and creative ideas as well as providing design innovations, management and marketing expertise,? senior managing director Datuk C.K. Wong said. In the next seven to 10 years, the overseas operations are expected to contribute up to 25% to the company?s bottom line. Initially, the company will be involved in residential developments before venturing into mixed and commercial projects. To make its venture abroad, SunCity is working on developing its human capital for such expansion. ?We have recruited people who have cross-cultural sensitivity, flexibility and the appropriate business acumen to thrive in the changing business la...
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Bank in new stock move
2007-02-05 14:20:01
MACQUARIE Bank is eyeing $1 billion worth of rural properties for a new wholesale fund, which it will consider listing on the Australian Stock Exchange in five to eight years. Macquarie Pastoral will buy sheep and cattle stations, outright, in the summer dominant rainfall zone in northern Australia and the winter dominant rainfall zone in the nation's south. "We've identified opportunities of up to a value of $1 billion," Macquarie Pastoral director Tim Hornibrook told Sky News Sunday Business. Macquarie is currently hitting up institutional investors for $200,000, which it says is the minimum needed for the fund to get enough scale to generate sustainable returns. "There's been a fair degree of interest from domestic and offshore investors," said Mr Hornibrook. He said investors seeking alternative products were looking past the negatives of the drought towards specialty rural investments, which have the potential to tap increasing global demand for meat. "What you have is...
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Indian market correction looms
2007-02-01 20:16:03
ndia?s real estate and stock markets are heading for a correction, with a liquidity crunch in the banking sector likely to accelerate the trend, according to one of the country?s most influential bankers. India n stock valuations are inflated and property prices in many areas are beginning to exceed what people can afford to pay, said Deepak Parekh, chairman of Housing Development Finance Corporation, which controls India?s second largest private-sector bank. ?I?m concerned about overheating real estate prices, I?m concerned about overheating of stock markets, that some of the valuations are not justifiable,? Mr Parekh. ?The kind of returns people got in the last two to three years, they would be foolish to expect this year. The Indian story is fully priced.? This entry was posted on Monday, January 29th, 2007 at 5:13 and is filed under Capital markets. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. ...
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Gurgaon emerging as new corporate capital: Hooda
2007-01-25 08:14:01
Gurgaon is fast emerging the new corporate capital of India and can boast of having the highest number of call centres, Haryana Chief Minister Bhupinder Singh Hood a claimed here Monday.'Gurgaon has the highest number of call centres in India. It stands third, after Bangalore and Chennai, in software exports. It has already arrived as the new corporate capital of India with the presence of a large number of multinationals,' Hooda told the 79th annual general meeting of the Federation of Indian Chambers of Commerce and Industry - here.He said there were 69 proposals to set up special economic zones - in the state, envisaging a total investment of Rs.1,750 billion - - including the SEZ to be developed by the country's largest private sector corporate house Reliance Industries Ltd that is going to invest Rs.450 billion in infrastructure alone.Haryana had received investments worth Rs.Rs.100 billion since the announcement of the new industrial policy in 2005, Hooda said.Inviting entre...
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No signs of economy overheating
2007-01-25 08:14:01
State Bank of India Chairman O P Bhatt on Tuesday said there was ample liquidity in the financial system to support credit growth, and there were no signs of overheating of economy. "There is enough liquidity and there should be enough circulation so as to maintain liquidity at a desired level," he told reporters on the sidelines of a banking summit here. Bhatt said last quarter of every fiscal always witnesses high credit growth and banks are generally prepared for it. About SBI, he said with 30 per cent plus SLR, India's largest bank was comfortable with the liquidity. On slowing down of credit to booming real estate sector, the Chairman of SBI, a leading player in home loan market, noted that the credit was probably "not increasing". Bhatt nixed any suggestion of overheating of Indian economy, which has grown at a robust 8-9 per cent in the last two quarters, making it the second fastest major economy in the world. He, however, pointed out that there were some sectors wher...
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Disaster Management Vs Real Estate in India
2007-01-25 08:14:01
The India n Seismic Building Code was last revised in the year 2002 after many valuable lessons were learnt in the aftermath of the devastating Gujarat earthquake of 26Jan2001. There were many a committee set up to inquire into the lapses and suggest remedial measures; many international agencies pledged their support and the United Nations contributed both monetarily and by providing technical guidance. The Indian Seismic Code underwent a stringent upgrade so that future catastrophes could be averted. The loss of life and property was colossal and for some time the vast media coverage made one to believe that this was the "final wake up call". As time passed the memories once again proved to be short lived and the "chatpatta" Bollywood news sold more and the mundane "Earthquake Safety" which was easily ignored especially when it was asking the people to do some thing which they have never done before, "protect themselves". The Government after great deliberations benchmarked "Life S...
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2006 Buyout Wave Is Default Blowout of 2007
2007-01-25 08:14:01
The fourth-quarter explosion of so-called "leveraged buyouts" worldwide, accelerated wildly in the final weeks of the year, marked on Dec. 18 by the announcement of $87 billion "worth" of such buyouts, the fourth day in three months in which at least $75 billion in leveraged takeovers was made public. The Dec. 18 buyout splurge involved $57 billion in new debt loaded upon the takeover target companies, two of the biggest of which were immediately downgraded from investment-grade to junk-debt status in the process. And the $87 billion does not include the $30 billion merger, also announced Dec. 18, of Statoil and Hydro, two oil companies substantially controlled by the Norwegian government. With the 2006 "debt-leveraged takeover" bubble reaching $4 trillion in "market value," which is, in fact, largely just new borrowings from commercial and investment banks and hedge funds, this bubble is threatening many nations with corporate debt blowouts in 2007. Fully $500 billion or more of th...
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Haryanas industrialisation be modelled on China
2007-01-25 08:14:01
Real estate industry is the most developing field in India and Haryana is the most emerging state of the real estate india in the field of real estate industry.Haryana Chief Minister Bhupinder Singh Hooda, who during his China visit last month was impressed by the country's rapid development, has decided to model his state's industrialisation on the Chinese pattern. 'I had visited China 10-12 years ago and they had not developed much at that time and unemployment was high. But now things have changed completely. The method of their industrialisation has been quite successful,' Hooda said Wednesday. He said the policy adopted by the Chinese provinces in promoting special economic zones (SEZs) could be replicated in Haryana. Haryana, which has a success story in industrialisation in Gurgaon and Faridabad, has offered nearly 10 SEZs - including the biggest public-private collaboration SEZ between the state government and Reliance Industries Limited in Jhajjar district adj...
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Building boom puts villages in fast lane
2007-01-25 08:14:01
No electricity at daytime, no water supply and roads pockmarked with potholes — at first sight Ullawas, located about 15 km from Gurgaon, looks hardly different from any other north Indian village. But walk its dirty bylanes and you come up with an unusual, arresting sight. Cars of all shapes and sizes — Scorpios, Safaris, Sumos and Santros — are parked outside dozens of homes. Almost every house has a car. Ullawas isn’t the only Haryana village on the fast track these days. At least four other villages in the vicinity — Maidawas, Kadarpur, Tikri and Badshahpur — are abuzz with roaring engines. Village rs estimate about 70 Scorpios, 20 Safaris and more than 10 Elantras have been bought by these five villages in the past six months. "Some folks would have opted for even more expensive cars. But with so many potholes around, they prefer to buy the tougher Scorpios and Safaris,” says former sarpanch Harichand. Adds another villager from this Gu...
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Faster, bigger, cheaper India hits high-tech super-highway
2007-01-25 08:14:01
INDIA is a country consumed by its own success. Newspapers trumpet soaring share prices, speak of the soft superpower of Bollywood and report gloatingly about companies gobbling up Western rivals. 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. But the success of India's high-tech sector is still to make an impact on the lives of the 360 million people who live on less than $1.25 a day. There is little doubt the Indian economy is booming. Growth has averaged 8 per ...
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