In the Real World – The Week that was

From: Berinder Sahni
Date: Fri, May 3, 2013 at 6:06 PM
Subject: In the Real World – The Week that was

Key News

· The Sahara Group has acquired a 25-acre plot in Bangalore’s information technology hub Whitefield, originally owned by BPL, for Rs 149 crore, and plans to build offices and a hotel there

· Honeywell Technology Solutions (HTS) is taking up a million sqft of office space in Bangalore, At 48 per sqft, HTS will pay an annual rental of close to Rs 58 crore for the office space in RMZ’s special economic zone, RMZ Ecoworld

· Valmark launches $23M domestic realty fund, may invest in Indya Estate’s Bangalore project

· Indiareit will be directly developing residential real estate properties in Bangalore, signaling risk capital’s intention to move away from being just third-party investors. Planning monetising land parcels in Hyderabad where it invested about Rs 250 crore

· Taj GVK Hotels and Resorts Ltd will invest Rs 110.25 crore to build a five-star property near Mumbai international airport as it focuses on setting up hotels in the vicinity of the country’s biggest airports

· Walt Disney is leasing out 1.25 lakh square feet in Solitaire Corporate Park in Andheri (East) at about Rs 150 per square feet per month

· Infosys chairman emeritus N R Narayana Murthy’s family is understood to have acquired a 14-acre land parcel close to Narayana Hurdayalaya on Hosur Road. Approx. value of the deal Rs 70 crore for the 14-acres or roughly Rs 5 crore per acre

· K Raheja Corp Group, which is buying out the entire stake held by London’s AIM-listed group associate firm Ishaan Real Estate Plc in various real estate properties in India, for around £70.3 million ($107.3 million), has amended the agreement to allow for withholding tax on the transaction

· Inox Leisure’s negotiations to buy Fun Cinemas fall through

· 18 real estate companies under scanner for forgeries

· A Russian company has shown keen interest in setting up an exclusive SEZ in Odisha for producing titanium. The project entails an investment of around $2.1 billion, and is likely to be located at Chhatrapur, Odisha

· The Maharashtra Area and Housing Development Authority (MHADA) has announced its lottery for 1,259 affordable houses spread across the city

· Indiabulls Real Estate’s sales bookings rose by 51 percent to Rs 3,002 crore during the last fiscal, while the annual rental income grew by 37 percent

· MMRF Realty and Infrastructure announced the launch of its first two residential projects in Chennai — Sai Enclave, strategically located at Arasankazhani near OMR and Vista Oceana, Padur

· SRS Group inaugurates 2.25-lakh sq ft SRS tower

Source: Compilation of news articles from various publications

Warm Regards

Berinder Sahni CFA MRICS

Director

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