Omaxe expects Rs 120 cr from commercial complex in Punjab

News Posted - 2010-05-01

Real estate firm Omaxe today said it would develop an office-cum-shopping complex in Punjab and expects a sales revenue of Rs 120 crore over the next two and a half years.

The company today launched 'India Trade Tower', arguably the tallest commercial edifice of Punjab in Mullapur (near Chandigarh), Omaxe said in a statement.

The complex, which is a part of a proposed 26 acre global business park -- international hotel and business hub, would be spreading over a total area of 2.45 lakh sq ft.

"India Trade Tower with a realisation value of approx Rs 120 crore is slated to be completed within two and half years from the commencement of construction," the company said.

"The project will bring in tremendous scope for hospitality business, trade promotion and will usher the development of quality real estate in the area," Omaxe Chairman and Managing Director Rohtas Goel said.

Omaxe at present has 53 projects under execution and planning. Among these 21 are integrated townships, 21 group housing projects, nine shopping malls and commercial complexes, and two hotels. There are seven on-going infrastructure and contracting projects.
Source:BS 5/5/10

Omaxe To Begin Rs 65cr AIIMS Project Next Month

Real estate development and construction company, Omaxe has got a Rs 64.8 crore contract for building the All India Institute of Medical Sciences (AIIMS), at Rishikesh, Uttarakhand. The company's Chairman and Managing Director, Mr Rohtas Goel said the project would start next month. He said the company's order book stood at Rs 825 crore. Also, he plans to add Rs 200-crore order for Omaxe Infra in FY11. "We intend to raise Rs 800 crore but will wait for conductive market conditions," he added.

Source:19 April 2010

ICICI Banks Re-launches It Teaser Home Loan Rates To Attract Buyers

In a move to attract property buyers, ICICI Bank has re-launched its special home loan plan, also called teaser rates. "Mortgages continue to be a focus area for ICICI Bank. We offer competitive rates in the market and currently the rates are 8.25 per cent for first year, 9 per cent for the second year and the existing floating rate thereafter," said a spokesperson of ICICI Bank. The scheme will continue till April-end, the spokesperson added.

Source:23 April 2010 The Hindu

Indai - An emerging real estate destination

The years 2008-09 have been tough for the real estate industry with the economic recession in full swing. But 2010 seems to have started on a positive note. The economy is showing positive signs of growth which spells good times ahead for the real estate industry. The last few months have witnessed tremendous activity with top builders coming up with state-of-the-art projects.
The return of normalcy in the real estate industry indicates the return of good times for the country as well. The Indian real estate sector, which is playing a significant role in the country’s economy, has witnessed rapid growth during the last few years. Today, the real estate sector is second only to agriculture in terms of employment generation and contributes heavily towards the gross domestic product (GDP). It has been estimated that almost five per cent of the country’s GDP is contributed to by the housing sector. In the next five years, this contribution to the GDP is expected to rise to 6 per cent.
The residential sector dominates the real estate scene in India. Nearly 80 per cent of real estate developed in India is residential space. The rest comprises of offices, shopping malls, hotels and hospitals. Apart from the huge demand, India also scores on the construction front. It has been estimated that the average profit from construction in India is 18 per cent, which is double the profitability for a construction project undertaken in the US.
A growing population, high purchasing power and attractive loans being offered by the banks are just some of the factors that are fuelling the growth of the real estate sector in India.
It is much easier to afford a house now compared to a few years ago. Today, a consumer can get attractive loans at affordable rates from banks. Further, with rise in the population in the region, the demand for residential real estate has shot up.
Major cities and towns are being developed to accommodate the rising population and hence leading developers are undertaking projects to meet the increasing demand.
Further, the economy of India is also growing at a rapid pace. This has led to more work opportunities and the disposable incomes of people have also increased. This has lead to an increased demand for real estate. Today, people are not buying property only for residential or commercial purposes but for investment purpose as well. Even global investors are putting in large amounts of money in the region because of the high ROI.
In a bid to attract foreign investment the Government is taking various initiatives and reforms to boost up the existing infrastructure. Wider roads, better water and waste management, new bridges and fly overs, are some of the efforts being made in various parts of the country to fasten the development process, thereby attracting global investment.
The current scenario of growing retail sector has further shot the demand of real estate, thereby raising the commercial property prices. Changing lifestyles, increased consumerism have led to the development of numerous malls, specialty malls, multiplexes and retail showrooms. This is a common phenomena, that can be seen in cities and towns in the Northern part of the country.

Source: Business Standard

Unitech Decides To Go For Share Swap

The board of Unitech has announced its plan to go for a 1:1 share swap. According to sources, the company has made this move to demerge its subsidiary Unitech Infra. Last year, the firm was one of the recession hit companies in India. Its share price had come down to as low as Rs. 25 at the time of the global economic crisis. But with recovery in the economy, it has been able to introduce some of its new projects and now has decided to go for a share swap with its subsidiary company Unitech Infra. The parent company will focus on its core business of building and selling properties. The promoters are going to hold 35% or about 1,408 million of equity shares of Unitech Infra and rest of the shares will be held by the public.

Source:22 April 2010