Property Headlines, Ansal, DMRC Rentals, Growth in IT Sector & Real Estate Sector

News Posted - 2010-02-10

Parsvnath Expects Rs 300 cr From DMRC Rentals
Parsvnath Developers is looking to receive rental income of Rs 300 crore from its Delhi Metro Rail Corp (DMRC) projects in the coming years. The realtor had entered into a contract with the DMRC to build 13 shopping malls/ complexes at metro stations and has already completed seven projects comprising lease-able area of 0.39 million sq ft. It has already finished projects in Akshardham and Azadpur and is in the process of leasing retail space in five more stations. Source:1/2/10 DNA

Growth In IT Sector Can Facilitate Growth In leasing retail space
Strange but true - the recovery of the information technology (IT) industry is having positive effects on the real estate sector. With all major infotech companies back in hiring mode, there has been a rise in the commercial real estate activity. "We have witnessed an increase in the number of enquiries from the IT sector this quarter (ending March). This is primarily due to the expansion these firms are doing in terms of hiring more manpower. We have seen a demand for office space in the range of 25,000-30,000 sq ft from the IT sector and this is definitely going to increase in the next couple of months," DLF Group Executive Director Mr Rajeev Talwar said. For Mr Santosh Kumar, CEO (operations) at leading property consultant Jones Lang LeSalle Meghraj, it is the recovery of the US economy that has encouraged IT companies to start looking at India again for expansion. Source: 3/2/10 Business Standard.

Ansal API To Dilute Project Stakes To Accelerate Development
Ansal API, a Delhi-based real estate firm, is looking at raising funds by diluting its stakes at project levels to complete its housing and commercial projects at the earliest. Recently, the company got valuation of its land bank done by a renowed international property consultant. Consequently, the valuation of its land bank as on October 31, 2009, has been pegged at Rs 5,000 crore (post tax). The land bank includes around 25 projects spread across National Capital Region, out of which 12 are being developed through joint ventures.

Source 2/2/10 The Financial Express