Millennium Spire Enters Indian Realty

Millennium Spire Limited, an “Alternative Strategies Fund” under the U.K.-based Millennium Global umbrella, on Thursday announced its foray into the Indian real estate sector unveiling its maiden platform for developments in the Indian market, Spire World, a platform that would drive development of mainstream green projects of Millennium Spire in the country.

The unveiling of ‘Spire World’ also marked the launch of the company’s first “Mainstream Green” project in India, Spire Edge, a sprawling 1.6 million square feet of scalable eco-office complex with an energy saving capacity of up to 30%, costing Rs. 400 crore. It is a 50:50 joint venture between Millennium Spire and A. N. Buildwell, a company with over 25 years of experience in real estate development. The project would be located in the emerging IT hotspot, IMT Manesar along the Delhi-Jaipur highway.

Ashish Bhalla, Managing Director, Millennium Spire said Spire Edge offered a never before commercial advantage bringing better sense and viability to any office project. The uniqueness of the project is the design and infrastructural superiority.

2 Comments

  1. Aps Randhawa
    Posted August 29, 2008 at 11:32 pm | Permalink

    A major push to the real estate sector has also come from the expanding retail sector. With organised retailing currently accounting for only 2 or 3% of the market, there is untapped potential for high quality shopping mal development. According to a recent Assocham report, India’s retail sector is expected to grow at 7% to 280 billion dollars by 2010-11 from the present 200 billion dollars. This is likely to give way to a sizeable number of retail construction projects.
    The pace of change in the retail sector is likely to accelerate as foreign investment in retailing has been liberalized. In 2006, 51% FDI in “single brand” retail outlets was allowed. Increasingly, organized retailing will focus on smaller cities (of over 1 million population), which are still largely unexploited.
    Retail companies are also targeting the 300 million-strong Indian middle class, situated largely in tier 2 and 3 cities, as is evident from the number of shopping malls, multiplexes mushrooming here.
    Several companies are making a foray into the retail sector. Reliance Industries Ltd. has floated Reliance Retail Limited with an equity investment of Rs. 10,000 crore Transaction analysis for foreign direct investment.
    The Indian Retail market is witnessing a real revolution in terms of Growth and Development. With the entry of many large Foreign and Indian players into the Retail Indian trade, things are certainly hotting up and the consumer can look forward to having a much wider choice and greater ease in shopping. The Traditional market are fast loosing their shine, making way for new formats such as departmental stores. Malls are coming up not just in the metros but also in second–running cities, introducing the Indian Consumer to a shopping experience like never before. Even without FDI, Indian Retail is still growing and growing at an enviable rate.
    Given the potential fo the Indian Market, Investment will devise its own way to flow in. If the front end is banned, it will enter through the back end. Rising incomes, increased per capital spending, rapid urbanisation and improvements in infrastructure are enlarging consumer markets and accelerating the convergence of consumer tastes. Over 200 malls with a combined retail space of 2.5 cr sq. are sprouting across the country at an investment of Rs. 12,500 cr, eight times of Rs 1,500 cr invested till last year. And further Malls are estimated to become a Rs. 38447 cr sector by 2010. Major Gaints like Bharti,ITC, Reliance, Tata, Rahejas, Pantaloon, Subiksha, Goenka (spencers) Walmart, Piramals, Adani Group, Next, Birla Group, are infusing staggering amounts of capital in the Indian Retail Industry.

  2. Posted September 1, 2008 at 4:51 am | Permalink

    India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com

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