India Real Estate Monitor » Punjab

Mondon’s Indian Partner Goes Bankrupt

Pakhi Kshitij — Tue, 06 Jul 2010 17:07:34 +0000

Photo by bartmaguireIn a recent development the local partner of Mondon Investment Ltd. went bankrupt. Following the event Indian banks initiated a foreclosure proceeding against Fishman Holding’s Indian development arm project.

They were to construct a mall in Ludhiana, Punjab.

The project company ended up in violation of their financial covenants to banks after Mondon’s partner violated their covenants financially.

The loan was not repaid by the end of May through the joint venture as a result of which bank had to open up legal procedures.

Mondon plans to take legal action against its partner on the account of breach of contract for damage to the firm because of the joint venture.

They had bought 121-hectare site for the mall for NIS 26 million two years back.

IREO to invest 500 million dollars

rajani — Sat, 11 Jul 2009 04:05:05 +0000

Photo by thinkpanamaGlobal real estate giant IREO will invest 500 million dollars in various infrastructure projects in India.
IREO is already one of the largest investors in the country’s real estate sector. The company currently has thirteen projects and is in the process of constructing an IT SEZ in Pune. The company has projects in many states including Haryana, Punjab, Tamil Nadu, Maharashtra and Delhi. The company said it would develop an eight million square feet housing project in the next one year.

Ambuja Realty plans to spread

rajani — Tue, 13 Jan 2009 07:21:37 +0000

Ambuja Realty will move ahead with the strategy to broaden its horizons into real estate, hospitality, life care and education at the period of economic slowdown.
Mr. Harshavardhan Neotia, chairman of Ambuja Realty, said that the company had not deferred any projects. He said, “We are expanding in all business areas”. Since its inception couple of year ago after the Neotia family sold its stake in Gujarat Ambuja to Holcim, the company has invested twelve hundred crore rupees in projects, with real estate being the main aim.
In the early 90’s, the Neotias had made their foray into housing through Bengal Ambuja Housing Development Ltd in a joint venture with the Bengal Housing Board.
Currently, Ambuja is working on the projects in Chhattisgarh, Punjab and Maharashtra.
In Bengal, it is engaged with its projects in Siliguri, Calcutta and Shantiniketan. The company is engaged in various retail projects in Bengal and Chhattisgarh under the City Center brand. It is building two IT parks — Ecospace in Rajarhat and one more in Nagpur.
Ambuja Realty is also expanding in the hospitality segment. The company wants to build hotels and manage them, too. “You have to start somewhere. We have gained some experience running the fort after the Radisson agreement ended,” Neotia said.

Leading Real Estate Company Line Up For Affordable Housing In Punjab

rajani — Fri, 13 Jun 2008 12:20:48 +0000

Leading real estate players together with DLF, Parsvnath, Omaxe, TDI, Ansals and Unitech have shown interest in joining hands with the Punjab government in its bid to provide ‘reasonable houses costing not more than One lakh rupees each’ in the state.
Real estate and infrastructure players who attended a conference with Punjab chief minister Parkash Singh Badal on 12th June to come out with ‘real plans for houses for all scheme. The meeting were attended by several top level management members of Companies like Ambuja cement, Ansal API, DLF and many other.
Badal in the meeting said that the state government’s will give its proper support to the corporate sector for a joint bid to provide every poor and needy person a roof over his head in the state. The real estate developers had come together for the interactive meeting organized by National Real Estate Development Council (NAREDCO).
The chief minister pronounced the creation of a separate ‘state shelter fund’ to be used completely for the construction of economically weaker section (EWS) houses by the Punjab Urban Planning and Development Authority (PUDA). All urban development authorities will contribute fifty percent of the license fee collection to the fund. Having an interaction with the stakeholders in coordination with NARDECO prior to freezing the policy on ‘affordable housing for all’, Badal listed a no. of path breaking actions taken in the housing and urban development.

Munjal Family Ready For Real Estate Business

rajani — Thu, 10 Apr 2008 12:07:11 +0000

NEW DELHI: The Munjal family, known for the two-wheeler business, is planning for real estate business. After announcing a tieup with the world’s largest commercial vehicle maker Daimler, the company has lined up major plans in the real estate sector that comprise developing residential townships, industrial parks, hotels, resorts and leisure centers all over the country.

According to the group head Brij Mohan Munjal his revenues exceeding $3 billion. “We are working on several projects around the country in the real estate area and plan to enlarge in a big way,” Sunil Kant Munjal, son of Brij Mohan, told TOI.

According to one member of group the initial investments in the real estate venture will come from the Munjal family. It has been observed that potential investors , bankers and private equity players are very much interested in the plan.

A new project of the real estate diversification is coming up around Hero Honda’s new Haridwar factory. Arrow Infrastructure, a new company, will develop township and industrial park around the plant, and this is one of the many projects that are in the pipeline.

Apart from the project at Haridwar, the group is developing an IT park at Gurgaon while looking at resorts development in Himachal Pradesh and residential townships in Punjab.

Elaborating on township plans, one member of the group said the company would provide housing options across price points. “Our idea is to provide mid-level to high-end housing and price points on the lower side could be even less than Rs 20 lakh.”

Street Of Dreams Of Emaar-MFG

rajani — Mon, 28 Jan 2008 13:02:16 +0000

19 January 2008. Emaar-MGF today introduced its new concept of style guide. This concept is named as “Street of Dreams”. It offers the buyers a preview of their concept villas, penthouse and apartments. Main aim of street of dreams is to provide different varieties to its customers. For this purpose, it has designed a style guide of international designs made by architects across the world for buyers to choose from. They have planned to do road shows for the marketing of this with their marketing supporter Hamptons.

Spread across 3,000 acres (three sectors), Mohali Hills is the flagship project of the group, being developed as an integrated township housing an international school (tie-up with Singapore-based school Raffles), hospital, multiplex, mall and commercial space besides 13-storey group housing units, plots and villas.

The concept villas, spanning across 300 to 500 square yards, have been designed as Andalusian (southern Spain), Mediterranean and Spanish and priced from Rs 99 lakh onwards. The apartments (cost Rs 47 lakh onwards) and penthouses (cost Rs 90 lakh onwards) have a Middle-East feel. Its villas are fetching a good response with about 50 villas having been sold til now in Sectors 108 and 109.

Emaar-MGF corporate communications head Anupama Chopra said that the company would have followed the same strategy as of “Street of Dreams” for its other large projects. The company currently has two large projects in Gurgaon and Hyderabad and it has plans to disclose its other projects in Ludhiana, Amritsar and Jalandhar in Punjab after its initial public offer for Rs 7,000 crore comes up this quarter.