India Real Estate Monitor » Real Estate Company

Residential Complex At AIIMS Patna

rajani — Fri, 08 Aug 2008 10:58:44 +0000

Kolkata-based RDB Industries Limited, one of the foremost real estate company has informed that the Ministry of Health & Family Welfare, Government of India, have granted a tender in favor of the Company for setting up Residential Complex at AIIMS Patna, the projected value of which is thirty crore rupees.

RDB Industries Limited works in the real estate. Its real estate business includes the development and construction of residential units and commercial complexes.

The company also makes and sells cigarettes and other tobacco products.

Emaar Properties To Inject $150 Million In India

rajani — Wed, 16 Jul 2008 17:22:30 +0000

Emaar Properties, the leading real estate company in the Middle East, is set to inject $150 million for a 20-25 % stake each in three real estate developments in India.
According to Company spokesperson Emaar and MGF Developments of India set up a joint venture in 2005 called Emaar MGF, which presently accounts for India’s largest foreign direct investment in real estate through projects with a combined development value of US$1bn.
Emaar is now considering establishing three separate special purpose vehicles which will then develop two retail properties and one office property in Gurgaon and Mohali.
Emaar holds 41% in the Emaar-MGF joint venture while MGF holds 56%.

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.

Indian Firm In S And P Asia Property 40 Index

rajani — Tue, 03 Jun 2008 06:54:37 +0000

The sharp fall in shares of realty majors in India has meant that not a single Indian real estate company figures in Standard & Poor’s Asia Property 40 Index.

The index comprises forty Asian realty companies listed in terms of market capitalization, an S&P release said on Monday. From a year high of 13848.09 on 8th January 2008, the BSE Realty Index slumped 51.4% to close at 6728.13 on Monday.

On the weak prospects of domestic realty sector, global consultancy firm J P Morgan said in a report in April that this year could be tough for Indian property developers.

A tight monetary policy, coupled with funding constraints and worsening fundamentals, especially in the residential market, are beginning to hurt. Execution too seems to be slipping, thus making it difficult for companies to maintain growth.”

Among the top ten companies in S&P’s realty index, six are Chinese, three Japanese and one from Singapore.

Indian regulator allows fund houses to start real estate mutual funds

rajani — Sat, 26 Apr 2008 14:55:22 +0000

MUMBAI – Indian market regulator, the Securities and Exchange Board of India (SEBI), said it has amended the regulations to allow domestic fund houses to start real estate mutual funds (REMF) in the country.
In a release, the regulator said however that existing mutual funds have to fulfill certain conditions, such as having an sufficient number of specialized key personnel on the board of directors and a lock-in period for these funds to stay invested in the real estate fund business.
According to the guidelines issued by SEBI, the funds have to invest a minimum of 35 percent of the net assets of the scheme directly in real estate assets while the balance can be invested in mortgage backed securities, real-estate company issued securities and other securities.
Taken together, investments in real estate assets, real estate related securities — including mortgage backed securities — shall not be less than 75 percent of the net assets of the scheme, the regulator added.
SEBI also said the REMFs would not be allowed to invest into any real estate asset owned by a sponsor or the asset management company or its associate company during the five year lock-in period.
There will also be a limit on the investment in a single city, project or securities issued by the sponsor or associate companies, the regulator added.