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Friday, September 4, 2009
Saturday, August 22, 2009
DLF farmed near Rs 3000 cr
NEW DELHI: Billionaire KP Singh and his family, promoters of the largest Real estate company DLF, are close to finalizing an agreement with foreign and domestic institutional investors who can recover around Rs crore in 3000, according to those familiar with the negotiations. Based on the closing price on Thursday of Rs 245, it would mean developers unload a little over 7% of the capital.
DLF CFO Ramesh Sanka denied that the developers had a plan to sell cause. But people familiar with the matter said Deutsche Bank was mandated in May and an agreement will be announced shortly. ET first reported the draft Thursday DLF sale Thursday.
Promoters own 88.55% in the company, according to the latest model of participation available on the NSE. It is understood that the promoters will reinvest the proceeds of the sale Thursday in DLF Assets (DAL), which in turn use the funds to pay for DLF properties purchased earlier. DAL, which is owned by KP Singh and investments of the Symphony of the United Kingdom and United Capital hedge fund DE Shaw buys DLF SEZ. At present, the claims of DAL is about Rs 4.900 crore.
Analysts have described the increase in LAD claims as the greatest source of concern for DLF. The real estate giant has been looking at multiple options to extinguish those claims DAL DAL merger with either itself or the conversion of debt into equity in DAL. Meanwhile, Shaw is also reported to find out DAL, and promoters of May use the proceeds from the sale of the investment to buy the game of hedge funds.
DLF reported a decrease of 93% of its profits for the fourth quarter and was forced by buyers to reduce prices in its ongoing projects, which had an impact on its Bottomline.
The company has postponed for several projects and now seeks to Rs 5.500 crore through the sale of assets to support its ongoing projects in a market where credit is tight and home and commercial space sales have slowed considerably.
The company ended Wednesday on its share repurchase program, after spending Rs 140 crore for the purchase of more than 76-lakh shares. Companies are generally redemptions to burn their extra money, which has no other productive use, and increase shareholder value. But DLF buyback move, which is in the midst of a deep recession in the real estate market has attracted criticism from analysts, who believed that society could better use the money to perform its projects.
DLF CFO Ramesh Sanka denied that the developers had a plan to sell cause. But people familiar with the matter said Deutsche Bank was mandated in May and an agreement will be announced shortly. ET first reported the draft Thursday DLF sale Thursday.
Promoters own 88.55% in the company, according to the latest model of participation available on the NSE. It is understood that the promoters will reinvest the proceeds of the sale Thursday in DLF Assets (DAL), which in turn use the funds to pay for DLF properties purchased earlier. DAL, which is owned by KP Singh and investments of the Symphony of the United Kingdom and United Capital hedge fund DE Shaw buys DLF SEZ. At present, the claims of DAL is about Rs 4.900 crore.
Analysts have described the increase in LAD claims as the greatest source of concern for DLF. The real estate giant has been looking at multiple options to extinguish those claims DAL DAL merger with either itself or the conversion of debt into equity in DAL. Meanwhile, Shaw is also reported to find out DAL, and promoters of May use the proceeds from the sale of the investment to buy the game of hedge funds.
DLF reported a decrease of 93% of its profits for the fourth quarter and was forced by buyers to reduce prices in its ongoing projects, which had an impact on its Bottomline.
The company has postponed for several projects and now seeks to Rs 5.500 crore through the sale of assets to support its ongoing projects in a market where credit is tight and home and commercial space sales have slowed considerably.
The company ended Wednesday on its share repurchase program, after spending Rs 140 crore for the purchase of more than 76-lakh shares. Companies are generally redemptions to burn their extra money, which has no other productive use, and increase shareholder value. But DLF buyback move, which is in the midst of a deep recession in the real estate market has attracted criticism from analysts, who believed that society could better use the money to perform its projects.
Sunday, August 16, 2009
Faridabad: 130 settlements to regularize
The Municipal Corporation Faridabad (MCF) which met in the House of the emergency meeting to pass the proposal for the regularization of the 70 unapproved colonies eventually approve 130 colonies.
The MCF Meeting House to regulate unapproved colonies was convened to Wooing voters living in these colonies before the model code of conduct came into force.
The proposal to stabilize the 70 settlements not approved in the municipal area wa smoved in the House.
However, faced with strong protest from the advisors, who even threatened to disrupt the proceedings of the House, more than 60 unauthorized colonies have been added.
Advisers said the list was prepared without consultation, while 60 other settlements not approved qualified for regularization. The councilors demanded that the 60 colonies to be included in the list to be forwarded to the Director Planning, Haryana for regularization.
MCF sources said that some colonies were found on public lands. Although management representatives to complete an investigation in respect of the 60 colonies, MCF Commissioner, CR Rana informed the House that there is no guarantee for the regularization of settlements located on public land. He said there is a policy for the settlements, which provides for the approval by Cabinet.
FREE Faridabad slum Rana informed the House that in the next five years, Faridabad urbanareawouldnothaveslums. He said that 10,000 dwellings are to be provided under various schemes of Central and the State to rehabilitate people who have encroached on public land. He said multi apartments would be raised on publiclandintheexistingcolonies and certain other locations that will be corrected in time. Talking to mediapersons, Rana said private builders beenofferedtoraisemorestoreys if they provide cheaper housing for the poor.
HOUSING FOR THE POOR Asapartofitscorporatesocial responsibility, AKS Infracon Co.
Pvt. Ltd offers budget apartments for the economically weaker section. AKS Infracon Director IJ Kalia said that his company is to raise 600 homes across the Agra Canal Sidaula. It will be accessible by the aid, taxi drivers, plumbers, seniors and young couples who earn between Rs 6500 and Rs 13,000 per month. This small town will have all the basic civic amenities, he added. Tree plantations, the Company Welfare Mission saplings planted in 35 Government Middle School, Mirzapur (Ballabhgarh) with active coordination of the Director, staff and students of the school. The school has ensured the company to take care of plants necessary for survival. Pawan Gupta, Dinesh Madhav Parashar and were present on behalf of the Company.
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Monday, August 10, 2009
Soon, an apartment with two bedrooms for Rs 25 lakh in Delhi
Some good news for residents of Delhi who want to buy their dream home.
The National Building Construction Corporation Limited (NBCC), the largest public sector construction, will launch its first housing scheme in the capital early next year.
Up for grabs is 2500 apartments, the prices between Rs 25 lakh and Rs 60 lakh.
The NBCC has undertaken several infrastructure projects across the country. One such project in the capital is the Pitampura TV Tower.
He entered the Real estate sector recently. The first residential project he started Rajarhat, Kolkata, known as VIGYOR Towers.
In the capital, the apartments is on 30 acres adjacent to the subway station Ghitorni the MehrauliGurgaon road. They will be ready by 2012.
Speaking to HT, Arup Roy Choudhury, chairman and CEO of the NBCC, said: "We have a ground Ghitorni, we intend to develop for residential housing. Details are being developed for the housing project to be launched early next year. "This is the first of the PSU housing project in Delhi.
"There is a huge housing shortage in urban areas. We have ventured into the sector to bridge the huge gap in demand supply in the housing sector by providing affordable housing," said Choudhury.
Earlier this year, the construction of housing has launched two programs - in the middle and low-end category in Gurgaon Haryana and Uttar Pradesh in Loni.
He is coming with 4,000 apartments in Gurgaon for employees of central government and public sector units.
The apartments are sold between Rs 22 lakh and Rs 45 lakh.
Similarly, in 2000 Loni apartments are established in the medium category.
Fifty percent of the apartments will be reserved for government employees. The rest will be open to the public. These apartments are sold between Rs 7 lakh and Rs 15 lakh.
Currently, there is a huge shortage of affordable housing in the capital of the Delhi Development Authority - the only development agency in the city - do not meet the requirement of housing.
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Monday, August 3, 2009
Royal Palms Estates slashes prices by 40% in Mumbai
Housing in the city became a little more affordable, with Royal Palms Estates slashing the prices of key goods in the suburbs west of almost 40 per cent.
This follows a similar move by other agents, including the development of housing and infrastructure, Puravankara Projects, Omaxe, Tata Housing Development, and even the state government, which have both reduced prices forayed or in affordable housing, following a collapse in demand.
According to one analyst, which would have an impact on the overall property prices in the city, with other Real estate companies should follow suit. The monsoon is a dull season, manufacturers come to such offers in September.
Royal Palms Estates began offering loans to own apartments in Goregaon, a suburb north-west, for a Rs 3999-square-foot (PSF). This is lower by about 40 percent compared to the ownership rate of around Rs 5,500-5,700 PSF.
When spoken, Royal Palms Estates Joint Director Dilawar Nensey confirmed the development. "There is always a price to the strength in the market, and, traditionally, the monsoon is a period of slow sales of property. A number of bargain hunters on the surface during this season and make decisions if they are worth the purchase of a property or for personal use or for investment, "said Nensey.
More importantly, Royal Palms Estates needs to generate funds for future projects and the availability of existing properties. It is better to sell at reduced prices, rather than holding onto it, he added.
Royal Palms is setting up two special economic zones (SEZs) in Goregaon - one for information technology and another for the gem and jewelry - and in need of funds for these projects.
Fore more information visit this site:http://www.propertynice.com
This follows a similar move by other agents, including the development of housing and infrastructure, Puravankara Projects, Omaxe, Tata Housing Development, and even the state government, which have both reduced prices forayed or in affordable housing, following a collapse in demand.
According to one analyst, which would have an impact on the overall property prices in the city, with other Real estate companies should follow suit. The monsoon is a dull season, manufacturers come to such offers in September.
Royal Palms Estates began offering loans to own apartments in Goregaon, a suburb north-west, for a Rs 3999-square-foot (PSF). This is lower by about 40 percent compared to the ownership rate of around Rs 5,500-5,700 PSF.
When spoken, Royal Palms Estates Joint Director Dilawar Nensey confirmed the development. "There is always a price to the strength in the market, and, traditionally, the monsoon is a period of slow sales of property. A number of bargain hunters on the surface during this season and make decisions if they are worth the purchase of a property or for personal use or for investment, "said Nensey.
More importantly, Royal Palms Estates needs to generate funds for future projects and the availability of existing properties. It is better to sell at reduced prices, rather than holding onto it, he added.
Royal Palms is setting up two special economic zones (SEZs) in Goregaon - one for information technology and another for the gem and jewelry - and in need of funds for these projects.
Fore more information visit this site:http://www.propertynice.com
Saturday, July 25, 2009
CM opens bridge, the diversion projects
Punjab Chief Minister Parkash Singh Badal today laid the foundation for a bridge over Sirhind Canal diversion and a mini Rupnagar.
Badal said that the 134-meters long and 40 meters wide, High-level bridge over Sirhind Canal would be built at a cost of Rs 8.50 crore and completed in 18 months. He said the minibypass connect RupnagarNawanshahr the road with Rupnagar-Nangal road through the Sirhind Canal bridge.
Badal appealed to people to vote for Dr. Daljit Singh Cheema, the SAD candidate from Anandpur Sahib.
Responding to the request status of a division Rupnagar, Badal said: "The government has already issued a notification under the division of the state of Rupnagar, but residents of other districts are not willing to give Rupnagar. We will ensure that the matter be resolved quickly. " Badal handed over a check of Rs 2 crore as president of the Municipal Council Amarjit Singh Satyal Rupnagar for carrying out development work.
He also spent two community centers for Residents, one in Giani Zail Singh Nagar and the other in Dasmesh Nagar, for the keys to improving their confidence chairman Dr RS Parmar.
Anandpur Sahib MLA Sant Ajit Singh highlighted the poor condition of link roads, erratic power and inadequate irrigation facilities in its region and has sought government support to address these issues on priority.
CM Advisor Daljit Singh Cheema, PWD Minister Parminder Singh Dhindsa, Deputy Commissioner B. Purushartha LK Yadav and SSP were also present.
Tuesday, July 21, 2009
Three textile parks to be set up in state
BOOST TEXTILE Punjab UNION APPEALS TO THE MINISTER OF RAISING THE TAX ON COTTON
THREE TEXTILE parks will be established in Punjab to attract an investment of Rs 1.404 crore. Stating this at a press conference today, the Union Textiles Minister Shankersinh Vaghela said the parks would be established in Barnala, Nawanshahr and Ludhiana in less than a year under the integrated textile parks ( SITP).
"These parks attract an investment of Rs 1.404 crore and generate employment for nearly 50,000 people. They may also produce goods worth Rs 2.590 crore years, "he said.
Forty parks are established throughout the country under the SITP and is expected to attract an investment of Rs 21.502 crore.
Vaghela, who was here to attend a parliamentary advisory committee of the ministry, said: "One of the greatest achievements of the UPA was textiles from a sunset to a sunrise sector. "He asked the Chief Minister of Punjab Parkash Singh Badal to give up 2 percent tax on cotton in the interest of the farmer.
"I had taken this matter with the Prime Minister at a meeting earlier, but the waiver must be stated," he said.
On exports, Vaghela admit Ted, "The recession has affected the import capacity of the United States. The market is difficult. Although China is a major competitor, the Indian textile industry has been on the job to counter the competition. "Vaghela said a proposal to give a boost to the handloom sector has also been sent to the Prime Minister. The proposal includes suggestions such as the lifting of lending and loans to lower interest rates.
THREE TEXTILE parks will be established in Punjab to attract an investment of Rs 1.404 crore. Stating this at a press conference today, the Union Textiles Minister Shankersinh Vaghela said the parks would be established in Barnala, Nawanshahr and Ludhiana in less than a year under the integrated textile parks ( SITP).
"These parks attract an investment of Rs 1.404 crore and generate employment for nearly 50,000 people. They may also produce goods worth Rs 2.590 crore years, "he said.
Forty parks are established throughout the country under the SITP and is expected to attract an investment of Rs 21.502 crore.
Vaghela, who was here to attend a parliamentary advisory committee of the ministry, said: "One of the greatest achievements of the UPA was textiles from a sunset to a sunrise sector. "He asked the Chief Minister of Punjab Parkash Singh Badal to give up 2 percent tax on cotton in the interest of the farmer.
"I had taken this matter with the Prime Minister at a meeting earlier, but the waiver must be stated," he said.
On exports, Vaghela admit Ted, "The recession has affected the import capacity of the United States. The market is difficult. Although China is a major competitor, the Indian textile industry has been on the job to counter the competition. "Vaghela said a proposal to give a boost to the handloom sector has also been sent to the Prime Minister. The proposal includes suggestions such as the lifting of lending and loans to lower interest rates.
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