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Affordable housing firm XRBIA plans 12 JVs to expand footprint in top cities

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XRBIA plans 12 JVs to expand footprint Dubai, Nigeria and Kenya.

The realty developer is also looking to tap the affordable housing segment in international markets including Dubai, Nigeria and Kenya

MUMBAI: Affordable housing major XRBIA Developers is working on a plan to cover all important property markets in India with its projects through a total of 12 joint ventures in the current year, said a top company official.

In addition to this, the realty developer is also looking to tap the affordable housing segment in international markets including Dubai, Nigeria and Kenya. The company is in talks with 6 prospective partners in these markets for joint ventures there.

“We are looking to enhance our footprint across the country. Local expertise scores high in real estate being a localized business and therefore we are looking at partnerships and joint ventures to support our growth objective. We are currently in talks for total 18 such partnerships including six in overseas markets. This is the target for this year and it will keep getting revised every year hereafter,” XRBIA Developers’ founder Rahul Nahar told ET.

In 2017, XRBIA Developers will be infusing Rs 500 crore into these ventures as equity capital. The developer will enter into a partnership with local companies at entity level and these will be acting as XRBIA’s local partners in these respective markets for future growth.

“The idea is to cover most of the major markets in India through the 12 partnerships in the current year. Each partnership can implement multiple projects,” Nahar explained.

The proposed 18 joint ventures are expected to cover projects spread over total 18 million sq ft saleable area. The company will hold 40%-60% in each of these partnerships depending on the opportunity.

Founded in 2012, XRBIA Developers focuses on affordable housing and has so far built 15 million sq ft of projects and has an additional 15 million sq ft under construction in and around Mumbai and Pune. The company is now aiming to be present in all the metros and state capital cities through a new joint venture-driven expansion strategy.

“This year itself, we are looking at foraying into property markets of Bangalore, Delhi-National Capital Region, Hyderabad, Chennai, Bhubaneswar and Kolkata. This is the beginning, there will be more in the pipeline after these markets,” Nahar said.

The company is looking at around 20-25 acres of land at least for each project. However, it is keen to look at large townships in the affordable housing space in the range of 100 acres for each project. The first project through these joint ventures is likely to start between December and March.

In these proposed alliances, the local partner will lead in terms of land and execution including sourcing and closing project joint venture opportunities, statutory clearances, local ecosystem management. XRBIA Developers will be responsible for strategies, project design, construction technology, ecommerce-based sales and marketing platform, technology-based CRM, relationships with various housing finance companies and banks which undertake no-document home loans. XRBIA will also be the co-brand or the lead brand in the partnerships.

The company will continue to build apartments under the affordable housing in partnership ventures and will range between 250 to 600 sq ft carpet area sizes.

The Union Budget 2017-18 has proposed infrastructure status to affordable housing along with several other measures for the realty sector to provide housing for all. Given the robust demand for such houses and government’s support, more developers are likely to venture into this segment.

Source: Economic Times

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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