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Indiabulls Real Estate, Lodha Readying London Projects

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Indiabulls Real Estate, Readying The Lodha Group London Projects.

In May, Lodha will formally launch its Grosvenor Square project in London; Indiabulls Real Estate launched its project Hanover Bond in March

Real estate firms Indiabulls Real Estate Ltd (IBREL) and Lodha Developers Pvt. Ltd are in the process of launching projects in London, after they bought prime properties overseas during 2013-14.

After a lull in the London property market in 2016, mainly due to uncertainty over Brexit, prices and sales seem to have stabilized now, coupled with a weak pound that has made home purchases attractive for foreign buyers as well, recent research reports said.

In May, Lodha will formally launch its Grosvenor Square project in London, once the show flat is ready. The Mumbai-based developer had bought the iconic MacDonald House property from the Canadian government for over £300 million in 2013 .

A spokesperson for Lodha said that the company has already done select pre-launch sales at over £6,000 per sq. ft (Rs5 lakh per sq. ft), one of the highest prices that any project with an Indian connection has ever achieved. Construction has also started.

Indiabulls Real Estate launched its project Hanover Bond—a collection of 80 apartments and a five-star hotel—in March, and opened bookings for customers.

The developer bought the property in London’s Mayfair in 2014 for around Rs1,550 crore at an acquisition cost of an estimated Rs1.65 lakh per sq. ft. The project has apartments and penthouses at different sizes and price points. A 400 sq. ft studio is at a starting price of £1.95 million and goes up to around £6 million for a three-bed home. Prices of the penthouses are disclosed on application.

“We launched the project for people to come and see. We are now in discussions with hotel operators and will finalize one for the five-star hotel in the property,” said Vishal Damani, joint managing director, Indiabulls Real Estate.

Most of these properties in London were bought by the developers a few years back in a bid to diversify their project portfolios and reduce dependence on the home market.

Indiabulls Real Estate, for instance, had earlier planned to steadily build a portfolio of projects in London but did not announce anything new after the Mayfair project.

Lodha has a second project at Lincoln Square in London, which it bought in early 2014 and launched last year. The project has done exceptional sales of over £115 million (Rs1,000 crore) in nine months, despite Brexit, the Lodha spokesperson said.

Construction started last year and the project is expected to finish by end-2018.

Analysts however said that given the uncertainty in the domestic property market, it’s unlikely that Indian developers will again go shopping overseas to buy assets anytime soon.

“Though the Brexit-related uncertainties seem to be over, we don’t see developers venturing into overseas markets. Real estate is a regional business and realty firms will focus on core markets. It’s not easy to clock property sales in any market, so in a foreign market, one has to work even harder,” said Ashwinder Raj Singh, chief executive officer, residential services at property advisory JLL India. “For those who had bought these properties, this may be a good time to launch those projects.”

Source: Livemint

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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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