 |
|
|
+91 - 9810003101, +91 - 9811849201
|
|
|
|||||
Property on Sale Delhi Property Prices Set to Z
Property prices in the capital are set to zoom as Delhi government on Monday hiked the circle rates by up to 250 per cent to check black money in sale and purchase transactions. This is the second such hike in circle rates — the minimum valuation of land and immovable properties — in the city in the last nine months. The rates were hiked by over 100 per cent in February. As per the revised rates approved by Delhi Cabinet, Rs 2.15 lakh per square metre has been fixed as new circle rate for category A colonies such as Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Golf Links and Hauz Khas. This means nobody will be allowed to buy land and immovable properties in these colonies for less than Rs 2.15 lakh a square metre. The existing rate in these colonies was Rs 86,000 per sq metre and the hike effected by the government is 250 per cent. “We have decided to hike the circle rates in the range of 15 per cent to 250 per cent so that the property transactions reflect the real value,” the chief minister, Sheila Dixit, said after the Cabinet meeting. She said the government would be able to generate an additional revenue of Rs 800 crore annually due to increase in collection from property transaction through stamp duty and registration fees Developers predict further
DLF in Debt Cut Mode: Sells 28
DLF has sold a 28-acre plot in Gurgaon to developer M3M India for 440 crore, in the first among many such big-ticket sales it has lined up this fiscal to bring down mounting debt. At least two persons involved in the deal said the plot in Gurgaon has all approvals and permission for a group housing project. M3M, which beat Tata Realty and Mahindra in the race for the land, has already paid around 150 crore to DLF. The balance will be paid within a month. The source said M3M is financing this buy though internal accruals. A spokesperson for DLF declined to comment on the deal. But a senior company executive, who refused to be named, confirmed the deal was sealed on Thursday. A spokesperson for M3M said the company had been talking to DLF to buy the land, but did not confirm if the deal had been closed. India’s biggest real estate company has been trying to sell a bunch of non-core assets that includes land parcels, special economic zones and IT parks, and its Aman Hotels chain, barring the marquee hotel in central Delhi, to raise around 7,000 crore over the next two years. The proceeds will be used to reduce the company’s mounting debt, which stood at 21,524 crore as on June 30, 2011. Rising interest rates have made debt reduction more difficult. In the quarter ended June, the company stepped up efforts to sell non-core assets, and was able to raise 165 crore by selling smaller assets. In a recent analyst call, the company’s executive director, Saurabh Chawla, said DLF will close two non-core asset sale deals within this quarter. Share sale in one IT park in Noida and one SEZ in Pune, in which it has joint venture partners, is also expected to close this year. The combined sale by DLF and co-promoters is expected to generate 1,300 crore. Blackstone is the likely buyer of the IT SEZ in Pune for 900 crore while a private equity fund is close to sealing the deal for the Noida IT Park for 400 crore. The company is also trying to sell a number of land parcels in Hyderabad, Kolkata and Chennai. Unitech May Sell Non Core Asse
Real estate firm Unitech will sell non-core assets such as land, IT parks and SEZs to pay off debt, which is at Rs 5,300 crore. In an interview, Unitech Managing Director Mr Ajay Chandra said the company, India’s second biggest real estate company after DLF, has also managed to tie up debt of about Rs 550 crore from two public sector banks in the last few months, after facing significant debt financing crisis in the last six months. Mr Chandra said the company would raise Rs 300-400 crore this year by selling land parcels, including one in Tiruvanathapuram . Unitech has also started talks with various PE funds as well as overseas real estate investment trusts to sell its four SEZs and one IT park.The company has close to 5.5 million sq ft of rent producing office space and another 2 million sq ft will be ready in the next 18 months. This is spread over four SEZs and one IT Park. M3M Merlin Price Update
M3M India soft launched Merlin last month @ Rs. 6100 psf. Due to limited availability (just 500 units) and overwhelming response, the price has reached Rs 6350 psf as of July 26 2011. For booking and more updates on M3M Merlin Splendor Epitome
Splendor Landbase launches Epitome, a premium commercial project on the Golf Course Extension Road with Retail & Office space.
Epitome stands majestically on an expanse of approximately 3.35 acres and is strategically located on Sec-62, Golf Course Extension Road, Gurgaon. |
