Parsvnath and Omaxe have pulled out of their Group housing projects in Noida.
The two companies had earlier written to the Noida Authortiy citing delay in possession of land after which Parsvnath was refunded Rs 201 crore and Omaxe close to Rs 100 crore by the Noida Authority.
Parsvnath and Omaxe had successfully bid for 72 acres and 37 acres of land for Group Housing project in Noida in an auction held in February 2007. Three other companies—Unitech, IVCRL and Ambience—had won rights to develop group housing project in the same auction.
Confirming the pull out, Parsvnath said in an email response, We (have) bought this land through the tendering process in February 2007 at a total cost of Rs 503 crore. We had already paid 40 per cent of the money, i.e., Rs 201 crore. After the payment of Rs 201 crore to the Authority, we had been requesting them to give us the clear possession of the complete land. However, the Authority could not provide us the clear possession of the land, which is why they have refunded the entire amount of Rs 201 crore.
More : profit.ndtv.com
BPTPs independent floors for Rs16-26 lakh
A couple of days after Tata Housing launched a low-cost realty project which offers houses at below Rs4 lakh, BPTP Ltd, the Delhi-based developer has launched independent floors called Park Elite Floors at very competitive rates of between Rs16.08-25.56 lakhs.
The floors will be located within BPTPs 1500 acre township, BPTP Parklands in Faridabad near Delhi.
The company has launched 500 flats in the first phase of the project. BPTP is also offering its buyers an upfront discount of 5% on the installments of the basic sale price if paid on or before the due date.
More : livemint.com
Inauguration of New Residential Complex By Unitech
Unitech is the leading real estate developer. With the launching of the new residential project has added to its accolades. Grande will be spread across 347 acres at the land acquired by Unitech in NOIDA in May 2006 for a record sum of Rs1582 crore, Indias largest land deal.
Grande has always delivered the best breaking in several ways, and now it has come with the finest talent in India with the most appropriate location.
The Grande Dream Team comprises architectural firms like Callison Inc and RMJM, designers like HOK, landscape architects like SWA and EDAW and project planners like AECOM Maunsell. A Greg Norman designed Signature Golf Course forms the centerpiece of the Grande.
More : 1888pressrelease.com
Debt, slump forces Unitech to convert luxury into affordable housing
NOIDA The slump in the real estate sector has forced Unitech to change strategy for its ultra-luxurious project Unitech Grande. Targetted at high-net worth individuals (HNIs) and non-resident Indians (NRIs), the realty major is now turning the 357-acre project on Noida Expressway into an affordable one.
Sources said the developer managed only 300 investors in its original project, with plans to build around 5,000 luxurious flats.
At the launch of the original project, Unitech MD Sanjay Chandra had announced an investment of Rs 6000 crore for its development. Asked about the change in the project, Chandra told Newsline, The company has taken the decision to develop a township in the proposed project due to compulsions of the prevailing market conditions.
More : expressindia.com
Builder floor in Friends Colony
In a budget of Rs.45,000, one can have specious accommodation across the city. In Central Delhi, near Pusa Road metro station, one can rent a builder floor in Karol Bagh spread in 1359 sq ft.
Going towards the eastern side of Delhi, in Mayur Vihar phase I, one can get residential apartments of the size of 1760 sq ft. Other posh locations in the East Delhi like Anand Vihar, Nirman Vihar and Preet Vihar, one can rent builder floors spread in 1500 to 1800 sq ft.
Vineet Singh, Business Head, 99acres.com, This budget can fetch an apartment or an independent house in various localities of Delhi and NCR. One can get a 3-4 BHK in posh localities of Delhi like Anand Niketan and Defence Colony as well as independent houses in West and East Delhi, along with a host of choices in Gurgaon and Noida.
More : expressestates.in
BPTP to develop build-to-suit corporate office for MNC
Real estate developer BPTP is in serious discussions with a third party to develop a build-to-suit corporate office for a leading multi-national company (MNC) in the first phase of its Noida project. Spread over 3 lakh square feet, the nature of the building is expected to be a green rated one.
The developer, however, refused to divulge any further information about the MNC. The discussions are still on. We will not be able to offer any more details on it right now, said Sudhanshu Tripathi, director, BPTP.
Apart from this complex, the developer has plans to build an office space spread over 3 lakh sq ft for sale in the market. This complex will be built by us and sold in the domestic market. The corporate office building will be leased to various insurance and telecom companies. The cost of construction for this complex will be roughly Rs 60 cr to Rs 80 cr, Mr Tripathi added.
More : economictimes.indiatimes.com
Unitech resorts to asset sale
Unitech Ltd, the countrys second largest real estate developer, today said it had sold the 199-room Marriott Courtyard hotel in Gurgaon for Rs 231 crore.
Unitech, which has raised $325 million (about Rs 1,625 crore) to retire part of its Rs 8,400-crore debt, plans to sell four hotel sites in Calcutta, Gurgaon and Noida in six months. In a presentation to investors, Unitech said it sold the Courtyard to a high net worth individual in Delhi.
As part of its strategy to deal with the slowdown in realty, Unitech is cashing in on its non-core assets by deleveraging through sale of assets like hotels, offices and infusion of private equity at the individual project level.
More : telegraphindia.com
BPTP to put up Noida property before Commonwealth Games 2010
According to livemint.com, real estate developer BPTP Ltd has plans to come up with a five star hotel property on its plot of land in Noida. The company is said to be in discussions with major hotel groups regarding a management contract for the hotel. the deal is expected to be complete in two to three weeks.
BPTP aims to build the property before the Commonwealth Games 2010 so that it can avail of the tax benefits. Of the 21.7 acres of land that the company owns here, the 500 room property will come up as part of the six acres that are to be developed in the first phase. This first phase will see an investment of Rs 600 Crore.
Source : hospitalitybizindia.com
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