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Problem of plenty for Mumbai home buyers this festive season

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By: Prameet Narula

Rustomjee Oriana, Rustomjee, Mumbai Real Estate, Indian real estate, Indian realty, India property market, National Green Building Tribunal, NGBT, Track2Media Research, Track2RealtyTrack2Realty Exclusive: The home buyers’ have often been complaining about the lack of choice in the property market. It is not only the demand and supply gap that has been cribbed about, rather in the available segment also the available options have been few and far between.

Of course, the dilemma of new launch vis-à-vis the under-construction and ready to move in has also been something where the buyers had few choices to make as ready apartment has often been a wishful thinking. However, this luxury of choice is today visible in the market which is not only most competitive but also most sought after.

In the highly aspirational property market of Mumbai the problem of plenty is making the home buyers pretty happy this festive season. It is actually very unique dynamics of property market where the developers are also not complaining either.

After all, the Mumbai housing market is on course to a fast recovery post the slowdown of the last few years when the macro-economic outlook made the home buyers wait and watch. Most of the developers that this correspondent spoke to are rather thrilled by the fact that the market has suddenly turned quite positive with the start of the festive season.

The developers maintain that the transaction volume is something that has not been visible in the last four to five years and if the rate of transaction continues throughout the festive season it may end up as a season of record property sales. This is quite phenomenal for a market that was till only recently blamed to be sitting over an inventory of 48 months. But it seems the curse has turned out to be a blessing now since this has given the buyers a luxury of choice in terms of ready to move in apartments.

Having said that, there is equally high demand for new launches and the under-construction properties and collectively it can be termed as a market which has a property for every budget segment at every stage of construction. It seems various projects being sold through various marketing methodologies are finding the buyers across the property landscape of the city.

Suman Dubey, a financial analyst suggests it is much better to advice the home seekers in Mumbai now for multiple of reasons. First, there is better macro-economic outlook; secondly, there are very many properties available in many of the micro markets and hence comparison is easier for the buyers; thirdly, the developers’ focus has shifted to sell the inventory as financial market is looking bright for new launches; and lastly, the buyers do understand that the properties are at the right price point at this time.

“Of course, the festive spirit has been the catalytic factor to the economic and financial realities on the ground. But what needs to be understood from the buyers’ perspective is the fact that even in the wake of worst market scenario in the last few years, this kind of luxury of choice was not available for them at any given time. Today, it is neither the buyers’ market nor the sellers’ market but an equal opportunity market which is a rarity in a city like Mumbai where the demand far exceeds the supply. It is hence the perfect time to buy and this advice to the home buyers is being reflected in the sales graph of various developers, says Dubey.

It is not just the home buyers but the developers also seem to agree with the take of this financial analyst. Abhay Kumar, CMD of Grih Pravesh Buildteck says that it is not about any one developer or two, but the sector by and large is doing brisk business this festive season. According to him, it was expected that with the change in the government at centre and improvement in the macro-economic outlook the housing market will improve; yet the pace of improvement and the transactions during the festivals is something that has been beyond the expectations of a large number of developers.

“At a time when the stock market started skyrocketing I was pretty much confident that the spill over effect on the property market will happen soon. There, of course, has been a historical precedence to this not only in Mumbai but globally and with the festive season ahead it was expected to see the turnaround. However, the pace of this turnaround of fortunes has indeed come to me as a pleasant surprise. And it is not just my experience with the improved sales graph but most of the developer friends are also maintaining the same,” says Abhay.      

Hiral Sheth, Director- Marketing & Sales with Sheth Creators also agrees that there has been phenomenal booking this Navratra and the festive fervor this year has seen a tremendous transformation as compared to last year. A lot of developers are launching new projects and offering discounts and value added services to lure buyers. This festival period from October to December is expected to garner sales and has definitely encouraged more people to come and invest in the real estate.

“The special schemes offered by developer have assisted the fence sitters in taking decision to invest in the sector. This season has witnessed a change in demand and is going to stay till December and we expect the sales will go up significantly during this period. The home buyers have been watching the property market on the sidelines for long and have now understood the fundamentals of realty quite well. Hence, they feel that the time has come to invest as the market is evenly balanced for both the developers as well as the buyers now,” says Hiral.

Analysts point out that the current festive season is extremely important for the realty sector since the market is now on a revival path and demand is looking up in the residential sector. Most of the developers also want to make the best of this period. Buyers tend to choose this auspices period to invest in real estate as it is considered to bring luck and prosperity, and developers too hinge on this season to make their inventories as attractive as possible to give a lift up to the demand. This season is therefore looked as an opportunity that can endow the buyers with offers and value added services.

Moreover, what can be vouchsafed is the fact that the whole eco system of real estate in the State of Maharashtra is taking a tectonic shift. There has been an increased focus on the builder and buyer mutual trust.

As part of the government’s initiative also, the Maharashtra Housing Regulation and Development Bill passed by the state assembly will pave the way for the establishment of the country’s first regulator for the housing sector. The Bill aims to bring about transparency in the real estate sector and empower homebuyers. Hence, these factors are collectively acting as catalyst and making this festive season positive as compared to earlier years.

NGT orders notice on third party rights by Rustomjee Oriana at Kala Nagar, Bandra West

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Rustomjee Oriana, Rustomjee, Mumbai Real Estate, Indian real estate, Indian realty, India property market, National Green Building Tribunal, NGBT, Track2Media Research, Track2RealtyTrack2Realty: The National Green a Tribunal has ordered Resilience Realty Pvt Ltd, a subsidiary of Rustomjee Realty to give notice to prospective purchasers before creating new third party rights in respect of the Rustomjee Oriana project at the MHADA Gandhi Nagar Layout, at Kala Nagar at Bandra East, Mumbai.

The order was passed by The Pune Bench of the Tribunal comprising Justice VR Kingaonkar and Dr Ajay Deshpande. It was pursuant to an Appeal filed by local resident Anil V. Tharthare under Section 16 of the National Green Tribunal Act, 2010 challenge the Environment Clearance granted to the project under reference.

Among others violations, the Appeal a filed though Advocate Aditya Pratap, states that there were major violations of the DC Regulations, 1991. In addition, the amendment to the Environmental Clearance in 2014 violates the Environment Impact Assessment Notification of 2006, as it was issued without referring the proposal to the State Level Expert Appraisal Committee, thereby violating Paras 2 and 7 of the Notification.

After hearing the Advocate Aditya Pratap representing the Applicant, and Senior Counsel Gaurav Joshi representing the Developer, the Court ordered the Developer to give notice to Third Parties of the pending Appeal before transferring or assigning any rights to them in respect of the flats. The persons purchasing the flats upon notice would do so at their own risk and their rights would be subject tithe outcome of the proceedings before the tribunal.

Cotton belt of Coimbatore losing sheen

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Annur, Coimbatore, India real estate news, India property news, Indian realty, Track2Media Research, Track2RealtyTrack2Realty Exclusive: Once known for cotton cultivation, Annur is fast changing its outlook as cotton cultivation has taken a back seat in the last over a decade due to high cultivation cost and uneconomical operation arising out of poor marketing infrastructure. The region nevertheless holds tremendous potential to emerge as one of the key real estate hotspots in time to come.

It is losing on cotton business though and the factors that hindered cotton tract expansion are scarce labour as it is not a rewarding job for the local youth. Analysts believe the change has been visible in the last few years, and the suburb today does not look like complete industrial belt.

Annur is a suburb of Coimbatore situated north-east of the city. It is nearly 33 kilometers from central heart of the city Gandhipuram. The Coimbatore International Airport is about 27 kilometers and in terms of rail connectivity the Coimbatore Junction is about 32 kilometers from Annur. Does not it sound like a real estate goldmine in terms of its strategic locational advantage?

Annur indeed has the vantage point from property market stand point. It is located between Coimbatore City and Sathyamangalam. Annur lies on the junction of three important roads, NH 209 (Coimbatore-Bengaluru), Annur-Avinashi Road and Annur-Mettupalayam Road to north east of Coimbatore City. Annur is surrounded by other suburbs of Tennempalayam, Kanjapalli, Sarkarsamakulam (S.S. Kulam), Karumathampatti.

The name Annur is believed to have been come from ‘Vanniyur’, later transformed to Anniyur and now to Annur. The myth behind the name says that, over 1000 years ago, when a small hunter hit a stone under a ‘Vanni’ tree, it started bleeding. He was astonished and called the village people to look after this issue. Later they found a ‘Suyambu’ Lord Shiva Idol there and built a temple.

As of 2007 India Census Annur had a population of 18,242. Its gender demography has been among the best in the country. Males constitute 45 per cent of the population and females 55 per cent. In terms of its administrative status, Annur is a Taluk administered by Panchayat President through the council of Panchayat members elected by the people. Annur was earlier part of the Avinashi Taluk and now part of Coimbatore North Taluk. On 9 May 2012, Government of Tamil Nadu announced that it will bifurcate Coimbatore North Taluk to create the new Annur Taluk.

Annur is one of the fast growing suburbs in the Coimbatore Rural District with its sound business acumen, well connected roads to nearby towns like Mettupalayam, Avinashi, Tirupur, and Sathyamangalam. Diverse business opportunities made it one of the hot business centers and real estate targets.

Though there is a visible de-growth, Annur still commands a sizeable presence in the indigenous areas of cotton (textile) value chain. Annur has traditionally been a regional hub for cotton ginning and spinning industries and a major contributor to the state’s GDP.  Along with Tirupur and Coimbatore (where the other links of textile value chains are concentrated), this part of India has been a prominent player in national and international textile markets.

 Other engineering industries like high precision steel works are also adding Annur’s image as the industrial belt of the State. But what is remarkable in the last few years is the phenomenal growth of infrastructure, education, health care, and the taluk is suddenly blossoming into a sought after destination.

In terms of social infrastructure also, the region has scaled up pretty fast. Annur today has a number of basic to advanced healthcare facilities. The government hospital is located on the Coimbatore Road. Besides this, many private hospitals also exist. Most of the hospitals are on Coimbatore Road. Home for children and Adults and a Rehabilitation Home for Mentally ill people is 6 km away from Annur Srimugai Road.

What is all the more surprising is the fact that all these developments have not affected the property prices of Annur yet. Though some of the developers have spotted the goldmine that lies ahead and they are acquiring large tracts of land, the apartment culture is by and large not made inroads here.

Most of the residential options are either in the form of plots or independent villas. As per the listed properties in this market a plot of 1000 sq feet is available in the range of Rs. 4-6 lakh; while the built-up villa of 1000 sq feet is available in the range of Rs. 25-30 lakh. The future appreciation potential is manifold and Annur is yet to see the first rush of property boom.

JLL update on Mumbai real estate

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Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyMumbai: Grade A Office
Demand
After recording significant leasing in 4Q10, Mumbai city witnessed moderate transaction activity in 1Q11 as the major office occupiers of India Inc awaited the impact of budget on their corporate real estate strategy for the next fiscal year. However, the city’s office market witnessed transactions totalling 827,105 sq ft (76,841 sqm) in 1Q11. In addition to the banking, financial services and insurance (BFSI) sectors, demand for office space in the prime micro-markets of Mumbai came from the consulting, aviation, IT/ITES and other industries. The IT sector’s recovery from the financial meltdown has shifted activity towards the suburban precincts of the city where significant IT supply is in the pipeline.

Key transactions in Mumbai in 1Q11 include the following:

  • Viacom leasing 125,000 sq ft (11,163 sqm) in Zion Business Park, SBD North;
  • Milestone Group purchasing 66,000 sq ft (6,132 sqm) in Patel Corporate Park, SBD North;
  • TPG Group leasing 12,000 sq ft (1,115 sqm) in Platina, SBD BKC;
  • Black Gold Holdings purchasing 25,000 sq ft (2,323 sqm) in Lodha Supremus (Worli Naka), SBD Central;
  • Geoffreys Fund leasing 11,000 sq ft (1,022 sqm) at Maker Maxity, SBD BKC

Supply
Five buildings in Mumbai’s prime micro-markets completed in 1Q11, adding 795,562 sq ft (73,910 sqm) of office space and bringing total operational stock in Mumbai’s prime micro-markets to 29.4 million sq ft (2.81 million sqm), with an overall vacancy level of 13.2%.

The major completions in Mumbai in 1Q11 included Urmi Estate (lower floors), which has a built-up area of 300,000 sq ft (27,871 sqm), located in Lower Parel; Supreme Chambers, which has a built-up area of 250,000 sq ft (23,226 sqm), located in Andheri (W); and Pranik Chambers, which has a built-up area of 120,000 sq ft (11,148 sqm), located in Andheri (E).

Asset Performance
As seen in 2H10, rental values in the premium micro-markets of the CBD and SBD BKC showed a marginal increase in 1Q11 due to the latent demand for office space in this micro-market. However, recent completions recorded in Mumbai’s SBD have only moderate pre-commitments, keeping rents range bound in select secondary districts of Mumbai.

12-Month Outlook
With rental values showing signs of improvement over the past three quarters, rents are expected to continue to rise in the near term. Improving confidence among office occupiers and investors on the back of India’s economic resurgence is expected to drive transaction volumes in 2011. However, with diverse supply conditions prevailing across different sub-markets in Mumbai, the rises in rentals and capital values are expected to vary according to location.

Mumbai: Prime Retail
Demand
Mumbai’s retail market continued to grow in terms of leasing and pre-leasing activities in 1Q11. Overall improvements in retail sentiment and better employment scenarios have caused demand for retail space in the city to rise steadily over the past few quarters. Total net absorption of 387,427 sq ft (35,993 sqm) was recorded in 1Q11 compared to 375,461 sq ft (34,882 sqm) in the previous quarter. Similar to 4Q10, the majority of the net absorption in 1Q11 came from the suburban micro-market. Most of the malls that completed in 2009 and 2010, and had higher vacancy rates witnessed leasing in 1Q11, contributing significantly to the net absorption in the quarter.

Major leasing transactions during 1Q11 included the following:

  • Reliance Hyper Market leasing 78,000 sq ft (7,246 sqm) in Market City Mall, Kurla, Suburbs;
  • KidZania leasing 75,000 sq ft (6,968 sqm) in R-City Mall Phase-II, Ghatkopar, Suburbs; and
  • Marks & Spencer leasing 22,000 sq ft (2,044 sqm) in Viva City Mall, Thane, Suburbs;

Supply
In 1Q11, the Dattani Square mall commenced operations in the Suburban micro-market of Mumbai City, adding 700,000 sq ft (65,032 sqm) and bringing the total operational mall space of the city to 14.33 million sq ft. With moderate net absorption and no new completions, the Prime South and Prime North micro-markets witnessed a marginal reduction in vacancy rates in 1Q11. Vacancy rates in the Prime South and Prime North micro-markets fell to 6.5% and 17.0%, respectively, in 1Q11, down from 6.6% and 17.3%, respectively, in the previous quarter. Due to the additional 700,000 sq ft of mall space, the vacancy rate in the Suburbs micro-market was 28.0% in 1Q11, up from 26.8% in 4Q10.

Asset Performance
Rental values across the micro-markets of Mumbai remained stable in 1Q11. However, capital values in the Prime South micro-market grew marginally during the quarter in line with rising interest in prime retail properties in the city. The Prime South and Prime North micro-markets recorded an average rent of INR 225 and INR 135 per sq ft per month, respectively; the Suburbs micro-market saw an average rent of INR 85 per sq ft per month in 1Q11.

12-Month Outlook
Mumbai is expected to witness about 4.8 million sq ft (448,258 sqm) of new operational mall space by end-2011 and 6.9 million sq ft (643, 354 sqm) by 2013. Major completions are expected to be Infiniti Mall at Malad, Suburbs; Viva City Mall at Thane, Suburbs; R-City Mall Phase II at Ghatkopar, Suburbs; and Magnet Mall at Bhandup, Suburbs.

With the limited future supply in the Prime micro-markets, rents are expected to rise in the near term. The Suburban micro-market is also expected to see an appreciation in rental values over the coming quarters limited to certain quality assets.

The author, Abhishek Kiran Gupta is Head – Research & REIS, Jones Lang LaSalle India

JLL update on Delhi real estate

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Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyDelhi NCR: Grade A Office
Demand
The period ending 1Q11 witnessed moderate activity in the office market in the city. With CBD vacancy rates continuing to hover at around 1%, office transactions were limited to either small office queries or larger office spaces that were inevitably a churn in the existing stock. The SBD continued to corner demand for larger corporate office space thanks to its significantly higher stock and availability of such space. With good-quality office space fully occupied in the CBD, the scarcity coupled with the SBD maintaining its affordability in comparison to the CBD, office demand continued to be diverted to the SBD, particularly the Saket and Jasola Business Districts, both of which have considerable, good-quality vacant space and continue to be preferred by occupiers. The suburban micro-markets of Gurgaon and Noida were at the forefront of the leasing activity seen in Delhi NCR and continued to witness a strong and consistent level of demand for office space in 1Q11.

Overall Delhi NCR witnessed a net absorption of 1.63 million sq ft (151,755 sqm) in 1Q11.The CBD again witnessed negligible leasing activity in 1Q11, and the net absorption was nil. Vacancy remained stagnant at 1.1% in 1Q11. The SBD witnessed moderate leasing activity, with net absorption recorded at 90,000 sq ft (8,362 sqm). As a result, vacancy levels dropped to 14.6% in 1Q11, down from 16.0% in 4Q10. Overall, vacancy in Delhi’s CBD and SBD together fell to 10.1% in 1Q11 from the 11.4% recorded in 4Q10, with the SBD contributing all absorption recorded in the quarter.

Key transactions in the prime city recorded in 1Q11 included:

  • Science and Engineering Research Board, leasing 26,584 sq ft (2,469 sqm) at Vasant Square in the Vasant Kunj precinct in the SBD; and
  • Ricoh, leasing 26,000 sq ft (2,415.5 sqm) at Salcon Aurum in Jasola Business District in the SBD.

Supply
No new supply addition was recorded in either the CBD or the SBD in 1Q11. Commercial stock numbers remained unchanged at 2.13 million sq ft for the CBD, while SBD stock remained at 4.8 million sq ft.

Asset Performance
A buoyant and positive business sentiment pervades the city, with most companies firming up expansion plans or executing real estate growth plans as the economy is on an upswing with good performances seen across industry sectors. The lack of vacancy in the CBD led to negligible leasing activity, with transactions limited to only churn in existing stock. However, rents rose slightly to Rs.230 per sq ft per month at the end of 1Q11 on the back of low availability and higher demand. Grade A office rents rose to Rs.230-275 per sq ft per month. The SBD witnessed stagnant rents this quarter as the double-digit vacancy levels ensured that occupiers had more choices and, consequently, more negotiating space. Rents remained stable at Rs.145 per sq ft per month in line with the trend towards rent stabilisation and firming up seen in the previous two quarters.

12-Month Outlook
With rents moving up slowly in the CBD and remaining stable in the SBD in 1Q11, both these markets are slowly but surely on the rise, leaving the market trough behind them. Landlords have started to take advantage of low availability in the CBD to increase rents as the CBD is witnessing an active churn to the stock, while the SBD leasing market will continue to remain robust and witness moderate to good absorption. Occupiers will look to lock in spaces as rents are all set to see an incremental growth in 2011, with vacancy rates expected to drop over the year.

Delhi: Prime Retail
Demand
Buoyed by good economic growth and a revival in business confidence, both large and small segment retailers have begun executing their strategies with a renewed vigour after a prolonged spell of low footfalls and reduced retail sales. Caution is, however, still the buzzword as retailers have strategically restricted their expansion to only key popular retail projects or new ones, limited to those that offer good design, branding and the potential for a higher footfall to sales conversion ratio.

The vacancy rate across all micro-markets rose to 29.1% in 1Q11, up from 26.1% in 4Q10. Net absorption recorded in the NCR retail market was 622,001 sq ft (57,786 sqm) compared to 201,576 sq ft (18,727 sqm) observed in the previous quarter. The level of absorption rose appreciably as one of a total of six completions recorded this quarter became operational with a nearly 90% occupancy level. This was in line with the pre-leasing activity observed in upcoming retail projects in previous quarters, when retailers were looking to lock in rents at lower levels while the project was still under construction.

Supply
The Delhi NCR retail market witnessed six mall completions in 1Q11, with three in the suburbs, two in Prime Others and one in the Prime South sub-market. The operational malls in the suburbs include Ninex City Mart, a 350,000 sq ft (32,516 sqm) development on Sohna Road by the Ninex Group; DLF South Point Mall, a 300,000 sq ft (27,871 sqm) development on Golf Course Road; and R Mall by the Raheja Group, a 152,500 sq ft (14,168 sqm) development on Sohna Road. Pacific Mall, a 450,000 sq ft (41,806 sqm) development, and DLF Galleria, covering 150,000 sq ft (13,936 sqm), became operational in the Prime Others micro-market. Prime South saw the completion of the delayed DLF South Court, which is a 250,000 sq ft (23,226 sqm) development. Most of these malls became operational with occupancy levels in the range of 7-10%; Pacific Mall was the highlight, which commenced operations with occupancy of nearly 90%.

Asset Performance
Overall rents rose slightly to reach Rs.128 per sq ft per month in 1Q11 from Rs.127 per sq ft per month in 4Q10. The Prime South micro-market witnessed rise in rental values this quarter mainly due to high occupancy in good quality assets where landlords have started to test the price elasticity. The remaining micro-markets continued to be stable, although leasing activity was limited to only Prime South and one retail project in Prime Others. This resulted in a slightly better absorption figure that does not, however, translate into an overall market increment, but only retains stability in the retail segment. Prime Delhi rents moved up and ranged between Rs.210 and Rs.260 per sq ft per month.

12-Month Outlook
The next 12-month period is expected to continue the trend observed over the past 2-3 quarters, namely an increase in tenant queries and lease transactions by retailers. However, only projects boasting a good location coupled with an experienced developer profile, a professional mall management team following a lease-only model and active tenant mix management will attract retailers. Retailers will continue to engage developers/landlords in active negotiating tactics, with each aiming to achieve favourable lease terms. Prime South will continue on its upward surge in rents, while the Prime Others and the Suburbs markets are expected to witness two-directional (increase and downturn) price movements at an asset level.

The author, Abhishek Kiran Gupta, is Head – Research & REIS, Jones Lang LaSalle India

Jaypee Sports eyes Rs. 150 cr from tickets of F1 race in India

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india realty, indian real estate news, indian realty news, indian property news, india property, property news india, real estate news india, Formula One, F1Grand Prix, Force India, India F1, Jaypee Associates, Jaypee Sports, Track2Media, Track2Realty, Ravi SinhaJaypee Sports International Ltd (JSIL) that will host India’s first ever F1 Grand Prix on its track in October this year on Monday said it expects to garner about Rs.150 crore from ticket sales of the race.

JSIL, a subsidiary of Jaiprakash Associates Ltd, will start selling tickets in the next one month at a minimum price tag of Rs.2,500 for the three-day long event.

The company is investing Rs.1,700 crore to build Buddh International Circuit (BIC), the motorsport destination with an expectation to break even in the next four years.

“We are expecting revenue of around Rs.150 crore from ticket sales,” Jaiprakash Associates Ltd executive chairman Manoj Gaur said.

The company has not finalised the exact ticket prices yet but said it would be kept moderate to attract people in large numbers.

“We are at the final stages of deciding ticket prices. We want to get as many people as possible to watch the event, so the pricing will be kept moderate. There would be tickets priced at Rs.2,500 for the three day event and upwards,” JPSI managing director and CEO Sameer Gaur said.

JPSI has tied up with online portal Book My Show for selling the tickets, which will start in the next one month, he said adding in June-July a mega marketing and promotional event would be launched.

The 5.14 km Buddh International Circuit has a total capacity of 1.2 lakh seats. The race is being held on 30 October, which will be preceded by two days of practice and qualifying sessions.

“Total investment on the BIC is about Rs.1,700 crore, which is a mix of promoters’ funds, bank loans and internal accruals form the real estate business,” Gaur said.

He said the company expects the F1 project to break even in the next four years and the revenue sources include ticket proceeds and other motorsport events to be held from 2012 onwards.

The company also unveiled a logo of the BIC that has been designed by advertising agency McCann Erickson.

The BIC is a part of Jaypee Sports City spread across 2,500 acres that includes a cricket stadium, a hockey arena and sports training academy.

Chhattisgarh realtors agree to Code of Conduct

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Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Faridabad property, Real Estate India, Real Estate FaridabadReal estate developers in Chhattisgarh are among the first to have agreed to follow code of conduct to ensure transparency in the dealings of the sector.

“The sector has been under the scanner of consumer and the real estate developers across the country are on a Rs mission–transparency’ and hope to achieve it through the code of conduct formulated,” Confederation of Real Estate Developers Association of India (CREDAI) National President Lalit Jain said.

Anand Singhania, President of Chhattisgarh Chapter of CREDAI, said the members in the state were prompt and had signed the declaration to follow the code of conduct drafted by the apex body of the real estate developers. The state will also have a consumer redressal forum managed by the Confederation.

Under the code of conduct, it would be mandatory for the developers to mention the actual usage area to buyers (Carpet area), compensation in case of project delay and honouring of the agreement between the two parties.

Besides, there should be a true disclosure of the property under development in the “Title Certificate” from a solicitor / Advocate showing the rights and obligations of the developers along with the Agreement for sale. All sanction from the sanctioning authorities like approved plans and commencement certificates, should be made available for perusal of the purchaser at the time of signing the agreement.

The members will have to abide by a set of rules laid down by the national body. “If any member violates the same, he would be removed from the Association,” Jain said, adding that they would appeal people not to purchase property from the developer who was not a member of CREDAI.