Tag Archives: Lavasa Hill City

L&T Infra Finance checks in at Lavasa

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Lavasa hill city, DB Realty, Shahid Balwa, UnitechTrack2Realty: L&T Infra Finance has signed an agreement with Lavasa Corporation for purchase of 20.23 hectares of land, with a development potential of 5 lakh sq.ft at Mugaon town in Lavasa City, near Pune.

L&T Infra Finance, a infrastructure finance company, is a subsidiary of L&T Finance Holdings Limited. Mugaon is the second town being developed in Lavasa City after Dasve. L&T Infra Finance proposes to utilize this land for corporate purposes and potentially for back-office requirements of L&T Financial services.

Speaking on the development, Rajgopal Nogja, Chief Operating Officer, HCC Group, stated, “We welcome L&T Infra Finance’s decision to be part of Lavasa City’s vision of becoming the preferred destination for both business and leisure. The natural beauty of the hill city and an award winning master plan that stresses on quality living with homes, works spaces, education facilities, leisure and entertainment avenues at walkable distances from each other and the location advantage, give Lavasa City an edge. This move will also create employment opportunities and give impetus to the region’s development.”

Commenting on the development, G Krishnamurthy, Chief Executive, L&T Infra Finance said, “We are pleased to have begun our association with Lavasa City. We believe that Lavasa City represents the way new cities in India will come up in the future and our investment is an opportunity to participate in this growth.”

The Lavasa development comprises of five self-sustaining towns with a capacity for a permanent resident population of approximately 240,000 citizens and an estimated 2 million tourists per annum. Businesses associated with Lavasa City include State Bank of India, Shail Group, Accor Group, Pullman,  Apollo Hospitals, Ecole Hoteliere de Lausanne- Switzerland, UKIBC, Educomp and a plethora of retail brands such as Bata, Smokin Joe’s, Café Coffee Day, etc. A tie-up is also in place for Sir Steve Redgrave for a rowing academy.

Lavasa launches its second town ‘Mugaon’

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Lavasa hill city, DB Realty, Shahid Balwa, UnitechLavasa Corporation has announced the launch of Mugaon – the 2nd town to be built at Lavasa. Situated on the banks of the lake, Mugaon will be developed on approximately 2400 acre area and is much larger than Dasve, the first town of Lavasa. The launch was announced by Rajgopal Nogja, Group President – HCC in presence of the finalists of Miss India pageant 2012 at the Lavasa international Convention Centre (LICC). At the event the 20 pretty finalists launched Bellshore Apartments – the first in series of apartments on sale at Mugaon.

Mugaon, located close to the first town Dasve is being developed as a residential, educational, business and commercial hub. Major attractions in the new town are the Town Centre with shops, cafes, cultural institutions, spiritual centres, Apollo Medicity, schools and colleges; Sports Academies like Manchester City Football Academy, Nick Faldo Golf Academy etc and a USSRC supported Space theme Park and a Hollywood – Bollywood style theme park.

Over 2000 spacious apartments will be developed on both sides of the lake at Mugaon over a four year time period and the project is being designed by India’s leading architect, Hafeez Contractor.

Speaking about the launch of Mugaon, Rajgopal Nogja, Group President – HCC, said,  “Dasve and Mugaon, the first two towns are part of the planned Phase 1 development which has been cleared by the Ministry of Environment & Forests (MoEF).  Dasve, the first town is completely sold and for Mugaon we have a long waiting list. It only goes to prove that people have liked the concept of Lavasa. We are confident that the picturesque residential apartments on offer in Mugaon will be sold out soon.”

Unitech profit drops, DB Realty net rises

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Lavasa hill city, DB Realty, Shahid Balwa, UnitechUnitech Ltd, India’s second largest real estate company, and DB Realty Ltd continued to struggle with sales in the June quarter amid rising interest rates and slowing demand—a seemingly unceasing plight they share with most of the sector.

Unitech’s consolidated net profit dropped 11% over the March quarter to Rs.98.36 crore. DB Realty boasted of a five-fold sequential surge in profit to Rs.41.2 crore but much of this came from its sale of non-core assets.

Experts, however, believe as most realty companies have reported drop in profits, the developers will bank on the festive season to register healthy sales.

Unitech’s revenue for the three months ended 30 June dropped 43.47% to Rs.595.85 crore over the March quarter.

“The company has been able to achieve sales bookings of over Rs.1,000 crore during the quarter in a challenging environment of rising interest rates owing to its attractive product offerings targeted at affordable/mid-income housing segments and intense sales effort,” Managing Director Ajay Chandra said on Friday, August 12.

Unitech’s biggest challenge seems to be delivery with the huge amount of execution challenge they have taken on themselves with 40 million sq. ft under construction. The company sold 1.9 million sq. ft of space for about Rs.1,020 crore between April and June, and has about 90 projects at various stages of construction.

On a year-on-year basis, Unitech’s profit declined 45% on a 28% fall in revenue. It reduced debt by Rs.203.68 crore to Rs.5,300 crore in the June quarter. DB Realty’s profit increased to Rs.41.2 crore from Rs.8.1 crore in the March quarter, largely because it earned nearly Rs.250 crore from selling non-core assets, including a stake sale in a south Mumbai property. Revenue dropped to Rs.221.5 crore from Rs.391 crore in the March quarter.

“Rising interest rates and input costs coupled with delayed approvals have resulted in a slowdown in the sector,” said N. Shridhar, Group Director, business and strategy. Year-on-year, the developer’s profit fell 33% and revenue dropped 16.38%.

Top executives of both Unitech and DB Realty are in jail pending investigations into alleged irregularities related to the allocation of second-generation (2G) telecom spectrum.

Unitech Managing Director Sanjay Chandra is also a Director at Unitech Wireless. DB Realty’s Shahid Balwa and Vinod Goenka were also promoters of Etisalat DB, a joint venture between Abu Dhabi’s Etisalat and DB Group.

DB Realty reduced its debt by about Rs.150 crore in the June quarter to Rs.242.5 crore. Shridhar said the company will reshuffle its portfolio and evaluate the sale of non-core assets to improve margins. Between April and June, DB Realty sold about 594,000 sq. ft of space including transfer of development rights (TDR) at a sales value of Rs.187.6 crore.

DB Realty ropes in Sr Goenka, Balwa

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Lavasa hill city, DB Realty, Shahid Balwa, 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.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyA day after its Managing Director Vinod Goenka was arrested in the 2G spectrum scam case on Wednesday, the controversial Mumbai-based real estate company DB Realty inducted his father, K M Goenka, as a Non-Executive Director. The DB management similarly inducted Usman Balwa, father of Shahid Balwa, as a Non-Executive Director, during a company board meeting held on Thursday. Shahid stepped down as MD after his arrest in February. His elder brother, Asif, the Chief Financial Officer of DB, was also arrested last month in connection with the scam, described as the largest in India.

The two fathers will play advisory roles in the company. The company insiders maintain they have come to protect the interest of DB Realty and help us in these troubled times. Usmanbhai is 56 while the senior Goenka is over a decade older. “They come with experience, maturity and knowledge of business,” said a source requesting anonymity. Both the fathers have no stake in DB Realty. While the senior Balwa is in the hospitality business (he owns several hotels), K M Goenka founded the realty firm, Conwood, and runs a flourishing dairy business in Sharad Pawar’s hometown of Baramati. The company will also soon shortlist a candidate for a new CFO to replace Asif Balwa.

“Despite his arrest, Vinod Goenka continues as Managing Director. His arrest was unexpected. We are hopeful he will get bail,” said a senior company official. “There is a feeling of disappointment among the employees these past two days since Goenka’s arrest,” he added. “DB Realty is an independent entity and has no shareholding with the hospitality and telecom arm of the group. It is professionally run by ten functional heads including expats,” said N Shridhar, Group Director (Strategy and Finance), who joined the company four months ago. “The operational and execution of projects has not been impacted,” he added.

However, a company insider said the Goenkas and the Balwas may go their separate ways and divide their empire sometime in the future. The company officials maintain the company would not acquire more land, but instead concentrate on completing ongoing projects. “We will focus on the customer and delivery of existing projects,” they said.

Currently, DB has 12 under-construction projects in Mumbai and one in Pune totalling 20 million sq ft. The company claims to have a net worth of close to Rs 3,200 crore of which Rs 250 crore is debt. “The environment is not conducive to raise fresh loans because of the controversy and banks restricting lending to developers,” said DB officials.