Credai1

July - September 2012

Complimentry copy not for sale

Quarterly Magazine of

spotlight Green buildings credai.org

July - September 2012

Complimentry copy not for sale

Quarterly Magazine of

spotlight Green buildings credai.org

credai times Quarterly Magazine of

Complimentry copy not for sale

July - September 2012

Green buildings in the

spotlight

credai.org

Power Talk Buzz

Conversation In Focus

Living Green Interiors

Chairman’s Message

President’s Message

Dear reader

Dear reader

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dummy text dummy text dummy text dummy text dummy text dummy text Pradeep Jain Chairman

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dummy text dummy text dummy text dummy text dummy text dummy text Lalit Kumar Jain President

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contents 12

Interiors A superior selection of furniture & furnishings can transform your humble abode into a designer space

10

26

Conversation In conversation with Mr MA Venkateshan of Nitesh Estates

22 18

Power Talk The inflow of private equity (PE) capital into India’s realty sector is on a rollercoaster

06

30

News Real estate news from the domestic and international market

32

In Focus The Belaire, Gurgaon could be the home you’ve been dreaming about

Lead Story We look at the forecast across the asset classes of the Indian real estate sector

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Buzz A glance at the real estate choices in the cosmopolitan city of Mumbai

Living Green Eco-conscious builders rising up to promote the embryonic green revolution

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Lead Story

The future of

real estate words: Ananya Chaudhuri

Real estate is one of the most important sectors in India. We look at the forecast across the asset classes

s the economy shows signs of decreasing GDP

Leasing activity in the office space

real estate industry

realm remained healthy across the

faces its own share of

major cities in 2011. These cities

concerns. Real estate developers

also saw strong pre-leasing activity

are reeling under high debt and FDI

in buildings under construction.

inflows have also slowed down.

Occupiers mostly expanded their

The recent increase in home loan

renewed leases or consolidated

interest rates is expected to dampen

office spaces, with an emphasis on

the sales even further.

the secondary and suburban submarkets of the prime cities instead

conditions, Indian real estate asset

of the central business districts

classes across the prime cities of

because of ample availability of

India have seen mixed sentiments.

leasable spaces in these areas.

Residential sales remained slow

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Commercial Real Estate:

growth rate, the Indian

Amid these macro-economic

6

THE YEAR THAT WAS

Special Economic Zone (SEZ)

in most of these cities in 2011.

spaces saw stronger demand as

Residential project launches also

compared to non–SEZ office spaces

showed a marked slowdown by

in 2011. Due to the prevailing

3Q11.The demand for office and

uncertainty regarding the global

retail space leasing remained

economy, a marginal slowdown in

healthy in most of the cities.

leasing activity was seen in 3Q11.

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7

Lead Story

had led absorption over the past 11 quarters but witnessed a decrease

Although brochure prices either

in 2011.

remained stable or increased

Cautious buyer sentiment

In 2012, several IT companies are looking to pre-lease office space

marginally in select projects,

prevailed due to the adverse impact

developers offered discounts on

of the prevailing macro-economic

their prices or other freebies during

factors such as rising interest rates

the festive seasons to improve sales.

and surging inflation. The spate of hikes in interest rates by the Reserve Bank of India (12 times over the past

FORECAST FOR 2012 Commercial Real Estate: In

18 months) led to a steep rise in

2012, several IT companies are

the EMIs of home loan borrowers.

looking to pre-lease office space to

While rising home loan rates

take advantage of the favourable

Office space rents and capital values

also smaller cities and towns. Malls

prime retail sub-markets of Delhi

have exerted pressure on buyers,

commercial terms currently being

also increased marginally in some

are also witnessing healthy leasing

and Mumbai saw a rise in capital

developers have been constrained

proposed by commercial office

sub-markets in 2011, since vacancy

activity, with pre-commitments in

values. The suburban sub markets

by the rising costs of construction

space developers. Demand is

levels remained range-bound.

malls under construction remaining

of Bangalore and Mumbai also

and debt. We are now looking at

expected to remain stable. However,

Retail Real Estate: The retail

healthy. However the demand

displayed a rise in rental values in

a scenario where both developers

the office space supply is expected

sector sentiments remained buoyant

remained polarized to selected good

the light of strong demand from

and buyers are impacted by adverse

to outweigh demand in most prime

as retailers continued to expand

malls.

retailers.

macro-economic factors.

cities of India. Corporate expansions

Residential Real Estate: The

into both high streets and malls.

Delhi NCR saw the strongest

However, high streets witnessed

absorption rate, while Bangalore

residential real estate market was

developers to slow down on

uncertainties in the global economic

stronger leasing activity across the

showed strength in high street

sluggish in 2011. Sales dropped in

construction and new launches.

situation, which will have an impact

prime cities in India. Major retailers

leasing. Rents and capital values

the prime cities of India, except in

Most of new launches in 2011

on business budgets for next year.

continued to expand decisively –

increased nominally in quite a few

Bangalore, which saw healthy sales.

were in the mid-income and budget

not only into the prime cities, but

sub-markets of the prime cities. The

In Delhi NCR, the Noida sub-market

homes segment. Capital values

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increased to a limited extent.

Rising input costs caused

are likely to decrease due to the

Things are looking bright in 2012

likely to remain robust as major

In 2012, several IT companies are looking to pre-lease office space to take advantage of the favourable commercial terms currently being proposed by commercial office space developers.

in the prime cities as well as select

In 2012, inquiries for quality retail space are likely to remain robust as major Indian retailers are seeking to implement their expansion plans in the prime cities as well as Tier II cities.

rate hikes by the RBI in the early

Because of the prevailing uncertainties on the global market and the likelihood of further interest rate hikes by the RBI in the early part of 2012, sentiments on the residential market will remain cautious over the short term.

Indian retailers are seeking to implement their expansion plans Tier II and Tier III cities. FDI in multi brand real estate, when finally permitted, is expected to catalyze a lot of demand from international retailers.

Residential Real Estate: Because of the prevailing uncertainties on the global market and the likelihood of further interest part of 2012, sentiments on the residential market will remain cautious over the short term. The absorption rate – meaning the ratio of sales over inventory in the market – is likely to be low, and the incidence of new launches will decline. Rise in capital values will be marginal because of low sales.

Retail Real Estate: In 2012, inquiries for quality retail space are credai.org

9

Conversation

Looking ahead: 2013

A forecast: In conversation with Mr M.A. Venkateshan of Nitesh Estates A glance at a Nitesh Estates Ltd. project (left) Mr. M. A. Venkateshan (right)

n conversation with Mr. M.A.

I

recognized luxury real estate brands,

Ziff in 2007, thus becoming one

in various stages of development.

What led to improvement in

Venkateshan, Chief Finance

renowned for developing properties

of the first few companies in

In addition to these projects, we

your performance in Q4 FY12?

Officer (CFO), Nitesh Estates Ltd. He

for residential homes, office

India to attract FDI in real estate.

have launched one more residential

joined the Company in September

buildings, hotels and shopping

The Company has been certified

project during this quarter. “Nitesh

started post the IPO. In FY12, we

have already launched Nitesh Napa

2010. He is a qualified Chartered

malls. The Company operates

by Bureau Veritas Certification -

Napa Valley” was launched in May

continued with the projects that

Valley, a villa project with saleable

Accountant, Cost Accountant,

through a “joint development”

UKAS ISO 9001, the most widely

2012. It is a villa project located at

were launched in FY11. Only one

area of over 500,000 sq. ft. and

Company Secretary and a Law

model as compared to acquiring

recognized certification body in the

Bellary Road, Bangalore and has

new project was launched last year.

have received a good response.

Graduate. He has a work experience

land. In a short span of seven years,

world.

evinced quite a good interest ever

of over 28 years in the finance

the Company has brought more

industry. Previously he worked with

than 18 million sq. ft. of space

with Hemant P. Maradia, Mr.

various organizations, including

under development and selectively

Venkateshan says, “Eight residential

JSW Steel, Jindal Praxair Oxygen

evaluates opportunities in Goa,

Company, Deutsche Babcock

Chennai and Cochin. The Company

Balcke-Durr, Electronics Corporation

We could register good numbers

launches in FY13 with total saleable area of 3.5 million square feet. We

Another project soon to be launched

in Q4 because revenues from most

is “Nitesh Park Avenue”, a high end

of the ongoing residential projects

city-centric project located at Sankey

sales in our other residential project

started kicking during the January to

Road, a very prime location in

projects are at various stages of

called Nitesh Cape Cod, a project on

March quarter.

Bangalore. A lot of interest is being

construction. All these projects

the Outer Ring Road in Bangalore.

developed one of India’s largest

have crossed revenue recognition

Other eight residential projects are at

to continue going ahead as well,

of India, Sarda Associates, Andhra

corporate housing projects for ITC

threshold in Q4 FY12.”

various stages of construction. All of

with further sales and progress in

on our business from the macro-

Bank and MSIL.

and is also credited with bringing

these projects have crossed revenue

construction for these projects.

economic perspective in FY13.

In an exclusive interview

We have also witnessed good

to India the Global Luxury Hotel

How has Q1 FY13 been for

recognition threshold beginning the

integrated property developer,

Chain - The Ritz Carlton Hotel. The

your company so far?

last quarter of FY12.

headquartered in Bangalore. The

Company received investments

Company is one of India’s most

from Citigroup in 2006 and Och

Nitesh Estates Ltd. is an

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10

since its soft launch.

These residential projects were

We are targeting five new

We are currently focusing on nine residential projects which are

So, overall we should see steady growth in the first quarter.

We expect this momentum

shown in this project as well.

We do not see a major impact

The Bangalore real estate market What if the Indian economy

is driven more by real demand

remains subdued in FY13

than any speculative activity from

as well?

investors.

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11

Interiors

Haute couture for your home words: Ananya Chaudhuri

A superior selection of furniture & furnishings can transform your humble abode into a designer space

B

eautiful families make for gorgeous homes and

designer frills make for stunning

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12

Ornamentation for homes “The trend for designers doing

Gurlein and I could not find simple accessories like lamp fittings and candle stands of our choice. That’s

homes. If dressing up homes is

up homes has been a norm since

when we decided to start a store.”

your favourite hobby then you are

the time of kings and queens, only

But what’s really got

on the right page. It’s not hard to

they were not called designers

our fashion designers hooked to

dream of delicate handiwork, silver-

back then; in our modern society

interiors? Rohit Bal too designed

gold plating, kitsch adornments,

it caught up about two decades

his restaurant Veda in New Delhi.

exceptional craftsmanship, silk

ago,” says the self taught artist

Manav Gangwani was the man

drapes and royal inspirations for

and designer Nida Mahmood of

behind the decor for Louis Vuitton’s

one’s home, especially when we

New India Bioscope Co, adding,

event in October 2007. He also

are living in designer times. Yes,

“Today, we are much more exposed

designed and conceptualised an

beautiful homes are as much

to the art of interior design and

evening for the launch of Barclays

about lovely families as they are

the options are abundant, which

Premiere in February 2008.

about how much room you give

is why it is more accessible and

to imagination. As homegrown

popular.” Twinkle Khanna and

Tahiliani says, “I don’t think that it’s

designers and celebrities adapt

Gurlein Manchanda opened The

a new thing for fashion designers

home interiors as their passion,

White Window in Mumbai in 2002

to begin designing interiors and

we explore the splendid choices

to fill in the vacuum. At the launch

homes. In my case, as I’m sure

that assist us in lending a designer

of the store Twinkle had remarked,

it is in most designers’ cases, the

character to our dwellings.

“While working on interior projects

transition from fashion design to

Renowned designer Tarun

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13

Interiors

(L-R) Sussanne Roshan, Twinkle Khanna & Tarun Tahiliani

(L-R) Raul Chandra and Nida Mahmood, Navin Ansal and Raseel Gujral & JJ Valaya

We are caught up between our love for contemporary and the longing for the traditional

interior designer who worked

embellishments Nida and Raul Chandra’s (co-

signature tapestries. “Each pieces is one of a kind, created entirely using

for 15 years with clients across

founder of the New India Bioscope

handicrafts, individually signed and

the world before setting up her

Co.) collectors’ line consists of

dated by me,” says the designer.

interior design came quite naturally,

longing for the traditional. Designer

a sense of place, of India, while

dream design store, The Charcoal

hand painted products like trunk

particularly because I have always

JJ Valaya’s brand Valaya Home is a

simultaneously evolving toward new

Project in 2010, “The urbane home

tables, chairs, wall clocks, etc.

without a stopover at the interior

loved antiques and furniture and

reflection of this style. His signature

dimension and aesthetic.” He adds,

is a design space influenced by

These are painted by the original

boutiques and studios set up by

I think my sensibilities for both

tapestries are highly evocative of the

“For example, in The Sol, Goa – a

the passion of modern India.”

poster artistes and come at a

our Indian celebrities. The White

interior design and fashion design

lifestyles of the past and the present

hotel I worked on recently – the

Interior designer Raseel Gujral and

premium while their affordable

Window houses an exclusive an

complement each other quite well.

day aesthetics. Says Tahiliani, “Just

challenge was to offer international

businessman Navin Ansal of Casa

line comprises digital works that

in-house line of sofa sets, beds,

I think fashion and lifestyle go

like in fashion, I think there is a

standards, while folding in aspects

Paradox, New Delhi, say, “Our store

are created in-house. “We draw

tables, trays, curtains, paintings,

together wonderfully, and interior

tendency in India to move toward

of Indian warmth, hospitality and

embodies global refinement and an

inspiration from the quirks and

glassware, vases, metal ware,

design has the potential to link both

a more contemporary Western

sensibility within the design. I

indigenous design sense reflective

vibrancy of Indian streets, nooks and

candles and more, in addition to

together, so there’s lots of room to

aesthetic, although there are those

wanted it to reflect the latest, the

of the contemporary and classic

crannies. Kitsch is one language a

that sourced from design talents

experiment in new ways: it’s always

that do appreciate the traditional

most contemporary and the most

designs from the world of interiors.”

large part of the modern population

across the world. The Charcoal

a challenge.”

Indian influence. Personally, I like

luxurious design, while still retaining

The couple creates designs by

is speaking through various levels

Project by Sussanne Roshan is

to re-envision traditional Indian

a sense of Goa and India.”

borrowing elements from the past

of its application,” says Nida. And

strewn with showstoppers from

Modern touch, old world charm

The trail would be incomplete

design and architectural aesthetic

“Today, most modern homes

and fusing them with international

if royal and rich is your taste then

French antique furniture and

in a more contemporary manner,

are hinged on the contemporary

contemporary trends, and of course

you can take a pick from Valaya

modern eclectic furniture to home

‘India Modern’, if you will. It works

spirit of design and functionality,”

the sensibilities of their clients. Time

Home’s range of soft furnishings,

accessories, dinnerware, table

style, we are caught up between our

best in our environment and climate

says Nida. Contemporary does

to dress up your home in these

which includes decorative pillows,

linen, crockery, soft furnishings,

love for the contemporary and the

and I think it’s important to retain

translate into global at many levels.

colours.

cushions and coordinates, and

installations, etc.

When it comes to adapting a

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Chips in Sussanne Roshan, a trained

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15

Power Talk

Realty goes PE heavy words: Megha Mahindru

The inflow of private equity (PE) capital into India’s realty sector is on a rollercoaster. Two consecutive quarters in 2012 have painted two different pictures, in stark contrast to each other.

D

uring January-March, PE

Dutt, executive managing director,

investments in the real

South Asia, Cushman & Wakefield,

estate sector doubled to ` 2,100

says, “India has emerged as one

crore, according to Cushman &

of the most dynamic real estate

Wakefield, from ` 1,060 crore a

markets in the world. The sector,

year ago. There was also a pipeline

which saw some upheaval due to

investment of ` 15,000 crore

global economic slowdown, was

over 12 months, thereafter. The

able to withstand the pressures

subsequent quarter (April-June),

and continues to remain a lucrative

according to Venture Intelligence,

investment destination offering

which tracks PE transactions

growth across asset classes.”

in India, has seen investments stoop. PE funds with a focus

considered to be a less matured

on real estate have made seven

realty market compared with

investments amounting to a paltry

other metros, there have been

$162 million – across six deals with

inflows of PE funds. “For instance,

disclosed values, one-third of the

Yatra Capital has made several

18 investments during the same

investments in K olkata. Piramal

period in the previous year, with

Group- Indiareit Fund Advisors have

a cumulative investment of $553

also created a vehicle for financing

million. The industry seems to be

in real estate. The UK-based Reit,

struggling to unravel the puzzle.

which is not a PE as such, but

While some analysts think that the

falls well within the category of

market for real estate PE funds is

alternative funding, has also made

rather muted right now, others feel

investments in city’s real estate

there has been a spurt in realty

space,” Rishi Jain, director, Jain

PE funds. Several PE funds, both

Group, a realty player headquartered

international and domestic, are

in Kolkata with projects in many

mobilising funds for this sector.

parts of the country, said.

There is, however, unanimity at

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18

Even in Kolkata, which is often

According to Jain, the demand

least on one aspect that all PE funds

and sales are always there and,

are engaged in a constant quest to

thus, profitability has never been

raise and deploy funds in lucrative

a problem. “But the laws and

business opportunities that India’s

regulations for bank funding are

realty sector offers. And as Sanjay

getting more stringent day by

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19

Power Talk

Developers wouldn’t prefer PE over bank funding as PE is more expensive markets are not very well disposed to real estate right now, and banks and financial institutions have become very conservative towards the sector.

NBFCs and PE funds are the only two available routes for developers,” said Maheshwari.

Typically, funds can be raised in two ways, with own capital and bank financing. Land procurement is a major cost for any real estate project. With the Reserve Bank of India (RBI) guidelines that bank financing cannot be sought for land purchase, and that land bank (agriculture) cannot be used for overdraft/cash credit (OD/CC) limits, bank financing has become severely limited. Adding to that is the fact that real estate is considered to be a ‘high risk’ sector and banks can only take up exposure of 5-15 day. In the absence of banks, PE

are opting more for PE funds

per cent most of the times. So,

becomes an obvious choice. The

these days. He said that as a rule,

the overall effect has resulted in a

developers are opening up to the

developers would not prefer PE

severe crunch of bank finance to

idea of alternative financing because

over bank funding because PE is

this sector.

banks are becoming difficult to deal

more expensive. “However, there

with. Since the demand, profitability,

are value additions that PE investors

and unlisted, is keen to evaluate

and willingness of promoters are

bring to the table in terms of

PE opportunities. As the market

all there, the surge in PE funds and

helping developers with corporate

remains tough, PE funds, with a

other means of financing are bound

governance, thereby, bulwarking

focus on real estate, have become

to happen.”

their expansions plans. PE funds also

very selective in terms of developers

have management systems in place

and projects. The developer’s

director of corporate finance,

to track the performance of their

market performance and delivery

Jones Lang LaSalle India, has an

investments and generally inculcate a

record are all vital for securing PE

explanation for why developers

lot of discipline in developers. Capital

investments.

Ambar Maheshwari, managing

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20

Every developer, both listed

Buzz

New projects on

the anvil

A glance at the real estate choices in Mumbai

Adorn thy abode The perfect study A study room is a comfortable retreat for many and lends a luxurious feeling for those modern successful people who advocate a high lifestyle. Peaceful, yet functional, this room serves as a comfortable retreat as well as a home office to receive clients, be it a farm house, your abode or somewhere away from home.

To lend the perfect style and opulence to your study room, The Great Eastern Home unveils its classic range of furniture for its connoisseurs.

The Great Eastern Home provides handcrafted bespoke furniture of the highest quality to

PEARLS GLOBAL ARENA Naigaon East

Raheja Exotica - Malad West

NEW CUFFE PARADE Wadala East

perfectly meet your requirements.

Inspired by such incredible world cities

Presenting New Project by Raheja

Mumbai’s new city center will

your available space and provide the

as Abu Dhabi, Curitiba and Chengdu,

Universal, Raheja Exotica collection of

renew the way citizens perceive and

optimum level of comfort and style.

Pearls Global Arena is an ambitious

spacious villas and apartments, designed

experience travel in this mega city.

living space designed to be independent

in a Mediterranean Style. Raheja Exotica

Located at the meeting point of the

and self-contained. Developed across

provides one of the finest luxury 1

Monorail, the Metro Rail and the

an enormous 200 acre expanse, Pearls

BHK, 2 BHK, 3 BHK apartments and

Eastern Freeway, the new city center

Global Arena consists of multi storeyed

penthouses ranging from 850 to 3000

will be Mumbai’s first destination

towers with 1, 2 and 3 bedroom

sq.ft area.

to offer easy and fast connectivity

apartments.

Location very close of the shores of

This furniture range will maximize

Digital homes Taking the digital age a notch higher, Malwa

to virtually any part of the city. The

the Arabian sea, Raheja Exotica would

next-door availability of transportation

Mirage Ceramics Pvt. Ltd. is bringing digitisation to

minutes from Borivali and 1.7 kms from

be 3 wings of podium + lobby and 20

options, including access to the

the very core of your homes, with its latest offering,

Naigaon station. With better connectivity

floors for apartments.

Western Railway Line (Matunga Road),

Digital Glazed Ceramic Tiles. Malwa Mirage has begun

Raheja Exotica provides most ultra

the Harbour Line (Wadala) and the

manufacturing these intricate and picturesque pieces

highway nearing completion, Pearls

modern amenities like SPA, Gymnasium,

Central Line (Sion), will help lessen

of art to encapsulate beauty like never before. And for

Global Arena is near Mumbai yet away

Games Room, Multipurpose Hall,

dependence on private vehicles for

this, the company is using their very own technology,

from all the hustle and bustle of it.

Business Centre, Cafeteria, Pavilion,

daily commuting. Needless to say, life

Thinkjet. This technology allows non-contact printing on

Convenience Store, Squash Court,

in the new city center will also help

glazed surfaces, which leads to extremely high accuracy

world, Pearls Global Arena is a model of

Swimming Pool, Amphitheatre,

you alleviate the pollution, traffic and

in printing, in addition to the varying design patterns.

urban development.

Extensive Landscaping etc,.

environment issues of your city.

Pearls Global Arena is located just 45

and the 6 lane Mumbai - Ahmedabad

Combining the best from around the

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Living Green

The Green 5 words: Megha Mahindru

As corporate giants sweep across the country creating eco-disasters spewing toxins some eco-conscious builders rise up to promote the embryonic green revolution.

W

technology, a web-based monitoring

Currently under construction,

can be researched and assessed in

contemporary designs with the eco

natural lighting, makes use of solar

local material. In addition, 95 percent

seek to grow past

friendly plans.

power, and consumes 55 percent

of construction waste was kept out

less energy than a conventional structure.

their infancy stage in the country, we highlight the green sheen of those buildings from across the world, where energy efficiency and sustainable materials come together

CII-Sohrabji Godrej Green Business Centre,Hyderabad, India The first building outside the US

Centro Internacional de Negocios, Ciudad Juarez, Chihuahua, Mexico

system had been set up that helped

this ambitious project is already

building managers calculate and

earning pre-kudos for being the

compare energy usage within this

greenest building in the world.

green complex as compared to a

Scheduled to open this year, it

conventional structure. In addition,

will feature 100 percent day-lit

to form towering images. Forget

to have a LEED platinum rating, the

straw huts and bamboo shacks,

headquarters of the Indian Green

these international skyscrapers

Building Council, inaugurated in

in Mexico, the construction of this

the place also offers parking

workspaces, greenhouse-gas

redefine green as they amalgamate

2004, collects rainwater, relies on

green building was done by using

privileges for carpoolers.

neutrality, and on-site treatment of

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solid and liquid wastes. It serves as

of the landfill. Taking the aid of green

Centre for Interactive Research on Sustainability, Vancouver, Canada

hile green buildings

The first LEED-certified project

a state-of-the-art ‘living laboratory’ where sustainable building systems action.

Pacific Controls Headquarters, Dubai, United Arab Emirates In an effort to raise environmental awareness,

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Living Green

Energy efficiency and sustainable materials blend to form green images engineering company Pacific Controls created a five-story ‘Center of Excellence’ for research and development on energy and efficiency solutions. The first LEED platinum-rated building in the entire Middle East, this building has minimal impact on the environment through energy and water conservation, waste minimisation and recycling, and no greenhouse gas emissions.

Swiss Re Tower, London, U.K. Europe’s first green skyscraper, better known as ‘the Gherkin’, is a pickle-shaped edifice that houses 40 storeys of commercial spaces.

The aerodynamic headquarters of a (Top to bottom) Pacific Controls Headquarters, Dubai, United Arab Emirates Swiss Re Tower, London, U.K.,

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reinsurance company, Swiss Re, this green building uses 50 percent less energy than a traditional office complex and features gardens on every sixth floor for air purification.

News

Domestic Ajmera Realty launches Ajmera Aria in Pune

News

International

Godrej Properties creates Rs. 7.70bn residential development

China home prices could fall again: economist Recent gains in Chinese house prices might be

Godrej Properties Ltd has announced creation

a result of misguided expectations, economist

of a residential development platform with Rs.

Yi Xianrong of the government-affiliated Chinese

7.70bn of equity commitments comprising of a

Academy of Social Sciences reportedly said.

group of global investors led by Dutch pension

Yi also reportedly stated that the price rise has

services provider APG, one of the largest pension

taken place without easy credit, making it strange

fund managers and real estate investors in the

in a historical context.

world. The investor group also includes Sparinvest Property Fund II, a global real estate fund-of-funds managed by Sparinvest Property Investors.

Ajmera Realty Ltd., a company

surrounded by the lush green

focused on premium real estate

belt and verdant landscaped

developments in India has

gardens with panoramic view. The

development of mid-income residential projects

announced the launch of its newest

residential property is a 13 storeyed

in Mumbai, NCR, and Bangalore and may

residential project, Ajmera Aria

structure and will be available

opportunistically invest in Pune and Chennai. The

situated in the heart of Pune at

for limited edition apartments

initial commitments will be in the ratio of 29:71

Koregaon Park.

for 25 privileged customers. The

by GPL and the investor group respectively. The

amenities provided are one of its

parties will endeavour to grow the platform over a

luxurious residential habitat with

kind & ultra premium in Pune like a

period of time as the right opportunities continue

a stunning architectural design,

double height living room and two

to emerge.

Ajmera Aria is boasts to be a

swimming pools per apartment.

The project has 3 elevators, one a private lift, one a guest lift, and one service lift.

The main highlights of the project include state of art technology, contemporary & stylish interiors with world class amenities at your door step and a luxury filled residence.

This residential platform will focus primarily on

Yi said that the monetary base was contacting

ABB wins $75mn order to reinforce transmission grid in Iraq

instead of growing, and down payments could now run more than 60%, compared to 20% required in the latter half of 2008, says report.

ABB, the leading power and automation technology group, has won an order worth around $75 million from the Ministry of Electricity of Iraq to extend an existing transmission substation in the Southern part of the country. The 400/132 kV (kilovolt) Amara substation will connect a new 500 megawatt (MW) gas based power plant as well as smaller power stations, presently under construction, to the grid.

“The substation extension will enable the integration of additional power generation sources and boost power supply to the region,” said Brice Koch, head of ABB’s Power Systems division. “It will also help to improve grid reliability and power quality.”

As part of the turnkey contract, ABB is responsible for the project management, design, engineering, supply, installation and commissioning of the substation, including civil works. The project is scheduled for completion by 2013.

Key product supplies include air-insulated switch gear, transformers, shunt reactors and cables. ABB will also supply control and protection systems compliant with the IEC 61850 open communications standard and associated telecommunication equipment.

Extension of home loan subsidy will support affordable housing: Tata Housing

Australia’s building approvals post record growth: reports The number of permits issued for dwelling construction in Australia posted a record jump in May with the authorities giving nod for many major apartment projects, according to reports. Reports stated that Dwelling permits climbed by a record 27.3% month-on-month on a seasonally adjusted basis in May.

“The extension is a welcome move from the Government to extend its support to affordable housing especially in Tier 2 & emerging cities. But in the long term, a more effective approach would be breaking away from a single national benchmark; instead map markets and implement different slabs to identify the right definition of affordable housing. credai.org

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News

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In Focus

Make this your home The Belaire, Gurgaon could be the home you’ve been dreaming about. A quick look.

Exclusive Address – DLF Golf Links, DLF City, Phase V, Gurgaon.

Drive past the splendid DLF Golf Course to reach The Belaire, which

Earthquake-resistant structure catering to Seismic Zone-V as against the requirement of Seismic Zone- IV, which is applicable.

is approximately 14 km from the Indira Gandhi International Airport, New Delhi.

Superb connectivity, which will

consumption • Air Conditioned Apartments with VRV system– Controlled Environment

Salient Features • Gated community – Secure and Safe

• Modular Kitchen with Appliances • Jacuzzi in master bath

have a signal free approach in the

• Exclusive Clubbing Facilities

near future.

• Healthcare Centre

To make the decision at the earliest,

• School & Shopping Facilities

you can access the Application

connectivity on both sides of the

• Adequate & Dedicated Parking

Form which is available on the web

complex.

• Multi Tier Security System

site, fill in your details and forward

• 24x7 power back-up through

it to us at the e-mail address:

Ideal location with good

Surrounded by super luxury estates, shopping malls, multiplexes, etc.

DG sets • Water Conservation & Sewage

The Belaire has some of the finest amenities and promises luxury

Treatment Plant (STP) • Sound-proof Double Glazed credai.org

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windows that save energy

thebelaire@dlf.in Price and availability are subject to change. get in touch with sales team before booking.