28th
April, 2007
NATIONAL NEWS
PLACE: NEW DELHI
US firm picks 15% in Vipul for Rs 234 cr
Wachovia Corporation, one of the largest diversified financial
institutions in the US, has picked up about 15 per cent
stake in realty firm Vipul Ltd for Rs 234 crore and plans
to invest up to one billion dollar (about Rs 4,100 crore)
in Indian real estate market this year.
http://economictimes.indiatimes.com/News/News_By_Industry/Finance__Insurance/Finance/US_firm_picks_15_in_
Vipul_for_Rs_234_cr/articleshow/1966284.cms
PLACE: NEW DELHI
Fixing the cement cartel
Cement is an important ingredient of the construction sector.
With the country in the midst of an infrastructure boom,
including the real estate sector, the demand for cement
has grown manifolds. To rein inflation and escalating cost
of cement, Finance Minister P. Chidambaram had announced
carrot and stick measure for the cement industry in the
Budget, but had little effect. In fact, Finance Minister
went on record this week and admitted the presence of cement
cartels and the government's inability to deal with them
without effective
competition law in the country.
http://www.tribuneindia.com/2007/20070428/real1.htm
PLACE: NEW DELHI
AIG forays into India asset management market
Leading equity fund manager American International Group
Global Investment Group (AIGGIG) Friday launched its maiden
equity
scheme in India , AIG India Equity Fund. Stating that AIGGIG
is a real estate player globally, Mehta said that in India
, the company has
forayed into commercial real estate and aircraft leasing.
http://www.newkerala.com/news.php?action=fullnews&id=22979
PLACE: NEW DELHI
Profit from the correction
In January 2006, Manmohan Singh, the prime minister, visited
Greater Noida to inaugurate the India Exposition Centre
and Mart, a hub for garment exporters. The question on every
prospective buyer’s mind is: will prices recover?
And when? Though making an exact forecast is impossible,
there are many opinions on the subject. According to Khanna
of Dial and Deal, “From working for 15 years as a
real estate consultant, I have learnt that a slump in the
real estate sector lasts for at least two years. Six months
have already passed since the lean phase began. One can
expect prices to rise after another one-and-a-half years.”
http://www.expressestates.in/full_story.php?content_id=85601
PLACE: NEW DELHI
Indage Hotels to buy two resto bars in London
The famous professor of Taxila University, Vishnu Gupta,
widely known as Chanakya was managing the funds for charity
during Dhana
Nanda's rule in the 3rd century BC. The corrupt king Dhana
Nanda of Pataliputra once humiliated Chanakya before his
ministers. The incidents followed after the disgraceful
act, had established good governance in the country. Chanakya
was instrumental in converting a state of anarchy into good
governance.Look 100% FDI flow in real estate sector since
2005 has increased urbanization process, which has converted
agriculture lands into building blocks in many states.
http://www.centralchronicle.com/20070428/2804302.htm
PLACE: BANGALORE
Indage Hotels, part of the wine major Chateau Indage Group,
is likely to acquire to two high-street restaurant and lounge
bars in Central London for about $8-10 million. “We
are hopeful of closing the deal soon, and it could be around
Rs 35 crore, ” Indage Hotels MD Vikrant Chougule told
ET. This is part of the company’s global foray, which
would also see it hitting the US market with five properties
in Virginia , where it is scouting for real estate currently.
http://economictimes.indiatimes.com/News/News_By_Industry/Services/Hotels__Restaurants/Indage_Hotels_to_buy_two_
resto_bars_in_London_/articleshow/1969226.cms
PLACE: NEW DELHI
Need more clarity on SEZ policies
With its projects at Greater Noida, Firozabad and Dharuhera,
SNG Group is poised to become a significant player in the
realty sector. Avneesh Singh, MD, SNG Group in a freewheeling
interview with out correspondent tells that the company
wants clarification on policies of SEZs and land procurement.
We own a fleet of nearly 200 carriers. And in automotives
we are one of the largest selling outlets for Hero Honda
in UP. Real estate arm was initiated seven years ago. Its
first project, SNG Plaza , was built on a freehold land
in Greater Noida.
http://www.expressestates.in/full_story.php?content_id=85594
PLACE: MUMBAI
Service charge hikes under RBI scanner
The hike in service charges by commercial banks has come
under the Reserve Bank of India (RBI) lens. This follows
the apex bank and
banking ombudsmen receiving customer complaints against
levy of excessive interest rates and charges on certain
loans and advances
by banks. Banking transactions executed at a branch will
cost a bank around Rs 40. In metros the cost goes up to
Rs 70 as the real estate
cost is very high. If the transaction is routed through
an automated teller machine, the cost comes down to Rs 18.
Using a credit or debit card at a point of sale terminal
brings down the cost further to Rs 1.
http://www.businessstandard.com/banking/storypage.php?leftnm=2&subLeft=1&chklogin=N&autono=282580&tab=r
PLACE: NEW DELHI
Vipul stake
Wachovia Corporation has picked up about 15 per cent stake
in realty firm Vipul Ltd for Rs 234 crore and plans to invest
up to $1 billion in the Indian real estate market this year.
http://www.telegraphindia.com/1070428/asp/business/story_7709108.asp
PLACE: NEW DELHI
New look Chandigarh?
While it's alright to give Chandigarh a facelift, some veteran
architects say the change shouldn’t affect the old
charm of the city. Lured
by the development in the IT sector in Chandigarh , real
estate giants like Uppals, Parsavnath, Ansals and a slew
of Delhi-based real
estate investors rolled out their investment plans for Chandigarh
.
http://www.businessstandard.com/lifeleisure/storypage.php?leftnm=5&subLeft=5&chklogin=N&autono=282691&tab=r
INTERNATIONAL NEWS
PLACE: CANADA
Hot opportunities in Alberta real estate Homeowners in the
province know that, and so do shareholders of a few Alberta
real estate companies and REITs, or real estate investment
trusts. Take apartment landlord Boardwalk REIT – it's
up 88 per cent in the past 12 months and a total 175 per
cent in the past three years. Or how about land developer
Melcor Developments Ltd.? It surged 44 per cent in the past
year, and 504 per cent in the past three years.
http://www.theglobeandmail.com/servlet/story/RTGAM.20070427.wcarrick0428/BNStory/Business/columnists
PLACE: LABANON
Real Estate briefs
Brownstone Real Estate Co. has announced that Wes Dellinger,
director of the company’s Lebanon operations, has
received his broker’s
license. Earning a broker’s license requires the successful
completion of 16 credits. Dellinger is a graduate of Lebanon
Valley College,
where he earned a bachelor’s degree in economics and
business administration.
http://www.ldnews.com/business/ci_5770753
PLACE: NEW YORK
Marsh Establishes Global Real Estate Practice; Names Jeffrey
Alpaugh to Lead Practice
Marsh Inc., the world's leading risk and insurance services
firm, today announced it has established a Global Real Estate
Practiceand
appointed Jeffrey S. Alpaugh to lead the Practice.Mr. Alpaugh,
who reports to James M. Enelow, head of the firm's Industry
Practices,
has been with Marsh throughout his 18-year career in insurance
and risk management.During that time, he has held positions
of
increasing responsibility in the firm's New York, Los Angeles,
and Boston offices,serving initially as a broker, then becoming
global
client executive, regional real estate industry practice
leader, and, most recently, regional client executive practice
leader.
http://www.cnw.ca/fr/releases/archive/April2007/27/c2357.html
PLACE: CALIFORNIA
Real Estate Holding Strong In LCF
While the real estate market in Los Angeles County has softened
and there are increased foreclosure rates, prices of existing
homes sold are still higher than compared to those selling
this time last year, with a current median price in the
county of $528,000
according to Data Quick Real Estate News.
http://www.lacanadaonline.com/articles/2007/04/27/news/lnws-realestate426.txt
PLACE: MICIGHAN
Real-estate service aims for expansion
MiReal Source provides services for real-estate agents and
brokers across Southeast Michigan. Its main product is its
Multiple Listing Service, which provides house listings
for real-estate professionals in eight counties, including
Oakland, Macomb and Wayne. Formed in 1966, the Troy-based,
broker-owned company serves more than 6,500 agents and provides
a database with more than 430,000 listings to help determine
comparable home prices.
http://www.detnews.com/apps/pbcs.dll/article?AID=/20070428/BIZ/704280335/1001
PLACE: UNITED KINGDOM
Wall Street bank strikes real estate joint venture
Morgan Stanley entered a $1bn (€733m) joint venture
with a real estate trust and a US state pension fund as
the bank continues to deploy its money in property investments.Morgan
and Stanley has joined forces with Inland Western Retail
Real Estate Trust, which has around $7.5bn under management
and whose shares are not publicly traded. Morgan Stanley
will contribute 80% of the equity, or $800m. The companies
did not name the state pension fund investor.
http://www.financialnews-us.com/?page=ushome&contentid=2347663234
PLACE: TORNATO
Morguard Real Estate Investment Trust Announces Q1 2007
Results
Morguard Real Estate Investment Trust("Morguard REIT")
(TSX: MRT.UN) today announced its financial results for
the three
month period ended March 31,2007.Morguard REIT's Q1 2007
Financial Statements, and Management's Discussion and Analysis
along with its 2006 Annual Report are available on Morguard
REIT's website at www.morguardreit.com and have been filed
with SEDAR .
http://www.cnw.ca/fr/releases/archive/April2007/27/c9781.html
PLACE: NATRONA COUNTRY
Real estate venture to build Hilton at Telfair
Alex. Brown Realty Inc. and Presidian Cos. have joined to
develop a Hilton Garden Inn in the retail portion of the
Telfair master-planned
community in Sugar Land.ABR Chesapeake Fund III, a real
estate investment fund sponsored by Baltimore-based ABR,
a privately held real estate investment manager, provided
an equity investment of more than $3.6 milion to the venture.
http://charlotte.bizjournals.com/houston/stories/2007/04/23/daily65.html
PLACE: RIYADH
Saudi government approves two new real estate firms
In a bid to boost real estate investments in Saudi Arabia,
the ministry of commerce and industry has licensed two stock
companies to
operate in the kingdom's market. Up to the end of the second
quarter of 2006 Saudi banks have pumped 13.4 billion riyals
into financing
real estate projects in the kingdom. An official was quoted
recently as saying that in order to meet demand; Saudi Arabia
will need to
build 1.5 million new homes by 2015.
http://www.gulfnews.com/business/Real_Estate_Property/10121312.html
PLACE: AUSTRIA
Apollo Real Estate Advisors Sells Monument Office Building
in Herndon, Virginia
Apollo Real Estate Investment Fund V and Monument Realty
have sold the Monument III office building in Herndon, Virginia,
to MGP
Realty, in partnership with The Praedium Group, for $54,585,000.Monument
Realty developed the 193,000-square-foot, seven-story Class
A building in partnership with Apollo. Monument III is the
tallest building on the Dulles toll road corridor and is
the fourth building developed
by MR/Apollo in the 94-acre Worldgate complex near Dulles
International Airport.
http://www.pr-inside.com/apollo-real-estate-advisors-sells-monument-r107312.htm
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