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Altico Capital invests Rs 400 crore in two residential projects

Posted on Dec 29, 2016
MUMBAI: Altico Capital has invested Rs 400 crore in two separate projects of Pune-based Pharande Projects and Noida-based Panchsheel Buildtech. Both the projects with a total 7.5 million sq ft saleable area are currently at an advanced stage of construction.

Under these investments, the non-banking financial company (NBFC) has extended debt of Rs 175 crore in Pharande Puneville, at Punawale off Mumbai-Pune Highway and Rs 225 crore in Panchsheels Greens II project at Noida Extension in Greater Noida.

The proceeds of the structured debt funding with a tenure of five years will be used for completing the construction of the project and be disbursed in tranches.

Recently, Altico Capital has deployed over Rs 1,000 crore in the NCR market having closed transactions with Vatika, SARE Homes and now Panchsheel.

“In terms of absorption, Greater Noida is the largest micro-market in NCR. Also, while the Noida market has seen a slowdown in sales, Greater Noida, and more specifically Noida Extension within that, has seen uptake in sales as well as a reduction in inventory overhang over the last one year owing to the affordable ticket sizes in this location,” said Sanjay Grewal, CEO, Altico Capital.

Panchsheel Buildtechs under-construction project Greens II has aggregate saleable area of 5.5 million sq ft, with 4,200 residential apartments across 28 high-rise towers and 200 villas. The project has received all approvals and around 55% of the units have been booked. Construction is at advanced stage with more than half the project cost already incurred and few towers close to delivery.

Altico Capitals second transaction with Pune-based Pharande Groups Pharande Puneville project has an aggregate saleable area of 2 million sq ft spread across 18 high-rise residential towers and 1,530 units.

The first phase of the project is more than 65% sold and has reached advanced levels of construction. Pharande group has so far developed over 3 million sq ft in Pimpri-Chinchwad Municipal Corporation.

In July this year, Altico had sanctioned Rs 180 crore against two other under-construction projects of the Pharande group — Woodsville and L-Axis — also in the PCMC. Mumbai-based investment banking firm Elysium Capital was the sole advisor to the transaction.

"We will continue to back strong and resourceful developers who have consistently shown superior execution and delivery track record in their respective micro markets. Our focus will remain on funding mid-income and affordable residential projects with some degree of established marketability," Grewal said.

Panchsheel group is focused on developing residential projects in Noida, Greater Noida and Ghaziabad and has developed over 6 million sq ft in the past and is currently developing projects with a total area in excess of 9 million sq ft.

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Top residential property investment hotspots in 2017

Posted on Dec 29, 2016
The top five hotspots for residential property investment in the country are Mumbai, Bengaluru, Hyderabad, Ahmedabad and Chennai. These cities are more or less regulars on most hotspots lists, but there is a sound rationale behind their consistent performance year after year. Not only are these cities attracting new businesses and industry, their r ...
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No rate cut a let down for realty in Mumbai

Posted on Dec 09, 2016
Interest rates on home loans and EMIs will stay the same, with the Reserve Bank of India on Wednesday keeping the repo rate unchanged.Builders and realty experts hoped there would be a reduction in interest rates of home loans to ease the stress caused by Centres demonestiation decision. While the RBI kept the rate unchanged at 6.25 %, it was hop ...
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Indiabulls Housing Finance slashes home loan rates by 15 bps

Posted on Dec 02, 2016
MUMBAI: Indiabulls Housing Finance Limited today joined the rare war by cutting home loan rates by 15 basis points to 9.15%.For loans of up to Rs 28 lakh the rates will be 9.15%, for loans between Rs 28 lakh to Rs 75 lakh the rates will be 9.15% for women borrowers and 9.20% for others.New rates will be effective from November 4.Indiabulls Housing ...
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Shapoorji Pallonji to buy 100 acres land in affordable housing push

Posted on Nov 25, 2016
Mumbai: Mumbai-based developer Shapoorji Pallonji Real Estate plans to buy up to 100 acres across India for about Rs750 crore in the next one year to expand its affordable housing business, a top company official said.The company is close to signing two land deals of 15-25 acres each in Maharashtra and the National Capital Region (NCR). The real es ...
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New Projects by Runwal at Worli, Andheri and Dombivali

Posted on Nov 17, 2016
The Reserve Private Residences (Next to Four Seasons, Worli). The Reserve has 26 storeys, 3 wings housing 3 and 4 BHK monuments to splendor, personal space and privacy. With 72000 sq. ft. of open space to be shared only amongst 72 residences, each residence enjoys a vast area of beautiful greens to bask in. Something never experienced before in thi ...
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In Mumbai: 3,000 flats in Dadar and Lower Parel at Mhada prices soon

Posted on Nov 15, 2016
Mumbais space-starved island city will soon have more than 3,000 houses on the block in three high-rise buildings, at prices significantly lower than the market rates.The houses will come up on prime real estate at Lower Parel and Dadar, where property prices go up to Rs30,000 a sqft. The construction is part of the states plan to redevelop the B ...
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Over 45% dip in property registrations across Maharashtra in last 3 days

Posted on Nov 15, 2016
MumbaiThe state department of registration and stamps has registered a 45% dip in property registrations in the state in the last two days, following demonetisation of Rs 500 and Rs 1,000 notes.While the daily normal average registration across the state is 8,000 documents, the numbers fell to 4,273 and 3,930 over the last two days. On November 8, ...
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Demonetisation may bring down resale flat prices in Mumbai

Posted on Nov 11, 2016
The demonetisation of Rs1,000 and Rs500 is likely to result in an up to 30% fall in the prices of resale flats across the city and its vicinity, said experts.The reason — majority of these flat owners demand cash (never on record) for their transactions, which will now difficult for buyers to come up with after the high denomination notes were scra ...
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Affordable projects in Mumbai, NCR lead growth in festive season sales.

Posted on Nov 03, 2016
Residential sales across eight major cities in India improved 15% in the second quarter of 2016-17, especially during the festive season. Further improvement is expected when more affordable apartments are available in these markets.On an annual basis, residential sales across eight major cities in India improved 15% in the second quarter of 2016-1 ...
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Office space demand sees sustained pickup across top cities

Posted on Oct 25, 2016
MUMBAI: The demand for commercial real estate across the country is getting stronger and is witnessing a sustained momentum. The office space absorption across top 9 property markets has seen a sustained growth with total 28.3 million sq ft picked up during the first nine months of 2016, showed a Colliers International report.Last year, commercial ...
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Mumbai offices may see acceleration in rentals

Posted on Oct 20, 2016
MumabiThe citys office space occupiers will face upward revisions in rents in the coming years, said a JLL Global Real Estate Outlook report. "Compared to Q2 2015 when Mumbais rental values had bottomed out, the city will now start to see acceleration in its rental value growth from Q2 2016," it said.The research tracks rents (in local currency) ...
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Demand for prime office space reaches sky high

Posted on Oct 20, 2016
MUMBAI: Demand for prime office space reached a ten quarter high of approximately 11 million sq. ft. for the July - September period, said CBRE's latest Indian Office MarketView Report-Q3 2016.The quarter recorded a growth of 9% on a q-o-q basis and 14% on a year-on-year basis. As on September 30, 2016, overall prime office space absorption across ...
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Growth in infrastructure development will bring prices down: Experts

Posted on Oct 18, 2016
Mumbai :  Concerned over the rising land cost, realty experts believe that growth in infrastructure development will result in bringing the prices down."Infrastructure plays a key role in real estate development. Land prices will come down if infrastructure is in properly developed. Ahmedabad, Hyderabad are two good examples where property pri ...
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Demand for 1-BHK flats on the rise

Posted on Oct 04, 2016
MumbaiDevelopers are focusing on young buyers who are investing in one-BHK and studio apartments this festive season.Manali Patankar and her husband Sumit both 28, knew they wouldn't be able to buy a big house in the vicinity of their office. The two were realistic in their approach; they knew that buying a house in Mumbai could put them over the e ...
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Since January 2015, RBI has cut rates by 150 bps. Here's how little has reached you

Posted on Oct 04, 2016
MUMBAI: With banks turning stingy in passing on RBI's rate cuts to consumers, rate of home loans has fallen by only 0.26 percentage point since 2015, but corporates have managed to bring down their borrowing cost by 1.44 percentage point by tapping bond markets, as per the central bank.Between January 15, 2015 and April 5, 2016, Reserve Bank of Ind ...
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Mumbai office rentals to rise

Posted on Sep 20, 2016
Office rentals in Mumbai are expected to grow 11.1 per cent surpassing the growth in London by 2019.According to Knight Frank report, international finance centres such as London, Tokyo and Hong Kong are estimated to post a 4.5-10.3 per cent in office rentals during the same period. Mumbai ranks 11th in prime rental forecast ahead of London, which ...
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Shapoorji Pallonji, Piramal to invest Rs 300 crore in city project

Posted on Sep 13, 2016
MUMBAI: Ajay Piramal's Piramal Fund Management and Shapoorji Pallonji Real Estate Development will pump in about Rs 300 crore in a real estate project launched by Mumbai-based developer Ornate Spaces.The duo, along with Ornate, will construct a 1 million sq.ft residential project titled Grove Towers at Oshiwara in suburban Mumbai. The project manag ...
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It's realty boom time

Posted on Sep 02, 2016
MumbaiSeeking an abode in Mumbai? Times Mangal Parv is your one-stop solution.With the dark clouds of the monsoon hiding in the backyard and the sun shining bright, the mood within the real estate market also seems to have been uplifted. And with the sentiments being optimistic about the performance of the real estate sector, experts are hoping tha ...
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Runwal Group launches its latest luxury project – Runwal Bliss at Kanjurmarg, the new city centre

Posted on Sep 02, 2016
Mumbai : Runwal Group, a well-established name in the real estate arena hasannounced the launch of its premier residential project – Runwal Bliss at Kanjurmarg. Located inone of the citys fastest growing areas, Runwal Bliss is built around a 150-year-old Banyan treewith green, tranquil surroundings – something which is hard to find anymore in the ...
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