Bhagyanagar India has agreed to sell a part of its land in Hyderabad to Mumbai-based unlisted company Himadri Enterprises for Rs 53.52 crore, reports Our Bureau.
In a statement to the Bombay Stock Exchange on Wednesday, Bhagyanagar said it has sold about 5.76 acres at Uppal, an industrial suburb near Hyderabad, to Himadri. The cost of the property acquisition is less than 10% of the sale price, the statement said.
Bhagyanagar has signed an agreement with Himadri Enterprises and has also received Rs 3 crore as advance money for the sale, the firm said. Bhagyanagar, which owns land in and around Hyderabad, has been talking to various companies like Reliance Industries, Godrej Properties, Suncity and others for developing properties.
Bhagyanagar Metals, a unit of Bhagyanagar, had recently bought 25 acres at Gadchibowli near Hyderabad. Gadchibowli is an IT park where there are several software and hardware companies. In June, Bhagyanagar Metals had bought 25 acres at Hitech City, Hyderabad, for Rs 118 crore. The land is to be used for development of IT parks and housing townships, the company said.
The company has also purchased 6.22 acres near the proposed international airport at Shamshabad for a hotel project, for an undisclosed amount. Apart from properties, Hyderabad-based Bhagyanagar is also venturing into generation of non-conventional energy by setting up windmills with 2.5 mw capacity. The company said it is scheduled to expand the generation capacity of the windmills to 10 mw in a phased manner.
source:; http://economictimes.indiatimes.com/News/News_By_Industry/Indl_Goods__Svs/Metals__Mining/Himadri_Enterprises_buys_Hyderabad_land_for_Rs_54_cr/articleshow/870318.cms
Thursday, December 21, 2006
NRI fighting to get his property back
The property boom in Panchkula has resulted in more number of real estate related fraud cases being reported in the recent past. Lawyers, property dealers and, as in this case, even personnel from HUDA (Haryana Urban Development Authority) office are reportedly colluding to dupe rightful owners.
The entire family of Ramesh Chandra Sharma, NRIs settled in Canada and USA, has been camping in Panchkula for the past two months, running from pillar to post to get back their house in Sector 21 here, which was sold by someone else without their knowledge.
Sharma's ordeal began when he advertised for giving his house on company lease in September 2005. Alvin John, a property dealer, created a fake company named Interface Communications Ltd with its head office at Gem Plaza, Infantry Road, Bangalore.
The house was given on lease by Sharma to a so-called personnel manager of the said company, Jiwan Kumar. In September 2005 the first floor of the house was taken up on lease by another person, Manoj Kumar of the same company. Sharma had given important papers to Alvin John for preparing the lease which wee delivered to him the next day.
To his horror, Sharma's brother-in-law Bhupinder Sharma, who had the power of attorney to the property, was told by some property dealers that house number 1,593 was on sale. Learning about this, Sharma shot a letter from Canada to Estate Officer and HUDA informing them that he has not executed any GPA nor did he intend to sell the house.
He got a letter from HUDA in July this year stating that one Manoj Kumar had got a GPA registered on 2.9.05 and had applied for permission to sell the house and the permission has already been granted to sell the house in favour of Ajay Sanghroha on 9.10.06.
On receiving the letter from HUDA Sharma dashed back to India in November. On investigation he learnt that a GPA was forged by using his photograph as well as signature. He alleged that the registration of GPA in the sub-registrar's office had been done by picking his old picture used for the lease deed. This, he said, could not have been possible without the connivance of employees of the sub-registrar's office.
Sharma is also intrigued by the role of HUDA that took two months to respond to his letter. Sharma filed an FIR against Alvin John, Manoj Kumar, Ajay Sanghroha, Karam Singh, Jiwan Kumar and others on November 21 at the Sector 5 police station.
"We produced the original documents and have been meeting senior police officers but no arrest has been made so far. On the contrary, the case has been transferred to a new officer," Sharma alleges.
Smiti Chaudhary, the officer in change of the case, said, "The prime accused, Ajay Sanghroha, who is a lawyer, has fled. I am new to the case and am still in the process of investigating. Signatures have been sent for verification and the anticipatory bail application of Sanghroha has been cancelled."
Sanghroha's lawyer, U K Agnihotri, is confident that bail would be granted to his client by the high court. "We are waiting for signature verification to be established. Once it is established that it was Sharma and not my client who forged signatures, my client will be granted bail."
source:: http://timesofindia.indiatimes.com/Cities/Chandigarh/NRI_fighting_to_get_his_property_back/articleshow/856752.cms
The entire family of Ramesh Chandra Sharma, NRIs settled in Canada and USA, has been camping in Panchkula for the past two months, running from pillar to post to get back their house in Sector 21 here, which was sold by someone else without their knowledge.
Sharma's ordeal began when he advertised for giving his house on company lease in September 2005. Alvin John, a property dealer, created a fake company named Interface Communications Ltd with its head office at Gem Plaza, Infantry Road, Bangalore.
The house was given on lease by Sharma to a so-called personnel manager of the said company, Jiwan Kumar. In September 2005 the first floor of the house was taken up on lease by another person, Manoj Kumar of the same company. Sharma had given important papers to Alvin John for preparing the lease which wee delivered to him the next day.
To his horror, Sharma's brother-in-law Bhupinder Sharma, who had the power of attorney to the property, was told by some property dealers that house number 1,593 was on sale. Learning about this, Sharma shot a letter from Canada to Estate Officer and HUDA informing them that he has not executed any GPA nor did he intend to sell the house.
He got a letter from HUDA in July this year stating that one Manoj Kumar had got a GPA registered on 2.9.05 and had applied for permission to sell the house and the permission has already been granted to sell the house in favour of Ajay Sanghroha on 9.10.06.
On receiving the letter from HUDA Sharma dashed back to India in November. On investigation he learnt that a GPA was forged by using his photograph as well as signature. He alleged that the registration of GPA in the sub-registrar's office had been done by picking his old picture used for the lease deed. This, he said, could not have been possible without the connivance of employees of the sub-registrar's office.
Sharma is also intrigued by the role of HUDA that took two months to respond to his letter. Sharma filed an FIR against Alvin John, Manoj Kumar, Ajay Sanghroha, Karam Singh, Jiwan Kumar and others on November 21 at the Sector 5 police station.
"We produced the original documents and have been meeting senior police officers but no arrest has been made so far. On the contrary, the case has been transferred to a new officer," Sharma alleges.
Smiti Chaudhary, the officer in change of the case, said, "The prime accused, Ajay Sanghroha, who is a lawyer, has fled. I am new to the case and am still in the process of investigating. Signatures have been sent for verification and the anticipatory bail application of Sanghroha has been cancelled."
Sanghroha's lawyer, U K Agnihotri, is confident that bail would be granted to his client by the high court. "We are waiting for signature verification to be established. Once it is established that it was Sharma and not my client who forged signatures, my client will be granted bail."
source:: http://timesofindia.indiatimes.com/Cities/Chandigarh/NRI_fighting_to_get_his_property_back/articleshow/856752.cms
ETA Star eyes future growth opportunities outside Dubai
Are you planning to launch any new developments soon and do you think it’s important to time them with property exhibitions in the city?
We launched many projects this year and are looking to announce some more in early 2007. Exhibitions are mostly to reinforce one’s presence and to meet new people in the region. It’s a marketplace for exchanging views and to get new ideas.
We are not targeting investors who are swayed on the spur of the moment and snap up a property. People who have invested in us are very knowledgeable and have got a lot of trust in our brand. They’ve been associated with the company in some way or the other for the past 30 odd years. We don’t need to launch projects to time them with events.
Can you tell us about your project that will be launched next year?
In the first quarter of 2007, we will be launching our second project in Business Bay. We launched our first project there in 2006. The new project will consist of 40 storey twin towers — one being a commercial tower and the other a hotel joined by a business podium. The project is still under design and we will tender the project as soon as it’s finalised.
Will you be expanding to other emirates? Is Abu Dhabi of any interest to you as a developer?
We have more projects on the anvil in Dubai. We haven’t made our mark in Abu Dhabi as yet; we’ve had several offers from various people but nothing has happened so far. We are planning to take up some land in Abu Dhabi but we haven’t finalised anything as yet.
How do you think Abu Dhabi will move into the construction boom?
Just like Dubai has experienced a population growth, Abu Dhabi is going to experience one as well. The people who are living within Abu Dhabi will want to move to newer and more modern buildings so I think that will be a big reason for demand in property. And also when Abu Dhabi comes up, it will attract more people from outside, the way Dubai has. So even if Abu Dhabi does not experience the same pace of development as Dubai has seen, it will surely see a substantial pace of development in the near future.
Are you teaming up with any Abu Dhabi developers? And if so, who?
We are talking to a lot of master developers so we are deciding which master development we want to be a part of. We will soon decide and then take a substantial holding in one of those master developments. We are currently assessing who will be the best for ETA Star. We are talking to the developers on Reem Islands (Sorouh Investments, Tamouh Investments and Reem Investments) and we will try to finalise one of them.
Do you feel the value of land in Abu Dhabi will be higher than in Dubai?
The pre selling activity in Abu Dhabi is not as strong as it is in Dubai, and if the pre selling is not strong it eventually affects property appreciation. And the value of land will not appreciate that much or that quickly because there is not much speculative activity. However, I do believe that once a building is completed in Abu Dhabi and ready for delivery, there will be a big appreciation. Now, that appreciation may not happen in the short run, but it will certainly be seen in the long run.
Are you looking to invest elsewhere within the Middle East?
We already have a sizeable presence in India, Pakistan and Sri Lanka and we’ve just signed MOUs with developers in Turkey and Qatar. In Doha, we just signed an MOU with a major property developer and will soon have a big development there, the details of which we will announce in the middle of 2007. We are also looking at the CIS countries and Eastern Europe.
What is the project you are looking at in Qatar?
The Qatar project will be a 460,000 m² mixed-use development. Once we finalise things in mid 2007, we will know exactly what it is going to be. We are still assessing our options and are looking at various master plans at the moment.
And what is the development in Turkey?
We are looking at developing property in Istanbul and Ankara with some property developers. We have already selected a plot of land in Istanbul. It will be just under 46,450m² in size and will be a mixed-use development.
source:: http://www.itp.net/business/features/details.php?id=5780&category=
We launched many projects this year and are looking to announce some more in early 2007. Exhibitions are mostly to reinforce one’s presence and to meet new people in the region. It’s a marketplace for exchanging views and to get new ideas.
We are not targeting investors who are swayed on the spur of the moment and snap up a property. People who have invested in us are very knowledgeable and have got a lot of trust in our brand. They’ve been associated with the company in some way or the other for the past 30 odd years. We don’t need to launch projects to time them with events.
Can you tell us about your project that will be launched next year?
In the first quarter of 2007, we will be launching our second project in Business Bay. We launched our first project there in 2006. The new project will consist of 40 storey twin towers — one being a commercial tower and the other a hotel joined by a business podium. The project is still under design and we will tender the project as soon as it’s finalised.
Will you be expanding to other emirates? Is Abu Dhabi of any interest to you as a developer?
We have more projects on the anvil in Dubai. We haven’t made our mark in Abu Dhabi as yet; we’ve had several offers from various people but nothing has happened so far. We are planning to take up some land in Abu Dhabi but we haven’t finalised anything as yet.
How do you think Abu Dhabi will move into the construction boom?
Just like Dubai has experienced a population growth, Abu Dhabi is going to experience one as well. The people who are living within Abu Dhabi will want to move to newer and more modern buildings so I think that will be a big reason for demand in property. And also when Abu Dhabi comes up, it will attract more people from outside, the way Dubai has. So even if Abu Dhabi does not experience the same pace of development as Dubai has seen, it will surely see a substantial pace of development in the near future.
Are you teaming up with any Abu Dhabi developers? And if so, who?
We are talking to a lot of master developers so we are deciding which master development we want to be a part of. We will soon decide and then take a substantial holding in one of those master developments. We are currently assessing who will be the best for ETA Star. We are talking to the developers on Reem Islands (Sorouh Investments, Tamouh Investments and Reem Investments) and we will try to finalise one of them.
Do you feel the value of land in Abu Dhabi will be higher than in Dubai?
The pre selling activity in Abu Dhabi is not as strong as it is in Dubai, and if the pre selling is not strong it eventually affects property appreciation. And the value of land will not appreciate that much or that quickly because there is not much speculative activity. However, I do believe that once a building is completed in Abu Dhabi and ready for delivery, there will be a big appreciation. Now, that appreciation may not happen in the short run, but it will certainly be seen in the long run.
Are you looking to invest elsewhere within the Middle East?
We already have a sizeable presence in India, Pakistan and Sri Lanka and we’ve just signed MOUs with developers in Turkey and Qatar. In Doha, we just signed an MOU with a major property developer and will soon have a big development there, the details of which we will announce in the middle of 2007. We are also looking at the CIS countries and Eastern Europe.
What is the project you are looking at in Qatar?
The Qatar project will be a 460,000 m² mixed-use development. Once we finalise things in mid 2007, we will know exactly what it is going to be. We are still assessing our options and are looking at various master plans at the moment.
And what is the development in Turkey?
We are looking at developing property in Istanbul and Ankara with some property developers. We have already selected a plot of land in Istanbul. It will be just under 46,450m² in size and will be a mixed-use development.
source:: http://www.itp.net/business/features/details.php?id=5780&category=
Monday, December 18, 2006
Indian firms moving to Britain to raise expansion funds
London, Dec 17 (IANS) Apart from stalking British business with takeover bids, Indian companies are now flocking to London to raise billions of pounds to drive their domestic and global expansion plans.
! Advertisement !
Some Indian companies have taken over British firms. Many more, including Tata Steel, are in the process of acquiring companies such as Corus. Figures say that India has emerged among the largest foreign investors in Britain.
In 2007, over 20 Indian companies are expected to join London's Alternative Investment Market (AIM) in order to raise at least 2.5 billion pounds, according to the Sunday Telegraph.
The newspaper is among several British news media that regularly reports on India's growing economic importance and the opportunities it presented to British business.
The daily reported that Indian property major Unitech had raised 360 million pounds through a new fund that will begin trading on AIM this week.
The Hiranandani Group, the biggest property developer in Mumbai, is also planning to raise a 200 million pounds fund on AIM. It has hired Bear Stearns and HSBC as advisers.
Other Indian companies considering listing on AIM include Ansals (construction group), Nicholas Piramal (pharmaceutical and biotech group), Runwal group (miniature conglomerate) and Lok Housing (residential property developer).
Elra Capital, an investment bank, is also planning to list a 200 million pound India-focused fund that would target investments in property, retail and media, Sunday Telegraph said, adding that the rush of Indian companies follows a total of 11 Indian listings on AIM in 2006, which raised more than 1 billion pounds.
Ibukun Adebayo, the London Stock Exchange's head of business development in India, told the newspaper: "Indian corporates are increasingly favouring the AIM bourse for listing. It is an entry point for new players to the main market. AIM is a nursery for the London Stock Exchange. We hope another 20 or more Indian companies will be listing on AIM in 2007."
source:: http://www.teluguportal.net/modules/news/article.php?storyid=25489
Indian firms moving to Britain to raise expansion funds
London, Dec 17 (IANS) Apart from stalking British business with takeover bids, Indian companies are now flocking to London to raise billions of pounds to drive their domestic and global expansion plans.
! Advertisement !
Some Indian companies have taken over British firms. Many more, including Tata Steel, are in the process of acquiring companies such as Corus. Figures say that India has emerged among the largest foreign investors in Britain.
In 2007, over 20 Indian companies are expected to join London's Alternative Investment Market (AIM) in order to raise at least 2.5 billion pounds, according to the Sunday Telegraph.
The newspaper is among several British news media that regularly reports on India's growing economic importance and the opportunities it presented to British business.
The daily reported that Indian property major Unitech had raised 360 million pounds through a new fund that will begin trading on AIM this week.
The Hiranandani Group, the biggest property developer in Mumbai, is also planning to raise a 200 million pounds fund on AIM. It has hired Bear Stearns and HSBC as advisers.
Other Indian companies considering listing on AIM include Ansals (construction group), Nicholas Piramal (pharmaceutical and biotech group), Runwal group (miniature conglomerate) and Lok Housing (residential property developer).
Elra Capital, an investment bank, is also planning to list a 200 million pound India-focused fund that would target investments in property, retail and media, Sunday Telegraph said, adding that the rush of Indian companies follows a total of 11 Indian listings on AIM in 2006, which raised more than 1 billion pounds.
Ibukun Adebayo, the London Stock Exchange's head of business development in India, told the newspaper: "Indian corporates are increasingly favouring the AIM bourse for listing. It is an entry point for new players to the main market. AIM is a nursery for the London Stock Exchange. We hope another 20 or more Indian companies will be listing on AIM in 2007."
source:: http://www.teluguportal.net/modules/news/article.php?storyid=25489
Thursday, December 14, 2006
India, Japan agree to set up Delhi-Mumbai industrial corridor!!
India and Japan have reached an understanding on developing an industrial corridor along the Delhi-Mumbai multi-modal freight corridor.
Indian commerce and industry minister Kamal Nath and his Japanese counterpart Akira Amari decided to set up a joint task force to develop the concept and the components of the project. According to an official release, the taskforce will be headed by the department of industrial policy & promotion secretary from the Indian side.
The industrial corridor will have several supporting infrastructure projects such as power facilities, rail connectivity to ports en-route and would also cover development of ports on the west coast of India. Several industrial estates and clusters with high quality infrastructure are proposed to be developed along the corridor to attract more investments, including from Japan. The meeting between the two ministers took place in Tokyo.
Mr Nath and Mr Amari also agreed that soon after the Economic Partnership Agreement (EPA) is signed between the two countries, the first meeting of the negotiating group should be held. The agreement should cover issues concerning investment promotion and intellectual property rights, in addition to trade in goods and services.
The two ministers signed an MoU upgrading the existing Japan-India Policy Dialogue (JIPD) to the level of ministers from the existing official level. The first meeting of the JIPD to be co-chaired by the ministers will be in New Delhi soon, the release said.
They also discussed ways to significantly increase the trade and investment flows between the two countries and talked about areas of concern in the on-going multilateral trade talks at the World Trade Organisation (WTO).
source::http://economictimes.indiatimes.com/articleshow/808980.cms
Indian commerce and industry minister Kamal Nath and his Japanese counterpart Akira Amari decided to set up a joint task force to develop the concept and the components of the project. According to an official release, the taskforce will be headed by the department of industrial policy & promotion secretary from the Indian side.
The industrial corridor will have several supporting infrastructure projects such as power facilities, rail connectivity to ports en-route and would also cover development of ports on the west coast of India. Several industrial estates and clusters with high quality infrastructure are proposed to be developed along the corridor to attract more investments, including from Japan. The meeting between the two ministers took place in Tokyo.
Mr Nath and Mr Amari also agreed that soon after the Economic Partnership Agreement (EPA) is signed between the two countries, the first meeting of the negotiating group should be held. The agreement should cover issues concerning investment promotion and intellectual property rights, in addition to trade in goods and services.
The two ministers signed an MoU upgrading the existing Japan-India Policy Dialogue (JIPD) to the level of ministers from the existing official level. The first meeting of the JIPD to be co-chaired by the ministers will be in New Delhi soon, the release said.
They also discussed ways to significantly increase the trade and investment flows between the two countries and talked about areas of concern in the on-going multilateral trade talks at the World Trade Organisation (WTO).
source::http://economictimes.indiatimes.com/articleshow/808980.cms
Ziel Feldman plans to invest $1b. in real estate!!
Ziel Feldman, the real-estate developer who bought control of Israeli holding company Polar Investments Ltd. last week, said he plans to invest $1 billion over the next two years in properties around the world.
Feldman intends to turn Polar Investments into an international real-estate developer that will invest in Israel, Europe, India and North America.
"Markets in the US have gotten a bit overpriced," Feldman said at a press conference in Tel Aviv Wednesday. "I think that the real-estate opportunity that we are seeing here is mirroring the growth that we had in the early 1990s."
Most of the real-estate potential is in eastern Europe, where the cost of land and building is lower than in the US, Feldman said. In Israel, he said he sees opportunities in commercial real estate and less so in the hospitality business.
Polar has collaborated with Feldman in the past six years in real-estate projects including the Hard Rock Theme Park in South Carolina and residential towers in Manhattan.
Polar has worked to cut its NIS 1b. debt by selling some units to focus on real estate, said Itschak Shrem, chairman of Shrem Fudim and Kelner & Co. Ltd., an investment house that works with Polar.
source:: http://www.jpost.com/servlet/Satellite?cid=1164881890780&pagename=JPost%2FJPArticle%2FShowFull
Feldman intends to turn Polar Investments into an international real-estate developer that will invest in Israel, Europe, India and North America.
"Markets in the US have gotten a bit overpriced," Feldman said at a press conference in Tel Aviv Wednesday. "I think that the real-estate opportunity that we are seeing here is mirroring the growth that we had in the early 1990s."
Most of the real-estate potential is in eastern Europe, where the cost of land and building is lower than in the US, Feldman said. In Israel, he said he sees opportunities in commercial real estate and less so in the hospitality business.
Polar has collaborated with Feldman in the past six years in real-estate projects including the Hard Rock Theme Park in South Carolina and residential towers in Manhattan.
Polar has worked to cut its NIS 1b. debt by selling some units to focus on real estate, said Itschak Shrem, chairman of Shrem Fudim and Kelner & Co. Ltd., an investment house that works with Polar.
source:: http://www.jpost.com/servlet/Satellite?cid=1164881890780&pagename=JPost%2FJPArticle%2FShowFull
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