NRIs Returning to India

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Developers focusing on NRIs to give sales a push

January 4, 2008 · Leave a Comment

Paul Sharma, 46, a portfolio manager with a hedge fund in London, plans to apply for an overseas Indian citizenship that would let him buy real estate in one of the fastest appreciating real estate markets in Asia.

Sharma, who is partly of Indian origin, left India in 1968 and has since been living in the UK. And he is not eyeing India for sentimental reasons alone.

“I am basically from Himachal Pradesh and I would like to buy a property somewhere around my native place,” Sharma says. Though he has property in the UK, he isn’t buying more there.
“I think one of the issues in the UK real estate market is that it is really difficult to track the market. The last time there was a softening in the UK property market, it was for six years—from 1989 to 1995.”
Developers say that even as sales in the real estate India market are declining, demand from overseas and non-resident Indians (NRIs), especially in the luxury housing segment, is on an upswing.
The real estate sector in the country has been growing at 30-35% a year to touch $12 billion (Rs47,760 crore) this year, according to consultancy firm Ernst & Young’s report.
In the last six months or so, the real estate market has seen a drop of 60% in sales in the top cities as higher interest rates crimp buying. But demand from the overseas Indian community continues to be strong because it is not facing a similar sharp rate hike in those countries, where the real estate market is more mature and the returns less assured.

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Being the seventh largest in India

October 29, 2007 · Leave a Comment

Ahmedabad, one of the most developed cities in the Indian. The city enjoys a status of being seventh largest in the country. Being the seventh largest in India adds to Ahmedabad’s popularity.

There is always a high demand for residential complexes and flats here, a factor that gives a strong push to Ahmedabad real estate. The property market is making rapid progress on the back of prime developments by builders in Gujrat.

Ahmedabad real estate mainly deals in two segments: Residential and Commercial. Talking about commercial properties in the city, it includes shopping malls, multiplexes, and office spaces. And the residential property sector in Ahmedabad has apartments, bungalows, and townships, penthouses, thereby witnessing for a comprehensive development in full swing.

A scenario for, investing in Ahmedabad Real Estate is certainly worth the idea. However, the market depends on location and the kind of amenities offered.

As far as the Real Estate in Ahmedabad is concerned, a number of retail players are there which include the brands such as Star India Bazaar, Big Bazaar, Shoppers’ Stop, West Side, and many others. There are international brands as well which are believed to be highly enthusiastic after Ahmedabad market for its retail potential.

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An Estate Of Love and memories

October 19, 2007 · Leave a Comment

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Limitless to develop $12b project in Saudi Arabia

October 12, 2007 · Leave a Comment

Limitless, a real estate development arm of Dubai World, said it will develop a $12 billion (about Dh45 billion) urban project near Saudi Arabia’s capital Riyadh, taking the total value of the company’s planned projects in Dubai and abroad to more than $98 billion.This is the company’s third major announcement within days, with the largest being the $61 billion Arabian Canal project that will transform a desert landmass in the Jebel Ali area into a busy residential and commercial area.

Limitless said its Al Wasl plan in Saudi Arabia is “the first of several projects planned” in the Arab world’s biggest economy.

It will be developed on a 1,411 hectare site north of Riyadh.

Al Wasl is planned to create residences for more than 200,000 people.

Chief executive officer Saeed Ahmad Saeed said 50,000 new homes are required every year to accommodate Riyadh’s population growth.

“Riyadh’s population is growing by 150,000, or three per cent, every year. Around five million people live in Riyadh. In 20 years the figure will rise to eight million if the population continues to grow at current rates,” he said in a statement.

Al Wasl will comprise a number of inter-connected districts, with more than 60,000 homes, as well as offices, hotels, mosques, health and educational facilities, shopping malls and sports amenities, Limitless said.

Work on the project is expected to begin in mid-2008, with construction schedule spread over seven years.

It will create about 2,000 hotels and one million square metres of office space.

Three mosques able to accommodate 2,000 worshippers each, one hospital and a university will also be built.

Seven shopping centres and other retail facilities will cover an area of 270,000 square metres, Limitless said.

Emaar Properties, another Dubai developer, is involved in the $26.6-billion King Abdullah Economic City, the largest private sector infrastructure venture in Saudi Arabia.

Limitless recently said it will develop a $12 billion mixed-use township near Bangalore in southern India in partnership with Indian real estate major DLF.

The Bidadi Township will be spread over 4,000 hectares of area and house 750,000 people.

The company’s giant development in Dubai has a 75-km Arabian Canal at its centre.

Source:->http://www.gulfnews.com

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DLF to replace Dr Reddy’s on Sensex

October 9, 2007 · Leave a Comment

Real estate developer DLF Ltd’s stock would replace Dr Reddy’s Laboratories Ltd’s stock in the benchmark index, the Bombay Stock Exchange (BSE) said in a statement in Mumbai on Monday.

The replacement will be effective from Nov 19 in the BSE Sensex, the bourse said.

This move is expected to be positive for DLF as funds which track the index will now take positions in the stock, said a leading stockbroker in Mumbai.

DLF Ltd had entered the capital markets this July with an initial public offering (IPO) of 175 million equity shares through a 100 per cent book building process.

Incorporated in 1946, the DLF group is a leading real estate developer based in New Delhi. The group has over 220 million sq ft of existing development and 574 million sq ft of planned projects. In September 2006 DLF was the only real estate firm among the 60 businesses named Superbrands of India under the real estate category.

source:->http://www.hindustantimes.com

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The Smell of My country

September 21, 2007 · 2 Comments

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Policy for overseas Indian workers soon

September 17, 2007 · Leave a Comment

The government is working on a policy framework for safeguarding the interests of overseas Indian workers, Minister for Overseas Indian Affairs Vayalar Ravi said on Monday.

“It is… imperative that we develop a policy framework and an institutional arrangement that will best serve the overseas Indian workers over the medium to long term,” the minister said while inaugurating the second annual meeting of the heads of Indian missions in the six Gulf Cooperation Council (GCC) countries, Malaysia, Jordan, Yemen and Libya.

The two-day meet, being held by the Ministry of Overseas Indian Affairs (MOIA), will discuss several policy measures for safeguarding interests of Indian workers abroad.

Stating that overseas Indian workers faced difficult working and living conditions, Ravi said: “The effort of my ministry has been focussed on achieving a minimum level of policy coherence and in defining minimum standards of living and working conditions that must be applied across all countries that have a significant overseas Indian workers population.”

There are around five million Indians in the six GCC countries of UAE, Saudi Arabia, Bahrain, Oman, Qatar and Kuwait. Many of them are working as contract labourers in the booming construction industry there.

In Malaysia, people of Indian origin constitute around eight percent of the country’s population of around 24 million. Many of them had migrated from India to work in the rubber plantations in the Southeast Asian nation.

Jordan, Yemen and Libya too have large numbers of Indian workers.

The minister stressed that the policy framework must include some non-negotiable terms of work contract.

“Such a policy framework must include certain non-negotiable terms of the work contract, an effective outreach programme for grievance redressal and a strong legislative framework to deal with intermediaries involved in the exploitation of the workers,” he said.

Apart from this, the two-day conference will also discuss special measures for protection of women emigrants in those countries, an MOIA official said.

Last year, a similar conference of envoys was organised by the MOIA at Doha in Qatar.

Source:->http://timesofindia.indiatimes.com

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Every one’s dream a home…

September 14, 2007 · Leave a Comment

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Dubai 9 eyes real estate sector in three countries

September 13, 2007 · 2 Comments

DUBAI-BASED property developer Dubai 9 is assessing investment opportunities in the real estate sector in China, India and Malaysia, managing director Hayan Merchant said.

“We are still in the early stages of seeing what we can offer these markets, including the Iskandar Development Region (IDR).

Whatever we do has to fit into our business model of developing residential, commercial and real estate for tourism activities,” he said yesterday.

Several Middle Eastern groups have made commitments to develop real estate at IDR.

Property prices are expected to rise further in Asian cities and developers that are able to capture new lifestyle trends stand to win in markets away from their home turf.

Hong Kong’s Shui On Group chairman and chief executive Vincent H.S. Lo said developers needed ideas that catered to the needs of the younger generation.

DLF Ltd chairman Kushal Pal Singh said there was a huge gap in demand and supply in India’s office and residential units.

He cautioned that while there was huge scope for foreign companies to invest in India, there was a need to select the right partner.

Merchant said the boom in construction activities and real estate in Dubai was sustainable although a bubble was predicted a few years ago.

“The bubble will not burst but minor corrections can be expected in the property sector,” he added.

Hong Leong Group executive chairman Kwek Leng Beng said he would continue to invest in Singapore on expectation of further upside in the property market.

“Singapore is becoming a global city with many people buying high-end condominiums,” he said.

Macau continues to face challenges from emerging casinos but Melco International Development Ltd chairman and CEO Lawrence Ho said the group had a strategy in place to ensure Macau remained the region’s gaming hub.

Source:->http://biz.thestar.com.my

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Hardest-working saint in real estate

September 10, 2007 · Leave a Comment

With home sales falling to five-year lows, homeowners desperate to sell their homes are looking for a little divine intervention.

Dawn Hoernemann of Minneapolis, Minnesota, had her one-bedroom home on the market for four months. Every weekend there was an open house. But there were no offers. That’s until she took her mom’s advice and buried a statue of St. Joseph upside down in her front yard.

The next week, she had three offers and her home was sold. “I couldn’t believe it. I don’t know what it is about it. It worked. It’s some sort of a miracle,” says Hoernemann.

This “miracle” has it roots in Catholicism. According to the tradition, burying St. Joseph began hundreds of years ago in Europe. St. Teresa of Avila, a nun in the 16th century, buried a medal of the saint and prayed to St. Joseph to help secure land for a convent. The ritual is said to have worked, and so the trend of burying St. Joseph has caught on.

Just ask Phil Cates of Modesto, California. His online retail site, StJosephStatue.com, offers the “Underground Real Estate Agent” home-selling kits. For $9.95, the 4-inch statue comes with a burial bag and a burial instruction booklet. There’s even an 8-inch version of the statue for larger homes.

Sales have increased 100 percent in the past two years, according to Cates.

Robert Malhame, who runs Malhame & Co — a Catholic supply company on Long Island, says sales of the St. Joseph Statue spiked last year. And he expects the trend to last. “We’re probably going to sell over 100,000 this year,” he says. The biggest demand is coming from the Northeast and the Midwest, he says.

Jan Wheelehan, the store manager at a Catholic retail supply store in St. Louis, Missouri, says the statues have been one of the better sellers, with sales increasing 25 percent this year. “People seem more panicked and there is a hurried-ness to their expression when they come in,” she says.

St. Joseph is even on the auction block. There are dozens of St. Joseph home-selling kits on Ebay. From glow in the dark St. Joseph statues to mini pocket shrines, St. Joseph has a whole new following.

Burying St. Joseph statues has its own set of rules, too, although they can vary.

Home sellers are instructed to dig a hole near the “For Sale” sign. The hole should be three inches taller than the statue itself. The saint should then be facing the direction of the street. Then prayers to St. Joseph should be said before the saint is covered with dirt.

Once the house is sold, St. Joseph should be dug up and put in a place of honor in the new home.

Some renters have even cashed in on St. Joseph’s divine intervention in hopes of getting a break on rent or to have their application accepted. They buried St. Joseph statues in flowerpots. The statue’s feet should either be facing the street or in the direction you want to move, according to Cates.

The whole statue-burying process was a bit hard to swallow for Joe Iannacone. His Dallas, Texas, home was on the market earlier this month. Iannacone first heard about the ritual from his godfather.

“I looked on the Web. It was less than $10. So, I said why not?” recalls Iannacone. Six hours later a young woman walked into the house and made a bid. “I’m not very religious,” says Iannacone. “But that was pretty amazing. I was shocked.”

St. Joseph may have made a believer out of some sellers, but for some real estate agents, selling a home isn’t the work of a higher power.

“What a crock!” says Connecticut real estate agent David D’Ausilio. “As a Realtor I think it’s ridiculous. The business has always been simple. If a house is properly priced and properly exposed, it’ll attract buyers and it will sell — St. Joseph or no St. Joseph.”

Cates says the statue is more than just superstition. “It’s the idea of getting beyond yourself. It’s about hoping and praying for something that is bigger than you are,” he says.

And these days, maybe just a little hope for home sellers isn’t such a bad thing.Source:->http://edition.cnn.com

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