Top Stories
DLF to outsource large portion of construction work: reports
DLF is planning to outsource a large portion of its construction work to companies such as L&T and Shapoorji Pallonji instead of doing it on its own, according to reports
Reports stated that the company would continue to use its own construction team for projects that are low-construction intensity, and use them for overall project management of existing and new projects.
The new strategy would help the company scale up and improve the pace of execution of many projects where the construction activity is "intense", says report
There are reports that DLF had a total of 53 million sq ft of area under construction as of September 30, 2011.
Sahara Group makes Rs. 58.08bn bid for Marriott hotels: Report
Indian billionaire entrepreneur and owner of London's prestigious Grosvenor House hotel Subrata Roy has made a bid for Marriott hotels in the city, being sold by Royal Bank of Scotland for about 750 million pound (Rs 58.08bn), according to reports.
Reports stated that the 42 four-and five-star properties have attracted interest from a range of potential buyers.
Roy's Sahara Group, which acquired the Grosvenor House a year ago for 470 million pound (Rs 32.75bn), is competing with the Abu Dhabi Investment Authority and another Indian investor, Blue Post Group, among others, says report.
In Focus Stories
Luxury house prices falling fastest in Asia: Knight Frank
According to Knight Frank Prime Global Cities Index, Luxury house prices are falling fastest in Asia.Overall, the index rose 3% in 2011. Asia fell by 1%. The index recorded only marginal growth of 0.2% in the final quarter of 201. Prices in Mumbai fell the most (-18%), Nairobi (up 25%) was the strongest performer during 2011.
The value of prime property in the world’s key cities rose by only 0.2% in the final quarter of 2011. Kate Everett-Allen examines the figures and looks at whether prime property is still the safe haven investors and the super-rich consider it to be.
Although the Knight Frank Prime Global Cities Index, which tracks the performance of the world’s leading luxury residential markets, rose by 3% during 2011, the second half of the year saw the pace of growth slow considerably.The luxury housing market is now seeing the pace of price growth slip for the second time since the 2008/09 global financial crisis (figure 2). In this latest cycle annual price growth peaked at 11.5% in Q2 2010 but has since slowed each quarter.
Post the Lehman collapse European and North American cities were largely responsible for the index’s slump. Since late 2010 it has been the Asian cities which have dampened price inflation. In Q2 2010 prices in Asia Pacific were rising at an average rate of 23.6% each year, the comparable figure now stands at –1%.Anti-inflationary price cooling measures implemented by Asian governments, combined with worries that the Eurozone sovereign debt crisis will affect the global economy, have created a more cautionary climate.
The slowdown in the luxury Asian markets has highlighted the extent to which the “old-world” cities of London, New York and Moscow are outperforming the overall index. London and Moscow have ranked highly for several quarters but Manhattan’s recovery is gathering momentum. Foreign demand for New York’s luxury homes is not only strengthening, but is also starting to diversify with Chinese nationals increasingly evident, particularly in the $1-$3m sector.
Domestic News
Lodha Group partners with Giorgio Armani
Giorgio Armani and Lodha Group, one of India’s largest real estate developers, are pleased to announce their exclusive partnership in the design of the residences and common spaces of the World Towers in Upper Worli, Mumbai.
The World Towers comprise World One, the world’s tallest residential tower* at 117 storeys, and the equally iconic World Crest, one of India’s tallest towers soaring over 700 ft. The World Towers will have exclusive 3 and 4 bedroom World Residences; lavish World Villas, with private pools; and the luxurious duplex World Mansions with private pool, gym and personal elevator.
Phoenix Mills to replace hotel development plans with residential: reports
Phoenix Mills Ltd is planning to replace hotel development plans of its hospitality subsidiary with residential due to change in economic scenario, according to reports. Reports stated that Majority of the hotel plans of Phoenix Hospitality Co Pvt Ltd (PHCPL), including the one in Mumbai, have been changed to residential, commercial-cum-retail and residential-cum-hotel developments.
Puranik Builder launches Rumah Bali..a residential project
55,000 home seekers multitudes Suburban Twin Property Expo
Godrej Properties launches Phase IV of its residential project in Kolkata
Bombay Realty launches first fully integrated integrated “Mixed Use” development
BPTP launches Chateau at Amstoria in Gurgaon
Mahindra Lifespaces Q3 net profit at Rs395mn
International News
US house prices drop in November: reports
US home prices fell for a third straight month in nearly all cities tracked by a major index, according to reports. Reports stated that the declines show that most homeowners are not reaping the benefits from some signs of an improving housing market. Prices dropped in November from October in 19 of the 20 cities tracked, says report.
Australian home prices fell most on record in 2011: reports
Australian house prices fell by the most on record in 2011 as global economic uncertainty and concerns about its impact at home kept a lid on demand, according to reports. Reports stated that an index measuring the weighted average of prices for established houses in eight major cities slid 4.8 percent from a year earlier.