Top Stories
DLF to dilute stake in DLF brands: reports
Realty major DLF is planning to dilute the majority stake in wholly-owned retail management subsidiary DLF Brands, according to a report.
The company has announced that the Board at its meeting (July 28, 2010), may also consider, review and recommend the proposal for further Issue of Equity Shares by it's Wholly Owned Subsidiary - DLF Brands Ltd. (DBL) under the Unlisted Public Companies (Preferential Allotment) Rules, 2003 to a Promoter Group Company and / or any other strategic investor(s), subject to requisite approvals. Upon further issue of preferential equity shares, DBL will cease to be subsidiary of DLF Ltd.
Embassy Property to raise Rs24bn through IPO: reports
Indian real estate firm Embassy Property Developers is planning to raise as much as Rs24 bn through an initial public offering of shares, according to a report.
The report stated that UBS, Nomura, Citi and local investment bank Edelweiss Capital are book running lead managers for the issue.
Embassy Property is considering a pre-IPO placement of up to 57.5 mn shares for up to Rs11.75 bn with certain investors, says report.
In Focus Stories
Biggest challenge for professional property services firm is sourcing right professionals:Anuj Puri
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle Meghraj said "Today's property market scenario is not amenable to companies that do not present a professional front. Clients today are far more aware than ever before, and have become savvy about the difference between specialists and amateurs. Keeping this in mind, it is important to know what makes a real estate services firm truly professional in this new environment.The inherent nature of the real estate business makes it very different from other business lines. Since it is difficult for the average person to successfully make the transition into the real estate business, a significant challenge for a professional property services firm is sourcing and training the right professionals."
He added, "Another challenge is developing a business plan or strategy that factors in the needs of the market. In today's scenario, it is surprising that there is still so much emphasis on brokerage, when in fact the required services bouquet is much larger than that. A truly professional real estate company needs to chart all aspects of the real estate market and have an entire array of service offerings. Considering the needs of the market today, the most successful real estate service firms offer every conceivable service - including research, consultancy, transactions, project and development services, integrated facility management, property management, capital markets, residential, hotels and retail advisory.Nor is just offering such services sufficient - because of the high competitiveness prevalent today, the company should have operatives that have considerable expertise and experience in each segment. I don't know how many of you will see it my way, but I have always believed that the most successful businesspeople surround themselves with people that are smarter than themselves. This is very true in real estate, where it takes large teams of very talented people to find opportunities, zero in on them, groom clients and finally close transactions. If you don't have the right people in sufficient numbers and rely solely on a small core group of experts, your business will crumble.".
India’s needs to rethink the existing land use model: Kiran Dhingra
India’s needs to rethink the existing land use model and change the town planning approach that is followed to tackle the ever increasing housing shortage in the country according to Kiran Dhingra, Secretary, Ministry of Housing & Urban Poverty Alleviation. She was addressing a Seminar on ‘Housing – Enhancing Supply’ organized by the PHD Chamber in New Delhi on Thursday.
Towns and cities in the country are growing by default rather than by design, leading to unplanned development and growth of slums in urban areas, she said.
She highlighted that land acquisition and development systems in the country are archaic and need a total overhaul and along with introduction of good governance practices at the municipal levels, on an urgent basis for achieving the national endeavour of providing affordable housing to all. She added that a review of the urban land policy is being undertaken and urban development authorities need to tune themselves with the macroeconomic policy adopted in the country post 1991.
According to Dhingra, we need to plan new towns and cities, not as satellites of existing ones but around employment hubs like industrial estates. She added that what has accentuated the housing shortage in the country is that while government agencies have moved out of their responsibilities of providing affordable houses to the masses, there has been a failure to suitably incentivise private sector to take up the same and also to provide adequate credit flow to the people to buy houses.
Domestic News
IL&FS Investment to invest US$300mn in real estate projects: report
IL&FS Investment Managers is planning to invest US$300 mn, or around Rs 14bn in real estate and urban infrastructure projects by the end of 2010, according to a report.
The report stated that PE arm of Infrastructure Leasing and Financial Services (IL&FS), has already invested an equal amount in the last six months and evaluating some of the big-ticket projects for investment in the country.
Aberdeen to launch Asia-Pacific real estate fund: report
Aberdeen Property Investors, a unit of Aberdeen Asset Management Plc, is in talks to create a fund investing in property funds in the Asia-Pacific, according to a report.
The report stated that property arm of Aberdeen Asset will seek to raise about $300 million and start the fund by the northern hemisphere’s autumn.
The fund will be the third Asia-focused fund-of-funds managed by the asset manager’s indirect property investment division, says report.
Vascon Engineer launches 'Forest County’ at Kharadi
Vascon Engineers Ltd., pioneers in developing luxury homes that combine the quality and utility at the same time, has announced the launch of its latest offering, Forest County. Read more
Godrej Properties Q1 net profit at Rs224.4mn
Godrej Properties stock hits all-time high
Alok Inds plans to dispose off real estate investments: report
Neev Homes launches “Neev Bellevue” at Malad
Seax Global to undertake large scale Infrastructure Development projects
International News
A&B Properties acquires West Oahu industrial Park
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc has acquired for US$38 mn the Komohana Industrial Park (“Komohana”), a fee simple, 35-acre complex located in Kapolei, West Oahu. Read more
US housing starts dip in June: report
Hypo Real Estate to fail EU banking stress test: reports
Innkeepers USA Trust to file bankruptcy protection: report
Kumho Investment plans to sell NY property: report
Inland Real Estate Corp to acquire The Point at Clark
Inland Real Estate acquires five retail properties: report
US existing home sales dips by 5.1% in June : report
Land Securities to start first mall in northern England: report
U.S. home builders index falls to 15-month low: report
Hong Kong Luxury Home Prices may increase in Second Half:report