Hilton-Embassy JV building ₹600 cr properties
Hilton Hotels has signed agreements with Embassy Group to develop two hotels in Bengaluru at an investment of ₹600 crore. The construction is expected to begin shortly and the hotels will be operational in the next couple of years. The dual-branded property will be developed and owned by the Embassy Group and managed by Hilton.
Gurgaon goes for 3 lakh low-cost housing units
The Department of Town and Country Planning (DTCP) invited fresh applications for licenses to build over 3 lakh affordable housing units in and around the satellite city. Based on the earlier cap, DTCP had issued affordable housing licenses to over 331 acres land parcels on which around 46,000 units are at different stages of completion, in sectors along Northern Peripheral Road (NPR)-Dwarka expressway, and Southern Peripheral Road (SPR).
Sumitomo in JV unveils $2-bn realty project
Japan-based Sumitomo Corporation has formed a joint venture with Indian auto components major Krishna Group to build real estate projects across India. The joint venture is launching its first project named as Krisumi city with 18 million sqft development in Gurgaon, with an investment of $2 billion. The joint venture entity known as Krisumi Corporation will develop large scale real estate projects across India.
Realty to touch $180-bn mark by 2020
The market size of the Indian real estate sector is expected to reach $180 billion by 2020 with the housing sector contribution to 11.2% of GDP, said a report released by CREDAI jointly with real estate consultant JLL. The report concluded that RERA, GST, FDI policy, affordable housing, real estate investment trust, technology and alternative asset classes are the major altering trends that would transform the Indian realty sector in the near future.
Puravankara launches ₹8,200 cr realty projects
The wholly owned subsidiary of Provident Housing, Puruvankara Limited is launching a real estate project near Dabolim in Goa at an investment of ₹500 crore. Puravankara is also entering into a management contract with The Park Hotels. A full-fledged hotel/ service apartment is proposed to be built & operated by The Park Hotels, under its zone by the Park brand, with invest over ₹3,200 crore to develop over 15mn sqft of land across Mumbai, Goa, Pune, Bangalore, and Chennai.
TO launches 7-lakh sqft project in Gurgaon
After making India its largest market with most number of Trump branded properties outside North America, Trump Organization (TO) has decided to launch its maiden commercial real estate project in the country this year, Executive Vice Chairman of The Trump Organization, Donald Trump Jr said, adding that his company is also keen on forming alliances for hospitality projects in India. Trump Organization, which entered into its first commercial office deal in India with private equity fund and developer IREO in 2016, is building the high-end 600,000-700,000 sqft commercial project on Gurgaon's Golf Course Extension Road to be built by IREO alongside a retail complex.
Shriram secures ₹1,000 cr for realty projects
Shriram Properties, a Bengaluru-based realty arm of Shriram Group, has secured ₹1,000 crore to be invested in affordable, midhousing and distressed real estate projects. Managing Director, M Murali said that the company has secured funds from ASK Group.
VUDA announces 20-acre iconic tower
The Visakhapatnam Urban Development Authority (VUDA) is all set to build an iconic tower as part of its 20-acre IT City project in Madhurawada area of the city. The tower will likely have a built-up area of about 5.5 lakh square feet with a built-up area of 30 lakh square feet, comprising commercial and recreational space, among others. The IT City will have a parking area of 1.37 lakh sqft and there will be several blocks for other supporting social infrastructure, including malls, hotels, multiplex and so on.
Telangana takes up ₹8,541 cr housing venture
The Telangana government has decided to build low-cost housing units at an investment of ₹8,547 crore. The state housing corporation has agreed to bear ₹750 crore for the construction of two bedroom houses in different areas of the city.
Lulu Group unveils ₹2,000 cr mall in Lucknow
The Lulu Group has decided to build a mega mall project in Lucknow at an investment of ₹2,000 crore. The group’s Chairman said that the company is making North India's largest shopping Mall with more than 20 lakh sqft. built up area featuring more than 200 international and national brands along with 11 screen Multiplex screens, a 2500-seater Food Court and more than 20 Fine Dining Restaurants.