(MUMBAI) Citigroup, Singapore’s Government Investment Corp (GIC) and other international investors are buying 15 per cent of a real estate venture of India’s Shapoorji Pallonji group for about US$300 million, Indian papers reported.

The deal involved investments in six projects in the commercial, residential and shopping malls sectors in Kolkata, Pune, Nagupur and other cities, the Economic Times reported yesterday, citing an unidentified source.

It said that the deal was worth US$290 million, while the Times of India said the stake was valued at US$320 million.

A spokesman for Citigroup in India declined comment.

• 0 Comments

(SINGAPORE) The Ascott Group said yesterday that it has signed a joint venture agreement with the Rattha Group to acquire its fifth serviced residence in India.

The 218-unit property, to be named Citadines Hyderabad Hitec City, is Ascott’s first serviced residence in Hyderabad. the group will pay about S$15 million for a 49 per cent stake in the property. Indian partner Rattha will hold the remaining majority stake.

Ascott said that the deal is part of a master development agreement it signed with Rattha in August 2006. The aim of the agreement is to acquire and develop seven serviced residences with a total of at least 1,000 units in India by 2010.

• 0 Comments

Jump of 168 makes a total of 533, with wealth of 12.3t rupees: report.

(MUMBAI) India, powered by a booming stock market, has produced a record number of new billionaires, 168, according to a survey by the Business Standard newspaper.

Mr Mittal: Comes in fourth with wealth of US$18.6 billion

As many as 30 rich people moved up at least 100 places, setting another record, said the newspaper, which covered the fiscal year 2006-07 for the study.

With the new additions, there are 533 billionaires in the country, having a combined wealth of 12.3 trillion rupees (S$450 billion). The top five are worth over 500 billion rupees each.

• 0 Comments

The company is also looking to expand to other Indian cities.

(SINGAPORE) Keppel Land is looking to sell its residential properties in India to Indians based in Singapore, the developer told BT.

Mr Ang: ‘…they know us and can see the projects we have launched here.’

‘In Singapore we see a growing non-resident Indian (NRI) market,’ said Ang Wee Gee, KepLand’s director of regional investments.

‘In the past we have not been selling in Singapore. But now - with more Indian professionals coming here to work and live - we have decided to.’

• 0 Comments

Ruling could free up large tracts of prime real estate in Mumbai.

(MUMBAI) India’s richest state has scrapped a law that controls urban land holdings, potentially freeing up large tracts of prime real estate in the financial hub of Mumbai, a move which sent shares of property firms up sharply.

Big potential: Analysts say the law has hampered construction of homes and offices and contributed to soaring property prices in Mumbai

A government spokesman said the assembly of the western state of Maharashtra yesterday repealed the Urban Land (Ceiling & Regulation) Act.

• 0 Comments

(MUMBAI) France’s Carrefour, the world’s No 2 retailer, is in talks with Indian real estate firm Parsvnath Developers Ltd to set up hypermarkets in India, the Mint paper said yesterday, citing two people close to the deal.

The sources said that Carrefour was in the middle stages of dialogue with Parsvnath, the newspaper reported. Earlier this week, Parsvnath had said that it would set up hypermarkets with an overseas partner, Mint said.

Carrefour CEO Jose Luis Duran said in newspaper interviews earlier this month that the firm had identified two or three potential partners and hoped to sign a joint venture in coming months.

• 0 Comments

Gautam Adani’s Mundra Port doubles on first trading day.

(MUMBAI) Indian property magnate Gautam Adani just added US$4 billion to his personal fortune.

Striking gold: Mr Adani at Mundra Port’s listing ceremony in Mumbai. The value of his family’s 81.3 per cent stake in the company has soared to about US$7.8 billion

Mr Adani’s Mundra Port & Special Economic Zone Ltd more than doubled on its first trading day in Mumbai, boosting the value of his family’s 81.3 per cent stake to about US$7.8 billion.

• 0 Comments

Khan Market in New Delhi the most costly at 950 rupees psf a month.

India has been ranked the 16th most expensive global retail ‘high street destination’ by a prominent real estate consultant.

Retail revolution: Part of the increase in rents is due to lack of high quality space in the right location

According to the report Main Streets Across the World 2007 by Cushman & Wakefield, Khan Market, located near the famous India Gate in New Delhi, is the most expensive retail location in India with rentals of 950 rupees (S$35) per square foot (psf) a month.

• 0 Comments

CapitaLand, South-east Asia’s biggest developer, yesterday said that it has successfully established its first India private property fund with a fund size of $880 million.

The company first announced the fund - CapitaRetail India Development Fund - in July.

The closed-end private fund has the mandate to invest in retail mall developments in India. CapitaLand holds a stake of about 45 per cent stake in it, with the remaining held by insurance companies, pension funds and corporations.

CapitaLand chief executive Liew Mun Leong said that the fund will allow the company to increase its multi-sector presence in India.

• 0 Comments

It will build houses, offices, shops in Mumbai, New Delhi, Hyderabad, Bangalore.

(MUMBAI) Damac Properties, a closely held developer based in Dubai, plans to invest as much as US$5 billion in India over the next three years as a booming economy spurs demand for real estate.

The developer will construct houses, offices and shops in the Indian cities of Mumbai, New Delhi, Hyderabad and Bangalore, chairman Hussain Sajwani said. The first project will be started in 12 months, he added.

• 0 Comments