Merrill Lynch has invested $2.65bn in the Asian Real Estate market. This is the third Asian property fund of over $2.5bn that has been raised this year, despite the continuing disturbance in the global banking market. It follows a $3bn fund raised by LaSalle Investment Management earlier this month and a $3.9bn fund raised by MGPA in June. Merrill Lynch is likely to invest across all property sectors, as well as in property companies and developers, many of which have found financing increasingly difficult to source. Having completed a first $140m equity raising for the fund in May, it is aiming to increase this to between $200m-$250m by the end of the year.

Property developer, Akshaya Homes announced its plans to foray into the fully automated housing sector with the construction of four flats, each of 3000 sq ft in Adyar in the heart of Chennai. These flats would cost Rs 4.5 crore each, said Mr. Chitty Babu, Chairman and Managing Director of Akshaya Homes. The flat would be equipped with a home sever box rpt box, which would make it digital, he added. Wifi connectivity, digital answering machines, small card based access to the home, main gate security and visitor tracking system, stand alone video surveillance, and tracking of events are some of the features. These features are being used for the first time in residential flats in Tamil Nadu, he said.

Real estate firm, Aryavrat Housing Construction said that the company is planning to invest Rs 1, 000 crore in developing a 58-acres luxury housing complex in Bhopal. "In view of the growing need of fast developing Bhopal, we want to offer luxury and comfort with services that caters to all the day-to-day needs of an Indian family," Aryavrat Housing Construction (AHCPL) Director, Mr. Jagdish Arora said. The complex, British Park, would be developed for about Rs 1, 000 crore, which would comprise premium residential units, luxury bungalows, villas and mansions.

CMRL has invited real estate firms with a minimum experience of five years in rendering real estate valuation in India, and Rs 50 crore as turnover. For the Rs 10,000-crore first phase of the project, CMRL is planning to acquire around 10 hectares of private land mainly for construction of stations and depots. The railway line would pass through government lands in most of the places.

“Though the government has mandatory powers to acquire private land, we want to take the land with the consent of the landowner. For this, we want guidence from experts to arrive at a reasonable compensation. We would invoke provisions of compulsory land acquisition only if the negotitations are unsuccessful,” a senior official told The Times of India.

An ongoing study by Delhi Metro authorities to assess the extent of land needed for each station and depot has identified 36 stations, but the exact locations are yet to be marked. “The assessment is expected to be over in three months and we are trying to minimise the extent of land acquisition,” the official said.

Senior officials said that the project is on schedule and there is “not even a week’s delay.” Tamil Nadu government will formally sign the loan agreement in two months with the Japanese Bank for International Cooperation, which has already expressed its willingness to fund 60% of the total cost. Responding to the demands from various quarters to extend the Metro line to Thiruvotriyur in north Chennai, the official said such pleas are being considered.

The Industry Interaction Cell of Indian Institute of Management, Kozhikode organized Horizons 2008 - its annual management conclave Horizon’s 2008 on October 10-12, 2008. The conclave revolved around the theme – ‘Looking East – Redefining Global Dynamics’. The primary focus of this three day event was on the Real Estate, Retail and Media & Entertainment Sectors.

“The event saw a record number of twenty five speakers across three industries come together – the highest to congregate for any event across all B-schools”, shared IIM K.Mr. K Thiagarajan, CEO, Maytas Properties was the Chief Guest at the conclave, delivered the inaugural address on emerging real estate opportunities. Starting with a brief history of the realty sector in India, Mr. Thiagarajan spoke about the current scenario and emerging trends and formats of realty products. He lamented about the talent dearth in the industry and opportunities in terms of career in the realty sector.

Ms. Sathya Saran Editor, DNA-ME, former editor of Femina 1993-2005, a women’s journalist since 1979, shared her experiences on the various phases of change of the Indian women and the role of media in the same. Citing numerous examples from her long career, she related the success and failure of many international luxury brands in India with their media partnerships. Ms. Sathya also emphasized on important factors as distribution channel, customer service and understanding the buying patterns of Indian consumers which, according to her, many reputed international brands failed to understand making them unsuccessful.

Property developers are looking towards real estate funds as funds from banks and capital markets have become difficult to access. This year, only 42 companies have raised Rs 19,396 crore through initial public offerings - and more than half the amount was garnered by Reliance Power Ltd alone. As a result, realty funds are virtually the only source of raising large amounts of money for real estate companies. Consequently these funds are calling the shots and getting a better deal for themselves. "While the risk is entirely borne by the developer, the first returns come to the fund," said Mr. Ramesh T. Jogani, Managing Director and Chief Executive Officer of Indiareit Fund Advisors Pvt. Ltd, the real estate fund division of the Piramal Group that has $450 million (Rs 2,191.5 crore) under management across three funds. He added that the new deals also ensure the developer does not use the capital to 'cash out', or pay for the land that he has previously bought. Rather it's used to fund the development of the project. Besides Indiareit, other large domestic entities include HDFC Property Fund, ICICI Venture Funds Management Co. Ltd's realty fund and Kotak Realty Fund.

The Mumbai Metropolitan Regional Development Authority () is planning to seek international help for its rental housing project, a 'slum prevention programme' under which the authority intends to create five lakh houses for the urban poor in the Mumbai Metropolitan Region (MMR). The Rs 20, 000 crore project is to be completed with the next five years. Chief Minister, Mr. Vilasrao Deshmukh met officials of UK during his visit to Europe. There was a series of discussion among them. The federation has experience of constructing about 20 lakh tenements, which includes affordable houses as well as rental houses across the UK. As per a report given by the MMRDA, population growth in Mumbai is two lakh on an average per annum while growth in slums is around 1.20 lakh per year. Fifty percent of this growth is by migration and the balance is natural growth. The project will be implemented in MMR except municipal corporation area of Mumbai as the corporation has expressed its inability to provide land for these houses.

Investment by NRIs in India can be broadly classified as investment on repatriation basis and on non repatriation basis. Repatriation basis means the income/dividend/ interest earned from the investment and the sale/maturity proceeds of investment can be repatriated outside India at any time or can be credited to NRE account of the investor subject to deduction/payment of Income Tax.

Non repatriation basis denotes that the amount invested and its capital appreciation will not be allowed to be repatriated. However, the interest/dividend/income earned may be permitted to be repatriated/credited to NRE account of the investor, subject to terms prescribed by RBI.

Investment on repatriation as well as non repatriation basis is permitted in the following categories.

Government dated securities (other than bearer securities) /treasury bills.

units of domestic mutual funds.

bonds issued by a public sector undertaking (PSU) in India.

shares in Public Sector Enterprises being dis-invested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids.

shares and convertible debentures of Indian companies under FDI scheme (including automatic route & FIPB).

shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme.

(1) Other Investments on non-repatriation basis:

units of Money Market Mutual Funds in India.

Deposits with Indian companies (including non-banking finance companies registered with RBI), or a body corporate created under an Act of Parliament or State Legislature or a proprietorship concern or a firm in India.

These deposits shall be only by debit to NRO Accounts and shall not represent inward remittances or transfer from NRE/FCNR(B) Accounts into the NRO account.

the capital of a firm or proprietary concern in India, not engaged in any agricultural / plantation activity or real estate business.

Exchange Trade Derivative Contracts approved by SEBI

(2) Immovable Property

NRIs and PIO can acquire immovable property in India other than agricultural/plantation property or a farmhouse.

NRIs and PIOs can repatriate sale proceeds of immovable property acquired in India –

(Immovable property acquired out repatriable foreign funds) to the extent of repatriable funds paid for acquiring the property, without any lock-in period. In case of residential property, the repatriation is restricted to two residential properties. (Immovable property acquired out of rupee funds) to the extent of USD 1 million per calendar year out of balances held in their NRO account, with a lock-in period of 10 years.

NRIs/ PIOs can also repatriate-

1. refund of application/earnest money/purchase consideration made by house-building agencies/seller on account of non-allotment of flats/plots/cancellation of booking/deals for purchase of residential/commercial properties, together with interest, net of taxes, provided original payment is made out of NRE/FCNR(B) account/inward remittances.

In all the cases of direct investment the concerned investor company has to take the necessary permission from Reserve Bank of India wherever required and in view of this the investor need not seek RBI approval.

The concept of affordable housing is now also attracting a lot of attention from the real estate funds fraternity. The First Indian Real Estate (FIRE) Capital Fund Ltd is making its first deal in the segment. While the name of the real estate developer is being guarded by the realty fund, it has been learnt that it is a firm operating out of the eastern region of India. "In all likelihood, the affordable housing project is being developed in West Bengal," said a source. The ticket size of the project will be between Rs 8 lakh and Rs 15 lakh for different apartment sizes.

Bangalore-based developer, MetroCorp is reportedly close to raising $300 million (about Rs 1,400 crore) from leading global financial institutions, including Prudential Corporation Asia and Warburg Pincus. The developer has three projects under execution, and has lined up a bouquet of 21 projects across India, ranging from residential and commercial to integrated townships to special economic zones.

Real estate firm, Tata Housing Development Company, has signed Kapil Dev for endorsing its residential project 'Raisina' in Haryana. The project is being developed by Tata Housing in partnership with Raheja Developers in Gurgaon. The construction of the 11.73 acres high-end residential project is going on with an estimated investment of about Rs 500 crore. Speaking about his association with the project, Mr. Dev said: "I am very privileged to be associated with Raisina Residency and Tata Housing. I am glad that they have announced this project in my homeland Haryana and would like to lend my complete support to their premium and luxurious offering."

Merrill Lynch & Co. announced Tuesday it has raised US$2.65 billion to invest in Asian real estate, betting that cooling property markets will rebound despite slowing regional economies and global financial turmoil.

The fund will focus primarily on Japan, China, South Korea and India, with Australia and Southeast Asia of secondary consideration, the U.S. bank said in a statement.

It represents Merrill's first fund dedicated to real estate investment in Asia.

"We see exceptional opportunities in Asian real estate over the medium and longer term," said Tim Grady, a managing director who heads commercial real estate in Asia.

Investors include pension funds, endowments, foundations and private individuals from around the world, the company said.
The Asian Real Estate Opportunity Fund will invest directly in real estate assets and real estate companies, among other investments. The company did not release additional details.

Merrill was taken over by Bank of America last month as the financial crisis caused a seismic shift on Wall Street.

VGN Group, a real estate player, announced its plans to launch residential and township projects in Chennai and its outskirts. The company had already acquired 250 acres of land in and around Chennai. Mr. Pratish Devadoss, Managing Director, said the projects would come up in Padikuppam, Mogappair, Velappanchavady, Vandalur, Ambattur and Melpakkam. The projects in Ambattur and Vandalur would be more in the nature of mini townships.

Despite the US slowdown, realty developers across the country are launching new residential apartments during the ongoing Navratri festival hoping that they will get higher sales from prospective home buyers, who have been postponing their buying plans so far. Home sales across the country have fallen more than 40 per cent in the last nine months due to high interest rates and increase in monthly loan payouts by borrowers. “Developers are launching projects during Navratri and Diwali in the hope that there will be takers for new flats after the Shraadh period is over. However, we think Diwali will not be very exciting this time around due to poor market conditions,” said Mr. Raminder Grover of Homebay Residential of property consultancy Jones Lang LaSalle Meghraj (JLLM).

QVC Realty announces the launch of its first project, QVC Hills. The project is spread over 26 acres of land with the first phase consisting of 100 luxury residences. The plot sizes range upto 11,000 sq ft, and the built-up sizes will range between 3,500 sq ft and 6,500 sq ft. The project will contain 16 different designs of various sizes. In addition, QVC will offer customers the opportunity to customize the floor plan as per their specific requirements.

India's first solar power housing complex is being developed at Rajarhat. Real estate developer, DLF and the West Bengal Green Energy Development Corporation (WBGEDC) have entered into an agreement for the proposed project. A total of 200 acres has been acquired in Rajarhat by DLF for the project and work is expected to start soon. The high-rise complex will provide housing solutions to all three categories - lower, middle and higher income - and contain 8,000 apartments. Photovoltaic cells will be fitted on rooftops, terraces, refuge areas, balconies and window panes to generate power. The power generated by the solar panels will directly flow into the grid, owned by West Bengal State Electricity Development Corporation Limited (WBSEDCL ) and this will be purchased by WBSEDCL at market price. That will then be registered as the complex’s own output.

Mumbai based real estate developer, Sunil Mantri Realty Ltd (SMRL) is planning to invest around Rs 20,000 crore across the country in the next eight years, a top official of the company said. Mr. Sunil Mantri, chairman of SMRL, said the projects would be part-funded through a mix of internal accruals and debt. The company is planning to invest in Karnataka and Tier II and Tier III cities. Mr. Mantri said, the company would launch two residential projects in 2008 and six mega township projects each with minimum of 25 acres in 2009 in Bangalore. SMRL has earmarked Rs 350 - Rs 400 crore for these projects, he added. In addition a township project covering 200 acres would be developed in Belgaum, a Tier II city in Karnataka. Other Tier II cities in Karnataka under the company’s scrutiny are Mysore, Bellary and Hubli.

First, Let me hope this is not another Purva windermere in making. Its is know fact that Indiabulls is facing cash crunch with stock market taking a severe beating. I am not sure if this is game plan to just extract precious liquidity from people and use it for their own means.

Hope people learnt a lesson from purva’s. Is it a good idea to cancel Purva,DLF and buy this???. All i can say is ….’WISH YOU BEST OF LUCK’

Coming to point, Indiabulls has started a new project in OMR,- Greens starting 2700 sq ft. Off Omr,Medavakkam-Sholinganallur road. Details are as below.

Project details:
• Total project spread over 15.9 acres
• Total 37 blocks with G+6 floors, 4 flats per floor
• 1, 2 and 3 BHK flats (685 sq ft to 1615 sq ft)
• Each block has 2 lifts servicing 28 apartments
• Total about 900 apartments

Project USP’s
• Designed by world renowned architect – RSP
• Most flats Vaastu compliant
• Vehicle free podium, all parking in basement
• More than 70% open and green area
• 75% of apartments with no common walls

Amenities:
• Gymnasium, Health Club,
• Swimming Pool, Childrens Play Area, Landscaped Gardens
• Indoor games, Security CCTV.
• Space for Creche/ Play school, Health Centre, Supermarket.

Pricing details
Basic Selling Price (BSP) Rs. 2700/sft Rs.
2710 / sft for 4/5/6th floor Preferential Location Charges: Rs.50/sft
Covered car Park Rs 2,00,000
Club Membership Rs 75,000
E.B. / Water deposits Rs 50,000
Maintenance Rs 25 per sq ft for 2 years Reg, VAT and service tax On actuals

Booking details
Booking amount:
1 BHK apartment: 1.5 lacs
2 BHK apartment: 2 lacs
3 BHK apartment: 3 lacs

DLF New Town Heights Kochi to come up in Kakkanad

The bookings have just started and the property is available at attractive prelaunch offer price of Rs 2350 per sqft. This attractive price quoted is valid only for 3 days, it till Sunday, 30th September.

The most happening location
The project is located ideally at the city's most promising suburb, Kakkanad, a short distance from Kochi city and the district headquarters of Ernakulum. It houses important government buildings, Info Park and the Cochin SEZ. Several important projects like the Smart City and Fashion City are coming up in Kakkanad. Veega Land, one the largest water theme parks in the state, is close by.

A lifestyle to envy
The proposed project features 2 BHK to 3 BHK apartments ranging between 1100 and 1800 sq ft with premium amenities. Each tower will have 4 apartments on every floor. As may be expected from a DLF project, the development comprises a 70,000 sq ft clubhouse with gym, ayurvedic spa, crèche, banquet, guest suites and a host of other indoor amenities. Sports facilities include swimming pool, tennis, badminton and squash courts. The residents shall also enjoy the privilege of a 90,000 sq ft convenience-shopping plaza, healthcare units, a play school for kids. Nearly 75% of the total land will be left for landscaping.

Pre-launch price advantage!
The project has just been announced for private clients and not yet officially launched. For the next few days, apartments are available at the pre launch price of Rs 2350/- per sq ft. The price will not only appreciate in value over time, but also in the short term.

DLF- Building India one estate at a time
With over six decades of experience, 231 million sq. feet of development and 751 million sq. feet under development across 32 cities, DLF today has earned the trust of thousands of investors, businessmen and over 20,000 families. So, you can rest assured that when you buy a DLF home, you're buying into a heritage of trust.

An ambience of a resort, refreshing landscaping, inspiring architecture, in a land where time slows down for you to enjoy the good life!

Gera’s Astoria is a premium project consisting of 2 and 3 bedroom apartments in Caranzalem, which is only minutes away from Panjim, the capital of Goa. The T shaped complex consists of resort styled residences, offer a panoramic sea view.

With your vacation home done in the resort style, whether you invite friends and family to join you or use your home without you, your stock is certain to rise amongst friends, family and colleagues. Even if you decide to rent your home from an investment perspective, the fact that you have a Resort Style Residence at Goa is certain to stir up a wow.

the resort style touch outside your home

* Landscaped gardens
* Lit swimming pool with swim up bar
* Jacuzzi
* Landscaped roof top with walking path
* Club house with party hall
* Cardio gymnasium
* Children's activity centre
* Barbeque area



* Grand entrance gate
* Hotel style lobby
* Piped music
* All floors with lobbies
* Concierge room
* Service elevator
* Outdoor solar lighting