Mumbai, May 14 (EPC News): Construction of the five-star Shangri-La hotel at Lower Parel is executed without an environment clearance, informs an appraisal committee under the Ministry of Environment and Forests (MoEF). The committee which recently visited the construction site found the construction of hotel illegal as it failed to attain environment clearance. 

However the project promoter, Phoenix Mills, upholds a different perspective and informed that the company had earlier attained a no-objection certificate from the Maharashtra Pollution Control Board to execute the project. Neither the committee members nor the environment department has confirmed on MPCB’s authority to permit such no-objection certificates to exempt the project. 

The company has been asked to submit documents regarding mandatory clearances before the committee at its next meeting. The next meeting is anticipated to be held later this month. 

“Any delay in getting MoEF clearance will hinder the project completion. The project worth Rs773 crore if fails to attain the clearance, will bring negative results for Phoneix Mills,” said an analyst from Sharekhan. 

EPC News Bureau

Mumbai, May 14 (EPC News): Despite negative sentiments amongst the buyers, Godrej Properties plans to continue its focus on residential segment and is likely to launch 15 projects this fiscal.  

Says Pirojsha Godrej, managing director and chief executive, Godrej Properties, “Though there is negative sentiment among buyers at present, the demand for houses will continue to grow, which is a huge opportunity for developers like us. We will continue to focus on the residential segment.”

Last fiscal, of the 10 deals signed by the company only one was in commercial space at Bandra Kurla Complex, Mumbai.  

“Financing for residential projects is much easier than commercial projects,” he opines further adding that in residential, construction can be financed by customer advances. That is the key for scaling growth. 

EPC News Bureau

Bangalore, May 11 (EPC News): The Global Initiative for Restructuring Environment and Management (GIREM) views Bangalore as a fertile market for luxury homes. As per the recent issue of GIREM 101, the luxury home market in Bangalore is surging ahead and is driven by the demands from the IT sector. 

The body views the potential of the luxury home market to grow at a CAGR of around 28% till 2013. A major demand outflow is also predicted from the senior management class, corporate houses, non-resident Indian businessmen and high net-worth individuals. 

“Bangalore has become one of the most sought destination for luxury housing segment, a property (an apartment or a villa) costing over Rs3 crore. The demand for such luxury projects is expected to show a positive index in Bangalore,” said Shyam Sundar S Pani, President GIREM. 

EPC News Bureau

Hyderabad, May 09 (EPC News): Lanco Infratech acquired permission from the country’s apex judicial body for the development of its township project in Hyderabad. The company can now breathe easy with Supreme Court’s permission granting development of the project and can now sell the finished homes. 

Construction on the Rs50 billion, Lanco Hill township project was halted in 2011 over a land ownership dispute with a religious group. The engineering and construction major, who purchased the land from the government in 2005, had shed an investment of Rs25 billion on the 100 acre project. 

The company has completed construction of six residential towers and another six towers are under construction, informed a sourced from the industry. 

EPC News Bureau

Chennai, May, 07 (EPC News): Marg Properties, a real estate subsidiary of Marg Ltd has launched a new premium residential project at Mahabalipuram Road, Chennai.

The premium residential project of company comprises of 204 homes including Studio (1 BHK), 2 BHK and 3 BHK over five blocks of four floors each. Blocks D & E of Phase 1 are currently open for booking.  As a launch offer, MARG ProperTies is selling the first 50 homes of Pushkara for Rs 3199/- per sq.ft.

Conveniently located 2 kms from Siruseri Sipcot IT Park, Pushkara extends over an area of 3.84 acres.   This premium water front homes range from 588-595 sq.ft for 1 BHK; 1075 - 1165 sq.ft for 2 BHK & 1234 - 1700 sq.ft for 3 BHK. The sprawling apartment complex is fitted with a landscaped deck that overlooks the Muttukadu backwaters.

EPC News Bureau 

Mumbai, May, 07 (EPC News): Mumbai based realty player Goderej Properties Ltd has plans to expand redevelopment project in Mumbai. 

The company has recently signed a MoU with Kamla Landmarc Property Leasing and Finance to redevelop 18 residential buildings in Chembur, Mumbai. As well as the company has also entered into a development agreement with RR Builders to redevelop a MHADA property in Byculla.

According to company management, GPL has plans to launch around 15 projects in the fiscal. 

EPC News Bureau 

Mumbai, May 03 (EPC News): The Mumbai based real estate developer HDIL is all set build a 100 acre township in Noida, on the outskirts of Delhi. This will be the first project of HDIL that away from its home turf, Mumbai.

According to sources, the Noida project will kick off in the next 8-10 days, as the firm has secured the required approvals.

It will also on the verge of launching a residential project in Mumbai’s Ghatkopar suburb which was delayed on account of approvals. 

EPC News Bureau

Mumbai, May 02 (EPC News): In a move to get some respite from the ongoing financial crunch, Vijay Mallya’s UB Holdings Ltd is in talks with private equity funds Blackstone and Kohlberg Kravis Roberts to sell some of its office spaces including UB Towers.

According to a newspaper report, one of these two PE firms may acquire Mallya's real estate property for Rs650 crore. 

However, a UB Group spokesman denied the report that the company was in talks to sell the real estate space.

The UB Tower in Bangalore, which Mallya is looking to sell, is occupied by companies like Apple, Citibank, and Yahoo.

EPC News Bureau