February 2012
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Indiareit to raise $500 million offshore development fund

Indian real estate fund Indiareit Fund Advisors, a unit of drugmaker Piramal Healthcare, is planning to raise $500 million via an offshore fund to invest in Indian development projects. The fund, to be launched after June, will look at raising money from investors in America, Europe and Asia who are showing renewed interest to invest in India. The offshore development fund will only invest as an equity partner and will focus on projects in Mumbai, Pune, Chennai, Delhi and the National Capital Region.
Sunteck Realty snaps up 16-acre Mumbai plot for R 300 crore
Real estate player Sunteck Realty acquired a 16-acre plot for Rs 300 crore in Goregaon, Mumbai. The deal has been funded to the extent of R150 crore by Kotak Realty. Sunteck struck the deal at R18.75 crore an acre. The company plans to construct residential complexes primarily, with commercial and retail activity on some portion of the land.
‘Mumbai no more among world’s 10 most expensive office sites’
Mumbai has lost its sheen of being in the top 10 most expensive office locations in the world for the first time in six years and slipped to the 15th position in the new list compiled by global realty consultant Cushman & Wakefield.
Nariman Point has seen a steady and planned decline in the last few years as other micro markets like Bandra-Kurla Complex (BKC) and Lower Parel recorded a corresponding rise, the report said. As of December 2011, the occupancy cost in Mumbai’s central business district (CBD) stood at $73.3 per sq ft, registering a decline of 8 per cent.
DLF sells 350 flats for R 500 crore in Garden City township project DLF, the country’s largest realty firm, has sold 350 flats worth about R 500 crore in a luxury housing project at Gurgaon. The housing project ‘The Primus’, which is part of a 450 acre integrated township — DLF Garden City, was launched on February 21 and all the flats were sold on the same day. The proposed township would be spread over sectors 86, 87, 90, 91 and 92 (new Gurgaon), and will comprise of group housing, commercial and plotted development. The project will offer plots of different sizes ranging from 250-502 square yards, which would be developed over the next 2-3 years.
SARE Homes launches Green Parc II in Sector 92, Gurgaon
South Asian Real Estate (SARE), has launched Green Parc II, in its 65-acre integrated township Crescent Parc in Sector 92, Gurgaon. The development consists of three and four bedroom homes ranging from 1,261-2,226 sq ft in two formats: Stilt+7 floors and Stilt+19 floors. The all-inclusive price would be in the range of R 55-90 lakh.
Acron Developers launch Eugenia Evergreens in Goa
Acron Developers, a Goa-based realty firm has launched Eugenia Evergreens, a luxury villa project in Moira, Goa. The project has a green rating from the Indian Green Building Council. The project comprises 15 villas that have 4,000 sq ft of built up area on 9,000 sq ft of gardens. The project comes with maintenance services and facilitation for rentals.
Source: Indian Express

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