Latest Property News on "Bangalore"
Realty major Puravankara Projects is in talks for an alliance with Homex, a Mexican company that specialises in affordable housing. The idea is to give a boost to its affordable housing subsidiary Provident Housing. Ashish Puravankara, director, Puravankara Projects, said, “We are holding discussions with Homex as they have build a large number of affordable homes. They like our business model and are very keen to tie up.
Bangalore Realty Developer Plans
Nitesh Estates, a Bangalore-based realty major, is on private equity trail after Citigroup snapped a $350-million funding last year, citing the deteriorating economic environment. The firm has now opened talks with Farallon Capital, JP Morgan and TPG Capital, among others, for raising capital through equity sale at entity and project levels, said multiple sources familiar with the development.

While investors, like JP Morgan and Farallon, have been scouting for real estate portfolios, TPG Capital’s interest in the sector is relatively new. A banking source confirmed that TPG Capital has been holding preliminary discussions with a few realty players to book assets that are coming in at discounted valuations. Till now, TPG’s realty exposure was mainly through a $10-billion hedge fund TPG-Axon Capital Management. Sources said Nitesh has approached PE players for funding its realty plans in Bangalore,
Residential Real Estate
Real estate firm Ozonegroup is all set to commence its Rs 2,500 crore residential project in the city on 42 acres of land. The project, ‘The Metrozone’ at Anna Nagar, would have 1,600 apartments across 29 towers. “This is our flagship project in city and the total project cost is Rs 2,500 crore'’, Ozonegroup Managing Director Mr S Vasudevan told reporters here. He said the project would have three basement levels to park 6,000 cars and a piped gas network. As part of promoting ‘Green’ power, the project would have solar lighting and the rainwater storage systems, he said.
The residential units range between 1,555 square feet for double bedroom apartments (Rs 95 lakh) to 4,818 square feet for penthouses (Rs 1.5 crore), he said. The first phase of the project is likely to be completed by 2011. “Construction is expected to begin by June 29 and the entire project should be completed by 2013-2014′’, he said. Mr Vasudevan said the Metrozone would have 15-17 screen multiplexes and one lakh square feet area had been allotted for food and entertainment.
Real Estate Investors
As the country awaits the result of the polls, everyone would be interested in knowing which party will come to power. An online real estate portal had conducted a survey to gauge beliefs of an average property seeker about the elections and their expectations from the forthcoming government. While seeking people’s choice for coalition government, city-wise in eight cities of the country, it was found that Ahmedabad topped with 51% respondents for being more hopeful for BJP led-coalition that would boost the realty sector
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