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Monday, November 18, 2013

Dewan Housing Finance gets $85 million from IFC for housing green mortgages

Dewan Housing Finance gets $85 million from IFC for housing green mortgages


MUMBAI: World Bank group company IFC said it will extend $85 million in loan to Dewan Housing Finance for affordable and energy-efficient housing.

Of the total loan, given with the support of Canada government, IFC will provide $70 million through external commercial borrowing, a press release issued said, adding that the remaining USD 15 million will come from the IFC-Canada climate change programme to financing green mortgages.

The green loan to Dewan will reduce 6,200 tonne carbon emissions per year, the release claimed.

“By demonstrating the benefit of green homes, the project is expected to help home buyers in low and middle income segments buy affordable energy-efficient homes,” Serge Devieux, IFC director for South Asia said in the release.

Commenting on the development, Dewan Housing Chairman and Managing Director Kapil Wadhawan said the investment will demonstrate the viability of offering housing finance to low and middle income clients.

IFC, in 2003 also provided a loan of around $12.5 million to Dewan Housing Finance. IFC also co-invested in Aadhar Housing Finance, a company jointly promoted by DHFL Group and IFC, which provides affordable home loans to low income borrowers.

http://economictimes.indiatimes.com/markets/real-estate/news/dewan-housing-finance-gets-85-million-from-ifc-for-housing-green-mortgages/articleshow/25329879.cms

Dont take up Lucknow Metro project: Govt to DMRC

Dont take up Lucknow Metro project: Govt to DMRC


New Delhi: Delhi government does not want Delhi Metro Rail Corporation (DMRC) to take up any work for Metro network in Lucknow. The city government has cautioned DMRC from taking up any interim consultancy work, which may cause embarrassment to the organization at a later stage.

Sources said Delhi chief secretary Deepak Mohan Spolia wrote a letter to the DMRC managing director last week suggesting the agency not to make a commitment to the UP government. The issue was also raised in the DMRC board meeting last week.

This will have direct impact on the timeframe that UP government has proposed for completion of the first phase of 24 km in the city. The delay to get even an interim consultant will mean the projects deadline will get extended, said a government official.

UP government has approved the first phase of the Metro project estimated at Rs 8,000 crore. The north-south corridor would connect Lucknow Airport to Munshi Pulia. The first phase of the project is set to be complete by 2016-17.

Though DMRC officials confirmed receiving the Delhi government letter, they refused to comment. Spolia could not be reached.

This is the second time Delhi government has opposed DMRC taking up work in UP. Earlier, the government had objected to DMRCs role in extension of two Metro corridors in Noida and Ghazaibad claiming that the corporation has too much work.

In her letter to A K Antony, who heads the GoM on mass transit system, Dikshit said maintaining the Delhi Metro is a demanding task and diverting its resources may adversely affect its functioning.

Delhi government has equal say in DMRC, like that of Central government, since the public sector body has 50:50 partnership.

Source:http://epaper.timesofindia.com

दिसंबर में आएगी फ्लैटों की योजना

 प्राधिकरण के 866 फ्लैटों की योजना दिसंबर के पहले सप्ताह में आने की उम्मीद है। प्राधिकरण अभी आरक्षित श्रेणी के अनुसार फ्लैटों की संख्या तय करने में जुटा है।
दरअसल, प्राधिकरण की आवासीय योजनाओं में उद्यमियों, व्यवसायियों, किसानों और प्राधिकरण कर्मचारियों को आरक्षण मिलता है। इस हिसाब से करीब 50 फीसदी फ्लैट आरक्षित श्रेणी में आ जाते हैं। उसके बाद बचे हुए फ्लैटों पर सामान्य लोग आवेदन कर सकते हैं। इसी आरक्षण के हिसाब से फ्लैटों की संख्या तय की जा रही है। यह काम सप्ताह भर में पूरा कर लिया जाएगा। योजना का आवेदन पत्र तो एक होगा, लेकिन श्रमिक कुंज, ईडब्ल्यूएस, एलआईजी, एमआईजी और एचआईजी फ्लैटों में से किस श्रेणी के लिए आवेदन कर रहे हैं, इसका जिक्र करना होगा। इसी श्रेणी के हिसाब से ड्रॉ होगा।
गौरतलब है कि 866 फ्लैटों में से 485 श्रमिक कुंज, 150 ईडब्ल्यूएस, 143 एलआईजी, 41 एमआईजी और 47 एचआईजी फ्लैट हैं। श्रमिक कुंज सेक्टर-66, 73, 93, 110 और 122 में स्थित हैं। ईडब्ल्यूएस फ्लैट सेक्टर-73 और 99 में, एलआईजी फ्लैट सेक्टर-99 व 135 में, एमआईजी फ्लैट सेक्टर-100 में और एचआईजी फ्लैट सेक्टर-99 में स्थित हैं। प्राधिकरण ने एचआईजी फ्लैट की कीमत एक करोड़, एमआईजी की 59 लाख, एलआईजी की 35.51, ईडब्ल्यूएस की 9 व 10 लाख और श्रमिक कुंज की कीमत 4.70 लाख रुपये तय की है। डीसीईओ अखिलेश सिंह ने दिसंबर के पहले सप्ताह तक योजना को लॉन्च होने की उम्मीद जताई है।

source:http://epaper.amarujala.com/svww_zoomart.php?Artname=20131115a_003105007&ileft=336&itop=602&zoomRatio=183&AN=20131115a_003105007

Cidco to float tenders for airport partner

Cidco to float tenders for airport partner


NAVI MUMBAI: The City and Industrial Development Corporation (Cidco) will soon go ahead with its global tendering of request for qualification (RFQ) to appoint a strategic partner for developing the proposed international airport at Panvel.

This move comes after Prime Minister Manmohan Singh okayed the compensation package offered to the villagers and most of them accepted it.

The comprehensive RFQ document involves evaluating the pre-qualification criterion of bidders, followed by request for proposal (RFP) that includes the technical aspects of the airport and those qualifying being asked to make the commercial bid.

The appointment of a strategic partner would be for the four-phase development of the Rs 15,000 crore airport project, with an investment of around Rs 5,000 crore for the first phase. A major chunk,

Close to 50% of the amount will be required for razing down the Ulwe hill to create the runaway and develope the core aeronautical area.

Mohan Ninawe, Cidco PRO, said, “The RFQ document prepared by our principal consultant M/s Louis Berger is ready. It will be submitted to the chief secretary-led project monitoring and implantation committee. After it is finalised, the draft would be forwarded to Union civil aviation ministry for its approval. Then Cidco will go ahead with the tendering process.” Louis Berger has prepared the master plan, detailed project report (DPR) and financial and transaction advisory services, according to a Cidco brochure on the proposed airport.

The project involves 2,268 hectares – 1,160 for core aeronautical area and 1,108 for outside aeronautical area. The planning body has to acquire 671 hectares-292 in the core area for developing the airport and the remaining outside it.

http://timesofindia.indiatimes.com/city/navi-mumbai/Cidco-to-float-tenders-for-airport-partner/articleshow/25780832.cms

Sunday, November 10, 2013

Price jump along Dwarka Expressway

Price jump along Dwarka Expressway


Housing prices have jumped nearly three-fold on Dwarka Expressway in Gurgaon during the past five years to ~7,000 per sq ft but the slow pace of constuction of highway and litigation issues have become a major hurdle for growth of this corridor, property consultant DTZ has said.

Property consultant DTZ in its report ‘Investment Hotspots in Delhi NCR’ said that average residential capital value on Dwarka Expressway has risen from ~2,426 per sq ft in 2009 to ~7,000 in 2013.

The 18-km-long Dwarka Expressway, also known as Northern Peripheral Road, is a eight-lane expressway linking Dwarka-Gurgaon. It is being developed by Indiabulls group under public private partnership (PPP).

DTZ said that Dwarka Expressway is one of the latest hotspots for real estate opportunities for home seekers and potential investors. Proximity to the national capital and IGI airport gives Dwarka Expressway an edge over other upcoming real estate destinations such as Dharuhera, Bhiwadi, Yamuna Expressway and Noida-Greater Noida Expressway.

However, the consultant said that “the snail’s pace at which the construction of the expressway is progressing along with litigation issues with respect to land acquisition on a 4 km stretch of the expressway are proving to be major hurdles in the growth of the corridor”.

Prominent developers like BPTP, Puri Construction, Raheja, Mahindra Lifespace, Sobha Developers, Ansal Housing, Assotech, Paras and Ramprastha have launched more than 50 projects on Dwarka Expressway and are at various stages of construction. These projects range from mid end to premium segment.

“Between 2009 and 2013, the location has witnessed the second highest number of project launches, after new sectors in Gurgaon (in terms of number of units). Approximately 18,000 residential units have been launched in the last five years across 44 projects ranging from mid to premium category,” it said.

Dwarka Expressway is expected to receive second highest number of housing units (about 24,160) between 2013 and 2018.

With approval of Land Pooling policy by Delhi Development Authority (DDA), which has unlocked substantial land for both housing and commercial use in Delhi, the consultant said real estate growth on Dwarka Expressway is expected to take a hit.

“Adding on to the growth inhibitors is the slow pace of construction of the expressway and the litigation issues. In order to realise the envisaged potential of this corridor, it is essential for government to expedite the infrastructural development which currently is at a nascent stage,” DTZ said. — PTI

Real Estate Round Up – November 05 to 08, 2013

 Real Estate Round Up – November 05 to 08, 2013

 According to Cushman & Wakefield’s latest retail reports, the overall vacancy levels in malls declined by 0.6 percentage to 14.51% on account of consistent leasing activities while supply has been only 0.77 msf gets added in Kolkata and Pune . Healthy transaction activity led to reduction in overall mall vacancy of Pune and Kolkata despite the addition of fresh mall space in both the cities. Pune witnessed the opening of a new mall measuring 700.000 sf, while Kolkata witnessed the partial opening of a mall with only anchors and mini-anchor stores operational at 70,000 sf.

Increased leasing activities and lack of infusion of new mall space led to a 1.8 % dip in Bengaluru’s mall vacancy.  Chennai and Ahmedabad witnessed marginal reduction in mall vacancy. Mumbai and NCR however recorded slight increase in vacancy levels due to ongoing churn in various malls.

As per Q2 2013 estimates, 9 malls were expected to be operational by Q3 2013. However, a total of 7 malls, admeasuring 2.62 million square feet (msf) were deferred. Bengaluru and Chennai witnessed deferment of two malls each totalling to 710,000 sf and 461,000 sf respectively. In Bengaluru, one mall got deferred due to construction delays while the other went on hold due to liquidity issues. Out the two malls in Chennai, one got deferred to early next quarter due to delay in construction completion, while the other mall had to be deferred due to lack of sufficient demand from retailers. Pune also saw postponement of 430,000 sf of mall space due to lack of demand from retailers mainly due to locational constraints of the project. Hyderabad witnessed deferment of 425,000 sf mall supply to early Q4 2013 due to construction delays. A mall space of 225,000 sf was deferred in NCR to later quarters because of delays in acquiring necessary regulatory approvals for operation.




Source:http://www.indiainfoline.com/Markets/News/Real-Estate-Round-Up-November-05-to-08-2013/5815212865

IFC, Govt of Canada lend $85mn to Dewan Housing

 IFC, Govt of Canada lend $85mn to Dewan Housing


 IFC, a member of the World Bank Group, will provide a $85 million loan to Dewan Housing Finance to expand finance for affordable and energy-efficient housing in India. The loan is being given with the support of the Government of Canada.

Of the total loan, IFC will provide $70 million through external commercial borrowing. IFC has committed an additional $15 million to finance green mortgages under the IFC-Canada Climate Change Program, made possible thanks to the Government of Canada's instrumental contribution, which made the financing package viable. IFC is the implementing agency for the program. The loan to Dewan, to be used for green mortgages, will reduce 6,200 tons of carbon emissions per year.

“While housing finance is one of the lowest risk asset classes in India, financial institutions have so far shown limited interest in the low income segment,” said Kapil Wadhawan, Chairman and Managing Director, Dewan Housing Finance. “IFC’s investment will demonstrate the viability of offering housing finance to low and middle income clients. IFC's support to Dewan is a recognition of the company's track record in serving this segment."

The housing finance market in India has a huge gap to fill. According to India’s Twelfth Five Year Plan (2012-2017), the housing shortage in the country is estimated at 58.8 million units. Over 90 percent of this demand is from low-income households, especially the under-served segments.

“Promoting housing finance is one of the key priority areas for IFC in India, especially in India's low income states,” said Serge Devieux, IFC Director for South Asia. “By demonstrating the benefit of green homes, the project is expected to help home buyers in low and middle income segments buy affordable energy-efficient homes.”

IFC has a long-term partnership with Dewan Housing over the last decade. In 2003, IFC provided a loan of around $12.5 million to the company. IFC also co-invested in Aadhar Housing Finance, a company jointly promoted by DHFL Group and IFC, which provides affordable home loans to low income borrowers.



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