Rs 1,000 cr for budget homes TDI
Saturday, August 22, 2009
he New Delhi-based realty firm TDI is planning to invest Rs 1,000 crore to build low-priced homes in the national capital region in the next three years, a senior company executive said. “The demand for homes is coming back slowly,” said TDI managing director Kamal Taneja, outlining the company’s priority to attract buyers. TDI, which has its real estate projects spread over New Delhi, Kundli and Panipat in Haryana and Mohali in Punjab, recently launched 350 residential units in Kundli and claims to have sold all these in just a month. Taking its presence further, the company is now planning to launch another 350 homes over the weekend in Kundli, around 35 kms from central Delhi. The 900-sq ft independent floor homes will be priced between Rs 16.50-19.50 lakh. A total of 700 homes entailing an investment of around Rs 1,000 crore would come up in Kundli over the next three years, Mr Taneja said. TDI has tied up with architectural firms Drew Dickson Associates of Australia and HO Partners of Hong Kong for development of its 1,600-acre Kundli township. Of late, there has been a surge in fund-raising activity via QIP by many listed real estate companies, including Unitech, HDIL and Sobha, following a revival in the capital market. Some other unlisted firms such as Lodha Developers and Emaar MGF are also lining up their initial share sale. But Mr Taneja thinks that the market is still volatile and an IPO for TDI is not on the cards. He said his company is relatively less leveraged and doesn’t intend to go in for any private equity deals immediately and would focus on selling homes to raise cash. “There is very little private equity money available and there are too many developers chasing it. Also, private equity investments made these days are actually debt structured as equity,” he pointed out, explaining why he is not excited about getting PE fund infusion in his company.
Posted bySaini at 6:24 AM 0 comments
Labels: Realestate and Market
Rakeen to commence second phase construction at Al Marjan
Wednesday, July 8, 2009
Rakeen, the leading property developer will begin its second phase of infrastructure works on the Dh.365mn Al Marjan Island in Ras Al Khaimah. The infrastructure work was awarded to Rizzani, the contracting and engineering company, which will take care of the installation of amenities such as water, electricity, telecommunications, drainage, channel crossings, soft and hard landscaping, fire fighting installations and street lighting.
The initial phase of infrastructure work, covering the Peninsula Island 1 and Island 2, began in July 2008. It is hoped to be complete by June 2010 at a cost of Dh.366mn. The company plans to fast-track the completion of infrastructure works, as various projects are being built on Al Marjan, depending on infrastructure amenities. With the phase one of the infrastructure work progressing as scheduled, work on the second phase would commence, after having identified the contractor for the job. The company has assured that it has reviewed all infrastructure works to ensure that all elements comply with quality standards, particularly with regards to sustainability and minimal environmental impact.
Posted bySaini at 6:12 AM 0 comments
Labels: Realestate and Market
