Real Estate Newsletter - Avendus

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Real Estate Newsletter SEPTEMBER 2010 Contents Industry News.......................................................2 Private Equity News .............................................8 Regulatory Buzz ................................................ 10 Land Deals ........................................................ 12 Technology Parks/SEZs.................................... 12 Hospitality .......................................................... 13 Commercial Properties...................................... 16 Residential ......................................................... 17 About Avendus Capital ...................................... 21 Contact Details .................................................. 21 Disclaimer: The news contained herein has been taken from published sources as indicated under each item. Avendus will not be held liable for any erroneous data as published in the source indicated. Avendus also does not take any responsibility for any errors or omissions or results of any actions based upon this information. Editorial Dear Reader, While Central Banks of developed countries are continuing with the policy of quantitative easing to contain deflation risk, investors are pouring money into emerging markets. Strong criticism has started to come from emerging markets as currency appreciation is fueling the worries of potential asset bubbles. With South Korea and Brazil already starting the scrutiny of foreign funds flowing into the respective economies, other countries are bound to follow suit. In the Indian Real Estate Market total market value of under construction projects has crossed $100 Bn. The share of commercial properties under construction has increased to 34% on the back of interest from private equity funds in rental yield. NCD rush continues with developers being confident about consumer demand. Market is showing tremendous appetite for Real Estate backed secured fixed income instruments. Residential prices across the country are either on their way to breach 2007-08 highs or have already done so. Indian households however are still struggling with stagnant income and stubborn inflation. In such a situation one wonders if realty is losing reality. Happy Reading! Avendus Real Estate Team

Transcript of Real Estate Newsletter - Avendus

Real Estate Newsletter SEPTEMBER 2010

Contents

Industry News .......................................................2

Private Equity News .............................................8

Regulatory Buzz ................................................ 10

Land Deals ........................................................ 12

Technology Parks/SEZs .................................... 12

Hospitality .......................................................... 13

Commercial Properties ...................................... 16

Residential ......................................................... 17

About Avendus Capital ...................................... 21

Contact Details .................................................. 21

Disclaimer: The news contained herein has been taken from published sources as indicated under each item. Avendus will not be held liable for any erroneous data as published in the source indicated. Avendus also does not take any responsibility for any errors or omissions or results of any actions based upon

this information.

Editorial Dear Reader,

While Central Banks of developed countries are continuing

with the policy of quantitative easing to contain deflation

risk, investors are pouring money into emerging markets.

Strong criticism has started to come from emerging markets

as currency appreciation is fueling the worries of potential

asset bubbles. With South Korea and Brazil already starting

the scrutiny of foreign funds flowing into the respective

economies, other countries are bound to follow suit.

In the Indian Real Estate Market total market value of under

construction projects has crossed $100 Bn. The share of

commercial properties under construction has increased to

34% on the back of interest from private equity funds in

rental yield. NCD rush continues with developers being

confident about consumer demand. Market is showing

tremendous appetite for Real Estate backed secured fixed

income instruments.

Residential prices across the country are either on their way

to breach 2007-08 highs or have already done so. Indian

households however are still struggling with stagnant

income and stubborn inflation. In such a situation one

wonders if realty is losing reality.

Happy Reading!

Avendus Real Estate Team

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Industry News

BMC REVIVES POLICY ON AMENITY

PLOTS

The Times of India

In a move that will give space-starved Mumbai

more breathing space, the Brihanmumbai

Municipal Corporation (BMC) has decided to

revive its old policy of not sanctioning the entire

floor space index (FSI) unless the builder

surrenders the developed civic amenity on his

plot free of cost to the corporation. The amenity

plot may be a garden, a welfare centre,

dispensary, municipal market, etc. A T Shintre,

director, engineering and special projects, who

is in charge of the Development Plan and

Building Proposal department, confirmed the

BMC‘s decision to resurrect the policy. In fact,

the Development Plan department has been

asked to prepare a list of all amenity plots

across the city that is due to the corporation.

Since 2003, the BMC was not only granting the

entire FSI, but also the occupation certificate

without insisting on the amenity plot. It only took

an undertaking from the developer that the

amenity plot would be handed over whenever

the BMC asked for it.

DLF LAUNCHING ULTRA-RICH HOMES

Financial Chronicle

Economic hard times are unmistakably easing

for the realty industry and market leader DLF is

signalling this change with an ultra-luxurious

housing project in Shimla, where it would sell

only to the elite. From a market that has been

driven by affordable housing ever since

recession hit the world in 2008, DLF's new

project - 'Sama' homes - will see a marked shift

in pricing, an indication that demand for high-

end housing is returning and returning strong.

According to sources, DLF, the country's largest

realty firm, will develop about 170 villas, 100

apartments and hotels across Shimla, Kasauli

and Goa at an investment of Rs 500 crore. A

source familiar with the project said: "The

company will sell 24 villas costing about Rs 3

crore in Shimla purely on invitation to the very

elite in the society to maintain a like-minded

profile of residents."

DLF PROJECTS PICKUP IN NEW

LEASES IN FY11

Financial Chronicle

DLF, the largest real estate developer in the

country by sales and market capitalisation, is

looking at better than expected leasing numbers

in the present financial year with the

improvement in macro economic trends in the

country. According to the company‘s annual

report, DLF has projected new leases of three to

four million sq ft in the financial year 2011. In the

first quarter, it already leased one million sq ft

with improvements in the global economy, the

company annual report said. In the last financial,

the company was able to lease only 0.76 million

sq feet of office space as it faced difficult time in

the property buying and leasing business in the

country. The company has set itself a five million

square feet lease target to enable a listing, of

the now merged entity of DLF Assets (DAL) as a

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real estate investment trust (REIT), at the

Singapore Stock Exchange.

GODREJ PROPERTIES TO ENTER

CHENNAI’S PROPERTY MARKET

Financial Chronicle

Godrej Properties is all set to enter the Chennai

property market. It will develop about 12.5 acres

— belonging to Amgalgamations Group

company, Addison Paints and Chemicals — as

a residential apartment complex through a joint

development. The property is located close to

Chembarambakkam on the Chennai-Bangalore

national highway, just after Poonamallee, a

western suburb, whose surroundings have seen

the launch of a slew of new residential projects.

―The firm plans to develop 1,500 residential

apartments in the property. Area of most of the 2

BHK and 3 BHK apartments will range between

1,200 sq ft and 1,400 sq ft. The company will

also have 1BHK studio apartments on offer,‖ a

property consultant said.

TOP BUILDERS PLEDGE SHARES TO

RAISE FINANCE

The Financial Express

Promoters of at least half a dozen property and

infrastructure developers have pledged lion

share holdings in their companies to raise

finances. Some of these companies have been

included in the BSE Realty index. Analysts say

the trend is the offshoot of the downturn in the

real estate business with the sector going down

in the priority list of lenders. According to

information gathered by FE, the promoters of at

least six major infrastructure and property

development companies had pledged more than

50 percent of their shares with banks and

financial institutions as on the quarter ending

June. These firms are Horizon Infrastructure,

Ansal Properties, Parsvnath Developers,

Unitech, Orbit Corporation and Ackruti City.

Others with a high incidence of pledged shares

include PBA Infrastructure (47.16 percent), DS

Kulkarni (39.69 percent), DB Realty (64.03

percent), and Peninsula Land (26.77 percent).

Promoters of some other firms such as IRB

Infrastructure, Marg and Era Infrastructure had

recently revoked a part of their pledged shares

from lenders. Since June, the average value of

BSE Realty index has appreciated from

3,196.82 points to 3,626.57 points as of

September 15.

HINDUJA REALTY PLANS RS 5,500

CRORE INVESTMENT

Mint

Hinduja Realty Ventures Ltd said it will invest Rs

5,500 crore in the next three five years to

develop four projects in Hyderabad, Bangalore

and Chennai. The projects, which will have a

total of 30 million sq. ft of saleable area, will

have both residential and commercial spaces.

REALTY FIRMS RUSH TO NCDs FOR

FUNDS

Mint

If qualified institutional placements (QIPs) were

the flavour of 2009, non-convertible debentures

(NCDs) are emerging as this year‘s tool-of-

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choice for real estate firms. At least 10

developers have raised or are raising nearly Rs

3,000 crore this year through NCDs, a debt

instrument that cannot be converted to corporate

stock and which offers healthy yields of 14-18

percent. There were hardly any NCD issues by

real estate firms last year. Developers are

raising about Rs 5,000 crore through QIPs this

year but that‘s a shade on last year‘s numbers.

In 2009, India‘s top three realty firms by value—

DLF Ltd, Unitech Ltd and Indiabulls Real Estate

Ltd, in that order—alone raised nearly Rs 13,000

crore through QIPs. Many of the developers

eyeing NCD issues are mid-sized firms, which

need quick capital to repay debt, buy land or

complete their projects. Large, listed developers

typically opt for QIPs, private equity (PE) funding

or other instruments involving equity to raise

capital. This year, though, DLF and Housing

Development and Infrastructure Ltd (HDIL) have

announced NCD issues. DLF said in February it

planned to issue NCDs worth Rs 1,000 crore;

HDIL has opted for a combination of a Rs 1,150

crore NCD issue, a QIP of Rs 1,100 crore and a

warrants issue worth about Rs 190 crore.

―NCDs, which are pure debt products and

relatively unexplored by the real estate sector,

suddenly seem to be have become a new-found

opportunity, which are being used as an easy

way to lure investors,‖ said Amit Goenka,

national director-capital transactions, Knight

Frank India Pvt. Ltd, a real estate consultancy.

RICH INVEST IN REALTY FIRM NCDs

Financial Chronicle

Real estate companies are now tapping high net

worth individuals (HNIs) through wealth

managers after bank funding became scarce

with RBI cautioning banks from lending to real

estate. Leading private/foreign banks and

financial institutions such as Kotak Mahindra,

Barclays, Standard Chartered Bank, Credit

Suisse and Edelweiss Capital have been active

in this fledgling market. To attract HNIs, the

realty firms are floating medium term non-

convertible debentures -of 3-5 years with

interest rates ranging between 13 and 18

percent in most cases, some even stretching to

24 percent and above, depending on the

financials of the company and collaterals

offered. Though the minimum investment is Rs

10 lakh, HNIs are investing as high as a few

crores. In return, the real estate companies are

pledging both land and stocks. Kapil Krishan,

chief financial officer (CFO) of India Infoline

(IIFL), said the real estate sector offers an

alternate avenue for investment for HNIs and

promises higher yields with lower risk, adding

that it is a `win-win situation' for both the

investors as well as property companies. IIFL,

which recently advised a few HNI clients to

invest in a Mumbai project, is now in talks with a

few big real estate developers that are floating

rated NCDs. A senior Edelweiss Capital official

said that they are selling HNIs realty bonds of all

major listed realty firms who have such bond

issuances.

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GOVT TO UNLOCK 30K ACRES IN NCR

The Financial Express

The National Capital Region (NCR) may soon

have 30,000 acres of land available for

residential construction, if the government‘s

steps in this direction bear fruit. The Centre is

attempting to fast track the resolution of disputes

over NCR title deeds, which force developers to

stay away. NCR is estimated to be short of 5

lakh housing units, and demand is growing at 1

lakh units a year. The move will spark price

correction, releasing over 2 million housing

units. The exercise piloted by the urban

development ministry and implemented by the

NCR planning board, will be kicked off by year-

end. The exercise will unlock land in three

states: eight districts in Haryana (Gurgaon,

Rewari, Faridabad, Sonepat, Rohtak, Panipat,

Jhajjar and Mewat); five districts of Uttar

Pradesh, (Ghaziabad, Bulandshahar, Meerut,

Baghpat and Gautam Budh Nagar) and one

district (Alwar) in Rajasthan. The government

plans to seek help from local bodies to identify

and verify land ownership, after which

independent agencies will cross-check data.

―This is good for developers who can get land

and good for consumers who can get residential

units at lower prices. But one has to see how it

is implemented. India doesn‘t have a very good

history in implementing such policy initiatives.

One also has to see how soon the free land can

be made available for developers,‖ Abhishek

Kiran Gupta, head-research, Jones Lang

LaSalle, India said.

EASY EXIT LURES PE FIRMS TO SCOUT

FOR PROJECT FUNDING

The Financial Express

Private equity (PE) firms are returning to real

estate investments through projects rather than

equity as an easier exit option coupled with the

relatively higher returns from the sector helped

them overcome their qualms. At the enterprise

level, private equity in operating companies is a

challenge. The exit is through public markets,

and the public market is tired of real estate

stories. So PE at corporate levels has gone for

an expiry now, V Hari Krishna, director, Kotak

Realty Fund said. In February, Parsvnath

Developers said it was looking at raising Rs 200-

300 crore by selling stakes in projects. IL&FS

Milestone Fund in June acquired a 74 percent

stake in HCC‘s business complex in suburban

Mumbai. IL&FS Milestone Fund is a joint venture

between IL&FS Investment Managers and

Milestone Capital Advisors. Earlier this month,

Krishna‘s Kotak Realty Fund, a unit of Kotak

Mahindra Bank, invested Rs 250 crore in Emaar

MGF‘s — a JV between Indian lender MGF and

Dubai‘s Emaar Properties --- two projects.

NITESH ESTATES GETS DEV RIGHT OF

RS 100 CRORE HOUSING IN B'GLORE

The Economic Times

Realty firm Nitesh Estates today said it has

acquired joint development right to develop a

luxury housing project worth Rs 100 crore in

Bangalore."This Rs 100-crore project will

improve the revenues of the company and is

expected to be completed within 24 months," the

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company said in a communique to the Bombay

Stock Exchange. The company would develop

about 90,000 sq ft of high-end luxury housing

project 'Nitesh Logos'.

INTEGRATED TOWNSHIPS SET TO

MAKE A COMEBACK

Mint

Integrated townships are making a comeback.

Many of the big clusters—announced during the

real estate boom of 2006-07, only to be aborted

during the economic downturn—are seeing a

revival in interest. Developers and realty funds

are backing townships again but mostly for

residential developments, as home sales have

been driving the renewed enthusiasm in the

sector. At least 25 large residential townships

were shelved during the downturn as builders

squeezed for funds opted for smaller projects.

Earlier this month, a 700-acre township was

launched in Sriperumbudur near Chennai, some

three years after it was announced. It boasts of

a 150-acre golf course, villas, apartments, a

hotel and a hospital and is targeted at non-

resident Indians and golf-loving foreign

communities. Sriperumbudur is a manufacturing

hub for foreign brands such as Hyundai, Saint

Gobain, Nokia and BMW and ideal for such a

township. Kotak Realty Fund has picked up a 28

percent stake for Rs 270 crore in the project,

named Aavisa, which will be developed by

IVRCL Assets and Holdings Ltd. ―Township

projects are a safe asset class in India during a

time when (venture) funds require to deploy

money and developers need that money to

invest in such projects,‖ said Ashutosh Limaye,

associate director (strategic consulting) at Jones

Lang La Salle Meghraj, a property advisory.

―However, the success of township projects

would depend on the location and in acquiring

adequate land in proximity to a large city.‖ In

Bangalore, a 300-acre project by Prestige

Estates Pvt. Ltd, in which Red Fort Capital

Advisors Ltd invested Rs 150-200 crore some

two years ago, is set for a launch soon.

―Integrated living is a great concept but only if

the developer has the funds to execute and has

the intent to provide infrastructure, those

projects can be easily developed,‖ said

managing director Subhash Bedi. Developers

such as Godrej Properties Ltd and Kumar Urban

Development Ltd, for example, are building

multiple townships but largely with an affordable

price tag.

PROPERTY IPOs FACE PERFECT

STORM

Mint

High prices and rising mortgage rates are

hurting demand in India‘s once-booming housing

market, jeopardising a pipeline of about $6

billion in initial public offerings (IPOs) from

Indian property companies. The real estate firms

are seeking funds to finance land acquisitions

and lock in runaway land prices but their IPOs

are faced with the prospect of poor investor

response. ―All the big developers (with IPO

plans) are waiting. They want to raise money for

new projects but they are already holding so

much inventory,‖ said Surajit Pal, sector analyst

at brokerage Elara Capital. At least 12 real

estate firms are suspending their offers despite

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getting final regulatory approval, according to

analysts. Another six to seven firms have filed

their draft prospectus. But only three real estate

IPOs have hit the market so far this year. The

line-up includes a long-delayed IPO from Emaar

MGF, the Indian JV of Dubai‘s Emaar

Properties, a $600 million IPO from Lodha

Developers, a $600 million offer from Sahara

Prime City and a $515 million issue from

Embassy Property. In June, Lodha, among

India‘s top developers by sales signed India‘s

costliest land deal, agreeing to pay $850 million

for a plot in central Mumbai. Last month,

Indiabulls Real Estate won two plots at land

auctions in Mumbai for $430 million, or twice the

asking rate. ―These are the highest-ever land

prices paid at a time when housing prices have

already crossed the peaks in 2007,‖ said Sanjay

Dutt, chief executive at property services firm

Jones Lang LaSalle India. Some analysts are

starting to see interest resume at the high end of

the market. This could benefit big developers

including DLF and Indiabulls Real Estate.

Among the IPO hopefuls, analysts rate Oberoi

Realty, Raheja Universal and Prestige

Developers as the companies more likely to hit

the market, given their medium-size offerings

and strong presence in a single key property

market.

UNDER-CONSTRUCTION PROJECTS

TOP $100BN

The Times of India

The total market value of under-construction

projects in India has crossed the $100-billion (Rs

4.5 lakh crore) mark for the first time in 2010. Of

this, Mumbai, where property prices are among

the highest in the world, has nearly a 40 percent

chunk ($37 billion, or Rs 1.66 lakh crore). The

projects include residential, commercial and

retail space. The findings are in the latest Real

Estate Intelligence Service (REIS) report

prepared by Jones Lang LaSalle Meghraj.

"India's top 100 developers are currently setting

up 7.5-8 lakh apartments in the top seven

metros - Delhi, Mumbai, Chennai, Bangalore,

Kolkata, Pune and Hyderabad," said Abhishek

Kiran Gupta, head of REIS. "The market value of

real estate under construction in India has

increased from $69.4 billion in 2006-end to

$101.3 billion in June 2010, which equals 8.2

percent of India's nominal GDP for 2009," the

report said. The market value and costs of

development have been estimated at prevalent

property prices and costs of construction,

considering the variance in asset classes and

geographical locations, it added. The residential

component contributes 66 percent ($66.5 billion)

of this $101.3 billion, while the rest is contributed

to by commercial office and retail space

combined. The premium segment comprises

only 4 percent of the saleable area being

developed, but to 24% of the market value.

"While NCR- Delhi leads in terms of volume of

residential properties being developed, Mumbai

contributes a larger share to the market value," it

said. On the other hand, the market value of

commercial office and retail under construction

has remained range-bound during 2006-2010

due to the effect of an increase in construction

activity offset by a fall in capital values.

"However, the contribution of residential has

amplified due to a confluence of increase in

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construction activity and rapid recovery of

property prices," the report said.

RESIDENTIAL MARKET IN FOR A

CORRECTION ON FEARS OF BUBBLE

BURST

Financial Chronicle

The country's residential market is looking at

some correction in the coming months as fears

of a 2008-like real estate bubble burst are

looming large, say analysts. Delhi and Mumbai

have already breached their 2008 highs by 18

percent and 30 percent, respectively. However,

Chennai, Gurgaon and Noida are about 10

percent to 30 percent lower than their 2008

highs, according to Kotak research. Residential

prices have gone up by two percent to five

percent in this quarter alone, according to real

estate consultants Jones Lang Lasalle India. "In

the initial part of the revival phase, market

sentiments improved on the heels of various

factors, including improved health of the stock

market, vastly rationalised property rates and

increased job security. However, the uptick in

sentiments has once again given way to caution

among home buyers, who are discouraged by

the rise in prices and uncertainty on the home

loan front.

ARIHANT SUPERSTRUCTURES

MULLING UP TO RS 100 CRORE PE

FUNDING

The Hindu Business Line

Leading real estate firm, Arihant

Superstructures, is looking at raising Rs 50—

100 crore through private equity early next fiscal

to fund its expansion plans, a top company

official said. ―We are considering various options

of fund raising such as construction finance or

private equity. We are looking at mainly PE

though and might raise about Rs 50—100

crore,‖ Arihant Superstructures‘ managing

director, Ashok Chajjer, said here. Asked about

its future projects, Chajjer said the company is

currently developing around 10 affordable

housing projects spread over 15 lakh square

feet of area across the country. He also said that

all the current projects would be completed over

the next four to five years.

Private Equity News

KOTAK ARM PICKS UP 28 PERCENT IN

AAVISA

The Financial Express

Kotak Realty Fund, part of the Kotak Investment

Advisors Limited, has picked up 28 percent

stake for Rs 270 crore in Aavisa, an integrated

township project being developed by IVRCL

Assets & Holdings of IVRCL group. IVRCL A&H

managing director& vice-chairman E Sunil

Reddy said, ―Upon completion, the project would

be one of a few LEED certified townships in the

country.‖ The company has floated a special

purpose vehicle called IVRCL Hotels & Resorts

to develop the integrated township project being

developed over a period of next five to six years.

Based on the internal valuation, Kotak Realty

Fund has picked up 28 percent stake for a

consideration of Rs 270 crore. Reddy said, the

first phase of the project, to be developed in 52

acres, with 137 luxury villas (2,853 sqft to 5,400

sqft in size) and 102 independent houses,

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(1,503 sq ft to 1,980 sq ft) would be completed

over a period of 18 months. ―Interestingly, 15

percent of the first phase has been already sold

out,‖ he said.

KOTAK REALTY INVESTS RS 250

CRORE IN EMAAR MGF PROJECTS

Mint

Kotak Realty Fund, a unit of financial services

firm Kotak Mahindra Bank, has invested Rs 250

crore (around $53.68 million) in two projects of

Emaar MGF. ―We are investing Rs 250 crore in

Emmar MGF‘s residential project in Gurgaon,‖

said V Hari Krishna, Director, Kotak Realty Fund

said. Kotak has invested in two properties-

Emerald Estates and Palm Terraces-both

located at Gurgoan, in the National Capital.

Region (NCR). The investment was made from

its domestic fund, which has a corpus of Rs1600

crore, Krishna said. ―It‘s largely pre-sold projects

and so, relatively no-risk. And this gives us an

opportunity to participate in high-growth

Gurgaon market,‖ he added.

ASK GROUP CO BUYS STAKE IN ATS

NOIDA PROJECT

The Economic Times

Ask Property Investment Advisors has picked up

an undisclosed stake for 50 crore in property

builder ATS Group‘s 1,000-crore residential

project in Noida, a company executive said. The

money will be invested into a special purpose

vehicle or a joint venture company formed to

develop the 2 million sqft residential project in

Noida. Amit Bhagat, managing partner at the

investment firm, said this is the first investment

by the fund. Formed last year, ASK Property

Investment Advisors is part of financial services

firm ASK Group. It targets investments in real

estate sector in seven cities in the country. ―We

expect to deliver the project in Noida well before

the target of 30 months,‖ said ATS Group MD

Getamber Anand. The Noida-based property

builder is focused on residential projects in

northern India. Fund raising in the real estate

sector is showing signs of recovery after the

financial meltdown cast its shadow on the sector

over the last two years. In June 2010, IL&FS

Milestone Fund invested 575 crore in a Mumbai-

based commercial property. The Delhi-based

Vatika Group is reportedly in talks to raise 800-

1,000 crore from Deutsche Bank for its

upcoming residential project in the NCR.

ANAND RATHI, KNIGHT FRANK SET TO

RAISE RENTAL YIELD FUND

Mint

Anand Rathi Financial Services Ltd (ARFS) has

tied up with real estate consultancy firm Knight

Frank India Pvt. Ltd to launch a realty-focused

private equity (PE) fund. The fund targets a

corpus of Rs 250 crore, with an option of raising

another Rs 100 crore, according to executives at

both firms. Knight Frank will be the exclusive

investment adviser to the fund. The fund will be

based on rental yields and invest in commercial

real estate. Rental yield funds typically invest in

properties that have been rented out, based in

the premise that such properties have lower risk

compared with properties still being developed.

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PELICAN GETS PRIVATE EQUITY

FUNDING

The Hindu

Pelican Group, a Chennai based real estate

developer, has raised Rs. 20 crore as growth

funding from Milestone Capital Advisors. The

company will use the proceeds to fund its

expansion plans in the affordable housing

market, says a release. The company focuses

on Tier-2 and Tier-3 locations for plotted

development and affordable housing projects.

VASAVI TIES UP WITH DEWAN VC

The Financial Express

Chennai-based Vasavi Housing Infrastructure

Ltd (VHIL) has formed a joint venture with

Dewan Housing Finance Ltd Venture Capital

(DHFL VC) for promoting its latest project

Marutham at Meppur in Chennai. The JV is on

50:50 basis wherein both VHIL and DHFL VC

will bring in 50 percent of the capital each for the

project. P B Krishna Prasad, CEO, VHIL said,

―Vasavi had completed more than 50 residential

projects and now has taken to service

apartments, commercial buildings, and

townships. This JV will ensure that the project

Marutham not only gets the funding required but

also ensures the sale of flats.

AZURE CAPITAL SETS SIGHTS ON

SOUTHERN, WESTERN MKTS

The Financial Express

Venture capital firm Azure Capital Advisors,

which has floated a new realty fund, is looking to

invest in small to mid-size residential projects in

the southern and western regions of the country,

together with Mumbai re-development projects.

Azure Capital expects to close to 6-8 re-

development projects in Mumbai through its

India Realty Fund-1. It plans to start financing

the projects from October onwards. ―Each

projects will be about Rs 40 to Rs 45 crore. If

more capital is required we will raise it through

co investors,‖ said Shailesh Ghorpade,

managing director and chief executive, Azure

Capital Advisors.

Regulatory Buzz

STATE PROTECTS HOMEBUYERS

Hindustan Times

Developers will now be forced to fix prices of

houses on their carpet area. The state

government has decided to issue a joint

directive to local bodies to ensure building plans

are approved only after a developer mentions

the carpet area and useable area of an

apartment separately. The housing and urban

development departments will issue the

directives by next week, after receiving

instructions from Chief Minister Ashok Chavan

―Local bodies, including the Brihanmumbai

Municipal Corporation, will soon implement a

regulation according to which developers are

supposed to mention the actual carpet area and

useable area separately while getting the three

certificates -- intimation of disapproval,

occupation certificate and building completion

certificate,‘‘ said a senior official from the urban

development department requesting anonymity

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because he is not authorized to speak to the

media.

REALTY GIANTS TO BARE IT ALL FROM

APRIL

Financial Chronicle

Large real estate companies will be forced to

give elaborate details of their assets and land

banks from the first quarter of the next financial

year as they come under International Financial

Reporting Standards (IFRS) regime from April

2011. Big real estate companies with a net worth

of more than Rs 1,000 crore such as DLF,

Unitech, Peninsula Land and Puravankara

Projects, among others, will report the June

quarter numbers under IFRS as per the

schedule approved by the government. Other

BSE Realty index constituents such as HDIL,

Indiabulls Real Estate, DB Realty, Anantraj

Industries, Sunteck Realty, Sobha Developers,

Phoenix Mills, Parsavnath Developers, Orbit

Corporation and Ackruti City will also be

migrating to the regime as per the net worth

criteria. Accounting firms advising companies on

IFRS believe real estate companies would face

severe accounting hurdles during the transition

phase.

Jamil Khatri, executive director and head of

accounting advisory services at KPMG, said

only delivery-based sales and profits would be

recognised under IFRS. "In certain cases, where

builders have sold ongoing projects and

collected a part of the money for the work

completed, they will not be able to report any

sale or profit in their books of account,‖ he said.

LOCK-IN FOR ALL FDI IN REALTY

Mint

In what could dampen sentiments of foreign

investors in real estate, the Department of

Industrial Policy and Promotion (DIPP) has said

a three-year lock-in on overseas money will

apply to each tranche of investment. As per

Indian law, there is a lock-in period only on

foreign direct investment (FDI) in the real estate

sector. ―The lock-in-period of three years will be

applied from the date of receipt of each

instalment/tranche of FDI, or from the date of

completion of minimum capitalization, whichever

is later,‖ DIPP said. ―This is going to be definitely

retrograde,‖ said Akash Gupt, executive director

of consultancy firm PricewaterhouseCoopers

Llp. ―Locking every tranche of investment does

not make any business sense (for foreign

investors).‖ DIPP also said original investments

cannot be repatriated before three years from

completion of minimum capitalization. However,

investors are permitted to exit earlier with the

government‘s approval through the Foreign

Investment Promotion Board (FIPB). Previously,

it was understood that original investment meant

initial investment. DIPP has clarified it implies

total investment. The department has made it

customary to revise the policy document every

six months. The first such circular was issued on

1 April.

12

Land Deals

DDA LANDS IN A JAM OVER RS 758-

CRORE SERVICE TAX DUES

The Financial Express

The country‘s leading government housing

developer, the Delhi Development Authority

(DDA), is in a soup over a nearly Rs 758-crore

tax bill slapped on it for allegedly not paying

service tax for three years since 2007-08 on the

services provided by the body. The service tax

wing of Central Board of Excise and Customs

(CBEC) has issued a demand-cum-show cause

notice to DDA asking it why it has failed to pay

over Rs 757 crore tax on two services—renting

of immovable property and club or association

service —sources said. The department has

sought a reply within 30 days after which penal

action could be taken against the agency.

According to the tax department, the DDA had

not paid tax on the two specified services for

2007-08, 2008-09 and 2009-10. When

contacted, a DDA spokesperson denied any

knowledge of the development.

NTC EXPECTS TO RAISE RS 9,000

CRORE FROM MUMBAI LAND SALES

Mint

India‘s state-owned National Textiles Corp. Ltd

(NTC) raised its estimates for proceeds from

land sales after it sold property last month for

double the reserve price. The unprofitable textile

company expects to raise at least Rs 9,000

crore ($1.9 billion) from land sales in Mumbai,

NTC chairman K. Ramachandran Pillai said in

an interview. Sales across India could be double

an earlier estimate of Rs 5,000 crore in the year

to 31 March, he said.

Technology Parks/SEZs

DTC BILL TO HIT SEZ EMPLOYMENT,

INVESTMENT: EPCES

Mint

Expressing serious concerns over the DTC Bill,

SEZ entrepreneurs on Tuesday said the

proposed tax provisions would hit employment

and drive away investors from the special

economic zones. Export Promotion Council for

EoUs and SEZs (Epces) said that by altering the

SEZ Act through the DTC Bill, the government is

sending a wrong message to investors. ―These

provisions do not meet the requirement of the

SEZ scheme fully and would very seriously

affect employment, exports and investment in

the SEZs,‖ Epces chairman R.K. Sonthalia said

in a statement. The bill, which was tabled in

Parliament on Monday, proposed that the

Special Economic Zones (SEZs) notified on or

before 31 March 2012, would get income tax

benefits. And units in SEZs that commence

commercial operations by March 2014 shall be

allowed profit-linked deductions permitted under

the Income Tax Act 1961. Direct employment in

SEZs have gone beyond 550,000 people and

investment in the SEZs gone up to more than Rs

166,000 crore.

13

PUNE DEVELOPER PLANS RS 1,000-

CRORE IT-SEZ

The Hindu

The IT and ITES segment appears to have

recovered sufficiently for developers to venture

again into it. Pune-based Kumar Urban

Development will build an IT-SEZ project on

13.5 acres near the first phase of the Rajiv

Gandhi Info Tech Park there. Another 13.5 acres

have been earmarked as non-processing at the

same location. The entire project entails an

investment of Rs 1,000 crore and in the first

phase the company will invest about Rs 400

crore. All clearances for the proposal have been

received. In the first phase, about 1.8 million sq

ft will be developed, of which 4 lakh sq ft will be

operational by Q3-2011. Kumar Urban was keen

to make the SEZ cost-efficient for its clients, said

Lalitkumar Jain, Chairman.

DEVANAHALLI IT PARK TO BE

LAUNCHED BY DECEMBER

The Hindu Business Line

The Karnataka Government will launch the

Information Technology Investment Region

(ITIR) project near Devanahalli (in the vicinity of

Bengaluru International Airport) by the end of

December. The State Government, with the

support of the Centre, has decided to set up the

ITIR on 10,000 acres with an investment of Rs 1

lakh crore in two or three phases. The ITIR Act

has already been gazetted. The Minister said 20

rural BPO units have been sanctioned, of which

16 have started operations.

Hospitality

IRB ARM EXECUTES HOTEL

OPERATING AGREEMENT WITH IHCL

The Hindu Business Line

IRB Infrastructure Developers Ltd has informed

BSE that the company‘s subsidiary Aryan

Hospitality Pvt Ltd has executed hotel operating

agreement and technical services and

development assistance agreement with The

Indian Hotels Company Ltd to operate and

maintain a gateway hotel. The gateway hotel will

be constructed by AHPL at Kolhapur,

Maharashtra on a plot of land leased from IRB

Kolhapur Integrated Road Development Co Pvt

Ltd, a subsidiary of IRB Infrastructure

Developers. The proposed hotel will have 100 to

125 guest rooms along with other modern

recreation and leisure facilities. It will be

constructed within three years.

ROYAL ORCHID TO ADD 700 ROOMS IN

SMALL CITIES

The Financial Express

Hotel chain Royal Orchid Hotels is set to tap into

the smaller cities by adding 700 rooms in its new

properties by March 2011. This expansion will

be across Mussorie, Shimoga and Hospet, apart

from in Hyderabad and Jaipur, where it will be

building five-star hotels with an investment of Rs

180 crore and Rs 120 crore, respectively. The

chain operator has invested a total of Rs 500

crore in these projects, of which 60 percent was

debt and the remaining came from equity and

internal accruals.

14

ASSET HOMES OPENS ITS NEW

APARTMENT HOTEL NEAR KOCHI

The Hindu Business Line

The Kochi-based Asset Homes has opened an

apartment hotel — Asset Summit — at

Kalamasserry near here. The apartment

complex is the first-of-its-kind full-fledged

apartment hotel in the State. As many as 90

suite rooms of 500 sq ft each, with modern

amenities, would be provided for guests.

ACCOR, STARWOOD RAMPING UP

INDIA OPERATIONS

The Economic Times

Global hotel chains Accor and Starwood Hotels

and Resorts are ramping up India operations.

The hospitality majors will open more hotels and

bring their upscale and economy brands in India.

The US-based international hospitality chain

Starwood, which has two of its top brands in

Pune—the Westin and Le Meridien, will soon get

a third brand, the Four Points by Sheraton, said

Stephan Winkler, general manager, the Westin

Hotel, Pune. The Accor Group, which is present

in India through its partnership with InterGlobe,

has brought in a new partner for its India

expansion—an investment fund comprising an

affiliate of the Singapore government-promoted

GIC Real Estate Pte and the New York Stock

Exchange-listed Host Hotels and Resorts.

TAJ UNVEILS VIVANTA

Deccan Herald

Taj Hotels, Resorts & Palaces, rolled out its

second phase of rebranding exercise by

unveiling Vivanta, a five star upscale facility.

Vivanta has an inventory of 2,500 rooms.

―Vivanta is slated to appeal cosmopolitan global

traveller who appreciates new experiences and

surprises endorsed by Taj touch,‖ said Indian

Hotels Company Ltd Managing Director & CEO

Raymond N Bickson. Bickson said Vivanta has

an aggressive growth plan to scale it into 30

hotels with 5,000 rooms spread across India.

―Within next few months newly-built Vivanta will

come up at Bangalore (Yeshwantpur), Hyderbad

and Coimbatore and three in Delhi,‖ he added.

RS 1600 CRORE HOTEL TO OPEN IN

CITY

The Times of India

The capital is all set to get India's most

expensive five-star deluxe hotel when the Leela

opens here on October 1. The records started to

get set about two years back when the group

acquired a three-acre plot in the prime

diplomatic area of Chanakyapuri for about Rs

700 crore. Now, the hotel with 260 rooms and

suites has been constructed at an approximate

cost of Rs 900 crore, taking the per unit cost to

Rs 6 crore (with land cost) or Rs 3.5 crore

(without land). This is way above the average

per unit cost range of Rs 75 lakh to Rs 1.8 crore

for a five-star deluxe property, according to the

Federation of Hotel and Restaurant Association

of India (FHRAI).

15

PEERLESS TO INVEST RS 260 CRORE

IN HOSPITALITY BIZ

The Economic Times

The Peerless Group plans to invest around Rs

260 crore over the next five years to expand its

hospitality business. Peerless supremo SK Roy

said the group is exploring possibilities to build

4-star hotels in Navi Mumbai, Gurgaon and

Bhubaneswar. The group will build another 47-

room facility adjacent to its existing Peerless Inn

property in Kolkata. Peerless Hotels CEO Kunal

Sen said according to the thumb rule, the cost

works out to Rs 50 lakh per room to build a

hotel. The company plans to build an 80-room

hotel in Bhubaneswar and 100-room hotels in

Navi Mumbai and Gurgaon. Sen said the cost of

land varies between Rs 20 crore and Rs 30

crore depending upon the locations. The project

in Bhubaneswar is expected to come up first.

STARWOOD HOTELS TO TAP SUPER

LUXURY SLOT WITH 2 NEW BRANDS

Hindustan Times

Anticipating an increase in the number of

international visitors and the growing needs of

the domestic consumer, Starwood Hotels &

Resorts Worldwide is scaling up its India plan.

The company, which has nine brands, including

Le Meridien and Sheraton, will in the next 3-5

years introduce its entire portfolio in India. The

company is looking at introducing two new super

luxury brands — St. Regis and W. It is also

accelerating the growth plan for its recently

introduced brands such as Aloft, Four Points,

and Westin. At present, Starwood Hotels &

Resorts, which has 1,000 properties across the

globe, has 29 properties in India while 16 more

are currently under-development. By 2013, the

company expects its existing portfolio of 29

hotels to grow 60 percent. Tier II and III cities

are the focus areas.

NEESA BEGINS BUILDING BIZ HOTEL

AT DAHEJ SEZ

Business Standard

Ahmedabad-based Neesa Group has started

work on the first phase of its Rs 30 crore

business hotel at the special economic zone

(SEZ) in Dahej. Neesa Square, the 60-room

business hotel at Dahej SEZ, which is coming

one of the three petroleum, chemicals and

petrochemicals investment regions of the

country, the other two being in Haldia and

Vishakhapatnam.

ZURI GROUP TO RAISE FUNDS VIA PE

ROUTE, LIKELY TO OFFLOAD 20

PERCENT STAKE

The Financial Express

Bangalore-based Zuri Group Global, a

multinational conglomerate promoted by a

consortium of investors from West Asia, may

offload 20 percent of its stake as it plans to raise

funds through the PE route. Abhishek Kamani,

managing director of the group, said the

company will look for PE partners who have

expertise in the hospitality industry.

16

MATTHAN COMES TO BANGALORE

The Hindu Business Line

Matthan, a 198-room five-star hotel, becomes

the latest to join Bangalore's buzzing hospitality

scene. The hotel, located in the heart of the city

on the old HAL Airport Road, will serve the

commercial, business and infotech companies in

the area, Arya Srini Rao, General Manager of

Matthan, said. It would also serve the leisure

traveller, he said.

Commercial Properties

LIC TO BUILD MALL-CUM-OFFICE

COMPLEX AT MOHALI

The Hindu Business Line

Insurance major Life Insurance Corporation of

India (LIC) today said that will invest a sum of

Rs 1,000 crore to develop a mall-cum-office

complex at Mohali. ―The expected investment in

developing a mall-cum-office complex in Mohali

will be Rs 1,000 crore and it may be ready within

one-and-a-half to two years,‖ a senior LIC

official, who declined to be identified, said here.

On 9.6 acres of land LIC has proposed to build 6

lakh square feet of area for this project. ―Three

lakh square feet will be developed for shopping

and a mall while remaining 3 lakh square feet

area will have offices,‖ he said. Currently, LIC is

in the process of hiring an architect for this

ambitious real estate project. Consultancy

agency IL & FS has also submitted its report on

how to go about this project, he revealed. LIC

had bought 9.6 acres of land at a prime location

through auction, which was conducted by

Greater Mohali Area Development Authority in

2008 by shelling out Rs 465 crore. Interestingly,

throughout the auction, LIC remained the sole

bidder for this project and paid just over Rs 1

lakh per square yard which was the highest ever

rate in the region at that point of time. LIC has

already developed real estate projects in

Mumbai and Bangalore. ―LIC has also plans to

develop a shopping mall in Kolkata where it

possesses 5 acres of land,‖ he further said.

MANJEERA CONSTRUCTIONS

ANNOUNCES MAJOR MIXED-USE

PROJECT

The Hindu Business Line

Manjeera Constructions Ltd, unveiled plans to

develop a Rs 600-crore 1.8 million sq ft of office,

commercial cum residential mixed use project,

on the busy Kukatpally-Hitec City corridor in the

city. The project, Manjeera Trinity, is being part

funded through foreign direct investment (FDI),

made by Trinity Capital in to the project. Trinity

Capital has infused Rs 80 crore as its equity,

picking up about 49 percent stake in the project.

―We have achieved financial closure for the

project. Of the Rs 600 crore, the project will

have an equity component of Rs 150 crore and

the rest will be through debt. As we take up the

project, we will also secure advances from the

potential buyers,‖ G. Yoganand, Chairman of

Manjeera Constructions, said.

17

HOTEL LEELA TO USE SALE

PROCEEDS OF CHENNAI, PUNE

PROJECTS TO PRUNE DEBT

The Hindu Business Line

Hotel Leelaventure is looking to cash in on the

growing real estate market in Chennai, as it

plans to partly sell and lease its Leela IT Park in

Chennai. The property spread across 2.75-lakh

sq ft located in Adyar, is expected to fetch Rs

275-300 crore for the company, Hotel

Leelaventure's Vice-Chairman, Vivek Nair, said.

The deal for partial sale of the property will be

finalised in a month, he said. ―Chennai's real

estate market has picked up and the rates are

up 20-30 percent, with the growing interest from

multinational corporations and others for

commercial space. Also, there are few graded

buildings like ours with large floor space, green

area and other state-of-art commercial

amenities,‖ said Nair elaborating on the reasons

to put the property for external commercial use.

The proceeds from the IT Park will be utilised to

repay some debt of the company, said Nair. The

company has decided not to have a hotel in

Pune and instead develop the land for a

residential complex, he said. The earnings from

that initiative, which could be to the tune of Rs

250 crore, will also be used to clear debt. These

moves would enable the company reduce its

debt of Rs 2,600 crore by Rs 550-600 crore.

―The promoter holding in Leelaventure is 55

percent at present, which we intend to take

beyond 60 per cent through creeping

acquisition. Our promoters have enough cash

flows (for the acquisition),‖ said Nair.

Residential

EXPRESSWAY TOWNSHIPS MAY BE

SCRAPPED

Hindustan Times

The Uttar Pradesh government is considering a

proposal to scrap plans for five model townships

along the proposed 165 km Yamuna

Expressway connecting Noida to Agra. All land

acquisition related to the project has come to a

halt following a 37-day agitation by farmers in

Aligarh and Agra who want compensation at

rates given to their Noida counterparts. Aligarh

District Magistrate K. Ravindra Naik has written

to the state government recommending the

scrapping of the townships.

SOBHA DEVELOPERS LAUNCHES

SUPER LUXURY PROJECT

The Hindu Business Line

Sobha Developers announced the launch of a

super luxury project – Sobha Classic – on

Sarjapur Road in Bangalore that would develop

243 units across 6.9 acres. The apartments will

range from 1,752 sq ft to 2,070 sq ft priced

between Rs 76.71 lakh and Rs 90.10 lakh,

according to a company press release.

CONDOMINIUM PROJECT LAUNCHED

The Hindu Business Line

Nitesh Estates has announced the launch of its

Rs 200-crore South Bangalore condominium

project – Nitesh Caesar's Palace – located on

Kanakapura Main Road. The project would

18

develop 516 apartments on about 4.5 acres, and

would also include 30,000-sq-ft retail space, said

a company press release.

PATEL REALTY TOWNSHIP PROJECT

The Hindu Business Line

Patel Realty India Ltd, a 100-percent subsidiary

of Patel Engineering Ltd, announced the launch

of the second phase of its integrated township

project Smondo 2.0 at Neotown, Bangalore. The

company has already sold 1,000 units of its

1,123-apartment first phase of this project —

Smondoville.

GODREJ PROPERTIES TO ENTER

CHENNAI’S PROPERTY MARKET

Financial Chronicle

Godrej Properties is all set to enter the Chennai

property market. It will develop about 12.5 acres

— belonging to Amgalgamations Group

company, Addison Paints and Chemicals — as

a residential apartment complex through a joint

development. The property is located close to

Chembarambakkam on the Chennai-Bangalore

national highway, just after Poonamallee, a

western suburb, whose surroundings have seen

the launch of a slew of new residential projects.

―The firm plans to develop 1,500 residential

apartments in the property. Area of most of the 2

BHK and 3 BHK apartments will range between

1,200 sq ft and 1,400 sq ft. The company will

also have 1BHK studio apartments on offer,‖ a

property consultant said.

700-ACRE TOWNSHIP TO COME UP

NEAR CHENNAI

The Hindu Business Line

The Hyderabad-based IVRCL Assets & Holdings

Ltd has launched a 700-acre township with an

18-hole championship golf course near Chennai.

Announcing the plans at a press conference

here on Thursday, Sunil Reddy, Group Vice-

Chairman, IVRCL, said that the township —

Aavisa — is to come up at Sriperumbudur, off

the NH-4 to the west of Chennai. While the

modern golf course is a unique part of the

project, the residential portion targets a wide

spectrum of the market, with independent

houses priced between Rs 30 lakh and Rs 2.5

crore. Aavisa is promoted through a special

purpose vehicle, IVRCL Resorts & Hotels. Kotal

Realty Fund has a stake in the project. The

master plan for the township is by Townnland,

Hong Kong. The golf course is to be designed

by Golf Plan of the US. The township will be a

LEED-accredited green project, Reddy said.

DLF UNVEILS READY-TO-OCCUPY

LUXURY PROJECT IN CHENNAI

The Hindu Business Line

DLF has launched a residential project with 354

luxury apartments, making it the largest supply,

in this segment, to hit the market at one go in

the heart of Chennai. The project —

Commander's Court — coming up in Egmore on

Commander-in-Chief Road, will have

apartments of 1,600-2,600 sq.ft and duplex units

of 3,950 sq.ft, priced at Rs 1.6-5.2 crore. These

will be fully-fitted units which buyers will be able

19

to move into, with their furniture, and settle down

within a day, said K.K. Raman, Executive Vice-

President and Zonal Head, DLF.

MANJEERA GROUP’S MIXED-USE

PROJECT

Financial Chronicle

Manjeera Group, a Hyderabad-based

construction and real estate company, has

launched an integrated residential-cum-

commercial project called Manjeera Trinity in

Hyderabad. The group has tied up with German

investor-Trinity Capital, a subsidiary of an

European company-Kanam for this project.

Manjeera Group has earmarked Rs 600 crore

for the project that will comprise residential units,

shopping mall and a business complex. The

integrated complex will have a total built-up area

of 1.8 million sq ft and is expected to be ready

by September 2011.

VIPUL LAUNCHES HOUSING SCHEME IN

GURGAON

Financial Chronicle

Vipul, a realty firm in Delhi NCR, has announced

the launch of group housing in Gurgaon.

Christened as Lavanya Apartments, the project

is spread over 10 acres and will carry a

realisation value of Rs 255 crore. The industrial

hubs of Manesar, Bhiwadi and Daruhera

surround the project, located at Gurgaon Sector-

81.

MAHINDRA LIFESPACE'S NEW

INITIATIVE

The Hindu

Mahindra Lifespace, the real estate and

infrastructure development arm of the Mahindra

Group, has launched ‗Californian style'

apartments at Aqualily, the premium residential

community at Mahindra World City, near here.

Aqualily is being developed by Mahindra

Residential Developers Limited, a subsidiary of

Mahindra Lifespace Developers Limited, in a

joint venture with Arch Capital, an Ayala Group

Company, a diversified business group of the

Philippines.

VASCON TO INVEST RS 2,000 CRORE IN

CHENNAI TOWNSHIP PROJECT

The Hindu Business Line

Pune based Vascon Engineers, plans to invest

Rs 2,000 crore to develop a 105 acre township

in Chennai over six-years, a top company official

said. ―We plan to develop a 105-acre township,

predominantly residential, at Oragadam on the

outskirts of Chennai in four phases. In all, we will

develop around 10-million sq ft,‖ Vascon

Engineers‘ Managing Director, R Vasudevan,

said. The project will be developed in a joint

venture with Balakh Realtors and the

association will be on revenue sharing basis,

Vasudevan said. ―They bring in land and equity

and we will do the development,‖ he said.

Construction will start in a year‘s time and Phase

I of the project will be completed in two-and-a-

half years, he said, adding the entire project will

be completed in six years.

20

CENTURY UNVEILS LOW-RISE

PROJECT IN BANGALORE

Financial Chronicle

Bangalore-based Century Real Estate has

launched low-rise project, Century Marvel, near

Hebbal Lake. The project, which is equidistant

from the Airport and MG Road, is surrounded by

educational institutions, IT parks, hospitals and

malls. Century Marvel will comprise 92 limited-

edition apartments comprising two and three

bedroom homes. According to the company,

Century Marvel has been conceived as a gentle

low-rise, rather than as a concrete skyscraper,

and has just four floors. Ravindra Pai, managing

director, Century Real Estate said, ―We are

happy to present these stylish, feature rich

homes in an unbeatable location. Century has

always focused on satisfying our customers and

setting benchmarks in quality and service.‖

21

About Avendus Capital

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Avendus Capital (Avendus) is a leading financial

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Avendus uses its unique domain and industry-

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the advisor of choice for cross-border M&A deals—23

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