Realty News - Page1

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Realtors seek Sops, Special Zones

The government is mulling over a proposal from developers to set up SRZs outside the main cities. These SRZs are also proposed to be given tax benefits on the lines of SEZs. SRZs would apparently help developers build and sell affordable house for as low as one-third of the existing price to groups, although SRZs would not be limited to low- houses alone.
The government would require time to devise the modus operandi since tax incentives to SRZs would mean an additional burden on the exchequer. According to the proposal, an SRZ would be spread over at least 500 acres. The land would be acquired by developers from landowners for a negotiated price. The development will be done by the company, but the responsibility of building the road linking the SRZ with the main city will fall on the government.

Realty Deals Yield Rs 23,000 Cr in the First Trimester of the Year
Land deals in India are getting better by the day. According to a recent study, the net value of such deals, in the first trimester of 2008, have touched around Rs 23,000 crore, while more deals worth Rs 10,000-crore (Indian Railways’ 50 acres, scheduled to be auctioned later) are in the pipeline. A study by top brokerage J. P. Morgan shows that Delhi-based developer BPTP’s Rs 5,000- crore land deal in Noida was the largest deal in the January-March period, while the Mumbai Metropolitan Region Development Authority’s land auctions in Bandra Kurla Complex had yielded around Rs 4,000 crore.
A Rs 115-crore deal between the Balaji group and Prestige group is likely to be completed soon. In Mumbai, a Rs 250-crore deal by Hindustan Composites is in the final stage, in which developers such as DLF, Kalpataru and K Raheja Corp are the lead bidders.

Townships with designer interiors and world-class architecture are now history. Developers are now focusing on to attract non-resident Indians (NRIs) and high net worth individuals (HNIs) in the premium housing segment. Residential apartments built around a are the latest trend in the super-premium housing segment of the Indian realty industry, estimated at $15 billion and growing at 35 percent annually.
Unitech, DLF, Ansal API, Omaxe and Jaypee have already set the trend with an array of golf-centric projects. DLF , Gurgaon, situated on the outskirts of Delhi, is flanked by the twin luxury high-rise residential projects 'The Aralias' and 'Magnolias' inside the 18-hole DLF Golf . And DLF is not alone.
After the Karma Lakelands project in Gurgaon with a 9-hole golf course, Unitech has launched Unitech Grande over 347 acres along the Noida expressway neighbouring the capital city - an ultra luxurious residential project built around Greg Norman-designed 18-hole golf course. In the same locality, Jaypee Green, a township by the Jaypee Group, also boasts of luxury villas and high-rise apartments built around Greg Norman-designed 18-hole golf course. Omaxe is also developing a Golf Theme Township estimated at Rs.18 billion in Raipur, the capital of Chhattisgarh. Developers attribute the trend to growing passion for golf among the elites. And the trend is fast spreading from metros to emerging cities. Ansal API are proposing to build Royal Palms Golf and Country Club in Lucknow that will offer residents the services of golf trainers and coaches. Even Sahara is providing a golf to impart professional golf training in its Amby Valley project built around an 18-hole golf course at Lonavala, 96 km from Mumbai.

Infrastructure companies Get Easy Access to ECBs
External commercial borrowing (ECB) norms may be relaxed for . The finance ministry, which is in favour of creating a special window for such companies, is expected to push for a review of the norms with the RBI. While the overall cap of $22 billion may remain, an additional limit may be set for these companies. The total amount raised through ECBs in April-February 2007-08 was over $26 billion, a lot more than the overall limit.A comprehensive review of the policy is expected next month, with senior officials of the finance ministry and RBI sitting together to discuss strategy. The ultimate decision on relaxing the norms would be taken by a high-level committee.
Infrastructure firms have been impacted by the restrictions placed on rupee spending of dollars borrowed overseas. Under the current norms, all firms registered under the Companies Act can tap overseas markets for funds up to $500 million under the automatic route, subject to restrictions based on end use. Realty firms setting up integrated townships have been prohibited from raising ECBs.

Possible Investment of Citi, Merrill in DAL
A well known property site, conducted an online survey on the aspirations of India online & the great Indian dream of owning a home. The survey received over 1,000 responses from Indian netizens including the service class, businessmen, lawyers, professors, house wives and young professionals and shows that nearly 60% of Internet surfers in India look for property-related information on websites.
At a time when the Ministry of Housing and Urban Poverty Alleviation has commissioned the Reserve Bank of India team to conduct its own study on, this research is extremely significant - a 2 bedroom home within 5-10 lakhs is the aspiration of the average Indian, who dreams of his own home.
Of this, about 54 per cent users belonged to the megacities of Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Kolkata. The remaining 46 per cent belonged to smaller cities and towns like Nasik, Ludhiana, Batala, etc. This search for their dream home leaves Indian internet users with homes normally confined to the extreme suburbs or peripheries of large and small cities.The basic level of services the respondents aspired to included water and power back-up, and scored significantly over premium lifestyle features, such as clubs & swimming pools, that most big offer.

GCC Investors Plan Medical City in India
An eminent businessman of Bahrain has proposed to set up a medical city in Bangalore the help of investors from Gulf countries. Abdulnabi Al Sho'ala, Chairman of the Bahrain-India Society has sent a proposed to the Federation of GCC Chambers of Commerce and Industry to establish a committee to examine the proposal and arrange a feasibility study.
The former Labour and Social Development minister, who led a delegation from Bahrain to a meeting organised by the Federation of Indian Chambers of Commerce and Industry also made a presentation on the proposed project at a Conclave in New Delhi last week. India should be preferred as the natural destination as it has many advantages. GCC nationals feel comfortable and familiar with the culture, food habits, environment in India.

The Orient Home Lures for Occidental Hunters
Dubai and Malaysia have been a hot spot for NRIs who live and buy locally in these countries. Dubai, Malaysia and have been locations which have generated interest over the last two to three years as investment destinations and prices in all three markets have soared.
Malaysia has a very high standard of living with a low cost of living. Besides, the country has a very well developed infrastructure, medical facilities, residence options, education opportunities and a vast array of recreation/entertainment options. Moreover there are many incentives for those who want to make Malaysia their second home – a 10-year multiple entry visa, and buying a car free of tax.
Indians have bought residences as well as commercial properties in Dubai. During the last three years Dubai has emerged as the ultimate destination for international and local property. This boom was triggered by the freehold property scheme, unveiled in 2003, allowing foreigners to own property for life, with the right to sell, lease or rent it at their own will. Real estate projects of over $30 billion are currently under development. Indians can buy property on a lease of 90 years. No is applicable here.
Singapore and Dubai have large international business communities that travel and lease apartments. They have witnessed large scale infrastructure growth, commercial, retail and residential development. Malaysia, on the other hand offers relatively cheaper investment alternatives along with emerging market conditions.

Piramal Sunteck inks agreement with Oman's W J group
Creating the first Indo-Omani real estate partnership, Piramal Sunteck Realty and Oman's W J Towell group have signed an agreement partner development of high-end and mixed-use properties in and around Muscat. W J Towell, formed in 1866, is one of the leading private sector companies in Oman and is a diversified group with interests in property, trade, industry and services.
Construction is expected to begin in the next three months and the project would be completed in 12-18-months, according to PTI. Future plans include residential as well as tourism projects.

Century 21 to set up 1,000 offices in 5 years
Global realty brokerage firm Century 21 Real Estate LLC announced its entry into the Indian market with plans to open 1000 offices across the country. They would first start with the metros and the Tier I cities, followed by Tier II and III cities. Bangalore, Hyderabad, Goa, Chandigarh and Chennai have been identified for setting up company offices. Century 21 Real Estate LLC has over 8,300 independently owned and operated broker office in 58 countries and has 1.4 lakh sales agents across the globe.

Indian developers Vie for NRIs at Dubai show
Leading Indian property developers are showcasing their products, targeting the non-resident Indians (NRIs) in UAE and across the Gulf region at a property show being held here. Almost 30 developers, brokers and managers are participating in the first such overseas exhibition which opened in Dubai. The exhibition has been organised by the Times of India, which says it had plans to hold the show twice a year.

Pro Logis – K Raheja Corp Joint Venture
The world’s largest logistic infrastructure provider Pro Logis has entered into a 50:50 joint venture with K Raheja Corp, one of India’s leading real estate and retail firms, to develop warehousing and logistic infra-structure development in the country. The JV will be Pro Logis’s first transaction in India.
The JV will acquire land, develop the properties and manage the assets in Mumbai 70 acres), Chennai (120 acres), Delhi, Bangalore (140 acres), Kolkata (99 acres) and (22 acres). It has already acquired 27 acres of land in Loni near Pune
The Rahejas will look after construction and development activities of the warehousing properties while ProLogis would provide management services. The JV is in advanced stages of acquiring lands and and would acquire, in Kokata, 70 acres in Mumbai, 22 acres in Pune.
ProLogis is world’s largest owner, manager and developer of distribu-tion facilities with operations in 118 markets across North America, Europe and Asia. The company has $36.3 billion of assets owned man-aged and under development, comprising 510.2 million square feet in 2,773 properties.

ACI Goes South
ACI Real Estate, an affiliate of Alternative Capital Invest GmbH, has entered into the Indian's southern regional markets through Global Properties as a franchisee. This is the first phase of ACI's Indian franchisee network currently being established to serve ACI's Real Estate portfolio in the United Arab Emirates (UAE) currently valued at over Rs 100 billion.
In the ensuing months, ACI will continue to seek prime franchisee operators to represent them across key Indian cities. Its portfolio includes residential, commercial, leisure and retail developments in prime locations across Dubai, Abu Dhabi, Ajman and other emerging cities across the UAE.

Colonial First Plans Realty Fund
Mumbai: Australia's Colonial First State Property Management has decided to set up a pan-Asian retail property fund to tap fast growth in markets such as China and India. The Commonwealth Bank of Australia-managed firm aspires to ride the crest of the boom in retail fuelled bystrong economic growth and rising middle-class incomes. Colonial First State Property Management also said it would enter an equal venture with Jones Lang LaSalle Inc to form Sandalwood, an integrated retail development and management service provider for Asian properties. More than 100 malls are operational in India, with more than 300 being developed, the two firms estimated.

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․ International Projects

City-based Vijay Shanthi Builders to Enter Tier-II Cities
TIRUCHIRAPPALLI: Chennai-based Housing Promoters Vijay Shanthi Builders Ltd (VSBL) will enter tier-II cities with premium products as well as building solutions. 100 villas will be spread across 20 acres of land with the price of each unit comprising 3,000 sqft ranging between Rs 75 lakh and Rs 85 lakh. VSBL is also coming out with a 40-villa project on an eight-acre site at Udaipur in Rajasthan. The company had acquired 35 acres of land near Matheran in to construct leisure homes.
VSBL is also scouting around for appropriate sites at Coimbatore and Madurai in Tamil Nadu to develop premium and medium segment housing solutions. The 30-year-old company had completed 250 housing projects in and around Chennai, raising 7500 dwelling units. They plan to construct about 2,200 apartments to attract middle income segments at a price range of Rs 30 to Rs 32 lakhs per unit in Sriperumbudur, Madhavaram, Ambattur and Old Mahabalipuram road around Chennai.

Mahindra Lifespace Developers plan $1.1 bn Mega Township

After setting up Mahindra World City, the first SEZ at Chengalpet near Chennai, Mahindra group has embarked on yet another mega integrated township costing over $1.1 billion within the SEZ in the next five years.The group’s listed real estate and infrastructure subsidiary, Mahindra Lifespace Developers (MLDL) announced its partnership with Ayala Corporation, Philippines’ leading real estate developer through its subsidiary, Mahindra residential developers (MRDL).
Mahindra group will hold 51% stake in MRDL and the balance 49% held by Ayala Corporation through its real estate fund, Arch Capital Asian partners, managed by Arch Capital management company. The JV will undertake the development of a gated residential community replete with infrastructure, retail and recreational facilities within Mahindra Lifespaces’ Mahindra World City, which will be spread over 1,600 acres.
This is the first time Ayala is entering India. It is one of the largest real estate developers in the Philippines, with a track record of 80 years plus experience. As a milestone project, Ayala has developed 2,000 acres at Makati, making it the new business capital of that country.
The SEZ has already come up on 1400 acres and it has acquired additional 200 acres. Of this, the industrial space will spread over 1100 acres and the township will come up on 500 acres. During 2007, employment in the SEZ crossed 8000 and this year it is expected to touch 15,000. By 2010, it is expected to employ one lakh people directly and indirectly, whereas by 2014, direct employment alone is to touch one lakh and indirect employment 1.5 lakh.
Of the 500 acres meant for commercial and residential space, the first phase will cover 250 acres. Of this, it has already utilised about 25 acres to develop the first residential project, styled Sylvan County, which has 250 units comprising apartments, bungalows and semi-detached dwellings.

Salarpuria To Develop Projects Worth Rs 1000 Crores
Real estate developer, Salarpuria Group will be executing projects worth Rs 1000 crore in West Bengal by 2010. The investment of the project would be worth Rs 200 crore. The expansion plans of the company include Novotel Hotel, promoted by Accor at Rajarhat. Besides this, other major investments of the company include two IT special economic zones (SEZs) at Bantala, 20 km south-east of Kolkata, and Kalyani in Nadla district, 40 km north-west of Kolkata.

Cost Capitals
Top Ten Property Investment Hotspots for 2008 as per CBRE half yearly listings
1. Thailand
2. Morocco
3. AbuDhabi
4. Dominican Republic
5. Brazil
6. India
7. Romania
8. Montenegro
9. Turkey
10. USA
India's property market is booming. The difference is that India's was long out of bounds to institutional investors, particularly foreigners. That changed recently with drastic alterations to the foreign investment rules.

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TCG To Develop IT Park Project In Kolkata
TCG Real Estate, is planning to take up an IT park project at Sector V, near the Salt Lake area in Kolkata, with an investment of around Rs 250 crore. The project will be spread over an area of 11 lakh sq ft and will be completed by 2012. It will develop around 6 lakh sq ft in the first phase of the project, setting aside ground floor to retail space. The company is also exploring the possibility of executing similar projects in places like Siliguri and Rajarhat.

Residential Township To Be Set Up By Galaxy In Ahmedabad
A group of developers have joined hands to develop a township in the Vastral Ring Road area in Ahmedabad. City based realtor, Galaxy Group has been earmarked 100 acres of land for the township project. The township will house 6000-7000 residential units and will accomodate 2 and 3 BHK low-rise residential units in the range of Rs 15-20 lakh. It will also have a hospital, a mall, multiplex and other infrastructural facilities

Satra Properties at Juhu
Satra Properties India Ltd has informed the BSE that the company has acquired property situated at Juhu, Mumbai through its special purpose vehicle, in which it holds 35% equity stake. The property would be developed to provide luxurious residential apartments with modern and hi end amenities. The construction work for the proposed project would commence within a period of two months and is likely to be completed by the end of March 2010.

Rakindo Plans Rs 6K Cr Realty Project at Coimbatore
Rakindo Developers Pvt Ltd, India’s first real estate master planner and developer, is setting up an integrated township project at Coimbatore with an estimated investment of Rs 6,000 crore ($1.5 billion). Rakindo Developers is a joint venture company formed by RAKEEN, a global business company promoted by the government of Ras Al Khaimah, UAE and Chennai-based mineral conglomerate Trimex group.
The Kovai township project will be a signature project and will provide an ideal living experience. It will be developed over 1,000 acres with an 18 hole golf course as the fulcrum. It will involve setting up of luxurious golf course villas with scenic mountains and lush greenery in the background. Rakindo will offer these exclusive villas on ‘Own by Invitation Only’, a pioneer for such projects in Tamil Nadu. The project is located southwest on the Coimbatore-Palakkad route and will have about 22 million sq ft of constructed space.

Tidco, DLF ink MoU for IT zone
Chennai: The Tamil Nadu Industrial Development Corporation (Tidco) and New Delhi-based real estate developer DLF Building India signed a memorandum of understanding (MoU) in Chennai to develop an IT SEZ at suburban Taramani at a cost of Rs 1,500 crore. The new SEZ will generate employment opportunities for 45,000 people directly, while another 10,000 jobs will be created indirectly. It is expected to come up in an area of 45 lakh sq ft. The first phase of the construction work on 25 lakh sq ft is likely to finish before 2009, while work on the second phase (over 20 lakh sq ft) would be completed by 2011.
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R-ADAG Puts Rosa Project on Fast Track Reliance Anil Dhirubhai Ambani Group (R-ADAG) promoted 1,200 mw Rosa power project in Shahjahanpur district, Uttar Pradesh, is scheduled to be completed by the beginning of 2010, nine months ahead of schedule. Construction is going on a fast pace and the first phase of the project is ready to begin operation in the second quarter of 2009, while work on the second phase is expected to be completed in early 2010. The EPC contract has been awarded for stage II to a consortium led by Shanghai Electric, China. The company is also the EPC contractor for the first phase of the project. It is expected that half of the power generated from the project would meet the requirements of UP. The remaining would feed the neighbouring states. Reliance Power has already signed a PPA with Uttar Pradesh Power for selling half of the generation in the first phase project. Reliance Power’s Rs 5,000 crore coal-based power project is being developed in two stages of 600 mw each. The first phase of the project costing Rs 2,641 crore has already achieved financial closure. The company has tied up loans of Rs 2,162 crore that represents 80% of the project cost of the stage one 600-mw plant capacity. The company has obtained all statutory and regulatory clearances. Land, water and coal have already been arranged. During the first stage, the project will supply entire 600 mw to distribution companies in Uttar Pradesh for which a power purchase agreement has been signed.
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Kolkata Airport Facelift Take off After several delays, the Rs 1,671-crore first phase of the Kolkata airport modernisation plan is finally set to take off. According to sources in the ministry of civil aviation, of the six, Larsen and Toubro is the only Indian bidder. The other five are from Canada, Thailand, UK, Turkey and Hong Kong. A senior official from the ministry, however, pointed out that if a foreign firm is selected, they would have to form a company with some Indian partner, which will hold at least 26% of the equity in the company. In the first phase, construction of the new integrated terminal building will be first priority. The proposal also includes extension of the secondary runway by 840 metres to a proposed length of 3,239
metres at an estimated cost of Rs 30 crore; construction of 11 additional parking bays and taxi ways at an estimated cost of Rs 65 crore and relocation and construction of ATC tower and technical block at an estimated cost of Rs 170 crore. The proposal to build the new integrated terminal building was critically examined with respect to international service benchmarks and standards being set in accordance to new green field airports at Hyderabad and Bangalore and similar constructions at the restructured Delhi and Mumbai airports. West Bengal government has offered around 1700 acres of land at Narayanpur in North 24 Parganas for the construction of the much debated third runway and other extension projects.
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Duty-free Shops, Malls: Metro Stations May Have Them All Delhi - Delhi Metro is exploring the option of having duty-free shops, a hotel, office and shopping spaces in upcoming stations. Dwarka: The DMRC is playing with the idea of setting up a hotel at the Dwarka Sector 21 Metro station. Sushant Lok: There are plans to have shopping or office spaces in areas below and above the station at the Sushant Lok Metro Station. Chawri Bazaar: At the Chawri Bazaar station, two floors on top have gone to Omaxe Ltd on a 12-year concession. Akshardham Station: Parsvnath Developers will be developing the metro station situated opposite the Akshardham temple over an area of 7.30 acres. The shopping mall and station are to be developed in an area of approximately 3,65,000 sq. ft. Parsvnath has already entered into concession agreements to develop shopping malls at 13 stations owned by the Delhi Metro Railway Corporation (DMRC) on a Build-Operate-Transfer basis. Retail in metro stations is allowed only on two levels - ground and concourse without interfering with operational requirements, Phase l of Metro development, the model used included kiosks and shops at stations. Shops were developed to utilise existing spaces after operational requirements were met.

L&T to Build Rs 3,500 Cr Complex in Mumbai India’s biggest engineering company Larsen and Toubro Ltd (L&T) will invest Rs 3,500 crore to build a railway station and a commercial complex in the suburbs of Mumbai, expanding its real estate interests. Work will start on the Seawood station and a complex will be built over it in the next five years, Mumbai-based L&T said in a statement on Monday. In February, L&T had paid Rs 1,810 crore to the local government for the right to build the complex, which may yield as much as 5 million sq. ft. Demand for hotels and service apartments is surging in India as overseas investors travel to the world’s fastest growing major economy after China. L&T also has plans to start a fund to attract investments to long-term real estate ventures in India.

Lodha Group to Develop Luxury Township Lodha Group, a Mumbai-based real estate development group, announced an investment of US $ 54 million (approximately Rs. 250 crore) from HDFC Sponsored Funds. Lodha Group won an auction of 12.9 acres at Eden Square, Hyderabad, from the Andhra Pradesh Housing Board for Rs. 256 crore last year. The Group plans to develop a luxury township offering over 2.5 million sq. ft. of plush residential and commercial real estate. The HDFC Sponsored Funds would pick up a 45 percent stake in Lodha’s Special Purpose Vehicle (SPV) for the development of the project.

Madurai Real Estate Booming Now Famous for its temples, Madurai has been touched by the IT boom, with Honeywell’s Research Lab (tied to the Thiagarajar Engineering College) and the TCS Disaster Recovery Centre being instrumental in IT development. According to a Cushman & Wakefield (C&W) report, real estate development is increasingly moving to the southern and western parts of the city, mainly around the airport, Rirupparankundram Road and By-pass road. This is due to a scarcity of land in the CBD (Chinnakadai).The city has witnessed encouraging commercial development over the last three-four years. The state government has transferred two land patches — 29 acres at Ilandhaikulam and 213 acres at Vadapalanji — to ELCOT for SEZ development. Sify, HCL, TCS, Wipro and CTS have booked their space for campus developments in the SEZ. Upcoming developments in Madurai include three IT/ ITeS/ SEZs, covering a total area of approximately 128 hectares. The residential space in Madurai, like all other small towns, is largely tilted towards independent homes culture. However, the apartment culture has picked up due to an increasingly investor population that’s now driving the demand for residential apartments and villas. This has attracted many national and international developers such as ETA star, Hiranandani Constructions, Sahara City Homes and ETL Infrastructure to develop properties in Madurai. Sahara has acquired approximately 125 acres to develop 15,000 unit apartment complex, while Arihant has close to 21 acres earmarked for an integrated township. The existing and established retail precincts include the surroundings of the famous Meenakshi Temple in Chinnakadai Area, Anna Nagar, KK Nagar and the By-pass Road. There is no mall culture at present, but the few proposed ones such as Vishal Mall (165,000 sq ft) and Milan Mall (85,000 sq ft) will house an Inox multiplex and will open early next year. The city has quite a few stand-alone formats on the By-pass Road and in areas like Anna Nagar and K K Nagar

Most Expensive Homes now in London London is the world’s most expensive place in which to buy a home, followed by Monaco and St Jean Cap Ferrat in southern France, as reflected by an annual global survey by real estate consultant Knight Frank. The average price of a property in the best locations of central London was $6,191 a sq ft, according to the firm’s Prime International Residential Index, published on Monday. Monaco averaged $5,888 a sq ft and properties 5 miles west along the Mediterranean coast in St Jean Cap Ferrat cost $5,853 a sq ft, the firm said. London benefited from its position as a global financial centre while its nearest contenders are attractive as second-home “hot spots”, according to the survey. Average prime home prices in London increased 29% last year, trailing the 31% annual gain in Singapore and exceeding the 25% increase for New York, Knight Frank’s index showed. Luxury-home prices in London may only rise 3% this year as thousands of bankers and financial services workers in the UK capital lose their jobs in the wake of losses and write downs from investments in sub prime mortgages, Knight Frank estimates. The most expensive London houses and apartments rose 0.1% in value last month, the smallest increase in four months, Knight Frank said April 1. The gain of 20% in the 12 months to March 31 was the smallest since June 2006. Average prime residential prices gained 11% globally last year as the number of high net worth individuals, those with more than $1 million of assets, increased by 4.5%, Knight Frank said. UK house prices fell in April, led by London and the northwest of England, as the seizure in credit markets starved homebuyers of mortgages according to Rightmove. Surging commodity and property prices increased the wealth of Russia’s “Golden Hundred” to $522 billion, or more than one-third of the country’s economy, from $338 billion in March 2007 according to the Russian edition of Forbes.

AXIOM NEWS
An Award Winning Company
Axiom Estates Wins
The results of the CNBC Asia Pacific Property Awards 2008 have just been revealed and Axiom Estates is delighted to announce that it has won the CNBC Property Awards for the best Real Estate Website in the Asia Pacific Region. The award will be presented at a glittering gala dinner to be held at the Marina Mandarin in Singapore on 20 July 2008.
The fact that Axiom Estates earned one of these coveted awards is sure proof that India can not only compete but also triumph within the highly competitive Asia Pacific property arena. Having been given this high recommendation by its peers, the company is now entitled to display the CNBC Asia Pacific Property Awards’ logo with pride. This symbol of excellence will be recognised and appreciated by the public who are becoming increasingly well informed and discerning about the properties they seek to buy.
Entries were judged by a panel of professionals whose collective knowledge of the property industry is second to none and unsurpassed by any other property awards. Chaired by Eric Pickles, British Shadow Secretary of State, this year’s judges included Helen Shield, editor-in-chief of International Homes magazine; Peter Bolton King, chief executive of the National Association of Estate Agents; Phil Spencer, property expert and presenter of Channel 4’s Location and Relocation TV shows; Imtiaz Farookhi, chief executive of the National House Building Council; Christopher Hall, past president National Association of Estate Agents; Wilhelm Harnish, Master Builders of Australia (MBA); Thijis Staff, International Consortium of Real Estate Agents Association (ICREA); Santiago Herreros de Tejada, SIMA; Kirkor Ajderhanyan, French Real Estate Federation (FNAIM); Graham Norwood of the Daily Mail; David Hoppit, property writer; Paul Wyatt, head of design for LYCOS UK; Geoff Cohen, design director at Aukett Fitzroy Robinson architects; Jill Keene, editor of International Homes magazine; Diana Yakely, chairman British Interior Design Association; and Tad Zurlinden, Association of Relocation Professionals.

In Equilibrium with the Dynamics of Real Estate
An Axiom Estates publication named “in EQUILIBRIUM ? – the changing Dynamics of Indian Residential Markets” that portrays the present dynamics of the Residential Market in India has been launched in the India International Property Show. The publication reviews the characteristics of the booming residential real estate market, identifies the key drivers & players that are impacting the Indian Residential Market landscape and shaping its future.The publication has studied the different residential formats and the demand-supply equation of these formats. The graphs in the publication bring out stark gaps in the supply side of the mass demand formats. The micro market overviews have captured two mature markets, three stable markets and two emerging markets. It also highlights the impact of the National and the International developers in the residential market segment and their influence on the prices. It has reviewed the real estate development in million square feet expected to be on offer by 2012 and its impact on the different residential markets in India. The report shows a steady income growth and thereby huge growth in the purchasing power of a large section of the Indian population. The Emergence of the Mezzanine Buyers and the impact of this new segment is beginning to have on the residential market, is interesting to read.