Pallikaranai realty sees rise in NRI buyer interest

Chennai

Pallikaranai locality in Chennai has seen an increase in NRI buyer interest in the recent past. T. Madavan, a local realtor with Remax Gold pointed out that many residents of this locality, living abroad, are investing in the locality. He attributed this to both, sentimental and investment reasons.

Majority of the residents from this locality have shifted base to countries like Australia, Canada and Dubai. One of the projects that has especially seen increased interest from the NRIs is KG Green Meadows by KG Builders, Madavan added. KG Green Meadows offers luxury apartments for about Rs 5,100 per sq ft.

Another reason that can be attributed to the increased NRI interest here is the presence of neighbourhood areas like New Colony, IIT Colony, VGP Shanti Nagar, Maxworth Nagar, Viduthalai Nagar and Kamakoti Nagar.

As per MagicBricks data, the capital value of builder-floor apartments in this locality is from Rs 3,600 to 3,800 per sq ft depending on the area, location, age of the property, developer, typology and other attributes of the property. The locality has seen an increase of about 4% in capital values of multi-storey apartments in the Oct to Dec quarter compared to the Jul to Sept quarter last year.

Major part of this locality is a part of a reserve forest area and therefore, the locality is surrounded by a calm, peaceful and green environment. Some prominent builders here include Doshi Housing, Maxworth Homes Ltd, Puravankara Projects Ltd, Real Value Builders & Developers, Akshay Builders, among others.

Source: MagicBricks Bureau

International real estate expansion halted for Indian companies

Indian real estate companies who started international ventures in 2006-07 are revising their overseas agenda. With a decline in international realty, many domestic developers are retreating from weak markets or putting on ice global plans.

This re-assessment of development strategies has not come lightly. For example, the Raheja Group has decided to pigeonhole plans to build in Colombo and Mauritius and with the Hiranandi Group, a key player in Dubai real estate halting new enterprise launches to act as a contractual liaison in the completion of existing projects for other developers proves how developers are opting for self-preservation tactics.

Entering Dubai in 2007 with plans to expand into West Asia Omaxe has now entirely pulled out of Dubai. With a joint partnership with Nakheel, Dubai’s World property developer and an investment of Rs 50 crore (US $10,850,000) has now exited from the market due to near dormancy. Despite receiving their investment back, Rothas Goel, managing director and chairman of Omaxe explained that with a Nakheel placing projects on a permanent hiatus Omaxe has no future plans to build outside of India.

But not all companies are weary about the market slump. Tata Housing has plans to embark on projects based in Colombo, Sri Lanka. Already prominent in the Maldives, Tata House has invested Rs 1,000 crore (US $217,000,000) for an array of ventures for 2011-12.

Whether a company is demonstrating precaution in international property development or acting with confidence in continual investments and expansion, it is advised by real estate consulting firm Cushman and Wakefield for companies who have over extended themselves to “focus on their core strength.”

Source: http://www.property-report.com/site/international-real-estate-expansion-halted-for-indian-companies-18130