For private circulation only

Real Estate News Letter

2013

CONTENTS

1. Quarter 1- Highlights
2. Quarter 2- Highlights
3. Quarter 3- Highlights
4. Quarter 4- Highlights
5. Major Deals
Private equity investments
Private equity exits
Land

Quarter 1 -Highlights
Delhi government's revenue department has made Biometric ID as mandatory document

for registration across its 20 services. Thus, if you are looking to register property or your
marriage in the capital, biometric identity proof will be mandatory from now
The Ashiana Angan Project, from Delhi based realty company Ashiana Housing, has
bagged CNBC Awaz Real Estate Award 2012 for the best affordable housing in India &
the best affordable housing in NCR. Around 8000 projects across 12 cities were
competing for this award.
Hit by the turbulences in the domestic and global economies, the corporates in India
remained wary on office expansion in the year 2012. The same has resulted in a dip of
26% in office space absorption during last year
Government is proposing Real Estate (Regulation and Development) Bill that will
empower home buyers to have a better deal, while necessitating builders sell residential
property on the basis of carpet area instead of ambiguous terms like "super area".
The PE arm of Piramal Enterprises has announced to invest 250 crore in two projects.
Indiareit Fund Advisors will invest 250 Cr. two projects, one in the island city of Mumbai,

and the other is a residential project in Pune.

Housing Ministry has put forth a proposal before Finance Ministry, seeking tax
concessions for developers of affordable housing projects. Currently, such exemptions
are available under government run-schemes only.
Delhi has approved development of 91 unauthorised colonies. In these colonies, the
lands of Archaeological Survey of India (ASI) and Forest Department were encroached by
people.
According to RICS' global commercial property survey, India when rated on occupier
demand and available commercial real estate space in the country, has taken a steep
jump to reach ninth position in the fourth quarter of 2012 as opposed its previous ranking
of nineteenth in the third quarter.
Aditya Birla Group's real estate fund is set to buy 50 % stake in realty developer
Peninsula Land's 30-acre township project in Pune. The deal that is estimated to fetch
25% returns to Aditya Birla Group will cost it Rs 115 crore at present

Quarter 1 -Highlights
US based private equity firm Blackstone Group has decided to buy a business park in

south India for 19.5 billion rupees ($367 million). Blackstone Group will buy this business
part in joint venture with two other companies.
The realty market of Mumbai witnessed 83,000 units as unsold inventory for 2012. Knight
Frank Research has revealed that Mumbai market currently has an estimated 83,000 units
of unsold inventory which is approximately 39% of the units under construction.
A revision has been made Haryana government of norms, guidelines and parameters for
grant of Change of Land Use permission for development of retail outlets and fuel filling
stations other than CNG (compressed natural gas) or PNG (piped natural gas).
According to National Housing Bank (NHB), housing prices in 18 major cities in India have
shot up by a whopping 9.6 % during October-December last year. Mumbai and Delhi top
the list with maximum increases in housing prices.
Emerging out of the daunting shadows of global financial crisis, Indian commercial real
estate sector is headed towards bright prospects. If reports are to be believed, prestigious
Blackstone Group LP is set to buy Gurgaon SEZ for $440 mn.
Laying emphasis on the development of urban housing sector, Finance Minister P
Chidambaram announced a Rs 2000 crore urban housing fund and at the same time,
proposed a cut in abatement on service tax on luxury homes.
Budget 2013 has widened the smiles of first time home buyers. First time property buyers
will now get an additional benefit of Rs 1 lakh on home loans up to Rs 25 lakh, a move that

will make properties more affordable.

In order to match up with the spiralling demands for urban development in the city, Delhi
Development Authority (DDA) has a tabled a new land policy that advocates involving
private players.
The new, revised Ready Reckoner (RR) rates in Maharashtra have been raised by 250 to
1,000 per cent in Mumbais western suburbs, especially the Borivli Zone stretching from
Goregaon to Dahisar.

Quarter 1 -Highlights
Metro cities are witnessing a different trend altogether where builders have started

resorting to smart ways to extract something out of this phase marked by a sluggish
market. Apartment size is shrinking and so do the prices to lure in potential buyers.
Godrej Garden City township, owned by Godrej Properties, will be graced by five 12-storey
buildings that will have affordable 1BHK apartments starting from Rs 16.5 lakh.
The government decision to allow put and call options in mergers and acquisitions, and
private equity (PE) deals will help funds to exit from their investee companies amid

increasing pressure to give returns to their investors

Godrej Properties is set to develop a luxury residential project in Malad West and has
entered into a joint development agreement with Sunder Sangam Cooperative Housing
Society for the same.
Delhi based pharma company Panacea Biotec and realty company Bestech Group have
decided to jointly develop a township project. The township, spread over 100-acre plot

owned by Panacea in Gurgaon, is expected to fetch the pharma company over Rs 750 Cr
in revenue.
According to property consultant Knight Frank, weak demand for housing stocks being
constructed in National Capital Region has left 5.2 lakh housing units unsold, which is not
a good sign for realty estate sector.

Quarter 2 -Highlights
Godrej Properties is all set to begin its new partnership venture that happens to be a 1.5-

million-sq-ft residential project at Undri in Pune. The proposed housing project, in which
the company shares 40 % of the profit, comprises of 1, 2 and 3 BHK apartments.
A consumer forum has in its judgment said that builders are obliged to hand over the
possession of the parking space along with the flat, thus ruling out the practice of selling a
flat's parking space separately.
As per global real estate advisor DTZ, office space demand is expected to shoot up to
30.5 million sq ft this year. A number of factors viz., local economic policy amendments,
climb-down of repo rates by RBI and stronger economic outlook, have resulted in
improved market sentiment.
Essel Group, owned by Subhash Chandra, has rolled out a Rs 500-crore real estate
private equity fund. The Securities & Exchange Board of India has approved and given
license for category II AIF (alternative investment fund).
The office space demand in India's first planned central business district continues to see
sluggish demand. According to CBRE, Nariman Point Nariman Point, Fort and Cuffe
Parade has seen office space absorption of meagre 10,000 sq ft during the quarter.
Tata Housing's latest real estate project in Gurgaon received subscriptions worth Rs 450
crores in a single day. The IPO style strategy adopted by Tata Housing has proved to be
a big hit. Orders were received both from customers in India as well as abroad.
Market regulator Sebi has allowed 47 entities to set up AIFs - newly created class of

pooled-in investment vehicles for real estate, private equity and hedge funds, over a
period of ten months.
The finance ministry on Friday said that the government is probing 18 real estate firms
across the country for alleged forgeries and running dubious investment schemes.
Valmark Group, a Bangalore based realty company, has announced to roll out its first
Bangalore-focused real estate private equity fund, signalling the return of risk capital to
the beleaguered sector.

Quarter 2 -Highlights
Mantri Realty will be investing a sum of Rs 1,500 crore in six housing projects. These

projects comprising of about 2,300 flats will be launched within next three to four months.
Market may be sluggish for real estate developers but it has certainly brought a smile on
the faces of those planning to buy luxury apartments in central Mumbai. Leading
developers Lodha Group and Indiabulls Real Estate are already offering property at 1015% lower price tags.
Piramal Enterprises' real estate-dedicated private equity arm, Indiareit Fund Advisors will
no more be a third-party investor in real estate projects. It will now venture into
developing residential real estate properties in Bangalore on its own.
Real estate sector has welcomed the decision of Reserve Bank Of India to cut key policy
rates by 0.25 per cent. Realtors wish more reduction so as that interest costs to home
buyers and builders can come down.
To simplify the process and encourage residents to get the maps of their new buildings,
the Ludhiana Municipal Corporation has now launched SARAL, a one form to get passed
the maps of buildings of upto 200 square yards of area.
In what could be termed as a radical reform in existing property registration system in
Delhi, the state government is set to introduce a transparent mechanism which will
empower people to avail services in all 13 sub-registrar offices without any jurisdictional
issue.
After nearly five years of laborious work involving tedious land acquisition and
coordination with multiple agencies, the construction of the first phase of the ambitious

Eastern Freeway, touted to be the longest in any Indian city, is now in its last mile.
In the bid to identify defaulters of property tax, the North Delhi Municipal Corporation
(NDMC) is set to map the properties under its jurisdiction. The properties will be coded as
per the Unit Property Identification Code (UPIC).
According to the latest retail report by Real estate consultancy Cushman & Wakefield,
Connaught Place (Inner Circle) has witnessed a sharp rise of 12% in real estate rentals.
Prime malls across Delhi NCR are not far behind with rentals going up by 10%.

Quarter 2 -Highlights
Mumbai has pipped National Capital Region to emerge as the most attractive investment

destination for office properties in India. As per the report of global real estate consultant
Knight Frank, the city is likely to witness 63% hike in property prices and 47% rise in
rentals over five years.
Ghaziabad-based realty firm Gaursons will start developing an integrated township by
end of this year. For the project it has bought 300 acre land on Yamuna Expressway in
Greater Noida from Jaypee group for over Rs 1,500 crore.
About 20 representatives of different resident welfare associations (RWAs) spent their

Saturday afternoon pondering over ways to tackle environmental pollution at the

Epicentre in Gurgaon ahead of Earth Day
Godrej Properties is set to develop a luxury residential project in Malad West and has
entered into a joint development agreement with Sunder Sangam Cooperative Housing
Society for the same.
Assotech Realty is set to invest around Rs 100 crore in developing a service apartment
project at Shirdi in Maharashtra. The project named Sandal Suites spans across 2.5

acres
The Maharashtra government said today it plans to introduce a metro rail line connecting
South Mumbai and neighbouring Thane.
A comprehensive report by ASK Property Investment Advisors, the real estate private
equity arm of ASK Group, has predicted property prices in Chennai to remain firm in near
future
The sluggish state of real estate sector in Nation Capital Region (NCR) has thrown open

opportunities for home buyers to go bargain hunting. Smart buyers have been able to
seal the deals at prices up to 15% lower than the peak rates. A 125-acre township project
by Real Estate Firm Supertech has drawn a hefty investment of Rs 280 crore from private
equity firm Xander. The real estate firm plans to use a fraction of this money to buy more
land.
The Mumbai Heritage Conservation Committees (MHCC) proposed guidelines for
redevelopment in the Marine Drive heritage precinct, include, among other measures,
capping the height of buildings in the area.

Quarter 3 -Highlights
As per the findings of real estate consultancy firm Knight Frank, the real estate market in

Mumbai is the most unaffordable with more than one fourth of city's under-construction
properties priced at Rs 1 crore.
Industry experts are of the view that rising number of property portals are providing high
quality information about projects, which could be a key factor in contributing to the
growth of online real estate business.
The American realty tycoon and celebrity Donald Trump has announced his company's
first Indian project, a 22-storied residential twin towers in Pune. The Trump Towers Pune
will have 44 luxurious single-floor condominiums
Private equity firm ASK Property Investment Advisors is keeping a close eye on Indian
real estate growth story and has decided to invest up to Rs 500 crore in mid-income
residential projects by this fiscal end.
The latest report by Cushman & Wakefield paints a gloomy picture of commercial real
estate in the top eight cities in India. Office space absorption has dropped by 15% in the
first half of this year.
In an attempt to bring more transparency in real estate sector the Noida, Greater Noida
and Yamuna authorities will be uploading details of all builders who are constructing
housing projects on their official websites.
HDFC announces its intention to buy Hindustan Unilever's (HUL) former HQ located in
Churchgate (Mumbai). Though undisclosed, realty experts say that the deal could be

sealed anywhere around Rs 350-400 crore.

Indian Real Estate Sector has seen one of its biggest investment deals with sovereign
wealth fund Qatar Investment Authority (QIA) investing $300 million ( Rs 1,800 crore) in
Bangalore-based real estate developer RMZ Corp.
Now properties in Delhi can be registered through General Power of Attorney (GPA), after
Delhi government issued a notification for the same. The move came after the Revenue
Department was pulled up by Delhi High Court.

Quarter 3 -Highlights
As per the findings of Liases Foras - a property research firm - New Home Sales in

prominent cities like Delhi NCR, Pune, Chennai, Mumbai suffered a downturn in June
quarter; Bangalore was the only city among these which showed positive sales
Real sector in India might be going through a lean patch but the foreign investors are
optimistic and have raised nearly $2 billion (Rs 11,854 crore) in the past year despite the
economic uncertainties.
As per the latest Citi report, in the second quarter of the year 2013, Bangalore witnessed
the launch of over 10,500 residential units, which amounts to approximately 31% of the
total launches across the country.
Buying land and property in Noida in Uttar Pradesh will be costlier as circle rates has
been increased by 10 to 25 per cent from today.
As per the report published by Global Property Guide, an organization engaged in
collating real estate data from all over the world, property prices in Delhi have witnessed
a sharp rise of 60% in past two years.
Six big companies including US-based private equity firm Blackstone, have offered bids
of up to Rs 2,700 crore to Unitech Corporate Parks, a Unitech group firm listed in London,
for sale of its IT Special Economic Zone in Gurgaon.
In a move to provide affordable housing to needy people, the Haryana government has
given a nod of approval to "Affordable Housing Policy 2013". This policy is aimed at
ensuring an increased supply of affordable housing in the market.
DLF has announced the repayment of a sizeable portion of its debts by the end of this

fiscal year. The prominent real estate developer is banking on the proceeds gained from
the sale of its luxury hotel chain - Aman Resorts - to cut it debts upto Rs 15,500 crore
Girija Vyas, the Minister Of Housing And Urban Poverty Alleviation has put forth the Real
Estate Regulation And Development Bill for consideration in Rajya Sabha. The bill aims to
protect the interests of home buyers.
Buying land and property in Noida in Uttar Pradesh will be costlier as circle rates has
been increased by 10 to 25 per cent from today.

Quarter 3 -Highlights
Street-front shops in the upmarket localities of cities like Delhi, Mumbai and Bangalore no

more fit into the scheme of things for brands like Reebok, UCB, Reliance Trends, KFC,
etc. owing to the economic slowdown that is keeping buyers far away
According to a report by property consultant Jones Lang LaSalle, in the past five years,
developers across the country have shrunk the size of residential apartments by around
31% so as to improve affordability and sales volume.
As per the findings of CBRE, there was a 12% decline in Housing prices in the first half of
2013 in comparison to the second half of 2012. This decline is attributed to the low
demand and high rates in real estate.
In the anticipation of the proposed international airport in Navi Mumbai, Real Estate
Developers launched new projects in haste, and now they are paying the price with sales
crashing down and inventory climbing up.
Private equity firm Red Fort Capital has invested Rs 365 crore for the development of
housing projects, launched by the real estate firm Lotus Greens Developers in the
national capital region.
Pune based Kolte-Patil Developers (KPDL) will be developing four new luxury projects in
the city. Two of the projects will be located in Kharadi, and the remaining two in
NIBMRoad- Undri and Hinjewadi.
In yet another consequence of rupee's steep fall against dollar, the real estate arm of
Morgan Stanley has pulled out off a proposed deal to invest nearly $200 million in an
upcoming commercial real estate project in Mumbai.

Developers building skyscrapers over 70 metres high (20 floors) in the island city now
face another hurdle to get their plans approved.

Quarter 4 -Highlights
New Delhi based Realty firm Alchemist Township will be investing Rs 600 crore in

developing a residential project on 20 acre land it has bought from a local builder
Highland Group in Kolkata.
Real Estate Consultancy Firm Cushman & Wakefield expects revival of sluggish Indian
economy after the general elections that may eventually result into 132 million sqft of
office space getting absorbed by the year 2017.
As per the latest reports, the government is all set to reject the proposal put forward by
the Urban Development Ministry regarding FDI in real estate sector. The proposal mainly
deals with eliminating all the restrictions implemented on FDI below 50% in realty sector
Reputed Bangalore based developers Sobha Developers and Prestige Estate have both
reported growth in total sales in the September quarter. Owing to the strong growth of IT
sector in the city, the property market in Bangalore is set to see an upward rise in the
commercial & residential property investment.
As per a new ruling announced by Supreme Court, Value-Added-Tax (VAT) will be levied
upon the sale of any property that is still under construction. According to the realty
experts, this ruling will have long term consequences on property buyers.
The reputed Bangalore based developer Embassy Property Developments is trying to
raise Rs 800 crore in debt, in a bid to acquire an IT Park in Bangalore city, The developer
is currently in talks with the likes of HDFC and India Bulls, in order to raise this debt.
One of the largest foreign investors in Indian Real Estate assets, Xander is on the verge
of buying an IT SEZ in Chennai from Shriram Group. According to sources, close to about
Rs 690 crore ($112 million) changed hands for the deal to be finalized.
Mumbai based real estate developers Kalpataru Group, Oberoi Realty, Runwal Group
and Lodha Group are in the final race for buying Speciality chemicals maker Clariant

Chemicals' 87-acre land parcel in Thane.

Quarter 4 -Highlights
Government of Maharashtra has approved the ambitious Bhendi Bazar Cluster

redevelopment project. The Saifee Burhani Upliftment Trust (SBUT) plans to start work on
the Rs.30 billion project by January - March 2014.
To promote healthcare,housing and industry in the city,Delhi Development Authority on
Thursday relaxed the floor-area ratio (FAR) for these purposes.In its board meeting,DDA
agreed to increase the FAR of hospitals from 200 to 375.
Over 800 projects across Maharashtra wait to be appraised for green clearances as two
vital regulatory bodies remain non-functional for over three months since July.
The market regulator Securities and Exchange Board of India (Sebi) on Thursday issued
draft regulations for setting up real estate investment trusts (REIT)
Maharashtra government has cleared the decks for redevelopment of 5,000-odd old and
dilapidated buildings in colonies developed by the Maharashtra Housing and Area
Development Authority (MHADA) by raising the floor space index (FSI) for such projects
from 2.5 to 3.
The ministry of rural development plans to notify the Right to Fair Compensation and
Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2013, commonly
referred to as the Land Acquisition Act, with effect from January 1, 2014
The state government has decided to hike stamp duty on property transactions in the
Mumbai Metropolitan Region (MMR) as well as the Pune region by another 1 per cent to
fund major urban transportation projects like the proposed Metro and monorail corridors.

Builders developing a housing project on a 4,000 sq m (acre) plot must reserve 20% of
the area for affordable housing, according to a state government notification issued last
week
According to the Supreme Court, VAT will apply to a property that is under construction. It
will be applicable on a building contract.
Noida Authority provided in principle approval of mixed land use policy for specific areas
within industrial and residential sectors

Quarter 4 -Highlights
RBI, in its Macroeconomic and Monetary Developments Second Quarter Review 2013-

14, has found that the average housing prices underwent nominal rise of 0.89% during
first quarter of current fiscal
As per the report of global real estate consultant Cushman & Wakefield, new home
launches in eight major cities in India went up by 5% during January-September 2013.
According the report 'Investment Hotspots in Delhi NCR' prepared by Property consultant
DTZ, the housing prices on Dwarka Expressway in Gurgaon have tripled over the past
five years reaching up to Rs 7,000 per sq ft.
As per the latest reports, Aditya Birla Realty Fund has invested approx. Rs 125 crore in a
residential housing project being developed along the Dwarka Expressway. The
residential project is a joint venture between the realty bigwigs Tata Housing and
Sidhartha Group.
The new land-pooling policy to be introduced in Delhi is expected to curb the fast rising
prices of properties in Gurgaon and Noida. Under this policy, around 1.5 millions
apartments are to be launched in NCR in the next couple of years.
Conceding to the request made by Minister of Urban Development Kamal Nath, the
cabinet deferred the proposal on relaxing FDI norms for the housing sector. The proposal
was a part of the agenda in the meet.
According to an EY-FICCI real estate report, the realty sector in India will require an
enormous investment worth $ 257 billion by the year 2015, in which residential real estate

alone will have a share of $ 29 billion.

The economic upheaval & high property prices have had a direct hit on the sales of top
realty firms in the country. Some of the firms that reported a sales drop included big
names like DLF, Oberoi Realty, Orbit Corp and Godrej Properties.
The past five years have witnessed an increase in sales from non-IT sectors in Bangalore
Realty sector. The revenue generated from the non-IT sectors amounts to 55% of the
total sales, which is 10% more than the IT sector (45%).

Quarter 4 -Highlights
As per a recent report, property prices in Mumbai Real Estate have witnessed a drop of

nearly 10% in the residential segment, in the previous three quarters. The report was
compiled by the reputed Property Consultant Knight Frank India.
Approximately 45% of ready and under-construction projects in Mumbai Metropolitan
Region are lying unsold, which sums up the torrid time that Mumbais residential real
estate market is going through.
As the institutional investors demands for leased office assets shot up in the city, the
realty market in Bangalore received the maximum private equity investment in the country
during January-September 2013.
As per the latest report by PricewaterhouseCoopers (PwC), the real estate markets of
Mumbai and Bangalore have dropped in 2014 ranking. Mumbai ranks to 23rd position as
compared to 20th position in 2013, and Bangalore ranks to 20th position as compared to
19th position in 2013.
In what could be termed yet another example of growing overseas interest in Indian real
estate sector, the Abu Dhabi Investment Authority is set to invest $250 million in Hines
India Real Estate, the Indian arm of American property development and management
firm Hines.
A recent study by real estate consultancy Knight Frank has revealed a downfall in
housing prices in India. During April-June period, the housing prices fell down by 1.7% on
account of poor demand amid subdued economic conditions. Added to this, there are no

signs of recovery in the segment.

There is a fresh addition of shopping mall retail space in the Indian realty market, except
NCR region. It rose by 39% in 2013 to 4.59 million sq ft in eight top cities despite delay in
completion of 18 malls.
In an interview with ET, the chairman of HDFC, Mr Deepak has stated that the real estate
prices could be brought down by as much as 20% if proper measures are taken to check
the corruption in the system.

Private equity investments

Location

Developer

Fu n d

Delhi

Advance India Projects

Mumbai

Ahuja Developers

Delhi

Assotech Ltd.

ICICI venture-Real estate

fund
ICICI venture-Real estate
fund
IIFL Real Esate Fund

Hyderabad

RMZ Ltd.

Bangalore

Assetz Group

Mumbai

Runwal Group

Bangalore
Bangalore
NCR
Pune
Pune
Pune
Mumbai

Particu lars

Investment in Group housing

project at Gurgaon
Residential project Ahuja Towers at
Prabhadevi
Plotted development project at
Faridabad
AIG Global Real Estate
Entire stake bought by fund after
fund
the Mall project in Hyderabad was
stalled
Blackstone, HDFC venture Stake in Vrindavan Tech Villagefund and Embassy group SEZ of 106 acres

50

First

75

First

N.A

First

1950

First

70

First

28

First

75

First

110

First

250

First

115

First

450

First

100

Second

100

Second

125 acre township at Gurgaon at

sector 79
3.6 lakh IT-office project located at
Erandwane
49% stake in SPV-Nitesh Housing
Developers
Premium residential project at
Indirapuram in Ghaziabad
Redevlopment project at Matunga

280

Second

90

Second

300

Second

110

Second

30

Second

Slum redevelopment project at

Chembur
2.4 lakh sq ft luxury residential
project coming up at Thoraipakkam

350

Second

25

Second

Kotak Realty fund

Part funding to buy 150 acres of

Premier Ltd land at Dombivali
Habitat Ventures project Pragnya Advisors Pvt. Ltd Residential project at Banerghatta
Ltd.
Janapriya Engineers
IIFL Real Estate Fund
Residential project at Abhigere
Syndicate
TDI Infrastructure Ltd.
Kotak Realty Fund
Integrated township - TDI city of
1,250 acres at Kundli
Paranjape Schemes
IDFC Alternatives PE
Stake in SEZ project at Hinjewadi
(Construction) Ltd.
Peninsula Land Ltd
Aditya Birla Real estate
30 acre township project at
fund Ltd.
Hinjewadi
Panchshil Realty Ltd.
Blackstone PE
50 % stake in EON IT park at
Kharadi
Omkar Realtors
Indiareit Fund Advisors
2.5 mn residential redevelopment
Ltd.
project at Central Mumbai
Marvel Group
Indiareit Fund Advisors
Investment in various projects
Ltd.

Pune,
Bangalore,
Mumbai and
Goa
NCR
Supertech Ltd.

Xander PE

Pune

SumaShilp Ltd.

IL&FS Milestone Fund II

N.A.

Nitesh Estates Ltd.

Forum Capital Partners

NCR

Shipra Group

IIFL Real Estate Fund

Mumbai

Ruparel Realty

Mumbai

Wadhwa Developers

IIFL Domestic Real Estate

Series 1
IIFL Real Estate Fund

Chennai

Casa Grande Pvt Ltd

Source : Industry

Avenue Ventures Real

Estate Fund

V alu e Qu arter
(Rs crore)
30
First

Private equity investments

Location

Developer

Fu n d

Particu lars

NCR

ATS Infrastructure Ltd.

Mumbai

Residential project at Sector 99A,

on Dwarka Expressway
Residential project at Andheri

Pan-India

V.Raheja Developers
Ltd.
Mahindra Lifespace

NCR

Lotus Green

ASK Real Estate Special

Opportunities Fund
Aditya Birla Real Estate
Fund
SCM Real Estate
Singapore- Investment
arm of Standard
Chartered Bank
Red Fort Capital Ltd.

Bangalore

Rohan Builders

NCR
NCR
Bangalore
Pune
NCR
N.A.

V alu e Qu arter
(Rs crore)
147
Third
75

Third

Joint venture with equal stake with

total commitment of USD$ 170mn

N.A.

Third

365

Third

55

Third

Unitech Ltd.

Investment in various projects over

a period of one year
Avenue Venture Partners Investment in Residential project at
Boganhalli, East Bangalore
Blackstone PE
3.6 mn sqft IT SEZ in Gurgaon

2,600

Third

Supertech Ltd.

Reliance PMS

100

Third

~600

Fourth

20

Fourth

125

Fourth

1,200

Fourth

Funds raised for existing projects in

NCR
Mantri Developers
Xander Group
JV to develop residential township
near Hebbal
Vastushodh Developers Avenue Venture Partners 22 acre affordable housing project
located on Pune-Solapur Highway
Tata Housing and
Aditya Birla Real Estate
Residential project on Dwarka
Sidhartha Group
fund
expressway at sector-113
Shapoorji Pallonji Group Canada Pension Plan
JV to acquire FDI compliant office
Investment Board
space

Source : Industry

Private equity exits

Location

Developer

Chennai
NCR

Mahindra Lifespace
Developers
Vatika group

Bangalore

Shriram Properties Ltd.

Bangalore

Bhartiya International

V alu e
(Rs crore)
Arch Capital PE Ltd.
Gated community project in Mahindra 70 estimated
World city
Goldman Sachs
Entity level equity stake exit at par and
600
stake in Vatika project
ICICI Prudential Real
Exit from Residential project at
12
estate fund
Yelahanka with 27% IRR
(Estimates)
IL&FS Real estate fund 125 acre township project in Bangalore
300

Chennai

Godrej Properties ltd.

HDFC PMS Ltd.

Chandigarh

Godrej Properties ltd.

HDFC PMS Ltd.

Bangalore

Nitesh Estates Ltd.

HDFC PMS Ltd.

Bangalore

Golden Gate Properties

Deutsche Bank

N.A.

Indiabulls Real estate Ltd. FIM-priavte equityBuyback of subsidiary

part of Farallon Capital
Management
Uppal Group
Trinity Capital
Stake sale to developer at loss of Rs
200 cr (initial investment of Rs 303 cr in
2007)
Wave Infratech Ltd.
Landmark Property
Exit from township project at
Dev. Co.
Ghaziabad at IRR of 20%
Shipra Group
Landmark Property
Residential project in Indirapuram at
Dev. Co.
IRR of 17.5%
ATS Infrastructure
Landmark Property
Residential project in Gurgaon at IRR of
Dev. Co.
27%
Godrej Properties ltd
Red Fort Capital
Residential project in Kolkatta

NCR

NCR
NCR
NCR
Kolkata

Source : Industry

Fu n d

Particu lars

Residential project at
Sembarambakkam near Kanchipuram
Godrej Eternia office space project at
Chandigarh
Buyback of stake by developer giving
an IRR of 24%
Buy-back of stake by owners ($70 mn)

Qu arter
First
Second
Second
Second

N.A.

Third

N.A.

Third

144
(estimates)
417

Third

1172

Third

103

Fourth

350

Fourth

100
(estimates)
90
(estimates)
N.A.

Fourth

Third

Fourth
Fourth

Major Deals- Land

Location

Bu yer

Mumbai

Runwal developers Premier Ltd.

Chennai

VGN Developers

Chennai

Akshaya Ltd.

Chennai

VGN Developers
Ltd.
Sahara Group

Bengaluru
Hyderabad
NCR
Mumbai
Bangalore

Mumbai

Suvarnabhoomi
Developers Ltd.
Gaursons Ltd.

S eller

HTL Ltd.- Part of Himachal

Futuristic Communications
Ltd.
IFCI Infrastructure
Developers Ltd.
Hindustan Teleprinters Ltd.
(HTL)
Asset Reconstruction
Company of India
DLF Ltd.
Jaypee Group

Aga Khan
Foundation
Sobha Developers

Phillips Electronics

Mahindra
Lifespaces Ltd.and
Kanoria

Peninsula Land Ltd.

Source : Industry

Capt. C.Y.Gopinath
(Deccan Cargo Ltd.)

Particu lars
Joint development agreement for land at
Dombivali
11 acre prime commercial land at Guindy

V alu e
(Rs crore)
220

Qu arter

220

First

First

45,065- sq. ft plot in central Chennai with

1.75 FSI
10.16 acre land parcel at Guindy of HTL
sold by State Bank to recover dues
25 acre plot at Whitefield

94

Second

272

Second

149

Second

32 acre land at Hyderabad

650

Second

1500

Second

110

Second

40
(estimated
market
value)
650

Third

300 acre land at Yamuna expressway in

Greater Noida
1 acre land with 80,000 sq ft development
potential at Mazgaon
Sale of 16,200 sq ft land at Off Vittal
Mallya road

Spring Mills Ltd. land with 6 lakh sq ft

development potential

Third

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