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Realtors offer freebies to brokers to sell stocks

noreply@blogger.com (PropertyLens Blog) — Wed, 20 Oct 2010 07:12:00 +0000

The property market , which is once again on fire, is being driven mainly by investors, raising fears within the industry that a meltdown may be just round the corner. The market is booming, but many are now asking how long will it be able to sustain the rates which have shot up by 60% to 100% since 2009.

As builders launch a slew of high-end residential projects with some offering enticing payment schemes to buyers, experts warned that it is more a sign of weakness to mop up demand, tie down purchasers and make it difficult for them to exit in case prices fall.

Despite the euphoria, builders are edgy and are suddenly offering not only brokerage but mega prizes to brokers to sell their stock.

A prominent south Mumbai developer has offered brokers 2% commission plus a Skoda-Fabia car if they get business worth Rs 5 crore, a Skoda-Octavia if they sell flats worth Rs 10 crore, a Mercedes C class if they get business worth Rs 20 crore, a Mercedes E class if they fetch Rs 30 crore, a top of the line Mercedes S class if the figure touches Rs 50 crore and a Rolls Royce if they manage Rs 100 crore business in some of his projects. This is a sign of desperation and a realization that the good times won't last forever,'' said an industry insider.

A recent innovative scheme that allows the buyers to pay just 10% upfront and the remaining 90% only on possession has received tremendous response'', said builders.

The trend started by Indiabulls Real Estate for two of its luxury skyscrapers in Lower Parel recently has now been adopted by several builders across the city. However, not many are aware of the fine print. Sources said there is a heavy exit load in case the buyer wants to get out.

NHB Set to Tighten Rules Governing Affordable Housing

noreply@blogger.com (PropertyLens Blog) — Tue, 19 Oct 2010 11:29:00 +0000

The housing regulator plans to tighten the rules governing affordable housing as it looks to ensure that projects built on subsidised priority loans are actually delivered. The National Housing Bank is working on a proposal that seeks to make it mandatory for such projects to get rated by credit rating agencies such as Crisil and CARE . “We are yet to work out the details,” said RV Verma, chairman and managing director of National Housing Bank, a housing finance institution owned by the Reserve Bank, which also functions as the sector regulator.
“We will hold discussions with the real estate industry, financial institutions, government bodies and other stakeholders before finalising the guidelines,” he said. There are over 25 developers across seven states in urban India, which offer good-quality low-cost housing in the range of Rs 3-7 lakh.

The move to get ratings is aimed at bringing in transparency and discipline into the market and enhancing allround confidence. “Better and credible information will be available in the market, which will benefit all stakeholders,” Mr Verma said. If the proposal sails through, the financing institutions will be in a better position to provide lending to real estate projects, both directly and indirectly.

“Ratings will provide us with the comfort that loan to such groups or buyers in that project will not turn into non-performing assets,” said a senior official with the country’s largest lender, State Bank of India . The ratings will also be a useful indicator of the quality of the project and the developer. It will also provide information on the current standing of the project. The move has also found favour with other government arms. According to an official with the ministry of housing and urban poverty alleviation, credit rating will encourage builders as they’ll also be sure of credit being made available to them.

Sunteck Realty to focus on premium luxury residential segment

noreply@blogger.com (PropertyLens Blog) — Mon, 04 Oct 2010 07:48:00 +0000

MUMBAI: Riding on the high demand for premium residential space, realty major, Sunteck Realty , on Friday said as a part of its growth plans, it would focus on the premium luxury space in Mumbai.

The company is developing a range of landmark residential projects with apartments ranging from Rs 1 crore to Rs 40 crore, which offers exemplary designs and superior quality by adapting to highest standards of international living.

The company has 27 projects in pipeline out of which it has already successfully launched nine projects, it said in a statement here.

Of the nine, six are premium residential and three commercial projects with the remaining projects proposed for launches in the current fiscal, it said.

"Sunteck Realty is focused on catering to the aspirational business professionals by providing them their dream house," Sunteck Realty's Chairman and Managing Director, Kamal Khetan, said.

The company has already launched its high-end residential landmark projects--Signature Island at BKC with duplex apartments with an area of around 7,000 square feet to 11,000 square feet. Owing to the huge potential at BKC, the company plans to launch another two luxury residential projects--Signia Isles and Signia Pearl--in the near future, it said.

Sunteck has tapped key areas of Mumbai such as Andheri, Borivali, Vile Parle, Goregaon, Airoli, Mulund and Thane for further development.

Time for NRIs to buy a house

noreply@blogger.com (PropertyLens Blog) — Mon, 04 Oct 2010 07:43:00 +0000

After a rollercoaster ride, the residential property market has stabilised now and a number of developers are gearing up to launch new housing projects. Developers are gaining confidence and pricing the products in a realistic manner. Realty funds are coming back to identify strategic partners for investments in residential projects.

With the corporates gearing up to expand operations, commercial space movement is also reviving with smaller spaces getting absorbed at frequent intervals unlike earlier. For homebuyers, the time is just right to strike bargain deals.

For NRIs who have been waiting in the wings, the situation is just appropriate to enter the market. Home loan rates are competitive and linked to the base rates after the initial period of three years. There are banks who have waived processing and documentation charges

Foreign Funds Shying Away from Indian Real Estate

noreply@blogger.com (PropertyLens Blog) — Mon, 27 Sep 2010 07:37:00 +0000

Having burnt their fingers during the economic slowdown of 2008-09, foreign private equity (PE) funds continue to stay away from Indian real estate, even as domestic funds have taken the lead in property investments. While domestic funds have put in $864 million (Rs 3,950 crore) in 22 realty deals since January this year, foreign funds have invested a mere $126 million (Rs 575 crore) in only three deals, according to data collated by Venture Intelligence, which tracks PE and merger and acquisitions in India. During the property boom of 2004-2008, foreign funds put in millions of dollars in realty projects, expecting huge returns. Their investments peaked in 2007, when they put in around $5.73 billion (Rs 26,100 crore) as against $ 4.05 billion (Rs 18,500 crore) put in by their domestic counterparts. But the global economic slowdown of 2008-09, which led to lower home sales and redemption pressures on PEs, spoilt the party. Indicating poor risk appetite, foreign funds invested $183 million (Rs 835 crore) in Indian real estate in 2009, while domestic funds put in $665 million (Rs 3.030 crore).

“Most foreign funds are sitting on pre-crash investments which are terribly under water. Limited partners (investors in funds) have lost badly in the downturn and their current focus is more on salvaging investments than taking fresh exposure. Moreover, they still believe that India is overpriced,” says Jacob Matthew of Mape Advisory. Says Ashish Joshi, managing partner, real estate, IL&FS Milestone Fund: “Foreign investors are playing safe and are sceptical. Since one of the biggest reasons for the economic crisis was real estate, there is a rub-off impact and overseas PE funds are staying away.”

But why are domestic funds continuing their investments? For instance, during the first half of this year, the deal flow of domestic funds and amount invested have gone up by 36 per cent and 240 per cent, respectively, compared to last year. “Domestic funds can gauge the pulse of Indian real estate. Moreover, they can invest in any project of any size, unlike foreign funds whose investments are governed by FDI norms,” says a managing director of a domestic PE fund.
A number of Indian fund managers such as Indiareit, Aditya Birla Financial Services and ICICI Venture are raising or are in the process of raising around Rs 6,000 crore from domestic institutions and high net worth individuals. But non-property investments by PEs are still booming. In the first half of calendar year 2010, total PE investments touched $4.571 billion (Rs 21,380 crore) across 138 deals. This was a three-fold jump over the $1,508 million (Rs 7,000 crore) invested in 111 deals during the same period last year, according to Venture Intelligence data. “The Indian market is not cheap. They have the option of investing in other geographies where the market is cheaper,” said Vikram Hosangady, executive director-advisory transaction services, KPMG.

Retail Sector Facing Wholesale Problems

noreply@blogger.com (PropertyLens Blog) — Mon, 27 Sep 2010 07:24:00 +0000

Incessant rains, political instability in markets such as Srinagar, and the upcoming Commonwealth Games, are giving retailers and manufacturers nightmares. Companies are reworking strategies to ensure that there is adequate inventory during the forthcoming festival season. An analyst note said: “Traditionally in India, sales peak during festival time. Almost 40 per cent of sales are achieved during the period starting from October-December. Incidentally this year, the festival period will coincide with the CWG. Restricted traffic movement and flood situations are creating a barrier to free goods movement ahead of the season start.”

A slew of retailers Business Line spoke to confirmed that brainstorming sessions were on to overcome tight situations, including shipping products directly from factories to the dealers, and even setting up smaller temporary warehouses in the cities to expedite good transportation.

“We are talking to dealers to take stock even at night. On our part, we are ensuring that the warehouses are supplying goods to stockists at a common meeting point and even sub-warehouses to overcome logistical issues,” said Mr K. K. Kaul, Head (Logistics and Supply Chain) for LG Electronics India.

India 5th best country for real estate investment

noreply@blogger.com (PropertyLens Blog) — Sat, 18 Sep 2010 06:52:00 +0000

NEW DELHI: India is ranked as the fifth most attractive destination for future real estate investments in a list topped by China, according to a latest report of FCCI and Ernst and Young.

In the list of top nine attractive destination for real estate investments, China is followed by the US, UK and Singapore.

"India ranks fifth on the overall index, as it scores better on the country economy development index and the real estate market index, but fairly low on the regulatory index," the report released here said.
As per the report, there is no single clearance system for approval of investment in real estate sector in India. "In addition, the approval system is not time-bound and take up to two years," it said.

On China, it said: "Even amid cautious market sentiments and tightening of government policy, China remains attractive as an investment destination primarily due to its impressive economic growth record and favourable demographics."

However, India has the potential to even overtake the Chinese attractiveness, "if government allows real estate investment trust (REIT) and real estate mutual funds (REMF)," said Dean Hodcroft, E&Y's Head of Real Estate for India, Europe, Middle East and Africa here.

Globally, REITs and REMFs have contributed significantly to the real estate finance and developers overseas have capitalised on the growth potential of the sector, the report said.

"However, this source of finance has not seen a similar response in India primarily due to policy issues and lack of clarity on government's intention to promote such alternative source of funding," it noted.

Hodcroft observed that while global investors are wary of investing in China as they are concerned that Beijing can change the policy anytime, New Delhi should strive to make regulations more investment-friendly.

"India has a strong macro economic story which needs to be supported by some regulatory changes like availability of liquid vehicle for investment such REMFs and REITs," he added.

Hodcroft said as much as $200 billion private equity fund is waiting to be invested globally and India has a chance to get more than its fair share.

The property market is showing signs of maturity

noreply@blogger.com (PropertyLens Blog) — Sat, 18 Sep 2010 06:42:00 +0000

A key difference in the residential real estate market of today and that of 2006-07 (when the market was at its peak) is that buyers are being more selective now. During the boom time, property prices were going up everywhere – whether it was an A-grade property or a C-grade one, whether in a tier-2 town or in a tier-3 town. It was only the euphoric sentiment that was driving prices higher. Now things are a little different. You see each property market responding to local factors also and there is no one direction in which prices or rents are moving.
There are pockets where prices are rising, others where they are stable and some where a correction may still happen. That, according to me, is a very positive sign and shows that the real estate markets are maturing and so are buyers. Because of the variation, now there seems to be a logic in the price rise or decline in a market. Another encouraging sign is that buyers have now also started looking at factors like infrastructure, and connectivity instead of just buying what they could afford.

Project delays, which have been of concern to a lot of potential buyers, are also likely to improve gradually. Developers have realised that instead of spreading themselves thin across the country they need to focus on key markets and improve their track record. The consumer too has got many platforms to raise his voice and, therefore, developers cannot afford to tarnish their reputation with delayed projects. We will now see developers speeding up delayed projects and sticking to the delivery date.

Another apprehension is that investors (rather than end-users) are coming back in the market. But I think the word investor is highly misunderstood. Investing is not a bad word. Most people think of only two broad categories — the end-user and the investor who is supposed to be a speculator. However, there is also that category of potential buyers like us who may have some extra money on their hands, may have got a bonus and who want to look for a second house. Most will do so by taking another home loan. These people, in all probability, will not look at selling their property in the short term and will stick to their ‘investment’. These are not speculators.

Hard times over for realty; DLF launching ultra-rich homes

noreply@blogger.com (PropertyLens Blog) — Mon, 13 Sep 2010 10:41:00 +0000

NEW DELHI: 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."

When contacted, DLF India Vice Chairman Mohit Gujral confirmed that the company would be launching a new series of luxury housing projects under the brand 'Sama', but did not give other details.

Samatara-Shimla, Samavana-Kasauli and Samaraya-Goa will be part of the Sama series, he added.

At the height of the economic crisis, DLF too entered the mid-income housing segment when it came out with apartments in central Delhi for as low as Rs 50 lakhs.

Sama homes would be designed by Mohit Gujral, who is renowned for combining luxury with functionality, and the project would be set in lush green forests in Shimla and Kasauli, and by the sea in Goa.

The hotel and villas at Kasauli would be managed by global hospitality chain Hilton, while the company is in talks with some Asian hotel chain for managing villas and hotels at Goa, sources said.

Though the company has not fixed the price of villas and apartments so far, it is likely to be in the vicinity of Rs 3 crore for the Sama homes in Shimla, sources said, adding that allotment of houses would be on invitation only.

Zuri Group to Launch More Hotels in India

noreply@blogger.com (PropertyLens Blog) — Mon, 13 Sep 2010 10:31:00 +0000

Hotels group Zuri has recast its six properties into three niche brands and says it plans to add 10-15 hotels globally, either as new hotels or through management contracts in the next five years. Zuri Group Global, which started building its own luxury brand two years ago, would invest an estimated Rs 500 crore on two or three new hotels planned in the country. It was discussing with many players in different places, including in Bangalore, for taking up existing properties on management basis and rebranding them as Zuri, its managing directors, Bobby Kamani and Abhishek Kamani, told a news conference.

“We have a multi-pronged strategy to expand our operations. After setting up Greenfield projects, we are also looking at inorganic growth through management contracts,” Abhishek Kamani said. “We are in advanced stages of talks with a few private owners in the southern and eastern markets [for management contracts]. We are still not present in key markets such as Mumbai, Delhi, Chennai.” The group, with a fiscal 2009-10 turnover of Rs 250 crore, may tap the public issue route or private equity players to raise part of the funds and the plans were at an early stage, Abhishek Kamani said. It has invested Rs 750 crore so far on existing businesses.

Bobby Kamani said the profile of the hotel planned near the Devanahalli airport was being decided while another premium hotel in Nairobi would start shortly. Other locations in Africa, West Asia and India were being considered. He said, “We have taken a rather bold step to restructure our hospitality business at this early stage. While several brands have adopted this approach at an advanced stage of their existence in the market, we believe a restructuring at this stage will definitely help build a strong identity for our guests…. Considering the dynamic nature of our industry, we are required to compete in the global marketplace which demands bolder and clearer brands.”

The six properties would be branded as premium Platinum, the intermediate Lifestyle and the more affordable family category of Comfort, according to Priti Chand, assistant vice-president, PR & Communications. Zuri has a business hotel in the IT hub of Whitefield; a resort and spa in Kumarakom, Kerala; the White Sands Resort and Casino and the Portuguese style Retreat, both in Goa; it has one in the UK and a beach resort in Mombasa, Kenya. Domestic operations account for Rs 100 crore of the turnover.

DLF Puts on Hold its Plan to Sell Non-Core Assets

noreply@blogger.com (PropertyLens Blog) — Sat, 04 Sep 2010 05:53:00 +0000

DLF, India’s largest real estate company, has put on hold its plan to sell its non-core assets including ultra-luxury hotel chain Aman Resorts and wind energy business for the next three quarters, said Rajeev Talwar, MD at DLF Developers In July, the realtor had indicated that it plans to raise around `2,500 crore in the next 15-18 months by selling its non-core assets. The firm had raised around `290 crore for the quarter-ended June through sale of land parcels.

“Properties assume different prices at different times. Since prices in the real estate sector have started firming up, we have deferred our divestment plan for three quarters. We will rather wait for the right market condition,” said Mr Talwar. Reasons for holding onto the two business are different. “The valuation of our wind energy business was high so we decided to wait. In case of Aman, we want to check how the travel industry fares before selling our stake in it,” he said. DLF saw improved cash flows from operations in the past few months in the backdrop of recovery in the realty space. With commencement of construction of many projects, the cash flows are expected to improve further. The builder saw its total debt increase 25% to `18,463 crore during the June quarter due to the acquisition of debt-laden DLF Assets
For DLF, the average cost of debt came down to 10.5% in June 2010 from 11.9% in December 2008. The firm said it will continue to use all free cash flows to reduce debt. Recently promoter billionaire KP Singh picked up 92% stake in its wholly-owned retail subsidiary DLF Brands through fresh issue of shares for around `92 crore, by which DLF Brands ceased to be a subsidiary of DLF.

HDFC Increases its Retail Prime Lending Rate (RPLR)

noreply@blogger.com (PropertyLens Blog) — Sat, 04 Sep 2010 05:47:00 +0000

After a gap of two years, mortgage leader HDFC has increased its retail prime lending rate (RPLR) by 50 basis points to 14.25 per cent.
Significantly, the lender has not said anything on the continuation of its “teaser rates loans”, launched late last year and which was supposed to end yesterday.

“This (the hike) is in line with the current rates of interest in the economy, which have hardened in the last few months due to rising inflation and tightening of liquidity in the domestic market,” HDFC said in a statement, adding that the new rates will be effective from tomorrow.
This is the first hike since August 2008 by the largest mortgages player. HDFC follows a three-month reset cycle for its floating rate loans and hence the change in RPLR will impact all existing customers over the next three months, depending on their date of first disbursement, it said.

However, loans up to Rs 30 lakh will bear an effective interest of 9.25 per cent, while those in the Rs 30-50 lakh bracket, will carry an interest of 9.5 per cent. For loans above Rs 50 lakh, interest will be 9.75 per cent, the company spokesperson said, adding the above rates are irrespective of tenure of the loans.

A host of lenders like the State Bank, ICICI Bank and others have raised their benchmark lending rates in the last few weeks following the Reserve Bank hiking its key short-term lending and borrowing rates (repo and reverse repo) by 0.25 per cent and 0.50 per cent to 5.75 and 4.5 per cent respectively in the Q1 credit policy review on July 27.

Under the teaser rate scheme, which was innovated by SBI in early 2009, HDFC charges 8.25 per cent up to March 31, 2011, 9.25 per cent for the period between April 1, 2011 and March 31, 2012 and the applicable floating rate for the remaining term of the mortgage.

FDI in India’s Booming Real Estate Jumps 80 Folds

noreply@blogger.com (PropertyLens Blog) — Sat, 28 Aug 2010 06:13:00 +0000

It’s not Indians alone who are monitoring the real estate market here. More and more money is being pumped into India’s housing sector from abroad. And this, despite the recent downturn. Foreign direct investment (FDI) in India’s booming real estate and housing market jumped 80 times between 2005 and 2010. Figures obtained by TOI show that in 2005, FDI in real estate was a mere Rs 171 crore. That soared to Rs 13,586 crore in 2009-10. In April and May this year, Rs 737 crore in FDI was pumped into the sector.
It is no surprise that the largest number of building projects where FDI is in play are in the country’s commercial capital, Mumbai. Of the total 1,614 projects in which foreign investors have put in money since 2005, 422 were cleared by the Reserve Bank of India’s Mumbai office, followed closely by 316 in Delhi. Other big cities like Bangalore (225 projects), Hyderabad (105 projects) and Chennai (68 projects) also enjoyed considerable attention of foreign real estate developers.

Interestingly, given the booming property market across the country, FDIs are not confined to metros and big cities alone. Thus since 2005, various real estate projects have been given a green signal by RBI’s offices in Bhopal, Kanpur, Kochi, Jaipur and Panaji, amongst other places. The largest FDI in the last five years remains in the construction of a technology park at Bandra Kurla Complex in Mumbai. In this case, $372 million has been brought in through a foreign collaborator based in Mauritius.

Although the FDI has come from as many 34 countries and destinations as diverse as the Netherlands, USA, Saudi Arabia and even Sudan, data available with TOI shows that in last five years the largest number of foreign collaborators working with Indian real estate firms were based in Mauritius. Technically speaking, the Foreign Exchange Management Act or FEMA, prohibits foreign investment in real estate and construction of farm houses. However, the definition of “real estate business does not include development of townships, construction of residential or commercial premises, roads or bridges, educational institutions, recreational facilities, city and regional level infrastructure”

Global Commercial Real Estate to Touch $300-bn Mark

noreply@blogger.com (PropertyLens Blog) — Sat, 28 Aug 2010 06:06:00 +0000

Reflecting improved investor confidence, investment in commercial real estate globally is expected to witness a “healthy” growth of 40-50 per cent to $300 billion in the current year, says a report. According to the report by global real estate services firm Jones Lang LaSalle, the first half of 2010 saw investment worth $130 billion in the commercial real estate globally and is likely to touch $300 billion in the full year, representing an increase of 40-50 per cent from 2009.
“The first half of the year showed that confidence has improved and momentum has increased. While markets across the globe are strengthening, the last few weeks have shown that regional markets are moving with different dynamics,” the report noted. In the commercial real estate market, the quickest recovery was seen in the Asia Pacific. Europe lagged behind, where the investors still seem more hesitant, due to sovereign debt and austerity packages concerns, followed by the US, which had a slow start to 2010, but investment markets are picking up with the stabilised market fundamentals.

While, the rental markets are still to catch up in Asia with the improved market sentiment, the rental growth is expected to make a comeback in few European markets over the second half of 2010 and 2011.

Where's The Bottom Real Estate Foreclosure 2010 2011 2012

noreply@blogger.com (PropertyLens Blog) — Tue, 17 Aug 2010 06:17:00 +0000

Is Delhi Real Estate leading to a Dubai-like over-supply driven by hype?

noreply@blogger.com (PropertyLens Blog) — Fri, 13 Aug 2010 09:43:00 +0000

Most are thinking about where in India to actually invest in properties to have maximum returns. Though all the major Indian cities have seen an appreciation in the property prices, New Delhi, the capital of India has experienced the maximum rise in property prices. Hence, and contrary to common belief, the market shall become more unpredictable and dangerous for individual home owners or investors.

Property prices in and around New Delhi have increased many times within last few years. It's not that the property prices in New Delhi have suddenly seen a rise. Prices of property whether it be residential, commercial or industrial have been rising in New Delhi over the last few years.

And the reason behind this steady rise in property prices is the fact that being the capital of world's largest democracy, Delhi has always attracted people from all walks of life. And with Delhi being the host of Commonwealth Games to be held in 2010, considerable investments are being made by the public sector to improve the overall infrastructure. You may always wonder what will happen after this CWG 2010 hype is over and Delhi is left with real estate over-supply!

The government's positive attitude, transparent property laws and the great demand for housing and commercial establishments are attracting more people for making property investment than any other city in the region. This leaves other cities high & dry and makes Delhi congested and populated. The returns on the investment on the capital value of the property are among the highest in the world. And with the industry expanding rapidly, many are lured to not miss the opportunity and jumping-in?

UniTech Ends Join Venture With Mumbai-based Omkar Realtors Developers

noreply@blogger.com (PropertyLens Blog) — Fri, 06 Aug 2010 07:17:00 +0000

Unitech Ltd, India’s No. 2 realtor by market capitalisation, is completely exiting Unitech Omkar, its joint venture with Mumbai-based Omkar Realtors Developers, DNA has reported, citing sources close to the development.
Though the venture had fallen apart in May, the partners were believed to have decided to continue the projects launched by the company as individual special purpose vehicles (SPVs).

Now, sources said, Omkar will pay off Unitech the Rs 250 crore or so it had brought to the JV and some more, and undertake development of the project on its own, the report said. The 50:50 JV had planned to undertake development of 10 million sq ft in the next three years.
In May, while separating, the two partners had decided to complete the 1 million sq ft of launched projects together as SPVs.

When contacted, Omkar Realtors said the SPV arrangement would continue. “Even though the JV ceases to exist at an entity level, the working arrangement between the two companies is being redefined to an SPV arrangement for which the modalities are being worked upon… all project’s will be executed as per the defined timelines. Debt payment may be a default outcome once the modalities have been worked out,” a spokesperson said.

On paying Unitech Rs 250 crore, the Omkar spokesperson said the modalities were being worked out. Unitech has another JV called Shivalik Ventures with Haresh Mehta promoted Rohan Developers, which is developing the Golibar commercial project.
Together with Omkar, the two JVs accounted for Rs 10-12 of Unitech’s share price.
Unitech has a portfolio of 42 million sq ft in Mumbai, of which its share is 50 per cent, or 21 million sq ft.