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Indian REITs
DLF - (India Diversified DLF)
Thursday, 09 January 2014 03:47

In late-2013 DLF (India's biggest builder with a Market Value of about USD$4.5bn), announced plans to launch Commercial Mortgage-Backed Securities / CMBS on 2 shopping centres: the DLF Emporio; and DLF Promenade in Delhi NCR, with the aim of bringing down its cost of debt. The DLF Group (est 1946), has an extensive portfolio comprising 314m sqft of planned projects with 52m sqft under construction, and 265m sqft of development potential including 49m sqft of offices & retail space, across 15 states & 24 cities (but focused on Delhi), comprising 22 major Super Luxury, Luxury & Premium residential colonies, including Krishna Nagar in East Delhi (1949); South Extension; Greater Kailash; Kailash Colony; and Hauz Khas. With the 1957 Delhi Development Act, the state assumed control of real estate development activities with restrictions on the private sector, so it started buying land at relatively low cost outside the area, particularly in Gurgaon district and in the adjacent state of Haryana, which is now home to the 3k acre DLF City Qutab Enclave. Its IT parks segment caters to many Indian & international IT & ITES corporates, including GE, IBM, Microsoft, Canon, Citibank, Hewitt, WNS, Bank of America, Cognizant, Infosys, CSC and Symantec, and it “redefined” shopping, recreation & leisure experiences with the launch of City Centre in Gurgaon in 2000. The announcement to launch the CMBS was made shortly after the Securities & Exchange Board of India / SEBI released draft norms to allow REITs.

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Parsvnath Developers - (India Retail Shopping Cntrs PARV)
Thursday, 09 January 2014 03:09

In late-2013 Northern India’s Parsvnath Developers announced plans to list a dozen (7 built) of its Delhi Metro corridor station focused shopping centres (Azadpur, Akshardham, Inderlok, Kashmere Gate, Pratapnagar, Seelampur, Teeshazari, Metromall Welcome & Netaji Subhash Place stations), with approx 2m sq ft of space and worth around Rp5bn / $80m into a REIT. Parsvnath had completed 47 projects (with 3 others underway), with 76m sqft of space, covering residential, offices, retail, DMRC projects, hotels, SEZ’s & IT parks. The announcement was made shortly after the Securities & Exchange Board of India / SEBI released draft norms to allow REITs.

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Last Updated on Thursday, 09 January 2014 03:43