the expat buzz august 2006 - expat properties · sick mill lands and so on. ... units and treats...
TRANSCRIPT
THE EXPAT BUZZ...Property News et al
August 2006Is
sue 1
.3
Bridging theeast-west dividePage 3
Mumbai Metro updatePage 4
The Navi Mumbai storyPage 10
As we predicted in our previous issue, the boom in real estate shows no signs of slowing down. But is it all a
bubble? Recently, a publication articulated this concern by asking: “How real is this realty show?” Now, adding
fuel to this melting pot is the SEZ (Special Economic Zone) factor. Our cover story gives you a holistic take on
the 'Zone effect' and the prime players, based on articles from the Times of India, Economic Times, Financial
Express, Business Standard and Businessworld. We also give you the latest on the SEZ policy front.
As you know, the growth in the sector
began with the government’s decision to
open up investment – through 100 per
cent FDI (Foreign Direct Investment),
permitting Venture Capital funds to
deploy money in real estate, selling off
sick mill lands and so on.
However, the move to set up
SEZs across the country
could be the biggest growth
trigger of them all. SEZs
could potentially transform
the structure of the real
estate industry as we now
know it.
The SEZ (Special Economic
Zone) Act, 2005, has been in
force from February 10,
2006. It aims to simplify
procedures for setting up
units and treats the service
sector on par with the
manufacturing sector. SEZs
are governed by a special set
of rules to allow easy FDI flow
for export-oriented production. SEZs are
free trade zones outside the supervision
of customs authorities. These zones have
minimum bureaucracy, premium
infrastructure, generous tax holidays and
unlimited duty free imports of raw,
intermediate and final goods as well as
capital goods.
Units under SEZs enjoy various fiscal and
non-fiscal benefits such as duty free
imports, tax breaks (exemption of
income tax, central sales tax, service tax
and excise duty on inputs), single
window clearances, etc. Naturally, these
value-adds have attracted the attention
of companies from sectors including the
information technology, pharmaceutical,
textile, petrochemical and auto ancillary
areas. Biggies that have already
announced mega plans include Reliance
Industries, Bajaj Auto, Mahindra &
Mahindra, Tata Consultancy Services,
Wipro and Ranbaxy. Reliance Industries
is reportedly investing considerable
amounts into SEZs in Navi Mumbai and
more importantly, in Gurgaon (Haryana)
which, incidentally, is expected to be the
country’s largest SEZ.
Therefore, the SEZ initiative
could be a vital catalyst for
the long term prospects of
the Indian real estate
market. A total investment of
Rs 1 lakh crore is envisaged
in SEZs over the next three
years. In addition, these
projects can potentially
create over five lakh jobs,
quite apart from the indirect
employment that will be
generated from the actual
construction of these zones.
So, we can confidently assert
that SEZs will trigger a sharp
i n c rease i n economic
activities in and around the
prospective areas. As real estate prices
are directly co-related to the economic
activity in the region, we could even
witness another boom, which, in turn,
means that properties in and around
SEZs could be potential goldmines and
promising long term investments!
meeting you at your point of need….
Expat Properties (I) Ltd. provides a comprehensive range of real estate-related services in India and the Middle East, which include…
n Retail – Purchase, sale and letting of residential properties.
n Land Trade – Handling, sale and purchase of land for customers,
with value additions such as location analysis, feasibility
reports, legal documents, etc.
n Contracting – Project management and civil infrastructure
development.
n Investment Portfolio – Counseling our clients on the real estate
investment market and guiding them in processes that
benefit them.
Dubai
P.O. Box 181681, Dubai
U.A.E. Al Mulla Building
2nd Floor, Office 207
(Opp. Sheraton Deira),
Deira – Dubai
Tel: (+ 9714) 2973932
Fax: (+ 9714) 2974345
Email: [email protected]
Mumbai
56 Hill Road, 1st Floor
Bank of India Building, Bandra (W)
Mumbai - 400 050
Tel: (+9122) 6677 1381/ 82/ 83
Fax: (+9122) 6677 1384
Email: [email protected]
Pune
No. 32, Bandal Dhankhude Plaza
2nd Floor, Paud Road
Bhusari Colony, Kothrud
Pune – 411 038
Tel: (+9120) 2528 5611/
(+9120) 2528 5612/ 13
Fax: (+9180) 25285615
Email: [email protected]
Bangalore
No. 406, 4th floor
House of Lords, St. Mark's Road
Bangalore – 560 001
Tel: (+9180) 41329132/ 33,
(+9180) 22109732/ 33/ 34/ 35
Fax: (+9180) 4132 9135
Email: [email protected]
Goa
21/1, Alberto House
Opp. Lapaz Hotel, Swatantra Path
Vasco da Gama
Goa – 403 802
Tel: (+ 91832) 5652278/79
Email: [email protected]
Chennai
No.4D, 4th Floor
Anugraha Apartment (Old No. 19)
41 Nungambakkam, High Road
Chennai – 600 034.
Tel: (+ 9144) – 4213 2923
Contact us
Cont'd on page 5
All the buzz on the
SEZ SCENE
How SEZs are adding more sizzle to the real estate market
For more information, visit our website: www.expatpropertiesgroup.com
Customer response
I am fortunate that my association
with Expat Properties introduced me
to a profitable investment. I liked the
way in which all the procedures were
handled so professionally and the
confident manner in which the entire
process was taken care of.
I was also impressed with the personal
touch seen throughout my dealings, the
manner I was guided. My needs were
always given top priority.
Kiran Moghe
Textile businessman
Mumbai
Expat has always given us very good
service and advice related to property
matters from the time we have been
associated with them, nearly
five years ago.
In fact, I recently found my dream
home through them and I have now
recommended them to others I know.
Here’s hoping they go from strength
to strength.
Malishka Mendonca
Radio Professional, Red FM 93.5
After coming into contact with Expat
Properties, our fear of real estate
investments in unknown and often,
unseen locations has been totally
eradicated. This is mainly because
of the honest and transparent manner
in which every deal has been done.
Excellent after-sales service has been
rendered every time by all the Expat
members, be it in Dubai, Bombay,
Pune, Goa or Bangalore. As I became
more and more confident of the
products and services offered by Expat,
it became almost my duty to introduce
my friends and colleagues to them.
They too are now satisfied customers
of Expat Properties.
I foresee a great future for all the
partners and patrons of Expat
Properties, and true to your mission,
you do an exceptional job in “Building
Relationships”.
Kishore Watson
Sr. Construction Supervisor
Tebodin Middle East Ltd.
Dear valued clients and associates,
We have just passed halfway through 2006. Six months and more of the booming
real estate scene in India and there is no more talk of unrealistic investment
patterns as we see mega projects being launched, long-pending infrastructural
plans being put into action and of course, the continuing global interest in the
Indian market.
Such interest brings with it the need to change from the ordinary to the
extraordinary, as expectations tend to be higher across sectors – be it in the
amenities on offer or the interiors and other specifications. We believe that such
add-ons enhance the value you get for your money. We have featured several
projects of investment value in this issue of The Expat Buzz for those wanting to
jump onto the bandwagon and gain a sound real estate investment. If you are
planning something of that nature, I urge you to get in touch with our well-
equipped Sales Team to learn more about the various options available but which
have not been featured at the time of the issue going to press.
Santosh Shetty
CEO speaks
Disclaimer
While The Expat Buzz makes every effort to ensure that everything in the newsletter is accurate and
complete, we provide it for information purposes only, so it is indicative rather than definitive. We thus
make no explicit or implicit guarantee of its accuracy, and, as far as applicable laws allow, we neither
accept responsibility for errors, inaccuracies or omissions, nor for any loss that may result directly or
indirectly from reliance on its contents. Readers of this newsletter should not take, or omit to take, any
action that relies on information. Through the newsletter, neither Expat Properties nor any other person is
providing advisory, consulting or other professional services.
B U L L E T I N B O A R D
Imagine getting from Santacruz to
Chembur in just 12 minutes, instead of
the one hour it now takes you! This is no
dream, but one of the benefits of a long-
pending project to bridge the east-west
divide in Amchi Mumbai. The modern
marvel in question is a double decker
f lyover-cum-overbridge between
Santacruz and Chembur to be built as
part of the Santacruz-Chembur Link
Road (SCLR) project.
T he Maha ra sh t ra S t a t e Road
Development Corporation (MSRDC) will
build the bridge in 18 months. It will
connect Kalina to the Amar Mahal
Junction in Chembur on one side while its
cross arm will link Nehru Nagar in Kurla to
the Lokmanya Tilak Terminus.
The Kalina-Amar Mahal Junction
overbridge (East-West) will initially be
2 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 3
Bridging the East-West dividesix-lane but later become eight-lane
because of a second-floor two-lane 1.9
km-long section between Kurla and
Chembur. In the north-south connection
linking Nehru Nagar and the Terminus,
there will be a 2.2 km elevated stretch.
SCLR, conceptualized in the 1960s,
remained on paper till last year.
Its upper deck bridge will connect the
suburbs of Santacruz and Chembur,
while the lower deck bridge will ensure
faster local connectivity. The Minister
for Public Works, Anil Deshmukh
called it integrated planning. “There
will be faster exits to the Lokmanya
Tilak Terminus. We also expect the
Terminus to attract more traffic after
its re-development,” he said.
Source: The Times of India
News of interest for our Kohinoor clients
Take off from Navi Mumbai by October 2012Navi Mumbai may have been planned as
a ‘satellite’ of Mumbai but it is now all set
to take off on its own. Plans are being
finalized for a world-class international
airport at Panvel.
The airport, slated to be Mumbai’s
second airport, will be operational by
October 2012. It will have two parallel
runways (each 3,700 meters long)
for segregated and simultaneous
operations. To reach the airport, citizens
will zip across the proposed 225 km
Sewri-Nhava Trans-harbor link or simply
hop into a hovercraft from Colaba! The
City and Industrial Development
Corporation of Maharashtra Limited
(CIDCO) and the Airports Authority
of India will prepare a detailed
project report for the plan which has
approval from the international civil
aviation body.
Naturally, plots around Kalamboli and
Panvel are being snapped up even
though land rates have gone sky high.
According to one realty consultant, prices
around the Nhava Sheva port in Panvel
are up 100 percent!
News of interest for our Panvel investors
Source: August 2006, The Times of India22
Customer response
I am fortunate that my association
with Expat Properties introduced me
to a profitable investment. I liked the
way in which all the procedures were
handled so professionally and the
confident manner in which the entire
process was taken care of.
I was also impressed with the personal
touch seen throughout my dealings, the
manner I was guided. My needs were
always given top priority.
Kiran Moghe
Textile businessman
Mumbai
Expat has always given us very good
service and advice related to property
matters from the time we have been
associated with them, nearly
five years ago.
In fact, I recently found my dream
home through them and I have now
recommended them to others I know.
Here’s hoping they go from strength
to strength.
Malishka Mendonca
Radio Professional, Red FM 93.5
After coming into contact with Expat
Properties, our fear of real estate
investments in unknown and often,
unseen locations has been totally
eradicated. This is mainly because
of the honest and transparent manner
in which every deal has been done.
Excellent after-sales service has been
rendered every time by all the Expat
members, be it in Dubai, Bombay,
Pune, Goa or Bangalore. As I became
more and more confident of the
products and services offered by Expat,
it became almost my duty to introduce
my friends and colleagues to them.
They too are now satisfied customers
of Expat Properties.
I foresee a great future for all the
partners and patrons of Expat
Properties, and true to your mission,
you do an exceptional job in “Building
Relationships”.
Kishore Watson
Sr. Construction Supervisor
Tebodin Middle East Ltd.
Dear valued clients and associates,
We have just passed halfway through 2006. Six months and more of the booming
real estate scene in India and there is no more talk of unrealistic investment
patterns as we see mega projects being launched, long-pending infrastructural
plans being put into action and of course, the continuing global interest in the
Indian market.
Such interest brings with it the need to change from the ordinary to the
extraordinary, as expectations tend to be higher across sectors – be it in the
amenities on offer or the interiors and other specifications. We believe that such
add-ons enhance the value you get for your money. We have featured several
projects of investment value in this issue of The Expat Buzz for those wanting to
jump onto the bandwagon and gain a sound real estate investment. If you are
planning something of that nature, I urge you to get in touch with our well-
equipped Sales Team to learn more about the various options available but which
have not been featured at the time of the issue going to press.
Santosh Shetty
CEO speaks
Disclaimer
While The Expat Buzz makes every effort to ensure that everything in the newsletter is accurate and
complete, we provide it for information purposes only, so it is indicative rather than definitive. We thus
make no explicit or implicit guarantee of its accuracy, and, as far as applicable laws allow, we neither
accept responsibility for errors, inaccuracies or omissions, nor for any loss that may result directly or
indirectly from reliance on its contents. Readers of this newsletter should not take, or omit to take, any
action that relies on information. Through the newsletter, neither Expat Properties nor any other person is
providing advisory, consulting or other professional services.
B U L L E T I N B O A R D
Imagine getting from Santacruz to
Chembur in just 12 minutes, instead of
the one hour it now takes you! This is no
dream, but one of the benefits of a long-
pending project to bridge the east-west
divide in Amchi Mumbai. The modern
marvel in question is a double decker
f lyover-cum-overbridge between
Santacruz and Chembur to be built as
part of the Santacruz-Chembur Link
Road (SCLR) project.
T he Maha ra sh t ra S t a t e Road
Development Corporation (MSRDC) will
build the bridge in 18 months. It will
connect Kalina to the Amar Mahal
Junction in Chembur on one side while its
cross arm will link Nehru Nagar in Kurla to
the Lokmanya Tilak Terminus.
The Kalina-Amar Mahal Junction
overbridge (East-West) will initially be
2 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 3
Bridging the East-West dividesix-lane but later become eight-lane
because of a second-floor two-lane 1.9
km-long section between Kurla and
Chembur. In the north-south connection
linking Nehru Nagar and the Terminus,
there will be a 2.2 km elevated stretch.
SCLR, conceptualized in the 1960s,
remained on paper till last year.
Its upper deck bridge will connect the
suburbs of Santacruz and Chembur,
while the lower deck bridge will ensure
faster local connectivity. The Minister
for Public Works, Anil Deshmukh
called it integrated planning. “There
will be faster exits to the Lokmanya
Tilak Terminus. We also expect the
Terminus to attract more traffic after
its re-development,” he said.
Source: The Times of India
News of interest for our Kohinoor clients
Take off from Navi Mumbai by October 2012Navi Mumbai may have been planned as
a ‘satellite’ of Mumbai but it is now all set
to take off on its own. Plans are being
finalized for a world-class international
airport at Panvel.
The airport, slated to be Mumbai’s
second airport, will be operational by
October 2012. It will have two parallel
runways (each 3,700 meters long)
for segregated and simultaneous
operations. To reach the airport, citizens
will zip across the proposed 225 km
Sewri-Nhava Trans-harbor link or simply
hop into a hovercraft from Colaba! The
City and Industrial Development
Corporation of Maharashtra Limited
(CIDCO) and the Airports Authority
of India will prepare a detailed
project report for the plan which has
approval from the international civil
aviation body.
Naturally, plots around Kalamboli and
Panvel are being snapped up even
though land rates have gone sky high.
According to one realty consultant, prices
around the Nhava Sheva port in Panvel
are up 100 percent!
News of interest for our Panvel investors
Source: August 2006, The Times of India22
B U L L E T I N B O A R DSEZs to morph into Investment
Regions?
Infy plans SEZs in Tier II cities
While so much interest has been
generated, are SEZs, per se, undergoing
subt le modif icat ions? Recent ly,
Department of Industrial Policy and
Promotion Secretary, Ajay Dua, hinted as
much when he said: “We plan to set up
five or six Investment Regions in the
country to extract maximum leverage
f rom proposed investments in
infrastructure”.
The proposal involves a network of high
quality roads, air and sea ports and
power plants connecting every industry
and development in a geographical area
of 250–300 km.
Existing SEZs could be included in such
regions, Dua said. State governments
such as Gujarat, Maharashtra, Haryana,
Karnataka, Andhra Pradesh and Orissa
have reportedly sent proposals on
this already.
At the moment, however, SEZs
continue to be high on the radar.
The Nasdaq- l i s ted In fosys
Technologies is planning SEZs
either entirely on its own or will
locate itself in zones promoted by
others.
This is because tax benefits on
the export revenues of
software companies will end by
2010.
“This year we will invest
about $400 million in
expansion, which includes
investment in SEZs. We
already have a SEZ in
Mahindra City and are
looking at SEZs in
Mysore, Mangalore,
Thiruvananthapuram,
Chandigarh and Pune.
Given the tax benefits,
it makes sense to
expand within SEZs
and we will look for
t h e m w h e r e v e r
The who’s who on the SEZ
scene
The SEZ scene may be on
fire just now, but do you know
which company is investing
how much and where? Take a
look at our list.
The 1,000 to 10,000+ acre
club
Mahindras – 10,000+ acres
In Chennai, Pune, Jaipur and
Eastern India, Tier II cities
Emaar – 10,000+ acres
Across India
Ansals – 10,000 + acres
Across India
Infosys– 2,145 acres
Bangalore, Hyderabad
Indiabulls – 192 acres
Sonepat, Mumbai, Delhi
The 20,000 + acre club
Tata Group – 30,000+ acres
Across India
Unitech – 30,000+ acres
Kundli (North Delhi)
Baba Kalyani – 27,000 + acres
Bangalore, Pune
Sahara – 20,000 + acres
Across India
The 50,000 + acre club
Reliance Industries – 100,000
acres
Navi Mumbai, Haryana, East
and South India
DLF Universal – 50,000+ acres
Across India
4 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 5
All the buzz... (cont'd from page 1)
possible,” Krish Gopalakrishnan, COO,
Infosys Technologies, said recently.
Likewise, the Essar Group plans to invest
nearly Rs 11,000 crore in a proposed SEZ
near Jamnagar, Gujarat. The actual
investment could be even higher. “Under
SEZ rules, the anchor company will
invest 75% of the total investment. So,
total investment will be close to
Rs 15,000 crore,” company officials have
disclosed.
The Hinduja Group is planning a
multi-product SEZ at Visakhapatnam. It
also plans to use its Hyderabad land
where Indian Detonators Limited (IDL), a
group company, is presently located, for
other purposes.
Essar looking at Rs 11,000 crore SEZ
Hindujas select Vizag for multi-
product SEZ
Tired of the interminable traffic jams and endless hours on
Mumbai’s clogged roads? Take heart. Work on the Mumbai
Metro network will start this year-end.
Then, work begins on the first of the planned nine corridors of
the 146 km Metro rail network that will crisis-cross the city.
The first trains will start chugging by 2009. All this is because
the state government has now accepted a bid from a Reliance
Energy Limited-led consortium to build the city’s first Metro
corridor – an 11.4 km Versova-Andheri-Ghatkopar stretch.
At a project cost of Rs 2,356 crore, including government
subsidy of Rs 651 crore, this long overdue Metro link will be
India’s most expensive public transport link so far: over Rs
214 crore per km! The project is India’s first Metro to be
executed on a Build-Own-Operate-Transfer (BOOT) basis. The
consortium will run it till 2039-40; then hand it over to the
state.
Traffic analysis has shown that each train trip will carry as
many as seven lanes of bus traffic or 24 lanes of private motor
cars. Fares are Rs 6 (up to 3 km), Rs 8 (3 km-8 km) and Rs 10.
B’lore-Mysore corridor updatePhase I of the Rs 2,250-crore Bangalore-
Mysore Infrastructure Corridor (BMIC)
project is to be complete by August 15
2006. By then, the project executor,
Nandi Infrastructure Corridor Enterprises
(NICE), must build a 9.1 km link road
between Mysore Road (BHEL) and
Somupura (the interchange and the
beginning of the expressway), a 12 km
expressway up to Bidadi, develop
interchanges at Hosur Road and a 41 km
peripheral road linking Hosur Road to
Tumkur Road.
Phase II will involve building a 35 km
expressway between Bidadi and
Channapatna along with Commercial and
Industrial Townships. The final phase will
see the portion of the expressway
between Ramanagaram and Mysore
taken up, two more townships developed
along with an eco-tourism project and a
heritage center. NICE Managing Director,
Ashok Kheny, is confident the
expressway will be completed by the
middle of 2008. Townships will have basic
facilities such as roads, drains, power
and water supply by the middle of 2009.
Source: The Indian Express
Mumbai Metro work to start end-2006
News of interest for our Bangalore investors
Source: 18 May 2006, The Indian Express
B U L L E T I N B O A R DSEZs to morph into Investment
Regions?
Infy plans SEZs in Tier II cities
While so much interest has been
generated, are SEZs, per se, undergoing
subt le modif icat ions? Recent ly,
Department of Industrial Policy and
Promotion Secretary, Ajay Dua, hinted as
much when he said: “We plan to set up
five or six Investment Regions in the
country to extract maximum leverage
f rom proposed investments in
infrastructure”.
The proposal involves a network of high
quality roads, air and sea ports and
power plants connecting every industry
and development in a geographical area
of 250–300 km.
Existing SEZs could be included in such
regions, Dua said. State governments
such as Gujarat, Maharashtra, Haryana,
Karnataka, Andhra Pradesh and Orissa
have reportedly sent proposals on
this already.
At the moment, however, SEZs
continue to be high on the radar.
The Nasdaq- l i s ted In fosys
Technologies is planning SEZs
either entirely on its own or will
locate itself in zones promoted by
others.
This is because tax benefits on
the export revenues of
software companies will end by
2010.
“This year we will invest
about $400 million in
expansion, which includes
investment in SEZs. We
already have a SEZ in
Mahindra City and are
looking at SEZs in
Mysore, Mangalore,
Thiruvananthapuram,
Chandigarh and Pune.
Given the tax benefits,
it makes sense to
expand within SEZs
and we will look for
t h e m w h e r e v e r
The who’s who on the SEZ
scene
The SEZ scene may be on
fire just now, but do you know
which company is investing
how much and where? Take a
look at our list.
The 1,000 to 10,000+ acre
club
Mahindras – 10,000+ acres
In Chennai, Pune, Jaipur and
Eastern India, Tier II cities
Emaar – 10,000+ acres
Across India
Ansals – 10,000 + acres
Across India
Infosys– 2,145 acres
Bangalore, Hyderabad
Indiabulls – 192 acres
Sonepat, Mumbai, Delhi
The 20,000 + acre club
Tata Group – 30,000+ acres
Across India
Unitech – 30,000+ acres
Kundli (North Delhi)
Baba Kalyani – 27,000 + acres
Bangalore, Pune
Sahara – 20,000 + acres
Across India
The 50,000 + acre club
Reliance Industries – 100,000
acres
Navi Mumbai, Haryana, East
and South India
DLF Universal – 50,000+ acres
Across India
4 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 5
All the buzz... (cont'd from page 1)
possible,” Krish Gopalakrishnan, COO,
Infosys Technologies, said recently.
Likewise, the Essar Group plans to invest
nearly Rs 11,000 crore in a proposed SEZ
near Jamnagar, Gujarat. The actual
investment could be even higher. “Under
SEZ rules, the anchor company will
invest 75% of the total investment. So,
total investment will be close to
Rs 15,000 crore,” company officials have
disclosed.
The Hinduja Group is planning a
multi-product SEZ at Visakhapatnam. It
also plans to use its Hyderabad land
where Indian Detonators Limited (IDL), a
group company, is presently located, for
other purposes.
Essar looking at Rs 11,000 crore SEZ
Hindujas select Vizag for multi-
product SEZ
Tired of the interminable traffic jams and endless hours on
Mumbai’s clogged roads? Take heart. Work on the Mumbai
Metro network will start this year-end.
Then, work begins on the first of the planned nine corridors of
the 146 km Metro rail network that will crisis-cross the city.
The first trains will start chugging by 2009. All this is because
the state government has now accepted a bid from a Reliance
Energy Limited-led consortium to build the city’s first Metro
corridor – an 11.4 km Versova-Andheri-Ghatkopar stretch.
At a project cost of Rs 2,356 crore, including government
subsidy of Rs 651 crore, this long overdue Metro link will be
India’s most expensive public transport link so far: over Rs
214 crore per km! The project is India’s first Metro to be
executed on a Build-Own-Operate-Transfer (BOOT) basis. The
consortium will run it till 2039-40; then hand it over to the
state.
Traffic analysis has shown that each train trip will carry as
many as seven lanes of bus traffic or 24 lanes of private motor
cars. Fares are Rs 6 (up to 3 km), Rs 8 (3 km-8 km) and Rs 10.
B’lore-Mysore corridor updatePhase I of the Rs 2,250-crore Bangalore-
Mysore Infrastructure Corridor (BMIC)
project is to be complete by August 15
2006. By then, the project executor,
Nandi Infrastructure Corridor Enterprises
(NICE), must build a 9.1 km link road
between Mysore Road (BHEL) and
Somupura (the interchange and the
beginning of the expressway), a 12 km
expressway up to Bidadi, develop
interchanges at Hosur Road and a 41 km
peripheral road linking Hosur Road to
Tumkur Road.
Phase II will involve building a 35 km
expressway between Bidadi and
Channapatna along with Commercial and
Industrial Townships. The final phase will
see the portion of the expressway
between Ramanagaram and Mysore
taken up, two more townships developed
along with an eco-tourism project and a
heritage center. NICE Managing Director,
Ashok Kheny, is confident the
expressway will be completed by the
middle of 2008. Townships will have basic
facilities such as roads, drains, power
and water supply by the middle of 2009.
Source: The Indian Express
Mumbai Metro work to start end-2006
News of interest for our Bangalore investors
Source: 18 May 2006, The Indian Express
Given the dedication and strict quality
control we exercise, we are now
recognized as contractors to be reckoned
within the telecom industry! In keeping
with this commitment to expand, the
Contracting Division has seen an
impressive growth in clientele as well as
geographical reach – we now have offices
in Chennai, Ranchi,
B a n g a l o r e a n d
Kolkata. This has also
helped us diversify our
portfolio.
When a project is
entrusted to us, we
ensure that we deliver.
No matter what the
c i r c u m s t a n c e s .
Recently, we delivered
Phase I of what we had
committed to Hutch
and Nortel. Once the
m o n s o o n s a r e
over, we plan to
further diversify
Of deadlines and
diversification
Just as the Retail division is constantly
striving to add value to our valuable
clients, the Contracting Division too is
continuously re-inventing itself. Now,
there has been a successful transition
from pure contract ing of land
development, road alignment and
construction to the telecom industry.
Broadening our horizons... to serve you better
RE
TA
IL
AN
D
LA
ND
T
RA
DE
Broadening our horizons... to serve you better
TH
E
CO
NT
RA
CT
IN
G
DIV
IS
IO
N6 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 7
In keeping with our commitment of
meeting clients at their every point of
need, our Retail Division has surveyed
developing areas that surround cities
such as Bangalore and Mysore as well as
suburban localities such as Navi Mumbai.
With our proven expertise in the real
estate scene, we have decided to zero in
on a couple of prime locations for you.
In Bangalore, there has been
unprecedented demand for residential
property across micro markets with
prices hardening for all categories of
properties. Demand for independent
luxury homes and high end apartments is
on the rise. One reason is larger
disposable incomes. To help meet this
unprecedented demand for our clients,
Expat Properties has enhanced its retail
property portfolio in the Bangalore
suburbs.
Hebbal is a residential complex
with 2-3 BHK luxury apartments in the
heart of the city. The apartments are
1,200 to 1,500 sq. ft. and enveloped in
the beauty and tranquility of the nearby
Hebbal Lake. The property is less than
eight km from M.G. Road and just half a
kilometer from the Ring Road. This
Hebbal:
means you can easily drive to any part of
the city! Given our stress on quality, the
flats come equipped with all modern
amenities and best of all, are priced at
very competitive rates.
Mysore is to Bangalore what
Pune is to Mumbai. Like Pune, Mysore is
the next destination for futuristic
development. Besides, Mysore has
better infrastructure and is more
picturesque than Bangalore.
Now, the royal city is set for a makeover
as the new destination for corporates.
Connectivity used to be a major factor
but the four lane road and the
considerable progress on the Bangalore-
Mysore Expressway has generated
demand for space in Mysore. The two
cities are now an hour and a half away. IT
biggies Wipro and First American
Corporation plan major operations in
Mysore. Infosys already has a training
center here and Wipro has reportedly
acquired land. The expressway, broad
gauge conversion and air connectivity
will soon change the face of Mysore. With
our knack for being bang on when it
comes to such developments, Expat
Properties is in the process of acquiring
80 acres on Bannur Road in Mysore, just
seven km from the Palace grounds.
As Mumbai, in its effort to
expand, is taking concrete steps to link to
the mainland, we as a company followed
the vibes and acquired land in the city of
Panvel.
Panvel is a quiet countryside suburb on
the western coast of India. It is a nodal
city, 15 minutes away from Navi Mumbai
and 45 minutes from Sion-Mumbai. Lush
Mysore:
Panvel:
and green with waterfalls and sylvan
countryside, Panvel is a well planned
suburb with good transport facilities,
wide roads, and facilities for education,
entertainment, etc. It is fast turning out
to be a premium residential locality.
It is also well connected to Mumbai. In
the past couple of years, there have been
major developments around Panvel such
as the DAKC at Koparkhairane, the
Jawaharlal Nehru Port Trust, the
International Infotech Park at Vashi and
the International Technology Center at
Belapur. (Our City Focus column
on page 10 updates you on
developments around Panvel.)
We have on offer residential plots of a
minimum size of 3,013 sq. ft. each,
having an FSI of 1:1 for construction. The
property is just two km off NH4 and eight
km from Panvel station.
Our property promises high returns given
that New Panvel is now saturated and
non-agricultural land scarce. Its
proximity to the proposed International
Airport, the proposed Mukesh Ambani’s
Maha Mumbai project and the
Sion–Panvel multi-lane project are added
attractions.
All this makes Panvel a super investment
for those who want property with
potential.
“You may call it divine intuition or
simply intelligent strategising” but
by a happy coincidence all our new
ventures, whether in Bangalore or
Mumbai, are in and around major
developments. An investment in any of
these properties will, therefore, be
extremely lucrative.
into constructing villas / bungalows for
projects handled by our Retail Divison.
This will ensure that we bring a unique,
hands-on approach to all the projects.
As we mentioned before, broadening our
horizons ensures that we stay on top. We
are constantly on the look out for
untapped market spaces such as
w a r e h o u s i n g , l o w - c o s t r a p i d
construction, integrated commercial /
residential complex maintenance, and so
on. These are areas where we believe we
can set the standards.
Last but not the least; our efforts
would be in vain if we did not have
t h e c o n s t a n t s u p p o r t a n d
encouragement of our esteemed
clients, our board and all divisions
that continue to extend confidence
in the abilities of our team. It is
such support that reinforces our
be l ie fs and leaves us
enthused!
That is why we aim to do
better, always.
Contracting Division Retail Division
Given the dedication and strict quality
control we exercise, we are now
recognized as contractors to be reckoned
within the telecom industry! In keeping
with this commitment to expand, the
Contracting Division has seen an
impressive growth in clientele as well as
geographical reach – we now have offices
in Chennai, Ranchi,
B a n g a l o r e a n d
Kolkata. This has also
helped us diversify our
portfolio.
When a project is
entrusted to us, we
ensure that we deliver.
No matter what the
c i r c u m s t a n c e s .
Recently, we delivered
Phase I of what we had
committed to Hutch
and Nortel. Once the
m o n s o o n s a r e
over, we plan to
further diversify
Of deadlines and
diversification
Just as the Retail division is constantly
striving to add value to our valuable
clients, the Contracting Division too is
continuously re-inventing itself. Now,
there has been a successful transition
from pure contract ing of land
development, road alignment and
construction to the telecom industry.
Broadening our horizons... to serve you better
RE
TA
IL
AN
D
LA
ND
T
RA
DE
Broadening our horizons... to serve you better
TH
E
CO
NT
RA
CT
IN
G
DIV
IS
IO
N
6 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 7
In keeping with our commitment of
meeting clients at their every point of
need, our Retail Division has surveyed
developing areas that surround cities
such as Bangalore and Mysore as well as
suburban localities such as Navi Mumbai.
With our proven expertise in the real
estate scene, we have decided to zero in
on a couple of prime locations for you.
In Bangalore, there has been
unprecedented demand for residential
property across micro markets with
prices hardening for all categories of
properties. Demand for independent
luxury homes and high end apartments is
on the rise. One reason is larger
disposable incomes. To help meet this
unprecedented demand for our clients,
Expat Properties has enhanced its retail
property portfolio in the Bangalore
suburbs.
Hebbal is a residential complex
with 2-3 BHK luxury apartments in the
heart of the city. The apartments are
1,200 to 1,500 sq. ft. and enveloped in
the beauty and tranquility of the nearby
Hebbal Lake. The property is less than
eight km from M.G. Road and just half a
kilometer from the Ring Road. This
Hebbal:
means you can easily drive to any part of
the city! Given our stress on quality, the
flats come equipped with all modern
amenities and best of all, are priced at
very competitive rates.
Mysore is to Bangalore what
Pune is to Mumbai. Like Pune, Mysore is
the next destination for futuristic
development. Besides, Mysore has
better infrastructure and is more
picturesque than Bangalore.
Now, the royal city is set for a makeover
as the new destination for corporates.
Connectivity used to be a major factor
but the four lane road and the
considerable progress on the Bangalore-
Mysore Expressway has generated
demand for space in Mysore. The two
cities are now an hour and a half away. IT
biggies Wipro and First American
Corporation plan major operations in
Mysore. Infosys already has a training
center here and Wipro has reportedly
acquired land. The expressway, broad
gauge conversion and air connectivity
will soon change the face of Mysore. With
our knack for being bang on when it
comes to such developments, Expat
Properties is in the process of acquiring
80 acres on Bannur Road in Mysore, just
seven km from the Palace grounds.
As Mumbai, in its effort to
expand, is taking concrete steps to link to
the mainland, we as a company followed
the vibes and acquired land in the city of
Panvel.
Panvel is a quiet countryside suburb on
the western coast of India. It is a nodal
city, 15 minutes away from Navi Mumbai
and 45 minutes from Sion-Mumbai. Lush
Mysore:
Panvel:
and green with waterfalls and sylvan
countryside, Panvel is a well planned
suburb with good transport facilities,
wide roads, and facilities for education,
entertainment, etc. It is fast turning out
to be a premium residential locality.
It is also well connected to Mumbai. In
the past couple of years, there have been
major developments around Panvel such
as the DAKC at Koparkhairane, the
Jawaharlal Nehru Port Trust, the
International Infotech Park at Vashi and
the International Technology Center at
Belapur. (Our City Focus column
on page 10 updates you on
developments around Panvel.)
We have on offer residential plots of a
minimum size of 3,013 sq. ft. each,
having an FSI of 1:1 for construction. The
property is just two km off NH4 and eight
km from Panvel station.
Our property promises high returns given
that New Panvel is now saturated and
non-agricultural land scarce. Its
proximity to the proposed International
Airport, the proposed Mukesh Ambani’s
Maha Mumbai project and the
Sion–Panvel multi-lane project are added
attractions.
All this makes Panvel a super investment
for those who want property with
potential.
“You may call it divine intuition or
simply intelligent strategising” but
by a happy coincidence all our new
ventures, whether in Bangalore or
Mumbai, are in and around major
developments. An investment in any of
these properties will, therefore, be
extremely lucrative.
into constructing villas / bungalows for
projects handled by our Retail Divison.
This will ensure that we bring a unique,
hands-on approach to all the projects.
As we mentioned before, broadening our
horizons ensures that we stay on top. We
are constantly on the look out for
untapped market spaces such as
w a r e h o u s i n g , l o w - c o s t r a p i d
construction, integrated commercial /
residential complex maintenance, and so
on. These are areas where we believe we
can set the standards.
Last but not the least; our efforts
would be in vain if we did not have
t h e c o n s t a n t s u p p o r t a n d
encouragement of our esteemed
clients, our board and all divisions
that continue to extend confidence
in the abilities of our team. It is
such support that reinforces our
be l ie fs and leaves us
enthused!
That is why we aim to do
better, always.
Contracting Division Retail Division
Expat Properties’ new venture
Expat Properties (I) Ltd. has
ventured into the secondary
market through all its existing
offices. There is a large market for
flats bought and sold either by the
investor to the end users or leased
out for periods ranging from eleven
months to nine years.
As most of our clients possess more
than two properties in India, we
realized we could help them lease or
sell their apartments to benefit from
the ongoing realty boom. Such a
venture ensures we stay true to our
motto: ‘Building Relationships’.
Details of ongoing projects
RE
TA
IL
AN
D
LA
ND
T
RA
DE
8 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 9
Details of ongoing projects (cont'd)
RE
TA
IL
AN
D
LA
ND
T
RA
DE
Botharwadi
Pirungut Industrial Area
Location:
This is a 70-acre property in Mulshi Taluka, Pune. Apart from
the glorious location, it also scores because of its connectivity.
It is just 17 km from Kothrud, 12 km from Hinjewadi, 24 km
from Lavasa and seven km from Manas Resort & Boating.
Highlights:
Here, you find agricultural land in an untouched state. The
property is next to a four-track road and there are a number of
farmhouse and bungalow plots nearby. What is more
attractive is that you can immediately register. What goes
without saying is that the project and the land has high utility
value.
Given the increasing potential for real estate investments, we
also have on offer land in and around Bangalore, Pune, Goa
and Navi Mumbai.
Location:
Situated right in the Pirangut Industrial estate, Mulshi Taluka,
this is ideal for business expansion. Just two km from
Gothwade Phata, 17 km from Chandini Chowk and 15 km from
Salthar
Location: Situated in Lonavala, a hill station, just 128 km from
Mumbai and 94 km from Pune.
Highlights:
Not only is this a slice of unspoilt nature, another advantage is
that Salthar adjoins the mega Amby Valley project and is just 30
minutes’ drive from Lonavala City. So, not only do you get the
best of natural beauty, you also get all the urban conveniences –
asphalted approach roads, electricity connections, regular water
supply and every other amenity you can think of.
Hinjewadi IT Park. In fact, it is barely a half an hour's drive
from Pune city.
Highlights:
The total land available is 24 acres and it comes under the
industrial zone. The terrain is good and there's a river flowing
by the south side of the property. In terms of facilities, water
and electricity connections are already in place and there is an
asphalted approach road from the north side.
Location:
On offer are 3.850 acres inside the Urawade residential zone.
This is perfect because it is just 1,000 metres away from the
Pirangut Industrial Estate. Besides, it is 14 km from Chandni
Chowk and 16.5 km from the Hinjewadi IT Park.
Highlights:
Urawade offers you the chance to build a home away from
home. On offer are residential plots of 2,800 to 3,000 sq.ft.
with all necessary amenities. There will be no question of
being isolated for other developers have bungalow-sized plots
in the neighborhood. As with all the other projects, the land
has high utility value.
Urawade Residential Zone
Wegre
Location:
Situated in Mulshi Taluka, Pune, Wegre is another place blessed
by nature’s bounty. It lies at the edge of a lake created by the
Temghar dam and is just 202 km from Mumbai. In fact, from
Chandni Chawk to the site is just 36 km and it is barely five
minutes from Lavasa!
Highlights:
This is a 1,000 acre property and adjoins the Lavasa project.
As we said before, the backwaters of the Temghar dam lend a
quiet magnificence to the area.
Kohinoor City
Around this time last year there was
chaos in Mumbai with the rains pouring
down like there was no tomorrow. The
scene at Kohinoor City was no different;
there was water, water, everywhere –
logging outside and within the complex.
Then followed the infamous deluge of
26/7 that left areas around Kohinoor City
submerged under 14 ft. of water while
the complex experienced only four ft.
of water.
This was an eye opener as after that we
re-examined and altered the drainage
system. This monsoon too has led to
heavy downpours but fortunately, there
has been no water logging, within the
complex or around.
Construction is on in full swing. Work on
the columns and the slabs is over and
now it is time to lay bricks for the
exteriors. The interiors will be done last.
All the citizens of Kohinoor City have met
the Kohinoor team, either at the site or in
the case of the Middle Eastern clients,
in Dubai / Oman, to get the
flats customized.
The buildings, though skeletal
now, do hint at what the
finished buildings will look.
Safety standards are excellent
– in contrast to what most other
builders practise. That in itself
speaks of the quality
maintained in the project.
The Kohinoor team has
worked day and night which is
how the two slabs have
been put up within a
month, though it usually
takes anywhere between 30
and 45 days. This may have
put some extra burden
on clients as they had to
make payments faster
than expected.
Signboards on the
internal roads are up,
excavation of the mall
site is on and post monsoon, actual
construction will start. Overall, work is
progressing as per schedule and the
Kohinoor team should be able to deliver
the much awaited Kohinoor City within
the stipulated time.
The Solitude
Highlights:
Location: Situated 48 km from Pune and
163 km from Mumbai, The Solitude is
located in the idyllic hill station of
Mugaon. Perched beside a lake created
by the Warasgaon dam, the very air here
brings a blush to your cheeks and a smile
to your lips. Naturally, the weather is
excellent all through the year.
There are plots of different sizes available
– ideal for cottages, bungalows or little
villas, depending on what you want to do
with this haven of peace and serenity.
Apart from the scenic beauty of the area,
the fact that land prices in the vicinity are
on an inexorable climb, make this a
surefire investment winner!
Land Trade
Expat Properties’ new venture
Expat Properties (I) Ltd. has
ventured into the secondary
market through all its existing
offices. There is a large market for
flats bought and sold either by the
investor to the end users or leased
out for periods ranging from eleven
months to nine years.
As most of our clients possess more
than two properties in India, we
realized we could help them lease or
sell their apartments to benefit from
the ongoing realty boom. Such a
venture ensures we stay true to our
motto: ‘Building Relationships’.
Details of ongoing projects
RE
TA
IL
AN
D
LA
ND
T
RA
DE
8 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 9
Details of ongoing projects (cont'd)
RE
TA
IL
AN
D
LA
ND
T
RA
DE
Botharwadi
Pirungut Industrial Area
Location:
This is a 70-acre property in Mulshi Taluka, Pune. Apart from
the glorious location, it also scores because of its connectivity.
It is just 17 km from Kothrud, 12 km from Hinjewadi, 24 km
from Lavasa and seven km from Manas Resort & Boating.
Highlights:
Here, you find agricultural land in an untouched state. The
property is next to a four-track road and there are a number of
farmhouse and bungalow plots nearby. What is more
attractive is that you can immediately register. What goes
without saying is that the project and the land has high utility
value.
Given the increasing potential for real estate investments, we
also have on offer land in and around Bangalore, Pune, Goa
and Navi Mumbai.
Location:
Situated right in the Pirangut Industrial estate, Mulshi Taluka,
this is ideal for business expansion. Just two km from
Gothwade Phata, 17 km from Chandini Chowk and 15 km from
Salthar
Location: Situated in Lonavala, a hill station, just 128 km from
Mumbai and 94 km from Pune.
Highlights:
Not only is this a slice of unspoilt nature, another advantage is
that Salthar adjoins the mega Amby Valley project and is just 30
minutes’ drive from Lonavala City. So, not only do you get the
best of natural beauty, you also get all the urban conveniences –
asphalted approach roads, electricity connections, regular water
supply and every other amenity you can think of.
Hinjewadi IT Park. In fact, it is barely a half an hour's drive
from Pune city.
Highlights:
The total land available is 24 acres and it comes under the
industrial zone. The terrain is good and there's a river flowing
by the south side of the property. In terms of facilities, water
and electricity connections are already in place and there is an
asphalted approach road from the north side.
Location:
On offer are 3.850 acres inside the Urawade residential zone.
This is perfect because it is just 1,000 metres away from the
Pirangut Industrial Estate. Besides, it is 14 km from Chandni
Chowk and 16.5 km from the Hinjewadi IT Park.
Highlights:
Urawade offers you the chance to build a home away from
home. On offer are residential plots of 2,800 to 3,000 sq.ft.
with all necessary amenities. There will be no question of
being isolated for other developers have bungalow-sized plots
in the neighborhood. As with all the other projects, the land
has high utility value.
Urawade Residential Zone
Wegre
Location:
Situated in Mulshi Taluka, Pune, Wegre is another place blessed
by nature’s bounty. It lies at the edge of a lake created by the
Temghar dam and is just 202 km from Mumbai. In fact, from
Chandni Chawk to the site is just 36 km and it is barely five
minutes from Lavasa!
Highlights:
This is a 1,000 acre property and adjoins the Lavasa project.
As we said before, the backwaters of the Temghar dam lend a
quiet magnificence to the area.
Kohinoor City
Around this time last year there was
chaos in Mumbai with the rains pouring
down like there was no tomorrow. The
scene at Kohinoor City was no different;
there was water, water, everywhere –
logging outside and within the complex.
Then followed the infamous deluge of
26/7 that left areas around Kohinoor City
submerged under 14 ft. of water while
the complex experienced only four ft.
of water.
This was an eye opener as after that we
re-examined and altered the drainage
system. This monsoon too has led to
heavy downpours but fortunately, there
has been no water logging, within the
complex or around.
Construction is on in full swing. Work on
the columns and the slabs is over and
now it is time to lay bricks for the
exteriors. The interiors will be done last.
All the citizens of Kohinoor City have met
the Kohinoor team, either at the site or in
the case of the Middle Eastern clients,
in Dubai / Oman, to get the
flats customized.
The buildings, though skeletal
now, do hint at what the
finished buildings will look.
Safety standards are excellent
– in contrast to what most other
builders practise. That in itself
speaks of the quality
maintained in the project.
The Kohinoor team has
worked day and night which is
how the two slabs have
been put up within a
month, though it usually
takes anywhere between 30
and 45 days. This may have
put some extra burden
on clients as they had to
make payments faster
than expected.
Signboards on the
internal roads are up,
excavation of the mall
site is on and post monsoon, actual
construction will start. Overall, work is
progressing as per schedule and the
Kohinoor team should be able to deliver
the much awaited Kohinoor City within
the stipulated time.
The Solitude
Highlights:
Location: Situated 48 km from Pune and
163 km from Mumbai, The Solitude is
located in the idyllic hill station of
Mugaon. Perched beside a lake created
by the Warasgaon dam, the very air here
brings a blush to your cheeks and a smile
to your lips. Naturally, the weather is
excellent all through the year.
There are plots of different sizes available
– ideal for cottages, bungalows or little
villas, depending on what you want to do
with this haven of peace and serenity.
Apart from the scenic beauty of the area,
the fact that land prices in the vicinity are
on an inexorable climb, make this a
surefire investment winner!
Land Trade
Mumbai may be bigger and better known
on the global radar but there’s a city by
its side that’s slowly but surely, shaking
off its satellite role to emerge as a star.
Navi Mumbai may be technically a Tier II
city or a ‘satellite’ of Mumbai, but it is now
a land of opportunity. Developed from
marshy land, this ‘parallel city’ is fast
metamorphosing into an independent,
self-contained, well-planned and
modern metro.
Egging on this growth path is the City and
Industrial Development Corporation of
Maharashtra Limited (CIDCO). By
meeting all the infrastructural needs,
CIDCO is making sure that Navi Mumbai
will soon have a tactical and strategic
advantage over Mumbai!
The city is being developed as a series of
nodes, strung along an efficient Mass
Transport System in the form of
commuter Railway Network well
connected to Mumbai-Thane and
adjoining areas. Each node is expected to
be self-sufficient in facilities such as
schools / colleges, hospitals, recreation,
community services, etc. The Indian
Railways also plans a long distance
terminal, close to CBD-Belapur, to meet
the needs of inter-city travel from Navi
Mumbai. CIDCO has also planned a new
railway corridor from Belapur to Uran to
connect with the new port city
of Dronagiri.
There are plans for a domestic airport, an
international convention / exhibition
center with a five star hotel. Also on the
A string of developments
Navi Mumbai – From satellite to star city
anvil are a golf course, a country club, a
technology park and an amusement
park. The proposed Sion-Panvel multi-
lane road project is about to take off. This
project will provide an express entry into
or exit from the city, as it will work as an
extension of the Mumbai-Pune
Expressway up to Sion.
Naturally, all these proposed projects
have caught the eye of astute investors.
As a result, land rates have seen an
appreciation of 10-20 per cent in the past
one year alone, with Nerul, Kharghar,
Panvel areas leading the pack. Places
adjoining Rabale station on the Thane-
Belapur road, which used to be dormant
earlier, are now high on the investors’ list.
This is because of its easy connectivity
and the availability of open land.
Property prices here are naturally
expected to spike soon.
Adding to the attraction is the Dhirubhai
Ambani Knowledge City (DAKC) in
Koparkharaine. The International
Infotech Park in Vashi and the
International Technology Center in
Belapur-CBD have also helped enhance
the city’s image.
The city’s true potential will, however, be
showcased with the proposed Reliance
Special Economic Zone (SEZ) in Navi
Mumbai. Work on the project is slated to
begin this September. An entirely new
city, one-third the size of Navi Mumbai,
will come up on 14,000 hectares of land.
The Rs 25,000 crore price tag is nothing
Investment city
Icing on the cake
compared to the estimated Rs 2,50,000
crore that other developers will invest
into putting up factories, residential
complexes, hospitals, hotels and
shopping malls across the SEZ. This new
cluster is to be completed by the end of
this decade. It will house over a million
people, virtually the same number
currently living in Navi Mumbai!
The Kalomboli zone near the Mumbai-
Pune highway will be used to set up a hub
for food processing and textiles. The
bigger goal is to create an international
financial services center where global
banks, insurance companies and
merchant banks can function just as
though they were in London or New York.
Many of these projects may be in the
pipeline but in reality, they’ve already
contributed to increasing land prices. On
the anvil are a World Trade Center, the
Mumbai University campus, the Panvel
Karjat railway line, the Dhapoli
amusement pa rk , t he second
international airport, the Sewri-Nhava
sea link, and the Jawaharlal Nehru Port
Trust-Goa Express Highway which will cut
the distance to Goa by 215 km.
The construction projects are just the
beginning. Our analysis, supported by a
recent article in DNA, is that Navi Mumbai
is set to be the next boom town – in every
possible way. For instance, there will
soon be an airport, a trans-harbor sea
link, a special economic zone (SEZ) and
over half a dozen mega malls in the area.
The surge has begun
Tip of the iceberg
CIT
Y
FO
CU
S
10 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 11
BELT 2006 2011 2016 2021
South Mumbai 8,000/- 18,000/- 27,000/- 29,000/-
Western Suburbs 3,800/- 7,700/- 8,900/- 9,200/-
Eastern Suburbs 3,000/- 5,600/- 7,300/- 9,200/-
Navi Mumbai 1,800/- 4,000/- 14,000/- 17,000/-
Uran 750/- 1,400/- 7,000/- 9,400/-
Kalyan Dombivili 1,100/- 1,550/- 2,000/- 2,200/-
A study predicts that in a decade, Navi Mumbai will overtake the suburbs to become the second-most
expensive residential location.
Source: 14 June 2006, Midday,
Vashi 6,000
Sanpada 10,000
Koparkhairane 3,000 – 5,000
Airoli 4,000 – 8,000
Ghansoli 3,000 – 5,000
CBD Belapur 2,000 – 2,500
Kharghar 2,500 – 5,000
Source: 1st June 2006, The Economic Times
(Rates as per sq. ft.)
The city has always been a favorite
destination for people seeking affordable
houses in an upmarket locality. In fact,
the DNA article pointed out that the area
continues to be one of the most
affordable options for entry-level home
buyers but rapid development has now
triggered a phenomenal price rise in
prime locations. With many more
development projects on the planning
board, you can expect real estate prices
to reach dizzying levels here!
“Various development projects are
planned in the satellite city, such as the
airport at Kopra village near Panvel,
Reliance SEZ at Dronagiri, Nerul-
Belapur-Uran rail projects and the
MSRDC Nhava Sheva Sealink project,”
explained Buddhabhushan Gaikwad,
Chief PRO, CIDCO.
Leading Navi Mumbai builders point out
that there’s already an effect on property
rates in neighboring areas. Rates could
rise even further once the projects take
final shape, they said.
When there’s development, there are job
opportunities as well. Highly skilled
people will rush to get well-paid jobs in
the malls, sea link and SEZ under
development. The net result will be
greater demand for housing to
accommodate the new workforce —
which means even more rate escalations!
Some builders estimate that as Reliance
SEZ is expected to generate employment
for five lakh people, at least 20 lakh
people could shift base to Navi Mumbai.
Assuming that at least one per cent of
them buy flats, it clearly spells boom time
for the housing industry.
Similarly, the airport is expected to
attract five star hotels and spas, which
will tremendously enhance the profile of
locations in their vicinity. This lifestyle life
could boost realty rates further. Will all
this enhance living standards too?
Apoorva Shah, a Navi Mumbai resident
thinks so. “After the projects were
More migration
announced, my Mumbai friends have
been enquiring about flat rates. Some
have bought homes here too.”
It’s not just better housing or living
standards; there will be overall
development in the region. For instance,
Rajesh Prajapati, Director, Prajapati
Constructions states that many ancillary
projects will be coming up in Navi
Mumbai. These include the Nerul-
Belapur-Uran rail route which will make
far-off places such as Uran more
accessible. His view is supported by
Devang Trivedi, Managing Director,
Progressive Builders. “Ghansoli and Uran
may not have the best transportation
right now but real estate rates are high
and keep increasing because of the
anticipatory rates these places can
command,” explained Devang.
That established builders with proven
track records are involved has boosted
real estate prices too. Progressive
Builders has been in the construction
field since 1997, focusing on CBD Belapur
and Koparkhairane with landmark
projects such as Progressive Celebrity.
“My father was a construction contractor.
After my MBA, I decided to focus on the
All-round development
Navi Mumbai... (cont'd)
real estate business. I felt I should give
something back to society,” said Devang.
Shubha Iyer, a Vashi resident recently
purchased a plot in Dronagiri. “Navi
Mumbai is developing well. When the
airport was announced, I bought a plot
there and plan to hold on to the land. I
will build a house later and am sure rates
will be very high then.”
Rates have risen in villages such as
Dronagiri, Ulawe, Kalamboli and Nhava.
Lack of infrastructure is no deterrent.
Once these villages are developed, land
prices will hike further.
Raju Gupta, a Vashi-based real estate
consultant, summed up the scenario
thus:“The SEZ project has influenced
rates to a large extent. The current rate
of a plot in these areas is around Rs 30
lakh to Rs 60 lakh an acre.”
So, in a few years, the quiet farmland
fringing this satellite city will be
transformed into a soaring skyline, with
high-tech buildings and every possible
modern luxury. By then, people in this
‘star' city will walk from their high-rise
condominiums to their plush offices!
A timely investment
CIT
Y
FO
CU
S
Mumbai may be bigger and better known
on the global radar but there’s a city by
its side that’s slowly but surely, shaking
off its satellite role to emerge as a star.
Navi Mumbai may be technically a Tier II
city or a ‘satellite’ of Mumbai, but it is now
a land of opportunity. Developed from
marshy land, this ‘parallel city’ is fast
metamorphosing into an independent,
self-contained, well-planned and
modern metro.
Egging on this growth path is the City and
Industrial Development Corporation of
Maharashtra Limited (CIDCO). By
meeting all the infrastructural needs,
CIDCO is making sure that Navi Mumbai
will soon have a tactical and strategic
advantage over Mumbai!
The city is being developed as a series of
nodes, strung along an efficient Mass
Transport System in the form of
commuter Railway Network well
connected to Mumbai-Thane and
adjoining areas. Each node is expected to
be self-sufficient in facilities such as
schools / colleges, hospitals, recreation,
community services, etc. The Indian
Railways also plans a long distance
terminal, close to CBD-Belapur, to meet
the needs of inter-city travel from Navi
Mumbai. CIDCO has also planned a new
railway corridor from Belapur to Uran to
connect with the new port city
of Dronagiri.
There are plans for a domestic airport, an
international convention / exhibition
center with a five star hotel. Also on the
A string of developments
Navi Mumbai – From satellite to star city
anvil are a golf course, a country club, a
technology park and an amusement
park. The proposed Sion-Panvel multi-
lane road project is about to take off. This
project will provide an express entry into
or exit from the city, as it will work as an
extension of the Mumbai-Pune
Expressway up to Sion.
Naturally, all these proposed projects
have caught the eye of astute investors.
As a result, land rates have seen an
appreciation of 10-20 per cent in the past
one year alone, with Nerul, Kharghar,
Panvel areas leading the pack. Places
adjoining Rabale station on the Thane-
Belapur road, which used to be dormant
earlier, are now high on the investors’ list.
This is because of its easy connectivity
and the availability of open land.
Property prices here are naturally
expected to spike soon.
Adding to the attraction is the Dhirubhai
Ambani Knowledge City (DAKC) in
Koparkharaine. The International
Infotech Park in Vashi and the
International Technology Center in
Belapur-CBD have also helped enhance
the city’s image.
The city’s true potential will, however, be
showcased with the proposed Reliance
Special Economic Zone (SEZ) in Navi
Mumbai. Work on the project is slated to
begin this September. An entirely new
city, one-third the size of Navi Mumbai,
will come up on 14,000 hectares of land.
The Rs 25,000 crore price tag is nothing
Investment city
Icing on the cake
compared to the estimated Rs 2,50,000
crore that other developers will invest
into putting up factories, residential
complexes, hospitals, hotels and
shopping malls across the SEZ. This new
cluster is to be completed by the end of
this decade. It will house over a million
people, virtually the same number
currently living in Navi Mumbai!
The Kalomboli zone near the Mumbai-
Pune highway will be used to set up a hub
for food processing and textiles. The
bigger goal is to create an international
financial services center where global
banks, insurance companies and
merchant banks can function just as
though they were in London or New York.
Many of these projects may be in the
pipeline but in reality, they’ve already
contributed to increasing land prices. On
the anvil are a World Trade Center, the
Mumbai University campus, the Panvel
Karjat railway line, the Dhapoli
amusement pa rk , t he second
international airport, the Sewri-Nhava
sea link, and the Jawaharlal Nehru Port
Trust-Goa Express Highway which will cut
the distance to Goa by 215 km.
The construction projects are just the
beginning. Our analysis, supported by a
recent article in DNA, is that Navi Mumbai
is set to be the next boom town – in every
possible way. For instance, there will
soon be an airport, a trans-harbor sea
link, a special economic zone (SEZ) and
over half a dozen mega malls in the area.
The surge has begun
Tip of the iceberg
CIT
Y
FO
CU
S
10 | Aug 2006 | THE EXPAT BUZZ THE EXPAT BUZZ | Aug 2006| 11
BELT 2006 2011 2016 2021
South Mumbai 8,000/- 18,000/- 27,000/- 29,000/-
Western Suburbs 3,800/- 7,700/- 8,900/- 9,200/-
Eastern Suburbs 3,000/- 5,600/- 7,300/- 9,200/-
Navi Mumbai 1,800/- 4,000/- 14,000/- 17,000/-
Uran 750/- 1,400/- 7,000/- 9,400/-
Kalyan Dombivili 1,100/- 1,550/- 2,000/- 2,200/-
A study predicts that in a decade, Navi Mumbai will overtake the suburbs to become the second-most
expensive residential location.
Source: 14 June 2006, Midday,
Vashi 6,000
Sanpada 10,000
Koparkhairane 3,000 – 5,000
Airoli 4,000 – 8,000
Ghansoli 3,000 – 5,000
CBD Belapur 2,000 – 2,500
Kharghar 2,500 – 5,000
Source: 1st June 2006, The Economic Times
(Rates as per sq. ft.)
The city has always been a favorite
destination for people seeking affordable
houses in an upmarket locality. In fact,
the DNA article pointed out that the area
continues to be one of the most
affordable options for entry-level home
buyers but rapid development has now
triggered a phenomenal price rise in
prime locations. With many more
development projects on the planning
board, you can expect real estate prices
to reach dizzying levels here!
“Various development projects are
planned in the satellite city, such as the
airport at Kopra village near Panvel,
Reliance SEZ at Dronagiri, Nerul-
Belapur-Uran rail projects and the
MSRDC Nhava Sheva Sealink project,”
explained Buddhabhushan Gaikwad,
Chief PRO, CIDCO.
Leading Navi Mumbai builders point out
that there’s already an effect on property
rates in neighboring areas. Rates could
rise even further once the projects take
final shape, they said.
When there’s development, there are job
opportunities as well. Highly skilled
people will rush to get well-paid jobs in
the malls, sea link and SEZ under
development. The net result will be
greater demand for housing to
accommodate the new workforce —
which means even more rate escalations!
Some builders estimate that as Reliance
SEZ is expected to generate employment
for five lakh people, at least 20 lakh
people could shift base to Navi Mumbai.
Assuming that at least one per cent of
them buy flats, it clearly spells boom time
for the housing industry.
Similarly, the airport is expected to
attract five star hotels and spas, which
will tremendously enhance the profile of
locations in their vicinity. This lifestyle life
could boost realty rates further. Will all
this enhance living standards too?
Apoorva Shah, a Navi Mumbai resident
thinks so. “After the projects were
More migration
announced, my Mumbai friends have
been enquiring about flat rates. Some
have bought homes here too.”
It’s not just better housing or living
standards; there will be overall
development in the region. For instance,
Rajesh Prajapati, Director, Prajapati
Constructions states that many ancillary
projects will be coming up in Navi
Mumbai. These include the Nerul-
Belapur-Uran rail route which will make
far-off places such as Uran more
accessible. His view is supported by
Devang Trivedi, Managing Director,
Progressive Builders. “Ghansoli and Uran
may not have the best transportation
right now but real estate rates are high
and keep increasing because of the
anticipatory rates these places can
command,” explained Devang.
That established builders with proven
track records are involved has boosted
real estate prices too. Progressive
Builders has been in the construction
field since 1997, focusing on CBD Belapur
and Koparkhairane with landmark
projects such as Progressive Celebrity.
“My father was a construction contractor.
After my MBA, I decided to focus on the
All-round development
Navi Mumbai... (cont'd)
real estate business. I felt I should give
something back to society,” said Devang.
Shubha Iyer, a Vashi resident recently
purchased a plot in Dronagiri. “Navi
Mumbai is developing well. When the
airport was announced, I bought a plot
there and plan to hold on to the land. I
will build a house later and am sure rates
will be very high then.”
Rates have risen in villages such as
Dronagiri, Ulawe, Kalamboli and Nhava.
Lack of infrastructure is no deterrent.
Once these villages are developed, land
prices will hike further.
Raju Gupta, a Vashi-based real estate
consultant, summed up the scenario
thus:“The SEZ project has influenced
rates to a large extent. The current rate
of a plot in these areas is around Rs 30
lakh to Rs 60 lakh an acre.”
So, in a few years, the quiet farmland
fringing this satellite city will be
transformed into a soaring skyline, with
high-tech buildings and every possible
modern luxury. By then, people in this
‘star' city will walk from their high-rise
condominiums to their plush offices!
A timely investment
CIT
Y
FO
CU
S
THE EXPAT BUZZ...Property News et al
August 2006
Issue 1
.3
Bridging theeast-west dividePage 3
Mumbai Metro updatePage 4
The Navi Mumbai storyPage 10
As we predicted in our previous issue, the boom in real estate shows no signs of slowing down. But is it all a
bubble? Recently, a publication articulated this concern by asking: “How real is this realty show?” Now, adding
fuel to this melting pot is the SEZ (Special Economic Zone) factor. Our cover story gives you a holistic take on
the 'Zone effect' and the prime players, based on articles from the Times of India, Economic Times, Financial
Express, Business Standard and Businessworld. We also give you the latest on the SEZ policy front.
As you know, the growth in the sector
began with the government’s decision to
open up investment – through 100 per
cent FDI (Foreign Direct Investment),
permitting Venture Capital funds to
deploy money in real estate, selling off
sick mill lands and so on.
However, the move to set up
SEZs across the country
could be the biggest growth
trigger of them all. SEZs
could potentially transform
the structure of the real
estate industry as we now
know it.
The SEZ (Special Economic
Zone) Act, 2005, has been in
force from February 10,
2006. It aims to simplify
procedures for setting up
units and treats the service
sector on par with the
manufacturing sector. SEZs
are governed by a special set
of rules to allow easy FDI flow
for export-oriented production. SEZs are
free trade zones outside the supervision
of customs authorities. These zones have
minimum bureaucracy, premium
infrastructure, generous tax holidays and
unlimited duty free imports of raw,
intermediate and final goods as well as
capital goods.
Units under SEZs enjoy various fiscal and
non-fiscal benefits such as duty free
imports, tax breaks (exemption of
income tax, central sales tax, service tax
and excise duty on inputs), single
window clearances, etc. Naturally, these
value-adds have attracted the attention
of companies from sectors including the
information technology, pharmaceutical,
textile, petrochemical and auto ancillary
areas. Biggies that have already
announced mega plans include Reliance
Industries, Bajaj Auto, Mahindra &
Mahindra, Tata Consultancy Services,
Wipro and Ranbaxy. Reliance Industries
is reportedly investing considerable
amounts into SEZs in Navi Mumbai and
more importantly, in Gurgaon (Haryana)
which, incidentally, is expected to be the
country’s largest SEZ.
Therefore, the SEZ initiative
could be a vital catalyst for
the long term prospects of
the Indian real estate
market. A total investment of
Rs 1 lakh crore is envisaged
in SEZs over the next three
years. In addition, these
projects can potentially
create over five lakh jobs,
quite apart from the indirect
employment that will be
generated from the actual
construction of these zones.
So, we can confidently assert
that SEZs will trigger a sharp
i n c rease i n economic
activities in and around the
prospective areas. As real estate prices
are directly co-related to the economic
activity in the region, we could even
witness another boom, which, in turn,
means that properties in and around
SEZs could be potential goldmines and
promising long term investments!
meeting you at your point of need….
Expat Properties (I) Ltd. provides a comprehensive range of real estate-related services in India and the Middle East, which include…
n Retail – Purchase, sale and letting of residential properties.
n Land Trade – Handling, sale and purchase of land for customers,
with value additions such as location analysis, feasibility
reports, legal documents, etc.
n Contracting – Project management and civil infrastructure
development.
n Investment Portfolio – Counseling our clients on the real estate
investment market and guiding them in processes that
benefit them.
Dubai
P.O. Box 181681, Dubai
U.A.E. Al Mulla Building
2nd Floor, Office 207
(Opp. Sheraton Deira),
Deira – Dubai
Tel: (+ 9714) 2973932
Fax: (+ 9714) 2974345
Email: [email protected]
Mumbai
56 Hill Road, 1st Floor
Bank of India Building, Bandra (W)
Mumbai - 400 050
Tel: (+9122) 6677 1381/ 82/ 83
Fax: (+9122) 6677 1384
Email: [email protected]
Pune
No. 32, Bandal Dhankhude Plaza
2nd Floor, Paud Road
Bhusari Colony, Kothrud
Pune – 411 038
Tel: (+9120) 2528 5611/
(+9120) 2528 5612/ 13
Fax: (+9180) 25285615
Email: [email protected]
Bangalore
No. 406, 4th floor
House of Lords, St. Mark's Road
Bangalore – 560 001
Tel: (+9180) 41329132/ 33,
(+9180) 22109732/ 33/ 34/ 35
Fax: (+9180) 4132 9135
Email: [email protected]
Goa
21/1, Alberto House
Opp. Lapaz Hotel, Swatantra Path
Vasco da Gama
Goa – 403 802
Tel: (+ 91832) 5652278/79
Email: [email protected]
Chennai
No.4D, 4th Floor
Anugraha Apartment (Old No. 19)
41 Nungambakkam, High Road
Chennai – 600 034.
Tel: (+ 9144) – 4213 2923
Contact us
Cont'd on page 5
All the buzz on the
SEZ SCENE
How SEZs are adding more sizzle to the real estate market
For more information, visit our website: www.expatpropertiesgroup.com