DLF vault on land auction buzz
DLF vault on land auction buzz
DLF surged 8.23% to Rs. 216.90 on BSE on information that the company has sold 10.8 acres in Gurgaon as part of its efforts to reduce the debt burden.
In the meantime, the BSE Sensex was temporarily up 472.80 points, or 2.95%, to 16,523.90.
On BSE, 17.36 lakh shares were traded the counter as against average volume of 12.43 lakh shares above the past one quarter.
The stock hit a high of Rs. 218.45 and a low of Rs. 205 so far throughout the day. The stock hit a 52-week high of Rs. 397.35 on 4 October 2010. The stock strike a 52-week low of Rs. 173.40 on 17 August 2011.
The large-cap stock had outperformed the market above the past one month till 26 September 2011, gaining 13.96% compared with the Sensex’s return of 1.28%. The scrip had also outperformed the market in past one quarter, going down 7.44% as against 12% decline in the Sensex.
The country’s biggest real estate solid in terms of market capitalization has equity capital of Rs. 339.60 crore. Face value per share is Rs. 2.
DLF has allegedly sold 10.8 acres in Gurgaon to a Dubai-based Indian investor for Rs. 280 crore.
The company is also in talks with other investors to sell another 20 acres in Gurgaon, which is projected to fetch around Rs. 400 crore.
DLF’s debt stood at Rs. 21524 crore as on 30 June 2011. The company plans to decrease this by Rs. 7000 crore this fiscal, reports added.
On an amalgamated basis, DLF’s net profit fell 12.8% to Rs. 358.36 crore on 20.6% raise in net sales to Rs. 2445.82 crore in Q1 June 2011 over Q1 June 2010.
Tags: DlF land sale, real estate, Real Estate Market, share investmentprime site prices show market’s fall
TWO RESIDENTIAL sites going for auction today in the north Dublin suburbs of Clontarf and Killester clearly show how much land values have fallen since the property market took a fall.
A site of 1.77 acres, at 199 Howth Road in Clontarf, with planning permission for 59 apartments, is for auction at €2 million, while another plot of just under three-quarters of an acre, at 169 Killester Avenue in Killester, with planning approving for nine houses, can be bought for as little as €450,000.
Wesley Rothwell of CB Richard Ellis, who is managing both sales, says that while development sites about the country have fell by over 90 per cent in many cases, those in the Dublin suburbs are almost certainly down by 75 to 80 per cent.
As a matter of fact the guide price for the Howth Road site. It is immediately adjacent to the intersection with the St Lawrence Road – suggests the fall in values in this location has probably been even greater. The €2 million being sought equates to a valuation of only €33,900 per unit. A long way short of the €250,000-plus per unit frequently paid at the max out of the market.
Rothwell says that with a swing away from apartments because of the excess supply overhanging the market he believes the site will appeal either to developers who would look for alternative permission for 10 to 12 good-sized houses, an owner-occupier looking for an exceeding site for a new home or companies planning to build a nursing home.
The second site, on Killester Avenue, is placed a short distance north east of its junction with Collins Avenue East. The planning permission allows new owners to demolish a derelict house and two sheds on site and replace them with 24 apartments. A modified permission subsequently given by An Bord Pleanála allows for the development of seven three-bedroom houses and two two-bed homes.
In the meantime, CBRE is presently in discussions with a number of parties interested in another site of almost two acres a short distance away, in Sutton. Offers in the region of €1.55 million are being sought for the 1.98 acre plot alongside Sutton Cross which was originally bought in 2003 for €11 million. It has planning permission for 60 apartments, most of them two-bedroom units.
Auction of Meikles Park Stopped
Through the meeting, town clerk Obert Muzawazi stormed out of the chamber as tempers flared. Council had proposed to sell Meikles Park in the city for $1, 7 million to a Chinese diamond mining firm Anjin.
However, the Local Government ministry allegedly tries to stop the sale, saying the property price was inflated.
The ministry then supposedly proposed a land swoop or sale of the land for $160 000, a figure hotly uncertain by the city fathers.
On Friday, the city fathers allegedly rejected to bow down to the pressure and resolved to safeguard council interests.
Mayor Brian James said council had conceded a resolution against transferring ownership of the part of land to the Chinese firm before full payment of the property.
“In order to safeguard our interests, we decide that no individual or group of individuals sign or cause to release the ownership of the city land from city council. Only until such a time that the council through a full council meeting acknowledges full payment moreover in cash or equivalent will we release Meikles Park,” James said.
England’s green and attractive land for sale
Its gardens, grounds and woodland beyond only a few hundred yards from the banks of the River Thames. It is private and privy at the end of a long drive bounded on one side with a garden wall and on the other a courtyard of the cottage and garages and farm buildings.
Adjacent to the entrance is the granary which houses a modern office. The farming area lies mainly to the east of the house and is divided into two main 100-acre blocks separated by a good hedge. Along the Thames the land is in lasting pasture interspersed with hedges and trees which is used to graze cattle and sheep.
The northern block is an arable rotation and is an area of flat land separated by a small bank. This would be a chance to create two full-sized polo pitches subject to planning permission for change of use.
The main house consists of a good drawing room with open-beamed ceiling and dining room, sitting room and the old dairy off the kitchen which doubles as a breakfast/ family room or it would make an awesome play room. The kitchen is well fitted with oil-fired Aga and handmade fitted kitchen. Upstairs the master bedroom suite has a dressing room and bathroom, on with the main guest suite and a further bedroom and bathroom.
On the second floor there are two extra bedrooms, sitting room and bathroom.
The mature and very well set up garden has been carefully tendered and well-maintained over the years. It is surrounded to the south by a wall and to the west by a pond. To the north side of the house is a low wall with gravel courtyard.
There are extensive outbuildings and garages within the courtyard and adjacent to the cottage which double as a great amusing space comprising stores, wine cellar and workshop. Across the lawn is a spacious office within the old granary and there is a delightful two-bedroom cottage with divide parking at the rear with garage.
In the farmyard are a number of large buildings formerly the farm building and grain store. Modern farming has mostly left these redundant and there are now a number of workshops and stores. Subject to planning and with some intelligent design, these buildings are a wonderful footprint for new equestrian or more modern agricultural buildings.
This is a rare chance to develop an extensive footprint of barns alongside about 210 acres of pasture and cultivatable land. Beyond the yard is an area of paddocks bordered by a small reservoir forming the bound of the property.
The estate is obtainable for sale freehold with vacant possession either as a whole or in three lots.
Lot 1: Farmhouse, cottage and buildings and around 6.61 acres.
Lot 2: About 102.36 acres of mostly flat ground in arable rotation. This land is flat and dry and would, subject to planning permission, make excellent polo pitches.
Lot 3: About 101.15 acres of mostly flat ground in permanent pasture with woodland along the north bank of the River Thames.
The property is available through Knight Frank for a guide price of £8,000,000. For more details, call (01491) 844900.
Simmons and Sons currently has a number of holdings offering between three and 28 acres of land.
At Middle Assendon is about 10.83 acres (4.38 ha) of pasture land offered in two lots, 6.15 acres (2.49 ha) and 4.68 acres (1.89 ha) of paddock land set in a charming setting. The land is enclosed by two mature hedgerow and stock fencing. Lot one is available for a guide price of £94,000 with lot two listed for £71,000.
Around 28.04 acres (11.34 ha) of pasture land is obtainable in a sought-after position on the edge of Emmer Green, Reading. The land is enclosed on two sides by a mature hedgerow and a stock proof fence along the boundary with Abbey Rugby Club.
Lot 1: Approximately 5.51 acres (2.23ha) of pasture for £90,000.
Lot 2: Approximately 5.51 acres (2.23ha) of pasture for £90,000.
Lot 3: Approximately 8.26 acres (3.34ha) of pasture for £135,000.
Lot 4: Approximately 8.26 acres (3.34ha) of pasture for £135,000.
Nearly 20 acres, part of which is a recently established equestrian ley, known as Long Ground and the remainder of which is cultivatable production is available in a beautiful rural location directly adjacent to the village of Chiselhampton.
Extending to close to 19.52 acres (7.90 hectares) the land is in an gorgeous rural location, with a guide price of £200,000. About 3.97 acres (1.61 hectares) of level grazing paddock with Maidenhead Thicket woodland on two sides and borders of mature trees on the left two sides is available through Simmons and Sons.
For more details on this and the above plots of land, call (01491) 571111.
Hotel development site in Scottish seaside town for auction
The development site antecedently occupied by the Hotel Seaforth in Arbroath, Scotland, is to be sold by McManus Property Ltd.
The site extends to 1.5 acres and is ready for sale or lease. The present owner Steven Smith of Seaforth Properties Ltd gets the hotel from Bill Rennie and his wife Sandra, early in 2006.
The property perished in a fire in August 2006, after many failed efforts to gain planning permission to turn the sea-facing site into a hotel and flats. It was torn down weeks afterwards following the fire.
Speaking to the Arbroath Herald, agent Jonathan McManus of McManus Property Consultants said: “In relation to the site, my client, Seaforth Investments, and our team have been working on several strategies in the expect of attracting interest from hoteliers, restaurateurs and other leisure users, as per the planning guidance antecedently received from the local planning authority.”
Thoughts on future use of the land are divided. Some say an hotelier with hope to build should buy it, while others believe that for the right price Angus Council might buy it and integrate the site into its surrounds on the seafront.
The sale is welcome news to local councilor Alex King who said, “Arbroath urgently needs more high quality tourist accommodation.”
Turkey’s land prices are increasing
Sale prices increased by 0.83% across Turkey generally, rising by 1.05% in Istanbul, 0.84% in Izmir and 1.02% in Kocaeli throughout July 2011. There were also rises of 0.32% in Adana, 1.02% in Ankara, 0.64% in Antalya and 0.66% in Bursa.
Rental costs are also on the up, increasing by 0.36% in Turkey generally.
The information also brought out the popularity of new builds, which are particularly in vogue with those from overseas and second home owners. The numbers buying new homes increased by 1.2% from June to July and are now 7.29% higher than this time last year.
The numbers looking for larger properties also greater than before, it has been reported. For example, there was a 0.65% increase in those looking for 126 to 150 square metre properties, and a 1.16% increase in those hunting for 151 square metres and above.
71,000 desire plots, flats, HP looks for 25,000 bighas to accomplish demand
Owning a house in the hills may stay a dream for around 71,000 applicants, who had shown interests in the demand survey recently made by the Himachal Pradesh Housing and Urban Development Authority (Himuda).
To meet the demand for plots and flats, Himuda needs about 25,821 bighas of land in 59 towns for which demand survey was done in two phases. However, barring half a dozen towns, including Shimla, Himuda has not been able to identify the land, or start negotiations with the locals to get their land for construction of flats and to develop residential plots.Himuda is now starting at a huge gap between demand and supply.
Himuda vice-chairman Ganesh Dutta confirmed as much. “So far, we have been able to get some land at Nahan, Trilokpur and Modi Anand in Sirmaur district, Solan, and near Mailee, Kullu and Hamirpur.”
Land was also recognized at Chail — a famous tourist Spot — but had to be deserted as it was later found not suitable. Similar difficulty is being faced in Kasauli. Land acquisition for a site at Dharampur and Baddi is underway, Dutta added.
Himuda’s attempts to take-over a popular tea-estate land in Kangra district had run into trouble. Other places, where the agency suggested to take-up housing projects in small towns, there is no land available.
The officials, however, blame it on soaring land prices. The private property dealers, who have already purchased big chucks of land from farmers, obstruct Himuda land detection process and force farmers to turn hostile.
One example is Ganahatti — a town on Shimla-Mandi road, where Himuda finalized a plan for a satellite town with self-sustained amenities like dedicated water supply, drainage, sewerage and amenities like banks and schools. But, the land owner’s suddenly endorsed-out, officials said.
In the demand survey, there have been more than 8,100 applications for Shimla, followed by Hamipur with 7,160 applications and Dharamshala (5,125). Solan is another most sought after place by the people, mostly non-Himachalis seeking plots and flats followed by Kasauli and Parwanoo. irmand, a town in Kullu and Shilai in Sirmaur are the only two places which received no applications.
BD Joshi, Chief Executive Officer-cum-Secretary, Himuda, said: “The demand survey is a normal process, which many agencies follow to assess the requirement. We will make a serious effort to meet 100 percent demand at some places, but this can’t be achieved for all the applicants as there could be towns,where no land is available.”
As a opening move, he said, the Himuda will write back to the applicants asking for their preferences at the places where the land acquisition process is complete. “If there are more applicants, the allotments will be made through draw of lots. The policy conclusion is that ratio of flats and plots will be 70:30,” he said.