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Precious memories, how they linger Part One
These are farewell pictures of the house and the place:
The payment box
Haha, we recently got those curtains in the windows.
A close up of our house.
Our neighbour's yard.
The trail behind our house.
The side of our house.
Grandma said that Uncle Tim planted that tree 15 years ago. I taught myself how to climb on that tree.
I can't believe we have to say goodbye to this place....
We're not moving until the 13th of December. But still...this place is my home.
+316+The sad and depressed Rebster+
The payment box
Haha, we recently got those curtains in the windows.
A close up of our house.
Our neighbour's yard.
The trail behind our house.
The side of our house.
Grandma said that Uncle Tim planted that tree 15 years ago. I taught myself how to climb on that tree.
I can't believe we have to say goodbye to this place....
We're not moving until the 13th of December. But still...this place is my home.
+316+The sad and depressed Rebster+
HDIL NEW RESIDENTIAL PROJECTS
Increasing prices of transfer of development rights (TDR), which had bottomed in the March quarter of 2008-2009, augurs well for HDIL. TDR prices have spiked 80 per cent from levels of Rs 1,100 per sqft in March 2009 quarter and will benefit HDIL which is executing the first phase of the airport slum rehabilitation Real Estate project where it has TDRs of nearly 45 mnsqft. Almost all the revenues in the current fiscal are likely to come from the sale of about 3 million sqft of TDRs. The company launched three residential projects totaling 1.9 mnsqft in Andheri and Kurla, in Mumbai. Considering the high demand (it has managed to sell 80 per cent of the 1,814 units at these sites), the company raised prices between 5-14 per cent. In addition to these, HDIL plans to launch 2 mnsqft of residential projects in Mumbai in the current fiscal. A key concern for HDIL was the debt levels, which have come down significantly post the Rs 1,688 crore QIP in July 2009. The company has used over 80 per cent of this to repay debt and bring down its net debt-equity ratio to manageable levels of 0.44. While the residential project launched in different parts of Mumbai will yield revenues in 2010-11 and 2011-12 (the company follows the completion method of accounting) and the increasing prices of TDRs are a plus, the current quarter revenues and operating profit are expected to come down by 64 per cent and 79 per cent to Rs 200 crore and Rs 97 crore, respectively. At the current levels, the stock is expensive.
Indiabulls Real Estate:- Indiabulls Real Estate(IBREL) has been able to lease out 0.7 mbsqft of space at the One Indiabulls Centre (Mumbai) at Rs 175 sqft per month. Considering that this is higher than the earlier rates of Rs 150 per square feet, both at the Jupiter and Elphinstone Mills, and future negotiations are likely to be at the new rate, it should boos cash flow of its Singapore-listed subsidiary Indiabulls Properties Investment Trust, which undertakes the leasing operations. A rights issue by IPIT to the tune of Rs 600 crore should also help reduce a part of its Rs 636 crore debt. On the residential sales front, IBREL sold all the units(0.53 mnsqft) of the first phase of its Sky project in Mumbai and has also launched three residential projects next to its One Centre. While the company launched about 9 mnsqft in 2008-09, it is planning to launch about 10 mnsqft in 2009-10, of which 5 mnsqft has already been launched. The company has also been the highest bidder at Rs 1,376 crore for the Mantralaya development project in Mumbai, which could add 1.5 mnsqft to its land bank and about Rs 29 to its NAV. The Rs 1,500 crore IPO of IBRELs subsidiary, Indiabulls Power, should help it to fund the capital requirements of power projects in Maharashtra.
While the cash flow from the proposed rights issue of IPIT, IPO of its power subsidiary and the QIP (Rs 2,650 crore) of IBREL should help matters, growth in its various businesses will depend on the pace of execution. In realty, while thus far the construction work at its NCR and Channai work is going on, other properties are facing delays according to an ICICI Securities report. While cash is not an issue for IBREL (it has Rs 3,000 crore worth Rs 75 per share), any delay in execution of it’s residential, SEZs (not yet notified) or power projects could be costly. Analysts peg the sum of parts valuations (power and
Increasing prices of transfer of development rights (TDR), which had bottomed in the March quarter of 2008-2009, augurs well for HDIL. TDR prices have spiked 80 per cent from levels of Rs 1,100 per sqft in March 2009 quarter and will benefit HDIL which is executing the first phase of the airport slum rehabilitation Real Estate project where it has TDRs of nearly 45 mnsqft. Almost all the revenues in the current fiscal are likely to come from the sale of about 3 million sqft of TDRs. The company launched three residential projects totaling 1.9 mnsqft in Andheri and Kurla, in Mumbai. Considering the high demand (it has managed to sell 80 per cent of the 1,814 units at these sites), the company raised prices between 5-14 per cent. In addition to these, HDIL plans to launch 2 mnsqft of residential projects in Mumbai in the current fiscal. A key concern for HDIL was the debt levels, which have come down significantly post the Rs 1,688 crore QIP in July 2009. The company has used over 80 per cent of this to repay debt and bring down its net debt-equity ratio to manageable levels of 0.44. While the residential project launched in different parts of Mumbai will yield revenues in 2010-11 and 2011-12 (the company follows the completion method of accounting) and the increasing prices of TDRs are a plus, the current quarter revenues and operating profit are expected to come down by 64 per cent and 79 per cent to Rs 200 crore and Rs 97 crore, respectively. At the current levels, the stock is expensive.
Indiabulls Real Estate:- Indiabulls Real Estate(IBREL) has been able to lease out 0.7 mbsqft of space at the One Indiabulls Centre (Mumbai) at Rs 175 sqft per month. Considering that this is higher than the earlier rates of Rs 150 per square feet, both at the Jupiter and Elphinstone Mills, and future negotiations are likely to be at the new rate, it should boos cash flow of its Singapore-listed subsidiary Indiabulls Properties Investment Trust, which undertakes the leasing operations. A rights issue by IPIT to the tune of Rs 600 crore should also help reduce a part of its Rs 636 crore debt. On the residential sales front, IBREL sold all the units(0.53 mnsqft) of the first phase of its Sky project in Mumbai and has also launched three residential projects next to its One Centre. While the company launched about 9 mnsqft in 2008-09, it is planning to launch about 10 mnsqft in 2009-10, of which 5 mnsqft has already been launched. The company has also been the highest bidder at Rs 1,376 crore for the Mantralaya development project in Mumbai, which could add 1.5 mnsqft to its land bank and about Rs 29 to its NAV. The Rs 1,500 crore IPO of IBRELs subsidiary, Indiabulls Power, should help it to fund the capital requirements of power projects in Maharashtra.
While the cash flow from the proposed rights issue of IPIT, IPO of its power subsidiary and the QIP (Rs 2,650 crore) of IBREL should help matters, growth in its various businesses will depend on the pace of execution. In realty, while thus far the construction work at its NCR and Channai work is going on, other properties are facing delays according to an ICICI Securities report. While cash is not an issue for IBREL (it has Rs 3,000 crore worth Rs 75 per share), any delay in execution of it’s residential, SEZs (not yet notified) or power projects could be costly. Analysts peg the sum of parts valuations (power and
Profitability impact In Real Estate
Ramnath believes that improvement in profitability will depend on future Real estate projects. “Profitability will improve only after subsequent new Real Estate projects are launched at higher prices as compared to previous projects which we believe is unlikely in the current scenario.
Developers are likely to hold on to current(increased) price levels until demand increases significantly from current lavels.” The worrying factor for realty players continues to be the commercial and retail space, which suffer from oversupply and will take at least another two quarters to recover. In a recent report on the Real Estate sector, a JP Morgan report says that rentals for office space have already corrected by 30-40 per cent from their peak levels on the back of slow demand and leasing activity and vacancy rates remain high at over 10-15 per cent across key Real Estate markets.
The research firm believes that while demand from domestic corporate has started to firm up, IT/ITES demand is likely to remain subdued. We review the operations of the largest Real Estate players by Real Estate market capitalization in the Real Estate sector.
Ramnath believes that improvement in profitability will depend on future Real estate projects. “Profitability will improve only after subsequent new Real Estate projects are launched at higher prices as compared to previous projects which we believe is unlikely in the current scenario.
Developers are likely to hold on to current(increased) price levels until demand increases significantly from current lavels.” The worrying factor for realty players continues to be the commercial and retail space, which suffer from oversupply and will take at least another two quarters to recover. In a recent report on the Real Estate sector, a JP Morgan report says that rentals for office space have already corrected by 30-40 per cent from their peak levels on the back of slow demand and leasing activity and vacancy rates remain high at over 10-15 per cent across key Real Estate markets.
The research firm believes that while demand from domestic corporate has started to firm up, IT/ITES demand is likely to remain subdued. We review the operations of the largest Real Estate players by Real Estate market capitalization in the Real Estate sector.
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WONDERING WHAT IS IT THEY WANT...
Customers today want nothing but the best when buying a house. But, the jury is still out on what exactly makes a property click for them
Day: Sunday. Place: Greater Noida Expressway. Time: 2pm. On the way from Delhi to Greater Noida on any Saturday or Sunday, you would
find tents of realtors. Staffers of realty companies sit inside these makeshift tents, and there is a huge a stretch of land behind the tents. Naturally, the staffers of realty firms wait for their prospective customers.
However, what strikes any passerby is that in most such tents, either there is nobody or only a few people enquiring about the details of the projects. Given the fact that realty market is reviving after realtors slashed the cost of flats, floors and plots, the above scene looks a little confusing. The pertinent question that arises is whether customers are avoiding projects where construction work has not started at all. The jury is still out on this issue, but some experts on realty matters admit that unlike in the past the new-age customer is very smart and he/she ensures that their investment does not create headache for him/her later. Hence, they thoroughly check the background of realty firms before taking the final call. They even inspect past projects of builders, whose current projects are of interest to them.
If there is even an iota of truth in the argument that prospective customers prefer to book their house in only ongoing projects, where they can see some flurry of activity, then DLF's Capital Green project in Phase-II is an exception. Booking for the project was commenced on September 22 and on the very first day, over three thousand people made their bookings with earnest money - and for 1250 flats on offer, bookings were three times the figure. This is enough to prove that realty market is improving, even if it is not on fire.
However, Sunil Jindal, CEO of SVP group, has a different take on this matter. "I can tell you from my own experience that more often than not, customers invest in those properties where they find some kind of activity. If they see that work is on, then they invest. I have observed this tendency among customers in our many projects. Let alone the projects of big-time realty firms, selling flat, floor or plot on barren land is not at all an easy task. Selling dream is not possible nowadays as media has exposed the handiwork of a large number of realty firms in cornering huge sums from people after promising the moon," Jindal says. RK Arora, CMD of Supertech Limited, takes a different line and says that it is not right to say customers prefer to book their dream houses only when they see some kind of construction work in progress. "If that is the case then all the realty firms will start their projects and easily sell their products. Fact of the matter is, nobody knows which project can kick up a storm in the market and which one will fall flat."
Meanwhile, Anu Gupta, director of realty advisory Century 21, says it is a huge task to read the mindset of any particular customer. Of course, some prefer to book their houses where construction work is on. That gives them a huge a sense of confidence. However, the image of some realty firms too counts. At the end of the day, one thing is absolutely clear that nobody can say with final authority as to what type of realty project or projects will make a dent in the market.
Courtesy:- ET dt:- 30-10-2009
Customers today want nothing but the best when buying a house. But, the jury is still out on what exactly makes a property click for them
Day: Sunday. Place: Greater Noida Expressway. Time: 2pm. On the way from Delhi to Greater Noida on any Saturday or Sunday, you would
find tents of realtors. Staffers of realty companies sit inside these makeshift tents, and there is a huge a stretch of land behind the tents. Naturally, the staffers of realty firms wait for their prospective customers.
However, what strikes any passerby is that in most such tents, either there is nobody or only a few people enquiring about the details of the projects. Given the fact that realty market is reviving after realtors slashed the cost of flats, floors and plots, the above scene looks a little confusing. The pertinent question that arises is whether customers are avoiding projects where construction work has not started at all. The jury is still out on this issue, but some experts on realty matters admit that unlike in the past the new-age customer is very smart and he/she ensures that their investment does not create headache for him/her later. Hence, they thoroughly check the background of realty firms before taking the final call. They even inspect past projects of builders, whose current projects are of interest to them.
If there is even an iota of truth in the argument that prospective customers prefer to book their house in only ongoing projects, where they can see some flurry of activity, then DLF's Capital Green project in Phase-II is an exception. Booking for the project was commenced on September 22 and on the very first day, over three thousand people made their bookings with earnest money - and for 1250 flats on offer, bookings were three times the figure. This is enough to prove that realty market is improving, even if it is not on fire.
However, Sunil Jindal, CEO of SVP group, has a different take on this matter. "I can tell you from my own experience that more often than not, customers invest in those properties where they find some kind of activity. If they see that work is on, then they invest. I have observed this tendency among customers in our many projects. Let alone the projects of big-time realty firms, selling flat, floor or plot on barren land is not at all an easy task. Selling dream is not possible nowadays as media has exposed the handiwork of a large number of realty firms in cornering huge sums from people after promising the moon," Jindal says. RK Arora, CMD of Supertech Limited, takes a different line and says that it is not right to say customers prefer to book their dream houses only when they see some kind of construction work in progress. "If that is the case then all the realty firms will start their projects and easily sell their products. Fact of the matter is, nobody knows which project can kick up a storm in the market and which one will fall flat."
Meanwhile, Anu Gupta, director of realty advisory Century 21, says it is a huge task to read the mindset of any particular customer. Of course, some prefer to book their houses where construction work is on. That gives them a huge a sense of confidence. However, the image of some realty firms too counts. At the end of the day, one thing is absolutely clear that nobody can say with final authority as to what type of realty project or projects will make a dent in the market.
Courtesy:- ET dt:- 30-10-2009
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