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Indiabulls Real Estate will pay more than double the asking price for a plot of land in central Mumbai...

Indiabulls Real wins Mumbai plot for Rs 1,505 crore

NEW DELHI: Indiabulls Real Estate will pay more than double the asking price for a plot of land in central Mumbai,state-run National Textile Corp NTC,which sold the land,said. Indiabulls,which counts HSBC and Fidelity among investors,is paying double the asking price to avoid losing the auction to other developers desperate for stock in the land-starved city,India8217;s financial capital. Indiabulls will pay Rs 1,505 crore 326 million for the 8.37-acre plot of NTC8217;s Bharat Textile Mills,which had a reserve price of Rs 750 crore 162 million.

Crisil to rate realty projects

MUMBAI:Prospective home buyers often face substantial difficulty in getting credible information relating to the dream house they are searching for. Such lack of information often relates to land records,quality of construction,finances and background of the developers. To address these difficulties,ratings major Crisil on Thursday introduced a 8-point scale to gauge projects being developed by real estate companies in big cities. Christened Crisil Real Estate Star Ratings,it will provide a city specific all round assessment of real estate projects and help buyers benchmark and identify quality projects within a city, a Crisil release said.

RICS launches new courses

NEW DELHI: RICS India has launched new courses in the field of valuation and quantity surveying. These specially created programmes are designed to enhance and up-skill the technical expertise of practioners and bring them at par with international counterparts. The new batches for the foundation and advanced courses which commence on August 23,2010,have been tailored for existing working professionals as well as aspirants looking at real estate and construction as a 8216;career of choice8217;. In addition to these courses,RICS will launch further courses in a phased manner across relevant practice areas,based on market need.

Jaypee Greens launches Castille

NEW DELHI: Jaypee Greens,a division of Jaiprakash Associates Limited,has launched The Castille at Jaypee Greens,Greater Noida. The project will have approximately 40 units along the 18-hole Greg Norman signature golf course. Units at The Castille are available at an inaugural price ranging from Rs 1.48 to 2.02 crores. Manu Goswamy,head,sales and mMarketing,Jaypee Greens said,Jaypee Greens is a forerunner in providing premium lifestyle spaces and luxurious concept homes.

Commercial space faces problems

NEW DELHI: India8217;s realty sector is likely to face the problem of plenty with office rental space set to outstrip demand resulting in a further drop in rentals,according to a report. 8220;With the forecast growth of net completions expected to outpace that of net absorption,a significant supply overhang is expected to remain over the next one year,8221; Confederation of Indian Industry CII and global real estate services firm Jones Lang Lasalle Meghraj said in a joint report. 8220;This will lead vacancy level across India,which was 17.2 percent in 2009 to rise to 20 percent by 2010 end,8221; it added. It said the commercial lease and rental space in India would witness a low occupancy rate till 2011.