A city based realty developer Calica Construction and Impex pvt Ltd laid the foundation stone for an It and ITeS Special Economic Zone here on Sunday.
The SEZ will be spread over 20 acres of land on the outskirts of the city and would house small and medium sized information technology companies.
The developers have planned to complete the first phase of the project in two years with initial investment of Rs 300 crore while total estimated cost of the project is Rs 650 crore.
Union minister of state for small and medium enterprises Dinsha Patel and Gujarat minister of state for industry and energy Saurabh Patel were among those present at the foundation stone lying ceremony.
According to Bipin Shah, one of the developers of the new venture, the company has already got the notification from the Board of Approval (BoA) for SEZ and other clearances are in the process.
He said that over 30,000 square feet space will be created for the It and ITeS companies.
He added that they are also in the process of tying up with major IT firms to set up their centres in the SEZ which would offer world class infrastructural facilities.
Agencies
Showing posts with label Emaar. Show all posts
Showing posts with label Emaar. Show all posts
Monday, September 28, 2009
Sunday, November 23, 2008
Dubai real estate suffers major setback
Dubai's property sector suffered a series of blows this week after brokers confirmed a rise in distressed sales, a real estate guide downgraded its rating on residential property and an Islamic lender suspended new loans.
The once-booming real estate sector of the emirate is showing signs of collapsing due to the global credit crisis, as prices fall sharply and buyers struggle to get mortgage loans.
"There is a sizeable increase in the number of property owners in an urgent state to sell," Robert Macnair, sales director of Dubai-based Elysian Real Estate, told the media.
"It could be they have a large payment coming up or they've seen the market dropping over the last month ... there is a real sense of urgency."
Property prices on Dubai's Palm Jumeirah island, a man-made peninsula developed by government-owned Nakheel, have fallen as much as 40 percent since September, real estate brokers said on Thursday.
Elysian this week sent out a text message to up to 40,000 mobile phones advertising distressed property sales offering a luxury six bedroom, six bathroom villa in Dubailand, a multi-billion-dollar luxury theme park.
The villa advertised costs 21 million UAE dirhams ($5.72 million) - half its original price - and will be completed in 2009, the text read.
Dubai downgrade
Global Property Guide cut its long-term investment rating on Dubai residential property on Wednesday from neutral to negative due to the drop in gross rental yields from last year.
"Gross yields are now an average of 5.5 percent, significantly down from an average of 7.5 percent a year ago ... At these levels, Dubai is less attractive than it was previously as an investment property," it said in a research note.
Global Property Guide said Dubai has "an enormous" amount of new supply and expects prices to fall over the next 2-3 years.
To compound matters, Dubai Islamic mortgage lender Amlak AMLK.DU said it suspended new loans. This follows moves by several banks to tighten lending conditions in August and September.
"It is very hard to get loans now. Customers are suffering," Rehab Gouda, senior sales agent at Al Jabal Real Estate said.
"Either they have pre-approval from before the crisis, or they are cash buyers."
Source: Agencies
The once-booming real estate sector of the emirate is showing signs of collapsing due to the global credit crisis, as prices fall sharply and buyers struggle to get mortgage loans.
"There is a sizeable increase in the number of property owners in an urgent state to sell," Robert Macnair, sales director of Dubai-based Elysian Real Estate, told the media.
"It could be they have a large payment coming up or they've seen the market dropping over the last month ... there is a real sense of urgency."
Property prices on Dubai's Palm Jumeirah island, a man-made peninsula developed by government-owned Nakheel, have fallen as much as 40 percent since September, real estate brokers said on Thursday.
Elysian this week sent out a text message to up to 40,000 mobile phones advertising distressed property sales offering a luxury six bedroom, six bathroom villa in Dubailand, a multi-billion-dollar luxury theme park.
The villa advertised costs 21 million UAE dirhams ($5.72 million) - half its original price - and will be completed in 2009, the text read.
Dubai downgrade
Global Property Guide cut its long-term investment rating on Dubai residential property on Wednesday from neutral to negative due to the drop in gross rental yields from last year.
"Gross yields are now an average of 5.5 percent, significantly down from an average of 7.5 percent a year ago ... At these levels, Dubai is less attractive than it was previously as an investment property," it said in a research note.
Global Property Guide said Dubai has "an enormous" amount of new supply and expects prices to fall over the next 2-3 years.
To compound matters, Dubai Islamic mortgage lender Amlak AMLK.DU said it suspended new loans. This follows moves by several banks to tighten lending conditions in August and September.
"It is very hard to get loans now. Customers are suffering," Rehab Gouda, senior sales agent at Al Jabal Real Estate said.
"Either they have pre-approval from before the crisis, or they are cash buyers."
Source: Agencies
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