Reliance building on real estate interests in Kenya
Jun 27, 2013
Source : The Hindu Business Line

MUMBAI: Reliance Industries is expanding its presence in the real estate sector in Africa.In its second major foray, the Mukesh Ambani-owned Reliance Industries has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million).

The land, which has a developable area of about 1.2 million sq. ft., has been acquired for commercial and residential property development.

Reliance Industries’ (RIL) real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary.

According to people familiar with the development, RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments. The company bought prime plots of land in Nairobi, and developed them for residential and commercial use.

In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.

For the 10 Nairobi plots, Reliance Industries is the major stakeholder with a 60 per cent shareholding, while Delta Corp has a 40 per cent holding.

Through Delta Corporation, RIL is currently building office towers in Nairobi’s Upper Hill and Westlands areas. Delta Corporation is also developing a multi-million dollar residential estate along the Athi River.

Nilesh Shah, executive director, Delta Corporation East Africa, could not be reached for comment.

In a recent annual report, Delta Corporation said it has four projects under development. The company owns around 27.5 acres of land.

Real estate major Knight Frank has ranked Nairobi as the city with the fastest growth rate in rentals for high-end commercial property in 2012.

Latest Realty News

BBMP to accept property tax online or by DD only
Jun 27, 2013
BANGALORE: From now, pay property tax through DDs or online, and not cheques and cash. The BBMP’s decision comes following allegations that tax collectors in Herohalli, off Magadi Road, failed to deposit cheques collected from taxpayers and siphoned off the money.
OFFICE Traction @ Glance-NCR: June 2013
Jun 27, 2013
DELHI: The National Capital Region (NCR) is one of the most sought after office destinations in the country. Availability of skilled manpower and developed infrastructure drew a number of corporates to this market. The NCR office market has evolved largely from mixed use type of commercial developments in Connaught Place to state-of-the-art office buildings in Gurgaon and Noida. Traditionally, office space demand was driven by government departments and private companies looking for a presence i
Two-Day Road Show of DAMAC Properties in Delhi and Mumbai
Jun 27, 2013
MUMBAI: DAMAC Properties, the largest private developer of luxury real estate in the Middle East, is beginning a two-day road show in Delhi and Mumbai to showcase the latest luxury living in Dubai.
Seashore chief in a corner
Jun 27, 2013
BHUBANESWAR: With a flurry of complaints filed following his arrest, Seashore Group chief Prashant Dash finds himself cornered.
Easier ECB norms to create more affordable housing: Crisil
Jun 27, 2013
MUMBAI: The easing of fund-raising norms through the external commercial borrowing (ECB) route will lead to developers focusing on low-cost housing projects, says rating agency Crisil.
Demand-hit CP still among most expensive office markets
Jun 26, 2013
DELHI: Despite weakening demand for office space Connaught Place (CP) remains the fifth most expensive office market in the world.
Buying a property just got a bit more cumbersome
Jun 26, 2013
DELHI: A common saying goes, to know “stress”, organize a person’s marriage or endeavor to build a house. Consider the various factors which affect the decision on the purchase or building of a house, they range from vastu, legal documentation, anticipated appreciation in value and maybe even the whims and fancies of the relatives. Clearly, factors which may cost a common man, seeking to obtain a roof over his head, many a nights sleep. Well, thanks to the Finance Act, 2013, the stress has been
Home prices inflated; aggressive lending dangerous
Jun 26, 2013
DELHI: Terming the home prices as highly inflated in the country, including in smaller cities, industry leader Deepak Parekh on June 21 asked builders to focus on affordable housing, rather than luxury homes, and said it is a dangerous thing to lend aggressively to developers.
Exit low building clusters, enter skyscrapers at Girgaum and Parel
Jun 26, 2013
MUMBAI: The skyline is set for a drastic change with the high-power committee for cluster redevelopment giving the go-ahead to two projects at Girgaum and Parel each. All low-rises here would be mowed down to make way for skyscrapers.
‘Housing Regulator Bill ignores ground realities’
Jun 26, 2013
MUMBAI: Even though the Real Estate (Regulation and Development) Bill is expected to bring in transparency, it also brings with it challenges like timely project clearance which need to be addressed first, consultancy firm Jone Lang LaSalle has said.

Latest Realty News Of State

Realty Talk's