Parsvnath Developers is looking to expand its operations to Mumbai, Pune and Nashik at an investment of Rs 500 crore, as part of its plan to expand its operations across eight states of the country. Till about two years back, its operations were confined to NCR (National Capital Region) and Delhi. Maharashtra figures prominently in their future plans. Pradeep Jain, chairman, Parsvnath Developers said: “We are in negotiations with the land owners in the city which is at an advanced stage and very soon we expect to make our presence felt.” The company will be building both residential as well as commercial complexes. And it will be targeting all the sections of the society. “Like Delhi, we will be constructing all kinds of buildings suitable to the masses. We want to give integrated townships to the city,” he added. However, Jain chose not to disclose the areas in Mumbai the company was focusing on. 

This fast-growing city is already saturated with dozens of gaudy shopping malls, so a top developer said he was branching out elsewhere announcing plans to build at least 100 malls across the Indian subcontinent and Middle East. India, Pakistan and Arab nations are sorely underserved by malls, contended Mohammed Ali Alabbar, chairman of Dubai-based Emaar Properties, widely considered the Middle East’s largest developer. “People are increasingly looking for a fantastic shopping experience rivaling that of developed countries,” he said in a prepared statement. “We aim to create this for them.” The firm will invest $4.1 billion over five years to spread its signature shopping centres across India, Saudi Arabia, Egypt, Algeria, Morocco, Jordan, Syria, Pakistan and the United Arab Emirates, Alabbar said. 

India has less than one square foot. Critics of the rapid pace of development have said Emaar and other developers have focused on speed at the expense of quality. Many luxurious condominiums and townhouses here develop cracked facades and broken fixtures just months after they are finished. Emaar is setting up a subsidiary, Emaar Malls, to handle the mall project. Emaar Malls plans to bankroll its purchases of land and construction costs with funds raised through a recent Emaar stock issue, bank loans and an initial public offering on Dubai’s stock market, Alabbar said. 

Vatika Group, one of the leading groups in real estate and hospitality, launches it first group housing and project Vatika City. Vatika City will be the largest ever group housing development in Gurgaon. Located on the Sector Road, passing through the DLF Golf course on one side and the main Gurgaon Sohna road on the other side, Vatika City will be one of the well-connected housing societies in Gurgaon. Just a few minutes drive away from the Malls and other places of commercial interest, the Vatika City will provide quick and easy accessibility to its residents. Also on completion of the Gurgaon Express Highway, the project will be only 15 minutes drive away from Delhi. 

Spread over 53 acres of land, the City will feature a series of Low-rise, Mid-rise and High rise buildings offering over 1800 apartments in combination of two, three, four bedrooms, five bedrooms, duplexes and pent houses with complete facilities. Designed by studio, London in association with Spazzio, Vatika City will be a synthesis of contemporary design, traditional landscapes and understated elegance. All the apartments will have abundance of natural light and fresh air and will also overlook a picturesque garden 

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December 2005