Malleswaram-Rajajinagar | Pheonix Towers |30fl x 9 | Pro

[dino_srk]

Phonex Mills' One Bangalore West project have seen good realizations and Praduma Kanodia, Director Finance of the company said the project so far has seen a strong response. In the first few days of launch, 275 apartments have been sold and the company expects revenue recognition to come in from the first quarter of FY14, added Kanodia.


Apart from this project, Phoenix Mills is also ready to launch its new hotel, 'Shangril-La' in October-November 2012. Kanodia further stated that though, the company's debt is expected to rise to Rs 1600 crore, it is at manageable levels. Phoenix Mills is also hoping for 10-15% profitability growth in FY13.

Here is the edited transcript of the interview on CNBC-TV18.

Q: The street is encouraged by the kind of realizations that you are likely to get from that project, if you can tell us what the demand has been so far?

A: I think the initial success that we have seen for our One Bangalore West project is a testimony to our brand equity that Phoenix has been able to establish in the Bangalore market. The total project size is around 3 million square foot which will comprise of several multi storey towers.

Initially, as part of our phase one development we have launched five towers. These are basically 29 floors each. In the first few days of our launch, we have been able to sell more than 275 apartments which would equal to more than 700,000 sq ft of area in terms of saleable area and the average basic selling price for these apartments were in excess of Rs 7,000 per sq ft.

Q: How much money would you book in this quarter and when will this money show up in the P/L?

A: Since we have just launched it in the middle of September, revenue recognition in this month will not happen. But what is important is that the booking amount that we have received will start coming in and we would see that cash flow coming in.

Revenue recognition will happen based on the percentage completion that we achieve. I feel that may be possible only because we are following a very judicious and a very conservative revenue recognition policy. It should be the first quarter of the next financial year when we would start recognizing revenue. But by March 2013 we would probably collect 25% to 30% of our booking amount from a cash flow perspective.

Q: What about the Shangri-La project? What is the timeline now?

A: We are in a state of readiness. The handover process is going on. The entire team is geared up for opening the hotel as quickly as possible. We are just awaiting a few things to be clarified before we do that. Hopefully, by October-November we should see the hotel getting operational.

Q: There were some reports that the environment approvals for the hotel are not in place and perhaps the opening could be delayed as far as January-February next year. Do you think that is unlikely?

A: That is definitely not the current scenario because we have seen where we stand and we also understand the concerns that you are referring to. Keeping all those points in view, we are very hopeful that in October-November we should be in a position to open the hotel.

Source: http://www.moneycontrol.com/news/bus...ls_757392.html

[Joker rises]

Any idea of initial costs...

[usc_b]

Any ideas of the current rates? Also what is the availability like right now? And have they started the project or they are still yet to start??

[avinash2060]

Anshul Dhamija TNN

Bangalore: Its the start of the festive season and property developers are keeping the spirits high with a host of new product launches.Much like what is being seen in the automotive space.
In under 30 days,the city has seen some five new residential launches by A-grade developers,a trend last seen prior to the 2008 downturn.
The new launches range from 2-BHK apartments to 4,000-sqft villas,with prices starting at Rs 37 lakh.
In the first quarter of this financial year,Bangalore was the single largest market in terms of volume.The real estate market in the city has been robust despite the subdued marco-economic sentiments, said Pirojsha Godrej,MD of Godrej Properties.The Mumbai-based developer launched two residential projects in the city in under two-weeks.
On Thursday,Godrej launched a 1-million sqft project,called Godrej E-City,in Electronics City Phase-1,which offers 2,2.5 and 3-BHK apartments,with floor spaces ranging from 964 sqft to 1,625 sqft,at prices starting from Rs 37 lakh.
Prior to this,the company launched a niche villa project,Godrej Gold County,on Tumkur Road,which comprises of 87 units priced above Rs 2 crore.
Mayank Ruia,head-residential of The Phoenix Mills,said,In under a month we have sold close to 350 units of the 400 units on offer in the first phase of our project. The Mumbai-based developer has launched an ultra-high end residential project,One Bangalore West,in Rajajinagar,which has apartments ranging in size from 2,400 sqft to 4,000 sqft at a price of Rs 8,400 per sqft.
In a similar price bracket is Embassy Groups luxury residential project Embassy Lake Terraces at Hebbal.This new project has apartment sizes ranging between 3,500 sqft and 9,900 sqft.Prices start from Rs 3 crore.
Puravankara Projects launched an ultra premium property,Purva Whitehall,on Sarjapur Main Road,which offers buyers only 3 and 4-BHK apartments.
Jackbastian Nazareth,CEO,Puravankara Projects,said The number of enquiries for luxury projects (priced above Rs 2 crore) has increased by close to 30% in the last six months. Nazareth added,The demand for luxury projects is being fuelled by first generation entrepreneurs,senior management from the IT/ITeS sector,and the larger HNI and NRI base in the city.
In order to showcase to buyers the breadth of offerings now available,Times Property is launching the 8th edition of its property expo,Home Affairs.The expo will be held on October 20 and 21 at The Lalit Ashok.

COMING BACK TO LIFE

Projects nearing completion in South East and North Bangalore witnessed an increase in capital values of 1015 % during the first half of 2012 During the January to June period capital values of mid-segment residential units in South East,East and Off-Central locations increased by around 4-8 %,while those in the Central,North and South Bangalore were higher by 1-4 % as compared to the same period a year ago

http://lite.epaper.timesofindia.com/...=&publabel=TOI

[usc_b]

Originally Posted by usc_b

Any ideas of the current rates? Also what is the availability like right now? And have they started the project or they are still yet to start??

How many units are yet to sold? Is the project sold out?
Also does anyone have a clue of the future developments in this project??

[dino_srk]

Phonenix plans to launch 3-4msf of residential projects over next 12 months including Bangalore East (1msf), Phase II of Bangalore West (2msf), Pune (0.3msf) and last phase of Chennai (0.4msf). Due to steady customer collections and negative working capital status in One Bangalore West project, the SPV Palladium Constructions has bought back INR781m worth of share, leading to an inflow of INR547m to Phoneix in 4QFY13

Source: http://www.moneycontrol.com/news/rec...al_892249.html