Real estate firm Puravankara Projects Ltd. would raise about 11.3 billion rupees at the top end of its price band of 500-525 rupees for its initial public offering.
The 21.5-million share offer, which would constitute 10.05 percent of the post-issue diluted paid-up capital, will open on July 31 and close on August 3, the company said.
The issue proceeds would be used to to part-finance land acquisition and repay loans, a senior official said on Wednesday.
The firm, which has a strong presence in south India, intends to expand its business overseas and invest in residential and commercial projects.
The company operates in most major cities in southern India, and also in the United Arab Emirates and Sri Lanka. It currently holds a land bank of 94.6 million square feet.
For the year ended March 2007, the company reported a net profit of 1.3 billion rupees on total income of 4.2 billion rupees.
DSP Merrill Lynch, Citigroup Global Markets and Kotak Mahindra Capital are the lead managers to the issue.
Thursday, August 2, 2007
Sunday, July 22, 2007
Browsing For Katrina Cottage Housing
The business of mail-order homes, once popularized by a Sears' catalogue-based home-selling program, has come full circle, this time with an Internet-based boost.
Big box warehouse, Lowe's Companies Inc., has expanded to the Internet sales of blueprints and materials for the Katrina Cottage, named for the home-wrecking hurricane that prompted it's development.
Last year, Lowe's became the first and exclusive distributor of the off-the-shelf home, but then only from select brick and mortar Lowe's home improvement centers in Louisiana and Mississippi. Now, along with Internet sales, all Lowe's stores will also offer the homes.
Available in 11 floor plans ranging from a two-bedroom 544 square foot model with a front porch, to a five-bedroom, two-story, 1,807 square foot unit, the Katrina Cottage was designed and developed by New York architect Marianne Cusato of Cusato Cottages, LLC, as a more aesthetically appealing and durable housing alternative to those grim-looking Federal Emergency Management Agency trailers (FEMA Trailers). The trailers popped up throughout the Gulf Coast region after Hurricane Katrina laid waste to hundreds of thousands of homes.
The online home sales hearkens back to the era of Sear's popular mail order "kit homes" program. Officially called "Modern Homes," the print catalogue-based program delivered 100,000 home-building kits to empty lots from 1908-1940.
Some of the early Sear's kit homes cost a fraction of the $700 it costs just to buy blueprints for the Katrina Cottage.
For example, In 1908, the 1,300 square foot, three-bedroom Greenview started at $443 (zeros are not missing)! One Sear's home was originally "listed" at $107!
The Katrina Cottage is the darling of the "park trailer" or "park model" set -- tiny homes, which are limited to 400 square towable feet and are more commonly seen dotting recreational vehicle parks, campgrounds and other more rural vacation spots. Owners place park trailers and use them as seasonal vacation homes or rent them out to travelers as alternatives to tents and RVs.
In 2005, the national shipment of park trailers, 10,000 of them, was up 10 percent over 2004 figures. In 2006 10,100 of them were shipped, according to the Recreational Park Trailer Industry Association (RPTIA).
RPTIA executive director, Bill Garpow, says the industry has slowed a bit since the 2005 boomlet as the economy and housing market has left potential buyers with less disposable income.
The Katrina Cottage is actually much more than your typical park trailer vacation playhouse. The major upgrade from park trailers must meet home building codes.
"They took a park trailer and put it on steroids and beefed it up," Garpow said.
"It's a unique situation. What they produced was a recreation park trailer and a modular home at the same time. Recreational park trailers are not intended or designed to be domiciles. They are vacation and seasonal homes. Modular homes are intended to be domiciles," Garpow added.
Katrina Cottages are designed to withstand heavy rain and winds up to 140 miles per hour, they also meet hurricane codes for wind resistance and the International Building Code. Material packages, starting at about $30,000, include all materials necessary to build the cottage from the foundation plate up -- studs, framing, insulation, moisture- and mold-resistant drywall, rot- and termite-resistant siding, fixtures, electrical, plumbing, 25-year warranted metal roofing, even appliances.
The home owner will have to supply land, a foundation, an HVAC system (heating, ventilation, and air conditioning) and, of course, their own furnishings.
Lowe's says its product is a "materials package" rather than a "kit" shipped all at once. Materials are shipped to include, say, lumber and hardware in one shipment, lighting, plumbing and other fixtures in another, flooring and appliances in still another and so on.
Material packages generally require a professional contractor or highly skilled do-it-yourselfer to assemble and the home can be assembled in six to eight weeks.
Some affordable housing experts consider the Katrina Cottage and others like it to have a potential for helping to fill the affordable home gap.
However, given local zoning laws and the cost of land, the little home that could, could be hard fought to find, well, a home in housing markets outside the Gulf Coast.
Big box warehouse, Lowe's Companies Inc., has expanded to the Internet sales of blueprints and materials for the Katrina Cottage, named for the home-wrecking hurricane that prompted it's development.
Last year, Lowe's became the first and exclusive distributor of the off-the-shelf home, but then only from select brick and mortar Lowe's home improvement centers in Louisiana and Mississippi. Now, along with Internet sales, all Lowe's stores will also offer the homes.
Available in 11 floor plans ranging from a two-bedroom 544 square foot model with a front porch, to a five-bedroom, two-story, 1,807 square foot unit, the Katrina Cottage was designed and developed by New York architect Marianne Cusato of Cusato Cottages, LLC, as a more aesthetically appealing and durable housing alternative to those grim-looking Federal Emergency Management Agency trailers (FEMA Trailers). The trailers popped up throughout the Gulf Coast region after Hurricane Katrina laid waste to hundreds of thousands of homes.
The online home sales hearkens back to the era of Sear's popular mail order "kit homes" program. Officially called "Modern Homes," the print catalogue-based program delivered 100,000 home-building kits to empty lots from 1908-1940.
Some of the early Sear's kit homes cost a fraction of the $700 it costs just to buy blueprints for the Katrina Cottage.
For example, In 1908, the 1,300 square foot, three-bedroom Greenview started at $443 (zeros are not missing)! One Sear's home was originally "listed" at $107!
The Katrina Cottage is the darling of the "park trailer" or "park model" set -- tiny homes, which are limited to 400 square towable feet and are more commonly seen dotting recreational vehicle parks, campgrounds and other more rural vacation spots. Owners place park trailers and use them as seasonal vacation homes or rent them out to travelers as alternatives to tents and RVs.
In 2005, the national shipment of park trailers, 10,000 of them, was up 10 percent over 2004 figures. In 2006 10,100 of them were shipped, according to the Recreational Park Trailer Industry Association (RPTIA).
RPTIA executive director, Bill Garpow, says the industry has slowed a bit since the 2005 boomlet as the economy and housing market has left potential buyers with less disposable income.
The Katrina Cottage is actually much more than your typical park trailer vacation playhouse. The major upgrade from park trailers must meet home building codes.
"They took a park trailer and put it on steroids and beefed it up," Garpow said.
"It's a unique situation. What they produced was a recreation park trailer and a modular home at the same time. Recreational park trailers are not intended or designed to be domiciles. They are vacation and seasonal homes. Modular homes are intended to be domiciles," Garpow added.
Katrina Cottages are designed to withstand heavy rain and winds up to 140 miles per hour, they also meet hurricane codes for wind resistance and the International Building Code. Material packages, starting at about $30,000, include all materials necessary to build the cottage from the foundation plate up -- studs, framing, insulation, moisture- and mold-resistant drywall, rot- and termite-resistant siding, fixtures, electrical, plumbing, 25-year warranted metal roofing, even appliances.
The home owner will have to supply land, a foundation, an HVAC system (heating, ventilation, and air conditioning) and, of course, their own furnishings.
Lowe's says its product is a "materials package" rather than a "kit" shipped all at once. Materials are shipped to include, say, lumber and hardware in one shipment, lighting, plumbing and other fixtures in another, flooring and appliances in still another and so on.
Material packages generally require a professional contractor or highly skilled do-it-yourselfer to assemble and the home can be assembled in six to eight weeks.
Some affordable housing experts consider the Katrina Cottage and others like it to have a potential for helping to fill the affordable home gap.
However, given local zoning laws and the cost of land, the little home that could, could be hard fought to find, well, a home in housing markets outside the Gulf Coast.
Tuesday, July 10, 2007
Long Term Rates Drift Lower for Third Consecutive Week
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.63 percent with an average 0.4 point for the week ending July 3, 2007, down from last week when it averaged 6.67 percent. Last year at this time, the 30-year FRM averaged 6.79 percent.
The 15-year FRM this week averaged 6.30 percent with an average 0.4 point, down from last week when it averaged 6.34 percent. A year ago, the 15-year FRM averaged 6.44 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.29 percent this week, with an average 0.4 point, down from last week when it averaged 6.30 percent. A year ago, the 5-year ARM averaged 6.39 percent.
One-year Treasury-indexed ARMs averaged 5.71 percent this week with an average 0.4 point, up from last week when it averaged 5.65 percent. At this time last year, the 1-year ARM averaged 5.82 percent.
"Long-term mortgage rates continued to move lower for a third consecutive week, in part reflecting a moderation in core inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "In the statement accompanying their decision to leave the target federal funds rate unchanged, the Fed noted that core inflation had declined recently, though a 'sustained' moderation is still to be seen, and signaled that inflation risk continues to figure prominently in their policy decisions."
"Helping to ease some inflation concerns, May's personal consumption expenditures report found that the core price measure had increased 1.9 percent for the year ending in May, within the 1 percent to 2 percent range with which the Fed is comfortable, and the lowest year-over-year rise in more than 3 years."
The 15-year FRM this week averaged 6.30 percent with an average 0.4 point, down from last week when it averaged 6.34 percent. A year ago, the 15-year FRM averaged 6.44 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.29 percent this week, with an average 0.4 point, down from last week when it averaged 6.30 percent. A year ago, the 5-year ARM averaged 6.39 percent.
One-year Treasury-indexed ARMs averaged 5.71 percent this week with an average 0.4 point, up from last week when it averaged 5.65 percent. At this time last year, the 1-year ARM averaged 5.82 percent.
"Long-term mortgage rates continued to move lower for a third consecutive week, in part reflecting a moderation in core inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "In the statement accompanying their decision to leave the target federal funds rate unchanged, the Fed noted that core inflation had declined recently, though a 'sustained' moderation is still to be seen, and signaled that inflation risk continues to figure prominently in their policy decisions."
"Helping to ease some inflation concerns, May's personal consumption expenditures report found that the core price measure had increased 1.9 percent for the year ending in May, within the 1 percent to 2 percent range with which the Fed is comfortable, and the lowest year-over-year rise in more than 3 years."
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