Garnet Construction will complete acquisition of the land for the Mega "Magic Hills" project By April, 2007: The markets might come up for a smart rally Today, after favourable news erupted from the US Fed Headquarters: I had in the last week cautioned the investors about some "analysts" who proliferate on various TV channels(Specially the "dangerous" and much "less understood breeds" called "Technical Analysts"-- seems their technics are only understood by TV Anchors themselves. It is appaling to see how most of the TV channels bring them in droves like cattle, since there is no dearth of them; but fail to show what percentage of their "So called predictions" comes out to be correct)while taking investment decisions.
Garnet Construction Ltd has already acquired more than 325 acres of land at Express Highway near Panvel in Navi Mumbai for Residential and Industrial project, which will require a total of 400 acres. The location of this mega project is selected keeping in mind the who people preferred to have a house either to live after retirement or for spending leisure time with families and friends. The project which is named as "Magic Hills" will deliver residential complexes with all modern amenities, recreational and educational facilities. It will also have commercial properties like Shopping Malls and Multiplexes. The acquisition of the land is likely to be completed by April 2007 and the construction of the same is expected to commence by October 2007.
Garnet has a land bank of around 600 acres whose real estate value is huge considering the way the property prices are shooting over the roof in and around Mumbai(Bombay). Other real estate projects being developed are in Khopoli and Lonavala.
In Khopoli, the company plans to develop a township with 6mn sq.ft of residential space on 200-acres, 1.5mn sq.ft of office space in a 100-acre IT Park, and an educational institution on 100-acres. The entire project will be delivered in 2011.
In Lonavala, Garnet plans to develop 131 bungalows by end of 2007. Over a hundred of these are already sold. Some will be sold later in phases to keep the balance sheet ticking and the company gets a regular flow of revenues.
Garnet Construction Ltd earlier announced that it has entered into an exclusive global marketing alliance with the Sternon Group (Dubai-based real estate developers, builders and promoters) to market its residential and commercial projects to prospective buyers around the world.
The Sternon Group, which has the distinction of successfully serving the needs of customers located in more than 28 different countries, will have the exclusive rights to market the Company's mega residential and commercial township project, 'Magic Hills'. spanning 400 acres at the Mumbai-Pune Express Highway near Panvel in Navi Mumbai. The project is valued at Rs 1,200 crore with the residential portion (250 acres) accounting for Rs 900 crore.
The 'Magic Hills' residential project offers plots, row houses and bungalows. The project also comprises the information technology commercial development portion (75 acres) and educational institution portion (75 acres). This one-of-its-kind township, which combines classic traditions and modern lifestyle, comprises all the modem amenities including recreational, retailing and educational facilities.
The 'Magic Hills' project is being positioned as the 'pride of the Mumbai-Pune Expressway' as it is the first-of-its-kind project conceived herein. A combination of classic traditions and modem lifestyle, it targets all generations. Located on the Mumbai-Pune expressway, it is merely 28 km from Navi Mumbai and hardly 20 minutes from Panvel international airport and the railway station. It gives the comfort and coziness of a home that discerning people desire; fresh air filled with the scent of flowers; shades of the mountains; and panoramic view of nature.
The Sternon Group will invest upto US$ 3-4 million in this project. The Sternon Group, which has offices in the United States (U.S.), the United Kingdom (U.K.), the Middle East and India, will market the 'Magic Hills' project as an ideal home for investors, holiday-seekers and Non-Resident Indian families.
According to a Top Source who refused to be identified, the company is waiting for the shareholders' approval for its much advertised mega Preference issue. After it get shareholders' approval( which is a 100% sure shot case as all want to make money from their holdings and if it come as around Rs.150 per share; there will hardly be anyone who will oppose it), it will place the shares to the US company for raising funds for some of the ongoing projects.
The source further added that any negative effect of the tax component( if any) will be passsed on to the consumer, therby nullifying the effect of the budget blues He furthwer added that the demand for housing is great in and around Mumbai; this somewaht inelastic pull will decide the future of property market in Mumbai and its suburbs.
Also keep holding Zigma Software( add on declines) , Hanil Era Textiles( add on declines), BSEL Infrastructure ( add on declines), Vishal Exports, SPL Industries, Shivalik Global( add at the current price), and NEPC Ltd at CMP (because Anil Ambani has some interest in the company) and exit at Rs.24 and Rs.27. Moreover note taht today I had mentinoed through teh yahoo messanger that TV Today is being touted as the next Adlabs Films , since the "Great RJ" holds position in the counter and Anil Ambani has some interest in it.
Always have long term view on the markets if u do not want to stand naked on the streets of Dalasl Street. Please stop this daily gambling game---I know this is easier said than done with becons coming from all corners..but try it. Otherwise try any state lottery, it might give u better returns. I am suffering from high fever and hence could not upload the blog during the last few days, but today could not resist the temptation to fill it up with whatever inputs I get.....more in the following postings.....
Best wishes,
Suman Mukherjee
India.
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