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TATA HOUSING TO ENTER INTO REDEVELOPMENT OF OLD BUILDING COMPLEXES
Tata Housing Development Company the subsidiary of Tata group’s principal holding company Tata Sons is entering into construction projects involving redevelopment of old building complexes, as it looks for ways to get a maiden entry into its home market Mumbai.
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22.2% DECLINE REPORTED IN FDI INFLOWS DURING APRIL-FEB
India’s foreign direct inflows fell 22.2% during April-February though recent corporate announcements indicate that the declining trend may be checked in the current financial year. According to the latest data released by RBI, FDI inflows during 11 months of the financial year were estimated at nearly $26 billion, compared to $33.34 billion a year ago.
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MONEYLAUNDERING WATCHDOG TO TRACK ALL REALTY DEALS
All real estate transactions will have to be reported to the country's anti- moneylaundering agency once the government amends a key law that seeks to curb black-money transactions.
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UNITECH TO INVEST RS 2,000 CR IN AFFORDABLE HOUSING PROJECTS
Real estate developer Unitech said it plans to invest Rs 2,000 crore in the affordable housing category in the country in 2011-12.
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MAHA MULLING EXTRA FSI FOR REALTORS MEETING GREEN HOMES NORMS
With a view to encourage green homes, the Maharashtra government is considering providing extra Floor Space Index (FSI) to developers complying with green homes norms.
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DUBAI PROPERTY MARKET ATTRACTS INDIAN INVESTORS
A growing number of investors from India are showing interest in Dubai as they look to capitalise on 60 per cent savings per square foot in the Dubai property market, a Dubai-based real estate company has said.
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NEW NORMS SLOW DOWN PROPERTY REGISTRATION
Registration of property transactions has witnessed a steep decline in the capital after the state government made it mandatory to produce a building sanction plan and structural safety certificate as a prerequisite to any form of registry.
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GERMAN FIRM SELLS PLOT TO REAL ESTATE COMPANY FOR 1,300 CRORE
German major Bayer CropScience has sold its approximately 108 acre-land parcel on Kolshet Road at Thane to Agile Real Estate Pvt Ltd, a subsidiary of real estate developer Kalpataru.
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COMMERCIAL SPACE DEMAND IN INDIA TO TOUCH 160 MN SQ FT BY '14
Demand for commercial office space across the seven major cities in India is estimated at around 160 mn sq ft by 2014, a latest study by multi-national real-estate services firm Cushman and Wakefield Research (CWR) has revealed.
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CREDAI ANDHRA PRADESH TO IMPLEMENT CODE OF CONDUCT FOR ITS MEMBERS
The Confederation of Real Estate Developers Association of India (CREDAI), Andhra Pradesh chapter is likely to implement a code of conduct for all its members in the state, wherein developers, recognised by CREDAI (AP), will have to abide by a set of rules laid down by the national body. CREDAI is also slated to set up a consumer redressal cell in AP to ensure transparency in the dealings of the sector.
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POLICY RATE HIKE HAS MINIMUM IMPACT ON HOME LOAN RATE
The inflation rate has been high over the last few quarters.
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REVISED PROPERTY CIRCLE RATES FOR GURGAON EFFECTIVE TODAY
The district administration has revised the property circle rates, which will come into effect from Friday.
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CITIBANK INDIA SET TO SEAL RS 1,000CR OFFICE DEAL IN MUMBAI
The city may soon record the largest transaction for commercial space with Citibank India close to paying approximately Rs 1,000 crore for space in an under-construction building at Bandra-Kurla Complex. The deal, expected to be concluded shortly, comes at a time when the property market is in the dumps.
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ANSAL API SELLS RS 294 CR WORTH PROJECTS IN FEB
Real estate developer Ansal Properties & Infrastructure has sold nearly three million sq ft of space worth Rs 294 crore in February across various places in the country.
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REAL ESTATE PRICES IN MUMBAI SET TO DECLINE
Real Estate prices in Mumbai are set to decline further in overheated markets as sales have fallen due to unaffordable pricing, brokers and market analysts said.
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INDIA REAL ESTATE REPORT Q2 2011 - NEW MARKET REPORT PUBLISHED
India Real Estate Report Q2 2011 - Our interviews with in-country sources at the end of 2010 confirmed that the year had generally been a good one for developers and other market protagonists. The year therefore marked an improvement in fortunes after a challenging period in 2009.
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MOVING TO THE LIGHT
Not many were taken aback by the Prime Minister’s speech when he spoke of the existence of black money in the real estate sector.
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SOUTH MUMBAI TOO 'HOT', RESIDENTS 'FLEE'
With property rates hitting the stratosphere, the affluent south Mumbai area has likely witnessed a decline in residential population, while the suburbs have had a rise, according to Census officials.
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HIGH RISE: GO TALL, BUT GO SAFE
Following the multiple calamities that has beset Japan, authorities here need to fast track their checks on developers’ claims of building earthquake-resistant structures.
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ANSAL API SELLS RS 294 CR WORTH PROJECTS IN FEB
Real estate developer Ansal Properties & Infrastructure has sold nearly three million sq ft of space worth Rs 294 crore in February across various places in the country.
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REAL ESTATE THE MOST PREFERRED INVESTMENT AVENUE IN NON- METROS
Real estate has emerged as the most preferred investment avenue for working professionals in non-metro centres vis-à-vis bullion and stock market. Realty has topped the preference chart as it is considered a safer investment option compared to other instruments and the booming real estate sector in Tier-II towns of the country.
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INDIA'S BIGGEST REAL ESTATE MIRACLE IS UNFOLDING HERE!
Barely 20 km from the heart of Delhi, across a flyover called Mahamaya which establishes the territorial claim of Uttar Pradesh Chief Minister Mayawati and off the eight-lane highway across Noida, is Shivom Gangwar's makeshift office -- on a motorcycle!
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TAX TALK: BUDGET 2011 GIVES MORE INCENTIVES TO HOME BUYERS
I was watching the India-Netherlands cricket match with my friend Sunil, and as India lost a few wickets quickly in its run chase, Sunil started criticising the team approach.
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RENOVATE YOUR OLD HOUSE & GET BETTER VALUE
Have you ever wondered why a neat and clean, better-maintained and well-renovated house in your locality is often considered a cut above the rest and also commands better value and rental returns?
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LODHAS ASKED TO STOP WORK AT LUXURY TOWNSHIP
Thane Municipal Corporation has issued a stop-work order against Casa Univis ? a luxury township project by one of India?s biggest builders, Lodha Developers.
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DDA PLANS TO CONSTRUCT OVER 20,850 HOUSES
The Delhi Development Authority is mulling constructing over 20,850 houses and flats in the coming years, mostly in south and north-west Delhi.
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DLF'S OUTSTANDING TAX AS ON DEC 2010 AMOUNTS TO RS. 248.76 CR
The government today said that tax amounting to Rs. 248.76 crore is outstanding against the country's largest realty firm DLF as on December 2010.
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REAL(TY) ISSUES IGNORED?
Events of the recent past, including bank loan scam involving some real estate companies, the Reserve Bank’s overall guidance of tightening flow of “easy money” into the realty sector and an overall perception of lack of transparency formed the backdrop when finance minister Pranab Mukherjee presented his Budget earlier this week.
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SUPERTECH TO BUILD 255 METRE TALL TOWER IN NOIDA
Realty firm Supertech today said it will invest Rs. 600 crore to develop a 255 metre tall residential tower in Noida.
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INDIAREIT, PARANJAPE IN TALKS TO SELL STAKE IN PUNE SEZ
Indiareit Fund Advisors Pvt Ltd and Paranjape Schemes (Constructions) Ltd are in talks again to sell all, or part of their stake, in the 130-acre export zone they are developing near Pune, after earlier discussions with a Tata Group company failed, reports Mint.
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FINANCE MINISTER SILENT ON FDI IN MULTI BRAND RETAIL
The budget speech of the finance minister intends to lay the foundation for policy changes that are to follow over the next 12-18 months. However, the speech was lacking in big-ticket reforms that the finance ministry has been promising for a while.
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HOUSING LOANS TO GET 1% INTEREST REBATE
The government today said low-cost housing loans of Rs 15 lakh will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing.
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ANSAL API LOOKS TO RAISE RS 500 CR FROM PRIVATE EQUITY FIRMS
Realty firm Ansal API is looking at a fund infusion of about Rs 500 crore from a host of private equity investors, including IL&FS Investment Managers and Red Fort Capital, for its ongoing construction work in north India.
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GROUND REALTY: KEY TRANSACTIONS
MUMBAI - Recently, a 1,668 sq-ft , 3-BHK apartment located on the first floor of a residential project at Abdul Gafar Khan Road, Worli, was sold for around Rs 7.20 crore.
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MUMBAI IS WORLD'S 6TH MOST EXPENSIVE CITY FOR OFFICE SPACE
Mumbai slipped by one place to sixth in the list of the world's most expensive office locations in 2011, according to global realty consultant Cushman & Wakefield.
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REAL ESTATE SECTOR EXPECTS LIBERALISED FDI NORMS FROM UNION BUDGET 2011
The real estate sector is expecting a liberalised foreign direct investment (FDI) norm and easing of rules for external commercial borrowings, in the present tight project finance situation and rising cost of loans, from the Union Budget 2011-12.
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HDFC PROPERTY LOOKS TO EXIT EMBASSY GOLF
HDFC Property Ventures, the real estate fund of India's largest mortgage finance company, plans to exit its investment in Embassy Golf Links, a commercial real estate project in Bangalore for 255 crore.
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2G SCAM-UNITECH MD UNDER CBI SCANNER
he Central Bureau of Investigation (CBI) has summoned Unitech chairman-cum-managing director Sanjay Chandra in connection with the 2G spectrum allocation scam.
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BUYING PROPERTY IN CENTRAL LONDON
Diversity plays an important role not just in asset allocation but also risk allocation – especially geo-political risk.
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NITESH ESTATES LAUNCHES RS 100 CR LUXURY RESIDENTIAL PROJECT
Nitesh Estates Ltd , one of India's leading integrated real estate developers, today announced the launch of a Rs-100 crore luxury residential project here.
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SABEER BHATIA'S NANO CITY DREAM TRASHED?
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) today recommended to scrap Hotmail founder Sabeer Bhatia's dream project Nano City for failing to set up the project in the state.
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PROPERTY PRICES IN PUNJAB LIKELY TO RISE BY UP TO 20%
Property prices in Punjab are likely to go up by up to 20%, with the imposition of a new levy by the local government for approval of upcoming residential or commercial projects in municipal areas coupled with high input cost.
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PROPERTY SALE BAN IN 567 COLONIES OVER
Thousands of residents at regularised, unauthorised colonies across Delhi will now be able to officially sell their property, with a ban on the registry of real estate transactions in the areas about to be lifted soon.
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DELHI GOVT HIKES CIRCLE RATES BY OVER 100%
After having a bitter squabble with the Lt Governor over fixing new circle rates, Delhi Government finally issued a notification hiking the fee by over 100 per cent which will lead to a hefty rise in property rates.
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WRINGING TIMES FOR REALTY DEVELOPERS
Equity market down, liquidity drying; listed ones sell land or try refinance as unlisted ones bite their nails The struggle by property developers to repay the debt load they’d taken in brighter times continues. Unlisted property developers are likely to have a problem, even as big listed ones are selling land parcels to meet repayment obligations for the financial year 2010-2011.
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MINISSHA LAMBA, TARA REID IN DUBAI LAND 'SCAM'
A $2.45 million property / land scam that fleeced customers with claims that Bollywood actress Minissha Lamba and Hollywood star Tara Reid are buying into the project has come to light in Dubai.
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REALTY STOCKS SURGE, DLF TOPS ON SENSEX
Realty stocks, led by real estate giant DLF, today accelerated by up to 7.42 per cent on the Bombay Stock Exchange as investors snapped up stocks available at lower levels after a recent fall.
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REAL ESTATE INDEX UP BY 5%
Shares of real estate developers were trading higher with the real estate index up nearly 5 percent on bargain buying after falling sharply over the last one week, three dealers said.
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ALPHA G:CORP TO BUILD RS 400-CR GURGAON TOWNSHIP
Realty firm Alpha G:Corp today said it would develop a group housing project in Gurgaon at an investment of Rs 400 crore. The company would build 670 housing units on a 12.5 acre land, which is owned by Magnum International. “The project cost is Rs 400 crore including land cost,” company’s Director and CEO S K Sayal told reporters.
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ILLEGAL COLONIES: HONEST TAXPAYERS TO FOOT RS 10,000 CR BILL
Delhi BJP demanded Rs 10,000 crore in the budget for providing basic amenities to the unauthorised colonies in the national capital, which came into place in an unlawful manner, allegedly by paying bribes to government servants and politicians.
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TVH LAUNCHES RS 800 CR RESIDENTIAL TOWNSHIP, INTEGRATED TOWNSHIP
Leading property development firm TVH on Sunday launched its Rs 800 crore multifaceted residential project and integrated township in the city.
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CAUTIOUS NRI’S INVESTIGATING BEFORE INVESTING INTO INDIAN REAL ESTATE
Non-resident Indians (NRIs) and people of Indian origin (PIO) investing in premium real estate projects have become cautious and are doing a thorough check before investing, say senior executives in real estate firms.
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REALTY SECTOR MAY SEE PRICE CORRECTION
The Reserve Bank of India .s (RBI) decision to hike repo and reverse repo by 25 basis points each has reinforced the possibility of correction in realty prices hereon as already flagging demand is likely to fall further due to higher home loan rates.
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'RBI'S RATE HIKE TO PINCH PROPERTY MARKET'
Real estate developers and consultants said RBI's decision to hike policy rates by 25 basis points will affect the sentiment of the property market, but they do not foresee any major impact on housing demand and prices.
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HOUSING PRICE MAY FALL IN DELHI, MUMBAI IF INTEREST RATES RISE
Housing prices could fall by up to 20 per cent in Mumbai and Delhi-NCR sooner than expected if RBI raises key rates in its upcoming monetary policy review, says a report by property consultant Jones Lang LaSalle.
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DHFL Q3 NET UP 54PC TO RS 62CR
Dewan Housing Finance Corporation (DHFL) reported a 53.75 per cent rise in net profit at Rs 61.76 crore for the third quarter of the current fiscal on higher loan disbursements.
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ROSE VALLEY MOVES HC AGAINST SEBI
Rose Valley Real Estate and Construction Company today moved the Calcutta High Court against market regulator SEBI's order that prevents it from collecting money from investors or launch any scheme.
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GLOBAL PROPERTY INVESTMENTS TO HIT $380 BN IN 2011
Global direct real estate investment is forecast to rise 20 percent this year to $380 billion, led by a sharp rebound in the United States , with total volumes still about half the market's 2007 peak, a report said.
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INDIANS BUYING HOMES IN PRICEY LONDON
INDIANS are now among the top 10 residential real estate buyers in the UK’s high-end Central London.
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ILLEGAL COLONIES: NO PENALTY ON OWNERS, YET
Delhi Cabinet today failed to take a decision on finalising development charges and recovering land cost from residents of over 1,600 unauthorised colonies which are in the process of being regularised following sharp differences among ministers on the issue.
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ANSAL SELLS PROPERTIES WORTH RS 1,714 CR IN APR-DEC 2010
Realty firm Ansal Properties and Infrastructure Ltd said it sold properties worth about Rs 1,714 crore in the first nine months of this fiscal and its sales realisations improved by 24 per cent compared to the year-ago period.
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PARSVNATH PARTNERS WITH SUN APOLLO FOR NEW RESIDENTIAL PROJECT
Parsvnath Developers Ltd said on Tuesday it has signed an agreement with SUN-Apollo India Real Estate Fund LLC, for an investment in a residential project at Ghaziabad, Uttar Pradesh.
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'SLUMDOG MILLIONAIRE' POWERS A 'UTOPIA FOR POOR INDIANS'
Prince Charles wants to build an eco-friendly shanty town near Kolkata or Bangalore for 15,000 poor Indians, inspired by the one he saw in Oscar-winning film 'Slumdog Millionaire', a media report said.
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BURGEONING PROPERTY PRICES LEADS TO GROWTH IN MUMBAI RENTAL MARKET
Home prices in the city and adjoining areas have shot up by 30% over the last six months, making it more difficult hane and using the money to expand their hospitality business.
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IN VARIOUS COURTS IN HIMACHAL PRADESH AS WELL AS IN UTTRAKHAND....
Real estate companies may be exempted from the new stricter international accounting norms with the Institute of Chartered Accountants of India—the regulator of accounting and auditing profession-—pushing for the continuation of the prevailing lenient regime that recognizes revenue in line with progression of construction and not at the time of delivery.
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PROPERTY DISPUTE OF SIRMAUR'S ROYAL FAMILY SETTLED
The Himachal Pradesh High Court today amicably settled a 23-year old property case involving the royal family of Sirmaur with a compromise between the feuding parties.
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RS 1,000 CR RECOVERED IN LARGE-SCALE REALTY FRAUDS
The economic slowdown resulted in large-scale frauds in the capital's real estate sector and investigations led to recovery of over Rs 1,000 crores, Delhi Police said on Thursday.
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PROPERTY PRICES TO RISE IN NEXT ONE YEAR, THEN CORRECT: NHB
Housing regulator, NHB, which is awaiting USD 500 million loan from the World Bank for low cost housing, today said property prices would rise in the next one year, but that would result in correction in these rates in all the metros subsequently.
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KOTAK REALTY SELLS RESIDENTIAL PLOT TO HOMEX FOR 130 CRORE
Kotak Realty Funds Group, a real estate private equity arm of Kotak Bank, has sold a 20-acre residential plot in Old Mahabalipuram Road in Chennai to Homex, a Mexican pre-fabricated affordable housing company, for 130 crore.
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LAVASA VISIT BY MOEF OFFICIALS LIKELY BETWEEN JANUARY 5-7
Hindustan Construction Company , a maker of roads and bridges, expects a scheduled site visit by environment ministry officials later this week to resolve a month-long legal tussle that has held up construction work at its proposed 25,000-acre hill station township project near Pune.
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8/10 HOME BUYERS ARE UNHAPPY WITH THEIR PURCHASE: SURVEY
Only a poor two out of 10 home buyers, both first-time as well as second-time, are satisfied with the homes they purchased as a large majority, numbering a whopping 80 per cent, are dissatisfied with the dream homes they bought, says a survey among nearly 2,000 middle and upper middleclass buyers.
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MUMBAI REALTY RATES SET TO SEE SOME CORRECTION IN 2011
MUMBAI: After a year which has seen sustained momentum in property prices, 2011 is likely to be a challenging one for realty developers. Mumbai, the country’s financial capital, is expected to lead a fall in property prices owing to buyers’ resistance to higher prices, rising interest rates, tightening of credit to developers and excess supply.
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PARSVNATH GETS 'OCCUPATION CERTIFICATE' FOR GREATER NOIDA PROJECT
Real estate firm Parsvnath Developers Ltd (PDL) today announced receiving 'Occupation Certificate' from Greater Noida Industrial Development Authority for its luxury project 'Parsvnath Panorama' in Greater Noida.
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LAND ACQUISITION AT MARKET RATES' LAW COMING: MOILY
Union Law Minister Veerappa Moily today said the Centre would introduce a new law to set guidelines on acquisition of farm land for industrial and other commercial purposes and ensure that lands are purchased at prevailing market value.
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TO LAUNCH 4-5 PROJECTS NEXT QUARTER: IRFAN RAZACK, PRESTIGE ESTATES
What exactly is happening in that region in the south belt, especially Bangalore, because we gather that in the west-- Ahmedabad, Mumbai, prices are just going northwards whereas the NCR is seeing relatively slower rise and people now, because of the tightening situation, are talking about softening of prices. What is your prognosis of your region?
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UNAFFORDABLE HOUSING: BANSAL TICKS OFF CHB
Parliamentary Affairs Minister Pawan Kumar Bansal has directed the Chandigarh Housing Board (CHB) not to deviate from its mandate of providing affordable housing, expressing his displeasure over pricing of upcoming projects "beyond the reach of the common man".
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LODHA DEVELOPERS, INDIABULLS ROW OVER NTC LAND NEAR CLIMAX
MUMBAI: The tussle between realty majors Lodha Developers and Indiabulls Real Estate over 8-acre land parcel of Bharat Mill at Worli in the city is heading towards a climax.
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JOIN HANDS FOR AFFORDABLE REAL ESTATE
A combined buyers' association has never really taken off in India. In real estate the government sponsored cooperative housing concept did proliferate during the socialist years but it has since died down.
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DEVELOPERS FOCUSING ON TOWNS LOCATED NEAR METRO CITIES FOR REAL ESTATE DEVELOPMENT
With metro cities already bustling with over-population, the focus of real estate developers and urban planners has now shifted towards developing the satellite towns on the periphery of bigger cities. However the biggest bottleneck in popularising new townships in the peripheral regions is the lack of proper connectivity. As the real estate sector is finally coming on the fast track, connectivity remains the major concern.
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WISE DECISIONS IN REALTY DEALING
Proper documentation is one of the most critical step in the process of property acquisition. A promoter should enter into written agreement to sell with each of the persons who are to take or have purchased property. The agreement should contain particulars of the property and also annex related documents.
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KNIGHT FRANK ESTIMATES HOTEL ROOM MKT TO TOUCH RS 119 BN
Leading independent global property consultancy – Knight Frank India announced the release of their in-depth research study on India’s hotel market.
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RAHEJA LOSES RS 22,000 CR PLOT TO WADIA
In the ongoing dispute between business barons Nusli Wadia and Rahejas over a prime property, the Bombay High Court on Wednesday upheld Nusli Wadia’s role as the caretaker of 600 acres of real estate in suburban Malad valued at Rs 22,000 crore.
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'AXE ALL AFFORDABLE HOUSING TAXES'
Real estate sector today urged the government to abolish all taxes for the affordable homes category to increase ownership, even as prices are estimated to rise up to 20 per cent in 2011.
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2-BEDROOM FLAT SCHEME LAUNCHED IN CHANDIGARH
160 units priced at Rs 50 lakh for ground floor and Rs 47 lakh for upper floors
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REAL ESTATE MOST PREFERRED INVESTMENT OPPORTUNITY FOR WORKING INDIANS- ASSOCHAM
Nearly two thirds of urban, employed Indians feel that real estate offers the best investment opportunity. Also, most working Indians in cities feel that real estate offers the best long term returns, a survey by the Associated Chambers of Commerce and Industry of India (Assocham) has found.
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NITESH ESTATES LAUNCHES RS 300 CR VILLA PROJECT IN GOA
MUMBAI: In a bid to grab a substantial share of the growing luxury real-estate market, leading developer Nitesh Estates has launched a Rs 300 crore high-end villa project in Goa.
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HDFC BANK HIKES DEPOSIT, LENDING RATES
Private sector HDFC Bank today joined the ranks of lenders like ICICI Bank and Punjab National Bank by hiking deposit and lending rates by up to 75 basis points.
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HC QUESTIONS ADARSH SOCIETY
On Wednesday, Bombay High Court asked the controversial Adarsh Housing Society to submit a list of its original members, along with existing members.
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GDA BABU FAILS TO ALLOT FLAT, GETS JAIL TERM
District Consumer Forum today sentenced a Ghaziabad Development Authority secretary to six months imprisonment for not giving possession of a house to its allotee for 14 years.
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AN INSIGHT ON INDIA’S LEADING REAL ESTATE COMPANIES
On December 6, world’s leading provider of global business information, knowledge and insight, Dun & Bradstreet released its publication on ‘India’s Leading Real Estate Companies 2010’.
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HC BENCH RECUSES FROM HEARING LAVASA PETITION
The division Bench of the Bombay High Court on Monday recused itself from hearing the petition filed by Lavasa Corporation against the Environment and Forest Ministry's notice.
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GODREJ PROPERTIES TO DEVELOP RESIDENTIAL PROJECT AT MOHALI
Godrej Properties Limited (GPL), a real estate arm of Godrej Group , on Thursday said it would develop a residential housing project at Mohali in Punjab, which could involve a capital outlay of Rs 450 crore. Besides, the company would also focus on several cities, including NCR , Mumbai , Bangalore , Pune, Chennai and Chandigarh for developing a slew of residential projects in line with its plans to cash in on the growing demand for housing from urban sector.
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VASCON LAUNCHES RS 650-CR RESIDENTIAL PROJECT IN PUNE
MUMBAI: Real estate developer Vascon Engineers on Friday said it has launched a Rs 650-crore residential project in Pune.
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EMAARMGF TO BUILD 200 VILLAS OF RS 4.5 TO 8.5 CR IN G'GAON
NEW DELHI: Realty major Emaar MGF today said it would develop 200 luxury villas in Gurgaon , which would generate a revenue of at least Rs 900 crore to the company.
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INDIANS TOP SPACE BUYERS IN BURJ KHALIFA
Indians top the list of buyers in the world's tallest tower having acquired space worth USD 7.9 million in the first seven months of the skyscrapers opening.
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NO WITCH HUNT AGAINST LAVASA: RAMESH
Stung by Lavasa's "unfair attack", Environment Minister Jairam Ramesh today said there was "no prejudice" involved in his ministry's show-cause notice to the company for constructing a hill project near Pune and it need not fear if it had followed the rules.
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CCI EXAMINING 11 COMPLAINTS AGAINST REALTORS
NEW DELHI: Competition watchdog Competition Commission of India (CCI) on Monday said it is examining 11 complaints against a few real estate companies pertaining to anti-competitive practices, close on the heels of investigation agency CBI unearthing a major housing finance racket involving bank officials and realty firms.
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REALTY MAY SEE 15% CORRECTION IN 2011: ANALYSTS
AHMEDABAD: Though tales of record deals and mega investments continue to flood the real-estate sector, a nervous chatter about property markets cooling off has already begun.
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REALTORS MAY MISS PROJECT DEADLINES
BANGALORE: Leading real estate developers in Bangalore feel that the bribe-for-loans scandal could have a short-term adverse impact on the sector. Some also believe that it will have the salutary effect of cleaning up the system.
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CBI BUSTS REAL ESTATE LOAN RACKET- 8 SENIOR OFFICIALS ARRESTED
The Central Bureau of Investigation on Wednesday arrested eight senior officials of banks and financial institutions on charges of taking bribes for sanctioning real estate loans.
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LOAN SCAM: LIC HOUSING CEO ARRESTED
The CBI arrested CEO of LIC Housing Finance Ramachandran Nair and seven others including three top officials of public sector banks in connection with an alleged housing finance racket.
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3.84% DECLINE IN REAL ESTATE STOCKS-DLF, UNITECH MAJOR LOSERS
Led by a fall in real-estate majors Unitech and DLF, realty stocks declined 3.84 per cent on the Bombay Stock Exchange on Friday on profit-booking amid the ongoing crisis over the 2G spectrum controversy. While shares of Unitech Ltd’ closed 4.56 per cent down at Rs 67.95 hitting a five-month low, DLF Ltd finished 3.53 per cent lower at Rs 307.80.
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TULIP INFRATECH TO INVEST RS 1,600 CR ON HOUSING PROJECT
New Delhi: Realty firm Tulip Infratech said it will invest Rs 1,600 crore over the next four years to develop a housing project in Gurgaon.
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NEW DDA HOUSING SCHEME ROLLS NEXT WEEK
New Delhi: Application forms for 15,574 flats from Nov 25, allotment within four months
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BABUS DEPRIVE PUBLIC, CORNER 600 CWG FLATS
New Delhi: The Centre has decided to distribute around 600 flats in the Commonwealth Games Village among various government departments and PSUs while 100 flats will be sold off to the general public at market rates.
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FESTIVAL SEASON FAILS TO LIGHT UP DEMAND FOR HOMES
Mumbai: Real estate developers witnessed lower residential volumes during the festive season as traditional sentiments failed to drive demand this year.
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EXPECT TO RAISE RS 2,000 CRORE FROM SALE OF NON-CORE ASSETS: DLF
NEW DELHI: India's largest realty firm DLF Ltd today said it expects to generate Rs 2,000 crore from the sale of non-core assets, including hotel plots, in the next 12-18 months.
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ILLEGAL COLONIES, RURAL AREAS MAY ESCAPE TAX NET
New Delhi: The MCD's plan to recover house tax from rural areas and unauthorised colonies in the city has brought together the ruling BJP and opposition Congress in the civic body, with both sides raising strong objections to it.
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INDIAN REAL ESTATE POSTS FASTEST PICKUP IN Q3: SURVEY
According to the latest RICS Global Commercial Property Survey (GCPS), property markets in emerging economies continued to outperform those in developed economies during the third quarter.
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PARSVNATH DEVELOPER TO DEVELOP OFFICE COMPLEX WORTH RS 225CR AT DELHI
Realty firm Parsvnath Developers will invest Rs 225 crore in partnership with private equity firm Red Fort Capital to develop a high-end official complex in the heart of the national capital. The company started the construction of the project ‘Red Fort Parsvnath Tower’, having a built up area of three lakh square feet, located on Bhai Veer Singh Marg near Gole Market.
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YOU MAY SOON CHECK LEGAL STATUS OF LAND
MUMBAI: Property buyers dreading the antecedents of the land they are planning to buy have reason to rejoice. If the Bombay high court has its way, property records will have to carry additional information on whether the plots are under litigation.
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RBI MEASURES TO CHECK PRICE RISE IN HIGH-END HOUSING: UNITECH
India's second largest realty firm Unitech today said RBI's monetary measures related to housing sector will check speculation and price rise in the high-end properties, but will have less impact in mid-income segment.
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RBI ASKS BANKS TO KEEP MORE MONEY ASIDE FOR TEASER RATES
Concerned over teaser home loans, the Reserve Bank today asked banks to keep more money aside for offering such a product to provide cushion for any default.
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RESIDENTIAL PROPERTY PRICES FIRMING UP: RBI
The Reserve Bank today noted that residential property prices are on a northward spiral in most of the major cities, especially in Delhi and Bangalore, while in Mumbai it seems to have reached a plateau.
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REALTY PRICES TO GO UP IN NEXT 2 MONTHS: GODREJ PROPERTIES
Godrej Properties said on Sunday that the realty prices are likely to go up further in cities other than Mumbai and Delhi in the next two months on the back of a stupendous demand across the country.
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SOBHA-DEVELOPERS-TO-LAUNCH-12-MN-SQ-FT-RESIDENTIAL-PROJECTS
Sobha Developers will launch about 12 million square feet of residential projects this fiscal year and has implemented selective price increases, a top official said.
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OMAXE BAGS MOHALI PROJECT
Realty firm Omaxe has bagged Rs 70.4 crore infrastructure project from Greater Mohali Area Development Authority (GMADA) for highway and bridge construction.
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RAHEJAS WITHDRAW FROM VADODARA IT SEZ
Strength Real Estate, a Mumbai-based company of realty giant Raheja group has decided not to go ahead with its proposed IT Special Economic Zones (SEZ) at Vadodara. The SEZ was supposed to come over 13.74 hectares at Vamali in Vadodara district.
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WATCH OUT FOR HIDDEN COSTS WHEN BUYING PROPERTY
When I was seeking to purchase my first property, I was excited.
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OMAXE SUBSIDIARY BAGS INDORE HOUSING CONTRACT WORTH RS 203 CRORE
Realty firm Omaxe Ltd said its subsidiary has bagged a contract of Rs 202.72 crore from the Defence Ministry to build a housing project in Indore. Omaxe Infrastructure & Construction Ltd (OICL), a wholly- owned subsidiary of Omaxe, has been awarded the contract from DGMAP, Ministry of Defence to construct a residential complex at Indore, the company said in a statement.
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CCI SPARES FLAT OWNERS, TARGETS DLF
New Delhi: Realty major DLF has been directed by competition watchdog CCI not to cancel allotments for its upcoming luxury residential projects in Gurgaon, but investigations against the company for alleged abuse of its dominant position will continue.
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RETAILERS FOCUSING ON SMALL CITIES AND TOWNS
Indian retail juggernaut, which began rolling towards smaller cities and towns a few years ago, has gathered momentum as retailers are now going whole hog to make a killing. Changing demographics, higher disposable income and improved agri-produce realisation have made smaller cities and rural areas the future hotbeds of growth. And Indian retailers are in no mood to miss out on this big, untapped growth opportunity.
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ANSAL API TO INVEST RS 4,500 CR IN HI-TECH CITY IN UP
NEW DELHI: Realty firm Ansal Properties and Infrastructure (Ansal API) plans to invest about Rs 4,500 crore to develop the second phase of its 2,500 acre hi-tech city adjoining Greater Noida.
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HUDA ALLOWS TWIN BASEMENT IN INDUSTRIAL PLOTS
CHANDIGARH: The Haryana Urban Development Authority (HUDA) has decided to allow twin-level basement in industrial plots of general category.
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COMMERCIAL REAL ESTATE WITNESSES RISE IN DEMAND
Commercial real estate projects, including office and retail space, have started seeing increased demand after suffering poor sales during the economic slowdown, as firms and retailers revive expansion plans. In eight cities, including Delhi-National Capital Region (NCR) and Mumbai, firms leased out or sold 9.2 million sq. ft of commercial space in the three months ended 30 June, up 58% from 5.8 million sq. ft in April-June 2009, said Ravi Ahuja, executive director for development services at consultants Cushman and Wakefield India.
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HARD TIMES OVER FOR REALTY; DLF LAUNCHING ULTRA-RICH HOMES
NEW DELHI: Economic hard times are unmistakably easing for the realty industry and market leader DLF is signalling this change with an ultra-luxurious housing project in Shimla, where it would sell only to the elite.
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KOTAK REALTY INVESTS RS 2.5 BN IN EMAAR MGF PROJECTS
MUMBAI: India's Kotak Realty Fund, a unit of financial services firm Kotak Mahindra Bank, has invested 2.5 billion rupees (around $53.68 million) in two projects of Emaar MGF, a top official said on Thursday.
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REAL ESTATE PROPERTY @ KOLKATA...
Affinity Solutions Pvt Ltd is a Real Estate Property Consultants in Kolkata. Affinity Solutions offers Real Estate Property and Apartment @ Kolkata.
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NEW TAX MAY MAKE GURGAON FLATS COSTLIER
NEW DELHI: People looking to buy property in Gurgaon and Faridabad may have to fork out an extra 'charge'.
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PVR TO SELL PHOENIX MILLS MULTIPLEX FOR 100 CRORE
MUMBAI: Film exhibitor PVR has put its multiplex at Phoenix Mill mall in central Mumbai on the block with a price tag of 80-100 crore, says a senior executive.
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RAYMOND'S PLAN TO DEVELOP THANE PLOT DELAYED OVER LABOUR ISSUE
MUMBAI: Textile major Raymond's plans to develop its 125-acre plot housing its plant in Thane, is likely to get delayed as the Maharashtra Government has refused to give it an NOC for the purpose unless the company resolves the compensation issue with its workers there.
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DLF MAY OUTSOURCE MGMT OF LUXURY RESORTS TO HILTON
NEW DELHI: DLF, India’s largest real estate firm, is in advanced talks with Hilton Hotels and Resorts to outsource management of its super luxury vacation homes that will include villas as well as apartments in an upcoming project in Kasauli.
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REALTORS UNFAZED BY SC'S VERDICT
MUMBAI: Most builders seem unaffected by Wednesday's Supreme Court ruling, which prohibited them from selling parking areas as independent units to flat buyers. The apex court rejected a real estate company's argument that developers are entitled to sell garages/stilt parking areas as separate flats to owners who intend to use it as parking facilities.
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BANGALORE BASED FIRMS PLANS TO RAISE RS 100 CRORE THROUGH NCDS
Century Real Estate, a Bangalore-based full-service real estate development company recently raised Rs 100 crore through a private placement of non-convertible debentures (NCDs). The company, which has plans to launch seven projects, will use these funds for project development, according to a company press release. Through these projects, the company would develop a built-up area of 1.7 million sq ft in the next eight months.
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TCIL PLANS EXIT FROM REAL ESTATE BUSINESS
Transport Corporation of India (TCIL) will demerge its real estate and warehousing divisions in next three months and expects to create greater value for shareholders through the hive-off. After the demerger, the company would focus on the core activity of providing logistic services, according to a report published in Financial Express.
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OM METALS INFRAPROJECTS TO BUILD HI-END APARTMENTS
MUMBAI: Leading hydro-mechanical engineering company, Om Metals Infraprojects Ltd, today said that it has purchased around five-acres of property at Jaipur for Rs 158-crore, to develop high-end apartments.
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LONAVALA'S 1ST BOUTIQUE MALL EYES RS 60-LAKH AS LEASE RENT
MUMBAI: Dhanlaxmi Builders and Developers, which has constructed hill-station Lonavala's first boutique mall over 1.5-lakh square feet, is expecting Rs 50-60 lakh per month as lease rent within the first year of its operations.
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ITC TO LAUNCH 60 NEW HOTELS WITHIN THE NEXT 3-4 YEARS
ITC on Tuesday said it expects to have up to 60 new hotel properties operational in the next 3-4 years as it expands to tap the growing potential of the Indian hospitality sector.
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OMKAR REALTORS SECURES RS 550-CR FOR 2 PROJECTS
MUMBAI: Realty group Omkar Realtors & Developers, which has just achieved financial closure worth Rs 550 crore for its two upcoming projects in Malad and Worli in the city, on Wednesday said it will raise about Rs 200 crore through private equity in the next two-three months.
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HOUSING FADES AS A MEANS TO BUILD WEALTH
Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.
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SHOW NO SYMPATHY IN ALLOTTING FLATS: SC
New Delhi: The Supreme Court has held that a flat or plot cannot be allotted to a person on mere sympathy or sentiment unless the allottee fulfils the statutory norms stipulated in the agreement.
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BIRLAS TO CHANGE CENTRAL MUMBAI’S LANDSCAPE
MUMBAI: Two generations of the Birlas are set to change Mumbai’s urban landscape in a move which could add to the already burgeoning stock of residential and commercial properties in central Mumbai.
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MUMBAI BUILDERS REAP BENEFITS OF SLUM REHABILITATION
MUMBAI: Builders such as the Lokhandwala group, Ackruti, HDIL and Everest, that are said to have earned around Rs 4,000 crore from the sale of over 400 properties under the slum rehabilitation scheme (SRS) of Mumbai can now claim tax benefits on their profits, thanks to a Central Board of Direct Taxes (CBDT) notification that exempts SRS projects from income tax.
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DEMAND FOR HOMES TO HELP ANSAL PROP MAINTAIN GROWTH
The stock price of Ansal Properties & Infrastructure (API) has nearly doubled in the last one year. The company is benefiting from the demand for affordable housing, which accounts for a large portion of its portfolio.
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NO SBG DIRECTORS ON MAYTAS INFRA BOARD: CLB
NEW DELHI: The Company Law Board (CLB) has rejected induction of four directors of Gulf-based real estate company Saudi BinLadin Group (SBG) on the board of IL&FS-promoted Maytas Infra.
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LODHAS SELL 10% IN TALLEST RESIDENTIAL PROJECT IN MUMBAI
MUMBAI: Real estate firm Lodha Developers has raised Rs 500 crore by selling a 10% stake in a project to develop a 117-storey residential tower in Mumbai to HDFC Venture Funds.
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THE REAL ESTATE SECTOR IN THE COUNTRY IS ONE OF GREAT IMPORTANCE.
The real estate sector in the country is one of great importance. According to the report of the Technical Group on Estimation of Housing Shortage, an estimated shortage of 26.53 million houses during the Eleventh Five Year Plan (2007-12) provides a big investment opportunity.
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NAGARJUNA RECORDS 17.98 PER CENT RISE IN NET PROFIT
Nagarjuna Construction today posted a 17.98 per cent rise in net profit to Rs 56.22 crore for the first quarter of the current fiscal compared to the year-ago period.
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FUTURE OF REAL ESTATE MARKET
Real Estate market is on upswing as economy is growing and new job opportunities are available. Corporates are re-organizing their business and so the employees are getting better positions and easy availability of financial supports by way of Home loans for residence are all contributing.
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AMBUJA REALTY PLANS RS 500 CRORE INVESTMENT TO OPEN 3 MALLS
Real estate developer Ambuja Realty has announced plans to invest around Rs 500 crore in developing three shopping malls under the ‘City Centre’ brand. “We will set up three City Centres in Raipur, Haldia and Patna,” said Harsh Neotia, chairman, Ambuja Realty.
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GOVT APPROVES 12 FDI PROPOSALS WORTH 23.06 BILLION RUPEES
The government has approved 12 foreign direct investment proposals worth 23.06 billion rupees ($ 500 million), said a finance ministry statement.
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RAILWAYS CALLS BIDS FOR BANDRA LAND
NEW DELHI: Over four hectares of prime commercial land in Mumbai is up for grabs with the Railways inviting application from real estate companies to lease out its vacant land for commercial development.
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COMMERCIAL REAL ESTATE FACES THE PROBLEM OF SUPPLY OVERHANG
India’s realty sector is likely to face the problem of plenty with office rental space set to outstrip demand resulting in a further drop in rentals, according to a report released on Tuesday. “With the forecast growth of net completions expected to outpace that of net absorption, a significant supply overhang is expected to remain over the next one year,” Confederation of Indian Industry (CII) and global real estate services firm Jones Lang Lasalle Meghraj said in a joint report.
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INDIA'S CITIES GROW FAST, DEVELOP SLOWLY
MUMBAI: It happens every year. When monsoon rains lash Mumbai, the city turns into a cesspool, which along with its potholed roads and gridlocked traffic, mocks its ambition of becoming a global financial centre.
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29 PC SLUMP IN REALTY FOCUSED PE FUNDS
Money raised by realty focused private equity funds tanked to a six year low of USD 7.3 billion across the globe in April-June period of this year as institutional investors remained hesitant about committing capital. According to a report by global research firm Preqin, “this was the lowest quarterly fundraising total since Q3 2004, when 30 funds raised an aggregate USD 6.1 billion,” The report noted that private equity real estate funds are still struggling to raise capital in the current economic environment.
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REALTY FOCUSED PE FUNDS SLUMP 29% IN Q2
New Delhi: Money raised by realty focused private equity funds tanked to a six year low of USD 7.3 billion across the globe in April-June period of this year as institutional investors remained hesitant about committing capital.
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HDIL PAT MARGINS UP BY 118.02%
New Delhi: Housing Development and Infrastructure Limited (HDIL), a leading real estate developer has announced its results for Q1 ended 30th June 2010. The Turnover stands at Rs. 450.92 crores and PAT available for appropriation is Rs. 234.31 crores.
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HCC TO FILE FOR RS 2,000-CR LAVASA IPO
Mumbai: Hindustan Construction Company (HCC), which posted a 55 per cent jump in its PAT in the quarter ended June 30, today said it soon plans to file its DRHP with market regulator, Sebi, for raising upto Rs 2,000-crore through an initial public offering (IPO) to part-finance its ambitious Lavasa township project.
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UNITECH PLANS TO BUY AIM-LISTED GROUP CO FOR OVER RS 750 CR
NEW DELHI: The country’s second-largest real estate firm Unitech, plans to buy its London’s AIM-listed group firm Unitech Corporate Parks (UCP), in a deal that may cost over Rs 750 crore.
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RBI LIKELY TO RAISE KEY POLICY RATES
Faced with the menace of double-digit headline inflation, the Reserve Bank is likely to increase key policy rates by at least 25 basis points in its first quarterly review of the monetary policy on Tuesday, say bankers.
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NO SILVER LINING FOR REALTY COS' Q1
Mumbai: * What: Q1 earnings of mid-cap real estate firms * When: From July 29
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ALOK INDUSTRIES TO SELL OFF ITS REAL ESTATE PROJECTS
Alok Industries Ltd, an Indian supplier of sportswear to Wal-Mart Stores Inc and Gap Inc, is planning to dispose of its real estate investments to reduce debt and raise money for working capital needs.
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PROPERTY BOUNCE BACK MAY HELP REAL ESTATE RECOVERY
The real estate market is still recovering from the asset price crash in 2008-09 with some of the key pockets either coming close to the peak prices of 2007-08 or even surpassing them as in the case of Mumbai.
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LUTRON TO ENTER RESIDENTIAL SPACE
As the Real Estate Industry of the country gains pace after the slowdown, many different firms plan to foray into the sector. One among them is the Global Lighting Controls Major LUTRON.
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AFFORDABLE HOUSING: NOW OWNING A HOME ISN'T A DISTANCE DREAM
The importance of affordable housing is undeniable. The sudden growth that our economy saw and the following recession have taught both the common man and their service providers a lot.
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NINE MONTHS ON, SAHARA IPO STILL STUCK WITH SEBI
MUMBAI: An initial share sale from the real estate arm of the Lucknow-based Sahara group has been delayed because of complaints from investors in some of its schemes.
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WHERE THE RICH LIVE IN INDIA
Super-luxury apartments are back in vogue, and they are bigger and better than ever.
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REALTORS SENSE STABILITY IN MARKET, REVISIT IPO PLANS
MUMBAI: With the equity market holding up, some of the real estate companies are revisiting their share-offering plans, even at a price lower than what they had initially hoped for.
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EMBASSY FIRM PLAN TO RAISE FUNDS
Real Estate firm Embassy Developers is expected to generate over 513 million US Dollars as said by their Prospectus which was filed today.
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ROLE OF WOMEN IN REAL ESTATE
There are very few occasions when you will see women involved in the matters of property. Why? This is because women have always been treated as an ignorant section of the society having no role or say in any matter.
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REAL ESTATE MARKET ANALYSIS
Since the sales of residential properties are diminishing gradually these days, it is expected that the real estate companies will experience decline in the first quarter of financial year 2010-11.
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CONFIDENT BANGALORE REAL ESTATE DEVELOPERS COMING UP WITH NEW PROJECTS
Rising purchasing power and higher wages in the information technology (IT) sector is making real estate firms in Bangalore confident of launching new projects after a lull in the past few years, according to a DNA, Bangalore report.
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GITANJALI GEMS FORAYS INTO REAL ESTATE- PLANS RESIDENTIAL PROJECT IN MUMBAI
Leading diamond jewellery manufacturer and retailer Gitanjali Gems Ltd is entering into real estate business through its maiden residential project at Borivli, in Mumbai’s western suburb.
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REALTY PRICES MAY GO UP AS GOVT REFUSES TO REMOVE SERVICE TAX
NEW DELHI: Real estate prices may go up with a plea of Urban Development Ministry for withdrawal of 2.5 per cent service tax from the sector notReal woes of investing in realty Income from property Weigh options before buying house Investing in under-construction flat being heeded to by the Finance Ministry.
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BIG TICKET REALTY DEALS: WEEKLY ROUNDUP
An apartment, covering an area of 2,300 sq ft, located in Malabar Hill was leased out for a monthly rental of Rs 4,50,000.
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HDFC REINTRODUCES TEASER RATES ON HOME LOANS TO TAKE ON SBI
MUMBAI: Driven by competition from State Bank of India, HDFC has reintroduced teaser rates on its home loans.
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WHAT IS A HOUSING START-UP INDEX AND HOW DOES IT HELP?
The Reserve Bank of India will soon launch a housing starts index. ET looks at the relevance of such an index.
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SIVA GROUP BUYS13.9% IN ARIHANT HOUSING
The diversified $3-billion Siva Group, headed by NRI C Sivasankaran, has acquired a 13.88% stake in Chennai-based Arihant Foundations and Housing.
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TEASER RATES ON HOME LOANS TO GO AS BASE RATE DEBUTS
MUMBAI: India’s top lenders who have offered teaser rates on mortgages through special schemes to boost offtake of loans will withdraw such schemes on Wednesday, as banks move to a new system of pricing loans from July 1.
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IL&FS INCREASE INVESTMENTS IN REALTY SECTOR
IL&FS private equity is planning to increase its investment in infrastructure and Real Estate sector by the end of FY10.
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KEEP PROPER DOCUMENTS OF INHERITED PROPERTY FOR TAX RELATED ISSUES
Any profits or gains arising from the transfer of a capital asset is taxable as ‘capital gains’ and is deemed to be the income of the tax payer in the financial year in which the transfer takes place.
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CABLE CORP ENTERS CITY REALTY, TO INVEST RS 1,000 CRORE
Western suburbs of Mumbai are hot property. With an increasing demand for residential property, builders are converting old factories into residential projects.
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REAL ESTATE COMPANIES PLAN QIPS TO FUND EXPANSION
Bangalore: After a hiatus of some six months, real estate firms are again turning to qualified institutional placements (QIPs) to raise money, this time mainly to fund expansion.
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MHADA’S USABLE LAND STOCK DIPS TO TWO HECTARES
Mumbai: In bad news for those hoping for affordable homes, a recent audit by the Maharashtra Housing and Area Development Authority (MHADA) reveals a land reserve of barely two hectares, the size of Cross Maidan in South Mumbai, for it to construct homes in the city. Of the 123 hectares left, 109 hectares cannot be used due to Coastal Regulation Zone (CRZ) restrictions or encroachments and much of the remaining is stuck in litigation or reserved for other purposes, leaving two hectares, at Shimpoli in Kandivli.
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NTC EYES RS 750 CR FROM MUMBAI MILL SELL-OFF
New Delhi: Aiming to garner a minimum of Rs 750 crore, state-run National Textile Corporation said it will sell 8.38 acres of prime land in Mumbai, via e-auction.
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REALTY INVESTMENTS MADE SIMPLE FOR NRIS, PIOS
An estimated 30-million Indian diaspora, spread across 130 countries globally, has been contributing to the country's foreign exchange reserves. Incidentally, India topped the remittance list last year with an inflow of USD 49 billion or 16 percent of the remittance flows to developing countries estimated at USD 316 billion.
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BIG TICKET DEALS: WEEKLY ROUNDUP
Mumbai - An apartment covering an area of 2,950 sq ft located in Carmichael Road was leased at a rental value of Rs 3,12,000 per month.
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GLOBAL CAPITAL MARKETS REMAIN HOSTILE TO PROPERTY INVESTORS
Deal-hungry property investors will need to forage hard in all four quadrants of the capital market if they are to survive an extended mortgage famine that may permanently alter the way many buyers structure deals.
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INDIA’S FIRST BOP STUDIOS
A very ambitious and unique project has been announced by a Better Option Propmart(BOP) a Delhi based Real Estate Management and Advisory firm. They are set to launch 15 Real Estate ‘boutique’ across the Northern India.
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GOVT RETAINS TAX EXEMPTION TO INTEREST ON HOUSING LOANS
The government on Tuesday proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers.
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PREPARING TO INVEST IN PROPERTY?
Finance, documentation and legal matters are critical components in the process of buying a home. Property investors also need to evaluate returns and repayment of loan. Kavita Sriram, Ashish Gupta and Vikas Agarwal explain some of the major issues involved.
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INDIA'S SILICON VALLEY'S NEW HOTSPOT FOR REAL ESTATE INVESTORS
Bangalore or Bengaluru has gained popularity as an ideal place to settle, during one’s working years and post-retirement.
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BANKS MUST LEND MORE TO HFCS: NHB
National Housing Bank, or NHB, said it will request RBI to encourage banks to lend more to housing finance companies (HFCs) under priority sector status.
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LODHA TO SPEND RS 20 BILLION TO BUILD A 117-STOREY RESIDENTIAL TOWER IN CENTRAL MUMBAI
Mumbai Indian real estate firm Lodha Developers plans to invest 20 billion rupees ($426 million) to build a 117-storey residential tower in central Mumbai, its managing director said on Tuesday.
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INVESTING IN AN UNDER-CONSTRUCTION FLAT
Many home-seekers are sceptical about buying under-construction flats as the transaction comes with an element of uncertainty. Ready-for-possession apartments, which do not pose such problems, always command a premium. However, carrying out the requisite due diligence and taking some precautions could help you land an attractive deal, mainly in terms of the discount in price and certain other benefits accruing to buyers along the way.
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CHECK MALPRACTICES
In a bid to check rampant malpractices in the realty sector, the Competition Commission of India (CCI) has decided to suo motu inquire if various developers are misleading the buyers, apart from looking into specific complaints against market leader DLF.
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HDFC RELAUNCHES LOAN AGAINST PROPERTY SCHEME
Housing Development Finance Corporation (HDFC) has re-launched a scheme where it provides loan against property.
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HDFC RELAUNCHES LOAN AGAINST PROPERTY SCHEME
Housing Development Finance Corporation (HDFC) has re-launched a scheme where it provides loan against property.
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FINDING LOW COST HOMES TO BUY
Having a home you can call your own is a dream every individual has dreamt. However, it is one that not all are able to fulfill. The reason –property rates are extremely high and out of reach for the common man. Suresh, a commerce graduate working as an accountant for the past 5 years says that the IT boom and working couples with double salaried families has left people like him far behind in the race of life. Buying a home is not even a dream. To his surprise – there are affordable homes for people in his state too! It just takes caution and research to land a home of your dreams. It is a difficult but not an impossible task.
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LAUNCH OF THE SQUARE IN SHOLAPUR
The textile capital of India Sholapur has a reason to rejoice. Sunil Mantri Group, a leading real estate development company with pan-India presence in association with Kumar Yashraj Group, a leading Sholapur-based developer, has announced its new project “The Square” with an aim to set new bench marks in the western zone.
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LAND PRICES SKYROCKET IN SANAND ON NANO ARRIVAL
At this time of the year, the only outsiders who venture onto the dusty road leading to Sanand, 60 km off Ahmedabad, are birdwatchers on way to Nalsarovar sanctuary to spot Rosy Pelicans, Flamingoes, White Storks, Brahminy Ducks and Herons.
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DO WE REALLY NEED HOME INSURANCE?
Do you really need home insurance? Victims of the Mumbai or Andhra Pradesh floods or those hit by the earthquake in Gujarat and Uttarkhand will say you definitely do.
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KNOW THE BENEFITS OF LIVING IN RENTED HOUSE
House rent allowance, or HRA, is a major component of your salary. This is given by an employer to an employee to meet the cost of renting a home. As a salaried employee you can claim a tax exemption on such an amount. But there are certain conditions that you need to understand to claim such exemptions.
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BIG TICKET REALTY DEALS: WEEKLY ROUNDUP
Mumbai A high-end apartment located in Mahalaxmi was sold for a total cost of Rs 12,60,00,000. The apartment, admeasuring 4,000 sqft, commanded a capital value of approximately Rs 31,500 per sqft.
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RECORD REAL ESTATE DEAL IN MUMBAI
It’s called the biggest land deal in Mumbai. A plot of 25,000 sq metres, with a built-up area of 4,95,000 sq metres was bagged by Lodha Crown for a whopping Rs 4,053 crore, coming to Rs 81,818 per sq m. The auction was held for the built up area on Tuesday. The Lodha group quoted more than double the reserve price of Rs 1,980 crore set by MMRDA — the owner of the plot — which will now be leased to the group for 65 years.
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FALLING HOME PRICES RAISE FEARS OF NEW BOTTOM
Tax credits and historically low mortgage rates have failed to lift home prices so far this year. Prices fell 0.5 per cent in March from February, according to the Standard & Poor's/Case-Shiller 20-city index released on Tuesday.
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LMW PLANS REAL ESTATE ENTRY
Departing from its core business of textile machinery manufacture, Lakshmi Machine Works is planning to enter real estate business to utilise the company's surplus lands.
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REALTY MAJORS PLUMMET ON RATE HIKE FEARS
Shares of realty firms were the major underperformers in 2010. The fall has been aggravated in the last 15-20 days, despite companies announcing improved financial performance in the recent quarter.
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DLF PLANS EXIT FROM HOSPITALITY VENTURE
The country’s top real estate company DLF confirmed on Monday that it had decided to sell its stake in ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business, but a sale will exclude Aman’s New Delhi property. DLF’s chief financial officer Ashok Tyagi told analysts that the company was looking at potential investors for Aman, which has 23 hotels across 12 countries patronised by the super-rich.
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DLF TO EXIT AMAN RESORTS
The country’s top real estate company DLF confirmed on Monday that it had decided to sell its stake in ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business, but a sale will exclude Aman’s New Delhi property.
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HOME LOAN: ADVANTAGES FOR YOUNG BORROWERS
Home loan debts are huge financial commitments that could take a borrower as long as 15 to 20 years to unburden. Is it wise for a person who has only recently started working, to take a loan?
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GOVT TO ROPE IN MAJOR DEVELOPERS TO PROMOTE GREEN HOUSING IN INDIA
With a view to reduce carbon emissions, the government will soon rope in major real estate developers for voluntary adoption of a set of new guidelines on building low energy consuming green housing complexes. The move is part of the government’s national action plan on climate change.
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DLF PULLS OUT OF IT SEZ PROJECT IN CHENNAI
Concerned over the delay in getting clearance from the Centre for its IT SEZ in Chennai, India’s largest developer DLF has decided to pull out of the project, communicating the same to Tamil Nadu government. Tamil Nadu’s deputy chief minister MK Stalin informed the state assembly on Tuesday that DLF is keen to exit the proposed IT-SEZ project, which was to come on 26.24 acres at Taramani in Chennai.
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CREDAI ORGANISES CONFERENCE ON FORMULATION OF BANKING STRATEGY FOR REAL ESTATE
CREDAI NCR, the Delhi-NCR chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of real estate in India, organised a conference on Formulation of Banking Strategy & the Economic Outlook for Real Estate for 2010-11 here.
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SELLING YOUR PROPERTY? GET THE PAPERS IN ORDER
Planning to sell your old house to buy a new one? Undoubtedly, residential properties sell like hot bread in metros like Delhi, Mumbai or Chennai , or even in tier II towns like Pune, Coimbatore or Chandigarh.
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INDIA CAN WITNESS A SHORTFALL IN RETAIL REAL-ESTATE SPACE BY 2012’
The country could see a shortfall in retail real estate space in 2011-12 though 40 million sq. ft. is expected to come up between 2010 and 2012. Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, said 25 per cent of the stock was likely to get absorbed in 2010. In 2009, about nine million sq ft was consumed by the segment, he said.
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BPTP RECEIVES APPROVAL TO RAISE RS 1500CR VIA IPO
Real estate firm BPTP Ltd has received approval from the markets regulator for an initial public offering to raise about Rs 1,500 crore (USD 325 million), two sources with direct knowledge said on Thursday.
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HYDERABAD BASED INFRASTRUCTURE COMPANY TO BID FOR EPC
The restructured Hyderabad-based infrastructure company IVRCL will aggressively bid for EPC (engineering, procurement and construction) contracts and take up projects under public-private partnership while facilitating access to growth capital through IVRCL Assets.
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RENT CONTROL ACT UNFAIR DEAL FOR LANDLORDS
Delhi high court’s decision to hear a petition challenging the Delhi Rent Control Act, 1958 has come as a shot in the arm for beleaguered landlords who have been getting paltry rents for the prime properties they let out.
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BANKS RECORD SHRINKAGE IN DEPOSITS & LOANS
Banks have seen a slowdown in business in the second fortnight of the current fiscal with deposits as well as loans shrinking during the fortnight ended April 23.
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BUYING A NEW HOUSE? ASK THE RIGHT QUESTIONS
The joy that you experience upon being able to own the house you always dreamed of is probably unparalleled when compared with any other material desire.
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REAL ESTATE IN THE PAST THREE YEARS HAS SEEN GALLOPING PRICES
There is a boom in real estate prices in India as in many other markets. In India, because of the archaic laws the situation is more acerbated. It reflects poor supply side responses and policy needs to be changed or reformed.
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TOI TO ORGANISE REALTY EXPO IN USA TO PROMOTE NRI INVESTMENT IN INDIA
The Times of India organized the first ever realty expo in USA titled ‘Your Gateway to India 2010′ to enable NRI Indians to invest in India’s booming $1.2 trillion economy.
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SBI TEASER RATES TO CONTINUE; HDFC, ICICI SCRAP SCHEME
The country’s largest lender, the State Bank of India (SBI), will continue to offer teaser rate schemes, which entail cheaper home loans to new borrowers
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9.2% RISE IN PUNE PROPERTY PRICES
Property prices in Pune went up by 9.2% in the last quarter.
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GOVERNMENT IN DISCUSSIONS TO CONSIDER FDI IN MULTI-BRAND RETAIL- SHARMA
The Indian government is consulting various stake-holders on allowing foreign direct investment (FDI) in multi-brand retail and the scope of such investments in other sectors, Commerce and Industry Minister Anand Sharma said.
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INVESTORS CAN SELL DLF LIMITED STOCK
Stock market analyst Rohit Shrivastav of Sharekhan is of the view that investors can sell DLF Limited stock with a target of Rs 307.
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OFFICE SPACE RENTALS IN INDIA SEEN STABLE IN 2010
Rents for office space are seen stable in 2010 as increased spending by IT and ITES firms absorbs space put out over the last few quarters, a recent survey by real estate consulting firm C.B. Richard Ellis showed.
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TEASER RATES FOR HOME LOANS ARE NOW ON THEIR LAST LEG
The State Bank of India (SBI) has extended the offer till the end of this month.
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ICICI BRINGS TEASER RATE BACK
ICICI Bank has brought back its special home loan offer, popularly known as the teaser rates, following mortgage major HDFC relaunching a similar product last week.
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SEBI MAY CAP PMS FEES ON REALTY FUND
The Securities and Exchange Board of India (Sebi) is considering a cap on the fees charged by portfolio management service (PMS) providers for their real estate fund, a person familiar with the development told ET.
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BUYERS SHY AWAY AS REALTY GETS COSTLIER
Nisha Parekh, a 30-year-old professional, has been hunting for a suitable residential space for her nuclear family in Ahmedabad. Over eight months have passed and Parekh is unable to find one, despite increasing her budget from Rs 25 lakh to Rs 35 lakh.
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BANKS UNLIKELY TO HIKE HOME LOAN RATES IN NEAR TERM
Home borrowers may be able to breathe easy for now as most banks have said they are unlikely to raise interest rates in the immediate future after RBI signalled a higher interest rate regime by raising policy rates — repo and reverse repo — and cash reserve ratio by 25 basis points each on Tuesday.
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HOSPITALITY CHAIN COUNTRY CLUB TO INVEST RS 100 CRORE IN NEW PROPERTIES
Leading hospitality chain, Country Club India Ltd (CCIL), plans to invest around Rs 100 crore this fiscal in its latest venture — Country Club Grand Fractional Ownership Club, a top company official has said. “We will invest about Rs 100 crore in four properties in our new venture (CCGFOC).
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FDI IN RETAIL REMAINS UNCERTAINITY
Unease and uncertainty has been provoked among international food retailers in India by new restrictive guidelines issued that limit the already-restricted foreign investment in the country’s organised retail sector. India’s retail sector has held back foreign direct investment (FDI) but many in the sector was expecting a gradual liberalisation of rules on the ability of local players to strike deals with overseas partners. Instead, the Congress-led government has taken an unexpected step back towards a closed economy policy by almost scrapping Indian retailers’ rights to create joint ventures with foreign firms. Issued late last month, by the Ministry of Commerce And Industry, a 103-page Consolidated FDI (Foreign Direct Investment) Policy has rendered invalid the present corporate structure created by international retailers with Indian partners.
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HDFC BRINGS BACK TEASER RATES TO PROTECT TURF
Housing Development Finance Corporation, or HDFC, the nation’s biggest mortgage company, has revived its teaser home loan rates
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MUMBAI AND NEW DELHI RATED AS PROMISING MARKETS: REPORT
The Mumbai and New Delhi realty markets hold a significant level of promise for potential investors, says a research study, 'Wealth Report 2010'.
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BANKS LIKELY TO RAISE REALTY LOAN RATES ON REAL ESTATE PROJECTS
The Reserve Bank of India (RBI) may make borrowing more expensive for builders by asking banks to set aside more capital for loans to commercial real estate projects. A higher capital requirement will force banks to raise interest rate on such loans.
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AHMEDABAD, PUNE OVERSHADOW DELHI, MUMBAI IN INVESTMENT SEGMENT
Unlike other major cities like Mumbai, Delhi, Chennai and Bengaluru, real estate demand in Ahmedabad and Pune is higher in investment segments, said a real estate survey released by ICICI Securities, the largest integrated securities firm. The survey was conducted across eight Indian cities including Mumbai, Delhi/NCR, Bengaluru, Chennai, Kolkata, Ahmedabad, Hyderabad and Pune among 2697 online, 6767 offline buyer respondents as well as 57 property consultants.
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RBS SELLS APARTMENT IN WORLI FOR RS 37.25-CRORE
In one of the most expensive property deals in the metropolis, Global banking major, RBS, has sold an apartment in central Mumbai for a whopping Rs 37.25-crore.
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AFFORDABLE HOMES: IS GOVERNMENT SERIOUS?
Are our policy planners and key stakeholders of realty sector serious about providing affordable homes to lakhs of Indians? This is really a very key question given that these days, talking and discussing affordable homes has become a fashion, practically among everyone even remotely associated with realty sector.
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EMAAR BETS BIG ON A HIGH-RETURN INDIA
An official of Dubai-based Emaar Properties says it will continue to focus on India as it offers the best investment opportunities across the 16 countries in which the real estate developer is present.
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COMMERCIAL PROPERTY BACK IN RECKONING
The commercial property is finally on an upswing. The spell cast by the global meltdown in 2008-09 is finally wearing off, as both office and retail space are back in demand.
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SBI INCREASES INTEREST RATES ON HOME LOAN
State Bank of India (SBI), the largest bank in India and one of the leading players in the housing finance market, has raised interest rates on home loans. Although the bank will continue with its 8% teaser rate — which the SBI had introduced more than a year ago — for the first year, it has increased rates for the subsequent years, effective April 1. The hike in home loan rates by SBI was triggered by the recent increase in its cost of funds.
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DLF ROPES IN GOLDMAN FOR AMAN RESORTS STAKE SALE
DLF, India’s largest real estate company, has appointed Goldman Sachs as an advisor as it attempts to fund buyers for Aman Resorts, a luxury hotel chain it had acquired in November 2007 for $400 million.
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12 % RISE EXPECTED IN PROPERTY PRICES BY END 2010
Prices of properties may rise over 12 per cent from its present levels by the end of this year due to the rising costs of inputs like cement and steel, service tax levied on real estate industry and high cost of funds.
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ANOTHER PRICE CORRECTION MAY BE IN THE OFFING IN REALTY SPACE
The prevailing real estate rates in Mumbai and its suburbs indicate that the sector is headed for another bubble in prices which may not be sustainable. In most of the prominent localities in the city, the home prices are now much higher than the peak prices in 2007.
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MOST BANKS TOE RBI LINE, END SPECIAL HOME LOANS
Most lenders such as Punjab National Bank, Corporation Bank, United Bank of India and Bank of Maharashtra have decided not to extend the special home loan scheme which ended on March 31, even as the country’s largest bank, State Bank of India, decided to extend the special scheme by a month.
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FURTHER RATE HIKE BY RBI CAN DAMPEN RESIDENTIAL DEMAND
Any further hike in policy rates by the Reserve Bank of India (RBI) is expected to dampen the demand for the residential real estate segment due to the rising cost of home loans. RBI recently hiked the repo and reverse repo rates by 25 basis points to check the spiraling inflation in the country. Any further rate hike is also expected as the RBI has hinted to do so in order to suck excess liquidity from the market.
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DELHI, MUMBAI MOST PREFERRED BY HOME-SEEKERS: SURVEY
New Delhi and Mumbai are considered the most preferred real estate investment destinations for this year (2010), with 62 percent of prospective buyers wanting to invest in a home and live in these two cities, a nationwide survey revealed here Monday.
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TIGHTENED MONITORY POLICY AND NEWLY IMPOSED SERVICE TAX SET TO BOOST PROPERTY PRICES
Further monetary tightening by the Reserve Bank of India (RBI) and imposition of service tax on under-developed housing complexes, as proposed in the Budget 2010-11, will lead to increase in property prices, according to real estate companies. India’s central bank last week hiked two major policy rates - the repo rate and reverse repo rate - by 25 basis points each. “The recent monetary tightening by the RBI was on expected lines, but further tightening will certainly lead to increase in property prices. Further rate hikes will impact affordability of home loans,” K.P. Singh, chairman of DLF, India’s leading real estate developer, said here
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REDDY SEEKS REVIEW OF SERVICE TAX ON HOUSING COMPLEXES
The urban development ministry will seek a review of the proposed service tax levy on sale of housing projects under construction. The levy has been proposed in Budget 2010-11.
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RULES MAY BE EASED FOR SERVICE TAX ON REALTY
Home buyers and property developers need not worry about being levied a service tax if they cannot procure a completion certificate from the local authority. The government could allow some independent authority to certify that the property is complete.
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DIP IN REAL ESTATE STOCKS AFTER RBI HIKED KEY INTEREST RATES
Stocks of realty firms slipped as much as 4 per cent on the Bombay Stock Exchange (BSE) after the Reserve Bank hiked key interest rates to tame inflationary concerns, a move that could make home loans dearer. Realty firm Unitech slipped to Rs 70.55, down 4.27 per cent and country’s largest realty player DLF fell 3.53 per cent to Rs 301.65 on the BSE in the early morning trade.
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NO MAJOR IMPACT ON REAL ESTATE SECTOR FOR NOW
The hike in key policy rates announced by the Reserve Bank of India (RBI) yesterday is unlikely to have an immediate impact on demand for homes unless loan rates rise, say industry officials and analysts. RBI hiked the repo rate by 25 basis points (4.75 to 5 per cent) and the reverse repo rate by a similar margin (3.25 to 3.5 per cent) in a bid to control inflation.
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DLF'S RS 4 CRORE LUXURY HOMES DRAW BIG NUMBERS
DLF, the country’s biggest realtor, has sold three-fourths of its upscale flats in central Delhi at Rs 4 crore apiece within two days of launch in a sign that demand for such properties is alive and well despite the drift towards affordable housing.
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PARSVNATH DEVELOPERS SIGNING DEAL TO SELL OFF BEST LAND AT KURLA FOR RS 307 CRORE
Parsvnath Developers, the New Delhi-based realtor, is close to signing a deal with a local developer for its BEST land at Kurla for Rs 307 crore, sources involved with the deal said. Parsvnath had received development rights in 2007 for the land, which included constructing of a fully-equipped bus depot, staff housing and buildings for commercial utilisation. Sources said that Mumbai based Kanakia Spaces is a close contender for the tract of land in Kurla and the final closure of the deal would happen by March-end.
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UNITECH TO FOCUS ON REAL ESTATE-LOOKING TO DE-MERGE NON-CORE BUSINESS
Unitech Ltd, the second-largest real estate developer in the country, is looking to de-merge its non-core businesses in order to focus only on real estate, a source familiar with the development said. The company’s non-realty businesses include construction, special economic zones (SEZs), power, telecom and hotels. The company plans to unlock value through private equity investment or outright sale, the source said.
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COURSES IN COMMERCIAL REAL ESTATE LAUNCHED BY NIREM
With the growth of real estate in India, the roles and responsibilities of real estate professionals have evolved significantly. This in turn has enhanced their need for a background in real estate education and strong professional skills in their functional areas of responsibilities. The need for the highly specialised real estate professional is most urgent in commercial property sector, which is comparatively very new for Indian property market
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DUBAI REAL ESTATE FIRM TO OPEN NEW DELHI OFFICE
Sherwoods Independent Property Consultants is to open an office in New Delhi this summer as investor appetite grows amid a shortfall of four million residential units in the Indian capital.
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UNITECH SELLS PROPERTIES WORTH RS 850 CR SINCE MARCH
The country's second largest realty firm, Unitech, which has decided to focus on affordable housing to improve sales, has sold properties worth Rs 850 crore in last two-and-half months despite slowdown in the realty market.
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REALTY RUINS CAN BE REBUILT
The election of a stable government at the Centre could bring a bottom to the real estate market and may help in turning it around, as improved economic sentiment and rallying stock markets bring back confidence into the battered sector, industry experts say.
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FRONT PAGE > BUSINESS > STORY EMAIL THIS PAGE PRINT THIS PAGE REALTY CRIES FOR ATTENTION
The unfettered victory of the UPA will make it simpler for this government to go ahead with real reforms and take a long-term view of economic growth.
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VISHAL RETAIL SHELVES PLAN TO ENTER RESTAURANT BUSINESS
Value retailer Vishal Retail has put plans to enter the food and beverage/restaurants business on the backburner. The company had been mulling over the move for some time, to leverage its presence across India and reach the footfalls at its stores.
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TREND IS FRIENDLY
Coupling" and "decoupling" are two buzz-words amongst global investors. An economy is coupled if it's closely correlated to the global economy and de-coupled if the correlation isn't strong. India was de-coupled in the early 1990s when the economy opened up
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BUILDERS CLAIM INCREASE IN DEMAND FOR HOUSING
After six to eight months of a dry spell in the real estate space, builders are claiming that there has been a pick up in the residential property market over the last one month.
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ASIAN PROPERTY SALES FALL 83% IN Q1: SURVEY
The Asian property investment market has recorded an 83 per cent fall in sales (quarter-on-quarter) in the first quarter of 2009, from $18.02 billion to $3.1 billion, according to a survey by global real estate services provider CB Richard Ellis.
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JLLM BUILDERS' MEET TALKS STRATEGIES FOR SLUMP TIME
Even AS the real estate industry is coming to terms with the downturn blues, it continues to grapple with the possibility of the “worst is yet to come” situation, noted panelists at the third session of the GENextReal Estate Forum or-ganised by Jones Lang Lasalle Meghraj on Monday. ET had exclusive access to the event.
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DLF PROMOTERS SELL STAKE TO BUY OUT DE SHAW INVESTMENT IN DAL
The promoters of DLF Ltd, India’s largest real estate developer by market value, sold a 9.9% stake in the company for Rs3,860 crore, raising money to buy out hedge fund DE Shaw and Co. LP’s investment in its unit DLF Assets Ltd (DAL), and infuse fresh capital into it.
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ATLAS GROUP TO ENTER REALTY, TO INVEST RS 1,000 CR
Atlas Group, which has carved out a niche of itself in the jewellery and healthcare industries across Gulf countries, is diversifying into real estate sector and plans to invest Rs 1,000 crore in Kerala in the next two to three years.
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REAL ESTATE PRICES DECLINED FURTHER DUE TO SLOWDOWN
The failure of retailers to exploit the fall in real estate prices triggered by the economic slowdown, has led to a further correction in property prices across major metros of India, real estate consultant, Cushman & Wakefield (C&W), has said in a report.
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TATAS' NANO HOUSING PLAN TAKES OFF IN STYLE
Tata Group has sold around 3,500 application forms for its low-cost housing project, Shubh Griha near Mumbai, in the first two days of booking, three-and-a-half times the number of apartments the company is planning to build under the project, a company executive said.
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WHAT NEEDS TO BE DONE TO BOOST THE REALTY SECTOR
The past two years have been eventful for the real estate industry, which saw unprecedented highs and unimaginable lows, all within a very short span of time
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PICKING UP OF REALTY STOCKS ASTONISH ANALYSTS
The unexpected upward drive of realty stocks has surprised many analysts. They are amazed as to why exactly the realty share prices are on the rise. According to an analyst, it is difficult to estimate. The fundamentals have not changed to that great an extent and the fourth quarter results of the listed real estate companies have been rather dismal
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TATA OFFERS 'VALUE HOMES' FOR LESS THAN RS 4 LAKH
The concept of Nano homes is picking up fast and on Wednesday Tata Housing announced plans to provide 'value homes' with houses priced between Rs 4-7 lakh. But has the launch come a little too late? Well, the youngest CEO of the Tata group has done a Nano, finding gold or shall we say, housing at the bottom of the pyramid Subh Griha, a Rs 100 crore township project across 60 acres in Boisar, an industrial hub 100 kms from the heart of Mumbai.
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SUN APOLLO TAKES 15% STAKE IN KEYSTONE
SUN Apollo Ventures, a joint venture company between the Delhi-based Khemka family and the US-based AREA Property Partners (formerly Apollo group), has picked up a 15 per cent stake in Mumbai-based developer Keystone Realtors for Rs 300 crore, making it the first private equity deal in the cash-strapped real estate space in 2009.
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SOUTHERN CITIES SEE NIL SUPPLY OF MALL SPACE IN JAN-MARCH
The three major cities in south India — Chennai, Hyderabad and Bangalore —did not witness fresh supply of mall space between January and March this year, according to Cushman & Wakefield.
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BANKS STEP UP LENDING TO REAL ESTATE
Banks may be claiming that they are pruning their real estate exposure but data from the Reserve Bank of India (RBI) paints a completely different picture.
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REAL ESTATE PRICES DECLINED FURTHER DUE TO SLOWDOWN
The failure of retailers to exploit the fall in real estate prices triggered by the economic slowdown, has led to a further correction in property prices across major metros of India, real estate consultant, Cushman & Wakefield (C&W), has said in a report.
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MR. ROHTAS GOEL, CMD, OMAXE LTD
Omaxe Ltd was originally set up as Omaxe Builders Private Limited in 1989 to undertake construction & contracting business. The company further changed its constitution to a limited company known as Omaxe Construction Ltd., in 1999. The name of the company has now changed to OMAXE LTD from 2006. The company began life as a civil construction and contracting company, has successfully executed more than 120 prestigious Industrial, Institutional, Commercial, Residential and Hospital construction projects. The company entered the Real Estate Development business in 2001.
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CITI PROPERTY INVESTORS’ INDIA HEAD TO LEAD ASIAN REAL ESTATE PLATFORM
CPI currently manages the CPI Capital Partners Asia Pacific fund, which closed a $1.29 bn fund in February 2007.
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Q4 TURNS WORST EVER FOR DLF ON PROPERTY SLUMP, LIQUIDITY CRUNCH
The quarter ended March 2009 turned out to be real estate major DLF’s worst ever quarter since its listing in June 2007. A 72 per cent decline in consolidated sales to Rs 1,122 crore and 93 per cent dip in net profits to Rs 159 crore for the latest ended quarter compared to a year ago numbers, comes on the back of a property slump and liquidity crunch borne by real estate developers across the country.
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INDIAN DEVELOPERS, RETAILERS ADDRESS NEW MARKET REALITIES
It’s no surprise that she shakeout in the real estate sector has hit India’s burgeoning retail segment as well. But even as the great shopping experience in India hits a few road blocks, this could actually be a blessing in disguise. Retail formats are fast changing to suit market dynamics, even as profitable developer-retailer partnerships are being forged to meet aggressive sales targets. In fact, it is value retail that is emerging as the key buzzword in retail strategy and operations.
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‘THERE IS A WIDESPREAD FEELING THAT THE WORST IS OVER
Evenwhen most of the real estate developers are making lucrative offers to lure customers into buying flats, the buyers are still keeping their options open and are treading carefully. There is an improbability in the market. Transactions, particularly in residential segment, take place when buyers are sure of a steady income stream. When that confidence is shaken, no matter what the salary of a person is, chances are that he will not buy a property.
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DLF POSTS RECORD DECLINE IN PROFIT ON SLUMP IN PROPERTY DEMAND
DLF Ltd., India’s biggest developer, reported a record 93 percent decline in fourth-quarter profit, as demand for homes, offices and shops fell following an economic slowdown.
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INDIA RANKS 39 AS PREFERRED DESTINATION FOR TOP RETAILERS
India ranks 39 on the list of the top 280 global retailers as a preferred destination to establish operations. However, in the Asia-Pacific region, India ranked a little higher at 11, while the first and second slots were taken by China and Japan.
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CITI PROPERTY INVESTORS’ INDIA HEAD TO LEAD ASIAN REAL ESTATE PLATFORM
Citi Property Investors (CPI) has promoted its India head, Ravi Hansoty as the head of its pan-Asian real estate platform. Hansoty replaces the former Asia head, David Schaefer, who moved out of CPI early this month.
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MITTAL STREET GETS CHEAPER; STILL COSTLIEST IN UK
Under the scorching economic recession, houses have become cheaper by an average of about five million pounds in the 'billionaire's row', but the tag of UK's costliest street still remains with this tree-lined avenue where Lakshmi Mittal and his family owns three houses.
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SLOWDOWN CLOSES DEMAND WINDOW
The real estate market in Bangalore, dubbed as India's Silicon Valley, mirrors the India outsourcing story. The last decade or so saw trees give way to residential towers and steel- 'n' -glass office campuses targeting largely the young and upwardly mobile IT professional, a community that may be close to 5 lakh in the city.
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PEOPLE WILL CONTINUE TO SPEND
Yves Carcelle stopped in India with one purpose. To stay at the Taj. To show his support to the hotel and LV's commitment to India. LVMH Moët Yves Carcelle Yves Carcelle,the world's leading luxury group, recorded revenue of 4 billion euros in the first quarter of 2009, a slight marked increase versus the same period in 2008, despite the particularly unfavourable economic climate.
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REALTY MAY SEE SALES BUILDING UP IN Q4, BUT PROFITS COULD FALL
India’s real estate companies are expected to see a marginal rise in sequential sales in the fourth quarter ended March 31, 2009, on the back of good demand for their new projects, coming at up to 20% discount to existing market prices
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SOBHA PLANS TO LAUNCH HIGH-END APARTMENT PROJECT IN BANGALORE
Even as the demand slump is forcing leading property developers across the country to prefer affordable housing in place of high value apartments, Bangalore-based Sobha Developers is firming up plans to launch a high-end apartment project in the city. The project, which would carry a price tag of about Rs 6,000 per sq ft, will be the first luxury apartment project from Sobha after crisis hit the Indian real estate sector.
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REAL ESTATE COMPANIES SET TO POST DISMAL FULL-YEAR NUMBERS
Brokerages say net profit of five listed developers may show a decline of 18-78%, revenues by 26-41%
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