MHUPA India Plans Special Provision For Affordable Houses

The ministry of Housing and Urban Poverty Alleviation (MHUPA  India) is planning to include affordable housing in the infrastructure list. This will enable the lower income groups to own cheaper houses.

Ajay Maken, MHUPA Minister, said that his ministry was seriously planning to initiate several steps to increase the number of affordable homes. The housing ministry has recently revised the income sealing. This was done with the view of improving the qualifying for various schemes of the ministry. The MHUPA ministry has also amended the limit of annual household income of the economically weaker section. Continue reading

Blackstone To Launch New Real Estate Fund in Asia

Blackstone Group LP is on the verge to launch its new real estate fund in Asia. Blackstone Group considers this as their plan to seize the Asian real estate market.

Blackstone plans to raise another real estate fund to be launched in Asia. World’s largest private real estate firm’s CEO Schwarzman disclosed their plans to become the largest buyers of commercial real estate in India. He also had laid his eyes on Australian real estate market as well. Continue reading

Retail FDI Will Cover Up Vacant Space; Hope Mall Owners

Indian government’s decision to allow more retail FDI (Foreign Direct Investment) was passed in the Lok Sabha. New retail FDI bill gives some rays of hope to troubling mall owners.

The approval of more Foreign Direct Investment (FDI) in retail policy by the Lok Sabha (LS) fills some hopes to the mall owners. They expect to reduce the vacant space as the foreigners will have permission to run shops in India.

With the shopping-mall development boom there has been excess of retail space in all major cities of India. This was comparatively higher in New Delhi and Mumbai. The situation left the mall owners to struggle with the excess of retail space which remain vacant. Continue reading

Residential Real Estate Loses Value Appreciation: JLL

There has been a fall in the real estate housing sector in 2012. Housing segment significantly slowed down in the top seven cities of India, reports JLL.

With the minimal rise of capital value by 1-3 % the housing segment loses value appreciation in all the major cities of India, reported real estate consultant Jones Lang LaSalle India (JLL). Continue reading

Real Estate Investment Firm To Take Over Nokia Building

Real estate investment firm is in talks with struggling Nokia which plans of selling its head office building. The real estate investment firm is about buy the Nokia building for a sum of Rs.1218-Crore.

Real estate investment firm Exilion has hit the top headings as it is about to purchase Nokia head building at Espoo, in Finland. Nokia, one of the leading handset makers, said that the group is in talks with real estate investment firm Exilion over their selling of its head office building in Espoo. Continue reading

Sahara Groups Rebuked By SC for Failing to Refund

The Supreme Court of India severely criticized Sahara Groups for not refunding Rs. 27,000-Crore to its investors. SC further ordered the Sahara Groups to refund the amount to the investors within a week.

Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) were given a fine of Rs. 27,000-Crore. The group was ordered to refund the amount collected from nearly 3-Crore investors. The Supreme Court  found out that the order is not yet accomplished by Sahara Groups. Continue reading

CREDAI Asks Real Estate Builders to Ease Property Prices

CREDAI- Real estate developers’ apex confederation asked its members to ease property prices. The real estate developers’ apex body advised its members to lower property prices for selling them off.

CREDAI national head Mr. Lalit Kumar Jain said that the real estate developers consider selling of their unsold properties at a lower rate. P Chidambaram, the Finance Minister of India, placed the suggestion in front of real estate developers.

P Chidambaram suggested the Real estate developers to consider the amount of unsold properties. He pointed out that there exist a vast number of real estate properties which remain unsold. Continue reading

Island City Center Await display at Dubai Property Show

Real Estate Firm Bombay Realty, a wing of Wadia Group, plans to present its The Island City Center project in Dubai Indian Property Show.

Wadia Group plans to present its Island City Center project in the Indian Property Show.  The Property show will be held  in Dubai from December 13 to 15. Wadia Group expects to gain some business dealings with NRIs – (non- resident Indians) who reside in Dubai.

Wadia Group’s real estate wing Bombay Realty will launch its latest residential project titled Island City Center (ICC)  in Mumbai. The real estate township project will be located in Dadar. Continue reading

Migrant Real Estate Laborers Are Exploited: Say Reports

Real estate is in high demand for construction laborers. Labor shortage in the real estate sector creates higher trouble to the real estate developers.

Real estate developers find it difficult to finish their projects on time without having sufficient laborers.  The real estate sector has become the second best employment -provider in India after the Information Technology. However some reports say that a few real estate developers offers cash advances to the laborers for getting them on to the work site. Continue reading