Noida Authority, while announcing the details of proposed metro link between Noida and Greater Noida on last Friday, revealed that two more metro stations are added.
Noida metro link details are announced by the Authority.
While announcing the details of the proposed Noida – Greater Noida metro link, the officials said that two more stations are added in the proposed metro line. The officials said that the population is increasing in the areas of Greater Noida and on the Expressway. Considering this growing population the Authority has decided to add two more stations in the line.
As per the available sources, the proposed 29.707 km long metro line will have 22 metro stations. The metro line will be passing through Noida Sectors – 32, 51, 83, 101, 143, 147, Alpha and Delta, Knowledge Park 2 and Pari Chowk. Continue reading
Income Tax department’s investigation wing conducted raids on some realty players of Surat. From them, the department seized Rs.8 lakh in cash and jewelry worth nearly Rs.45 lakhs.
Income Tax Raid on Real Estate Builders: Hopes to recover Rs.100 Cr.
Last month Income Tax department conducted raids on six major real estate developers of Surat. The department seized Rs.8 lakh in cash and jewelry worth nearly Rs.45 lakhs from their bank lockers.
The latest Income Tax operation is one of the biggest operations in the recent period. More than Rs.92 Cr was recovered by the income tax department. The operation included some six major real estate developers and two leading advocates of the city. Continue reading
National Green Tribunal recently prohibited the use of groundwater for construction- purpose. After the order the builders of Noida and Greater Noida have halted their projects.
No more groundwater for construction- National Green Tribunal’s Order prohibits the Noida builders to use groundwater for construction.
National Green Tribunal (NGT) recently prohibited the builders from drawing groundwater for construction purposes. After the order the builders of Noida and Greater Noida have decided to halt their construction works.
The NGT Order was released on last Friday. The builders said that they will have talks with the Noida Authority soon to clear out the authenticity of the order. Continue reading
ICICI Venture, one of the largest private equity firms of India, last year raised a fund worth nearly $ 700 million. The fund was raised through real estate funds and other similar funds.
ICICI Venture raises realty fund
ICICI Venture (I-Ven) last year raised $ 700 million in forms of real estate funds and other funds. I-Ven successfully closed its second real estate fund- the India Advantage Fund Real Estate Series 2. The fund was successfully invested in to two projects one in NCR and the other in Mumbai. Both the investment amounts fall around Rs.100 Cr each.
The first investment in the National Capital Region (NCR) is a group housing project. The project is developed by Advance India Projects Ltd. ICICI Venture’s second investment is in a top-end luxury project which is being developed by Ahuja Developers. The project is being developed in Mumbai. Continue reading
Land scam allegations hit the headlines of Faridabad mainly because all the land scams are filed against the top politicians of the area. Land scam allegation against Mr. Bhadana is the latest among all.
Faridabad Municipal Corporation’s land is intruded by politicians.
Faridabad Municipal Corporation’s (MCF) land was illegally intruded by the local MP, Avtar Singh Bhadana. Shiv Charan Sharma and Sharda Rathore, the state Revenue Minister and Chief Parliament Secretary (CPS) respectively are also alleged of land scams.
Recently a petition against Avtar Singh Bhadana was filed in the Punjab and Haryana High Court. The petition alleged him of intruding Faridabad Municipal Corporation’s land illegally. Continue reading
CREDAI remains doubtful over the success of Maharashtra Industrial Development Corporation’s (MIDC) new SEZ policy. As per the new policy more Special Economic Zones (SEZ) land is provided for housing development.
CREDAI is doubtful over the success of new industrial policy of MIDC.
CREDAI said that the new industrial policy of the MIDC may not be as successful as it is expected to be. The apex Confederation Of Real Estate Developers remains doubtful over the success of the new policy to develop integrated Industrial Township. CREDAI’s national chief Mr. Lalit Kumar Jain expressed his doubt.
Mr. Jain asked how the policy will be successful as the SEZ lands have failed to take off. He said in a statement that the new policy will fail as long as no concession is offered. Continue reading
Cushman & Wakefield reported that the new home launches in top Indian cities fall by 16%. The global property consultant had tracked top 8 cities of India.
New home launches declined: reported Cushman And Wakefield.
According to the Cushman & Wakefield report, nearly 1.62 lakh housing units were launched in India’s top 8 cities in 2012. The number shows that the new home launches are down by 16% compared to 2011.
Cushman & Wakefield had studied the number of home launches in NCR, Mumbai, Bangalore, Chennai, Kolkata Pune, Hyderabad and Ahmedabad. Based on their study the global property consultant reported that the residential market across India has dropped. Continue reading
Builders from across India will display their new launches in Property Exhibition which will be held in Kuwait on January 11 and 12. The builders hope to find some NRI customers.
Property Exhibition: The platform for NRIs to gain firsthand information.
Indian Property Exhibition will be held at Ramada Hotel in Al Rigga, Kuwait. The exhibition will be opened for the visitors from morning 10.45 am to evening 8.30 pm. This is the 23rd Indian Property Exhibition held in Kuwait.
Mantri Group and North Town will sponsor the property exhibition, a meeting point for the home buyers and builders. Nearly 100 projects will be displayed. Properties from tier I and tier II cities are also expected to be displayed. Continue reading
Hotel industry, facing acute labor shortage, is thinking of postponing their expansion policies. The builders were hopefully looking at the expansion- policies and as they are postponed they are also adversely affected.
Labor shortage has a negative impact on Hotel Industry.
Low payment and long working- hours distract the workers from hotel industry. Hotel companies and government remain unable to find a proper solution for the labor shortage issue. Their efforts remain of- little- use to improve the situation. Vice Chairman & MD of Indian Tourism Development Corporation Limited (ITDCL) Mr. Lalit K. Panwar commented that the situation is glaring.
Mr. Panwar stated that hotel industry needs about 150,000 trained laborers annually. Mentioning the number of students passing out from universities, he said that at present only 50,000 trained laborers are available. It means there exists a shortage of 1,00,000 skilled laborers per annum. With the entry of foreign hotel companies, the shortage will be more. Continue reading
CapitaLand plans to exit the Indian real estate market. The Singaporean firm plans to exit some of its UK and Australia projects as well.
CapitaLand plans to skip real estate India.
Singapore-based real estate firm CapitaLand plans to quit real estate in India. Besides quitting from India, CapitaLand has plans to exit from UK and Australia as well. The real estate firm also plans to reassess its investments in ASX listed Australand Property Group. Continue reading
Maharashtra Industrial Development Corporation – MIDC announced its new industrial policy in the state. Mumbai Real estate is said to gain benefits from this new policy.
Mumbai real estate builders welcomed new industrial policy despite scam allegation.
The new industrial policy announced by the Maharashtra Industrial Development Corporation – MIDC gives new hope to the Mumbai Real estate developers. This new policy remains as a New Year jackpot for the Mumbai Real estate developers.
MIDC decided to free nearly 35,000 acres of land in the special economic zones (SEZ) for developing residential projects. As per the new policy, around 40% of the total available SEZ land can be used for residential developments. The remaining 60 % of the land will be used for commercial development. Continue reading
Real estate experts feel that the year 2013 will be a good year for real estate sector. They all point out that the new policies implemented will be in favor of real estate sector.
Real estate sector will be able to reach new heights only if the newly announced policies are properly implemented.
With the newly implemented government policies, real estate sector is on the verge to thrive in the current year. If the 2012- end was noted for the initiation of many policies in favor of real estate sector, then the new year is expected for implementation of these policies.
Nahar Group’s Chairman and MD Sukhraj Nahar said that the real estate is undergoing through a transformation. He opined that the real estate has become more transparent in 2012 due to the fact that each participant has contributed to bring it out. Continue reading
With the improvement in infrastructure, facilities and connectivity, real estate in Ghaziabad is growing faster compared to Noida.
Ghaziabad real estate will thrive as the city achieves better development.
Real estate in Ghaziabad is on the verge to become a hot real estate destination in around 5 years’ time as compared to Noida. Yet one should notice that Noida has achieved a level of growth in a quicker span.
Earlier if the real estate builders avoided Ghaziabad real estate due to its weaker development, the current situation shows that they are keen to build up projects in Ghaziabad. Due to the steady improvement, the city seems to be competent to Noida real estate. Ghaziabad might now obviously hold better investment chances than Noida. Continue reading
LIC Housing Finance Limited (LICHFL) plans to raise Rs.1000 Cr residential real estate fund. LIC Housing will raise the real estate fund thru ECBs.
LICHFL is to come up with Rs.1000-Cr real estate fund.
“LIC Housing Finance Limited (LICHFL) will raise a residential –oriented real estate fund thru external commercial borrowings (ECBs)” as told by Mr. V.K. Sharma CEO of LICHFL.
Insurance giant LIC- promoted LICHFL is considering its plan to raise a real estate fund around Rs.700- 1000 Cr thru ECBs. The decision is prompted by the RBI’s approval of housing finance companies to raise up to $1 billion. Continue reading
Builders of Odisha fear that the real estate market may become crushed as news about real estate scams came out. Odisha Real Estate has determined to wash off the stain away and with this purpose CREDAI- Odisha Chapter has appointed a scrutiny- committee to check out the membership applications.
Will Odisha real estate be able to acquire the trust of home- buyers?
Once the news came out as businessman Tirupati Panigrahi was arrested along with two associates of him, the real estate players in the state is cautious as the real estate scam may adversely hit housing market.
Businessman Tirupati Panigrahi and two associates of him were recently arrested for real estate scam. The real estate builders fears that the real estate scam news will hit the real estate sector adversely. The sale of housing –units will be all the more affected. Continue reading
Real estate flourishes only in cities which generate higher numbers of job opportunities. In these areas real estate price trends remain more dynamic. Other factors remain unable to bring any favor to the real estate price trends.
Real estate price trends shift according to the location’s capacity to generate large job-opportunities.
Real estate price trends change according to the construction costs and inflation. However the dramatic shifts of prices is more visible in cities which produce higher number of job opportunities.
South Indian cities like Bangalore and Chennai, other cities like Hyderabad and Pune appear to be ahead of other bigger cities in creating job opportunities. With this improved and leading position in creating job opportunities, these cities witness better real estate growth in comparison to Delhi and Mumbai.
Jones Lang LaSalle India’s CEO Om Ahuja reported that if the situation goes on like this these cities will overtake Mumbai and Delhi. He also pointed to the growth of Gurgaon as well. Continue reading
Real estate investors are flocking to Spain which implemented a new residency scheme. The new residency scheme allows foreign real estate investors to buy residential properties worth millions.
Spain real estate market aims to be another paradise for Indian real estate investors.
Real estate investors of India find the property market of Spain more attractive. With the implementation of new residency scheme, foreign real estate investors are permitted to buy residential properties worth about Rs.1,15,82,745 (€160,000).
Spanish government aims to attract foreign investment through their new policy. Indian real estate investors are targeted mainly. Their higher spending on real estate properties is widely known. Continue reading
Indore real estate is attracting the takers through various discounts and freebies. Real estate builders of Indore find no other way than cutting the edge of the real estate prices.
Real estate discounts to play a crucial role in real estate market of Indore.
Existing real estate downturn forces builders to attract takers through freebies and discounts. This is more visible in Indore real estate. The builders offer wide range of freebies and discounts to the property buyers as well as real estate investors.
Real estate investors are assured handsome returns on their investments. Some of the real estate developers assure 30 to 40% returns on real estate investment within couple of years. Continue reading
Real estate investors of India prefer to have real estate investment in tier two cities now. These developing cities offer higher returns for the real estate investors.
Real estate investment in tier 2 cities is more profitable as it offers higher returns.
The Tier two cities are more preferred by real estate investors now. These cities are noted for their faster development and this is the main factor that attracts the Indian real estate investors to these cities.
Real estate investors’ traditional approach to bigger cities such as Delhi and Mumbai shifts as they remain incapable of delivering higher returns to them. On the other hand tier two cities are emerging as better real estate destinations.
The cities with better job- opportunities are all the more preferred real estate investment destinations. Higher population inflow to the small cities like Pune and Gurgaon prompts the builders to increase the supply.
With the growth of population the commercial needs improve and so does the demand for commercial spaces. These cities better offer chances for business growth as well. All these factors have pushed up the real estate prices as there is an increased demand.
Developed cities do not support Real estate investment as it offers only lower returns.
Leading real estate consultancy firm Jones Lang LaSalle India (JLL) reported that the cities like Bangalore and Chennai will grow along with the expansion of IT centers in the cities. The real estate consultancy firm highlighted the expansion plan of Wipro.
Wipro has recently disclosed their plan of expansion. The firm plans to expand their existing Bangalore headquarters and campus which at present has the capacity to hold 31,000 people. Another 25 lakh sq. ft. of area will be added to the current Wipro headquarters.
IT expansion is taking place in Hyderabad and Chennai as well. These areas’ growth will be dependent on the IT expansion. JLL India’s CEO Om Ahuja opined that the real estate prices in these cities will be more dynamic than in other cities. He added that trends of real estate supply will be different in these areas.
All these features tell the real estate investors to tap new and emerging markets. They can reap sizeable returns from these cities and so these cities remain hotter places to have real estate investment. In short prime real estate investments in tier 2 cities are easier way to become rich now.
Competition Commission of India (CCI) frames a new buyer real estate developer agreement which the fair trade regulator hopes to become a standard agreement. The revised agreement is expected to meet almost all the issues related to real estate sales.
CCI hopes to tackle the future problems between the real estate developers and the buyers through their new agreement for real estate sales.
Competition Commission of India (CCI) prepares a model framework for commercial agreements between the property purchaser and the real estate builder. The fair trade regulator CCI hopes this framework to serve as a standard for the real estate industry.
CCI prepares the model framework in relation with violation of market dominance case against DLF. The real estate major was fined Rs.630 Cr penalty by CCI. The real estate major had appealed to the Competition Appellate Tribunal (COMPAT) against this fine. Continue reading
Current reports show that real estate shares are under heavy pressure of selling. Last Tuesday BSE real estate index was closed at 1,822.14 falling down by 3 %.
Real estate shares fall deeper due to higher interest rates and sluggish real estate market.
Real estate shares are under heavy pressure to sell off mainly because of profit-booking. Real estate investors’ sentiment was all the more hurt by the 7.8 % inflation of September. This was the highest in all the ten months of the year.
The 3% of fall of real estate shares was the highest among all the sectors. The shares of all real estate majors also affected heavily. DLF shares were sold at Rs.208 with a decline of 4.3%. Another real estate major Unitech fell to Rs.25.65 after facing a decline of 4.8 %.
The biggest real estate loser was Anant Raj Industries which dropped by 6.8%. HDIL had the second worst position as it had a drop by 5.7%. Continue reading
Noida Authority has unearthed Real estate scam worth Rs.3800 Cr in Noida. The real estate scam occurred in 2011.
Real estate scam strikes Noida again.
Noida real estate is shocked as the Noida Authority unearthed a bigger real estate scam. The scam occurred while BSP was ruling the state. The BSP government had leased three lakh 81 thousand sq. m. land to three private companies and some individuals.
Noida Authority has already removed Nayab Tehsildar. Further, the authority has demanded the suspension of Noida’s additional district magistrate (land). Noida Authority is to file FIR against them. The investigation against them started soon after the BSP lost its reign. Real estate land scam took place in the year 2011.
Sources close to Noida Authority reveal that the scam involves three officials of higher grade. They are Harish Chandar, a PCS officer who was posted as secretary, Tahsildar Ajay Shrivastav and Nayab Tahsildar Manoj Kumar Singh. Continue reading
AP State Wakf Board (SWB) plans to sue a real estate firm for damaging its property. Wakf Board officials told that a real estate firm has encroached upon some of Wakf properties in Lakdi-ka-pul.
Real estate firm faces sue from the Wakf board.
The base of the case begins with GHMC (Greater Hyderabad Municipal Corporation) sanctioning a real estate firm to construct a commercial structure near Mumtaz Mansion in Lakdi-ka-pul. The GHMC sanction of a G+4 commercial building was granted to an extent of 2125 sq. m.
The real estate builder soon started foundation works at the site. Later it came to light that some graves were damaged while foundation works were going on. This was reported to the chief minister as well. Continue reading
The well acclaimed success in Dubai prompts Giorgio Armani to launch superior luxury apartments in India too. The Italian fashion designer will join hands with Noida-based real estate group Supertech with this purpose.
Giorgio Armani, renowned fashion designer, is all set to design new horizons for luxury real estate in India.
Giorgio Armani is all set to give a new dimension to the luxury real estate of India. Collaborating with Supertech, Italian fashion designer Giorgio Armani will develop some superior and ultra-luxury apartments in Noida.
Previous year witnessed Armani tying up with Lodha, a Mumbai-based real estate developer Group. This year the Italian fashion designer is joining his hands together with the Noida-based Supertech for designing Armani Tower.
Lodha developers had signed on Armani for designing their 117-storey residential project. The project comprises apartments and villas. The prices range from Rs.7.5 Cr to Rs.50 Cr.
Armani Tower, comprising 100 luxury housing units, will be designed in Supernova one of the most notable luxury projects of Supertech. The project will spread over 4,00,000 sq. ft. Armani will design the interiors and furniture of the project.
The project will have apartments of two sizes — 3,000 sq. ft. and 5,000 sq. ft. The estimated rate of each unit will be near to Rs.20,000 per sq. ft. These housing units which cost nearly Rs.10 Cr will be the most expensive in Greater Noida. Continue reading
The year 2013 is expected to be a boom year for economy as a whole. This is more expected in the real estate sector. Real estate sector expects to thrive in 2013.
Real Estate Sector: ready to thrive in 2013
Real estate sector went through a tough time in the year 2012. The year was noted for its slow pace and declined market. Lower sales and higher construction costs affected the real estate developers adversely. In short the year 2012 was a very difficult one for the real estate developers of India. They faced a tough economic condition as sales stooped down.
Lalit Kumar Jain, National head of CREDAI (Confederation of Real Estate Developers’ Associations of India) expressed his hopes of revival in the year 2013. He said that the year 2012 was a year of loss especially because no corrective step was taken. He moaned that the 2012 remain as a lost opportunity.
Real estate consultancy firm Jones Lang LaSalle India’s Chairman & Country Head, Anuj Puri appeared more confident over the real estate renovation. According to him real estate boom will be more in the final-half of 2013.
The RBI (Reserve Bank of India) has, in recent times, allowed reputable real estate developers to raise funds up to $1 billion. The RBI also has permitted established housing finance companies to raise an equivalent fund. With this new rule the real estate builders and finance companies can raise funds through external commercial borrowings. Continue reading