Author Archives: designer

Bangalore saw doubled PERE investments in 2012

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Global real estate consultants Cushman & Wakefield reported that Bangalore received nearly Rs.32.3 billion of Private Equity in Real Estate- PERE investments.
PERE investments have risen in Bangalore.

PERE investments have risen in Bangalore.

BANGALORE: According to the latest report by Cushman & Wakefield PERE investments have increased in Bangalore. Last year the city received Rs.32.3 billion in the form of private equity investments. The global property consultants reported that the amount is double the size than that of last year.

Most of the private equity investments were done in the commercial sector. The PE investors like Blackstone and others shifted their investment plans to the commercial sector.

While Rs.32.3 billion was invested in the commercial sector, only Rs.28.5 billion was invested in the residential sector. However the pre-launch residential properties witnessed highest number of PE deals. Though about 25 PE deals took place in the residential sector, the amount was comparatively far lower.

With Rs.13 billion of PE investments, Mumbai stood on the second spot. Delhi-NCR stood third with INR Rs.7 billion of investments. While Mumbai witnessed a minimal decline of 2%, NCR saw a sharp decline of 44%. Continue reading →

Global Real Estate Investment Markets, India in Top 20

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India ranks 20th among the top real estate investment markets of the globe, reported Cushman & Wakefield. With $ 304.1 billion of investment value, China stood top.
China tops the list of real estate investment markets.

China tops the list of real estate investment markets.

MUMBAI: As per the latest report of the global real estate consultant Cushman & Wakefield, India is ranked 20th among the top real estate investment markets of the globe. International Investment Atlas, the latest report of C&W, global real estate investment market saw a 6% rise in the investment activities last year.

In the last quarter witnessed more volume of investment. It signals revival of real estate investment. With the revival taking place, the investment in 2013 is believed to grow by 14%.

China tops the list. $304.1 billion was invested here. USA stood second with investment value of 267.1 billion. Both China and USA hold the lion’s share of the entire real estate investment. These two remained the top real estate investment markets of the world. Continue reading →

Real estate regulator likely to become a reality

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Housing ministry plans to introduce real estate regulator in the Cabinet. The regulator is expected to curb the illegalities in the realty sector.
Maken to seek cabinet - approval of real estate regulator bill.

Maken to seek cabinet – approval of real estate regulator bill.

Realty sector may get a cleansing if the union government sets real estate regulator to control the sector. The regulator is believed to be stiff towards unscrupulous builders.

Under the real estate regulatory bill the builders will be put into jail in circumstances of proved misbehavior. They will not be allowed to put any advertisement about their projects before they get the approval from the regulator.

Despite the opposition of the realty developers, the housing ministry is all set to implement real estate regulator bill to safeguard home buyers from unscrupulous builders. The bill is expected to be passed in the current parliament session. Continue reading →

Home sales pick up in NCR by 46%: reports PropEquity

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PropEquity reported that the home sales in NCR have jumped by 46%. The property research firm has tracked home sales over 40 cities.
Home sales pick up in NCR.

Home sales pick up in NCR.

Tracking over 45,000 housing projects of 8200 builders, Property research firm PropEquity has reported that home sales in the National Capital Region (NCR) has picked up.

Now NCR sees a revival of home sales. In January, it added, nearly 9000 housing units were sold in the region.

As against the 6032 home sales in January 2012, 8,812 housing units were sold in January this year. With this improved home sales, NCR sees a revival in the region.

Housing demand picked up along with the clarity in land acquisition issues in Greater Noida. Home sales have picked up highly in Faridabad, Greater Noida and Noida Extension. Besides these areas Yamuna Expressway was another area which saw an increased demand for housing units. Continue reading →

Housing Ministry Recommends Single Window Clearance

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In view of bringing the property prices down, housing ministry has recommended single window clearance. The housing ministry hopes to lower the sky reaching property prices.
Housing ministry recommends single window clearance to speed up clearance.

Housing ministry recommends single window clearance to speed up clearance.

New Delhi: As per Economic Survey 2013, delay in project-clearances is one of the main reasons which cause the hike of property prices. The survey had suggested the government to look into the matter and take out suitable steps. This might have prompted housing ministry to move in that way.

If single window clearance system is introduced, the builders will be able to launch their projects soon. Moreover they will be able to provide homes at lower prices as they need not spend lot of money as ‘preservation charges.’

The builders had claimed that they had to spend a lot of money for preserving their land and properties during the period taken for approval.

To consider the issue a committee was formed under Dhanendra Kumar, former chairman of Competition Commission of India. The committee has recommended single window clearance for the real estate projects. Continue reading →

Commercial realty hit by weak office space absorption

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Data provided by DTZ and Cushman & Wakefield show that there has been a steady decline in the rate of office space absorption by IT firms. This has affected the commercial realty, the report added.
Lowered IT demand affects commercial realty sector.

Lowered IT demand affects commercial realty sector.

Commercial realty sector is hit by lowered office space absorption by IT companies. Tracking the office space absorption in top eight cities of India, property consultants C&W and DTZ have reported that the rate of office space absorption has been falling in top cities of India.

Last year, 29.05 million sq. ft. of office space was absorbed. This figure shows a 23% decline in the rate of office space absorption compared to the previous year.

The contribution of the IT sector was a mere 44% last year. On the other hand the information technology sector had contributed over 64% of total office space absorption. This slowdown of IT segment affects commercial realty sector adversely. Continue reading →

Sahara challenges SEBI, invites for a televised debate

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Sahara Group Chairman Subrata Roy invited Securities and Exchange Board of India executives for an open debate. Mr. Roy said that the debate could be a live- telecast.
Sahara challenges SEBI, invites for a televised debate

Sahara challenges SEBI, invites for a televised debate

The dispute between Securities and Exchange Board of India and Sahara Group dates back to 2008. The issue began when two subsidiary firms of Sahara Group sold convertible bonds worth $3 billion. Nearly 30 million small investors bought the bonds.

Both Sahara India Real Estate Corporation and Sahara Housing Investment Corporation were alleged to break the codes of conduct of SEBI. The firms’ sale of convertible bonds was termed illegal.

The market regulator claimed that the sale was against the public interest and their norms. SEBI further called it as an entirely ‘private placement.’

Additionally SEBI found out that many ‘illegalities’ crept into the deal. So the regulator ordered the firms to submit the entire list of the investors. Further they ordered the firms to repay the amount to the investors. Once the Sahara failed to comply with the order, it ordered seizure of its properties. Continue reading →

Jones Lang LaSalle to invest in Bangalore realty

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Bangalore seems the most preferred realty investment destination for Jones Lang LaSalle (JLL). Global property consultant will make their entry into the investment arena by investing in Bangalore.
Stable residential market in Bangalore attracts Jones Lang LaSalle.

Stable residential market in Bangalore attracts Jones Lang LaSalle.

Out of its first India-focused real estate fund, Jones Lang LaSalle will make an investment. However their first investment will be in Bangalore, their most preferred choice.

As per the available sources, Jones Lang LaSalle plans to invest Rs.30 Cr in Bangalore for developing two luxury housing projects. The deal will be done under Jones Lang LaSalle’s Segregated Funds Group. The closed fund has collected a total amount of Rs.300 Cr.

Four sites in Bangalore have been identified by Jones Lang LaSalle. JLL has entered into final talks with two developers of the city. If the talks come in the way JLL expects, the developers will be developing two residential projects in the city.

Last year itself, Jones Lang LaSalle received the approval of Securities and Exchange Board of India. Continue reading →

Noida flat buyers stumble at Registration hurdles

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Noida and Greater Noida development authorities have warned the default developers. The authorities have asked them to pay the due amount or to be ready for facing severe actions from the part of authority.
Home buyers are affected by the new decision of Noida Authorities not to sanction the layout plans of default developers.

Home buyers are affected by the new decision of Noida Authorities not to sanction the layout plans of default developers.

It seems there is no end for flat buyers in Noida and Greater Noida. The latest registration hurdles has become a pouring of oil to their already- burning issues.

Those builders who have due-payments will not be allowed to register flats in the name of flat buyers. As a result those who have booked flats in Noida and Greater Noida will be troubled.

According to the latest reports, available with the authority, the government has lost Rs.4000 Cr in the form of default payment. Around sixty developers have not paid back the due amount.

Speaking on the issue Mr. H K Verma, additional CEO at Greater Noida Authority, said that the authority will not issue completion certificate to the default developers. He added that layout plans also will not be approved.

Around sixty builders are to pay the two authorities Rs.6000 Cr. The list contains some of the top and well renowned developers.

Noida flat buyers see no rays of hope ahead.

Noida flat buyers see no ready to-move-in home ahead, but barren land.

Mr. Verma informed that the authority is forced to take such harsh stand. It has to find sufficient fund for compensating the farmers. On the other side the Authorities are facing a severe financial crunch now.

Considering the problems of the flat buyers, the Authorities were thinking of not passing any such orders. However now they have no option to tackle the situation in which the Authorities are to pay huge amounts to the farmers as compensation.

Several notices were issued to the default developers. However the builders did not take any action or take the notices seriously. This prompted the Authorities to take tougher stand against these builders. Whatsoever, always the burden is upon the poor home buyers. Their wait to own their dream homes seems to get longer with this new issue.

VAT increased in Kerala, worries realty sector

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Increase in the Value added tax (VAT) may affect the real estate sector adversely. Industry experts stated that increase in VAT would result in materials for construction.
The Kerala Budget 2013 proposes an increase in VAT.

The Kerala Budget 2013 proposes an increase in VAT.

It is true that the budget 2013 has not done any indirect harm to the realty sector. The budget, though did not help the sector, cannot be termed as unfriendly to the real estate sector. However the realty players in the state fear that the proposed increase in VAT would affect the realty sector.

The prices for cement, wood and paint are likely to go up with the proposal to increase VAT. The prices of the above mentioned items are directly related to construction. So in short the prices of the raw materials will have an impact on the property prices too. The property prices will shoot up proportionately.

The budget 2013 has proposed an increase of 1.5% of VAT. This will directly affect the prices of the raw materials used for construction. Continue reading →

Trump plans widening its presence in India

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US real estate major Trump now plans to expand their presence in India. The group plans to develop two luxury housing projects in Mumbai and NCR.
Trump plans to expand its presence in India.

Trump plans to expand its presence in India.

Trump, the real estate major of USA, is set to enter India. Its India-representative revealed that the group is looking to expand to India now. The US based real estate developer has already entered into talks with some top developers of the country.

The group plans to develop projects in Mumbai and in NCR. Two Trump-branded housing projects will be developed in these areas, said the representative.

The group’s first project is being developed in Pune. Trunk is developing this ultra-luxury project in collaboration with Panchshil Realty. Their Pune project marked their entry into the Indian realty market. Now, they move ahead with the plan to expand their presence in India, especially to Mumbai and NCR.

Their first project ‘Trump Towers Pune’ was launched in 2012. The project is considered as a project which marked the new arrival of elegant luxury in to the subcontinent.

Mumbai-based Tribeca Developers is appointed as India-representative. The group will find out more projects which could be developed under their brand.

Trump to develop two ultra-luxury housing projects

Trump to develop two more ultra-luxury housing projects in India.

They show keen interest on Indian realty market.  It was the first of its kind tie-ups of Trump which plans to make India one of their top markets, outside North America.

Tribeca will help the American firm to find out suitable project sites. Besides, it will also help them find reputable developers of the area who can join with the American real estate major.

Trump’s development arena is not limited to ultra-luxury residential projects. Their development is extended to hotels, mixed-use projects and Golf Course projects. All these will be developed in India too or they plan to do so.

Kalpesh Mehta, Tribeca Developers Managing Partner, said that the group is in advanced talks with some domestic developers. He added that the firm hopes to develop two ultra-luxury projects in NCR and Mumbai within a period of six months to a year.

Commercial investment, more attractive in Top cities

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Investment on commercial properties remains the best options in major cities which have good infrastructure. In top cities commercial investment is better option.
Commercial investment is better for those who do it in top cities.

Commercial investment is better for those who do it in top cities.

Commercial property is good for investment, only if it is supported by good infrastructure. Connectivity too plays vital role. Close proximity to the international airports remains key-factor. All these factors make commercial investment in tier I cities more profitable.

As the major cities offer comparatively better infrastructure and appreciable connectivity, business in these cities is boosted well. However this is not the case of tier II cities. In such smaller cities the best option of investment would be residential properties.

Though there is commercial activity in these small cities too, the activity is not as large as that of bigger cities. There is a disparity between the commercial space demands as well.

The growth of any city depends on the connectivity and infrastructure. When these factors get better, the commercial activity also gets better. However the growth of the city will be slower if the development is slow. Continue reading →

SEBI Wants Sahara Chief’s Arrest, Asks for SC’s Permission

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Securities & Exchange Board of India, SEBI the market regulator, asked the Supreme Court of permission to arrest Subrata Roy, the chief of Sahara Group of companies.
SEBI demands the arrest of Subrata Roy, the chief of Sahara.

SEBI demands the arrest of Subrata Roy, the chief of Sahara.

SEBI has decided to go harsh against the Sahara Group of companies. This was all the more clear with their appeal to the Apex court for permission to arrest the Sahara Chief. SEBI has demanded the arrest of Subrata Roy Sahara.

Along with the Sahara Chief, other two directors like Ravi Shankar Dubey and Ashok Roy Choudhary also are likely to be arrested soon, if the Supreme Court permits the market regulator; for their failure to comply with the SC order, given on August 31 last year.

As per the August 31 order, two Sahara Group firms– Sahara Housing Investment Corp and Sahara India Real Estate Corp were ordered to pay a fine of over Rs.24000 Cr to the investors. The fund was raised through OFCDs.

However, the apex court; finding some illegality in the list of investors, asked these firms to pay off the fund with the market regulator. The order further had empowered SEBI to seize the properties of the firms, in case of failure from their part to pay the amount in time. Continue reading →

Resale Properties in Chennai, highly demanded

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Chennai witnesses now an increased demand for resale properties. Along with the surge in the demand for resale properties in Chennai, the prices between the new and the resale ones are narrowed.
Resale properties in Chennai, now more demanded.

Resale properties in Chennai, now more demanded.

There is a higher demand for resale properties in Chennai. Lack of fresh launches in the key areas of the city is, though said to be as a major reason for the tendency, there are many other reasons behind the surging demand for resale properties.

Those resale properties which are located close to some top schools, hospitals, etc. are hotly sought after. The demand for those properties which are close to any of the commercial hubs of the city also is higher. Connectivity is another factor which drives the demand for such properties.

Some top realtors of the area have reported that this is mainly due to the cut-throat competition among the buyers which causes the property prices rise unpredictably. Continue reading →

BMC grants 3-months more for paying property tax bills

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Brihanmumbai Municipal Corporation (BMC) finally decided to grant three more months to the residents for paying the property tax bills.
BMC consoles the residents of Mumbai by extending deadline to pay the property tax bills.

BMC consoles the residents of Mumbai by extending deadline to pay the property tax bills.

Considering the large number of petitions filed by the residents of Mumbai, Brihanmumbai Municipal Corporation (BMC) finally decided to extend the last date to pay the property tax bills. Additionally the residents had conducted many protests in the city, with the support of many NGOs.

The residents of Mumbai finally had a good thing to appreciate BMC. The civic body was sharply criticized for its new property tax system. Complaints against the new property tax system were piled in the office of BMC.

As per the new property tax system, the citizens were to pay the property tax based on the capital value of their property. The bills calculated on the basis of capital values were sent to the citizens. Many of the citizens complained to the civic body that the bill system was partial. Continue reading →

Budget 2013 proposes 1% TDS on Rs.50 lakh Apts, by June

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The proposed 1% TDS will come into force from June this year. This proposal included in the Budget 2013, is expected to affect the sales of luxury housing units.
1% TDS on luxury houses t by June this year, proposes budget 2013.

1% TDS on luxury houses , proposed by budget 2013, will come into force by June

As proposed in the Budget 2013, those who wish to buy homes or apartments over Rs.50 lakh will have to pay an additional 1% TDS to the government. This will make the apartments costlier.

Those who have booked for flats above the price range fixed by the Budget 2013-14, it will be harder as they will have to deduct an amount as TDS from their payment to the builder. Further they will have to pay the tax and file the returns.

According to the reports of top property research firms, around 5 lakh housing units are believed to be delivered this year. As many homes as the number of people; about the same number of people have ordered for flats. All these people will be affected by the new policy. Continue reading →

Gurgaon sees surging demand for mid-segment luxury Apts

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Gurgaon now experiences and sees an improved demand for mid-segment luxury apartments.
Gurgaon now demands more mid luxury houses

Gurgaon now demands more mid luxury houses

The growth of Gurgaon as a synonymous name for luxury housing segment was very fast. However the city is now witnesses more demand for mid-segment luxury apartments and residential properties.

Gurgaon was one of the top cities which have seen large number of launches in the top end luxury housing segment. Despite of the higher number of ultra-luxury launches, the demand was still more. The top earners for whom luxury is a way of living, these properties are nothing but what secures their happiness in life.

However, now the city is witnessing an altered demand. Gurgaon now is more demanded for mid-segment luxury apartments. Seeing this, the builders are also coming up with projects in the segment.

In fact the sky reaching property prices are said to be one of the main reasons behind the altered demand. With property prices rocketing in the city, top end properties are not so highly demanded now. Continue reading →

Reforms in realty sector, untouched by budget 2013

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Budget 2013 has failed miserably to bring in any reforms in the realty sector. Many reforms like real estate regulatory bill and so on, were expected by the experts.
Reforms stood away from realty sector

All expected reforms also stood away from realty sector.

The budget 2013 was expected to boost realty sector in many ways. Many reforms like real estate regulatory bill, infrastructure status at least to the affordable housing sector, etc. were the main reforms which realty sector expected from the budget 2013.

Leading realty players to greater despair and mischief, none of these reforms were included in the budget.

The main focus was on the lower and middle income segment people and affordable housing segments. On the other side the budget did not forget to levy heavy burden on the shoulders of the top earners.

The affordable housing segment may be boosted as the budget includes some sort of boosts to the sector. However the budget is expected to affect the luxury housing segment inversely. After the budget, the prices for luxury houses are expected to rise sharply. Continue reading →

New property tax of BMC, residents protest stongly

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Residents of the city have decided to contest a protest against BMC which has recently announced its new property tax policy. As per the new property tax policy the property tax will be calculated on the basis of capital value.
New property tax plan of BMC, received severe discontent.

New property tax plan of BMC, received severe discontent.

BMC’s decision to compute property tax on the basis of capital value of the property raised the anger of the city residents. The residents of over 35,000 housing societies have already decided to protest against the new property tax policy of BMC.

Some citizens’ groups and 40 Non-Government organizations will support and take part in the protest. They have planned to conduct a one-day hunger strike at Azad Maidan. They plan to conduct the hunger strike before the current session of BMC ends next month.

NGOs like the Bombay Catholic Sabha, Federation of Housing Societies, SOUL and Watchdog Foundation will partake in the protest. While addressing the media, the representatives of these NGOs said that they want the authorities to do away with the new system.

They demanded the authorities to go back to the old system. They claimed that the new property tax system has really upset the people. Continue reading →

Panel advises single-window clearance for realty projects

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A panel, set up to look in to the matter of project delay, finally suggested single-window clearance to speed up realty projects.
Single-window clearance to pace up real estate projects.

Single-window clearance set to pace up real estate projects.

The builders would be happy as the panel has submitted its report to the government suggesting it to implement single-window clearance. They expect the government to implement single-window clearance for realty projects as soon as possible. However the report submitted by the panel does not include any suggestion from the environment ministry.

Builders are to get clearance from Airports Authority of India (AAI) as well as from the ministry of environment. This is considered as one of the lengthiest process in the construction of a big project. Moreover this delay is said to be a reason which leads to the rise of property prices.

To look into the matter of project delay, a panel was set up last year. Dhanendra Kumar, Chairman of Competition Commission of India (CCI) headed the panel.

Though the panel held a number of meetings, both environment and forests ministry did not participate in any of the meetings. Continue reading →

Mid-segment housing now sets to pick up

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In the opinion of the industry experts, the mid-segment housing will pick up in the current year. Nearly 50% of the total demand falls in this segment.
Mid-segment housing turns the need of the hour.

Mid-segment housing turns the need of the hour.

Most of the people speak highly about the affordable housing segment and top-end housing segment. However they seldom speak about the mid-income housing segment which is slowly picking up in the current year.

Pointing to the fact that India is a country where the majority of the population falls in the mid-income segment, Ajay Mangal, director and CEO MG Housing Pvt. Ltd spoke in an interview that the Mid-segment housing would pick up this year.

Mr. Mangal said that he expects the Mid-segment housing to pick up this year. He added that the situation will not be much different in Delhi the national capital. Continue reading →

CMDA permits construction of houses in industrial land

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The Chennai Metropolitan Development Authority (CMDA) permitted construction of houses in the land which was termed industrial land.
Residential project to be developed in the industrial land, as CMDA grants permission.

Residential project to be developed in the industrial land, as CMDA grants permission.

Hindustan Teleprinters Limited had 10 acres of land inside the Guindy Industrial Estate. The land parcel was trouble gripped as the owners could not find any takers for the plots. The main reason for this was that the plots were termed industrial land. However the plot owners now may be able to sell the plots as CMDA has permitted housing construction on this land.

The land was on block for the past five years. However the owners HTL could not find any taker for the land parcels. Seeking help, the land owner had approached CMDA which finally permitted construction of residential units in the land.

The growing prices for the residential properties in the area, there would be many developers interested in the 10 acre of land. The Guindy region is not so suitable for the development of any IT parks or commercial districts. Moreover, industrial activities, as a whole, are becoming weak in the city. Continue reading →

Luxury housing segment turns costlier after budget 2013

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The recently launched Budget 2013 will have an adverse impact on the luxury housing segment. Experts opined that the prices will shoot up in the luxury housing segment.
luxury housing segment will be costlier now with the revised deduction rate.

luxury housing segment will be costlier now with the revised deduction rate.

Was the Budget 2013 really a tolerable one? Though many of the experts have expressed that the budget 2013-14 was a moderate one, looking at the fate of luxury housing segment they may rewrite or overwrite on what they have said or written earlier. Here let us see how the budget will have an impact on the real estate sector as a whole and particularly on the luxury housing segment.

It is true that the real estate sector as a whole has received a slight help from the budget. Precisely saying only the affordable housing segment received a boost from the budget. On the other end, the budget 2013 has slapped on the top earners by imposing additional charges on them.

Luxury homes will be more expensive for the buyers as the budget reduced the rate of reduction on homes and flats from 75% to 70%. The revised deduction will be applicable to all homes and flats with over 2000 sq. ft. Continue reading →

Suburbs, better for long term investment

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The growth of suburbs into cities assures better options of returns from the investment in these areas. Property investment in Suburbs is expected to be more attractive and productive than investing in metro cities.
Invest in suburbs for longer periods to gain better returns.

Invest in suburbs for longer periods, to gain better returns.

The growing demand for housing units has asked the real estate developers to develop more housing units outside the metro cities. Suburbs around all metro cities like Bangalore, Chennai, Delhi, Kolkata or Mumbai, or any other emerging cities, have seen spectacular growth.

Growth of these new corridors has provided the investors new options. Yet, the investors must approach such locations with a perfect view of investment. The tenure of investment is one of the main factors, that each investor should be careful.

It is never advisable to have in investment for shorter periods in any of the suburbs. If you plan to invest in any suburb, you should plan to invest for a quite longer time- so to say minimum three to four years.

On the other hand, the metro cities and other tier-I cities are more preferable for short term investment. If you invest for a short term also you will be able to gain bigger or higher returns. This is because the property prices are rocketing in all these cities. Moreover the growth potential of these cities is limited. This will assure sustainable returns to all the investors over the time. Continue reading →

DDA fails to complete flats, flat owners protest

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Showing dissent over the Delhi Development Authority (DDA) which failed to complete DDA flats, flat owners held a protest recently in Mukherjee Nagar.
DDA flats incomplete, complain the flat owners

DDA flats incomplete, complain the flat owners.

Some flat owners, who had moved to ‘incomplete’ DDA flats in Mukherjee Nagar, held a protest against the Delhi Development Authority. They alleged that flats, which were developed under the 2010 housing scheme of DDA, have not yet been completed.

They remain fed up with the Delhi Development Authority which allegedly had not heeded the pleas of the flat owners.

The flat owners have been running from pillar to post with their pleas. However their repeated pleas remained unanswered by the authority officials. Despite their repeated pleas, DDA remained undisturbed till they conducted a protest recently.

Flat owners alleged that the DDA Officials have not yet taken any action to complete the flats. The accusers added that the authority has failed miserably to console the grieving flat owners. Continue reading →