Real Estate Regulatory Bill: Developers Differ Highly

Posted on January 22, 2013 by designer

Developers differ on the real estate regulatory bill as it is ‘one- sided’ in their opinion. The bill which has provisions to send the default builders to jail,exclusively avoid the punishment of default buyers.

Real estate authority bill: CREDAI remains suspecious.

Real estate regulatory bill: Builders remain suspicious.

Real estate regulatory bill is expected to be introduced in the upcoming parliament session. Some of the provisions in the regulatory bill are supposed to become a burden on the shoulders of the default builders. Some builders opined that the bill will curb and control the unscrupulous and dubious builders.

According to Mr. Pradipta Kumar Biswasroy, Real Estate Developers Association’s (REDA) Odisha Head, a commission is necessary to look after the real estate sector. He blamed that, at present, many unscrupulous builders exist because there is no proper law to curb them. He said that the sector loses its face due to the dubious acts of such unscrupulous builders. Continue reading →

Bangalore Sees Lower Office Space Absorption as IT Demand Falls

Posted on January 19, 2013 by designer

Compared to 2011, the office space absorption has fallen in Bangalore. Experts opine that the situation was the result of weaker demand from the IT and ITeS sectors.

Office space absorption in Bangalore fell due to the lower demand from IT and ITeS sectors.

Real estate experts said that the office space absorption in Bangalore has been dropped as the IT (Information Technology) and ITeS (IT enabled Services) did not raise much demand. The reports show that the office space absorption has dropped by 24% last year.

Cushman & Wakefield, a global real estate consultancy, reported that in 2012 nearly 7.3 million sq. ft. of office space was absorbed. This rate of absorption is very lower to the 9.59 million sq. ft. of 2011. If the IT and ITeS sectors had shared nearly three fourth of the total supply in 2011, in 2012 their absorption is just above two fourth of total supply. Continue reading →

Supreme Court Discards Sahara’s Appeal To Review

Posted on January 19, 2013 by designer

Supreme Court discarded Sahara’s appeal to have a review on the refund – case. Supreme Court finding no valuable reasons for a review, dismissed the appeal.

Supreme Court discards Sahara’s appeal

Sahara’s appeal, against the SC verdict which orders Sahara firms to refund nearly Rs.25,000 Cr to its investors, was turned down by the Supreme Court of India.

Two subsidiary firms of Sahara- Sahara Housing Investment Corporation Ltd (SHICL) as well as Sahara India Real Estate Corporation Ltd (SIRECL) were fined Rs.24000 Cr as they were found guilty of amassing investments. The SC had found that many of the investors’ details lacked clarity.

Being suspicious over their investors’ details the SC had asked the Sahara- firms to pay the fine. Later Sahara claimed that they had already repaid their investors. Continue reading →

MTNL Plans To Raise Rs.5000 Cr Via Divesting Realty Assets

Posted on January 19, 2013 by designer

Mahanagar Telephone Nigam Limited (MTNL), the state- run telecom provider, plans to raise an amount of Rs.5000 Cr though divesting their real estate assets. MTNL plans to divest its properties located in Delhi and Mumbai.

MTNL struggles? When Mobile capitalizes!

MTNL has revealed its plans to raise an amount of Rs.5000 Cr through divesting its realty assets located in Delhi and Mumbai. With this plan, the state-run telecom provider has approached a global real estate consultancy.

The debt –driven telecom service provider has directed the real estate consultants to explore the possibility of mixing up of lease and sale. The telecom also has plans to redevelop land parcels on a public – private partnership basis. In short the MTNL’s monetization plans include redevelopment of land parcels, besides leasing and selling.

Overtaking other global real estate consultants like Jones Lang LaSalle, Cushman & Wakefield and CBRE, DTZ has won the MTNL bid. DTZ has been operating in India for nearly a decade. Continue reading →

Noida Authority Warns The Default Developers

Posted on January 19, 2013 by designer

Noida Authority has recently found out that nearly fifty real estate developers are not paying the due payments to the Authority. It is estimated the government loses around Rs.3000 Cr due to the default buyers.

Many Builders are identified by Noida Authority as default payers.

BSP government had made it a rule to pay a mere 10% of the total amount for attaining land parcels for ‘group housing’ projects. This scheme was introduced with a plan to make Noida an affordable home-destination. However, recently, the Noida authority has found out that many developers have stopped the payments.

Realizing that many developers have skipped paying off the amount prescribed by the scheme, three Gautam Budh Nagar Authorities plans to amend the scheme. Sources close to these authorities said that the amendment may be applied in their next board meeting. Continue reading →

Real Estate Market Improves With Better Cash Flows

Posted on January 17, 2013 by designer

Real estate market shows signs of improvement as there was a steady increase in the cash flows. Builders hope to pay off their debts as they have better cash flows now.

Real estate market showed signs of recovery as there is an increased cash flow.

With better cash flows the real estate market is back on the track. The increased cash flows lights the rays of hope in builders as they were looking for ways to pay off their debts. Fitch Group’s India Ratings & Research reported that the real estate market, compared to last year, now has better cash flows.

India Ratings, the rating agency has revised the sector from ‘negative’ of last year to ‘stable’ now. The agency said that the inflow of cash is better this year than the last year due to the increased demand. Continue reading →

Disney India Launch ‘Theme Home’, Walt Disney Plans To Globalize

Posted on January 17, 2013 by designer

USA’s Walt Disney Company plans to follow ‘theme home’ business initiated by Disney India, its Indian Subsidiary. Disney India plans to bring in ‘theme home’ concept to Indian market while Walt Disney Company aims make ‘theme home’ popular in the global market.

Disney India comes up with theme home business.

Disney India will lend its popular characters like Mickey Mouse and Goofy to the builders under their new ‘theme home’ concept. Under this new scheme of Disney India, the Indian Builders will be able to use the prime characters to promote their real estate projects.

This ‘theme home’ business is believed to be taken up worldwide level as Disney India’s mother firm Walt Disney plans to follow its Indian Subsidiary firm. The reports predict that the designers and builders across the world will be utilizing the prime Disney – characters to promote their projects. Continue reading →

CII-ITC Sustainability Award 2012, Mantri Realty Attains

Posted on January 16, 2013 by designer

CII-ITC Sustainability Award 2012 was conferred to Mantri Group of builders, one of the leading real estate developers in South India. Honorable President of India, Mr. Pranab Mukherjee gave away the award to Mr. Sushil Mantri , CMD of Mantri Developers Pvt. Ltd.

CII-ITC Sustainability Award 2012 is an initiative to create sustainability.

By attaining CII-ITC Sustainability Award 2012, Manrtri Group has become the first real estate firm to achieve the coveted award. The CII-ITC Sustainability Awards are given to the domestic companies which show excellence in Sustainable Development.

The award was instituted by the CII-ITC Centre of Excellence for Sustainable Development in the year 2006. The award is considered as a unique initiative of CII- ITC center for identifying and appreciating the domestic firms for their excellent performance. CII- ITC center considers entire dimensions of the firm including its environmental, economic and social dimensions of their operatives. Continue reading →

Real Estate Regulatory Authority Bill Speeded Up By PMO

Posted on January 16, 2013 by designer

To implement the pending Real Estate Regulatory Authority Bill, finally Prime Minister’s Office had to step in. PMO has directed both housing and urban poverty alleviation and urban development ministries to sort out their issues and implement the bill soon.

Pending Real Estate Regulatory Authority Bill sped by PMO.

The implementation of Real Estate Regulatory Authority Bill has been delayed due to the war between the Ministry for Housing and Urban Poverty Alleviation (MHUPA) And the Ministry for Urban Development. Finally, these ministries are ordered to solve out the issues and soon implement the Bill.

Real Estate Regulatory Authority Bill aims to protect the property buyers from the developers who often use canny methods. MHUPA initiated the Real Estate Regulatory Authority Bill to protect the buyers’ interest and placed it in the Cabinet for Clearance. Continue reading →

Secura Launched First SEBI-Certified Kerala Realty Fund

Posted on January 15, 2013 by designer

Secura Investment Management (India) Pvt. Ltd. has raised Rs.50 Cr in the form of real estate fund through its Scheme- 2. Secura’s first real estate fund was launched in the year 2009.

New real estate fund launched in Kerala by Secura.

Secura Real Estate Fund Seheme-2 is the first SEBI– certified realty fund in Kerala. As Secura’s new fund comply with the Islamic Finance rules, it has been certified by Shariah. By this it has become the first Shariah- Certified realty fund in India.

After the successful completion of Scheme-1, Kozhikode – based SECUM Investment Management has come up with Scheme -2 of Secura India Real Estate Fund. The Rs.50 Cr fund is the first of Kerala funds to be certified by Securities and Exchange Board of India (SEBI). Continue reading →

Noida – Greater Noida Metro Link Details Announced

Posted on January 15, 2013 by designer

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 Raided 6 Builders; Around Rs.100 Cr Will Be Recovered

Posted on January 14, 2013 by designer

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 →

Construction Halted in Noida, After NGT Bans Groundwater- Use

Posted on January 14, 2013 by designer

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- NGT Order passed in Noida.

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 Raised $ 700 Million Through Realty Funds

Posted on January 11, 2013 by designer

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 →

Faridabad MP Bhadana Alleged Of Land Scam

Posted on January 11, 2013 by designer

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 Doubtful Over The Success Of MIDC Policy

Posted on January 10, 2013 by designer

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 →

New Home Launches Fall By 16%: Cushman & Wakefield

Posted on January 10, 2013 by designer

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 →

Property Exhibition To Be Held In Kuwait On Jan 11 & 12

Posted on January 9, 2013 by designer

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 to gain firsthand information

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 Hit By Labor Shortage, Builders Too Affected

Posted on January 9, 2013 by designer

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 →

Indian Real Estate Will Lose CapitaLand Projects

Posted on January 8, 2013 by designer

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 →

Mumbai Real Estate Builders Support MIDC Policy

Posted on January 8, 2013 by designer

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 and new industrial 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 Sector To Be Boosted By Government Policies

Posted on January 8, 2013 by designer

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 will reach new heights with govt policies

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 →

Real estate in Ghaziabad is Growing Faster Compared To Noida

Posted on January 8, 2013 by designer

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 →

Real Estate Fund Worth Rs.1000 Cr: LICHFL To Raise Thru ECBs

Posted on January 8, 2013 by designer

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 will raise Rs.1000-Cr real estate fund

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 →

Odisha Real Estate Feels Crushed By Scams

Posted on January 8, 2013 by designer

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.

Odisha real estate builders have become highly cautious

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 →