Housing Projects for Seniors, Bangalore Tops The List

There are seven housing projects for seniors in Bangalore. The city is far ahead to the others like Chennai and Pune which has three each such projects.

Bangalore is one of the prime IT hubs in India. It is known for its IT development. Temperate climate, end-user oriented residential sector, stable property prices, etc. were some of the most used adjectives for Bangalore city. Adding to all these is the top position for developing most number of housing projects for the ‘seniors.’ Continue reading

Disney India to design interiors of a Supertech project

Seeing the increasing demand for themed residences, Supertech has tied up with Disney India who will design the interiors of the project.

The demand for branded homes and theme homes is increasing. Seeing this increasing demand for these models of residential projects, Supertech has tied up with Disney India. Continue reading

Labor Shortage Strikes Residential Real Estate Projects

labour shortage

labour shortage hits real estate India.

The severe labor shortage is alarming the real estate builders. Most of the housing projects are not yet completed due to labor shortage. Recently there has been a tremendous increase in labor shortage. Continue reading

After Affordable housing, it’s Luxurious housing’s turn

Luxurious house in Port Douglas
Photo by Saga A’xeron
After the success of ‘Affordable homes’, realtors are now moving towards the launch of luxurious housing. The demand for luxurious houses indicates that there is big scope for realtors there.

With this increase in demand, many developers including Ansal API, Unitech, DLF, Emaar MGF etc are jumping into this business and plan to launch huge number of housing projects within next six months, where the cost of each single unit will be over Rs. 2 cr.

According to the executive vice-chairman and managing director at Emaar MGF, Shravan Gupta, since the recession period is over and job market is looking up, there are chances of realty boom too.

Within six months, cities like Punjab, Gurgaon, Bangalore, Hyderabad and Kerala will be overloaded with such projects.

Joint Venture Among Tata Housing & Tata Realty

Joint venture
April 26, 2010

The two companies Tata Realty and Tata Housing belonging to Tata Sons Ltd. are competing with each other which are doing nothing but hindering Tata Sons on a whole.  Therefore, Tata Sons is asking them to avoid this competition.

Tata Housing Development Co. Ltd was established so as to develop and sell primarily residential projects whereas Tata Realty and Infrastructure Ltd was set up to function as a fund and develop infrastructure projects. They both are 100 percent subsidiaries of the group.

Some officials stated that the problem arose two years ago when Tata Realty started looking for real estate projects which directly overlap Tata Housing’s business interests.

This competition is on its peak since both of them now plan residential projects in cities such as Pune and New Delhi.

Now, Tata Realty is been told that it has two options; either develop its ongoing and future residential projects as joint ventures with Tata Housing or not pursue housing projects at all.

Mr. Brotin Banerjee, managing director and chief executive officer of Tata Housing maintained a silence when asked if the two groups had competition amongst them and said that just some overlaps were there and added that the companies shared the same chairman, R.K. Krishnakumar.

Realty Sector Urges FM To Revisit Budget

The urban development ministry aims to seek a review of the proposal to get the service tax duty on sale of housing projects under construction which had been proposed in budget 2010 from April 1, 2010.

Delhi Properties - Real Estate India - Unitech Verve
Photo by nancyarora2020
The urban development Minister Mr. S Jaipal Reddy said at the national conference on Indian Real Estate “The urban development ministry feels the proposal of service tax needs review. I am recommending the review of the proposal. I think the real estate sector in India is not in pink of health right now and we cannot afford to add pressure on that,” he said, adding that suggestions would be made to the finance minister in the next few days.

The conference on Indian real estate was held by Associated Chambers of Commerce and Industry of India ( ASSOCHAM ) on Friday, March 26.

Realty sector has suffered the most after the global meltdown started in September 2008 and has just started to witness marginal pick up in demand. Real estate players are already pushing the government to withdraw the service tax imposed on the housing sector (at 3.3%, with abatement), as it would dampen the buyers.

“This is not the right time for service tax implementation as the government’s objective is to encourage people to own houses. We have to wait for another month or so to see if the finance ministry listens to our request,” told KP Singh, Chairman, DLF Group.

Mr. Reddy said that the government wants “vertical growth” of cities contrary to urban sprawl due to shortage of land and a more flexible floor-area-ratio (FAR) regime. A high FAR limit will allow more storeys’s to be built in the houses.

He quoted a report from the UN Habitat which showed, by 2050, 1 billion people of India will be living in cities. Reddy said to the reporters “ Urbanization is not only inevitable but also desirable,”  but further added that urban development has been a subject of “benign neglect” over the years as the issue fell in the domain of the state governments.”

Another suitable point that has been an issue for real estate companies is the number of clearances one has to take for the beginning of any project. “Today, there are more than 50 agencies from where we have to take our clearances. We have to ensure that the best way forward is to have a single window system as it would not only save time, but also ensure transparency,” said MD, Raheja Developers Ltd, Mr. Navin M Raheja.

“It is very important to have a single window clearance system in real estate sector,” put forward Anil K. Agarwal, Past President of Assocham.

All we have to wait for is the finance minister’s stand.