Katrina Kaif owned an old apartment which according to her was not as comfortable as it should be. Further it had various other problems like leakage and so on. Thus she has been on a house-hunt for a while. Continue reading
MUMBAI: The real estate wing of Godrej Group, Godrej Properties, has announced its plan to raise a fund worth Rs.700 Cr. The fund will be fully utilized for developing its new projects. Godrej Properties plans to raise the fund through rights issue.
Aiming growth and for developing more number of realty projects, Godrej Properties plans to raise Rs.700 Cr through rights issue. Continue reading
New launches fall in Mumbai.
MUMBAI: The first quarter of 2013 witnessed a sharp fall in the number of new launches in Mumbai. The new figure however is compared to the number of new launches in the last quarter of 2012.
The last quarter which is the season of festivals like Diwali, usually have larger number of new launches. Liases Foras reported that the number of new launches were the maximum in this quarter across the country.
Managing Director of Liases Foras Pankaj Kapoor said that Mumbai has only a fewer new launches compared to the last quarter of 2012. The developers are postponing the new launches due to the weak home sales.
Home sales are yet to pick up in the city. The demand for housing units is still not so impressive. This negative market sentiment has been considered as the reason which forced the developers to postpone their new project launches. Continue reading
Indian Property Show Dubai -2012 is poised to be the biggest ever. There is a record number of participants this year. Indian Property Show will begin on 13th of December and end on 15th. The gates will be open to the visitors from morning 11:00 am to 8:00 pm evening on all three days of the Indian Property Show Dubai. Continue reading
Construction major Jaypee Infratech has launched a new residential project called Jaypee Greens Yamuna Vihar as a part of its Greater Noida based township, Jaypee Greens Sports City. The project offers residential plots of around 200 and 300 sq yard with a cost of Rs 27000 per sq yard. An pre-launch discount of Rs 900 per sq yard is being offered for a limited time taking the cost to Rs 26100 per sq yard. Booking amount is Rs 4 lakh which can be paid via Demand Draft in favour of Jaypee Infratech Ltd.
Visit jaypeegreensyamunavihar.propertywala.com for more information and booking.
Photo by dno1967Bangaluru has over the years gained immense popularity as the hub for IT industries in India. With great opportunities like world class education, working environment, living standards it is not wrong to mention it as the “The Silicon Valley of India”.
Many non-Bangaloreans now call the city their home. It is interesting to note that over 10,000 dollar millionaires and about 60,000 super rich people are currently living in the city with huge investments to make. All these have made Bangalore a hot spot for Real Estate Market, both Residential and Commercial.
Residential market has seen some significant action with many developers like Prestige and Sunil Mantri, Sobha, rolling out new projects in micro market segment. Some of the key areas in Bangalore, where the residential demand has picked up, are Sarjapur Road and Whitefield, Doddakanenahalli and, Jayanagar.
The supply is growing in line with the revived commercial real estate demand. Latest report from Cushman & Wakefield implores that the total projected supply for the current year is 12.42 million square feet of office space, more than twice the supply delivered in the year 2009.
Indian Market Research Bureau (IMRB) conducted a survey among 5 cities, amongst individuals aged between 25-39 yrs, stated that Mumbai and Bangalore are the most preferred places to live as the cities provide the best quality of life as well as the most courteous people. Bangalore is also identified as a city which is in the process of development on multiple counters – numerous projects have been initiated in areas of Infrastructure, Power, Water, and Sanitation.
All this indicates that this will be a good investment destination, hence attracting FDIs and NRIs fund flows as time goes.
Indian developers are looking forward to more feasible studies of any project before actually launching them so that they can avoid the excesses that resulted in the real estate downturn in 2009.
They are sending out a message that antagonism in the market will not be accepted any more and gigantic projects will be replaced by developments that buyers want rather than speculators.
Some fairly new measures will be taken in such a sector dominated by family-run businesses. According to property consultants they are entering into strategic alliance for labour and raw material, appointing project management consultants, and outsourcing construction work for faster delivery.
Aditi Vijaykar, executive director (residential) at Cushman and Wakefield India said,‘Builders are back with a bang but not an aggressive one. They want to try out new locations for projects and are trying to test a product before launching it’.
India’s largest developer by market value, DLF, will not buy land in current year and the next neither it will launch any new projects until and unless it has regulatory approvals. Presently the working capital model of DLF will depend on cash flow from pre-sales, customer advances and bank debt. Though it is not that easy to stop abstract buying, but a system like one home per family is required.
The realty sector is now conducting feasibility studies on the sizes and pricing of homes to ensure the right profile for its projects which was rarely done in previous years. Developers are also looking at special purpose vehicles or joint ventures instead of purchasing land outright. The real estate firms are also raising money though initial public offerings are aiming to use the funds for ongoing and proposed projects or to retire debt. This is extremely different from what it was done in 2006 and 2007 when everybody was interested in making money.
Parsvnath Developers wants to construct around 45 million square feet of space in the next 24 months and build around 1.25 million square feet in the last quarter. There is a need for the developers to ensure a rational profile for their projects.
Ramesh Jogani, managing director and chief executive of Indiareit Fund Advisors recommended that there is no need to build a 30 to 40 storey tower but just offer a mid-range quality product.
Photo by Paolo Màrgari – paolomargari.itIndiabulls Real estate has planned to use more than five hundred million dollars to launch projects at a time. This money is raised from a recent share sale. Mr. Gagan Banga, CEO, said that their aim is to launch 6-7 residential projects in this FY. He showed interest towards pursuing some large projects.
Indiabulls is expecting a strong demand at projects in tier-II cities such as Baroda, Ahmedabad and Indore as these have been appropriately priced, between 2,000-5,000 rupees per square feet. Indiabulls is assured that they can meet the increasing demands for residential real estate.