Vertical development remains one of the best options to meet the surging housing demand. In fact, due to land scarcity, it has become necessary than optional. Meanwhile it has boosted the growth of elevator industry as well. Continue reading
NEW DELHI: Growing vacancy rates has affected the shopping malls. As per some recent reports the vacancy rate of office space in shopping malls is 30% in Delhi-NCR and 25% in Mumbai. Continue reading
CREDAI NCR to regulate property dealers in the region.
NEW DELHI: Confederation of Real Estate Developers Association of India, the apex body of real estate developers, has decided to regulate the property dealers in the Delhi-NCR region. For this purpose, CREDAI NCR Chapter has already asked its member developers to include both salable and carpet area in their brochures.
The apex body of developers has been thinking over how to boost the home sales. The body found out that there are many scrupulous property dealers who sell the properties by providing misleading and wrong features.
To control the property dealers, it has asked its members to include both salable and carpet areas.
CREDAI NCR also plans to introduce lock-in-period for resale. It also plans to impose higher transfer charges as well. These measures are expected to impact on the property dealers. Moreover it will boost the sentiments of end users.
Amrapali Group’s CMD Anil Sharma has been elected as its new president of CREDAI NCR. His term is for three years – from 2013 to 2015. Continue reading
Rajasthan Royals to retain its contract with Supertech.
JAIPUR: Supertech will be present in the Pepsi Indian Premier League 2013 with their partnership with Rajasthan Royals. The team has been in association with the real estate developer since 2011.
IPL 2013 will be the third year for the real estate players. Commenting on the contract-extension Supertech Limited’s Director Mohit Arora said that Rajasthan Royals is consistent in its performance in the previous years. “The team,” he added, “has earned a huge fan now.”
While the real estate developer aims to attain further popularity and glamour to the team, the team is seeking a good and reliable financial support.
Rajasthan Royals’ CEO Raghu Iyer said that the team is really happy to extend its relationship with Supertech. He added that the team has benefitted highly from their partnership with the real estate major. Continue reading
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
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
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 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.
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 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.
Faridabad real estate booms along with widening of Highways.
Faridabad has already become a hot spot for the realty players. Many of the most noted real estate developers of the NCR region have their projects in the city now.
Though the city is facing hard-hearted competition from other neighboring cities like Gurgaon, Noida and Greater Noida, it still has achieved a place among the hot real estate locations in the NCR region.
Compared to other neighboring cities the city is more suitable and demanded by middle income class group. Viewing the increasing population level; in the city Haryana Urban Development Authority has launched a 20 year development plan for the city. Continue reading