Tag Archives: Real Estate

Migrant Real Estate Laborers Are Exploited: Say Reports

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Real estate is in high demand for construction laborers. Labor shortage in the real estate sector creates higher trouble to the real estate developers.

Real estate developers find it difficult to finish their projects on time without having sufficient laborers.  The real estate sector has become the second best employment -provider in India after the Information Technology. However some reports say that a few real estate developers offers cash advances to the laborers for getting them on to the work site. Continue reading →

Real Estate Developers Oppose ULCA in Bengal

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CREDAI urged the Bengal government to repeal urban land ceiling act. The apex body of real estate developers said that this has become a serious issue which blocks the real estate constructions.

Real estate developers’ confederation – CREDAI harshly blamed the Mamata Banerjee government to implement Urban Land (Ceiling and Regulation) Act (ULCA) in Bengal. The apex real estate developers’ confederation pointed out that Bengal is one of the few Indian states to have ULCA. Continue reading →

Robert Vadra Given Clean Chit on Real Estate Scam by PMO

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Robert Vadra is given a clean chit by the Prime Minister’s Office on Wednesday. Robert Vadra – son-in-law of UPA chief Sonia Gandhi- came out of real estate land scam clean as the PMO- affidavit declared him guiltless.

Robert Vadra was alleged to have involvement in real estate land scam along with real estate developer firm DLF. On Wednesday PMO informed the Allahabad High Court that the allegation against Mr. Vadra seemed false and unreliable. The prime minister’s office told that the allegation was mainly based on rumor. Continue reading →

N.Y.’s Plaza Hotel to Get New Owner; Sahara India

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India based real estate corporate attained 75 % shares of New York’s Plaza Hotel. The India –centered real estate corporate Sahara India Pariwar bought the shares from El Ad US Holdings.

Sahara India Pariwar bought 75% – shares in New York’s Plaza Hotel at a value of $575 million from another real estate firm El Ad US Holdings.

New York’s Plaza Hotel has a rich history of having world renowned figures like Eleanor Roosevelt, Mark Twain, the Beatles and Groucho Marx as guests. New York’s Plaza Hotel is situated on 59th Street in close proximity to Manhattan Central Park. Continue reading →

Real Estate Booms around Schools of Reputation

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The value appreciation of real estate properties goes ups and downs along with the presence of any reputed schools in the area. The higher reputation the school has the higher value real estate property gets.

High reputed schools normally admit children into kindergarten on the basis of local address. As a rule such schools accept the children within a distance of three to five kilometers away from the school. So the people opt for homes which are close to such schools of reputation. Real estate builders realize the importance and act accordingly. Continue reading →

Real Estate Firms Use Online Media to Shield Reputation

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Real estate builders use social media as a resort to preserve their reputation. Their reputation is tainted as home buyers comment negatively on social sites.

Real estate builders hope to cover up the lost reputation through appointing online reputation managers. The necessity pushes the real estate companies to hurry up appointing online reputation managers. This is done mainly to shield their reputation.

The proposed home buyers are yet to receive their homes even after two years of expected delivery. The provoked home buyers have started using social media to express their disgust. In fact this severely affects the reputation of the real estate developers.

Real estate research firm Liases Foras recently reported that the delivery of homes will be delayed. Approximately 3, 23, 000 homes are to be delivered in 2013. Liases Foras reported that merely a half might be delivered on time. The delivery of the remaining half will be delayed. The report added that some of them will be delivered only in 2015. Continue reading →

Gammon India Resorts to Divest Real Estate Assets

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The existing cash flows force Gammon India to monetize its real estate assets. Gammon India is the company which constructed ‘The Gateway of India’ in 1919.

Gammon India fell in trouble as the company ended in a financial loss in the 3rd quarter of the current year.  The company officials pointed to the higher financing costs as a main reason for the loss. The sales of the company went down. This  is said to be another reason for the loss. Continue reading →

Farm Houses Emerge as HNI’s Subculture Centers

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Real estate reports show that the top- end and wealthy people are ready to invest more on farm houses now. It has become a new subculture for the well- to – do people or high net worth individuals (HNIs).

The term ‘farm house’ remained on the top headlines as one of the leading real estate developers Mr. Ponty Chaddha was shot dead at his farm house. Yet this incident should not be considered as a negative thing rather it pointed that the wealthy people are after farm houses. Continue reading →

Tough Real Estate Market Blocks AI’s Monetization Plan

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Air India’s plan to monetize vacant building is hit by existing tough market conditions. Civil Aviation Minister Mr. Ajit Singh said that the AI’s Plan is severely affected by the tough market conditions existing in the real estate.

The plan of Air India to lease vacant floors in Nariman Point headquarters is fronting tough market conditions. However Civil Aviation Minister Mr. Ajit Singh said that he is confident of working out the plan to monetize the real estate properties of AI.

Air India’s plan to monetize the real estate properties was meant to raise Rs.5, 000-Crore. The government owned National Carrier had expected to raise the fund by leasing or selling of real estate properties in Delhi and Mumbai. Continue reading →

SEBI charges Criminal Case against Sahara Group

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Capital Market Regulator – SEBI approached a local court, filing criminal charges against the Sahara Group which said that it was SEBI regulator who  refused to accept the documents of Sahara Group.

Capital Market Regulator – SEBI appealed for criminal proceedings against Sahara Group head Mr. Subrata Roy and other managing directors of the group. SEBI alleged that the group has violated some regulatory orders.

Earlier on August 31, Supreme Court had ordered India Real Estate Corporation and Sahara India Housing Corporation to refund Rs.17400-Crore.  The SC had been convinced that the prescribed amount was collected from about 3-Crore investors through Optionally Fully Convertible Debentures (OFCDs). These OFCDs offered 15% interest to the investors. Continue reading →

CREDAI Express Discontent on The New Real Estate Bill

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The decision of Housing and Urban poverty alleviation ministry (MHUPA) is looked down by the apex body of Real Estate Developers- CREDAI.

CREDAI showed higher discontent over the MHUPA’s new Real estate Bill. The officials of CREDAI said that the bill will foster corruption. The new Real estate Bill is roughly welcomed by the real estate developers.

The Confederation of Real Estate Developers’ Associations of India have nearly 8,800 developers as its members. The CREDAI members represent 20 States of India. The apex body has 114 city- divisions across the country. Continue reading →

Real Estate Firm to Open Up Office in the UAE

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Indian real estate firm Indiabulls Ltd. aims at opening offices in the UAE.  The real estate group has declared the launch of their first overseas office in the United Arab Emirates region.

Indian real estate firm targets Indiabulls Real Estate Ltd. is all set to start their maiden overseas office in the UAE. The real estate firm has so far developed nearly 3.3 million sq. ft. of area at an estimated cost $1.75bn. The past four years witnessed a tremendous growth of the firm.

The company officials revealed that the company aims to help the UAE NRIs purchase and invest on real estate property wisely. The local representative office will boost their real estate investment in fact. Continue reading →

Punjab to Implement New Real Estate Policy: Says Badal

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Sukhbir Singh Badal, Deputy C.M. of Punjab stated that the state government is about to introduce a new real estate policy by next month in Punjab.

Sukhbir Singh Badal said that Punjab government will launch a new real estate policy.  The new policy will direct the real estate to better development.

While addressing the real estate developers at a conference organized by CREDAI, Mr. Badal declared that the new policy will be implemented by 15th of December. Continue reading →

Black Money in Real Estate Ruins Indian Economy

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Indian Economy is highly influenced by real estate. The black money existing in the real estate harms the Economy of India. MHUPA’s regulatory bill will act as a means to reduce the play of “black money” existing in the real estate.

Many real estate developers demand payment in cash at least up to 30 % of the total amount. This denotes to the existence of Black money in real estate industry. The existence of Black money costs India tax worth billions of rupees.

India government is to bring Legislation which will assure more transparency to the real estate dealings. This legislation will be discussed in parliament’s winter session. Continue reading →

Ulwe in Mumbai Turns Target for Real Estate Investment

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Recent studies show that Mumbai Suburb Ulwe has emerged as one of the top destinations for real estate investment. The area has been noted for residential real estate growth.

As per the report of Knight Frank, global real estate consultant agency, Ulwe is to witness a price hike by 145 %.

As per the report Wadala and Chembur in Mumbai stand on the second and third positions respectively. The report records that both these areas will have price hikes at the rate of 133 per cent and 125 per cent in the coming five years. Continue reading →

Real Estate Witness Rising Demand for Luxury Homes

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The demand for home is driven by new trends, NRI Involvement and altering lifestyles. Real Estate report shows that homes with luxury and ultra-luxury features are more demanded.

Sources related to Real Estate reported that luxury homes are more demanded. Festive offers and free gifts, greater number of non-resident Indians (NRIs) investment, altering lifestyles, etc. are pointed as the causes of this new trend.

According to the available sources luxury homes worth Rs. 20-Crore, or even more, are demanded in some of the metropolitan cities of India. Luxury homes with price tag of Rs. 1-Crore also are demanded highly. Continue reading →

Real Estate India Grows Global with Global Stars

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Global stars like Maria Sharapova, Diego Maradona and Michael Schumacher paid visit to India in relation to their endorsements. Real estate builders bag global stars to endorse their projects.

Both Michael Schumacher and Maria Sharapova are endorsed with real estate firms. Diego Maradona came to India to endorse a jewelry group.

When India was in the F1 mood, Homestead Real Estate brought in Michael Schumacher to endorse its debut real estate project in India. Honoring the seven times F1 world champion their superior class luxury project at Sector-109, Gurgaon is named ‘Michael Schumacher World Champion Tower.’ Continue reading →

Homebuyers to Get Protection from MHUPA Regulatory Body

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The newly appointed Union Minister for Housing and Urban Poverty Alleviation (MHUPA) Mr. Ajay Maken said that the government plans to appoint a regulatory body for protecting the home buyers from the hands of real estate sharks.

During a press conference Mr. Ajay Maken said to the media that the MHUPA  is about to set up a regulatory body for protecting the home buyers who often face severe troubles from the real estate developers.

On the same occasion the MHUPA  Minister did not forget to stress on the need of proper planning in the residential sector. Continue reading →

Real Estate Barons and Brothers Kill Each Other

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Real Estate Baron Ponty Chadha- owner of Wave Real Estate Developer Group and his brother Hardeep killed each other. Sources reveal that a dispute over some property- issues led to their murders.

The police detained nearly 15 people most of them belong to the security personnel of both Chadha brothers. As per the available sources there existed a dispute over some real estate properties. This dispute led to the doom of both of them.

Both Chadha brothers were killed in a shootout.  Police is likely to find the culprits and make arrests. Meanwhile the suspected security personnel are held in custody at Mehrauli police station for further questionings. Continue reading →

Troubled Air India to Monetize its Real Estate Assets

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Air India plans to monetize its real estate properties to overcome its present financial crises. Air India hopes to raise sufficient fund by monetizing its properties or real estate assets.

Air India is all set to raise the fund required for overcoming the current financial crises. The National Carriers have already instructed DTZ International Property Advisers Private Limited, the real estate consultant of Delhi. Continue reading →

CREDAI Appreciates AP Govt.’s Online Approval System

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Confederation of Real Estate Developers’ Association of India- CREDAI, welcomed the AP Govt.’s online approval of building plans. The apex body of builders pointed this as highly appreciable.

Andhra Pradesh Government has launched single window system for approving the building plans of real estate projects. CREDAI appreciated the real estate reforms like online building plan approval and single window system. Earlier this year the apex body of the real estate developers had asked for speedy clearance. Continue reading →

Real Estate Remains Smarter Investment: Say UAE NRIs

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The present statistics show that real estate is termed as one of the most favorite investment options.  NRIs who reside in UAE agree with this.

Fall of Indian rupees drags the NRI investment in India. Most of the NRIs   invest on properties. Sumansa Exhibitions’ survey revealed that 89% of the NRIs of UAE invest in real estate. Continue reading →

Gurgaon Real Estate Booms with Fresh Launch of Resi.Projects

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Gurgaon real estate received new launches of residential projects. Reduced interest rate and festive season together caused the boom of Gurgaon real estate.

Gurgaon real estate witnessed the launch of large numbers of residential projects. The demand in the city was paced up by festive season and lower interest rates. Yet due to the hike of prices, many could not purchase any  home on this auspicious  Dhanteras.

Festive season welcomed large number of residential projects in Gurgaon. The real estate developers had been waiting for the festive season to launch their newer projects.

Sanjay Sharma, Managing Director of real estate consultancy Qubrex, revealed that the booking for the new residential projects are really welcoming.

Higher demand has caused price hike in some of the sectors of Gurgaon. Sector 104 Gurgaon is one among them. The property prices have gone up by a huge margin here. The same is the case with most of the sectors. For example some projects have received an increase of nearly Rs.2000 per sq. ft.

Gurgaon real estate has become a high yielding land for real estate investors. The growing importance of the city has attracted more real estate investors to the area.

Real estate investors are always interested in new projects. Most of such new projects offer repayment schemes which are mainly dependable on the construction. Easy payment scheme and the required lower amount of investment make it more profitable to the real estate investors.

Some of the sectors of Gurgaon has seen low absorption rate. PropEquity’s CEO Samir Jasuja pointed a 47% drop in year to year in the absorption in south Gurgaon. Meanwhile the rate of absorption drop in New Gurgaon is 31%, he added.

Dwarka Expressway has received some newer projects. New launches are increased by 74 % while the increase in absorption rate is mere 12%. These figures describe how demand lags behind the supply.

One exception to this situation would be Dharuhera which witnessed a fall of new launches by 85 %. The area boasts of a 27% increase of absorption too. Such trends are welcomed as they are promising.

The Gurgaon real estate is not only supported by the festive season. The lower home interest rates by the banks played a vital role in the boom of Gurgaon real estate. Lower interest rate has persuaded the investors to greater extents.

Festive season which was supported by the lower interest rates caused a growth in the home purchasing. Yet the hike in prices drove the people away from purchasing homes during this festive season. The reports show that auspicious occasion of Dhanteras dragged the people to a great level and real estate stood top on all the Dhanteras purchases.

Hyderabad Real Estate to Be Fostered By Metro Rail

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Hyderabad Real estate seeks ways to meet higher demands for transit oriented residential units. Hyderabad real estate hopes that they will be fostered by the proposed Metro Rail.

Hyderabad real estate has shown higher pace of development. with the arrival of new Metro Rail plan the city is to gain more transmit system which will in turn cause more demand.

Hyderabad Metro Rail (HMR) Managing Director N.V.S. Reddy has remarked that the cities tend to get reoriented to mass transportation systems.  Property prices in these areas behave in different ways.

While participating the conference ‘Real Estate: Accelerating the Growth Story’, conducted in relation to the APREDA Property Show-2012, Mr. Reddy expressed his hope that the proposed Hyderabad Metro Rail will boost Hyderabad real estate growth.

Property Show-2012 by the Andhra Pradesh Real Estate Developers’ Association (APREDA) showed greater transit oriented development in Hyderabad city.

The proposed metro rail will fast up the Hyderabad real estate to boom in the eastern parts. While addressing the conference and Hyderabad real estate property expo, Hyderabad Metropolitan Development Authority (HMDA) Commissioner, Neerabh Kumar Prasad urged the Hyderabad real estate developers to construct affordable homes.

He added that larger segment of the people are looking for low budget homes which fall below Rs. 20 lakhs. He further stressed the need of reducing land cost in achieving such low cost homes.

Mr. Prasad mentioned of special incentives to the real estate while concentrating on high rise development which will be transit oriented development. He pointed that both HMDA and HMR are moving forward with TOD concept.

According to this TOD concept, an area in a circle along each metro station will be notified. When the metro rail gets the shape, the area along the outer ring road will become prime land for real estate development.

HMDA’s Mr. Prasad said that the Authority is ready to help in the infrastructure growth of the area. He added that this is only for reducing the prices of the residences by facilitating as much supply as possible. Higher supply will push down the demand and prices, he expressed his hope.

Highlighting the higher impact of existing political situations on Hyderabad real estate, Jones Lang LaSalle’s Anuj Puri stressed the need of creating Tier-II cities. Creation of such Tier –II cities will take the heavy burden away from the Hyderabad, he continued saying.

The Hindu reported that the property show draws huge number of people. Larger number of crowds who showed genuine interest in purchasing homes really filled the real estate developers’ mind with new hopes. However the property expo could drag the people to a greater level and what we want to see next is how far the metro rail will boost the Hyderabad real estate.

Allahabad HC Demand CBI Probe against Noida Authorities

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Allahabad High court removed CEO and Chairman of Noida. The appointment of Chief executive officer Sanjeev Saran and Chairman Rakesh Bahadur IAS will stand cancelled. Both of them will have to surrender their positions.
CBI to investigate into Noida Authority Scam

CBI to investigate into Noida Authority Case. (Image source )

 

Mr. Sanjeev Saran and Mr. Rakesh Bahadur were appointed sooner than the Samajwadi Party rose to power in U.P. Mr. Bahadur was earlier the chairman of Greater Noida and Yamuna Expressway Authorities.

The duo had been alleged of allotting lands to the real estate sharks. Nearly 14 plots of real estate land were allotted at comparatively very lower price. This act caused the state government a loss of Rs. 4,700-crore.  Continue reading →