No more than a hiccup for Indian market

Published: November 30, 2009

Indian Real Estate companies together have an exposure of $2 billion to the United Arab Emirates (UAE), a big chunk of it in Dubai. Almost half the exposure is of real estate developers based in Mumbai.
The Mumbai companies’ total investments in the UAE are between $500 million and $1 billion; those from Bangalore and [...]

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Dubai realty debacle: Indian firms say they are unaffected

Published: November 28, 2009

Bangalore / New Delhi: Four years ago, when developer Niranjan Hiranandani and his son Darshan announced the 23 Marina skyscraper project in Dubai, the emirate was the place to be in.
The city had turned into a construction site, its skyline was dotted with yellow cranes, and Indian developers and investors were lining up for a [...]

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Increase in prices sours revival in demand for real estate

Published: November 27, 2009

Mumbai: The much-heralded revival in home-building could come to nothing as property developers may have raised prices too much too soon, data from realty research company Liases Foras shows.
The country’s largest mortgage lender has a word of caution for real estate companies looking to cash in on the increase in demand.
“Developers have to be careful [...]

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DIPP proposes further relaxation of FDI for realty

Published: November 24, 2009

The Department of Industrial Promotion and Policy (DIPP) under the Ministry of Commerce and Industry has proposed further relaxation of the foreign direct investment (FDI) norms for the real estate sector.
The department has proposed the removal of the lock-in of three years on original investment made into integrated township development and other construction development projects.
Currently, [...]

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‘Despite downturn, real estate market favourable’

Published: November 24, 2009

Global economic crisis aside, the local real estate market looks optimistic.
This was the opinion of Thomas Justin, president of the Royal Institute of Chartered Surveyors (RICS). Speaking at the opening on Thursday of the two-day Caribbean Land Conference seminar hosted by the Institute of Surveyors of Trinidad and Tobago (ISTT) at the Crowne Plaza hotel, [...]

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No Fresh Supply of Mall Space for South India between January and March

Published: September 8, 2009

The three major cities in south India — Chennai, Hyderabad and Bangalore —did not witness fresh supply of mall space between January and March this year, according to Cushman & Wakefield. However, these cities would see supply of 4.35 million sq ft by the year end, the real estate services firm said in its report [...]

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Office property leads signs of recovery in the commerical real estate sector in india

Published: September 8, 2009

The office property market in key business districts in India is experiencing an increase in confidence with banks and financial services companies buying but the IT and ITeS sectors are yet to enter the growth spree as they are still depressed by the global economic downturn, according to analysts.
Delhi and Mumbai are seeing the most [...]

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Real Estate Prices to Remain Stable This Festive Season

Published: September 7, 2009

Property prices are unlikely to rise sharply during the festive season as buyers have become very price sensitive and are not ready to pay premium on flats. Talking to Hindustan Times, Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj (JLLM) said, “Developers have realised that they can no longer increase the prices at [...]

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Is the worst over for the real estate sector?

Published: September 7, 2009

New Delhi / Bangalore: Nitesh Shetty, a developer of high-end properties in Bangalore, has no qualms over dropping the premium tag—and prices—in some of his projects as demand for affordable housing picks up pace in India.
“Demand lies here and we need (to) adapt accordingly,” said Shetty, founder and managing director of unlisted realty company Nitesh [...]

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Changes in Indian Real Estate Affairs

Published: September 3, 2009

Real estate in India has always been the playing field for entrepreneurs. This industry has witnessed unprecedented highs and frightening lows over the years. One is often left dyspnoeic with the continuous shifts in this sector. Due to rise in demand in the IT/ITeS sector and significant increase in FDI, the commercial and retail real [...]

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Supreme Court Blames Influential People for Illegal Real Estate Construction

Published: August 27, 2009

The Supreme Court today came down heavily on economically affluent people, bureaucrary and civic body officials for mushrooming illegal real estate construction in the country and ruled file notings by ministers or officials do not have any legal validity. “Economically affluent people and those having support of the political and executive apparatus of the state [...]

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Commercial real estate rentals seem to be bottoming out

Published: August 26, 2009

Mumbai commercial rental continues to be the second costliest in Asia Pacific. With rent of about USD 800 per sq metre per annum, Mumbai is ahead of the likes of Tokyo (USD 750 per sq metre p.a.) and Singapore (USD 625 per sq metre p.a.) as per the latest report of real estate consultancy [...]

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Realty: Retail segment not a lucrative avenue

Published: August 24, 2009

When the going was good in the real estate sector a few years back, retail was seen as a lucrative avenue to park one’s funds. But given that the current scenario creates scepticism on the return on investment, is retail still seen as a profitable option?
Take the case of businessman Manoj Shah who had invested [...]

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Property demand revives

Published: August 21, 2009

In a providential turn of events, the global economic slowdown has provided end users a unique opportunity to buy their long cherished ’sweet homes’ as prices in many pockets in the National Capital Region have fallen steeply. In particular, apartments in the new launches are now available in some markets at almost 50% of the [...]

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Project Delays Mainly Caused by Diversion of Funds by Major Developers

Published: August 10, 2009

The prime reason behind project delays in Delhi-NCR has been the diversion of funds by all the major developers. During the boom time, they had over-booked their projects and then failed to deliver their commitments. In fact, the immediate impact of the global slowdown on the Indian residential real estate market was most visible during [...]

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Realty sector begins to look up, ahead: boom by Diwali?

Published: August 6, 2009

New Delhi Bogged down by the economic slowdown, the real estate sector is going all out to woo would-be buyers. Builders and realtors from across the country, thus, went all out to promote their upcoming projects at the three-day Property Expo, which concluded at Pragati Maidan on Monday.
In an attempt to get some of their [...]

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Realtors may not gain from tax benefit extension

Published: August 6, 2009

The government’s decision to extend the time limit for claiming tax exemption on profit earned from projects may not give the desired benefits to real estate developers. Instead of giving benefits to ongoing projects, the government chose to extend a tax waiver to ‘affordable’ housing projects that were approved till March 31, 2008.
“A change in [...]

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Mall owners focus on space fillers

Published: July 27, 2009

AHMEDABAD: Mall vacancies in major retail destinations such as Delhi, Mumbai, Pune and Hyderabad climbed between 5% and 15% in June 2009, even as developers rewire their strategies to sustain cash flows. During the past six months, developers juggling with various revenue models have discovered to their relief that certain “flexible” formats like ‘minimum guarantee’ [...]

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Real Estate Shows Signs of Stability after a Long Freefall

Published: July 14, 2009

Commercial real estate transactions, considered a key indicator of economic activity, is showing first signs of stability after a free fall during the early part of this year. According to real estate consultants, the worst phase for the industry seems to be over as lease rentals both in peripheral areas as well as the central [...]

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Law to regulate real estate in Delhi?

Published: July 10, 2009

The Central government said on Thursday it is considering a model legislation on regulating real estate in Delhi.In reply to a written question in the Rajya Sabha, Minister of State for Urban Development Saugata Roy said “the Delhi Real Estate Management (Regulation and Control) Bill” could serve as reference for other states.
The minister, however, ruled [...]

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ECB policy: Realty players see no near-term gain

Published: July 2, 2009

New Delhi, July 1 Real estate players on Wednesday hailed the Government’s decision to open the external commercial borrowing (ECB) window for special economic zone (SEZ) developers, although some players felt that the move may not offer immediate gains given the global economic downturn.
Reacting to the latest changes in ECB policy, real estate major Unitech [...]

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Property market showing signs of recovery

Published: July 2, 2009

The property prices are expected to remain stable over the next six months even as the real estate market has shown signs of improvement since March in terms of sales, an expert said.
“Since March, we have seen movement in the market. Before that, the confidence and sentiments were very low in the real estate market [...]

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Slowdown-hit real estate bets big on Budget

Published: July 1, 2009

Having been hit the hardest by the economic downturn, embattled realty majors are betting big on the forthcoming Budget, to be presented on July 6, in a bid to revive the sector’s fortunes. Experts say the sector needs government support as well as further stimulus to get out of the current slump.
While the government with [...]

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DLF, Unitech plan to put Mumbai projects on track

Published: June 29, 2009

MUMBAI: Mumbai seems to be the next destination for India’s biggest realty companies, Unitech and DLF, to try and restart some of their projects Realty which were put on the backburner. Both these companies have been in the midst of overcoming some serious liquidity problems that they were confronted with.
Unitech, which recently raised $325 million [...]

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Parsvnath Developers 2009 profit at Rs 112.8 crore

Published: June 23, 2009

New Delhi June 22, 2009: Parsvnath Developers Limited (PDL), one of India’s leading real estate and infrastructure companies, today reported total revenue for the fourth quarter ended 31st March, 2009 stood at Rs. 76.18 crore, Profit after tax was at Rs. 13.55 crore and EBIDTA for Q4 FY09 was at Rs. 39.65 crore.
The Consolidated total [...]

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Signs of Recovery for Real Estate India

Published: June 23, 2009

Spurred by price corrections, new launches, lowering of interest rates, increase in sales inquiries and, more importantly, the new found mantra of ‘affordable housing’, the real estate industry has started showing signs of recovery. Industry body Assocham has gone to the extent of saying that the real estate recovery is possible in the coming three [...]

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Is it the right time to expand biz in property market?

Published: June 22, 2009

The good news is that the commercial segment in real estate is upbeat and demand is picking up. While initially, the first quarter of the calendar year saw a major decline in rental values in commercial spaces, the process of stabilisation has now begun over the last few weeks.
Companies, which were earlier hesitant to set [...]

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India Property Expo in Dubai Seals Rs 65.33 cr Deal

Published: June 15, 2009

The 12th India Realty Expo 2009 held in Dubai saw 106 flats worth Rs 65.33 crore being booked, a senior real estate industry official said. “106 flats worth Rs 65.33 crore were booked (during the expo),” Maharashtra Chamber of Housing Industry (MCHI), CEO, Zubin Mehta, said in a press release issued here. “Around 86 flats [...]

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Affordable Housing Segment has High Expectation from the GOVT

Published: June 12, 2009

After the President of India, Dr Pratibha Patil, mentioned affordable housing in her joint Parliamentary address a week ago, real estate sector has high expectations that this segment will get a leg-up in the Budget. Housing Min may get Rs 5000-10000 cr in Budget. Kumar Gera of Gera Developers and President of realty body Confederation [...]

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Home demand inching up, but recovery not in sight

Published: June 10, 2009

MUMBAI — Homes sales in India are trickling back in some sections of the market, but industry watchers say a rebound is months away as buyers in the world’s second-most populous country await further price corrections.
Builders have begun new projects after a year-long hiatus, and are also swapping older premium project proposals for cheaper ones [...]

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India Realty Expo 2009 to be Held from June 4

Published: June 3, 2009

DUBAI - Maharashtra Chamber of Housing Industry, or MCHI, will be showcasing properties of major builders from India at the 12th India Realty Expo 2009, to be held in Dubai from June 4 to 6 at the Sheraton Dubai Creek Hotel and Towers.
The expo will be held under the aegis of MCHI, a member of [...]

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Realty may see sales building up in Q4, but profits could fall

Published: April 24, 2009

India’s real estate companies are expected to see a marginal rise in sequential sales in the fourth quarter ended March 31, 2009, on the back of good demand for their new projects, coming at up to 20% discount to existing market prices. However, their profits may take a hit. On a year-on-year basis, the top [...]

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Realty prices to drop 35-50% in 2009: Orbit Corp

Published: March 20, 2009

Real estate rates have fallen drastically in the past year. Prices in central Mumbai’s Worli and Lower Parel are down to Rs 12,000-18,000 per square foot as compared to Rs 35,000 per square foot a year ago. In Bandra, rates have fallen 20% to about Rs 15,000-25,000 per square foot.
Pujit Aggarwal, Managaing Director, Orbit Corporation, [...]

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Indian real estate market - Is the worst over?

Published: March 5, 2009

“The worst is over” for the Indian real estate market, a leading developer has claimed, pointing to lower interest rates.
Sanjay Rastogi, director of Saviour Builders, said real estate schemes were now becoming more attractive investments after government measures.
Saviour is behind the planned GreenIsle housing project, Ghaziabad, which the developer has dubbed as an eco-friendly scheme.
Mr. [...]

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DLF raises Fund from Bond sale

Published: March 3, 2009

DLF, the nation’s biggest real estate developer, has raised Rs 720 crore from selling bonds to insurance companies as part of its plan to raise Rs 5,000 crore from such sales.
DLF on February 24 raised the funds through issue of non-convertible debentures maturing in five years which offered as much as 14 per cent interest, [...]

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Goa realty prices come down by 25%

Published: February 19, 2009

PANAJI: The meltdown has started to trickle into Goa’s real estate market. According to developers, prime property rates are down by 5-10%, while the prices of flats constructed by small-time builders are down by 20-25% since the New Year. Prices, they predict, are likely to fall further by mid-2009.
“Small builders have reduced their rates by [...]

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India’s best places to invest in real estate in 2009

Published: January 12, 2009

Investing your money in real estate is not enough. Knowing where to invest is necessary for attractive gains in the property market. So which are the best places to invest in real estate in 2009? Global real estate consultancy Jones Lang LaSalle Meghraj (JLLM) outlines the nine best places that can fetch you lucrative returns:
Mumbai: [...]

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Realty: what to hope for in 2009?

Published: January 8, 2009

Before we dwell in 2009, it is pertinent to note that real estate sector has witnessed phenomenal accelerated growth from 2005 to first quarter of FY09, both in residential and commercial segments. The rationale for this spurt in demand was the incentives offered by the government to real estate.
Eventful past, bright future?
In 2005-2006, the surge [...]

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2009 - A happy new year for real estate?

Published: January 1, 2009

What goes up has to come down. On a high since 2005, Indian property market discovered in 2008 what a descent is like, with demand, particularly for housing, falling by up to 50 per cent that triggered 15-20 per cent decline in prices.
High interest rates regime and economic slowdown, coupled with the ripple effect of [...]

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