January - 2012

Prices of luxury homes in Mumbai fell by 18% last year

Tue, Jan 31 2012

A report released by Knight Frank Prime Global Cities Index on Monday has revealed that prices of luxury houses in Mumbai have plunged by 18% in 2011. The percentage is the highest among 23 world cities. While prices in Mumbai fell the most (-18%), Nairobi (up 25%) was the strongest performer during 2011, as per the report.

Over 15 million sq ft of organised retail mall space enters country in 2011: CBRE

Mon, Jan 30 2012

Realty major CBRE has outlined that the year 2011 witnessed the addition of over 15 million Sq Ft of organized retail space across the country. The 9.6 million sq ft of space from the figure was added in the second half of the year.

IIFL's PE arm to enter realty with Rs 500-cr fund

Wed, Jan 25 2012

The PE arm of the India Infoline Group will soon take foray in realty market and will raise Rs 500 Cr for investing in real estate. The fund, which has raised the money from high net worth individuals, will focus on investing in residential properties in top cities.

RBI cuts CRR by 50 bps, key rates unchanged

Tue, Jan 24 2012

The country's apex bank has trimmed down the Cash Reserve Ratio (CRR) by 50 bps in its quarterly monetary policy review on Tuesday. The move by RBI is likely to give relief to home loan buyers marginally. However, RBI decided to keep Repo Rate and Reverse Repo Rate unchanged.

Construction sector to see squeeze in order flow: Fitch

Mon, Jan 23 2012

The global rating agency Fitch has warned that Indian construction sector may continue to witness further squeeze in order inflow in 2012 as corporate defer capex plan due to higher interest rates and slow economic growth.

High-tech townships being promoted as dream destinations by builders

Sat, Jan 21 2012

Just after getting the clearance from government, the construction of two high-tech cities (over 2,500-4,500 acres) will take place near Ghaziabad and Greater Noida, within the NCR. With facilities like schools, playgrounds, a golf course, hospitals, internal roads, shopping centres, malls, etc, under one roof, these projects have caught the attention of homebuyers.

DLF to sell convention centre project, wind power business for Rs 1800 crore

Fri, Jan 20 2012

The premier realty developer of India has decided to sell off a convention centre project in Delhi and its wind power business early next fiscal. DLF is expecting realization of about Rs. 1800Cr from the deal.

Sobha Developers launches Rs 400 crore projects in Chennai

Thu, Jan 19 2012

Bangalore-based realty company Sobha Developers Ltd. has decided to invest into Chennai residential market by launching two ventures with a combined project size of over Rs 400 crore. The investment will take place in Sobha Merrita and Sobha Serene at Kelambakkam and Porur on the city outskirts respectively.

Outlook on real estate negative: Fitch

Wed, Jan 18 2012

Global rating agency, Fitch has assigned a negative outlook to the real estate sector for this year. The outlook follows weak demand and high construction costs. '2012 Outlook: India Real Estate Sector', a report on Indian realty sector by Fitch, states that Indian real estate sector will perform weaker in 2012 due to weak overall demand and higher construction costs.

Delhi, Mumbai slip in APAC realty rankings, Bangalore holds on

Tue, Jan 17 2012

A joint report by Urban Land Institute (ULI) and PwC has outlined the positional loss of Delhi and Mumbai in an Asia-Pacific real estate investment opportunities list for 2012. A variety of economic and inflationary issues have been held responsible for this fall.

SBI trims housing loan processing fee

Mon, Jan 16 2012

In a move that may give huge relief to home loan borrowers, State Bank of India has reduced the home loan processing fee. SBI has halved the processing fee amount. The home loan customers will be able to enjoy this relief January 11 onwards, a senior official said.

Debt repayments worry Indian developers

Fri, Jan 13 2012

A number of Indian realty developers have Rs1.8 trillion of debt maturing in the next three years as ratings firms cut or withdraw their assessments. The ratings for these developers by firms like CRISIL, Fitch etc. have also seen a slump in the value.

Private Equity Investments soar 75% in realty, mutual funds shun sector on rising interest rates

Thu, Jan 12 2012

During the previous year, the Indian realty sector has garnered attention of PE firms, as private equity investments grew by more than 75%. Even as mutual funds and other investors have shunned this sector because of rising interest rates and falling revenues.

Sunteck Realty to buy 10 acre in Mumbai suburb for Rs 350 cr

Wed, Jan 11 2012

Mumbai-based real estate developer Sunteck Realty signed an agreement to buy over 10 acres land parcel in Goregaon suburb of Mumbai for nearly Rs 350 Cr. Sunteck Realty has also initiated talks with PE Firms to join hands for the proposed development on this land parcel.

Now, civil judges to hear disputes involving property worth up to Rs 5 lakh

Tue, Jan 10 2012

With the effect of new polices formed by policymakers in Maharashtra, now civil judges will hear disputes, involving property worth up to Rs 5 lakh. Earlier the limit was Rs 1 lakh, which has now been increased to Rs 5 lakh.

Realty firms drop int'l plans, to stay grounded in India

Mon, Jan 9 2012

A number of Indian realty company have been planning to either defer or cancel their overseas ventures. With the slump in international realty markets, many domestic companies are either withdrawing from weak markets or putting their global plans on hold.

29 properties targeted for illegal constructions

Sat, Jan 7 2012

In a drive against illegal constructions, the Municipal Corporation of Delhi (mcd) has turned stern and sealed twenty-nine properties in the capital. The sealing was carried out in Najafgarh, Rohini and Civil Lines Zones.

Govt can take land only if there is genuine need: SC

Fri, Jan 6 2012

The apex court of the country has stated that the government cannot acquire private properties by invoking the 'urgency clause', unless there is a genuine need that can't brook delay. The invoking of the urgency provisions can be justified only if there is a real emergency that cannot brook delay of even a few weeks or months,” Supreme Court said.

BPTP buys out Merrill Lynch's 49% stake in Gurgaon project for 180 crore

Thu, Jan 5 2012

Realty major BPTP has decided to buy back Merrill Lynch's 49% stake in its Crest office building in Gurgaon for Rs 180 Cr. Merrill Lynch had invested Rs 100 Cr in the project in 2007 at the peak of the real estate cycle in India.

Red Fort Capital to raise $500 mln property fund

Wed, Jan 4 2012

Red Fort Capital, an India-focused realty PE firm, has embarked on raising $500 million fund. Red Fort Capital has plans to invest this sum in commercial and residential assets in Asia's third-largest economy, revealed by two sources with knowledge of the matter.

Delhi: Process To Cancel Certificates Of Unauthorized Colonies Begins

Tue, Jan 3 2012

The provisional regularization certificates of around 34 unauthorized colonies are set to be cancelled by the Delhi Government in view of the 'gross violation' of prescribed norms found as part of an internal inquiry. The colonies house more than 40 lakh people who are an important votebank for the government.

Maharashtra housing law could be less stringent than Centre's

Mon, Jan 2 2012

While Maharashtra might be set to become the first state in the country to put in place a real estate watchdog, several of the provisions in Maharashtra Housing Act, 2011, may turn out to be less stringent than its Central counterpart.