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Property prices increase significantly in Punjab
2008-08-25 09:30:00
According to experts, the prices of prime locations in Punjab have shot up by 40-55% in the last two years. The cash-strapped state, which needs to push the growth of industrialisation, is facing shortage of land, resulting in increase of prices. The reality can be measured from a fact that recently the state government acquired 300 acres for the upcoming Mohali international airport for which the government paid a compensation of Rs 1.5 crore per acre to farmers whose land was possessed. This was the highest ever compensation paid for acquisition by a state government to farmers which has certainly set a standard. Besides that, Punjab has fertile land and in the previous past various examples have been set where the land has been sold at exorbitant prices, said president of Punjab Builders and Coloniser Association, Mr. Kulwant Singh.
More About: Property , Prices

Property Tax to increase in Mumbai
2008-08-25 09:26:00
The State government has announced that revision in property tax as in Mumbai would come into effect before the end of the year. For this purpose, instead of waiting till December when the state Assembly is supposed to pass a bill amending the relevant law to change the property tax assessment system, the government will soon promulgate the ordinance. The amendment to the Mumbai Municipal Act would mean the property tax would go up in the city and reduce considerably in the suburbs. Now, the city will have to pay property tax on the capital value instead of rateable system followed until now.
More About: Property

To combat the slump, Developers put projects on fast track
2008-08-25 09:22:00
Property companies are rushing projects or cutting down on project completion time, by nearly 20 per cent in an attempt to overcome the liquidity crunch. Companies that took 3 years (36 months) on housing projects are now completing them in around 30 months by boosting efficiencies and using modern technology. One of the most significant reasons for the faster turnaround of projects is the decline in property sales by over 30 per cent in the last six months in Mumbai, national capital region (NCR) and other regions, which were the main revenue streams for developers. To add to their woes, the prices of cement, steel and labour, which account for more than half of the input costs, have risen 50 per cent over the last one year, putting pressure on developers' margins. Construction costs, which vary from city to city, are growing 20-25 per cent every year, said industry experts.
More About: Projects , Delhi , Fast , Track , Combat

Goa forbids land allotment for SEZs
2008-08-23 08:28:00
Goa government has recently stated that no lands within the industrial estates owned by Goa Industrial Development Corporation (GIDC) should be allotted or leased for establishing special economic zones (SEZs). In a written reply tabled on the floor of the house, chief minister Digamber Kamat said that if any land has been leased, the lease should be immediately revoked or cancelled. The state-government run GIDC had earlier issued show cause notice to revoke lands to seven SEZ promoters, which were later revoked forcing the state developers to approach the High Court.The GIDC has issued notices to meditab specialities (pharma), Peninsula Pharma Research Centre Private Limited (Bio-tech), K Raheja Corp Pvt Ltd (service), Paradigm Logistics and distribution pvt ltd (IT), Inox Mercantile co. pvt ltd (Bio-tech), Planetview Mercantile Co Pvt Ltd (Gem and Jewelry) and Maxgrow Finlease Pvt Ltd (IT). The chief minister stated that the six companies have already moved to the high court chal...
More About: Land

Marriot-Uppal Hospitality to launch hotel in Gurgaon
2008-08-23 08:24:00
Marriott International along with Uppal Hospitality plans to launch a 206 room JW Marriott hotel in Gurgaon . The hotel, which is located on the Delhi -Jaipur highway, is expected to open in mid 2009.The hotel will offer a spa and fitness centre with gym, an outdoor swimming pool, pool bar, gift and retail shops, business centre, executive lounge and 1, 220 sq m of meeting space. A 400 sq m ballroom will be available for meetings, as well. F&B options comprise a casual restaurant, two specialty restaurants and a café-deli. Other amenities include a bar and a lobby lounge.Marriott has 24 properties in various stages of development. Five properties will come up under the JW Marriott Hotel s luxury brand; one hotel under the Ritz Carlton umbrella; 11 Courtyard by Marriott projects will launch in the upper-moderate segment; three Renaissance hotels and two Marriott hotels are scheduled for the upmarket, deluxe section and two luxury Marriott Executive Apartment properties will cater to lon...
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Largest International Real Estate referral program launched
2008-08-23 08:14:00
The International Real Estate Advisory Board has launched the largest International Real Estate referral program in the world and has invited Real Estate Professionals from around the globe to become a registered IREAB Advisor and earn a significant supplemental income via International Real Estate Referral s. IREAB?s Referral Program is destined to become one of the most valuable resources for every Real Estate Professional and Real Estate Developer in the world. The launch of the IREAB Advisor Referral Program benefits Registered IREAB Advisors (Real Estate Professionals) with an extra source of income that actually generates significant income. On the reverse side of the coin, the Referral Program will also provide Real Estate Developers with a meticulously organized (world-wide) referral program.It?s a Win-Win-Win for everyone, especially International Real Estate Investors and Residential Home Buyers of International Real Estate because the majority of Referral Contracts registe...

Residents of Dwarka oppose DDA's Plans to develop Megacities
2008-08-22 07:30:00
The Dwarka Forum - a collective of residents from residential complexes and the Dwarka Kshetra Gram (DKGK), a group of 20 villages have asked the DDA to put on hold its expansion plans, keeping in mind the depleting water table and shrinking water sources. These residents have joined forces to oppose Delhi government?s move to add five new townships to the city. "Dwarka does not even get half of the water that it should. Villages around Dwarka are dependent on tube-well water. There is no piped-water from the Delhi Jal Board for them and they are forced to use unfit tube-well water. It is impractical to increase the city limits," said Mr. Diwan Singh, a member of the Dwarka Forum.
More About: Plans , Develop

Tallest building in India
2008-08-22 07:26:00
India will get among its first tallest buildings. The tower, to be built in Kolkata, will rise to a height equivalent to 83 storeys. "We will actually construct 54 floors, but at 250 m, it will be easily be the tallest commercial structure in the country, its height corresponding to an 83-storey tower," says Mr. A.N. Shroff, the leader of the consortium Diamond Group that is developing the building. The project is coming up on the vacant land that was once the proposed site for Grand Hyatt. The 54-storey structure will tower over the Chowringhee skyline, housing 10 levels of car parking at the base and a helipad on top. "The Chowringhee building will have many firsts, like a 4.2 m floor-to-ceiling height, a grand entrance lobby 42ft high, a sky garden on the 29th level, restaurants on the 50th and 51st floors and three levels of viewing galleries above that," said Mr. Vinoo Chadha, principal architect for the project. The cost land for the proposed building is Rs 432 crore, construc...
More About: India , Building

Matheran Realty to come up with Low-Cost Houses
2008-08-22 07:23:00
Mumbai-based developer, Matheran Realty has come up with an integrated township at Karjat, 80 kms from Mumbai, where a basic one-room flat would cost as little as Rs 3 lakh. The cost of construction, at Rs 999 per sq ft, is a fraction of the Rs 2, 500-3,500 prevailing in other parts of the city as well as other major metros. At this rate, the bigger flats in the township, in the size of 500 sq ft and 700 sq ft, are priced at Rs 5 lakh and Rs 7 lakh respectively. The booking for the project has already been started and 3, 000 flats will be handed over in the first phase between January and June 2009. The name of the project is Tanaji Mulsure city (TMC).
More About: Houses , Mumbai , Cost , Low cost

Dubai-based Developer's Project in Mumbai to take shape in October
2008-08-22 07:16:00
Dubai-based based Sternon Real Estate and Mumbai -based Garnet Construction said their NRI township,'Magic Hills Residences' in Navi Mumbai will start construction works in October and complete the first phase in 18 months. Mr. Hussaini F. Nalwalla, Managing Director of Sternon Group, said, "The main benefit for NRIs who booked in the first phase of Magic Hills is that they will enjoy a huge price advantage, as the rate has already appreciated three-fold. We understand the delay in the start of construction has caused concern among some sections of NRIs, but we assure all investors that the project is all set to take off from October." The project is being marketed exclusively to non-resident Indians, especially in UAE. The project has attracted global interest, and Phase 1 has already been sold out.
More About: Project , Dubai , Shape

Purvankara plans to foray into Affordable Housing
2008-08-21 07:11:00
Bangalore-based developer, Purvankara Projects has announced its foray into the affordable segment in an effort to beat the property sector slump. The company will launch these projects in two phases. In the first phase, they will develop projects in Bangalore, Chennai, Hyderabad , Coimbatore and Mysore with an investment of Rs 8, 000 crore. Purvankara will develop 64,500 homes with a total built-up area of 59.80 million sq ft in the next five years. These apartments are priced at Rs 10 lakh, Rs 15 lakh and Rs 20 lakh for one, two and three bedrooms respectively.
More About: Bangalore , Housing , Affordable housing , Plans

RIL and Vornado plan to invest $500 Million in Shopping Mall JV
2008-08-21 07:07:00
Mukesh Ambani-led Reliance Industries has announced a 50-50 partnership with US-based real estate investment trust, Vornado to invest $500 million in a shopping mall joint venture. Under the venture, RIL and Vornado Realty Trust would commit up to $250 million each to acquire, develop and operate retail shopping centers across key cities in India. "The shopping centers will contain 500,000 to 1,000,000 or more square feet and typically be anchored by a hypermarket to be owned and operated by Reliance," Mr. Vornado said.
More About: Shopping , Mall , Invest , Million , Plan

UK Realty Developers trying to woo Indian Buyers
2008-08-21 07:02:00
The property agents of UK are targeting an estimated 1.25 lakh Indian dollar millionaires, who might invest nearly $30 billion (Rs 1.2 lakh crore) over the next decade in London. Home prices in the UK have fallen due to the loan crisis and it is anticipated that rich Indians could stabilize the market. Some agents like Berkley Homes are flying in senior executives to make direct contacts with would-be buyers in India to woo them to London, particularly to addresses like Knightsbridge and Kensington or places like Hampstead and St. John?s Wood, which have an abundance of Indians. "With relaxed rules in India and the burgeoning economy, middle class in India is now showing keen interest in buying properties here. Over 100 enquiries have come in, in the last few months. Many among them are serious buyers," Mr. Jaideep Singh, who heads the India desk at Knight Frank said.
More About: Developers , Buyers , Realty

Good news for Property Buyers
2008-08-20 08:04:00
For all those who are dreaming to own a house despite the high home loan rates, there is some good news. The costs of residential properties across four major markets of the country have stabilized during the April-June period. According to the report by global realty consultant, Cushman & Wakefield (C&W) on India?s residential sector, the availability of new supply, shrinking demand from investors and increasing rates have led to the stabilization of capital values in both high-end and mid-range residential segments across the National Capital Region (NCR), Bangalore, Mumbai and Pune in the second quarter of 2008.
More About: News , Property , Good News , Good , Buyers

Chembur to be redeveloped
2008-08-20 08:00:00
After living in crumling old structures for about 55 years, the residents of Maharashtra Housing and Area Development Authority (Mhada) colony in Chembur have realized the benefits of redevelopment. Subhash Nagar is undergoing redevelopment as 65 per cent of the 2, 000 residents have opted for redevelopment by a single developer. The colony is spread over 38 acres and houses 57 buildings. "So far, we have built 744 flats for the residents and have finalized plans to build eight more buildings for 546 families who have signed for redevelopment," said Mr. Manoj John, spokesman of RNA Corp, which is undertaking the project through its group company GA Builders. The company aims to create residential and commercial zones for maximum utilization of available space. "It is a win-win situation for the tenants and the developer," said Mr. Anuj Puri, Chairman, Jones Lang LaSalle Meghraj (JLLM), a global real estate consultancy while commenting on the project.
More About: Mumbai

Tatas and Rahejas join hands to build flats in Gurgaon
2008-08-20 07:57:00
Tata Housing Development Co and Raheja Builders are planning to invest Rs 700 crore in jointly developing a high-end residential project at Gurgaon . "The project, Raisina Residency is spread over an area of 11.73 acres and it would be jointly developed by the two partners," Mr. Navin M Raheja of Raheja Builders said.
More About: Delhi , Flats , Join , Hands

Property Price Graph going downwards in Chennai
2008-08-20 07:43:00
Property prices in Chennai in the last two years have shot up by almost 200 percent but currently, the situation seems gloomy. In fact, some realty players have sold only a couple of houses in the last six months. According to experts, there has been a 90 percent drop in demand for residential projects since the start of the year. Office rentals are also seeing a correction. The Central Business District in Chennai has seen a 15 percent drop. Most real estate developers in Chennai say they are struggling to sell flats, with one real estate player admitting he has sold just one flat in the last six months. Analysts say that this is the time for developers to sit back and take a realistic look at prices.
More About: Property , Price , Graph

Real Estate Atmosphere Is Getting Gloomy
2008-08-18 09:33:00
Thanks to choppy economic conditions, the real estate market continues to slide and some top builders expect a substantial dip in their sales this year. Mr. Niranjan Hiranandani, Managing Director, Hiranadani Constructions said, "Due to a slump in the real estate market, our forward budget planning has come down by 15%. Hence, by this year end, we expect our overall sales to dip by about 20% to 25%." Earlier this year, the company was expecting a rise in its budget by about 35%, but calculations have gone awry. However, he feels that the market dynamics are still strong and there are a number of opportunities available for the realty market to grow in the long term. Mr. Hemant Shah, Chairman, Akruti City believes that only after Diwali, the real estate market will start showing some signs of improvement.
More About: Estate , Real Estate , Real , Atmosphere

TCI to foray into real estate sector
2008-08-18 09:29:00
Transport Corporation of India, so far engaged in movement of cargo over land and sea, is planning to venture into the real estate sector with pan-India presence. The company has 200 properties and would develop a number of them for residential and commercial projects. Apart from the foray, TCI also plans to build a number of large warehouses across the country. It already has 7.5 million sq ft of warehousing facility available which it plans to increase to 12.5 million sq ft in the next 2-3 years. It is also looking at opening offices in China, Thailand and in few European countries in the current financial year. The company would also be investing Rs 200 crore in the next two years for purchase of trucks and ships.
More About: Estate , Real Estate , Real

The World's Most Expensive Office Space
2008-08-18 09:15:00
The most expensive office market in the world is London. There are three markets within it - the city, West End and Midtown, priced at $129, $259 and $ 119 a sq foot, respectively. In parts of Midtown Manhattan, the going rate for office space is $100 per-sq-ft, per year, according to Cushman & Wakefield. This rate beats London's fourth most expensive market, Canary Wharf, where space is priced at $84 per-sq-ft.
More About: Space , Office , World , Real Estate , Most Expensive

Apply for joint loan and get tax benefits
2008-08-18 09:08:00
In case both husband and wife are working or have separate sources of income can apply for a joint loan for purchase of a house. This way, the loan eligibility and amount also increase. Under the Income Tax Act, tax benefits are available on housing loans and the interest paid on them. In case of joint loans also all the co-borrowers can get tax benefits. Co-borrowers, who are also co-owners, are eligible for tax rebate in the proportion of their share in the loan. The repayment capacity of each spouse should be taken into account while deciding on the shares of the loan. The shares may be any ratio. The tax benefits would be shared in that proportion only. One should specify the share of the property and other loan details on a stamp paper.It needs to be ensured that both should be co-owners of the property. The ownership of the co-owners of the house must be co-borrowers as well. It is essential for co-borrowers to be co-owners in order to claim the tax benefits. One cannot get ta...
More About: Loan , Benefits

Marwari bond is fuelling real estate market in Jodhpur
2008-08-18 09:02:00
Jaipur?s loss is Jodhpur?s gain. The downfall in the state capital?s property market post-bomb blasts, which had ripped the city apart in May, has steered investors to look westwards. This apart, the strong Marwari bond is fuelling the real estate market of Jodhpur. Marwari business community from across the globe is investing heavily in their hometown. Marwaris may run their business anywhere in the world but they don?t leave their roots. They prefer to have a base in their home town. This has created a big demand for prime properties in the city which is expanding horizontally on all sides. Apart from that, a large expatriate population working with the armed forces, railways and corporates form the biggest customer base. The simplicity and easy-life of the city never let them off post-retirement. Driven by the local residents? wish to live outside the congested walled city, the periphery of Jodhpur is witnessing a real estate boom. Even old residents of the main city prefer a hou...
More About: Estate , Real Estate , Real Estate Market , Bond , Market

ETA Star to come up with a township In Sriperumbudur
2008-08-15 08:11:00
ETA Star Property Developers Ltd is planning to come up with a mega integrated township on a sprawling 400 acres of land at Sriperumbudur near Chennai with an estimated cost of nearly Rs 7, 500 crore, said Mr. P H M Syed Ismail, Managing Director, ETA Star Property. Of the projected 3 crore sq ft built-up area, nearly 70% would be towards residential and the rest will be for commercial and other purposes. It will house IT SEZ, a medical college with a hospital, hotel, multiplexes, commercial space, school and all basic facilities.

SRK Group planning Major Investment in India
2008-08-15 07:55:00
Real estate developers SRK Group is planning to invest Rs 5,000 crore in developing residential and commercial projects in India . The group will undertake work in various cities like Delhi, Gurgaon Ahmedabad, Pune and Chennai over the next five years with plans to expand to new cities. The group has identified many projects in south India and other parts of the country to pump in about Rs 5,000 crore in the next five years in developing residential as well as commercial projects.According to the sources, SRK group plans to invest about Rs 2,000 crore in Kerala in five years. It is also likely to launch 3-4 residential projects in the state within the next six months. Apart from Delhi, where SRK Group plans to develop only commercial projects, in all the other cities it will develop both residential and commercial properties.The group, which is currently developing 20 projects in south India, is also planning to construct 100 housing units for Adivasis and poor people in Kerala free ...
More About: Investment , Planning

Slow growth forces realtors to cut rentals by 10-15%
2008-08-15 07:53:00
The commercial real estate market across major cities in India saw a slow performance in the second quarter of 2008. This has forced real estate developers to cut commercial rentals by around 10-15 per cent across India. Mumbai , the commercial capital, witnessed stagnant rental values, while Delhi saw a strong correction after the IT/ITeS industry, the largest consumers of commercial real estate, deferred their expansion plans on fears of a global meltdown.ET on June 17 had reported that commercial rentals across India have started to fall.Noida witnessed the highest vacancy rate of 15 per cent. The supply mismatch in the IT/SEZ segment was reflected through rentals which witnessed a correction in the quarter. The total supply for Mumbai in the second quarter was 4.09 million sq.ft with IT/ITeS specific supply estimated to be 40% of the total. The city recorded a demand of 1 million sq.ft largely driven by absorption with fresh pre-commitments taking a backseat resulting in an overa...
More About: Realtors , Growth , Rentals

Real estate: Ground realities
2008-06-07 08:05:00
Indiabulls extends its Singapore issue, a sign that money is not easy to come by. Real estate stocks have been seeing a sell-off for some weeks now: on average, the bigger real estate stocks are off anywhere between 45-65 per cent off from their January highs. In the first place, most property stocks didn't deserve the kind of adulation and prices they were getting from investors. Now almost all of them are quoting way below their estimated net asset values (NAV). While current prices are now at much lower than the discounts of 10-15 per cent that analysts believe property stocks should trade at, they could yield further ground before they move up again. That's because with the economy slowing down demand for homes has been flagging and transaction volumes are down sharply as reflected in falling home loans. A recent report by Credit Suisse notes that despite developers' assertions that prices remain at all time highs, recent land auctions, discounts being offered by developers, ...
More About: Estate , Real Estate , Ground

Kolkata goes green
2008-06-07 07:55:00
The city is poised to get what probably is its first green housing complex, to be developed by real estate major Siddha Group, with guidance from a state government agency. The project, Xanadu, will have 'energy efficient equipment', as suggested by the West Bengal Green Energy Development Corp, a government enterprise set up to promote environment-friendly projects. The project will be unique in a sense that it will install green energy equipment in the building following the guidelines of the Green Energy Corp. WBGEDCL will provide all technical assistance. With the completion of Xanadu, the housing sector could see a major shift towards energy conserving clean technology. It will be energy efficient, nature-friendly and using energy-saving passive and active solar devices. There will be facilities like rainwater harvesting, solar lighting and solar water heating system in the project.
More About: Kolkata

India Property Road show in USA & UK
2008-06-06 12:04:00
The much awaited event of the year begins tomorrow. After the tremendous success of last year?s Road Show of India n Property , real estate consultant ?Axiom Estates? are organizing a similar event in USA & UK this year. Last year?s event saw more than 5000 footfalls, comprising NRI and HNI Investors alike. Keeping in view the consistent upsurge of Indian properties, investing in them is a pragmatic proposition. With Emaar MGF, Unitech, Parsvnathas developers and leading home finance providers coming under the same roof, Axiom estates are expecting a similar response from this year?s Road Shows.
More About: News

Indians Generating Demand for the UK Real Estate
2008-06-06 08:45:00
Indians have emerged as the largest property buyers in the UK thereby contributing to economic development of the country, as per the data compiled by real estate firms and British Government research. Indian companies in UK has pushed corporate activity to a great extent and the Reserve Bank of India (RBI) move to allow investments abroad to the scale of $100,000 are some major factors listed by broking firms.In 2005-06, India emerged as the third largest investor after the US and Japan. The country moved ahead to 2nd position with the $7.6 billion takeover of Corus Steel by the Tatas in October 2006.Real estate projects from India increased to 76 per cent from mere 11 per cent thereby making India the UK?s third largest investor.Today, the UK houses more than 400 Indian companies. Of this, around 23 per cent have begun their UK operations in 2006. Officials estimated that India?s business operations in the UK are now worth nearly $35 billion.Parking money in London real estate is ...
More About: Indians , Estate , Real Estate , Demand

Banned from buying houses, foreigners opt for long lease
2008-06-06 08:41:00
With the Goa state government ?banning foreigners from buying properties in the state?, local builders have fine tuned their strategies and are promoting five-year leases among tourists. There are no official figures to prove the trend, but lawyers and builders agree that this is definitely increasing, with several builders from the state organizing road shows and exhibitions in UK to attract customers to Goa. But something needs to be done as houses are being leased to foreigners at a huge price, making it difficult for Goans to invest in homes. Purchasing of property by foreigners has come to a standstill and it?s difficult to execute any deed of sale as the procedure is no longer simple, thus forcing them to seek options like lease, if they intend to stay for long periods in the state. Non-residents require permission from Reserve Bank of India to purchase a house or property in Goa. ?But if the foreigner stays 182 days in India and shows the intention to reside for indefinite pe...
More About: Buying , Houses , Long , Banned