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Rising prices take bite out of Indias boom
2007-05-07 16:07:00
NEW DELHI - From hefty pay hikes and foreign vacations to new houses bought with cheap mortgages, India's middle class never had it so good, riding the past four years' unprecedented economic boom. But now, a spike in inflation is playing party pooper. High economic growth, averaging more than 8.5 percent annually since 2003, has spurred demand and caused prices to rise so much that consumers are starting to get squeezed. That could make it more difficult for people to repay loans, which have grown at a faster rate than incomes. With real estate and stock prices at record highs, fears are growing that a financial crisis might be brewing if borrowers can't repay loans. If that were to happen, it would dash hopes that India's rapid growth would lift millions out of poverty. Overseas investors who have been dumping billions into the economy, would also be hurt. To cool growth, the central bank has raised interest rates several times over the last year, forcing commercial banks and ...
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Dewan Housing board to recommend dividend
2007-05-04 13:34:00
Housing finance company Dewan Housing Finance Corporation (DHFL), announced that a meeting of its board of directors will be held on May 15, 2007 to recommend a dividend, if any on shares of the company for the financial year 2006-07. The board at the same meeting shall also approve the audited financial results for the quarter and year ended Mar. 31, 2007.   DHFL is one of India`s leading private sector housing finance companies. The company has products such as home loan for the purchase or construction of house/flat, home improvement and extension loan, home loan for women, NRI loan, plot loan, lease rental financing and property loan.  Shares of the company were last trading up Rs 2.10, or 3.33%, at Rs 65.10. The total volume of shares traded at the BSE was 4,076. (10.27 a.m, Thursday) Source:myiris
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Realtors make hay as Singur prices zoom
2007-05-02 15:55:00
Amar Ghosh, a real estate broker, is negotiating a deal with a Mumbai-based company for 65 acres around Singur, 40 km from Kolkata, at Rs 22.5 lakh per acre.  The last deal he did before work began on the Tata Motors’ small-car project in this fertile potato-growing belt was at Rs 4.5 lakh per acre.   Ironically, the project that attracted national attention for protests over land acquisition for Ratan Tata’s dream small car project has become the cynosure of local real estate developers hoping to cash in on heightened corporate interest in land deals in the area.  Land prices around the project site are now twice or three times the per-acre compensation the state government paid to farmers. This compensation itself was as much as a 130 per cent premium to market prices prevailing then.  Now, against Rs 8.70 lakh per acre for single-crop land and Rs 12.76 per acre for multi-cropped land, land around the Tata Motors’ 997-acre factory and vendor ...
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FDI to boost real estate growth
2007-04-30 14:17:00
Driven by a positive growth in the economy, the property market in India has seen a massive growth in the last two years, valuing the sector at about $14 billion currently. The government has also opened up the sector to FDI by relaxing norms in 2005. This is well received by the market players. International institutional real estate investors have made a beeline to invest in domestic realty projects. JP Morgan, Citigroup, Blackstone and Trikona Capital are among the key international realty funding agencies that are scouting for projects in India. “As long as the rule is there, it means that there needs to be a local partner who knows the law of the land. Most of the foreign investment, if not all, will be in conjunction with local partners to do green field developments. I feel it is a win-win for local developers as well as foreign investors,” says Balaji Rao, MD, Starwood Capital. Infrastructure is key to India's economic growth and the industry players believe tha...
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Hospitality-Self-reliant in accommodation
2007-04-25 17:50:00
Unconventionality is the flavour of the hospitality season. After witnessing offbeat entrants like real estate developers, wine makers and travel companies, hospitality is overcoming another rude shock - the corporate intrusion. Companies are increasingly looking at having their own residential complexes and guest houses for their clients and visiting employees in the absence of good lodging facilities in smaller cities and cheaper hotel accommodation in the metros. According to Sanjay Wadhawan, director of Mapple Group of Hotels, a lot of corporate houses in Bangalore have their own guesthouses or have tied up with other standalone ones to accommodate their employees. Depending on the business model adopted by these companies, they may decide to develop or purchase serviced apartments or buy residential blocks, as many IT and ITeS companies have been known to do. Evidently, the increase in business travel to and within India has exceeded the supply of hotel rooms. Binaifer Jehani...
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Luxury Condos in Real Estate Chandigarh-Zirakpur
2007-04-18 13:49:00
 Sandwoods Infratech Projects Pvt Ltd is coming up with Spangle Condo s in Zirakpur. The Group already has under its belt two other projects including Spangle Heights in Dhakholi, Zirakpur, and Spangle Towers in Baddi, Himachal Pradesh. “The Spangle Condos will be an epitome of luxury and will have the best of facilities,” claims general manager (marketing) Chander Mohan Kumar. Getting thereThe Condos is situated on the Old Kalka-Zirakpur road in Ghazipur, Zirakpur. The road is linked to Zirakpur-Shimla national highway, and the project is 2 km from the national highway. It is at present 3 km from the Chandigarh -Zirakpur barrier. Two flyovers are under construction at Zirakpur that would reduce the time to reach the barrier to around 10 minutes from the present 20 minutes. The Condos are 2 km from Panchkula, 4 km from Chandigarh Airport, 8 km from Chandigarh railway station and 15 km from Chandigarh ISBT. The project has a government park adjacent to it, and on othe...
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Mumbai, Delhi Realty Price Growth Tops World List
2007-04-16 17:45:00
 NEW DELHI: This should not shock anyone. Mumbai and Delhi have witnessed the second and third fastest growth in real estate rentals across the world in 2006. At 50.2% and 33.3%, respectively, they are next only to Me'ouyan Soreq in Isreal, which has seen an 87.5% increase. According to Cushman & Wakefield’s annual report on Industrial Space Across the World , two other Indian cities, Bangalore and Hyderabad, figure in the top 12 with rental jumps of 25% and 23.1%, respectively. According to the study, in terms of industrial rentals, New Delhi has moved nine places to 14th position. Cushman & Wakefield executive MD (South Asia) Sanjay Verma attributes this jump to the boom in the manufacturing sector. “Manufacturing is undergoing a renaissance in India. As export volumes are rising rapidly, the sector is becoming increasingly attractive. This is backed by the availability of private capital, strong domestic demand and a large pool of skilled and unskilled la...
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Manhattans Near Mumbai and Delhi
2007-04-12 12:36:00
NEW DELHI: Private money amounting to $47 billion or Rs 203,000 crore is being invested over the next couple of years to create four ultra modern cities in India from ground up. According to DLF, the cities near Mumbai and Gurgaon will be three times as large as New York’s Manhattan Island. The other two cities will be near Bangalore and Hyderabad. To showcase the India potential in real estate, KR Capital Management LLC (USA) and its company owned subsidiary ‘KR RealTech Consultants Pvt. Ltd. (India) have organized ‘Horizon - India Real Estate Expo 2007’, in USA from April 14 to 22. Horizon 2007 is the platform where one can meet clients who are searching for premium residential and commercial properties in India, and prospective foreign institutional investors who are on the look out for investment opportunities in real estate in India. As one of the most diverse India Real Estate Expos ever, Horizon presents premier projects from the most prominent real ...
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Realty in Real Estate Gurgaon
2007-04-09 18:07:00
 Gurgaon is a vast adolescent real estate that stands in the glow of new paint. Luminous glass buildings, stout bustling malls and gigantic hives of apartments named after lords, knights and birds are spread over green lawns that people from Bombay would call parking. It is unmistakably the colony of the young, its marketplaces and restaurants teeming with EMI couples and their 'we-two-ours-two' children, and in the pale background, a dark melancholic Bihari maid. Across this district that has no clear perimeter anymore, work is in progress. It's more than just Delhi's satellite now. Many more buildings are rising and piers are becoming bridges. There is no evidence here of any other time but the present, though Dronacharya is rumoured to have been born in one of the hamlets. The hint that a different population once lived in Gurgaon arrives sometimes in dramatic ways. A housewife in Nirvana, a posh residential area, recalls the appearance of a rustic woman at her doorsteps...
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Investment in Commercial Real Estate
2007-04-06 13:15:00
Commercial properties do not attract many buyers/tenants, or even selective takers although these takers have deep pockets. That?s why investment into commercial property is a tricky game. Prepare a feasibility report before giving your token. How? Check out areas to scan in your report. 1. If you are investing into any commercial property, never forget that the investment is not into space with the right environment for specific business. For example, any business center will be a major reason for all restaurants, hotels, cineplexes, etc. to grow in and around. But if nay business center fails, it will directly affect related business; chances are that any effect on these businesses will directly influence the price of real estate. Such building (i.e. hotels and cineplex) cannot be used for any other purpose. 2. Undoubtedly, location should have the top priority but one must never forget that this factor can be constantly impacted by surroundings which may change returns in...
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Service tax on commercial rental of property will stay
2007-03-30 12:46:00
The finance ministry is likely to stick to its decision to levy service tax on renting of immovable property for commercial purposes. This is despite protests from various sectors of India Inc. North Block sources told FE that there would be no withdrawal of the tax as the ministry is of the view that property rentals were essentially services and so should be brought under the service tax net. A final decision will however be taken on the amendments to the Finance Bill, that is expected to be tabled in the Parliament after the recess. An official said, “Commercial rental of property will be treated as a service and a tax of about 12.36% will be levied on it. In the coming years, we may also expand the scope of service tax to india property leased for residential purpose.” However, at present there is no such proposal, he added. Finance minister P Chidambaram has introduced service tax on rental of immovable property used for commercial purpose in Budget 2007-08. How...
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Service tax on commercial rental of property will stay
2007-03-30 12:46:00
The finance ministry is likely to stick to its decision to levy service tax on renting of immovable property for commercial purposes. This is despite protests from various sectors of India Inc. North Block sources told FE that there would be no withdrawal of the tax as the ministry is of the view that property rentals were essentially services and so should be brought under the service tax net. A final decision will however be taken on the amendments to the Finance Bill, that is expected to be tabled in the Parliament after the recess. An official said, “Commercial rental of property will be treated as a service and a tax of about 12.36% will be levied on it. In the coming years, we may also expand the scope of service tax to india property leased for residential purpose.” However, at present there is no such proposal, he added. Finance minister P Chidambaram has introduced service tax on rental of immovable property used for commercial purpose in Budget 2007-08. How...
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Auctions fetch HUDA Rs 740 cr in three months
2007-03-28 13:25:00
The booming real estate prices have left the Haryana Urban Development Authority (HUDA) richer by around Rs 740 crore since December 2006. The authority has been making huge profits by auctioning various sites monthly. On Monday, a hotel site in Sector-14 went for Rs. 61 crore against the reserve price of Rs 36 crore. The site was auctioned to M.D.L.R. Hotels. Among all the auctioned sites in March this year, the lowest auction went for 45.50 lakh for a single storey booth measuring 22.68 square metre in Sector 21. The authority auctioned 25 sites in December 2006, 9 in February 2007 and 10 site have been auctioned so far this month and all these have gone for more than the reserve price. Further, the authority plans to auction at least 50 other sites in the next six months. “A five star hotel site will be auctioned every month,” said S.P. Gupta, Administrator, HUDA. Sites for multiplexes, bay hotels, departmental stores and shops-cum-offices will also be auctioned in ...
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Lower cost but higher risk in tier II and III cities
2007-03-26 12:40:00
The Trammell Crow Meghraj Knowledge Centre recently published a report “Major IT-ITeS hubs in India” that provides a snapshot view of the strengths and weaknesses of several established and emerging IT-ITeS destinations within the country. In this interview with Sanjay Kr Singh and Devesh Srivastava, Pankaj Renjhen, regional director, Trammell Crow Meghraj, discusses the key questions that IT-ITeS companies confront while deciding which city to set up their operations in. Which are the established IT-ITeS hubs, and which are the emerging ones?Bangalore, Delhi-NCR, Chennai, Hyderabad and Pune are the well-established hubs for IT-ITeS activity, while Coimbatore, Kochi, Ahmedabad, Indore, and Kolkata are the emerging destinations. What factors determine where an IT-ITeS company sets up its operation? Nowadays connectivity via satellite and fibre optic lines can be easily provided in any city. The next criterion is real estate. Earlier, large real estate developers focussed ...
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Property prices to increase 10 percent in next 6 months:Survey
2007-03-15 11:04:00
Real estate investors worried by corrections in property prices can afford to breathe easy. If a Federation of Indian Chambers of Commerce and Industry (Ficci) survey on property prices is to be believed, prices will rise by 10-15 per cent over the next 4-6 months across tier I, II and III cities. The survey adds that the correction of up to 10-15 percent that has taken place in the overheated segments of the market was inevitable. “The correction in real estate prices is likely to be short-lived and confined to some over-heated locations, where supply is more than demand. With strong economic growth constantly generating new buyers, the upward trend in prices will resume over the next four to six months,” says the report compiled by the industry association. Areas like Whitefield in Bangalore, and Mohali and Ludhiana in Punjab have in recent times seen a 15-20 per cent drop in property prices. The Gurgaon market has been stable for the past six months. “Demand h...
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Deal sets new record for property sale in Chennai
2007-03-09 10:31:00
HTL has sold over 11 acres of land at Guindy for a record price of Rs 297 crore. According to sources in the industry, the HTL property on GST road, which was put on the block through e-auction, was bagged by a real estate developer for Rs 27 crore an acre. International real estate consultancy firm, Jones Lang LaSalle, the exclusive marketer for the property, was the sale manager. The name of the buyer was not disclosed. According to sources in the real estate business, the size of the deal sets a new record for a property sale in Chennai . The price works out to about Rs 6,198 a sq ft. For HTL, this is a 50 per cent increase over the price it got in 2005-06 when the National Highways Authority acquired 1.64 acres for Rs 29.06 crore - Rs 4,067 a sq ft. Guindy, till recently an industrial centre, has in recent year emerged a centre for IT companies and commercial space. Guindy Industrial Estate, adjacent to the property, a home to small-scale enterprises, is now know more for the...
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Chennai:Residential Properties Costlier Than Office Properties
2007-03-08 11:53:00
The real estate Chennai is passing through a phase that it has never witnessed in the past. The residential properties are getting much costlier than office properties in the city. The sale price of residential apartments, both in the primary as well as secondary markets, has almost doubled over the past 12-15 months in the city. On the other hand , the sale price of office space has increased just 20% - 30% on an average, during the same period. The flare-up in residential prices is mostly attributed to the demand outsmarting the supply, besides the increasing cost of land acquisition. The increased demand is mostly driven by the growth in the IT/ITES sector in the city, which has also been attracting large investments in the manufacturing sector. According to industry sources, the current capital value for office space in Chennai ranges between Rs 4,500 per sq ft and Rs 7,000 per sq ft in the CBD (central business district), Rs 3,500 - Rs 5,000 per sq ft on OMR (IT Corridor) ...
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Budget 2007: Experts on real estate
2007-03-07 06:19:04
Most buyers look for low-cost housing around Rs 15 to Rs 25 lakh. To get a house in that range is tough. This is why the buyer is not willing to repose faith in the market, feels Hitesh Oberoi.   Why are low-cost housing options missing? Pradeep Jain, Chairman, Parsavnath Developers: The coming budget should have provisions for low-cost housing. It is not possible to provide low-cost housing with surging land prices. For consumers to benefit, the government must provide builders land at a reasonable price. It is not possible to provide houses at Rs 15 lakh.   Sanjiv Aren, VP-North, Confederation of Real Estate Developers Association of India (CREDAI): The government recently hiked the Cash Reserve Ratio (CRR), leading to the increase in the cost of the house. The rising construction cost and land prices will ultimately be passed on to the end user. Therefore, we are not able to fulfill the requirement of low cost housing in the country.   Sanjay Verma, Executive MD,...
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Investment Hot Spots near New International Airport, Hyderabad
2007-03-07 06:19:04
The projects were brought for international booking prior to the release of Semi- Conductor Policy by the Union Govt. which is expected to drive US$10 Billion investment into the vicinity of the New Airport at Shamshabad. In a recent analysis, Mr. Pramod Kiron, CEO of Exclusive Ventures, averred. “For the layman, otherwise busy with his own work, its impossible to visualize the future, along the stretch of land from Airport to Thummalur. But if you sit down and look at the upcoming investments and the resultant employment generation possibilities, its easy to figure out where we would be, after 3 to 4 years” Apart from the New Inter national Airport and its ancillary facilities, the locality would brim with high profile projects each pulling in, thousands of employees. The major projects are Fabcity, Hardware Park, SEZs by Stargaze, JT Holding, Indu Tech, Infosys, Wipro, TCS, Brahmani Info. Fabcity with US$ 3.6 Billion investment by Semindia / NTSI would take the lead in ...
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NEW DELHI:VictoriaTo Be M2K Groups New Victory
2007-03-07 06:19:04
M2K Group Having realized the need for premium residential apartments in New Delhi , M2K Group has launched Victoria Apartments near Model Town in the heart of northern part of Delhi. M2K is well recognised for its commercial multiplexes-cum-malls all over the nation's capital. This premium condominium will sport a different look. Even though NCR, especially Gurgaon real estate and Greater Noida, is being promoted as the location for premium apartments, M2K selected New Delhi for this ambitious residential complex which will have the best of amenities. The complex is to come up on 10 acres of land out of which only 2.62 acres is being used for residential apartments. The remaining eight acres will serve as a Green Belt area with water bodies. This is going to be absolutely freehold property. The apartments will be fully air-conditioned apartments and the structure earthquake-proof. The complex will stand opposite the proposed mall, Metro and monorail stations adjoining Model To...
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Investing in commercial property
2007-03-07 06:19:04
High net worth investors have a good investment avenue in commercial property, especially with the recent boom in property prices. Moreover, with the business mood being buoyant and the stock markets on a roll, commercial property does come out as a good investment alternative. India offers a vibrant market and opportunities for real estate investors. Demand for properties in India is skyrocketing and certainly this is the best time to invest. Analysts are predicting phenomenal growth and foreign direct investment (FDI) in the coming times. With better infrastructure and availability of world class facilities, property is sought-after. India is becoming a global investment destination and a good place for investments in retail, residential or commercial space. From a real estate investment perspective, it has been observed that Mumbai, Delhi, Chennai, Bangalore, Kolkata, Hyderabad, Ahmedabad, Pune, Gurgaon, Chandigarh, and Jaipur are the most coveted cities and hot spots for commerc...
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32 illegal commercial units sealed in Gurgaon
2007-03-07 06:19:04
Thirty-two illegal commercial units in residential areas were today sealed amidst tight police security by the Enforcement Wing of the District Town planning Department of Gurgaon real estate.  The shops sealed were being run in residential areas of Ansal groups’ Sushant Lok and Unitech group’w South City private developed areas, said Enforcement officials. Those sealed included five guesthouses, eight real estate dealers’ offices, five private computer centres, 14 upholstery, interior decoration, modular kitchen showrooms apart from six houses in Sushant Lok which were sealed for encroachment, officials added. There was heavy deployment of police personnel as the Enforcement staff was allegedly attacked by agitating traders during earlier sealing drives. During the drive, Ansal’s sales office, built on a park and running in a residential area in Sushant Lok III—G Block was sealed. The office was originally a site construction office built a few...
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Growing Gurgaon
2007-03-07 06:19:04
GURGAON: The millennium city just got a lot bigger. It will now stretch all the way to, and include, Manesar. What started off as a suburb across Delhi's southern borders has become a city in itself, with the 1971 population of 57,000 now touching 22 lakh and set to increase to 37 lakh by 2021. Gurgaon 's new Master Plan, notified on February 5 (a gazetted copy of which is with TOI), makes it clear that the city's construction boom is only likely to become more frenetic. With the private-government partnership development model for the residential sector of 'New Gurgaon', private players will have a large role to play as Gurgaon grows even more rapidly than at present. Besides a lion's share in the residential sector, private players will be permitted to develop 50% of area marked for commercial sectors. The development plan is for a total of 37,069 hectares against the 9,881-hectares target of the 2001 plan. This includes special economic zones of 4,570 hectares and existing t...
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Govt banks will not raise home loan rates
2007-03-07 06:19:04
In a meeting with chairmen of all public sector banks (PSBs), finance minister P. Chidambaram urged them “not to raise interest rates on home loans”, and added “they have unanimously agreed to the same.” Talking to media persons, O.P. Bhatt, chairman, State Bank of India, said, “Almost 90 per cent of home loans are taken by middle and lower middle class and this will help ease pressure on potential customers.” Following the recent monetary policy, the FM requested PSBs to moderate credit to risk-prone sectors like real estate, capital markets, non banking finance companies (NBFCs) and commercial loans. The banks have agreed to moderate their lending to these areas in next three to six months. On the move to increase prime lending rate (PLR) as a result of the 25 basis point rise in repo rate by Reserve Bank of India, banks are of the view that they will review their financial position in order to see if the PLR has to be revised said Prakash P. ...
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Indian Central Bank RBI hikes rates for personal and home loans
2007-03-07 06:19:04
The Reserve Bank of India on Wednesday raised a key short-term lending rate and announced other measures which are set to tilt the money market more towards savings than borrowings. Direct selling agents and bank relationship managers may not swarm you next time when you seek a loan to buy a house or a car or any other personal effect. In a clear bid to rein in inflation and the runaway growth in the personal loans portfolio of banks, the RBI tightened the liquidity (funds available for lending) in the banking system. On the face of it, the review appears sober and understated. The central bank raised only the repo rate (the rate at which banks borrow cash from RBI against government securities) by 0.25 percentage points to 7.5 per cent, which will result in a higher cost of borrowing for banks. But the devil is in the detail. RBI's tightening of prudential norms and doubling of provisioning requirements on loans to certain sectors such as real estate and capital markets and loa...
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The Rise And Rise Of Gurgaon
2007-03-07 06:19:04
Rarely has a city developed at a pace with which Gurgaon has. With a population of about 0.16 million, this city is poised to become one of India’s mega cities in years to come.Real estate development in Gurgaon commenced when the options in the Capital were dying out. What emerged as a solution to the property needs of people was the city of Gurgaon which soon became an ideal location for top commercial, residential and industrial developments. Gurgaon was a small town in the early 80s but has grown extensively during the last decade due to its proximity to Delhi. Those who had invested in this city have gained tremendously. Gurgaon has become the focus of attention as it’s a city which is built around corporates. It has attracted a lot of investment from the corporate sectors like BPO, IT and ITES. Existence of ample office space combined with other advantages have led to the corporate growth in the city, which in turn has triggered residential growth. Residential Sce...
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Budget for Real Estate Sector
2007-03-07 06:19:04
These are the some aspects of budgets for real estate: Indian investors to be allowed investment in overseas capital markets through mutual funds. Mutual funds to set up Infrastructure Fund schemes. Rs.150 crore to be given to Ministry of Youth and Sports for Commonwealth Games and Rs.350 crore to the Delhi Government for the purpose. Rs.50 crore to be provided for the Commonwealth Youth Games in Pune. Export duty on iron ore and concentrate at the rate of Rs.300 per tonne. Excise duty for plywood reduced from 16 per cent to eight per cent. Five year tax holiday for two, three, four star hotels and convention centres with a seating capacity of 3,000 in NCT of Delhi, Gurgaon, Ghaziabad, Faridabad & Gautam Budh Nagar. Initiatives would provide impetus to growth of hospitality sector in NCR region in view of the upcoming Common wealth games. Allocation for National Highway Development programme to be stepped up from Rs. 9,955 crore to Rs.12,600 crore. Work on Golden Quadrila...
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