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Property Registration To Be At Flat 1% In Maharashtra Revenue department has approved a proposal to levy a flat one per cent charge on property registrations. Revenue minister of Maharashtra, Mr. Narayan Rane lifted a stay on an earlier order of the government. As per the new order, if the ready-reckoner value of a property according to the government is Rs 1 crore (Rs 10 million), the registration fee to be paid will be Rs 100,000. 17 Nov 2009 rediff.com DLF On Land Selling Spree DLF Ltd is on a land-selling spree. The company sold 500 plots of 200-400 yards in Indore, Madhya Pradesh, mopping up around Rs 110 crore at an average Rs 800 per square feet. More sales are being consummated, some in south India, which will garner slightly larger amounts than Indore, said sources. The plots included hotel land, residential plots and commercial land. DLF has plans to monetise its assets and was able to bring in cash worth Rs 550 crore through asset sales in the last quarter which takes the total amount to Rs 1,064 crore. 20 Nov 2009 DNA Government Takes The First Step Towards Property Titling The new property bill has been drafted by the Delhi government - the Delhi Survey, Registration and Recordal of Title of Immovable Properties in Urban Areas Act, 2009. The Bill would be cleared after consultations with stakeholders and Resident Welfare Associations (RWAs). Property titling, one of the key reforms mandated under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for city governments, has already been implemented in Andhra Pradesh and Rajasthan. Chief Secretary, Mr. Rakesh Mehta said, "Digitizing property titles and making the information accessible to the public will help avoid dubious and fraudulent transactions, regularize property tax and stamp duty collections of the government. Property owners will also have a sense of security of ownership." 20 Nov 2009 The Indian Express Aditya Birla Group Plans To Raise $500M Realty Fund Aditya Birla Group has launched a real estate fund with plans to raise up to $500 million. The fund, which is called the Aditya Birla India Real Estate Vision Fund, will be managed by the group's assets management arm Birla Sun Life Asset Management, has a target corpus of $350 million with a green shoe option to raise another $150 million. It plans to mainly invest in residential projects, but will also look at commercial properties, retail malls, among others. Nishith Desai Associates is advising on the fund formation. 17 Nov 2009 vccircle.com Lodha Developers To Invest Rs 6,000 Cr In Current Projects Lodha Developers is planning to invest Rs 6,000 crore (Rs 60 billion) in the next three years on the construction of its existing projects. At an average construction cost, the total investment to develop the existing projects works out to be Rs 6,000 crore. "We are currently developing about 30 million sq ft of area, comprising 38 projects. The average cost of construction to develop the projects is Rs 2,000 a sq ft," Lodha Developers, Managing Director, Mr. Abhisheck Lodha said. The land bank of the company stands at 260 million sq ft, which is enough to keep it busy for the next 10-12 years. 18 Nov 2009 rediff.com Realty Ad Budget Increases With An Increase In Demand With realty demand gradually picking up in real estate and more project launches taking place, the advertisement budget has gone up for most companies in the sector like DLF, Parsvnath and Ansals. Realty major, DLF has already spent around Rs 3 crore during the first half of this year. The company spent Rs 40 crore during the tenure of IPL II. Ansal is planning to spend around Rs 3 crore on ad expenses during the second half of this year. Parsvanath Developers is planning to spend the same amount during the second half of this year. 20 Nov 2009 The Financial Express Liases Foras Announces The Launch Of Ressex, A Realty Index Liases Foras has launched Ressex, a pan-India sensitive index for the realty sector. Ressex will facilitate easier understanding of realty trends and will provide scientific, fact-based overview of the sector. It's expected to bring transparency in realty deals, said Mr. Pankaj Kapoor, managing director of Liases Foras. Though primarily meant for developers, property investors, banks, housing finance companies, private equity funds, investment banks and equity analysts, the index could be of help to the general public by working as a catalyst to prevent mindless rise in property prices. The index can point out what the actual price should be and whether the builders' claims are genuine. 20 Nov 2009 Hindustan Times Corporate Housing Gains Momentum As Realty Shows Signs Of Revival With the realty market showing signs of recovery, corporate housing projects by big realtors have started gaining ground across cities such as Gurgaon, Mumbai, Panvel, Alibaug, Pune and Bangalore. Industry experts said that the trend is catching up as companies now seek to offer more amenities to its employees. Mr. Raminder Grover, chief executive officer (Homebay Residential), Jones Lang LaSalle Meghraj (JLLM), said, "There is immense potential for corporate housing, serviced apartments and guest houses in business districts and suburbs of metros. The demand largely stems from the information technology, ITeS, BPO, KPO segments. There is also demand from expatriates, diplomats, traveling executives and tourism." Shapoorji Pallonji has recently acquired 300 acres close to Nippon Denro Ispat plant in Alibaug for residential and commercial development for corporates, according to company sources. Samira Habitat has started constructing two corporate housing projects in Panvel and Alibaug. 14 Nov 2009 The Financial Express Tatas To Take Affordable Houses Outside India Tata Housing Development Company said it has received proposals from governments of Sri Lanka, the Maldives and Nepal to develop integrated cities with affordable housing. "We have received invitations from many overseas governments to build townships with affordable housing," MD and CEO, Mr. Brotin Banerjee said. 14 Nov 2009 Business Standard RIL Considers Entry Into Low-Cost Housing Mr. Mukesh Ambani, chairman of India's largest private sector company, Reliance Industries (RIL), is eyeing the low-cost housing segment. The initiative could be kicked off by 2010. A company official said the company would do large projects and at multiple locations. "Entry of corporate houses like RIL will be good for the market, as it will uplift the real estate sector into an industry. Every business house that enters the sector, be it Godrej, Mahindra, Piramal, Tata and now RIL, will help in making the procedures in the sector more transparent," said Mr. Rajeev Talwar, Group Executive Director, DLF. 19 Nov 2009 rediff.com Brigade Forays Into Affordable Housing Segment Another addition to the long list of real estate developers jumping into the affordable segment is Brigade Enterprises. The Bangalore-based realtor has announced the launch of Brigade Value Homes. The company is coming up with four projects simultaneously - one each in north, south, east and west Bangalore. Although the realtor is looking to build around 10,000 affordable homes in these four locations, bookings would be initially available for 2,500 of these with prices ranging from Rs 10 lakh to Rs 26 lakh. The company will open the booking for the initial 2,500 flats from November 20 and until December 6. 18 Nov 2009 google.com Real Estate Activity Along Expressways To Happen Soon Road transport and highways secretary, Mr. Brahm Dutt has asked real estate developers to look at the feasibility of allowing land development to cross subsidize the cost of building the expressways. The cabinet committee on economic affairs has so far approved the construction of some 1,000 km of expressways at an estimated cost of Rs 16,680 crore. These expressways would be access-controlled, six-to eight-lane roads connecting Vadodara-Mumbai, Bangalore-Chennai, Delhi-Meerut and Kolkata-Dhanbad. Mr. Dutt said that given the high costs of building the expressways, "Real estate along expressways should be fully exploited." He also said that the government was looking at several models of land development. At present, the National Highway Authority of India, or NHAI, does not allow the commercial exploitation of land along highways. 17 Nov 2009 livemint.com Mahindra Lifespace In Mauritius Race The real estate arm of the Mahindra & Mahindra Group, Mahindra Lifespace Developers has been shortlisted by the Mauritius Government to develop an absolutely new city on the island, a top company official said. "The Mauritius Government is looking at building a new city and we are one of the corporates selected for the project," MLDL's managing director and CEO, Ms Anita Arjundas said. On other projects, Ms Arjundas said the company was also coming up with three affordable housing projects, but did not reveal their locations. 17 Nov 2009 DNA | ||||||||||
