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Realtors In South Say No To Price Hike Unlike the usual trend, where developers are running to increase prices, real estate developers in south India appear to be in no mood to raise prices. A cross section of leading construction firms say that after the downturn, demand has just started picking up and they want to cash in by pushing up the volume. "We cannot afford to drive away customers when the demand is there," said Mr. T Chitty Babu, chairman and CEO, Akshaya Pvt Ltd, one of the key realty players in Chennai. Most of the realtors in the South say their first priority will be to clear out the inventory at the prevailing price. 27 Oct 2009 The Financial Express The Coast Is Clear For DDA Allotments With the Delhi police ruling out tampering of software used in the draw of lots, the Delhi Development Authority said that it would start issuing allotment letters under its controversial "Housing Scheme-2008" in November. DDA said that the Economic Offences Wing of the Delhi police had not found any irregularities in the process of draw of lots or connivance of any of its serving officials. "The EOW report based its findings on allegations of rigging of the software and certain other irregularities. The report comprising the EOW findings and software reports from GEQD Hyderabad and Centre for Development of Advanced Computing does not indicate any connivance or favouritism by any serving DDA official or those connected with the draw," said a DDA spokesperson. 30 Oct 2009 The Hindu FIR Against Unitech's Noida Project An FIR registered by the Economic Offences Wing (EOW) of Delhi Police has alleged that Unitech sold its apartments in the Grande project in Noida in 2007 without getting the requisite layout and building plan sanctioned. The developer had bought the land, in June 2006, from the Noida Authority in an auction to build a township. The Authority sanctioned the layout plan in 2008 and the building plan for the project is yet to be cleared. The developer in its response said it had submitted the plans to the Noida Authority in January 2007. EOW lodged the FIR after receiving a complaint from one Mr. Om Arora, an apartment buyer. He claimed that an RTI reply from the Authority in May 2009 says the company had not received the sanction for building plan. Mr. Arora had alleged that the developer refused to pay back the amount when he asked for it. 26 Oct 2009 indianrealtynews.com Mixed Response Received By Changes In Provisioning Norms For Realty Reserve Bank of India's (RBI) initiative to increase the statutory liquidity ratio (SLR) and increase the provisioning norms for advances to the commercial realty sector evoked both positive and negative sentiments of builders and international property consultants. While some industry professionals said the increase in provisioning norms could hamper funding to the sector and force banks to raise interest rates, others felt the step was a corrective measure to prevent oversupply. Provisioning means the risk ratio capital kept aside by lenders in anticipation of future defaults by real estate companies. 28 Oct 2009 The Financial Express Orbit's Sale Volumes Up Significantly Orbit Corporation said it sold 62,650 sq ft in the July-September period as against only 9,599 sq ft in the same period last year, a whopping 550% increase. 29 Oct 2009 google.com Sobha Developers Q2 Net Profit Dips Sobha Developers Limited announced its financial results for the 2nd Quarter ended September 30, 2009 at its Board meeting held in Bangalore. For the 2nd Quarter ended September 30, 2009, the net profit of the company was Rs 275mn as against Rs 513mn in corresponding quarter of last year. Mr. J C Sharma, Managing Director, Sobha Developers Limited said, "This financial year has started on a good note with real estate sector showing signs of revival and the worst is behind us. During this quarter we have clearly experienced improved volumes. Initiation of innovative marketing measures coupled with introduction of new selling channels have started yielding results which are reflected in the increased sales booking numbers." 30 Oct 2009 indiainfoline.com Puravankara Projects Posts A Profit Of Rs 60 Crore Puravankara Projects announced its Q2 results in which it posted a net profit to Rs 60.86 crore, against Rs 50.47 crore recorded during the corresponding period last year. The company attributed the improved performance to the positive response to projects launched by subsidiary Provident Housing, sale of land and available flats. 29 Oct 2009 The Hindu Business Line Affordable Housing Gets A New Paradigm Tata Housing Development Company Ltd. has come up with ‘New Haven’, a paradigm in the affordable housing segment. This new project, 'New Haven' aims to meet the homebuyers’ full spectrum of lifestyle needs at an affordable price. Its flagship project will be launched at Boisar in Mumbai. It will offer 1,300 apartments including 2 BHK and 3 BHK homes starting at Rs. 12.73 lakh with a minimum size of 670 sq. ft. 30 Oct 2009 indianrealtynews.com Vascon Gets A Rs 200-cr Contract From HDIL Pune-based Vascon Engineers has received a Rs 200-crore contract from Housing Development and Infrastructure Ltd (HDIL), to design and build two million sq ft of commercial space at Kurla in Mumbai. Mr R. Vasudevan, Managing Director, Vascon, said the company would only deliver the shell - the masonry part of the building. All other work such as interiors and fit-outs would be done by HDIL. The total project is to be developed on five million sq ft of which Vascon has been given the go ahead for the first phase, comprising two million sq ft. The commercial project is scheduled for 30 Oct 2009 The Hindu Business Line Over 500 Villas To Be Developed By Ansal Housing And Construction Realtor Ansal Housing and Construction will soon come up with over 500 luxury housing units at Shahpur in Thane District of Maharashtra and expects revenue of Rs 400 crore from the project. It has already started the project, called Ansals Suvarna Villas, on 225 acre in Shahpur. Ansal Suvarna Villas would be developed in phases. The first phase of 25 acres is expected to be complete within two years. 26 Oct 2009 Projects Info Jain Housing To Come Up With A Project For Middle Class Chennai-based Jain Housing and Constructions has floated Jain Estates, a firm for plotted layout sales. The first project under this firm will be in Sriperumbudur, an industrial suburb to the west of Chennai. The 32-acre layout will have 1,200 sq.ft plots and a built-up area of 683 sq.ft or more. The pricing will be around Rs 12 lakh and customers will have the option to buy empty plots as well. 26 Oct 2009 The Hindu Business Line House Hunt: Ahmedabad Tops The Charts According to a recent survey conducted in Indian metros and tier-II cities, buyers in Ahmedabad will purchase the most property in the country, out of the maximum home-seekers across India, in the coming year. As per the survey, 80% of those who responded will be buying homes by the end of 2009, against the national average of 72% for property seekers. The corresponding figures for the other cities in the study were between 62% and 76%. It also revealed that developers in Ahmedabad and Pune expect a greater rise in property transactions. Good infrastructure and strong governance are the two main factors that are attracting outsiders to settle in Ahmedabad. 30 Oct 2009 DNA CNBC Awaaz And CRISIL Join Hands To Award Excellence In Real Estate To reward the excellent performances in the real estate sector, the premier Hindi Channel CNBC AWAAZ and CRISIL, India’s leading ratings company, have joined forces for Real Estate Awards 2009. The elite awards would identify and honour the professionals who have envisioned and created marvels in the real estate industry to create a mark of India's development on the map of the world. It's a gesture to celebrate the magnificent architecture and intricate interiors of Indian industry. 30 Oct 2009 99acres.com | ||||||||||
