Indian real estate news

Concorde Group advises on optimal use of small housing space
June 27, 2014

Concorde Group advises on optimal use of small housing space 27-June-2014 Supryia Sunil, CEO - Interiors, Concorde Group, believes that large-size furniture hampers the possibility of optimizing space. “Geometry is god.” Right use of colours, wall patterns and lighting can go a long way to improve the ambience at home. Strategic use of mirrors can help personalize living space. In addition, flooring can also increase the intimacy quotient of a home. “Consider carpeting rather than hardwood floors or tiles”, suggests Sunil.... Mumbai port trust suggests ways to monetise 1,800 acre plot 27-June-2014 On the 142nd Foundation Day of Mumbai Port,…

FIR against Hiranandani for forced eviction of Powai residents
June 26, 2014

FIR against Hiranandani for forced eviction of Powai residents 26-June-2014 The Bombay High Court has directed the Mumbai Police to file an FIR against co-founder and MD of Hiranandani Developers, Niranjan Hiranandani. This is being done on the basis of a complaint filed by a 28-year old woman, who alleged that Hiranadani has commissioned the forced eviction of the residents of Jai Bhim Nagar, Powai. She has also pressed charges of criminal conspiracy against the real estate tycoon.... Canada Pension Plan Investment board positive about Indian realty market 26-June-2014 Lately, the Canada Pension Plan Investment board (CPPIB) has been proactively…

India sees slight improvement in real estate transparency
June 26, 2014

India sees slight improvement in real estate transparency 25-June-2014 The eighth Global Real Estate Transparency Index by JLL, which covered 102 property markets across the world, proved that the Indian realty market has taken tiny steps towards improving the transparency parameter. The improvement in transparency has been noticed primarily in the last two years, and the credit for this can be given to advancement in accessibility of market data.... NCPA to oppose Centre’s move to acquire Homi Bhabha’s Bungalow 25-June-2014 The National Centre of Performing Arts (NCPA) plans to oppose the Government of India’s move to convert Dr. Homi Bhabha’s…

Revised circle rates to be implemented in Noida from August 1
June 24, 2014

Revised circle rates to be implemented in Noida from August 1 24-June-2014 Land in New Okhla Industrial Development Authority (Noida) is set to become more expensive from August 1, 2014. That’s the day when the revised circle rates will get implemented, announced the UP stamp and registry department. Officials stated that the circle rates will rise by 15 – 20 per cent. Last year, the rates were upped by 20 – 35 per cent.... Lack of quality retail spaces leave global retailers in quandary 24-June-2014 “Demand for quality mall space is soaring with international brands posting a healthy jump in…

Iconic Mumbai skyscrapers in legal throes
June 23, 2014

Iconic Mumbai skyscrapers in legal throes 23-June-2014 The mid-segment Campa Cola project of Mumbai is not the only one at loggerheads with the laws of the land. It is believed that 40 per cent of the projects in the City of Dreams do not possess occupation certificates from the concerned authorities. Some of these controversial projects have big names attached to it, such as Hiranandani, Shree Ram Urban Infrastructure and the Kohinoor Group.... Punjab Bureau of Investment Promotion clears 52 projects worth Rs. 5,180 crore 23-June-2014 The state government announced that Punjab Bureau of Investment Promotion (PBIP) cleared 52 projects…

SEBI pitches for tax clarity on REITs
June 23, 2014

SEBI pitches for tax clarity on REITs 21-June-2014 The Securities and Exchange Board of India (SEBI) has taken up the issue of taxation for Real Estate Investment Trusts (REITs). The market regulator has even sought clarity on taxation of Foreign Institutional Investments (FIIs) in infra corporate bonds. U K Sinha, SEBI chairman, quoted, “We have come out with a discussion paper on Real Estate Investment Trust…Our rules are ready, we have taken up with the government that these must be given a pass-through certificate status so far as tax status is concerned”.... Oberoi-Marriott to build luxury homes in Mumbai slum…

Global firms investing in Indian office space
June 19, 2014

Global firms investing in Indian office space 19-June-2014 The Indian commercial property market is witnessing high demand among global companies, thanks to the badly performing currency. The largest realty investor in the world, Blackstone Group, is leading the band of investors as commercial property rents continue at a three-year low. The Xander Group and the APG Asset Management are increasing their office assets in India due to similar reasons.... Construction industry of South India reeling under building material price hike 19-June-2014 The realty markets of the South are currently in the midst of a huge crisis – there has been…

Xander to buy Tata Realty’s commercial space
June 19, 2014

Xander to buy Tata Realty’s commercial space 18-June-2014 Xander Group Inc, global financial services firm, is to purchase Infinity Technology Park currently owned by Tata Realty and Infrastructure in the Mumbai suburbs. The park is a 7.8 lakh square feet commercial space which Xander will procure for approximately Rs 650 crore. The deal showcases renewed interest by PE funds to develop commercial realty assets in India since it facilitates annuity returns for long and with minimal risks.... Mumbai real estate to witness 15 per cent price hike: JLL 18-June-2014 Ramesh Nair, chief operating officer, JLL India, said that the Mumbai…

How will property privatization in the capital help?
June 17, 2014

How will property privatization in the capital help? 17-June-2014 What if Narendra Modi decides to privatize properties on the roads named after Mughal emperors? Instead of putting the land of sale, there can be a government-appointed contractor responsible for developing these plots, building high rises according to stringent rules while maintaining high aesthetic standards. Subsequently, the properties can be sold directly to home buyers. What would happen then? Read on.... NCR house owners might be barred from applying for DDA flats 17-June-2014 Under a new housing scheme 2014, those who own a house in the National Capital Region (NCR) –…

KPMG to lend a hand in largest office space absorption in India
June 16, 2014

KPMG to lend a hand in largest office space absorption in India 16-June-2014 KPMG intends to lease over seven lakh sq ft of office space in Bangalore, as it plans to hire 10,000 people in the next four years. This is the largest office space absorption in India till date. According to a report by Cushman & Wakefield, the net office space absorption of consultancy firms was about 4.98 lakh sq ft in the first quarter. This was 8 per cent of the total absorption in the country.... NRIs can buy and sell property but cannot repatriate 15-June-2014 While there…

Wealthy Indians invest heavily in realty: Knight Franks Research
June 15, 2014

Wealthy Indians invest heavily in realty: Knight Franks Research 13-June-2014 While the global average is 24 per cent, India sees 44 per cent of super-rich Indians investing almost half their wealth in real estate. Co-Founder – Director, Metis Family Office Services, Balamurugan, believes that the general belief that prices of realty will never fall lead wealthy Indians to invest more and more in the sector. He elaborated that property has always been used as collateral in securing loans, thereby, making it a wise investment.... National Buildings Construction Corporation (NBCC) highly optimistic about Modi’s realty plans 13-June-2014 Anoop Kumar Mittal, Chairman…

Corporators reject BMC’s property tax calculation formula
June 12, 2014

Corporators reject BMC’s property tax calculation formula 12-June-2014 At the standing committee meeting of Brihanmumbai Municipal Corporation (BMC), corporators have rejected the new formula for calculating property tax. The new formula is built-up area (BUA) of the property multiplied by Ready Reckoner Rate (RRR). The corporation claims that this system of calculation brought some parity in tax payments. However, property owners complain of lack of transparency and glitches in calculation and collection.... Brookfield to acquire Unitech subsidiary for over Rs 2,000 crore 12-June-2014 In an effort to reduce its debt, Unitech Corporate Park (UCP) has entered into an agreement with…

Karnataka Government to boost developmental rights of property owners
June 11, 2014

Karnataka Government to boost developmental rights of property owners 11-June-2014 In order to popularize the Transfer of Development Rights (TDR) scheme, the Karnataka government is boosting the development rights of property owners from 1.5 times the estimated land value to approximately 2.5 times. This was announced by the Urban Development Minister, Vinay Kumar Sorake. He emphasized that this would encourage property owners to partake in ‘development’ via the TDR scheme.... Custodian of Enemy Property seals under-construction building in Bandra 11-June-2014 Jay Construction’s Chapel Road building was sealed by the Custodian of Enemy Property (CEP) as the agency found the plot…

National Green Tribunal forbids Noida Authority from handing completion certificates
June 10, 2014

National Green Tribunal forbids Noida Authority from handing completion certificates 10-June-2014 Over 30,000 houses have been completed in Noida. However, builders are unable to handover the completion certificates to buyers. This is due to the orders of the National Green Tribunal, which has forbidden the Noida Authority from dispensing completion certificates to all building projects which fall within a radius of 10-kilometre of the Okhla bird sanctuary. Developers say that they have had to face a loss of Rs 1,000 crore in the last seven months due to the order.... Property registrations on a steady decline in the South despite…

Stocks of Phoenix Mills Particularly on an upward trend
June 9, 2014

Stocks of Phoenix Mills Particularly on an upward trend 09-June-2014 While real estate stocks have been witnessing an upward trend since Modi’s election to the PM’s post, stock of mall developer Phoenix Mills have been specially bullish. Since the developer has footprints in several metros, it has strengthened its sales by increasing its rental income from retail malls as well as hiking prices in residential properties. Rentals of office and retail spaces will increase hereon, therefore, for investors with long-term outlook, Phoenix stocks will stand in good stead.... Developers seek government’s help for affordable housing 09-June-2014 The dream to achieve…

Metro to Change the Face of Realty in Mumbai
June 6, 2014

Metro to Change the Face of Realty in Mumbai 06-June-2014 The transformation that Delhi witnessed with the implementation of the metro, Mumbai is at the threshold of seeing something very similar. It is expected that the metro will transform the Versova Andheri-Ghatkopar (VAG) corridor’s transportation and real estate scape. While the VAG corridor promises improved connectivity between the East and West part of the city, it is believed to have far wider impact on the realty market.... Improved Consumer Sentiments Will Impact Media Spends 06-June-2014 With the Modi-led government in the Centre, consumer sentiments have witnessed a massive surge. The…

Tata Housing To Invest Rs 3,000 Crore in Land Acquisition
June 5, 2014

Tata Housing To Invest Rs 3,000 Crore in Land Acquisition 05-June-2014 Tata Group’s real estate arm, Tata Housing, has plans of investing Rs 3,000 crore in land acquisition across major cities in FY 2014. Brotin Banerjee, MD & CEO, Tata Housing, has stated that this year will be crucial for them and that they will be spending almost 60 per cent more acquiring land and joint development agreements. He said that most of these will be financed via internal accruals.... Pune Municipal Corporation Collects Rs 400 Crore as Property Tax in Two Months 05-June-2014 There was a rush to pay…

Gulshan Homz organizes health camps
June 4, 2014

Gulshan Homz organizes health camps 04-June-2014 Social service being an intrinsic part of the company’s value system, Gulshan Homz has organized health camps. The developer, who caters to the luxury segment, has conducted a series of health sessions exclusively for construction site workers of Gulshan Vivante in Sector 137 and Gulshan Ikebana in Sector 143. Both these residential projects of the company are based in Noida.... HUDCO Seizes Flagship Company of Vikram Bakshi 04-June-2014 Vikram Bakshi’s Ascot Hotels & Resorts was unable to repay Rs 80 crore loan to the Housing and Urban Development Corporation (HUDCO). Due to which HUDCO…