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TOP STORIES
After CWG, Pune Demands Probe In Commonwealth Youth Games 1 comment, 0 new
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SMAM Goofed Up At Pune Youth Games Too 0 comments, 0 new
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Crossed Rs 30,000 Crore Budget Now, Rs 40 Crore Blimp For Commonwealth Games 0 comments, 0 new
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Livid Gill Tells CWG Boss Fennell To Get Champs Not An Army Of Officials 0 comments, 0 new
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Secrecy,Evictions,Ga lloping Costs,Fund Diversion & Sheer Illegalities-The Dirty Truth About CWG 0 comments, 0 new
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Real Estate
Realtors Happy Over Tax Exemption On Housing Loan Interest
By ugesh sarkar, Section Real Estate
Posted on Tue Aug 31, 2010 at 11:54:06 PM EST
Realty firms and consultants have expressed satisfaction on the proposal to retain income tax exemption on interest up to Rs 1.5 lakh a year on housing loan, but said the government needs to enhance the limit. sentiment in the market," said Anuj Puri, country head, Jones Lang LaSalle Meghraj (JLLM).
He said the move will not dishearten the low and mid-income group from going ahead with their buying decisions.
The first draft of Direct Tax Code (DTC) was silent on exemption on interest paid on housing loans. However, after adverse feedback from
"It is a very good thing that the government has retained the exemption. It will have a feel-good various quarter, the second draft proposed to retain this exemption, which is also incorporated in the bill.
Commenting on the development, the country's largest realty firm DLF Group executive director Rajeev Talwar said: "It is good that the exemption has been retained. However, the industry was expecting enhancement of the limit.
"I think, in future the government has to consider increasing the limit to include more people in the bracket."
Source: Realty Plus Realtors happy over tax exemption on housing loan interest
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DB Realty To Sell 20% in Bandra Project To Private Equity
By ugesh sarkar, Section Real Estate
Posted on Mon Aug 30, 2010 at 11:58:58 PM EST
DB Realty, India's third-largest realtor by market capitalisation, is in talks with private equity firms for selling 20 per cent stake in its Bandra Government Colony project, according to a report published in DNA.
"They are looking at raising Rs 1,200 crore by selling about 20 per cent stake in the project. They are first talking to their existing investors like IL&FS, which has a stake at the parent level," sources were quoted as saying in the report.
DB Realty will reconstruct the government residential buildings and hand over the constructed building to them and balance 11 acres would belong to the company as their saleable component.
The project is expected to be completed in five years. DB Realty has to pay around Rs 800 crore when signing the execution agreement document in the next few months. It paid Rs 25 crore as security deposit after winning the project.
Source: Realty Plus DB Realty to sell 20% in Bandra project to private equity
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Buyer Can Opt Out Of Housing Project If Possession Is Delayed
By ugesh sarkar, Section Real Estate
Posted on Sun Aug 29, 2010 at 01:38:05 AM EST
A buyer is entitled to opt out of a housing project if there is delay in delivery of possession of the house by the real estate developers, the National Consumer Commission has held.
The commission said that the buyer is also entitled to refund of entire money with reasonable interest and any deduction on the said amount is unjustified.
"The petitioner was fully justified in opting out of the (hire-purchase) scheme and demanding refund of the money that she had paid along with interest," it said.
The commission passed the order on a petition of Agra resident Indira Gupta seeking quashing of Uttar Pradesh state commission direction to deduct 20% from the amount to be refunded to the complainant by the Agra Development Authority.
"We direct that Rs66,000 along with 15% interest be paid to Gupta by the authority, as ordered by the District Forum, within six weeks along with Rs2,000 as cost of litigation," the commission bench headed by president justice Ashok Bhan said.
"The fact that the authority had erred in not giving the possession of the house to Gupta as envisaged under the scheme and in the absence of any rules and regulations by which 20% could be deducted from the refunded amount, we are unable to uphold the order of the state commission and therefore set it aside," the commission said.
Source: www.dnaindia.com Buyer Can Opt Out Of Housing Project If Possession Is Delayed
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Piramal Health's Realty Ideas On Thane Land
By Sindhiya, Section Real Estate
Posted on Fri Aug 27, 2010 at 12:14:31 AM EST
Piramal Healthcare, in a bid to give a push to its realty business, has put on the block 40 acres of prime land which houses a manufacturing plant in Thane. The company may go in for residential development or develop business hub to take advantage of the boom in Thane's realty.
According to a report published in Business Standard, the company had offered a voluntary retirement scheme (VRS) to the 106 employees, indicating the last date of their service would be September 30. So far, only 36 have responded; the others have launched an agitation against the VRS and the closure plan.
Company employees said the company management has already indicated it was not keen to continue operation of the plant, which produces Vitamin A. However, the company needs the civic body's approval for change of use of land from industrial to residential.
The group has stakes in Sunteck Piramal Realty, which is developing projects in the Bandra Kural Complex and some other places in Mumbai. The group has a real estate fund called Indiareit which manages funds worth Rs 1,900 crore, two domestic and one international. Recently it raised Rs 400 crore for its new fund.
Piramal Healthcare's move comes at a time when Raymond, which has closed its textile unit situated nearer to the former's plant in Thane, has declared its plan of realty development on 126 acres of land. Raymond is currently engaged in negotiations with the Maharashtra government and the Thane civic body over the payment of adequate package to its 1,885 employees.
Source: Realty Plus Piramal Health's realty ideas on Thane land
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Omkar Realtors Secures Rs 550 Crore For Two Projects
By ugesh sarkar, Section Real Estate
Posted on Fri Aug 27, 2010 at 12:03:04 AM EST
Realty group Omkar Realtors & Developers, which has just achieved financial closure worth Rs 550 crore for its two upcoming projects in Malad and Worli in the city, has announced plans to raise about Rs 200 crore through private equity in the next two-three months.
The realty player has secured this fund from a private sector and two public sector banks, Omkar group chief financial officer Manoj Paliwal said in a press release.
"We have been seeing tremendous growth opportunities over the last few years and hence are building more capacities to sustain this growth," Paliwal said, adding the group is also looking at raising Rs 150-200 crore through private equity.
Kotak Investment Banking is the merchant banker to the deal and the deal will close in two-three months. Omkar is also looking at project stake sale at special purpose vehicle level.
Omkar is currently developing a land bank worth 10 million sqft and plans to launch six-seven projects within the next six months. The company is currently developing projects having an area of about 10 million sq ft in and around the city.
Source: Realty Plus Omkar Realtors secures Rs 550 crore for two projects
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Builders Selectively Return To Launch Projects, Buy Land In Small Cities
By ugesh sarkar, Section Real Estate
Posted on Thu Aug 26, 2010 at 03:00:45 AM EST
Developers are buying property in cities where prices are low and distressed assets are easily available
Realty firms are returning to small cities to develop the land parcels they had bought during the property boom of 2005-07, when many aspired to grow into pan-India players.
Those ambitions are back. Realty firms are again developing and buying land in small cities or towns and entering new markets, after having spent most of the downturn trying to keep a grip on their big city projects.
The country's second largest developer by market value, Unitech Ltd, for instance, is considering launching projects--mainly in affordable housing--in cities such as Hyderabad where it already owns land, a company spokesman said in an email.
More than 40% of Unitech's projects are in the Delhi-National Capital Region (NCR), though it is also present in Kolkata, Chennai, Bangalore and Mumbai.
Credit Suisse Group AG says in a 5 July report the Indian property market will likely be driven by volumes and not prices, and a developer who can churn land faster by selling at affordable prices will be able to generate better returns.
Source: Live Mint By Madhurima Nandy & Devesh Chandra Srivastava Builders Selectively Return To Launch Projects, Buy Land In Small Cities
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US Property Sales Drop Spreading Concern That Economic Recovery Is Slowing
By ugesh sarkar, Section Real Estate
Posted on Thu Aug 26, 2010 at 01:13:36 AM EST
Residential property sales in the US plummeted in July, falling 27.2 per cent from the previous month, the latest figures show. Sales fell to 3.83 million, the lowest level since the National Association of Realtors (NAR) began publishing its report in 1999.
They were widely expected to fall in the wake of the ending of the homebuyer tax credit on April 30 which is widely regarded as having boosted sales, but few expected such a dramatic fall.
The news will increase fears that the US is heading for a double dip in its real estate market and the fact that sales decreased in each region of the country during the month will add to this.
The latest report from the NAR also shows that sales of distressed properties now account for about a third of all sales, some 32 per cent. Single family home sales, which account for the majority of sales, fell 27.1 per cent to 3.37 million, the lowest rate since 1985.
Lawrence Yun, chief economist at NAR, expects the trend to continue for some time. "Buyers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September," said Yun.
Source: Realty Plus US property sales drop spreading concern that economic recovery is slowing
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Realty Remains A Dirty Word For Regulators
By ugesh sarkar, Section Real Estate
Posted on Thu Aug 26, 2010 at 01:07:58 AM EST
Many feel the fluctuating market prices in real estate does not ensure stability required in banking space.
The year is 2007. The Indian stock market is in the midst of a great bull run. Indiabulls, a prominent name in the financial services arena, applies for a licence for mutual fund operations. Cut to 2008. HDIL Constructions and Kumar Housing Corporation apply to the Securities and Exchange Board of India (Sebi) for launching real estate mutual funds.
There are two common threads joining the above-mentioned applicants. First, all three entities have a significant exposure to real estate. Second, all three applications are still "under process" with the market regulator.
While much time has passed since the applications were made, it seems that regulatory concerns related to two words -- real estate -- continue to get stronger. More importantly, Sebi is not alone in having such apprehensions.
Only early this month, when the Reserve Bank of India (RBI) released a discussion paper on allowing private players in the banking space, the central bank's reluctance to permit real estate players in the space was most conspicuous.
Source: Realty Plus Realty remains a dirty word for regulators
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Foreigners May Get To Set Up Limited Liability Partnerships(LLPs) In Sectors Open To FDI
By ugesh sarkar, Section Real Estate
Posted on Tue Aug 24, 2010 at 10:22:44 PM EST
The government may soon allow foreigners to set up limited liability partnerships in sectors where 100% foreign investment is allowed, taking a decisive step after much flip-flop over funding guidelines for this form of business organisation, favoured globally for its flexibility.
The department of industrial policy and promotion (DIPP), the nodal agency for foreign investment policy, has written to the finance ministry giving the broad contours of the proposed foreign investment framework for LLPs. It has suggested that foreign investment be allowed in LLPs with prior approval.
"This will give foreign investors flexibility to operate in a simpler environment with minimal compliances and yet be tax efficient," said Akash Gupt, executive director of consulting firm PwC.
LLPs share many of its features with normal partnerships, but partners will have reduced personal responsibility for its business debts as the partnership itself is responsible for such liabilities.
A discussion paper is expected to be put up in public domain soon, said a government official privy to the discussions. This would be third in the series of discussion papers released by the DIPP. The earlier ones were on foreign investment in defence production and multi-brand retail.
Source: Economic Times By DEEPSHIKHA SIKARWAR Foreigners may get to set up LLPs in sectors open to FDI
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Realty Check! FDI Grows 80 Times In 5 Years
By akansha, Section Real Estate
Posted on Sun Aug 22, 2010 at 01:24:56 AM EST
 It's not Indians alone who are monitoring the real estate market here. More and more money is being pumped into India's housing sector from abroad. And this, despite the recent downturn. Foreign direct investment (FDI) in India's booming real estate and housing market jumped 80 times between 2005 and 2010.
Figures obtained by TOI show that in 2005, FDI in real estate was a mere Rs 171 crore. That soared to Rs 13,586 crore in 2009-10. In April and May this year, Rs 737 crore in FDI was pumped into the sector.
It is no surprise that the largest number of building projects where FDI is in play are in the country's commercial capital, Mumbai. Of the total 1,614 projects in which foreign investors have put in money since 2005, 422 were cleared by the Reserve Bank of India's Mumbai office, followed closely by 316 in Delhi. Other big cities like Bangalore (225 projects), Hyderabad (105 projects) and Chennai (68 projects) also enjoyed considerable attention of foreign real estate developers.
Interestingly, given the booming property market across the country, FDIs are not confined to metros and big cities alone. Thus since 2005, various real estate projects have been given a green signal by RBI's offices in Bhopal, Kanpur, Kochi, Jaipur and Panaji, amongst other places. The largest FDI in the last five years remains in the construction of a technology park at Bandra Kurla Complex in Mumbai. In this case, $372 million has been brought in through a foreign collaborator based in Mauritius.
Source: Times Of India By Kartikeya Realty check! FDI grows 80 times in 5 years
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No Interest Rate Hike From Housing Finance Companies (HFCs)
By ugesh sarkar, Section Real Estate
Posted on Sun Aug 22, 2010 at 12:52:25 AM EST
Home loans from housing finance companies (HFCs) are unlikely to see any immediate interest rate hike, even though banks have been raising lending rates for their home loan borrowers.
The National Housing Bank (NHB), regulator for HFCs, said HFCs will not follow in the footsteps of banks immediately.
"There is no real rush on the part of HFCs to raise rates. It will depend on their cost of funds," RV Verma, executive director of NHB, said.
Verma said HFCs are likely to wait and watch the action that banks take on base rates before taking a view on their lending rates.
"Over 50 per cent of HFC funding comes from banks. If banks raise their base rates when they conduct their next round of review, the cost of funds of HFCs will be impacted. That will have a bearing on the decision of most HFCs," he said.
Source: Realty Plus No Interest Rate Hike From Housing Finance Companies (HFCs)
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DB Realty Set To Develop Wadias' Land In Thane
By ugesh sarkar, Section Real Estate
Posted on Sun Aug 22, 2010 at 12:49:59 AM EST
DB Realty, the Shahid Balwa and Vinod Goenka promoted realty company, is all set to undertake joint venture development on a 106-acre Thane plot, Shahid Balwa, managing director, DB Realty, told analysts in a conference call.
Sources close to the development said that DB Realty is acquiring the Botanium Ltd land, which is owned by Wadias, the promoters of Bombay Dyeing.
"Wadias had put the land on block long time back with clear land title and were looking at close to Rs500-600 crore, but DB Realty is paying close to Rs300-400 crore for the joint venture," the source said.
The joint venture ratio could not be ascertained and it is not clear if Wadias would be the joint venture partners. Botanium Ltd is a 94.71 acre industrial land parcel at Ghodbunder road, which earlier had adiwasi (tribal) right and title issue, and Wadias were looking at an outright sale of the property.
DB Realty is acquiring a few acres from a nearby parcel. The project would come up next to the Lodha Group's Casa Royale project.
Source: Realty Plus DB Realty set to develop Wadias' land in Thane
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Right Time To Bargain For A Better Price
By ugesh sarkar, Section Real Estate
Posted on Thu Aug 19, 2010 at 11:35:22 PM EST
The Housing Market has option across all categories- affordable, mid-income and luxury.
The spurt of launches in the real estate market is not news anymore. With new names getting added to the list every month, there's already a supply glut. And, the pertinent question now is whether it makes sense to buy a house at this point.
A report released on 18 August by ICICI Securities Ltd, Real Estate Pulse II, says that under-construction supply in the residential space over eight tier I cities is 213 million sq. ft. Of this, 19.8 million sq. ft is ready to move, says the report, which surveyed the market in June and July. Data provided by property consultants Jones Lang LaSalle shows that at least 122,000 units were launched across seven metro cities between January and June.
The basic law of demand and supply tells us that when supply goes up, the prices should fall. Agrees Anil Sharma, chairman and managing director, Amrapali Group, a Noida-based developer firm: "When there is healthy supply in the market, chances of getting a large discount are high."
The 2008 price shock forced developers to launch projects at realistic prices. However, when the market started recovering towards the end of 2009, developers gradually moved from affordable housing to mid-income housing, according to data available with PropEquity Analytics Pvt. Ltd, a Gurgaon-based property consultancy firm. In fact, in the last six months, the shift has become more pronounced with quite a few launches in the premium and luxury segments.
This, in effect, means that the supply is equally divided across various price points. "A wider range of housing, priced at various levels, is now available in the market," says Samir Chopra, director, REMAX India, a property consultancy firm.
So, does that mean, you can get a better price for the same apartment? In all probability, yes. With adequate options at hand, you just need to make the right moves.
Source: Live Mint By Devesh Chandra Srivastava Right Time To Bargain For A Better Price
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IL&FS Fund May Raise Rs 2k cr Via Realty Exits
By ugesh sarkar, Section Real Estate
Posted on Wed Aug 18, 2010 at 10:50:46 PM EST
IL&FS Investment Managers (IIML), the country's largest private equity fund, is close to exiting at least six of its investments, mainly in the real estate sector by the end of the current fiscal.
The private equity firm, with over $2.8 billion of assets under management, will raise around Rs 1,500-2,000 crore through the exits, which are mainly due to the maturing of the investment horizon, according to vice chairman Shahzaad Dalal. The returns could average 25-30% from the real estate investments that were made about five years ago.
"We hope this is the right time to unlock few of our investments. We have already identified three real estate investments for exit and are evaluating a few more," said Mr Dalal. However, he refused to disclose the name of the companies. This move has come at a time when real estate sector has started looking up and ready to provide better returns on investments.
The private equity arm of Infrastructure Leasing and Financial Services (ILFS) has invested more than $1 billion or Rs 4,600 crore through 41 transactions across the country. It has invested in various projects being developed by leading real estate developers including Ackruti City, QVC Realty, Ansal Township, DB Realty, Suyog Realtors and ETL Infrastructure Services. IIML has invested in these companies through its two real estate funds-IL&FS India Realty Fund I and IL&FS India Realty Fund II with nearly $1.4 billion assets under management.
Further, IIML plans to invest a major portion of its investments in real estate and also exploring fresh opportunities in other sectors like green energy, ports, power infrastructure and agriculture. "We will invest 40% of our total investments in real estate, 20% in infrastructure and remaining in new segments," said Mr Dalal, adding, "We see ample opportunities in India with 8.5 % GDP growth target."
Source: Economic Times By PRADEEP PANDEY IL&FS fund may raise Rs 2k cr via realty exits
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NTC Identifies 108 Acres Of Surplus Land For Sale
By ugesh sarkar, Section Real Estate
Posted on Wed Aug 18, 2010 at 10:44:53 PM EST
The government on Wednesday said National Textile Corporation (NTC) has identified 108 acres of surplus land for sale at an estimated value of Rs 3,990 cr, Parliament was informed today.
"108 acres of surplus land is identified for disposal at an estimated value of Rs 3,990 cr," Minister of State for Textiles Ms Panabaaka Lakshmi said in the Rajya Sabha.
Recently, real estate major Indiabulls Intrastate bagged NTC's 8.3 acres of the defunct Bharat Textile Mills, in the posh Worli area of Mumbai, for a whopping Rs 1,505 cr. The company also bought NTC's 2.3-acre Poddar Mill land for Rs 474 cr, paying almo st double the reserve price of Rs 250 cr.
NTC's 77 unviable mills have been closed under the Industrial Disputes Act and 18 viable mills, which have been modernised, are generating cash profits. The company has surplus land across the country, including Mumbai, Bangalore, Indore, Karnataka and Coimbatore.
Source: www.thehindubusinessline.com NTC identifies 108 acres of surplus land for sale
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