The government's Budget announcements providing tax holiday for data centres, setting up of city economic regions (CERs) and funding to improve infrastructure in Tier-II and -III cities may give an indirect boost to India's realty sector, said industry executives.
Interest in green living is rising, with clean air and open spaces becoming key selling points for residential projects, particularly as Indian cities struggle with deteriorating air quality.
Unable to pay for the largest ever land deal in India, valued at Rs 5,006 crore, realty player BPTP Ltd has applied for surrendering it to the New Okhla Industrial Development Authority. "Following the UP government policy announcement, BPTP has made an application to the Noida authority for (the) surrender of (the) plot and is awaiting NOIDA's decision," BPTP Ltd Director Sudhanshu Tripathi said in a statement in New Delhi.
Real estate developer BPTP Group has won the right to develop 94 acres of commercial land at Noida for Rs 5,006 crore. Country's largest realty company DLF and Omaxe were the other contenders. BPTP's winning bid was nearly 70 per cent more than the reserve price of Rs 2960 crore for the land parcel. The commercial complex at Noida will cater to the shoppers living along and commuting via the expressway. BPTP recently bought a 30 acres plot at Hyderabad for about Rs 666 crore.
Realty major DLF's chairman Rajiv Singh remains the wealthiest Indian real estate entrepreneur with a wealth of Rs 59,030 crore, according to GROHE-HURUN India. With a wealth of Rs 42,270 crore, Mangal Prabhat Lodha and his family of Mumbai-based Macrotech Developers (Lodha Group) is at the second position. Arjun Menda & family of Bengaluru-based RMZ Corp debuted at the third position on the list, with a wealth of Rs 37,000 crore.
A police official said prima facie, it appears that the shuttering was hit by a tractor-trolley carrying construction material, which led to the incident but the cause is yet to be ascertained.
Citigroup Property Investors has invested Rs 640 crore (Rs 6.4 billion) in four special economic zones (SEZs) being developed by the Delhi-based property developer BPTP, picking up a 40 per cent stake in the special purpose vehicle. BPTP is developing a 25 acre SEZ in Noida, 100 acre SEZ in Greater Noida, 54 acre SEZ in Faridabad and 27 acre SEZ in Gurgaon, with a total saleable space of 20 million square feet. The company has 10 ongoing projects spread across 34.66 mn sq ft.
"The school has killed me," he said in the note, found after the suicide on Thursday night, police said, adding they have registered a case of abetment of suicide against the headmistress and school management.
The turmoil in the global financial markets has cast its shadow on India's largest real estate deal. Delhi-based developer BPTP Ltd, which was banking on overseas institutions to fund the acquisition of 94 acres of prime land at Noida for Rs 5,006 crore, has sought an extension to pay the first instalment of the money.
Kabul Chawla's company in India is facing the ire of consumers.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
Realty prices may go up by anything between 10 to 15 per cent in the next six to nine months, with demand exceeding supply, real estate developers said on Friday.
A slew of real estate companies, like DLF, Omaxe, BPTP and Avnija Properties (Dalmia Cement), and large corporations like telecom bigwig AT&T, Sterlite, Videocon, JSW Power, Hinduja's HTMT, Moser Baer Infrastructure, Ispat Industries Ltd and a Sam Pitroda-owned company are among the 25 companies whose applications will not be immediately processed by the Department of Telecommunications (DoT) for awarding mobile licences.
Real estate companies are now going to the other extreme and falling over each other to offer affordable housing at a price range of Rs 500,000 to Rs 50 lakhs (Rs 5 million). The varied pricing is a function of affordability being a relative term, depending on the location. For instance, a Rs 50- lakh (Rs 5-million) apartment in Mumbai is considered affordable housing. In a city like Nagpur, the same price will qualify for premium housing.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
Builders were questioned on unfair trade practices.
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