The scope of the certification is focused on 'The Development of Commercial and Residential Complexes'.
Realty sector will witness a rise in salary by 25% in 2008, followed by telecommunications and energy sectors.
Warburg Pincus, the private equity major, is set to enter an equal joint venture with Patu Keswani's Lemon Tree Hotels to get into affordable housing.
The real estate industry today expressed hope that a part of Rs 17,000-crore (Rs 170-billion) worth liquidity infused by RBI into the financial system would flow into the realty sector.
Three sectoral indices -- Realty Index, Oil and Gas Index, and Bankex -- led the sharp fall in stock prices in the last five days, which saw the Bombay Stock Exchange's Sensex suffer its sharpest ever continuous drop. The three indices fell nearly 9 per cent each between January 14 and January 18, 2008. Power, metals, IT, capital goods and consumer goods indices also declined by 5-8 per cent during the week.
As real estate investment trusts (REITs) are set to become a reality in the country, small and medium property developers, who constitute 80 per cent of the total realty industry, can now breathe easy.
Haryana Urban Development Authority had to defer the auction of an eight-acre plot earmarked for a five-star hotel in the city centre as only one bidder turned up on the day of auction. The authorities told that a quorum of three bidders was a must for the auction to take place.
A host of dynamic reforms, policies and announcements during the last five years are expected to reach its logical fruition in the second term, says Ankit Kansal.
Developers announce new projects, vacant land being unlocked
However, Bengaluru is on a high with the share of IT/ITeS in the total office space transaction rising from 55 per cent in 2011 to 75 per cent till May 2012, according to data by DTZ, an international real estate research firm.
Real estate stocks spurted by 6 per cent as news of the Maharashtra Assembly's approval of the proposal to repeal the Urban Land Ceiling and Regulation Act (ULCRA) trickled in. The BSE Realty Index shot up by 1.54 per cent or 154 points to end the day at 10,223.93 points.
Housing finance leader HDFC's bid to cash in on India's booming real estate got a boost with the government on Thursday allowing a global realty fund sponsored by it to invest up to $720 million (Rs 3,240 crore) in the country.
Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen & Toubro and Mahindra & Mahindra, Axis Bank and Titan. On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.
Data compiled by NPAsource.com, a portal that focuses on resolution of stressed assets, shows that there are around 2,200 units in the commercial category and nearly 11,000 units in the residential segment funded by banks and other financial institutions and valued at over Rs 7,700 crore, which have turned NPAs and are on the block.
Listed Mumbai developers are battling higher inventory levels.
Permitting realty firms to tap ECBs, relaxing borrowing norms for non-banking finance companies, increasing the ECB limit 50 per cent to $750 million under the automatic route (that is, without central bank permission) and raising the price ceiling at which overseas loans can be raised are among proposals the committee is considering. For realty, the committee may relax norms only for integrated township projects, said a top finance ministry official.
Properties located between Santa Cruz and Andheri in north west Mumbai are currently available at Rs 50,000 to Rs 100,000 per square feet, while in Dubai luxurious, fully furnished, properties are available at Rs 34,000 to Rs 60,000 per square feet of carpet area in the best locations.
Calling upon the automobile manufacturers, realty firms and airlines to reduce prices, Finance Minister P Chidambaram on Tuesday promised to consider excise duty cut for the sectors which are facing the heat of global financial meltdown.
India's booming real estate sector might feel the pinch after RBI's decision to hike short-term interest rates, as a possible shift in bank lending away from the sector as well as an imminent hike in home loan rates could spoil the realty party.
Private equity (PE) investments in real estate sector fell 32 per cent to $4.3 billion in the last fiscal year mainly due to the COVID-19 pandemic, according to property consultant Anarock. PE investments in real estate stood at $6.3 billion in the 2020-21 financial year. According to Anarock Capital's FY22 year-end edition of its FLUX report, PE inflows in real estate were $5.1 billion in FY'20, $5.6 billion in FY'19 and $5.4 billion in 2017-18 fiscal. The consultant attributed the fall in PE investments in real estate to the second wave of the COVID-19, leading to multiple lockdowns in various parts of the country.
The fund is to invest in income generating assets such as malls, office complexes among others.
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
Nondescript Bhiwani and Mahendragarh in Haryana, recently named part of the NCR, are likely to see developers queueing up soon and investors betting big on the new hubs.
However, the board of approval in the commerce ministry asked the DLF to return all the tax sops it had taken from the Centre before its SEZs in Gujarat, West Bengal, Orissa and Haryana could be denotified. The BoA, headed by commerce secretary G K Pillai, also allowed more time to the K Raheja group to build its tax-free zones in Goa, Hyderabad and Navi Mumbai, an official said.
The total number of private equity transactions so far in 2012 is 23, marginally lower when compared to same period last year.
Equinox plans to launch 1.4 million sq ft residential project in Bengaluru in the last quarter of calender year 2011 and a one-million housing project in Thane near Mumbai in the next one year.
US private equity firm Blackstone Group LP and Indian developer Panchshil Realty are close to buying a majority stake in an office tower in Mumbai for about Rs 900 crore (Rs 9 billion), two sources with direct knowledge of the matter said.
'The government has just scratched the tip of the surface with the recent announcement. They are not realising the gravity of the situation.'
According to some foreign brokerages, reality isn't so bad. While high inflation and interest rates coupled with corporate governance issues may act as a negative overhang for the sector, valuations look attractive now.
Projects in Delhi-NCR, delayed by a much as 6-7 years
The NSE Nifty ended at 2771, down 78 points. The market breadth was fairly negative -- out of 2,503 stocks traded, 1,712 declined, 688 advanced and the rest are unchanged.
Association points out that over 40 clearances from various agencies are required for real estate projects.
Even as demand in the real estate market remains sluggish, Delhi and Mumbai have recoded property price appreciation of 33.3 per cent and 22.65 per cent, respectively.
The NSE Nifty ended at 4,291, down 100 points. The BSE Realty index was the major loser and plunged nearly 7.5% to end at 3,207.
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