Debt overhang, unsold inventory and lacklustre investor interest could force developers to cut prices.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
The minister also announced that the low-cost housing (property up to Rs 20 lakh) segment would be exempted from service tax.
Property consultants also feel that the hike in policy rates would not have any significant impact on the housing sector, which has witnessed a revival in demand for the last one year.
Rentals for commercial complexes fell sharply and the land, developers felt, could be employed for other purposes.
Indian Premier League Commissioner Lalit Modi and title sponsor of the Twenty20 extravaganza DLF have been asked by the Sports Ministry to stop misusing the word India and comply with an Allahabad High Court order. At the centre of the controversy is the 'Building India' tagline in the DLF logo on the bowler's run-up area and the passage leading to the presentation ceremony, where players frequently tread on.
Kolkata Knight Riders skipper Sourav Ganguly has been fined US $40,000, and his teammates US $10,000 each, for maintaining a slow over-rate during the Indian Premier League match against the Delhi Daredevils in Kolkata on Wednesday.
We are very positive on emerging markets, says John Praveen, MD, Prudential Investment Advisors.
This upturn comes soon after an earlier stalling of demand. In February, DLF, the country's largest property developer, said it had stalled construction on 16 million sq ft of commercial space (retail and office) due to lack of demand. So, too, with other developers like Unitech, Parsvnath and Raheja, who either stalled or slowed the construction of their commercial properties because of a demand-supply mismatch.
The government's ambitious highway projects under the public-private partnership mode are in serious trouble. Construction companies have either not put in bids or have withdrawn from 20 such projects, which fall under the build, operate and transfer scheme.
Justice S N Dhingra Commission, which was set up to probe into grant of land licences to some companies including that of Robert Vadra's in Gurgaon during the Congress rule in Haryana, on Thursday sought six weeks more time to submit its report hours before the deadline was to end.
At a recent meeting with Delhi chief secretary Rakesh Mehta besides other Industries department officials, private developers like DLF Commercial Developers Ltd and Consolidate Finvest and Holdings Ltd expressed their inability to invest in the project.
"The premium global smartphone manufacturer bid Rs. 2199 crores, which is a 554 per cent increase over the previous contract. In the upcoming five IPL seasons (2018-2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns," the BCCI said in a statement.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
JM Financial Asset Management (Gurgaon) requires two summer trainees for the managing and empanelment of Distributors.
All the sectoral indices, led by oil and gas, metals realty and banking, were trading in the negative zone.
Sources now believe that the next few months can see more companies raising money through qualified institutional placements and private equity. The success of the Unitech and DLF block deals have encouraged other companies to jump onto the bandwagon.
Indian Industry leaders are elated that the Congress government has returned to power. Here is a wishlist of Cabinet ministers.
Many, including DLF, Suzlon, UB, the Tata and the Aditya Birla Group are selling stake or assets to reduce debt and the strain on their balance sheets. That's because they have been hit either by slowing sales, or have a big exposure to markets in the West where demand has contracted sharply as a result of the economic downturn.
Delhi on Friday got its first liquor outlet at a shopping mall which promises less hassles in buying spirits as compared to that from regular shops.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
Realty major DLF saw the highest increase of over 9 per cent in foreign holdings in the first quarter of this fiscal compared to the previous quarter. According to an analysis of shareholding patterns of Sensex companies for the first quarter, 25 firms among the 30-share benchmark index Sensex saw an increase in their FII holdings in June quarter compared to the previous quarter.
Congress has approached the Election Commission seeking "exemplary punishment" for Prime Minister Narendra Modi over his remarks on a land deal involving Robert Vadra and DLF in Haryana.
The league will showcase 59 matches. Eight franchises will battle over 36 days in South Africa and each franchise will play on a home and away basis with seven matches at home.
Internal assessment follows banks' worries over systemic risks.
Germany's Marcel Siem took the opening honours at the inaugural Avantha Masters by posting an eight-under-par 64 for a single shot lead over Chinese Taipei's Chan Yih-shin on Thursday.
An inspired Jeev Milkha Singh, who recently welcomed the arrival of his newborn son, returns to home soil for this week's inaugural Avantha Masters, promising to put Indian golf firmly on the world map. The two-time Asian Tour number one celebrated the birth of his first child a fortnight ago and believes his son will give him the added motivation when he plays in front of a partisan crowd that's expected to gather at the DLF Golf and Country Club from February 11 to 14.
Battered and bruised by the slowdown, real estate developers have done a mid-course strategy correction and begun to offer low-cost and affordable houses.
Hilton has also hired Mallika Rao Bedi, former head of human resources at Oberoi and Trident Gurugram, as its regional head of human resources (Asia Pacific).
Q3 will be better than the second, say bankers and builders.
7.8 million square feet of mall space is under construction this year, the highest ever since 2011.
The Congress has alleged a Bharatiya Janata Party hand in the land deal controversy in Haryana involving Robert Vadra, alleging that IAS officer Ashok Khemka, who "exposed" the land deal with DLF, is playing into the opposition's hands.
Since last month, the realty (down 23%), auto (down 16%) and finance (down 14%) indices have underperformed the market by falling over 13%, as against 8% decline in the benchmark indices
The Nifty ended down 14 points at 4,458. The market breadth was fairly negative - out of 2,681 stocks traded 1,367 declined while 1,215 advanced.
A majority of big real estate developers in India today said they are insulated from the financial crisis in Dubai and it will not have any impact in the country's property market.
Recently, DLF, the country's largest real estate developer, wrote to buyers of its new housing project in Gurgaon about a cut in apartment prices by 20 per cent. According to the new plan, buyers will get 5 per cent discount over the basic sale price, another 10 per cent as timely-payment rebate and an increase in the compensation rate for delay from Rs 5 per sq ft per month to Rs 10 per sq ft per month.
Real estate majors, who had lined up projects in Punjab to woo non-resident Indians, have put on hold their plans indefinitely with most NRIs no longer keen to invest in these properties.
Real estate loans could become NPAs for banks.
Volatility returned to haunt the Street in the post-lunch session
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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