'...since the pandemic, driven by the worlds of influencers and Bollywood.'
Realty firm Omaxe on Wednesday said it will launch 10,000 low-cost homes in Indore next month, which would be developed at about Rs 1,000 crore (Rs 10 billion).Omaxe would soon launch housing projects at Rs 12-19 lakh at Faridabad, Greater Noida and Ludhiana.
Uttar Pradesh police on Tuesday arrested Shrikant Tyagi, who was recently seen in a viral video assaulting and abusing a woman at Grand Omaxe in Noida's Sector 93 and was on the run ever since.
Uttar Pradesh government officials on Monday morning used a bulldozer to remove encroachment done by absconding politician Shrikant Tyagi outside his Noida residence.
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.
His family thanked the Tyagi Community for its support during their ordeal.
A video has surfaced purportedly showing politician Shrikant Tyagi confessing it was a mistake to assault a woman and calling her his 'sister'.
Shrikant Tyagi has been attending Bharatiya Janata Party events but the party abandoned him since his spat with a woman last week, his wife Anu Tyagi has claimed.
Akruti City, Omaxe, Sobha Developers, among other property developers, are pledging shares with lenders to provide additional security, apart from hypothecating properties to borrow funds, according to information submitted to the stock exchanges. Promoters of Akruti, Omaxe and Sobha have pledged their shares with Indiabulls Financial Services, financiers like Dubai-based BankSarasin & Co and Credit Suisse as a liquid security for loans against properties.
Affordable housing, the most neglected segment of the real estate sector, is now attracting large-scale investments from developers as well as private equity funds.
Omaxe, L&T and Unitech have already applied for the Rs 200-crore (Rs 2 billion) development projects at Udaipur and Amritsar. The work includes commercial operations and maintenance of the airport terminal building, besides development of 46,268 sq metres and 110,308 sq metres of land for city-side development and cargo handling facilities at Udaipur and Amritsar, respectively.
The past appears to have interrupted the future of the New Delhi Railway Station (NDLS). With two protected heritage buildings sitting in the way of the plan to redevelop the railway station, officials in the know say the project may end up back on the drawing board since the National Monuments Authority (NMA), the body tasked with the protection and preservation of monuments and sites, is yet to give its approval. "A nod from NMA is awaited before going into the next phase of bids for the redevelopment of the New Delhi Railway Station," a senior official of the Ministry of Railways told Business Standard. While the Railways ministry is hopeful of getting approvals from the NMA before the end of the current financial year, there is no clarity on this yet.
Listed realty developers saddled with unsold properties worth Rs 1 trillion
Developers could not find the model of affordable housing viable as they used same resources for premium projects and due to rise in cement and steel prices.
Real estate companies betting big on tier II and tier III markets sold more stock than firms focused on metros.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
Promoters of companies which have pledged their shares will be in a bind following the government's mandate that all listed companies must have a minimum 25 per cent public float. Although the government yesterday indicated it was open to a review of this rule, many companies will have to re-work their funding strategy if the norms are not amended.
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.
Most developers charge 18 per cent annual penalty from defaulting customers. Over the past year, many people who had booked a home on installments have lost jobs or taken salary cuts. The past 6-9 months have seen many of them defaulting on payments. "The move to waive penalty on late payment is a smart move. This will provide customers the much-needed cushion at a time when a lot of them may want to back out due to their financial condition," said a real-estate consultant.
Property developers plan more launches in the sub-Rs 20 lakh category of homes, after Monday's Budget concession.
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.
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.
Speculators often leveraged volume discounts on property purchases to re-sell them at prices lower than those available to individual buyers. This created problems for realtors when demand slowed, since it put pressure on them to take a hit on margins and lower prices still further. The lock-ins are expected to be introduced mostly for mid-income projects that offer prices 20 to 30 per cent below the market and, therefore, attract more undercutting from bulk discount buyers.
Adani, Reliance Industries, DLF, Omaxe and Singapore-based Ascendas Group had plans to set up mega multi-product SEZs, with some of them having infrastructure like ports and air-cargo complexes.
Unitech is pinning its hopes on the sub-Rs 5 lakh category of flats to counter the slowdown in the property sector. So are a host of others. Apart from Unitech, others such as Omaxe, Raheja, Tata Housing and Ansal API are planning new projects in the suburbs of satellite towns or smaller cities to target the bottom segment, to generate more cash.
Ace Indian athlete Manjeet Kaur's preparations for the Beijing Olympics received a major boost when a New Delhi-based real estate group handed her Rs 34 lakh to train under an American coach in California. The cheque was presented to the 400 metres runner, a Punjab Police Inspector, by Rohtas Goyal, chairman of the Omaxe Group, in the presence Shiromani Akali Dal president Sukhbir Badal and state DGP N P S Aulakh.
Puravankara Projects scores better than its peers on growth and profitability.
Surprisingly, the Omaxe issue is priced at a discount to its net asset value and a reasonable earnings multiple.
Mall mania has hit the town what with 15 malls expected to be ready by 2009.
13 companies have submitted more than 230 applications for telecom licences and most of these are for a pan-India UASL. DLF and Omaxe join other real estate firms Indiabulls Real Estate, Unitech and Parsvnath Developers to apply for telecom licence.
Delhi Stock Exchange's (DSE) struggle to end its life without hurting the diverse interests of its multiple stakeholders will continue into another year.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
Builders were questioned on unfair trade practices.
'The government has just scratched the tip of the surface with the recent announcement. They are not realising the gravity of the situation.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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