The Enforcement Directorate (ED) has arrested a former Kotak Mahindra Bank executive, Pushpinder Singh, alleged to be the mastermind of a Rs 145-crore fraud involving Panchkula municipal corporation officials, bank employees, and private individuals.
Even though the Reserve Bank of India (RBI) has reduced the risk weightage on loans to commercial developers and cut general provisioning for commercial real estate, commercial banks may not start lending to the sector immediately.
BRPSE's new chairman Nitish Sengupta has suggested that at least three ailing companies, which have been referred to the board, hive off some of their land and get into real estate development to become profitable again.
With a view to exploit its real estate assets, the Indian Railways plans to lease out some of them and aims to rake-in Rs 600 crore (Rs 6 billion) through this move this fiscal, a senior Railways official said.
The Act envisages that the states and Centre will formulate specific rules for real estate regulation.
Developers such as DLF, Unitech and Orbit are in the process of raising around Rs 5,000 crore (Rs 50 billion) in the current fiscal after they rolled over nearly Rs 9,000 crore (Rs 90 billion) debt subsequent to the Reserve Bank of India (RBI) allowing banks to restructure loans to developers.
In a deadly twist to what would have been a dream wedding, police on Tuesday said 26-year-old Ketan, who died while on a trek on June 18, was allegedly pushed into the gorge by his fiancee Siya (20) and her lover Chetan (22).
Real estate sector cheers reforms in the Budget.
Despite the absence of any notable price growth, transaction volumes are picking up in major Indian cities. The surge in sentiments is also backed by a significant rise in transparency in the industry.
"We are not slowing down on any of our projects. Jaipur is rocking, Chennai is doing well, city-based projects such as Faridabad are also doing well," Mahindra and Mahindra Ltd Executive Arun Nanda told reporters in New Delhi on the sidelines of India Economic Summit. Fundamentals of real estate have not changed. Nanda said, there were no funding issues for its projects and the company's affordable housing projects are not going to disappear.
The total demand has remained subdued mainly due to high interest rates and property prices.
Three men have been arrested in Bengaluru for allegedly robbing a real estate businessman after posing as police officers. The accused gained entry to the victim's home under the guise of checking CCTV footage.
After cautioning over an asset bubble in the real estate sector, the Reserve Bank of India has cracked the whip. The apex bank has sought clarification from six real estate companies on their proposal to raise external commercial borrowings.
Corporate India is projected to offer salary increments ranging from 8.6 per cent to 10.2 per cent across various industries in the financial year 2026-27, primarily fuelled by a sustained demand for skilled and execution-focused talent, according to a TeamLease Services report.
The JD-U flayed the ruling United Progressive Alliance government for its policy on special economic zones calling it "the biggest real estate scam in India" and sought immediate suspension of implementation of the "anti-farmer act".
'In the (election) affidavit, he had declared Rs 1,400 crores as his assets. He has educational institutions, real estate, malls, etc.'
The sale of fresh residential units (in square foot) by listed real estate companies has seen a downward trend in the first half of 2013-14.
The clampdown will be part of a package from the central bank to make end-use norms for external commercial borrowing (ECB) funds more stringent for various sectors.
With real estate development in India becoming increasingly organised, foreign investors are vying for a piece of the pie, expecting 20 to 25 per cent project return and and between 9 per cent to 11 per cent annual yield on investment.
The Enforcement Directorate conducted searches at multiple locations in a money laundering case linked to an alleged Rs 145 crore fraud involving fixed deposits of the Panchkula Municipal Corporation.
Govt should take steps to monetise real estate investment schemes.
Given its risky profile, the realty sector could collapse if the bull run fails to take off
While Lehman will invest Rs 500 crore and hold 75 per cent in the JV, Peninsula Land will subscribe to the remaining equity at an investment of Rs 200 crore, according to sources.
The government proposes to treat the investments by foreign institutional investors in pre initial public offers (IPOs) of real estate companies at par with foreign direct investment.
Greaves Cotton, for instance, has converted half its holding into commercial real estate (a multiplex) while Elpro plans to follow suit by developing half its 37-acre land at Chinchwad.
Finance Minister Arun Jaitley's Budget 2014 allows retail investors in India to have an affordable, liquid and convenient way to invest in real estate.
Pune police have revealed that Ketan Agarwal's fiancee, Siya Goyal, and her lover, Chetan Chaudhary, exchanged 2,004 calls and spent 238 hours on the phone in the six months leading up to Agarwal's alleged murder at Lohagad Fort, suggesting extensive planning for the crime.
After years of living with his family in a poky 110 sq. ft. 'house', textile worker Sambhaji Surve dreams of moving into a home four times the size once the Maharashtra government starts its ambitious redevelopment of the 39-acre Kamathipura shanty town in south-central Mumbai. Sharing his dream are about 8,000 other families hoping for a better life when the redevelopment project, part of the government's effort to redevelop old settlements and make life more livable for some residents, gets underway. The Shiv Sena-Nationalist Congress Party aims to redevelop BDD Chawl and Dharavi but for Surve all the matters is Kamathipura where he arrived in the 1970s from Nasik to work in a textile mill. Kamathipura was originally built 150 years ago following construction of a causeway to connect the seven islands of Mumbai. From the British Raj to post-independence, it became infamous for slums and brothels.
Among the international companies that are increasing their investments is the Japanese paint major, Nippon, which is putting in about Rs 80 crore (Rs 800 million) for manufacturing facilities in Gurgaon and a 25-acre unit in Chennai.
With experts concurring that India and China are lucrative markets for real estate, a comparison between the two countries is inevitable, writes Ravi Teja Sharma.
Real estate has much further to fall and you should govern yourself accordingly
The new real estate hubs could typically take between 5 and 10 years to develop depending on the state of economy of the city and the state.
The prices started escalating three years back and went through the roof.
We must not allow another cycle of crazy price rises to set in. Or land banking to become the next new hot industry.
Leasing activities of office and retail spaces would not be affected much.
A career in real estate was till now limited to brokers, masons and labourers. Not anymore as the industry opens up limitless scope for investment bankers, marketing managers, visual merchandisers and supply chain distributors.
After a long time, real estate companies could hit the fund-raising trail. The reason is improvement in investor sentiment.
Real estate regulation Bill is consumer-friendly and promotes transparency but does not address the issue of inefficiencies in the approval process and other delays by government bodies.
