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.
The model, under which retailers share a percentage of their sales with real estate companies, is seen as a fair way of sharing risks between the two stakeholders. Five companies contacted by Business Standard cite higher rentals charged by real estate developers, coupled with lower-than-expected footfalls, as the reason for their preference towards a revenue- sharing model.
DLF, Unitech, HDIL & Puravankara line up 60 million square feet of new launches. This is more than double the sales bookings in the past financial year.
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 May last year, Peninsula forayed into the hospitality sector with a joint venture with textile maker and real estate developer, Arrow Webtex. The JV planned to build hotels in Mumbai, Pune, Nagpur, Nasik and Kolhapur in Maharashtra. There were also plans to develop hotels in Ahmedabad, Surat, Jamnagar, Mundra port, Goa and Kerala.
The COVID-19 pandemic affected the residential property market during the April-June period last year but sales have improved in affordable homes segment since July onwards, reflecting economic recovery in the real estate sector, according to the Economic Survey. The National Housing Bank's (NHB) Housing Price Indices (HPIs) are a broad measure of movement of residential property prices observed within a geographic boundary. The NHB-RESIDEX captures two housing price indices -- HPI@ Assessment Prices and HPI@ Market Prices - Under Construction Properties based on the data available for 50 cities with quarterly updation.
Speaking on the sidelines of a seminar organied by Confederation of Real Estate Developer's Associations of India in Kolkata, S C Kumar, senior advisor, Leadership in Energy and Environmental Design said, as many as 160 real estate projects across India, with nine in Kolkata, have got LEED recognition. The Leadership in Energy and Environmental Design green building rating system has been developed by the US Green Building Council.
The four-day property exhibition, which concluded on Sunday, saw prospective home buyers returning 'disappointed'as they found the property prices 'unaffordable' and discounts 'meaningless'.The sales were down more than 60 per cent at the 13th Real Estate and Housing Finance exhibition, which was organised by the Maharashtra Chamber of Housing Industry.
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.
At least 38 per cent, or 8.3 million square feet, of its projected commercial space of 21.4 million square feet in its six parks will thus remain indefinitely on hold. The rentals from all these parks were expected to generate revenues for its AIM-listed associate Unitech Corporate Park, which has invested pound 317 million to acquire majority stakes in all the six seed projects in return of leasing rights.
More than six hotel chains are looking at either building properties or expanding their presence in these states. ITC's WelcomHeritage brand, for instance, is scouting for properties in Nagaland and Kaziranga, Assam. The hotel, however, is already there in Arunachal Pradesh, Assam and Meghalaya.
Developers are cautious about the timing of launches in the near term, given the relative uncertainty in demand pick-up and logistical challenges during the lockdown. However, affordable housing projects slated for the first quarter (Q1) of 2020-21 (FY21) may get launched this quarter itself.
The purchase or construction of houses by large numbers of people can add meaningfully to India's economic growth, points out Neelkanth Mishra.
The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes.
The key demand drivers -- such as low home loan rates and income tax sops, particularly for affordable housing -- that supported the recovery in H2 FY2021, remain in place and will spur recovery again, feel experts.
With the concept of 'intelligent building' gaining ground in India, real estate developers are vouching for automated building solutions that combines low operational c
After Rs 1-lakh people's car Nano, the Tatas have unveiled a low-cost realty project which offers a house for less than Rs 4 lakh.
After Rs 1-lakh people's car Nano, the Tatas on Wednesday unveiled a low-cost realty project which offers a house for less than Rs 4 lakh.Tata Housing, the real estate development arm of the Tatas, will build one-room-kitchen flats for just Rs 3.91 lakh in a township being developed at Boisar, 100 km from Mumbai.
DLF Ltd, the country's biggest real estate developer, said its fourth-quarter consolidated profit plunged 93 per cent as buyers deferred purchases and the company was forced to offer discounts to customers at its residential projects.
Hiranandani is planning to set up a 250-acre multi-services SEZ in Hyderabad. They have tied up with city-based Lahari Infrastructure Limited, in a 50:50 joint venture.
Skyline Construction & Housing Pvt Ltd, a city-based real estate developer, signed on Friday India cricket captain Rahul Dravid as its brand ambassador.
To be built at a cost of $350 million, the proposed World Island Resort, will be located on the north-east of The World development, the waterfront development of Dubai's masterdeveloper Nakheel. The CEO of 'Limitless', Saeed Ahmed Saeed, said the company will draw on its expertise in waterfront development and the creation of distinctive projects.
Move aimed at reducing tax exemptions ahead of Budget 2008-09.
The drive to cut costs is becoming critical as key input costs - steel, cement and labour - that account for 40 per cent of project costs have escalated 50 per cent over the past year.
Unaffordable real estate prices, hardening interest rates, fall in home loan disbursements and reluctance of developers to cut down prices do not augur well for the real estate market in India, feels V Hari Krishna, CIO of Kotak Realty Funds Group.
The cut comes as part of their plans to launch affordable housing project to lure buyers. Referring to slowing sales, Rajiv Singh, VC, DLF, said the cut in prices will be visible in the next three months. DLF indicated on Monday that it will launch two-, three-bedroom apartment projects in select cities in the coming months.
Ever since the government announced that state-owned banks will provide home loans up to Rs 20 lakhs (Rs 2 million) at not more than 9.25 per cent for the first five years, real estate developers have started working their prices around the Rs 20-lakhz (Rs 2-million) figure. Dozens of real estate developers have announced homes at below Rs 25 lakhs (Rs 2.5 million) in the National Capital Region of Delhi.
Real estate major Parsvnath Developers Ltd, which has announced its retail foray with hypermarket format stores, is understood to be in talks with French giants Carrefour and Groupe Casino for partnering in the new venture.
The government is finalising a policy for urban areas that will encourage the role of private players to make owning a house affordable in towns and cities.
With the objective of increasing its presence in China, Indian software training company NIIT has signed a memorandum of understanding with Chinese real estate developer Shui On to set up training operations in at its upcoming Dalian Tiandi Software Hub. NIIT already has a presence in China with 172 locations in 65 cities with about 50,000 students graduating from NIIT centres in China every year.
DLF, India's biggest real estate developer, has repaid dues and may not need to approach lenders to take advantage of a central banks relaxed rule that allows banks to restructure cash-strapped real estate companies loans.
DLF's investment plans for affordable housing coincides with announcement by public sector banks to boost the segment by cutting home-loan interest rates, putting caps of 9.25 per cent for Rs 500,000-20 lakhs (Rs 2 million) and 8.5 per cent for loans of up to Rs 500,000. DLF had raised Rs 1,675 crore (Rs 16.75 billion) as private equity in eight projects in November 2007.
In a notice to the stock exchanges a few days ago, DLF declared that it was going to consider international acquisitions and investments in development projects abroad. Ansals API tied up with Malaysia's UEM Group to form a 60:40 joint venture company, Ansal Api-UEM Contracts Pvt Ltd, which could bid for government projects in Malaysia, as also projects worldwide.
The floor seems to be divided between realtors and Gujarat urban development authorities on the implentation of the New Integrated Township Policy. Township projects worth over Rs 10,000 crore (Rs 100 billion) in and around Ahmedabad have been left in a lurch due to this, according the real estate developers. Many developers who have already earmarked land for the townships feel that the policy is not yet implemented
Real estate developers are feeling the liquidity crunch -- the sources of funds are drying up even as they get squeezed from both sides: high interest rates and property prices have hurt offtake while rising steel, cement prices have pushed up input costs 20-25 per cent, which developers have to absorb for now.
New York-based Citigroup Property Investors on Tuesday announced its partnership with Nitesh Estates, a leading real estate developer in Bangalore, to develop a $100 million 250 room luxury hotel in the city.
Two top investment banks, Enam Financial Services and JM-Morgan Stanley, have backed out from the high-profile initial public offering by real-estate developer DLF Universal
Some banks are camouflaging their lending to small, unknown real estate developers to skirt stringent capital adequacy and provisioning requirements.
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