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RBI on Wednesday surprised the markets by leaving key policy rates unchanged, notwithstanding persistent high inflationary pressure.
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.
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Some major property companies based in South India, such as Puravankara and Sobha Developers, are spreading their wings in the high-growth National Capital Region market.
Industry players have sought clarity on the proposed move from the state government.
60 per cent of home buyers are shying away from pre-launches.
Amar Ghosh, a real estate broker, is negotiating a deal with a Mumbai-based company for 65 acres around Singur, 40 km from Kolkata, at Rs 22.5 lakh (Rs 2.25 million) per acre.
Housing prices increased by up to 11 per cent annually across eight major cities during January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials, according to a joint report by CREDAI, Colliers and Liases Foras. Delhi-NCR witnessed highest rise in housing prices by 11 per cent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras. Hyderabad witnessed 9 per cent increase in housing prices to Rs 9,232 per square feet, while Ahmedabad saw a 8 per cent appreciation to Rs 5,721 per square feet and Kolkata 6 per cent to Rs 6,245 per square feet.
However, leading real estate players like DLF and Unitech denied being in talks with any foreign brands.
Realtors' body CREDAI on Monday said the cost of construction has gone up by 20-25 per cent, mainly during the last 45 days, due to steep rise in prices of raw materials like steel, and builders will be forced to increase property prices from next month by an average 10-15 per cent. CREDAI-MCHI, the Maharashtra chapter of CREDAI, demanded that the central as well as state governments consider giving relief to the industry by reducing stamp duty and GST rates, besides allowing input tax credit (ITC) to developers. The association said it would not advise member developers to stop construction works as of now, but if the price rise continues then builders would have no option but to halt works at project sites and defer purchase of raw materials.
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.
The meeting is likely to be attended by a number of leading developers, including realty firms DLF and Unitech.
A steady demand environment, prudent debt management and faster absorption of office space gave them an edge over others.
Last week, banks were asked to factor in the loans extended to a group -- comprising subsidiaries, special purpose vehicles and related parties of a real estate company -- 'as a matter of prudence'.
Real estate companies are now going to the other extreme and falling over each other to offer affordable housing at a price range of Rs 500,000 to Rs 50 lakhs (Rs 5 million). The varied pricing is a function of affordability being a relative term, depending on the location. For instance, a Rs 50- lakh (Rs 5-million) apartment in Mumbai is considered affordable housing. In a city like Nagpur, the same price will qualify for premium housing.
Out of the proposed 74 malls in key eight cities at the beginning of 2008, only 34 were delivered through the year, the study showed. Developers in the National Capital Region lagged the most with a supply of 4.7 million sq ft compared with the earlier target of 7.1 million sq ft. Developers may continue to restrict their supply, or go slow on retail space by a similar amount in 2009 across key major cities, the study showed.
Plan to lay off excess staff, trim salaries of top executives.
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.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
The Delhi police special cell has arrested three persons, including two shooters, in connection with the killing of popular Punjabi singer Sidhu Moosewala, officials said on Monday.
After launching mid-income houses, real estate companies are now targeting low-priced homes in the sub-Rs 10 lakh (Rs 1 million) category to improve cash flows and beat the slump in the property market that has been driven by high borrowing rates.
Real estate companies in South India are increasing the focus on premium launches to offset any fall in the operating margins as sales volumes drop due to the hardening interest rate regime.
On July 23, the apex court had cracked its whip on errant builders for breaching the trust reposed by homebuyers and ordered cancellation of the registration of Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases.
Union Minister of State for Defence Pallam Raju's maternal aunt Susheela Devi was found dead in mysterious circumstances in her apartment in Hyderabad on Tuesday. Suspecting foul play, the city police have booked a murder case. Hyderabad Police Commissioner A K Khan said that Susheela Devi's jewellery was found missing. Susheela Devi used to live alone. A realtor had visited her at approximately 2 pm today. The police suspect that her murder took place after the realtor left
NRI demand would help offset the liquidity problem, which is presently affecting realty sales.
For developers who came out of a prolonged slowdown of 2008-09, the fund raising spree could be dangerous, say consultants.
Land prices have gone up by 10-15 per cent in the last year at Sector V and Rajarhat, as realtors expect price further appreciation over the next one year.
In a novel offering, a realtor in the US state of Florida is giving a Rolls Royce car for 'free' with a nearly $13 million mansion.
The ED, which is probing the DHFL promoters' role in financing funds to gangster Iqbal Memon (alias Iqbal Mirchi), said Kapil Wadhawan, former chairman and managing director of the debt-laden company, played a very crucial role in these "nefarious transactions" by way of money laundering.
Former Yahoo! CEO Terry Semel is planning to sell his magnificent sea facing mansion in Malibu.
Rising prices in the real estate sector in Bangalore, the IT capital of the country has turned the attention of several realtors to Chennai, a city which is slowly but surely set to beat Bangalore in the real estate space.
Commerce and Industry Minister Piyush Goyal that the players in the sector should start lowering prices and, if the worst comes to the worst, write off investment as bad business decisions.
Relativity Media Founder and CEO Ryan Kavanaugh plans to sell off his Malibu beach house for $10.5 million.
Mark Pincus plans to sell another plush property in San Francisco for $1.97 million.
Your high expectations and attachment to certain property can make you buy property which is not financially suitable.
To compensate for the loss of free-of-FSI areas, fungible FSI to the extent of 35 per cent for residential development and 20 per cent for industrial and commercial developments has been allowed with premium.
Housing sales across seven major cities are estimated to fall 47 per cent year-on-year to 1.38 lakh units this year on lower demand because of the COVID-19 pandemic, according to property consultant Anarock. New housing supply, too, is likely to fall 46 per cent to 1.28 lakh units in 2020 in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
The CCB had raided Ragini Dwivedi's residence early Friday morning after obtaining a search warrant from a court, a police officer said.
Last winter, Microsoft founder Bill Gates spent a whopping $600,000 per month to rent a plush bungalow in Wellington, Florida.
The problem for the NBFC sector is the funding inertia by banks and not lack of funds.
In mid-2020, when Kushal Pal Singh, the undisputed king of India's vast real estate market, relinquished the top post at the country's largest realtor, he left behind an empire that is best compared to the Greek myth of the Phoenix. Once the leader of Delhi's organised real estate market, DLF's steep decline in the 1970s and its majestic rise since has often been cited as a business resurrection story. Now, a year after his departure from the helm of affairs, history seems to be repeating itself at the real estate major. In the 1970s, it was the government prohibitions that had forced DLF to venture into uncharted territory; some five decades later, the Delhi-headquartered firm has set its eyes on another growth trajectory that holds immense potential.
