India Real Estate News Weblog

Cement Industry Hit By Realty Slowdown

Ehsan M.W — Fri, 13 Feb 2009 09:59:00 GMT

The slump in the realty sector, which accounts for about 65 per cent of the total cement consumption in India, has affected the cement sector. Since most realtors are facing a severe cash crisis, it is quite unlikely that too much real estate development...(read more)

Severe Decline in Demand for Luxury Real Estate

Ehsan M.W — Fri, 13 Feb 2009 09:58:00 GMT

A survey by global real estate consultancy Cushman and Wakefield (C&W) has revealed that average capital values of luxury properties in posh localities across major metros have fallen by 10%-20% during the last three months. Residential rental values...(read more)

Omaxe To Come Up With 10,000 Homes In the Rs 4-10 Lakh Range

Ehsan M.W — Fri, 13 Feb 2009 09:56:00 GMT

Realty firm, Omaxe has announced its plans to launch 10,000 low-cost homes in Indore next month, which would be developed at about Rs 1,000 crore (Rs 10 billion). It will launch these budget-flats in the range of Rs 4-10 lakh. "We will launch 10,000...(read more)

450 Projects Halted And 5, 000 Jobs Lost In Pune Realty Sector

Ehsan M.W — Fri, 13 Feb 2009 09:55:00 GMT

Falling sales and severe cash crunch have halted the development of more than 450 real estate projects in Pune. This has resulted in loss of jobs of around 5,000 construction workers. A detailed survey undertaken by Promoters and Builders Association...(read more)

New Realty Investment Plans Take A Hit, Says Assocham

Ehsan M.W — Fri, 13 Feb 2009 09:54:00 GMT

According to an industry survey, fresh investment plans in the real estate segment have taken a plunge of about 82 per cent between the first and the third quarter of the current financial year showing a slowdown in demand in residential and commercial...(read more)

Boards Of Maytas Infra and Maytas Properties Not To Get Dissolved

Ehsan M.W — Fri, 13 Feb 2009 09:54:00 GMT

The government has announced that it will not dissolve the boards of Maytas Infra and Maytas Properties, whose acquisition deal by Satyam Computer for $1.6 billion was aborted following shareholders' dissent. The government has already ordered inspection...(read more)

DLF To Make Investments Worth Rs 15, 000 Crore in Budget Housing Projects

Ehsan M.W — Fri, 13 Feb 2009 09:52:00 GMT

Real estate giant DLF has announced plans to invest Rs 15,000 crore over the next three years to develop various residential projects across the country in Rs 15-40 lakh range. The company had announced its plan last year to enter into mid-income housing...(read more)

MMRDA Plans Alternative Biz Hubs

Ehsan M.W — Fri, 13 Feb 2009 09:51:00 GMT

As two main business districts of the city have reached a saturation point, the Mumbai Metropolitan Regional Development Authority (MMRDA) is planning to acquire 1.84 crore sq mt of land to set up alternative business hubs to build new rental housing...(read more)

88,222 Forms Sold by MHADA

Ehsan M.W — Fri, 13 Feb 2009 09:50:00 GMT

The first day of the housing projects introduced across Mumbai by the Maharashtra Housing and Area Development Authority (MHADA) received an overwhelming response. It reflected that slump or no slump, there is still a huge demand for houses if the price...(read more)

Ex-DDA Official Arrested In Allotment Fraud

Ehsan M.W — Fri, 13 Feb 2009 09:49:00 GMT

A retired officer of Delhi Development Authority has been arrested in the DDA flat allotment fraud and a property dealer is understood to have been detained for questioning. The police said, Mr. M L Gautam, who retired from DDA's telephone department...(read more)

Unitech Plans To Raise $560 Million From PE Funds

Ehsan M.W — Fri, 13 Feb 2009 09:48:00 GMT

Realty major, Unitech is in talks with private equity funds for investments up to $560 million (Rs 275 billion). According to sources, the company is also in negotiations with banks to restructure an additional Rs 500 crore (Rs 5 billion) of loans as...(read more)

Good News For Realtors, Borrowing Costs To Eas

Ehsan M.W — Fri, 13 Feb 2009 09:45:00 GMT

This New Year has brought some good news for real estate companies, many of which were believed to be on the threshold of bankruptcy due to a liquidity crunch, mounting debts and little chances of loan refinancing. The interest rates at which realtors...(read more)

Akruti To Focus On Affordable Home Projects

Ehsan M.W — Thu, 05 Feb 2009 12:57:00 GMT

Mumbai-based developer, Akruti City, which was mainly into development of hospitality, retail and township projects, has decided to shift its focus to affordable homes. Under the brand name, 'Just Perfect Homes', the developer will develop homes priced at Rs 22-32 lakh. These affordable residential projects will be completed in 2-3 years. In the first phase, the company is developing three projects, one each in Mira Road, Pokhran Road I in Thane, and Kondhwa in Pune. It will launch the Andheri and Sion projects after three months. A capital expenditure of Rs 1,500 crore has been earmarked for the projects. Mr. Hemant Shah, chief MD, said the company is modifying plots to give maximum affordable housing, "As We are holding our plans in other verticals and focusing instead on residential units"
7 Jan 2009 DNA Money

DDA Flats, On Wait and Watch Mode

Ehsan M.W — Thu, 05 Feb 2009 12:56:00 GMT

The Urban Development ministry has held the allotment of flats to its winners decided recently by a lucky draw by the Delhi Development Authority till the process gets cleared from allegations of fraud and rigging. "Unless we are fully satisfied that the allotment process was free and fair, physical possession of flats would not be given to even a single successful allottee," minister of state for Urban Development, Mr. Ajay Maken said. The police are investigating complaints that some property dealers used forged documents to corner a large chunk of the flats reserved for those in the scheduled caste and scheduled tribe categories. The urban ministry has threatened to cancel the all the allotments if the police found large-scale irregularities. The allegations of fraud pertain mainly to the allotment of 25 per cent of the 5,238 flats reserved for those belonging to scheduled castes and scheduled tribes, war widows and those physically challenged.
5 Jan 2009 Hindustan Times

Mahindra Lifespace To 'Go Green'

Ehsan M.W — Thu, 05 Feb 2009 12:54:00 GMT

Mahindra Lifespace Developers Ltd, the real estate arm of the Mahindra Group, is planning to make all its future residential buildings green. The company would set aside Rs. 400 crores as an investment budget for this purpose. Besides that, it has earmarked 325 acres that will provide housing to about 6000 families.
8 Jan 2009 Realty Plus