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Real Estate News - Page 3

HDIL sells multiplex biz for Rs 105 cr, to focus on slum rehab projects

Mumbai-based realty major Housing Development and Infra has sold its multiplex business HDIL Entertainment, which runs 33 multiplexes under the brand name Kulraj Broadway, to Carnival Films for Rs 105 crore as part of the group's strategy to exit non-core business and reduce its debt.

Parsvnath Developers plans to raise Rs 1000 cr through sale of land parcels

The funds raised from divestment would be primarily used for debt reduction.

HDIL flat buyers on warpath over builder's failure to deliver

Lalit Rao was just 32 and a newly wed when he decided to book a flat in Housing Development and Infrastructure Ltd's (HDIL's) affordable housing project in Kurla West in Mumbai. It was in 2009. He and 800 others are still waiting for their dream home even after completing the entire payment.

Buyers boycott property: Sales in Mumbai hit record 2-yr low

As many as 1.40 lakh housing units measuring 1,000 square feet remained unsold in Mumbai and the Mumbai Metropolitan Region (MMR) in the second quarter of the current fiscal.

Good news for home buyers this Diwali: Expect a 15% drop in prices

Some good news is finally in the offing for all potential home buyers this Diwali as this month, property prices are likely to fall by 10-15 percent in metros as developers struggle to sell high unsold inventory.

No money, too many launches: NCR sees maximum delay in realty

In Gurgaon, only one-third of the total committed supply for 2013 has been delivered so far. The situation has been even more alarming in other NCR regions such as Noida, where only about one-fifth of the residential supply committed for delivery in 2013 has been delivered so far.

SC verdict on property VAT will only increase builder-buyer litigations

The verdict means builders will be liable to pay tax, which includes only the cost of construction and excludes the land value, amount paid to sub-contractor and service charges etc, unless the building was issued an occupancy certificate before the sale agreement.

Luxury to drive retail growth, but poor infra may spoil party

Fast growth in India's luxuryretail space will push up the total retail market size to $650 billion by 2017, a report said but it warned lack of quality real estate may put spanners in this expansion.

Luxury realty still hitting records, sea-facing duplex sold for Rs 57 cr

Even if Mumbai's cash-strapped builders are in doldrums due to falling sales, rising inventory and piling debt, luxury real estate continues to create new records in the island city.

Realty Bill: Govt should open up new funding avenues for developers

In order to balance out the rising cost of financing due to approval delays and also due to proposed condition that money accrued money from a project should be utilised only for that project, the central authorities can open up new avenues of funding for developers

Forget new launches, even existing flats will take more than 2 yrs to sell

With rising interest rates, slowing sales, a crippling liquidity crunch and exit of black money from the real estate prior to elections, India's top developers are in for a tough ride as they might be forced to generate liquidity, especially in Delhi-NCR and the Mumbai Metropolitan Region (MMR).

Loan costs pinch, force salaried class to resell properties

People who had invested in properties some 10-15 years ago are now finding it difficult to service their home loans which have become too expensive now due to the rising interest rates and falling rental yields.

RBI rate hike will hurt growth sentiment further, say realty developers

Expressing disappointment over RBI's decision to hike the key policy rate, real estate developers said this would lead to increase in finance cost and also affect housing demand during the festive season.

This property correction is for super-rich, not common man

A major part of this unsold inventory lies in the Island City, which was never affordable to small individual buyers. On the other hand, in the comparatively more affordable suburban locations, vacancy is relatively lower and prices have not corrected as expected

Over 15 lakh houses for urban poor to be built: PM

Noting that rapid urbanisation has led to the problem of growing slums in cities, Prime Minister Manmohan Singh today said the Centre plans to construct over 15 lakh houses for the urban poor.

South Delhi, Mumbai high-end property is headed south

Chances of a revival in their financial health during the current year seem bleak as banks, one of the largest lenders to the real estate sector, are shying away from lending as they are troubled in their own backyard with increased non-performing assets, tightened monetary policy, currency depreciation and volatile debt markets.

Luxury realty a buyer's market as distress sales take centre stage

Distress sale is crippling the luxury real estate in South Bombay and South Delhi as a slowing economy has pushed out not only end-users but also investors from such markets.

With no regulator, home buyers should 'Thank God for RBI'

Until the time the Real Estate Bill is passed, every step the RBI takes on banks' real estate exposure will effectively be a regulation of the sector. And for every such move, home buyers will say "Thank God, RBI exists".

RBI bursts realty bubble, curbs builders' 80:20 scheme

The RBI yesterday came out with a notification curbing the 80:20 payment schemes floated by financially starved builders, the sharpest nail yet to prick the inflated real estate sector in the country.

RBI issues directive to banks: Link home loans to construction status

The Reserve Bank today asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of "innovative" housing financing schemes.

Property bubble bursts as prices crash 20% in investor-driven markets

Real estate prices in investor-driven markets such as UP's Noida, Navi Mumbai, Ludhiana, Chandigarh and Gurgaon's Dwarka Manesar Expressway have seen more than 10 percent price correction due to all-around liquidity squeeze, dearth of buyers and erosion of investor faith in the property market.

Why curbs on overseas investment will boost domestic realty

Indian Investors still believe that real estate is an ideal investment avenue when it comes to safety, returns and growth. In an environment where international real estate is no longer an option, we will see more money chasing attractive assets that offer good returns within the country.

RBI kills real estate dreams abroad, but will local property benefit?

Does curbing flight of capital abroad imply more investment in Indian realty?

With no bidders for Mumbai's trans harbour link, will realty take a hit?

Whether the government comes up with another viable plan or not, affordable housing is definitely going to take a hit as a delay in the project implies Mumbaikars will have to wait a little bit longer for that dream home.

Why Indian real estate is in dire need of foreign funding

Unlike most developed economies, India does not allow REITs (Real Estate Investment Trusts). Many would point to the M&A route, but this is also a lacklustre option as it comes at a cost of about 20%.

Realty greed may result in closure of 88 Mumbai petrol pumps

Soaring land prices in Mumbai is taking a toll on the city's petrol pumps too as landowners of these fuel stations are giving in to the lure of real estate.

Is private equity bullish on India real estate once again?

According to property consulting firm Cushman and Wakefield about $2 billion (Rs 11,854 crore) is available with private equity firms ready to be deployed in real estate in the next one year, but PE funds want to put in money only in those projects with strong fundamentals.

Telangana effect: Brace for a rise in Hyderabad property prices

Despite competitive capital values compared with other metros, the Hyderabad real estate market was down in the dumps for the last couple of years with builders holding back projects and property buyers holding out on purchase decisions due to political instability over the bifurcation issue.

Why realty prices have failed to reflect market realities

India's real estate sector has witnessed two cycles over the past 15-20 years, during 1994-99 and 2004-09. Both cycles had unique characteristics, yet displayed notable similarities in the manner of their occurrence.

Forget one-off expensive deals, Q1 saw worst home sales in Mumbai

In the last one month, several big-ticket land deals and home sales in prime localities were front paged in national dailies creating an impression that real estate is actually not in that bad a shape. But the reality couldn't be further.

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