Track2Realty: The tremendous rate of real estate development across the globe, and especially young, emerging nations, is imposing immense pressure on the environment and its natural resources. With such a rapid development, there is a lot at stake when we look at important factors such as energy availability and environmental sustainability.
Browsing: Due Diligence
Track2Realty: Real estate is a business that requires regular funding, be it at the acquisition or execution stage. To raise funds, developers in India opt for modes like joint venture, pre-sale and construction finance. Construction finance can work out cheaper but is difficult to obtain because of the strict guidelines laid down by the Reserve Bank of India.
Track2Realty: Residential property in India has evolved into an asset which individuals hold for multiple purposes, not merely self-occupancy. Individuals now seek homes either for investment purpose, or for weekend stays and ‘lifestyle accommodation’. It is therefore apt to look at residential projects on the basis of the profile of individual buyers.
Track2Realty: Tata Housing, has announced the launch of its mixed use township at Colombo in Sri Lanka. The project in partnership with UDA (Urban Development Authority) of Sri Lanka will commence its operations with starting construction of residences for rehabilitation of the current tenants in the phase one and also launch a mix use development project at slave Island in Colombo. The company will invest over $ 400 million for the project.
Track2Realty: With the Supreme Court upholding the State Governments’ right to levy Value Added Tax (VAT) on real estate, buyers will have to pay the tax on sale transactions. In Maharashtra the VAT subject dispute is for period between 2006-2010.
Track2Realty Exclusive: When we conceptualised the idea of having a jury to rate and rank the realty companies, added with our conducting a pan-India survey to understand what shapes the brand perception of real estate companies and how the leading companies fare on the given parameter, we felt something is still missing in our analysis.
Track2Realty: While the customers lodge complaints against builders, here is a case in which a builder has registered a defamation case against a customer. The Mumbai-based reputed Haware Engineers & Builders have filed a defamation suit amounting to Rs 1,086 crore against one of its former customers in the court.
Track2Realty Exclusive: According to a recent data, there are over 100 million unsold inventories in the market and the developers are waiting to liquidate them. No wonder, it is attracting the brokers into group buying options. Property broker Agni Properties also added group buying to its portfolio in July 2011.
Track2Realty Exclusive: Some property analysts have been critical about such group-buying websites, stating that they have an unsustainable business model. “Considering the nature of the Indian realty sector, which had tainted its image in numerous corruption scandals—and the rising interest rate regime, which has kept consumers away from buying such properties, such sites are expected to generate very little offtake from a consumer. Again, a prospective costumer may get some deals and discounts through one-on-one direct physical negotiations as well,” says Kamal Kapoor, a property advisor.
Track2Realty: Cushman & Wakefield has expanded into the Philippines with a new office in Manila, its 5th new office in Asia Pacific so far in 2012.