Stocks of real estate companies suffered widespread losses on the BSE today dragging down the sectoral index by 3.14 per cent on all-round selling by funds on fears of rate hike by RBI to curb inflation.
Around 1,000 developers will be flying to Singapore to attend a two-day knowledge-sharing event on March 28 and 29.
BNP Paribas has raised its ratings on Indian real estate developers, citing a discounted value and improving outlook.
Real estate developers are trying to change perceptions. A new team of office bearers which took charge at the Confederation of Real Estate Developers’ Associations of India (CREDAI) has announced to work on a set of measures that will help builders deliver projects on time, redress customer grievances and improve governance to change image and perception of the sector.
Confederation of Real Estate Developers’ Associations (CREDAI) Tamil Nadu unit has said that enquires for commercial real estate property has picked up in the last couple of months following decent growth in the IT industry.
Pune-based real estate developer Hasan Ali Khan, who was arrested on late Monday night by the Enforcement Directorate, was remanded by the sessions court to ED’s custody on Tuesday. Khan was kept at JJ Hospital for most part of the day, as he complained of high blood pressure.
Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects.
Shares in developer DB Realty hit a record low on Monday after its Managing Director Shahid Balwa, embroiled in a widening telecom corruption investigation, resigned from his position.
Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd, has bought over Kotak India Real Estate Fund-I, a $100 million (Rs.450 crore) fund managed by Kotak Realty Fund in Peepul Tree Properties Pvt. Ltd for Rs.385 crore.
With only $400-500 million of foreign funds flowed into the Indian real estate sector in 2009-10, the outlook ahead seems to be far from being rosy.