Equinox Realty,an arm of oli-to-steel conglomerate Essar Group,plans to sell a minority stake in its biggest commercial asset in Mumbai to raise between 7.5 billion rupees and 10 billion rupees, sources close to the development said.
What Government can look at is to increase the demand and continue interest reduction in housing or enhance the deduction limit. Government can also provide special tax incentives for budget housing.
While many of the Indian cities are reeling under the apprehension of slowdown with sales nosediving, Pune real estate has defied any such apprehensions.
Shares of DLF, the largest real estate company, fell 6 per cent on Thursday, march 1, as Veritas, a Canadian investment research company, advised its clients to sell the company’s shares.
Manesar was envisaged as a model township encompassing residential real estate as well as commercial office and industrial establishments. Hence, it was appropriately christened as IMT (Integrated Manesar Township).
Property consultants and real estate developers have demanded industry status to the realty sector in the forthcoming Budget.
The world’s housing downturn is gathering momentum, according to the latest world-wide survey of house price indices prepared by the Global Property Guide.
Mumbai continues to be the costliest property market in India but the sales graph show this value has started taking its toll on the volume. Property registration in India’s biggest real estate market continued its slide and in September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
Recently an acquaintance – a fund manager by profession – relocated to India to set-up a domestic PE fund here. He had invested in a Mumbai residential property strategically located close to the primary business district and an international school for his kid.
Come budget and the real estate sector, like any other industry, comes out with its own wish list. Unfortunately, while other organised industry get a patient hearing through their industry bodies, the Finance minister seem to be hardly entertaining the sector representatives till recently.