Track2Realty: Tata Housing Development Company Limited, India’s fastest growing real estate Development Company today announced that it has raised Rs. 300 crore by issuing Non-Convertible Debentures (NCDs). The issue was subscribed by IDFC and a top Mutual Fund. The issuance is for the maturity periods ranging from 3-5 years.
Track2Realty: The finance ministry is reportedly working on the modalities to revive the real estate sector. According to ministry sources, the move is aimed to ensure that stalled projects get bank sector financing. The move, which is expected to help revive growth, is likely to be decided over the coming weeks.
Track2Realty: CREDAI has urged lawmakers to consider reforms in the real estate sector to boost growth. In an open letter to MPs, Confederation of Real Estate Developers’ Association of India (CREDAI) National President Lalit Kumar Jain said, “Though the government is moving in right direction with bold reforms agenda, much more can be achieved without any controversy or incurring additional cost just by focusing on the housing sector.”
Track2Realty: India’s urban housing shortage is estimated at nearly 18.78mn households in 2012. By 2050, 900mn people will be added to Indian cities. The rapid pace of urbanization owing to the rural–urban migration is putting a strain on the urban infrastructure in these cities, indicates the KPMG – NAREDCO study on Real Estate and Construction industry, “Bridging the Urban Housing Shortage in India”.
Track2Realty-Agencies: Mantri Realty on Friday, Dec 7, said it will invest up to Rs 750 crore to develop three housing projects in Maharashtra and Karnataka over the next 2-3 years.
Track2Realty: Responding to Finance Minister P Chidambaram’s suggestion for reducing the price of housing stock, Confederation of Real Estate developers’ Associations of India (CREDAI) has asked its 8,000 plus members across the country to seriously consider the proposal to sell in maximum numbers.
Track2Realty-Agencies: Competition Commission of India (CCI) has rejected a complaint of alleged abuse of market dominance against real estate major DLF, related to a housing project in Chennai.
Track2Realty-Agencies: Foreign investors are being cautious about the Indian real estate market because it fails to meet the global standards, says Sean Tompkins, global Chief Executive Officer of UK-based Royal Institution of Chartered Surveyors (RICS).
Track2Realty-Agencies: Indiabulls Real Estate has opened its first overseas office in the UAE. Located in Dubai, the local representative office will cater to the rising interest and demands of the UAE-based NRIs in company’s projects across India and expand its regional reach, the company said in a statement.
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.