Shares in Indiabulls Real Estate rose as much as 4 per cent on Tuesday morning, while those of group firm Indiabulls Power rose more than 3.5 per cent, after the real estate firm said it received board approval to restructure its businesses.
CB Richard Ellis, the US-listed property services firm, has emerged as favourite to acquire the majority of ING’s real estate group in deal worth one billion euro (USD 1.35 billion) to create the world’s largest property funds business, says a media report.
While the real estate sector has always shied with the need to have a regulatory body, Maharashtra CM Prithviraj Chavan talking of constituting a regulatory authority to control high property prices seems to have sent alarm bells ringing among major players. Some of the real estate companies are now talking about the need to check pricing rather than just setting up a body.
Om Chaudhary, CEO or Fire Capital Fund has a word of caution for Indian realty market and he believes that while there’s a huge hunger line for the realty, FII’s inflow can be a matter of concern since China is going to control the GDP.
Starbucks, the world’s largest coffee chain, is still in talks with New Delhi-based Jubilant FoodWorks and some of the top real estate and retail chains to set up standalone stores in the country, said a person with direct knowledge of the development. Starbucks has signed a binding memorandum of understanding (MoU) with Tata Coffee to set up stores in Tata Group’s associated retail outlets and hotels besides sourcing and roasting coffee beans in Tata Coffee’s Kodagu facility in Karnataka.
The buzz word among realty consultants at the beginning of the year seems to be price correction. After the real estate firms like Jones Lang LaSalle India and Cushman & Wakefield forecast of a correction in real estate prices in 2011, now Crisil also forecasts a price correction, though in select pockets.
After Gurgaon One, western part of the city might see rise of another multi-storey building in the same vicinity. Jawala Mills, decades-old defunct textile mill on Old Delhi Road is slated to be sold by mid-February. The 17 acres of land was first purchased by IT major Aricent Technologies in early 2000s as tech firm wanted to re-develop the area into an office space. However, the new Master Plan of Gurgaon has marked the area as a residential zone. Following this, Aricent Technologies have decided to put the land up for sale.