As many as seven out of 10 Indians with disposal income, a whopping 72 per cent, go to shopping malls at least twice a month but don’t buy the monthly food & grocery, apparels or consumer durables over there.
Banks have experienced strong demand for loans from the real estate sector and non-banking finance companies (NBFCs) during the year till February, shows the latest data released by the Reserve Bank of India.
This week has been a good one for investors in real estate shares, who had seen their investments lose 30%-55% in value over the past six months in the wake of a number of corruption allegations involving the sector.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Blaming use of black money in real estate to archaic laws, India’s largest realty firm DLF has said Prime Minister Manmohan Singh’s emphasis on reduction of stamp duty will help in cleansing the sector.
Dubai International Financial Centre (DIFC) and Absalon Project, a joint venture between affiliates of VP Securities and Soros Fund Management, have launched a feasibility study for a mortgage system in the UAE, based on the principles of the Danish Mortgage Model.
Terming stamp duties as a “big obstacle” in ensuring transparent transactions in real estate, Prime Minister Manmohan Singh on Friday batted for reducing such levies to check the flow of black money in the sector.
Real estate has emerged as the most preferred investment avenue for working professionals in non-metro centres vis-à-vis bullion and stock market.
As the Reserve Bank of India meets to review its monetary policy tomorrow, Thursday, the realty sector is getting panicky that if there is a rate hike the sector may see some more pains in the coming days.
Dubai’s real estate market is likely to bottom out in the next one year, while peer Abu Dhabi will at least a much longer time, according to Jones Lang LaSalle (JLL) experts.