Below the line marketing company Theme Ventures has signed a group of well-known real estate companies in Mumbai to sell the residential properties directly to the corporate employees by setting up shops inside the large work premises, the news reports said.
Terming the current building rules as cumbersome, realty developers of Assam have called for simplification and rationalisation of norms and reduction in duties. “The real estate players are in a bind over high spiralling taxes and registration duties which are the highest in Guwahati,” Assam Real Estate and Infrastructure Developers Association President P K Sharma told reporters in Guwahati.
Call it the fallout of Competition Commission of India (CCI) penalty on the biggest real estate company DLF in a Gurgaon case last August, there has been a rush of complaints at the CCI against several property majors since then. According to CCI officials at least 200 complaint letters came to them against real estate players, of them around 15 were official cases.
Over the last one year, capital values rose by more than 30-35% in Gurgaon’s residential sector. Developers are now going slow on execution of real estate projects, resulting in a drop in supply of residential apartments in most prime markets. Emerging residential areas are still not able to meet the huge housing demand.
It has been a difficult market to be in as a developer. Rising interest rates have impacted the customer interest in new properties moderating the flow of new funds and in addition to that high inflation and rising commodity prices have increased substantially the delivery cost for existing projects.
Where does ‘Team Anglo Indian’ consider opportunities for Indian real estate right now?
The demand for holiday homes in India is as wired into the country’s overall economic performance as every other segment of residential real estate.
IIFL Venture Capital Fund, the private equity arm of the India Infoline group, is reportedly raising Rs.500 crore for investing in real estate.
Bangalore-based real estate firm Brigade Enterprises is looking to raise around Rs.150 crore through private equity route by offloading a part of its stake in one of the commercial projects in the city, sources in the PE industry said.
The impact of slowdown is already being felt on the real estate market with residential segment witnessing sluggish demand across all the major cities.