Phoenix has recently also sold 80 per cent of office properties in its mixed-use Market City projects in Kurla in Mumbai and Pune, respectively. It plans to launch another 300,000 sq ft of office properties in Mumbai in the next six-nine months.
Analysts are worried and do not see a rosy picture ahead in 2012. According to them real estate companies planning IPOs in 2012 may experience a lack of enthusiasm on the part of investors.
Analysts believe that further price correction may not happen in the metros and suburbs due to the holding capacity of the bigger developers, but lack of funding options may force some standalone local builders to drop prices.
China-based conglomerate, HNA, has joined the race to buy Aman Resorts, the biggest non-core asset of realty major DLF, according to analysts and bankers.
A Knight Frank report suggests revenues of real estate companies have dropped by 19 per cent and profits have declined by 70 per cent, over the past four financial years, since 2007-08.
Emaar Properties has used Dubai Mall, one of the world’s largest shopping centres, as collateral to secure Dh3.6 billion (US$980 million) of financing from a trio of UAE banks.
Mumbai real estate is debating over a possible price correction as sale registrations for September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
The real estate market may be in a slump with developers innovating ways and means to increase sell, but the festive season seems to be bringing in good cheer for the country’s tallest tower — Lodha World One.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.
Mumbai-based Godrej Properties Ltd has entered into an agreement with associate company Godrej and Boyce (G&B) for the development of the latter’s large land holdings in the eastern part of Mumbai.