KUL to invest over Rs 250 crores in shopping complexes
Kumar Urban Development Limited (KUL) has launched a series of shops at different locationsof Pune at an investment of about over Rs 250 crores.
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Sahara buys controlling stake in New York’s Plaza Hotel
Sahara Group has agreed buy a controlling stake in the city’s iconic Plaza Hotel for USD 570 million from the Israeli-owned real estate company Elad Properties.
New housing project launches decline by 44% in 2Q 2012: Cushman & Wakefield
An estimated 17500 residential units were launched by organised developers in the second quarter of 2012 in major cities across the country, registering a decline of nearly 44% over the previous quarter, says a report by global real estate consultancy, Cushman & Wakefield (C&W). This decline in launches can be attributed to a number of factors such as delay in approvals, significant inventory in certain locations as well as postponement of project to coincide new launches with the festival season.
Realty cribs as RBI keeps policy rate unchanged with 1% SLR cut
The RBI, on Tuesday, July 31, kept the repo rate or the rate at which banks borrow from RBI unchanged at 8% and also the reverse repo rate at which, the banks lend to RBI unchanged at 7%. However, it has lowered the statutory liquidity ratio (SLR) to 23% from 24% earlier. The realty sector, reeling under liquidity pressure and low demand due to high interest rate, has reacted sharply over this status quo.
DLF in talks with Lodha to sell Mumbai land for Rs 2,700 cr
DLF is in advanced stages of negotiation with Lodha Developers to sell its prime land in Mumbai for about Rs 2,700 crore and a deal is expected to be finalised shortly.
Emaar net operating profit up 45% at $332 mn in Jan-June
Emaar Properties has reported a 44.35% jump in net operating profit of $332 million for the first six months of this year. The company had posted an operating profit of $230 million in the January-June period of last fiscal. However, total income for the first six months of 2012 remained flat at $1.068 billion, Emaar Properties said in a statement.
Mumbai residential real estate – A Mexican standoff
Despite buyers’ expectations of a likely fall in city property prices, this possibility seems limited as developers continue to hold on to their prices across sub-markets on the back of the DCR amendment. This policy, along with the increase in construction costs, has led to greater pressure on developers’ margins. Post the new DCR, the saleable areas are expected to reduce and carpet areas are likely to increase. It is interesting to note that while there have, in fact, been marginal price increases across many projects in MMR, registration data reflects that absorption levels have also increased.
After short lived rebound in commercial property, Indian market sees rental outlook slip again in Q2
According to the latest RICS India Commercial Property Survey, sentiment in the Indian real estate market has been adversely affected in the second quarter, as the economic picture in the country continues to remain bleak with the declining value of the rupee and growth forecasts being revised lower, along with a deteriorating global climate.
Single window clearance blocking Real Estate Regulation Bill
The Union Cabinet is expected to consider the Real Estate (Regulation and Development) Bill within a fortnight. However, while the Government intends to present the Bill during the monsoon session of Parliament, scheduled to start from August 8, single window clearance to the projects is the only stumbling block in its way.
Reality of Convention & Habitat Centres in India-II
Global experience has it that typically convention centres are done as part of a large integrated township, commercial complex (hotel, office and convention center). Hence such projects are of more interest to large developers.