The Noida Extension land acquisition fracas was all about the authorities allowing developers to acquire land at considerably low prices from farmers and also changing the planned use pattern from industrial to residential. Farmers revolted and were able to gain wide support from different quarters.
CREDAI has reacted sharply over the Finance Minister’s asking chiefs of public sector banks to put pressure on real estate developers to lower property prices and not hold invetory. CREDAI has said in a release that instead of asking realtors to download unsold stock at discounted prices, the Union Finance Minister P Chidambaram should take immediate steps to boost to housing stock supply through special incentives to the affordable segment.
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.
If you think prime locations in the NCR have hit the roof and you missed the dream rally in having a reasonably priced home, there is no reason to look at the secondary locations. In an expanding National Capital Region (NCR) while some of the locations deter you due to its less appreciation potential or controversies galore, then probably your property hunt has not led you to the destination next of the region—New Gurgaon.
Cushman & Wakefield has opened its new office in Ahmedabad…
Spiraling property prices and slump in home sales have forced the Union Housing Ministry to think out-of-the-box solutions. After the decision to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks, the ministry has now sought views from private developers and builders to evolve a strategy for reducing the time taken in approval of real estate projects that can help bring down the cost of houses.
Puravankara Projects Limited has ventured into the Kingdom of Saudi Arabia to cater to the Indian housing needs of NRIs residing there. With the increasing interest among Indians in the Kingdom of Saudi Arabia to invest in luxury and affordable luxury homes back home in India, Puravankara is now well poised to tap this potential market with a permanent presence in the Kingdom of Saudi Arabia through its new branch office in Al Khobar, Dammam.
Over the last year, there has been an unequivocal crystallization of Indian cities that continue to attract serious investment into real estate. This is directly correlated to the economic dynamics now working in the country. If India is to achieve even a conservative GDP growth of 6% per year, it emerges that only three cities – Mumbai, Delhi and Bangalore – have the potential to deliver. The reason for this is that close to 2/3rd of the overall development of office space in the country is now taking place in Mumbai, Delhi and Bangalore.
Parsvnath Developers has reported a net loss of Rs 23…
India is reeling under the continued onslaught of inflation, petrol price hikes and generalized insecurity about where the economy is headed. Against all expectations, property prices in our metros have held firm and even show signs of upward movement. While the man on the street continues to wonder when he will be able to buy a modest home of his own, India’s super-rich are raising palatial homes at truly astronomical expense.