The Godrej Properties’ Board of Directors has announced Pirojsha Godrej’s appointment as Managing Director and Chief Executive Officer of Godrej Properties Limited (GPL) with effect from April 1st, 2012.
International hospitality major Wyndham Hotel Group has entered into a partnership with Ahmedabad-based Unique Mercantile to develop 35 hotels in India under Howard Johnson brand in the next five years.
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.
ArthVeda Fund Management (AVFM), a fund management arm of Dewan Housing Finance Corporation (DHFL), India’s 3rd largest mortgage finance company, has launched its second real estate fund – ArthVeda Star.
The year 2011 can best be described as a lackluster year for Indian real estate sector. There were several headwinds that prevented the sector from delivering to its full potential.
Though a depreciating rupee has its fall out on all other economic activity, it is rather helping the Indian property market.
Tata Sons will reportedly infuse Rs.500 crore into the group’s real estate arm, Tata Housing Development Company, through a fresh issue of equity shares, the company sources said.
Steady rise in the price of construction material, like cement, steel, bricks, coupled with a shortage of skilled labourers, has hit the realty sector in Gujarat, an office-bearer of state-CREDAI said.
While the real estate market looks subdued with the sector weathering a host of issues, this is not a good news either. DLF’s Chairman K P Singh is out of the top ten list of Forbes.
It may surprise to many, but the fact is that the housing finance sector has steadily and consistently been posting impressive growth, despite the numerous challenges in the sector.