Mumbai realty recovers from 30-month low
Mumbai’s residential home sales recovered from a 30-month low in the third quarter as new projects boosted supply, according to Liases Foras Real Estate Rating & Research Pvt.
Mumbai’s residential home sales recovered from a 30-month low in the third quarter as new projects boosted supply, according to Liases Foras Real Estate Rating & Research Pvt.
The festival of Diwali has a direct bearing on the property market, and irrespective of the overall macro economic scenario the property transactions around this time of the year have been the maximum.
Realty major DLF has begun selling homes in south Bangalore for prices starting at Rs.28 lakh compared to the Rs.70 lakh-plus starting price for most of its flats, echoing a trend it has stayed away from for years.
As the realty major DLF moves the Compat to challenge the CCI penalty of Rs.630 crore, the real estate sector will soon get an answer as to whether their business falls under the service sector.
It is not just the rising interest and input costs and project delays that is hurting the realty companies, rather the mounting debt is the real cause of worry.
Patel Realty expects profit to double this year on rising demand for homes in the world’s second-fastest growing major economy.
Private equity fund Fire Capital’s promoter has tied up with a clutch of US-based realty firms to form a new company that plans to invest Rs.6,000 crore in the next four years on developing 32,000 homes across the country.
The level of FDI in the real estate sector is unlikely to show a quantum jump this year, courtesy a slow GDP growth rate, high debt levels of the real estate developers, labour shortage and economic crisis in the US and Europe.
The current global scenario might be one of gloom, with markets in the US and in Europe on the brink of a double dip recession, but interest in Indian real estate is still high among global investors
The festivities around Navratra and Diwali are known to cheer up the sentiments of the property market.