Don’t wait for the right time to buy a house expecting a price correction, say seven out of ten home buyers who are on house hunting. Contrary to the price correction reports, the property search of prospective buyers and sellers across the country have convinced them that cheaper house in 2011 are a fancy and wishful thinking. At least those who have done their home work on property search are pretty sure about it.
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The Competition Appellate Tribunal (Compat) has refused to stay the proceedings of the Competition Commission of India (CCI) against real estate major DLF and permitted the competition watchdog to go ahead with its inquiry. Compat will hear the case on February 10.
Gurgaon initially gained prominence as an outsourcing centre for major international companies that found it cheaper to locate their back-end operations in India due to the availability of high-quality but cost-effective employee resources. GE Capital initiated this trend and was the first multinational company to enter Gurgaon in 1997.
Private equity investments continue to trickle into project or SPV level in the realty space. Sun Apollo India Real Estate Fund LLC, a $630-million India-dedicated real estate private equity fund, has invested Rs 100 crore in a residential project SPV led by Parsvnath Developers Limited (PDL). SUN-Apollo will invest Rs 100 crore for a 49.9% stake in the project SPV, Parsvnath Buildwell Private Limited, which will develop a premium residential project at Ghaziabad, Uttar Pradesh, spread over an area of 31 acres. The project is called Parsvnath Exotica- Ghaziabad.
8 out of every ten home buyers in the Indian cities are sulking with the unfair trade practices of the real estate developers. Only 20 per cent of the buyers said they received a defect-free home and timely possession. The low customer satisfaction index was as much evident with developers offering affordable housing as with luxury housing.
Emaar MGF today challenged a single judge’s dismissal of its plea for restraining Delhi Development Authority from encashing its bank guarantee worth Rs. 183 crore due to delay in completion of the Commonwealth Games village.
After the Convention of confederation of real estate developers’ association of India (CREDAI) where the Finance Minister Pranab Mukherjee urged the realty sector to be poor sensitive, it seems the affordable housing is the buzz word now. National Real Estate Development Council (NAREDCO), the apex body for real estate and housing sectors under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India, also announced that its convention is aimed at realizing the “Housing for All” call of Prime Minister of India, Dr. Manmohan Singh.
The 10th National Convention (NATCON) of Confederation of Real Estate Developers’ Association of India (CREDAI) is being held in New Delhi, Dec 16-17, and the focus this year is on the affordable housing. The convention will be attended by more than 600 leading real estate developers, heads of financial institutions, fund managers, bankers, state & central government representatives, realty professionals and international experts. The convention will highlight the areas of concern in providing affordable housing to meet the growing need of creating inclusive development in the sector.
The Faridabad property market has started showing signs of recovery very fast. The pace of recovery in the Faridabad has been witnessing a quiet revolution over the past six months. Real estate prices, which had plummeted post 2008 and then plateaued at Rs 20,000-25,000 per square yard last year, have suddenly shot up by 30-40%.