Property rates in the capital are set to zoom further as Delhi Government on Monday, October 31, hiked the circle rates by up to 250 per cent to check black money in sale and purchase transactions.
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.
The real estate developers have taken the verdict of the Allahabad High Court, which has awarded a greater compensation to farmers of Gautam Budh Nagar but has not stopped acquisition anywhere barring three villages in their stride.
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.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.
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.