Kotak Realty Fund, the property investment arm of India’s Kotak Mahindra Bank, plans to raise as much as USD 500 million by the second quarter of this year, in a bet on the long term case for property in Asia’s third-largest economy, a top official said.
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
Real Estate may boast off to be the second largest economic activity and the largest employment provider in the economy, but when it comes to have a say in the policy making, they are found to be sulking.
Nearly all the real estate developers, a whopping 96 per cent, across the country are cribbing for the sectors’ continued under representation in the Union Budget over the years.
Vascon Engineers Ltd, a Real Estate and EPC company, on a consolidated basis recorded a revenue of Rs. 215.82 crore for Q3FY11 as against Rs.158.60 crore in the corresponding quarter last year; marking a growth of 36.08%.
While the realty sector is cribbing for under representation in budget for the last few years, Atul Modak, Head of Mumbai-based Kohinoor City goes a step further to say realty sector not only gets under represented but also it is treated with a bias. He asserts that instead of seeing it as one of the sector responsible for growth of the economy, it is looked with a bias and taxed accordingly. In an interview with Ravi Sinha, he shares his budget wish list and concerns for the sector.
DLF Limited, India’s largest real estate company, recorded consolidated revenues of Rs 2,594 crore for the quarter ended December 31, 2010, an increase of 21% from Rs 2,151 crore in the Q3FY10. EBIDTA stood at Rs 1,292 crore, an increase of 33% as compared to Rs 969 crore in the corresponding period last year. Net profit was at Rs 466 crore, as compared to Rs 468 crore in Q3FY0. The non-annualised EPS for the quarter was Rs 2.74
The period ending 4Q10 witnessed low to moderate activity levels in the CBD and SBD of Delhi NCR. The CBD, with its low vacancy levels, continued to cater to small office queries, while the SBD with significantly more office stock, catered to the larger corporate office space demand.
As world business and political leaders today convene at the World Economic Forum Annual Meeting 2011 in Davos, Switzerland, Jones Lang LaSalle Chief Executive Officer Colin Dyer is speaking on four commercial real estate trends that are emerging as dominant forces supporting the global economic recovery in 2011.
Through a hailstorm of bouquets, brickbats, controversies and triumphs, the Indian real estate sector has always been one of the mainstays of the country’s economy. At some level, every Indian is connected with it; in some way or the other, it affects every citizen of this country.