Public sector banks including State Bank of India, Bank of Baroda, Bank of India, Indian Overseas Bank have served notices to dozens of real estate companies to recover around Rs 20,000 crore of their exposure by March.
Nitesh Estates has announced the launch of a Rs-100 crore luxury residential project in Bengaluru. The project, Nitesh Logos, would be located in the central business area MG Road and provide all modern amenities, company officials said. The project is expected to be completed in two years.
The Confederation of Real Estate Developers’ Association of India (CREDAI) has forecasted Kochi to emerge as the next realty hot spot in the wake of the commissioning of the International Container Transshipment Terminal (ICTT ) at Vallarpadam. CREDAI believes the prices of land and buildings are all set to skyrocket as it will generate more direct and indirect employment opportunities.
Nitesh Estates Limited has announced impressive performance for the third quarter ended on December 31, 2010 with a Consolidated Total Income of Rs. 31.8 Crore; EBIDTA of Rs 4.03 Crore & PAT of Rs. 2.58 Crore.
THE CBI interrogation of DB Realty’s MD, Shahid Balwa, in connection with the 2G spectrum scam has thrown up the possibility of the real estate magnate having links with India’s most wanted man, Dawood Ibrahim. According to senior CBI officials, Dawood invested large sums of money in Balwa’s firm, which was used by him to finance many of his business deals.
As real estate prices shoot up and interest rates, the outlook for the sector does not look too bright. In its year-end report, Knight Frank has stated that new home sales in India have fallen by 25 per cent due to soaring prices. With the Reserve Bank of India tightening lending norms to developers and raising interest rates, the property market is likely to plumb new lows in 2011 as buyers disappear.
If you are living as a tenant in Mumbai and seeking to buy a house this year, there seem to be quite a few confusions going around. While some of the reports and projected forecasts may give you a ray of hope, it would rather mislead you and your wait for a cheaper home may actually cost you to pay more in future.
We are looking at a potential situation in Mumbai’s office…
IT major Cognizant today announced its intention to pump in more than $500 million in the next four years in real estate development as part of its expansion program.
The outlook for Chennai’s residential property market remains positive in 2011. This is a stable market, and the prices have risen rationally in tandem with normal market trends. With the IT sector on the upswing and job security once again strong, Chennai’s residential real estate market will see accelerated demand in 2011.