The demand for commercial property in the country is expected to remain robust in the first half of 2011, boosted by strong manufacturing activities, says a survey by RICS India Commercial Property Survey.
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.
Anil Wadhwa, Indian Ambassador to the Sultanate of Oman inaugurated the two-day India Property Show (IPRO 2011) today at Al Falaj Hotel.
Movenpick Hotels & Resorts has announced an upcoming property in Northern India; the Movenpick Dharamshala Resort & Spa, which is due to open in 2013.
India has the third highest taxation burden in the world when it comes to selling commercial property, after Norway and Malta, according to a study conducted by Taxand, an independent global tax advisory.
Global companies said their real estate portfolios will grow most in Asia by 2013, boosted by the powerhouse economies of China and India, with those in more mature markets trading sideways, a survey said.
The Pune Municipal Corporation (PMC) has set a record by recovering property tax of Rs400 crore till March 3. More tax is likely to be collected in the remaining days of the current financial year. The civic body had collected Rs108.99 crore in property tax in fiscal 2000-01.
Global hotel chain Hilton Worldwide has opened its fourth India property in Chennai. According to the company release, the five-star 204-room Hilton Chennai, positioned as a business hotel, is owned by Empee Group, which has diversified interests from alcoholic beverages to property development.
Residential sales in Hyderabad remained modest in 4Q10. Although the city witnessed many launches, sales did not pick up. Market sentiment, especially among investors, stayed low as political uncertainty persisted.