The over-heated Mumbai property market is taking its toll on the property transactions and sales in Mumbai property is the lowest of the six major cities across the country. According to reports, over the last one year leading to December 2011, residential sales in Mumbai have dropped by 28 per cent.
In the wake of the real estate community under the industry body CREDAI, asking for only self-regulation and no government regulator, the Union Urban Development Minister Kamal Nath has bluntly refused to heed to any such fancy thoughts.
Mumbai-based Panchshil Realty has entered into an MoU with Korean company Hanmi Global Co Ltd for a business arrangement by which both parties would jointly pursue and perform consultancy services for project management.
Milestone Capital, which is looking for potential buyers after its founder Ved Prakash Arya died in a freak accident two months ago, has found another suitor, Piramal Group.
Fire Capital has entered into a 50:50JV with Tamil Nadu based Omshakthy Agencies (Madras) Pvt Ltd to develop residential projects and townships in and around Chennai.
Non-banking finance companies (NBFCs) may soon be asked to raise the bar and adopt the tough asset classification criteria that banks currently use to identify bad and dodgy loans on their books.
Jones Lang LaSalle has launched a separate office in Andheri, Mumbai’s burgeoning commercial district.
As real estate asset values continue to fall, banks may be forced into an unfamiliar role, that of active property portfolio management.
Jones Lang LaSalle India, the country’s largest international property consultancy, has launched an exclusive Corporate Finance division.
Renowned Indian architect Hafeez Contractor is making his debut in neighbouring Nepal with a high-end apartment complex in Kathmandu.