India’s plan to buy a property to move its cultural centre in Colombo is in limbo, after New Delhi lost out to a Chinese state-owned company in the race to buy a prime plot in the Sri Lankan capital – allegedly due to delay by the island nation’s government in issuing necessary clearances.
Tata Realty and Infrastructure Ltd (TRIL) is planning to raise two India-focused realty funds, including a $500 million international fund and Rs 300 crore ($55 million) domestic fund, according to reports in a section of media.
DB Realty has appointed Vipul Bansal as Chief Executive Officer with immediate effect. The new CEO will oversee real estate and hospitality verticals of DB Group, the company said in a release.
Interest from international real estate investors in Indian real estate has been limited in 2012. India has witnessed 6% q-o-q growth in direct commercial real estate in Q1 2012, as compared to China which has seen negative growth of -45%, however China performed better in Q2 2012 on the back of one mega deal. In Brazil, investment volumes seem to be reaching a more ‘normalised’, sustainable pace following the supercharged 2010-2011 period.
Realtors crib that they are often dwarfed by regulation. For constructing a skyscraper, one has to go through various regulatory approvals and committees like the high-rise committee, aviation committee, the chief fire officer and the environmental clearance.
DLF’s Chairman K P Singh has said that RBI’s monetary policy should not stunt the growth of real estate sector and uninterrupted access to affordable finance is vital for this business.
DB Realty on Saturday reported a consolidated net loss of Rs 2.07 crore for the first quarter ended June 30, due to lower sales.
Red Fort Capital Advisors, a real estate private equity fund that manages more than $1 billion of Indian assets, plans to raise $500 million next year to invest in homes and offices in Asia’s third-largest economy.
Growth in the property business in Asia Pacific this year will be driven by many countries and not just China as in the recent past, according to DTZ survey. The region’s solid performance will be supported by strong growth in the use of equity for investment as opposed to debt, intra-regional investment, and increasing willingness of banks to lend, the company says in its research report Money into Property 2012.
Lanco Infratech Ltd, the power producer, is reportedly seeking buyers for a real estate business it values at 27 billion rupees ($483 million). According to the sources close to the development the company has asked investment banks to submit proposals to manage the sale.