The only constant is change. This has been an axiomatic truth for the Indian real estate market over the last 24 months, with volatility having become a byword to describe it.
With the US and European debt crisis affecting sentiments across the world, the Indian real estate sector is likely to see a gloomy phase in the next 12 months.
The only constant is change. This has been an axiomatic…
The debt load of 11 listed real estate companies in the country has risen 15%, or by Rs.5,000 crore, to Rs.38,500 crore in the last 12 months.
DLF plans to reduce its debt by Rs.2,500-3,000 crore by the end of this financial year, according to Group Executive Director Rajeev Talwar.
Over 60% of Indian software exports are to the US, and nearly 20% are to Europe. Since both these geographies are affected, there will eventually be an impact on Indian IT companies.
The net profit in the June quarter is down for all major listed real estate companies is a matter of worry for the sector in general.
Dynamix Balwas (DB) Realty, the Mumbai-based realtor, has decided to buy upto 49 per cent stake in its hospitality arm, DB Hospitality Ltd, an unlisted arm where the promoters hold a majority stake.
Unitech Ltd, India’s second largest real estate company, and DB Realty Ltd continued to struggle with sales in the June quarter amid rising interest rates and slowing demand—a seemingly unceasing plight they share with most of the sector.
The Leela Group is set to sell its marquee property in Kovalam, a famous beach on the outskirts of the capital of Kerala, as part of an ongoing exercise to ease its debt burden.