Confederation of Real Estate Developers’ Associations (CREDAI) Tamil Nadu unit has said that enquires for commercial real estate property has picked up in the last couple of months following decent growth in the IT industry.
Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects.
Tata Realty Initiatives Fund-I, managed by Tata Realty and Infrastructure Ltd, has bought over Kotak India Real Estate Fund-I, a $100 million (Rs.450 crore) fund managed by Kotak Realty Fund in Peepul Tree Properties Pvt. Ltd for Rs.385 crore.
With only $400-500 million of foreign funds flowed into the Indian real estate sector in 2009-10, the outlook ahead seems to be far from being rosy.
At least four firms, Ansal Properties and Infrastructure Ltd (Ansal API), Emaar MGF Land Ltd, Kumar Urban Development Ltd and Paranjape Schemes Constructions Ltd, have received fresh sanctions from banks, although overall lending to the sector remains subdued.
Real Estate developers across the country have termed the Union Budget 2011-12 as a tie cricket match which can’t be termed as won or lost. However, they are all unanimous that it is not a game changer budget for the sector.
It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of revival and growth.
Real Estate may boast off to be the second largest economic activity and the largest employment provider in the economy, but when it comes to have a say in the policy making, they are found to be sulking.
Omkar Realtors & Developers Pvt Ltd has launched its second project in Andheri East ‘The Summit – Business Bay’. This business centre offers small, flexible & self-contained office spaces starting at 994 sq. ft. The grand single tower infrastructure soaring high on connectivity and accessibility is characterized by 13 floors of office space spread over 5 lakh sq ft.
Even as Lower Parel and BKC vie with each other for pre-eminence as Mumbai’s commercial real estate hotspots, Dadar – Mumbai’s oldest and most established locations – stands in a class uniquely its own by virtue of its extremely favourable geographical placement and connectivity. For this reason – and for all practical purposes – Dadar is the heart of Mumbai.