When the leading real estate company DLF sold 1250 flats within 2 hours of launch in 2009, there were many eyebrows raised. After all, in a market that was weathering crisis of confidence and liquidity it was hard to believe in the first place.
After a one-year period starting 3Q 2009, which saw a strong recovery with a record 40%+ increase in prices, the Mumbai residential real estate market has been seeing a slowdown over the last two quarters across various micro markets.
Global financial meltdown and the NRIs fear psychosis with the collapse of financial institutions seems to have by default been the catalyst to the realty boom in Punjab.
This week has been a good one for investors in real estate shares, who had seen their investments lose 30%-55% in value over the past six months in the wake of a number of corruption allegations involving the sector.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Dubai International Financial Centre (DIFC) and Absalon Project, a joint venture between affiliates of VP Securities and Soros Fund Management, have launched a feasibility study for a mortgage system in the UAE, based on the principles of the Danish Mortgage Model.
The impending closure of the financial year has the listed real estate developers scurrying to make final repayments or get debt refinanced.
Hotel Leela is all set to foray into real estate development in order to cut its debt. The conversion of land banks into upmarket residential homes in Bangalore, Hyderabad and Pune is believed to raise Rs.950 crore for the company.
Stocks of real estate companies suffered widespread losses on the BSE today dragging down the sectoral index by 3.14 per cent on all-round selling by funds on fears of rate hike by RBI to curb inflation.
Around 1,000 developers will be flying to Singapore to attend a two-day knowledge-sharing event on March 28 and 29.