Fire Capital announces JV with OmShakthy for township projects
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.
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.
It is not just the rising interest and input costs and project delays that is hurting the realty companies, rather the mounting debt is the real cause of worry.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.
Patel Realty expects profit to double this year on rising demand for homes in the world’s second-fastest growing major economy.
Private equity fund Fire Capital’s promoter has tied up with a clutch of US-based realty firms to form a new company that plans to invest Rs.6,000 crore in the next four years on developing 32,000 homes across the country.
The level of FDI in the real estate sector is unlikely to show a quantum jump this year, courtesy a slow GDP growth rate, high debt levels of the real estate developers, labour shortage and economic crisis in the US and Europe.
While many of the Indian cities are reeling under the apprehension of slowdown with sales nosediving, Pune real estate has defied any such apprehensions.
Punjab’s first planned eco city, christened New Chandigarh by the State Government, has started to buzz with the major real estate developers and housing societies.
Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session.
Sunil Bharti Mittal, the poster boy of Indian telecom, has ambitious plans in the Indian real estate.