Godrej Properties’ stock offering to raise up to $90 million received bids for 18 percent more than the shares on offer, boosting the outlook for a newly approved process that companies can tap to cut founder stakes.
The recently tabled Land Acquisition, Rehabilitation & Resettlement Bill, 2011 in Parliament is meant to replace the 117-year-old Land Acquisition Bill of 1894.
The Mumbai-based Godrej Properties has announced the launch of Godrej Alpine, a residential project offering world class facilities and contemporary design.
The Confederation of Real Estate Developers’ Association of India (CREDAI) has put house buyers’ grievance redressal mechanism on the fast track by introducing an e-based redressal system.
Hindustan Construction Company Ltd plans to sell part of its real estate and infrastructure units, as well as aggressively chase outstanding payments with state-run companies to reduce its debt, a senior executive said.
Indian developers will borrow about $1 billion from private equity funds this fiscal year at rates higher than banks, which are cutting loans to builders, Knight Frank assessment suggests.
A recent industry report shows that FDI in 2010-11 was the lowest in the last four years. According to the FICCI-Ernst & Young real estate report, the FDI in the sector declined to 6 per cent of the total direct investment coming to India in 2010-11.
Rising cost and falling transactions are taking their toll on the property market in both the Delhi-NCR and Mumbai.
The combined net debt of India’s 11 listed developers rose 15 percent in the 12 months through June to 385 billion rupees, according to Mumbai-based Edelweiss Securities Ltd.
Global Emerging Markets and Vittal Innovation City in a joint venture with Lepakshi Knowledge Hub, are developing a green eco system for Knowledge based services, manufacturing, R&D and incubation activities.