Track2Realty-Agencies: Demand & supply mismatch is proving to be the burden for developers now, at least in the funding market. Most of the PE deals in the year so far has fallen into residential projects. PE players are investing in projects for shorter duration and with better cash flows.
Track2Realty-Agencies: The Union Cabinet on today, Oct 25, is likely to discuss the bill to regulate the real estate sector and also protect the interests of home buyers.
Track2Realty: RICS and CREDAI have joined hands to promote professional skills in real estate and construction. At the 12th National Convention of CREDAI at Barcelona, a joint initiative called “RICS-CREDAI Skills Development Initiative” was announced to address the education and training needs of professionals engaged in the real estate and construction sector in the country.
Track2Realty-Agencies: More than 70 builders across India will showcase their properties at Times Realty India-2012 event to be held on Septmber 28-29 at J W Marriott Hotel, Deira.
Track2Realty Impact: When Track2Realty pan-India survey said it in May this year that Indians prefer to pay more for ready-to-move property and find new launches risky, the sector was obviously not amused. CREDAI President Lalit Kumar Jain had differed with the Track2Realty survey findings in an interview with Tehelka and said that “ready-to-move-in flats comes at a premium rate and the availability of such in the country is currently just 5 per cent.”
Track2Realty-JLLI: Recently, the annual GDP number (6.5% GDP growth during FY April 2011-March 2012) released by the Reserve Bank of India resulted in a negative sentiment throughout the real estate industry. Consistent with this, in 1H12, the demand for commercial real estate moderated on the back of office occupiers that remained cautious about their expansion plans.
Realty sector has welcomed the the RBI’s decision of slashing the CRR rates by 25 basis points to 4.50% with a guarded optimism. The statement from the Prime Minister’s Economic Advisory Council (PMEAC) that the RBI move to infuse liquidity in the system is “more potent” than a cut in interest rate and it will help banks expand credit portfolio seems to have few takers in the sector.
Sending positive signs from easing the cash crunch for the realty sector, Secretary for Financial Services D K Mittal on Monday, Sep 17, asked the commercial banks to focus on funding partially completed projects on a priority basis and development of projects in small towns.
The Finance Ministry will meet chief executives of leading banks today, Sep 17, to discuss credit flow to the real estate and housing sectors. According to sources D K Mittal, Secretary of Financial Services, will chair the meeting of bankers, which will take stock of credit flow to the sensitive sectors.
The government’s decision to operationalise FDI in multi-brand retail would help the realty sector as the move would create demand for retail space and boost mall development in the country, real estate developers and property consultants said.