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.
The vision of owning a house is slowly getting clearer for buyers as residential real estate prices are beginning to see the promised correction on the back of hardening interest rates and poor transaction volumes.
Supertech will invest Rs 600 crore to develop a 255 metre tall residential tower in Noida. The company will offer a total of 1,326 housing units with prices of up to Rs 2.25 crore in the tower that it claims will be the tallest in North India. “The project, North Eye, will be the tallest in entire region with 60 floors and 255 metre height.
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.
The Finance Minister seems to be getting more appreciation than brickbats for renewing focus on the housing needs of Aam Aadmi. Even the real estate sector is divided and while the long awaited demands have not been fulfilled, a section of the realtors with affordable housing projects have appreciated the efforts.
Maharashtra Chambers of Housing Industry (MCHI), most prominent body of the real estate developers today described the Union Budget presented by the Finance Minister Pranab Mukherjee as “Budget with few positive steps focused on the common man who is interested in buying a house in rural and urban areas”.
The Budget is relying heavily on maintaining the trajectory of growth in the economy to provide solutions for inclusive growth that touch the ‘Aam Aadmi’ and parallelly stressing on governance aspects, which hopefully will be covered separately through concrete action plans to deal with the menace of unaccounted wealth. The trend for consolidation is expected to continue.
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.
Realty firm Ansal API is looking at a fund infusion of about Rs 500 crore from a host of private equity investors, including IL&FS Investment Managers and Red Fort Capital, for its ongoing construction work in north India.
Omaxe Infrastructure & Construction Ltd (OICL), a wholly owned subsidiary of Omaxe Ltd, has bagged a contract from Director General Married Accommodation Project (DGMAP), Ministry of Defence, to construct residential accommodation including allied services for Officers, JCO / ORs at Deolali (Army) and Nasik (Air Force), Maharashtra.