Pranay Vakil: As a developer if someone wants to come and tell you Atul that instead of borrowing at 11.5 per cent or 12 per cent, whatever the rate lender gives you, you will get this money at 3 per cent, how do you react?
Track2Realty: Raising an alarm against rampant unauthorized construction in Raigad district, developers’ body MCHI-CREDAI’s unit has appealed to the authorities to take immediate action against errant people and save gullible home buyers from falling into a trap.
Ravi Sinha: But if we go by that yardstick, my question is that in the major real estate markets across India do we have that kind of projects where ECB would be viable?
Track2Realty Exclusive: The concept of city-states is centuries old. Ancient Greek cities of Athens, Sparta and Thebes were known to be poleis (singular polis) and what set them apart from their ‘non-poleis’ neighbors was these were self-governed and autonomous city-states. Relevant examples in today’s modern world are Singapore, Vatican City and Monaco.
Track2Realty-Agencies: 45 people have died, over 50 are injured, and 20 people are still missing as rescue workers continue to cut through the mangled steel and concrete remains of a seven-storey building which collapsed on Thursday evening, April 4, in Mumbai suburb Thane.
Track2Realty Exclusive: For quite some time the developers in Mumbai were making pitch for the review of FSI in the city which they termed as archaic. Their grouse has not been lacking the merit also. Facts speak for themselves. In 1964, FSI was introduced and set at 4.5 in Mumbai.
Ravi Sinha: Even in the Indian context, if you look at the places like Gurgaon. Had there been no infrastructure no one would be living over there and that is how NCR has evolved as a case study in satellite towns. But the disconnect is with the funding.
Pranay Vakil: Good afternoon everyone. We are indeed sitting in one of the most interesting market of real estate when I feel the developer is confused, the buyer is confused and the government is confused.
Jhumur Ghosh: The most confused.
Pranay Vakil: You said it, I didn’t. The buyer is confused because every day he is reading in the newspapers that prices are going down, but when he goes out to buy a house he finds that prices have actually gone up. I think the lender is confused because he is lending money and the developer is making all kinds of commitment and things are not working out the way it was promised and he is unable to understand why it is not happening.
Track2Realty Exclusive: Direct investment in case of leveraged returns has to take into account carrying cost (interest cost) and in case of non leveraged returns should consider opportunity cost.
Track2Realty: Godrej Properties will develop a residential housing project at Undri (near NIBM) in Pune. The project, spread over 31 acres, will offer approximately 1.5 mn sq. ft of saleable area and will comprise of 1, 2 and 3 BHK apartments.