Track2Realty-Agencies: After some neglect in the past several years, the realty industry in India finally saw some reforms that had a direct and indirect impact on its fortunes and which led to the some development of the sector in 2012. The prospect of a revival looks brighter once the central bank keeps it promise of cutting interest rates to spur overall growth.
Track2Realty-Agencies: Mumbai-based real estate firm Kamla Landmarc Construction is the new owner of the Hyderabad-based IPL team Deccan Chargers. The deal was finalised by Jitendra Jain-promoted Kamla Landmarc and T Venkattram Reddy’s Deccan Chronicle Holdings (DCHL) over the last few days. The size of the deal is yet to be confirmed.
Track2Realty: India Against Corruption (IAC) raised certain allegations, some of which pertained to DLF. In this regard, we would like to state that the business relationship of DLF with Mr Robert Vadra or his companies, has been in his capacity as an individual entrepreneur, on a completely transparent and at an arm’s length basis. Our business relationship has been conducted to the highest standards of ethics and transparency, as has been our business practices, all around.
Track2Realty-Agencies: Two private equity funds, Citi Property Investors and JPMorgan Chase, have initiated separate arbitration proceedings against BPTP on the grounds that it has failed to provide a time-bound exit for their respective investments in the company.
Track2Realty-Agencies: The Finance Ministry is considering a proposal to relax funding norms for the realty sector so that good housing projects are not starved of funds.
CREDAI has reacted sharply over the Finance Minister’s asking chiefs of public sector banks to put pressure on real estate developers to lower property prices and not hold invetory. CREDAI has said in a release that instead of asking realtors to download unsold stock at discounted prices, the Union Finance Minister P Chidambaram should take immediate steps to boost to housing stock supply through special incentives to the affordable segment.
Money generated through illegal means is laundered through various means including real estate and election campaigns in India, a report of the US State Department has said.
Global experience has it that typically convention centres are done as part of a large integrated township, commercial complex (hotel, office and convention center). Hence such projects are of more interest to large developers.
Godrej Properties (GPL) has announced creation of a residential development platform with Rs. 770 Crore of equity commitments comprising of a group of global investors led by Dutch pension services provider APG, one of the largest pension fund managers and real estate investors in the world. The investor group also includes Sparinvest Property Fund II, a global real estate fund-of-funds managed by Sparinvest Property Investors.
Anticipating a significant rate cut by the RBI, disappointed real estate community has ring alarm bells and forecast more slump due to the high interest rate regime. Pointing out that the capital and labour intensive sector plays a key role in employment generation and accelerating growth, industry body CREDAI says the government has also been losers of revenue due to neglect of the sector and risks attributed to real estate and the RBI advisories against lending to real estate have only harmed the sector and made housing costlier for consumers, apart from affecting the economy.