Global hotel chain Hilton Worldwide has opened its fourth India property in Chennai. According to the company release, the five-star 204-room Hilton Chennai, positioned as a business hotel, is owned by Empee Group, which has diversified interests from alcoholic beverages to property development.
A mammoth increase in planned supply of retail malls in India will increase retail companies’ bargaining power vis-à-vis real estate developers.
Tata Housing Development Company would invest up to Rs 3,000 crore next fiscal to develop affordable homes across the country. The company already has five projects in the affordable segment and plans to launch 7-8 more projects next fiscal.
The favourable budget outcomes are enhancement of priority home loan limit to Rs. 25 lakhs from Rs. 20 lakhs and extension of interest subvention of 1% up to Rs 15 lakhs.
Backed by strong economic growth and impressive fiscal consolidation, the Royal Institution of Chartered Surveyors (RICS) believes that the finance minister has done a commendable job by continuing the focus on infrastructure development, which has been a key contributor to the inclusive growth in the country.
The budget speech indicated further progress on the Direct Tax Code (DTC) as well as the GST – both critical measures, which is a welcome move. Though, I feel that it would have been better for the industry if GST was also rolled out along with the DTC.
At least four firms, Ansal Properties and Infrastructure Ltd (Ansal API), Emaar MGF Land Ltd, Kumar Urban Development Ltd and Paranjape Schemes Constructions Ltd, have received fresh sanctions from banks, although overall lending to the sector remains subdued.
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.
For the Union Budget 2011-12, rising inflation, tight liquidity, high interest rate, industrial slowdown, delayed reforms and negative market sentiment were some of the key concerns to address.
Real Estate developers across the country have termed the Union Budget 2011-12 as a tie cricket match which can’t be termed as won or lost. However, they are all unanimous that it is not a game changer budget for the sector.