Manesar was envisaged as a model township encompassing residential real estate as well as commercial office and industrial establishments. Hence, it was appropriately christened as IMT (Integrated Manesar Township).
During the year 2011 when almost all other matured property market witnessed dip in transaction and price correction was on everyone’s lip, Bangalore registered both healthy transaction as well as upward price movement.
After a sharp recovery in the first one-and-a-half months of the calendar year — the Bombay Stock Exchange (BSE) Realty Index gained over 50 per cent, real estate stocks seem to have lost steam.
In the environment of cut-throat competition which exists in the Indian real estate market today, developers without a forward-looking marketing plan for their projects often lose out.
Property consultants and real estate developers have demanded industry status to the realty sector in the forthcoming Budget.
The PE players have expressed concern about difficulty in exits, governance issues in investee companies and certain taxes such as the Dividend Distribution Tax which are excessive and do not conform with global standards.
The world’s housing downturn is gathering momentum, according to the latest world-wide survey of house price indices prepared by the Global Property Guide.
Recently an acquaintance – a fund manager by profession – relocated to India to set-up a domestic PE fund here. He had invested in a Mumbai residential property strategically located close to the primary business district and an international school for his kid.
In an effort to enhance professionalism in the industry, RICS has launched its Red Book of Valuation Standards and Global real estate agency and brokerage standards at the recently concluded real estate conference in Mumbai.
Come budget and the real estate sector, like any other industry, comes out with its own wish list. Unfortunately, while other organised industry get a patient hearing through their industry bodies, the Finance minister seem to be hardly entertaining the sector representatives till recently.