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MUMBAI: Until recently, real estate portals were used by home buyers to research on floor plans and price of apartments but builders are taking this process to the next level: you can now buy a home online. With growing internet penetration, builders have realised the potential of the online space in selling homes and some have even tasted success. Mumbai-based Lodha group has generated over 100 bookings through its online portal for its new township project Palava in Navi Mumbai. “We see the online space offering the potential for us to connect with consumers in new ways across the engagement cycle, from first contact to providing basic information all the [...] read more »
Finance Minister Arun Jaitley in his first Budget proposed changes to income tax laws related to capital gains from property sale. The finance minister put a cap on the amount of tax-saving by investing long-term capital gains from property sale in specified bonds, also called as capital gains bonds. Mr Jaitley also clarified that investment should be made in one residential house property situated in India for availing long-term capital gains benefit. As per the current income-tax rules, long-term capital gains on sale of a property held for three years, attracts 20 per cent tax. Exemptions are granted under certain conditions. These the proposed changes to the income tax laws. [...] read more »
Bangalore/Mumbai: HDFC Property Fund, the private equity arm of Housing Development Finance Corp. Ltd, has raised $250 million (around `1,500 crore today) through an offshore fund. It hopes to raise another $150 million by the end of the year, said a person directly familiar with the development who did not want to be named. On Friday, HDFC Property Fund informed the BSE that it had raised the capital through its second international fund, saying “the recently closed fund will focus on investing primarily in residential property developments in major cities across India”. The cumulative assets under management now exceed $1 billion, the statement added. The new fund, which started raising [...] read more »
With a large number of offices and ITeS segment growth apart from residential growth coming from small tier II and tier III centres, the development of smart cities can bring opportunities for real estate developers, investors, end users and well as the housing loan sector. On expected lines, the real estate sector and the infrastructure sector were the focus sectors of the government in the annual union budget of 2014-15. The finance minister announced a series of measures to bring investment into the sector while giving special emphasis on affordable housing. The announcement that Rs 8000 crore will be earmarked for rural housing along with a series of dedicated proposals [...] read more »
NEW DELHI: The government is considering a proposal to hive off real estate owned by sick public sector companies in Mumbai, Kolkata, Pune and Ahmedabad to state-owned National Buildings and Construction Corporation (NBCC), before selling off the chronically loss-making entities. Senior government officials told TOI that NBCC, which is developing real estate in the national capital, has shown interest in prime plots owned by companies such as Bengal Chemicals, National Bicycle Corporation and Richardson & Cruddas in Mumbai’s Worli and Byculla. Similarly, in Kolkata, the company is looking at land owned by NJMC as well as state-government entities such as Lilly Biscuits and West Bengal Warehousing Corporation. When contacted, NBCC [...] read more »
NEW DELHI: Realty firm Logix group plans to raise Rs 250 crore from foreign investors for the development of its ongoing mixed-use commercial project in Noida. The company is developing this commercial project at an investment of Rs 1,000 crore and is looking to raise FDI to complete this project. The 6-acre project ‘Noida City Center’ includes a 7 lakh sq ft shopping mall, 2.5 lakh sq ft office towers, two hotels with combined 400 rooms and 100 service apartments. “Total project cost of this commercial project is Rs 1,000 crore,” Logix group CMD Shakti Nath said. The investments are largely met through internal accruals, he said, adding that the [...] read more »
NEW DELHI: Builders are scrambling to acquire cheap land and technology for low-cost housing after the government and central bank announced incentives for affordable housing, including cheaper loans to developers and buyers. Real estate companies including Tata Housing, ATS Infrastructure, Bhartiya Group and Anantraj Industries are busy sewing up land deals for projects in the Rs 5-20 lakh home segment. There is unlimited demand for homes in this segment, say experts. “There is a large market for such homes but a big supply constraint as well,” said Shailesh Pathak, executive director of the Bhartiya Group, which is planning to build 10,000 low-cost homes over the next two-three years on a [...] read more »