Real estate gets a shot in the arm by pharma

Pharma companies may occupy only a fraction of the space that Indian IT companies do. Yet, as pharma booms, it promises to be the future growth star for real estate Soon after Manhattan-based American major Pfizer announced it was buying Madison-headquartered drug firm Wyeth for $68 billion, German giant Merck agreed to purchase rival Schering-Plough for $41.1 billion. This was 2009, a time when global pharma majors were trying to diversify their range of products to cope with the economic meltdown. It was also the beginning of a phenomenon that has played out fortuitously for Indian real estate companies. Roughly three years after the 2008 global financial crunch, the Indian [...] read more »

Sale of residential plots at 2-yr low

Property sales have hit rock bottom in Mumbai with the latest figures showing that only 7,800 residential units were sold in October-December 2011, the lowest quarterly figure in the last two years. At its peak in the quarter beginning July 2009, it was 21,000 units. The figures, showing a steep decline in sales in the overpriced Mumbai Metropolitan Region (MMR) real estate market, have been compiled by the real estate research agency Liases Foras. The database shows despite sluggish volumes, prices have risen by 75 per cent over the last two years from December 2009 to December 2011. Regardless of the huge pent up demand for housing, MMR is presently [...] read more »

Not only one, investors look to own second home

Investment in real estate has seen a change in investors’ mindset. Apart from owning a house, people are increasingly looking to buy a second property to earn some investment income out of the property. And, when it comes to buying a house purely from an investment point, choosing the right city or location becomes most important. “The focus should be on properties that have potential for assured rental yields and capital appreciation. This includes residential projects close to workplaces and industrial hubs,” says Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India. METROS MUMBAI: Mumbai seems like a promising city even though it showed subdued demand for housing in [...] read more »

Rajasthan government mulls sewage treatment plants for big housing projects

JAIPUR: The urban development and housing department (UDH) is exploring the possibility of having separate sewage treatment plants in housing projects under Section 90A of the Land Revenue Act. In its attempt to reduce groundwater misuse for landscaping of colonies, each housing project will have to incorporate a water treatment pant in its premise. However, the provision will only be applicable for bigger housing projects with an area 3000 square metre and above, and not for the small projects and individual houses. “Housing colonies will create their own sewage treatment plant (STP) along with separate lines for waste water. This water will then be collected and reprocessed and later can [...] read more »

Gurgaon sees 30% rise in stamp duty collection

GURGAON: There could have been some slowdown in property transactions across the country in 2011 with people preferring to invest in gold, but Gurgaon was not affected. Rather the stamp duty collection in the district registered an increase of at least 30% in 2011 in comparison to the previous year. Moreover, at least 40% of Haryana’s total revenue from property transaction came from Gurgaon tehsil itself. The data compiled by TOI shows that in 2011 while about Rs 2,446 crore was collected from all over the state, in Gurgaon tehsil, it was Rs 1,072 crore. While the neighbouring district of Sonipat generated only Rs 226.97 crore last year, Panchkula – [...] read more »

Middle-class off DDA radar for now

If you are dreaming of owning a two or three-bedroom house in the capital, do not pin your hopes on the Delhi Development Authority (DDA). For Delhi’s middle class, a DDA flat is the only hope of owning an affordable house in the city. But their hopes may be dashed, at least for now, as DDA has shifted its focus on building one-bedroom houses for economically weaker sections (EWS). DDA, the country’s biggest land development agency, plans to start constructing one lakh houses in the lower income group (LIG) and EWS categories this year. So for the next couple of years, it is not starting any new project for the [...] read more »

Coming: 18-hole golf course in Dwarka

Very soon, you will be able to tee off in a golf course of international standards in Delhi, and that too by paying a very nominal fee. The Delhi Development Authority (DDA) is coming up with a ‘state-of-the-art’ 18-hole golf course spread over an area of 173 acres in Dwarka — the biggest ever by the agency. It will be bigger than DDA’s existing golf courses at Lado Sarai (110 acre) and Bhalswa (100 acre) but smaller than Delhi Golf Club (220 acres). “DDA is the first to bring this elite sport to the doorstep of the common man,” said Neemo Dhar, DDA spokesperson. “Our golf courses allow ‘pay and [...] read more »

Society flats not registered, owners to be penalized

NOIDA: Owners of flats in housing cooperative societies have failed to register their premises individually as per the current circle rates as ordered by the Supreme Court even after being given six months to comply with it. Even as the stipulated time ended on Wednesday, the stamp department said that 3,000 such flat owners still haven’t registered their flats. The members of such societies in Noida had earlier argued that they had purchased land at their own cost and, after paying stamp duty, the flats were developed and allotted to society members. As a result, the sub-lease does not make any sense. However, the Noida Authority and UP Stamps and [...] read more »

Land Acquisition Bill will raise project costs: Maharashtra

The Maharashtra Government has joined other State Governments in opposing the new Land Acquisition Bill. If the bill in the present form is accepted, then the land acquisition and rehabilitation cost for some of the projects, which are at execution stage could increase four times. It will also considerably increase the time taken for project execution. The State Government has computed that existing expenditure for relief and rehabilitation for Shai water supply project, which is coming up in Thane district could increase to Rs 784 crore from Rs 197 crore. Similarly the expenditure for Talamba irrigation project near Kudal in Konkan region could increase to Rs 231 crore from Rs [...] read more »

यंग होम, यंग बायर

यंग होम, यंग बायर हाल में ही पांच लाख से अधिक लोगों पर एक सर्वे किया गया जिसमें 84.7 प्रतिशत नौकरी वाले थे। 93.2 प्रतिशत लोगों का कहना था कि प्रॉपर्टी खरीदना उनकी पहली प्राथमिकता है। करीब आधे वेतनभोगियों ने प्रॉपर्टी खरीदने का मकसद निवेश बताया, जबकि 53.1 प्रतिशत लोगों ने अपनी घर की जरूरत को पूरा करने के लिए प्रॉप्रर्टी में निवेश की इच्छा जताई। 25 से 35 साल के आयु समूह के 68.32 प्रतिशत लोग तुरंत घर खरीदना चाहते थे, जबकि 45 वर्ष से अधिक के लोगों में से सिर्फ 22.45 प्रतिशत लोगों ने तुरंत घर खरीदने की इच्छा जताई। प्रॉपर्टी में निवेश और मकान खरीदना आयु वर्ग [...] read more »