Indian Property News on 'November, 2006'

Gurgaon to have World’s tallest skyscrapers

There is going to be something exceptional about every visit to Gurgaon in the next few years. Visitors will find nothing special except perhaps for the view of the 140 storeys high buildings standing in majestic splendor.

Haryana Government has tightened its seat belt to drive right into the direction of completing the construction of a world class Golden Triangle City Centre in Sector 29 with four tallest buildings in the world by 2010. Read More »

London AIM Calling Indian Real Estate Players

Listing on the London Stock Exchange, K Raheja gets the credit of setting the trend for other players in the Indian real estate to follow. Following the footsteps is the Hiranandani group who plans to tap the Alternative Investment Market (AIM) with USD 750 million selling shares. The amount is believed to be the highest offering by any Indian realty developer on the LSE, says CNBC-TV18.

Hiranandani plans to use the proceedings to develop 5 upcoming projects in Mumbai, Chennai, and Jaipur as well as including an I-T special economic zone. Furthermore, these projects will be carried out according to FDI compliant norms. Read More »

Atlanta to Roll Out Rs 520 Crore Real Estate Projects

Mumbai-based infrastructure development company, Atlanta has been granted permission to implement the Rs 520 crore construction projects, which aims at developing township and commercial complex in Hyderabad and Mumbai respectively.

The company will roll out a township in Hyderabad at an input of Rs 500 crore and is also planning to float a special purpose vehicle in which it will hold 75% stake. The township project will include the construction of commercial as well as residential blocks and would be completed within 10-12 months. Read More »

Sobha Developers all set to broaden its horizons

After witnessing unprecedented growth and making a substantial presence in the Bangalore real estate, Sobha Developers has sought to spread its wings geographically by mobilizing its construction business in 12 more cities in 2007.

The projects will be developed in the cities including Hyderabad, Mysore, Pune, Chennai, Mumbai, Mangalore, Thrissur, Coimbatore, Jaipur, Goa, and National capital Region. Read More »

Mumbai office market grabbing seventh highest in Asia

Joining the list of top 10 cities in the world with pricey office market is Mumbai with the seventh position behind Moscow but ahead of eight-ranked Paris, says an industry report.  While Tokyo maintains its position as the most expensive city in Asia and second in the world

Nariman Point in Mumbai broke into the roll of expensive markets, and has raised more than 158 percent to 106 dollars per square foot per annum over the past year. Elsewhere in Asia, Hong Kong occupancy costs climbed 35 percent to 116 dollars. Read More »

Do Foreign Investors really find Indian realty sector worth their money?

Largely fragmented Indian realty sector has been on the upswing and is turning out to be hot attraction for the foreign investors. However, these potential future investors seem to be little baffled about whether the gains are worth the effort necessary to acquire them.

Over $8 billion of foreign investment is estimated to flow in the year 2006-2007, of which 26.5 percent will be in real estate, says study released by the Associated Chambers of Commerce and Industry of India. Such a boom will certainly trigger a change in the direction of economic policy in the country. Read More »

Hiranandani raises $750 million selling shares in London’s AIM

Hiranandani Constructions Pvt, the Mumbai-based real estate developer has decided to raise as much as $750 million selling shares in London next month to finance expansion.

The group plans to raise these selling shares in a property investment firm on the London Stock Exchange’s Alternative Investment Market (AIM). As far as the arrangement of offerings is concerned, HSBC Holdings Plc and Bear Stearns Cos. are the names bearing the responsibility.

Hiranandani is selling shares in an upcoming company, which will invest in potential real-estate projects that can grab the attention of overseas investors. Read More »

Indian Realty firms, each moving ahead with own IPO plans

Parsvnath Developer’s, an established player in NCR realty sector has hit the capital market with its public issue and generated the demand for over Rs. 60,000 crore worth shares. This famous conglomerate is planning to use the funds towards development and construction of some of the projects on hand.

Although cashing in on the good times, Indian Property sector is still lacking in making its mark on the Dalal Street – India’s Wall Street, with few realty developers accounting for less than 1% of the country’s overall stock market capitalization. Read More »

Looking out for home loan – What lies ahead?

Getting a home loan in India is no more an easy task from now onwards. Reserve bank of India has released strict directives for all the banks to check whether a housing loan is being sought for an authorized structure. Also, the responsibility to ensure that the construction is being carried out in accordance with the sanctioned building plan will fall with these banks.

As a follow up of the orders from the High Court, banks are advised to comply promptly with instructions in this regard without failing while considering the applications for home loans. Read More »

RBI may limit bank loans to real estate

The Reserve Bank of India has now begun to review the banks lending huge amount of money for financing real estate projects. Continuous escalation in prices of the property has called for such a tight scrutiny, even as the regulator has followed prudential norms to maintain the flow of bank credit by raising the risk weights for capital allocation.

Issuing new guidelines, the RBI is making an effort to limit the flow of bank credit to realty sector, in accordance with the limits enforced for capital markets. According to the analysts, raising the risk weights on such type of loans is another way to resolve the problem. Read More »