Indian Property News on 'December, 2006'

HUDA puts limits on request for urban plots

The Haryana Urban Development Authority (HUDA) seems to have swung into action. The agency has decided to accept only one application form from an individual for any urban estate plot in its fast flourishing state.

By submitting several applications, property dealers try to increase their chances of acquiring a plot thereby rolling the ball in their court. Such a step by the agency will help to limit the number of such applicants, say HUDA officials. Read More »

Realty Biggies Allowing Revolution in Industry

Stamp duty on sales of property is likely to see a fall with the central government suggesting that the levy should be imposed only on capital appreciation. If the proposal gets passed, buyers will be required to pay stamp duty on the difference between the transaction value and the previous property sale.

The issue has been seeing annoyance of Indian property buyers and mortgage financiers since long. They take it as unfair on the part of government to collect duty on its entire value when the stamp duty has already been paid on a given asset. However, this is the procedure that is always followed to evaluate the amount of stamp duty, leading to high entry load of 15% on property acquisition in India or rampant duty evasion by shirking the price. Automation of real estate transactions helps to embark upon the evasion. Read More »

Time to Rejoice for Would Be Lessors

If you are looking to let out your house, you may feel fortunate to have decided about this prospect now. Tax breaks on selfoccupied houses are likely to lose their place in the governmental trend which gives a reason to celebrate to those who earn rental income. The government is thinking about passing a proposal to provide tax rebate for properties occupied by tenants.

According to the prevalent rules; any individuals earning rental income needs to add the received rent to his/her annual income and taxed as per the applicable rate. However, the finance ministry is in talks over this proposal proposed by housing ministry. In case, North block too oversees to leverage benefits from the proposal, then the individual’s income could stand reduced. The rate of appreciation is something that would be decided later. Read More »

Godrej Group Eyeing Booming Realty Sector

The frenzy of lucrative real estate deals is now encouraging many multinational corporations to leverage large advantages from red hot property market in India. The newest addition to the list is the Godrej Group, traditionally identified with FMCG and consumer durable products. This prestigious conglomerate has decided to make property development as its core driver.

At present, sales of the property hardly account for 7% of this large conglomerate with a turnover exceeding Rs. 5,500 crore. Looking forward to making the very best of opportunities provided in Indian real estate sector, the Group expects realty development to serve as the Group’s largest revenue earner in the coming years, says Adi Godrej, Group Chairman. Read More »

Commonwealth Games – Acting Catalyst for Realty Development in NCR

Commonwealth Games is the biggest event going to host by Lutyen’s Delhi during 3-14 October, 2010. Indeed, the real estate sector of the country has not remained untouched by frenzy of the occasion. The National Capital Region has geared up to witness exponential growth in the run up to the Commonwealth Games.

Efforts are being made to develop the Delhi Games Village in the heart of the capital city. It is to be constructed on a 40 acre site with a possible capacity for 8,500 athletes as well as officials. Read More »

Indian Millionaires Race to Acquire Land

Realty estate biggies have now set their eyes on Kansal village which is fast emerging as a hot investment option. The known real estate companies are trying to woo people with land holdings to sell their chunks of land. Of these realty players are Tata Housing Development Company and the Yash Birla Group who are bullish about floating their housing projects.

The Tatas seems to be quite interested in taking up the housing projects in the North. Talks are in final stages of negotiations for acquiring land close to Chandigarh, which is approximately 70 acres for its housing project. The company is into the business of developing premium residential complexes, townships, commercial projects. It is also planning to build shopping arcades and hotels in several cities across the country. Read More »

Real Gains for Indian Real Estate

Real Estate in India has seen a tremendous positive change in the last decade. Today, Indian construction industry enjoys a substantial presence in the world and has reached to a niche where there is no going back. Escalating GDP, improving demographics, growing affordability, and rising impact of IT and ITes are some of the factors that are believed to have fuelled the growth.

The booming Indian realty sector is all set to witness a cumulative investment inflow of around $435 billion in the next approaching years, says a report by Edelweiss Securities. Read More »

Citi Being Bullish on Indian Realty Space

Improved transparency of Indian real estate has caught the eyes of the world’s largest financial services group, Citi, which has sewed up property deals of around $400 million in the past few weeks. This prestigious group is also looking forward to enter into a joint venture with HDFC and US based Portman Holdings.

Citigroup enjoys the status of being the single largest foreign direct investor in India’s financial services industry. It is all set to pump in over $1 billion in booming real estate sector of India. Read More »

Real Estate Prices to Appreciate by 10% Soon

Real estate sector in India is witnessing strapping demand across key sectors such as commercial, residential, retail, and hospitality. As the tech boom spreading across the country, the property prices in India are rising fast, as there is no next day. With such a scenario, this overheated market is not likely to cool down soon.

Indeed, the real estate prices in India are expected to further escalate by another 5% to 10% in the next few approaching months, as learnt from the data showcased by the property surveys conducted on the sidelines of the IQPC conference held in Mumbai. With mushrooming demand in this sector, around 80 million dwelling units have lined up to take shape in next 10 years, says Ambar Maheshwari, director (investment advisory), DTZ India. Read More »

Go slow on credit to realty: FM to Banks

Finance minister Shri P. Chidambaram has asked banks to “go slow” on their credit exposure in the real estate sector which has been witnessing unprecedented growth for the last 3-4 years.

He wants all the banks to re-balance their credit portfolios and real estate lending requirements to be slowed down. Indeed, he makes a modest suggestion for the banks to lend more to finance country’s gross domestic product (GDP) growth.

During the programme organized by United Bank of India (UBI), Chidambaram expresses his plans to curb the country’s overheating economy. Few days back, RBI’s Governor YV Reddy came forward to take necessary actions to ensure sustainable growth. During July-September, India’s economy has shown a mark improvement as it grew by 9.2% from a year earlier. Read More »