Indian Property News on 'March, 2007'

ICRIER Begins Survey of Indian Retail Sector

Acting on the advice of commerce ministry, Indian Council of Research in International Economic Relations (ICRIER) has begun the task of studying the impact of organized retailers that have seen swarming of malls lately, on the “mom-n-pop stores” in 20 Indian cities .

Confirming about the survey, ICRIER’s Dirctor, Rajiv Kumar, said they are carrying out survey among consumers, retailers, and malls across India in two phases. In the first phase, the study will be conducted in 20 cities that already have malls. Read More »

Indian Real Estate: Land Conversion Rates to Go Up

Buying your dream homes will be further tough with Urban Development Minister S. Jaipal Reddy stating that conversion charges on land use from agriculture to non-agriculture should be high.

Speaking on a valedictory address at the National Consultation on ‘Jawaharlal Nehru National Urban Rural Mission (JNNURM): Developing Inclusive Cities’, he said land conversion rates in Indian real estate sector is very low in most of the states, and it should change if the country wants to raise money for the poor people.

On talking about how much charges will go up, he said that rests with the states to decide how much they want to raise the charges. This increase in land conversion rates will be excluding the internal and external charges that an Indian real estate builder has to pay. Read More »

Exports from 63 SEZs Projected at Rs 21,632 Crore

The 63 special economic zones (SEZs) that have been notified since February 2006 are expected to do a business of worth Rs. 21, 631.94 crore, revealed commerce ministry’s projections.

Meanwhile, the commerce ministry also predicted a 201 percent rise in export earnings from all the SEZs at Rs 67,299 crore. It was hovering around Rs 22,309 crore in 2005-06. SEZs 2006-07 export figures are being prepared and will be available next month.

However, out of the 63 notified zones that came into existence after the SEZ Act, it’s the Chennai-based Flextronics, electronic hardware, which has the top projection. The 440-acre zone, which so far has invested worth Rs 200 crore has a projection of Rs 6,901 crore. Read More »

Reasons for Increasing Property Prices in Mumbai

Real estate prices in Mumbai were believed to be going through the rooftop. The city has always been setting the trend for other cities to follow. However, what are the dynamics of property rates that Mumbai itself pursues?

Mumbai Realty is rampant with sharp speculations on the expected direction of property prices, with an equal possibility of the rates staying at current levels leaving the common man perplexed whether the rates will shoot up or come down. Read More »

Greater Mumbai to Undergo Paradigm Shift

The Mumbai Metropolitan Region Development Authority (MMRDA) would take a number of projects to improve infrastructure facilities and develop construction projects in Greater Mumbai. This multi-facet project will utilize the fund of Rs. 2,444 crore. The authority also envisages accommodating airport slum rehabilitation project within the same resources.

MMRDA is a nodal agency which implements projects to develop infrastructure facilities in Mumbai Metropolitan Region. The authority has proposed to build a new rail link between Bandra and Kurla to provide a direct link between the central and western railway corridors. Read More »

DSIIDC to Construct 4,000 Low-Cost Homes in Bawana

The Delhi State Industrial Development Corporation (DSIIDC) would take up the development of additional 4,348 homes for the workers in the Capital. These homes will be much cheaper than the homes currently available.

The DSIIDC acquires 23.55 acres of residential plot in sector 3, Bawana Industrial Complex. The authority has already constructed 3,164 accommodation units under the Rajiv Gandhi Housing Scheme. Read More »

Godrej all Set to Step into Retail Segment

Following in footsteps of other real estate enthusiasts, Godrej, a Rs 6,000-crore soaps-to-software major, is all set to establish a substantial presence in the retail segment. The company is looking to enter into a joint venture with a foreign retailer, and seems to be holding talks with the UK’s Makro, owned by Germany’s Metro.

The company may incline towards the British retail giant Tesco. However, Adi Godrej, Godrej Group Chairman, denied to disclose anything related to the ongoing plans. Read More »

Indian Real Estate Doesn’t See Fall in Price: Ficci Survey

A recently survey conducted by Federation of Indian Chambers of Commerce and Industry (Ficci) said that a major chunk of real estate firms believe that the rising price in Indian real sector is here to stay.

The survey, which is based on the findings from the 24 leading real estate consultancy firms, developers, construction companies, builders and financial institutions, came out with the fact that 67 percent respondents did not foresee a sudden collapse in the property rates in India. Read More »

Property Rates in India to go up by 10% in Next Six-Months

The future of Indian retail industry seems bright in the coming six months as implied by the data showcased by Federation of Indian Chambers of Commerce and Industry (Ficci) in its survey on property prices.

The real estate rates in India will go up by 10-15 percent over the next 4-6 months. Read More »

Reliance Eyes Overseas Retail Acquisition

Reliance Industries Ltd’s retail venture, Reliance Retail, is in talks with Carrefour, the world’s second largest retailer, to acquire its international trading arm. According to highly placed sources, the deal for the French firm could be anywhere between a whopping $8-10 billion.

But, when Carrefour’s spokesperson, Beatrice Verder, was contacted, he simply denied commenting anything about the deal while Reliance spokesperson was tightlipped about the negotiation being underway. Read More »