Indian Property News on 'April, 2007'

Expensive Real Estate Market Makes Home Loans Dearer

Sky hitting property prices have made it difficult for most middle class families to think about availing home loans. The trend can easily be seen in the metros including Delhi, Mumbai, and Bangalore, where a basic two bedroom apartment is no less than for Rs 25 lakh.

The situation may also lead the consumers to take a route to private banks and financial institutions, which are in any case, see it difficult to retain their share of the safe housing loan business in the face of such turns. Read More »

Uncertainty Clouds RIL Project in West Bengal

Reliance Industries Ltd. (RIL) counting on it being sunny regarding its Rs 20 billion agro retail outlet proposal in West Bengal. The company has appealed afresh to get the nod from the government.

However, the West Bengal State Marketing Board has asked for some necessary details about the project. Of all, the major would be the clarification whether the company intends to purchase agro products directly from the farmers or from the market, says Mr Naren Chattopadhyay.

The board is an autonomous organization that falls under the ministry of agricultural marketing of the state government and works as a regulatory authority and controls the rates of farm produce. Read More »

Prices of Construction Supplies Go High

The government has come up with a new hike in the ceiling prices of steel bars and billets, which have been appreciated by up to 20 per cent to cater to steel millers’ demand. The new shift in the price trend has been highly criticized by the builders and property developers.

This may bring a further increase in the prices of residential property. The lower income group is likely to be the end losers, says PKMM President Datuk Roslan Awang Chik. Read More »

Critical Crisis for Floating Home Loan Borrowers

Home loan borrowers are undergoing a tough situation these days after the latest increase interest rates. The reason is that nearly 90% of the borrowers have availed the loans on floating rate basis which is subject to change according to interest rate movements.

Most home loan borrowers opt for floating interest rates, a fact that is already accepted by major banks including Housing Development Finance Corporation (HDFC), ICICI, State Bank of India (SBI). Read More »

Guidance Value Pushing Property Rates in Bangalore

The prices of commercial property in Bangalore are hitting the sky. Seeing the high growth witnessed by the IT city and the proportionate increase in the value of land, the government took the decision to increase the rates for residential property in the city by and industrial properties by 25%.

The hike in properties in Bangalore will certainly push the registration duty paid to the government. However, the rise in rates encourage undervaluing of properties. A large part of formalities necessary for registration of properties will now be done backdoor through ‘under the table’. The increasing prices are a disadvantage for both the property developer and buyer. Read More »

Connaught Place Giving the Way for New Structures

Regal has always been looked upon as one of the major landmarks in the Capital’s heart, Connaught Place. However, it now seems to have lost its glory among the newly developed multiplexes that are fast taking over the city.

With its unique contemporary Indian architecture, Regal has always let the audience to watch the movie and enjoy it in a conventional way. It was also considered an entertainment venue for the rich and upper middle class. Regal has been sold but the owner denies giving out any detail about the buyer. Read More »

Wachovia Enters Indian Real Estate, Invests Rs 170 cr

Global real estate funds are being bullish on making large investments in Indian real estate, which has met another potential investor, Wachovia Corporation. Based in Charlotte, North California, it is a leading banking chain in the United States. The company offers a comprehensive range of banking, asset management wealth management and investment banking products and services.

Wachovia has made its maiden realty investment of Rs 170 crore.  The company has also recently picked up a 49% stake in two projects under development in Bangalore. Read More »

Mayur Vihar Witnessing High Growth

The Delhi Metro seems to cover each and every corner of the Capital. Whether talk of Mayur Vihar Phase I or Azadpur, the work of metro is in full swing.

Mayur Vihar definitely serves as an important upmarket that further enjoys a strategic location. Besides this, the place is fast emerging as one of the major commercial hubs of East Delhi. A number of prominent Indian real estate developers including DLF and Mahatta Towers have constructed the glitzy shopping malls at the district centre, Mayur Vihar Phase I. Close on the heels are Eros, Sikka, TSL, and Anupam.

Mayur Vihar is better known for its high class populace, who are either employed in commercial hubs like Connaught Place or IT companies located in Noida. The place has certainly earned an excellent rapport in recent times. Thanks to the quality construction the place boasts of. Read More »

IDEB to Push Pune Real Estate with Its Share of Investment

IDEB Group is drawing plans to make large investments in Pune real estate on a large scale.

The group is putting its vision on course with the development of a residential project Viaalgio Toscana in the city’s up market Kondhwa locality. It may also take development of prestigious real estate projects and hotels in the next few years.

Also, the group plans to construct a six million square feet residential project Villagio Toscana which boasts to feature exclusive accommodation units.  The project will be over by the next two years, says Harkirat Sing Bedi, director of IDEB. Read More »

Bangalore in Want of 6,000 More Hotel Rooms

Bangalore, the garden city of the country, has attracted a large number of business travelers in the past few years. But, the hotel and hospitality industry here has yet to catch up with this growth, a fact clearly evident by the shortage of hotel rooms and service apartments in the city.

Also known as IT hub of India, Bangalore is all prepared to add 3,000 more rooms over the next five years. At present, there are over 2,500 hotel rooms in the premium category and around 300 recognized service apartments in Bangalore. The figures do not appear to stay in step with the current demand and also leading to an increase in hotel room rates in the city. Read More »