Indian Property News on 'April, 2007'

RBI to Relax Norms on SEZ Loans

With the empowered group of ministers (EGoM) releasing stringent rules for the development of SEZs in India, Reserve bank of India (RBI) finds it a little difficult to revise its guidelines on bank lending to SEZs.

Earlier, the commerce ministry was asking the RBI to treat all loans for the SEZ development in the same manner as exposure to commercial real estate. Now, it has become an ironic situation with the EGoM prescribing a cap of 5,000 hectares on the size of multi-product SEZs and constant standard on the utilization of a minimum 50% of the area for core industrial activities. Read More »

Pallonji to launch a Mass Housing Project in Kolkata

India’s largest mass housing project, SP Shukhobrishti, is set for launch.  To be developed by the real estate major, Shapoorji Pallonji, the project will comprise of two enclaves named as ‘Spandan’ and ‘Sparsh’.

The Rs 1500 crore project will comprise of 765 four storied apartments and 100 fourteen storied apartments. Of total 20,000 dwelling units to be spread over an area of 150 acres, 19.999 will be allotted to lower income and middle class income groups.  The complex, SP Shukhobrishti, is scheduled to be built in phases and expected to be over by early 2011. Read More »

Annotated SEZ Tales

Trouble-free in Tamil Nadu

Luckily, Tamil Nadu escaped criticism as far as the development of SEZs is concerned. The state has five operational (three manufacturing and two IT) SEZs. Eleven have obtained final approvals, while 22 have received in-principle approvals. Read More »

Mumbai, Delhi Realty Prices to Leave Tokyo Behind

As per a recent property survey, Delhi and Mumbai have come up as the second and third fastest growing cities in real estate rentals across the world in 2006.

These metropolitans are just next to Me’ouyan Soreq in Israel, which has witnessed an 87.5% increase. Close by the heels are Delhi and Mumbai with appreciations of 50.2% and 33.3% respectively. As far as industrial rentals are concerned, Delhi has moved nine places to 14th position. Read More »

Farmers Protesting Against RIL

Reliance Industries Limited (RIL) is facing a fresh gusher of criticism by the farmers who are ready to repeat the Nandigram incident in Maharashtra. Such a move is planned in response of the notice released by the Maharashtra Government which has asked the farmers to hand over their land and accept the compensation offered by India’s largest private company.

Confrontations by farmers have disabled Reliance to acquire even four per cent of the land for the development of its 10,000 hectare Mahamumbai SEZ. Read More »

Residential Boom Reaches Noida

Noida, the largest industrial town of Asia, has undergone a paradigm shift in the last few years. The real estate in Noida is hitting the sky, which is also due to a large migration of people from Delhi who are being bullish to make it their home.

As a part of Uttar Pradesh, Noida cannot remain untouched by the problems prevailing in the state. Despite all, the individuals who have shifted their base to Noida witness to live a splendid life. Read More »

IIHM Plans to Invest $400 Million in RE

Infinite India Investment Management (IIIM), a leading real estate private equity investment firm, is drawing plans to invest $400 million in the real estate sector in 2-3 years. The company has decided to focus on residential, commercial, retail and hospitality sectors.

IIHM has already pumped in $60 million in five real estate projects. More investments will be done at different phases in these projects. And the new developments are taking place at a fast pace. Read More »

Delhi to Witness High Growth by 2021

Delhities have high hopes with Delhi Master Plan 2021 which envisages turning the city of Mughals into maximum city. With a complete new and vibrating look, Delhi will be moving up its infrastructure elevator by taking up the development of multi level car parking, underground and metro railways, skyways, special bus corridors, and strict zoning for residential and commercial areas.

However, B. Lal Joshi, Lieutenant Governor of Delhi was perhaps unaware of the DDA’s (Delhi Development Authority) monopoly hold over the building permit and licensing system will be broken. Read More »

Eros Group to launch an ultra modern mall in Dwarka

Eros Group, the real estate giant in India with special strength in Delhi, is on its course to launch Eros Metro Mall in the prime location of Sector-1, Dwarka, right opposite the Metro station.

The group has also bought two plots of land from an auction in Dwarka, the place which is nowadays enjoying the status of being the largest township in Asia. Read More »

Investing in Real Estate Mutual Fund

The real estate business is estimated to be of over Rs 675 billion and growing at the rate of 30% a year. In the next 10 years, it is estimated to witness a gigantic rise Rs 4725 billion.

With the demand fundamentals displaying unusual strength, a majority of corporates have forayed into the dispute, each jostling hard to make hard cash. The matter that is in high discussions with the Government sees a hope that it may allow mutual funds to pump in real estate market.

The real estate industry has been largely contributing to the GDP. Its share has shot up from 5.25% in 2002-03 to 7% in 2004-05. The market is large and demand driven. It has been making appreciations in value over the years. Read More »