Indian Property News on 'May, 2007'

Unitech Profit Soars Beyond High Expectations

The net profit of Unitech, a prominent name in Indian real estate, has shot up to Rs 357.09 crore in the quarter ended March 2007 from Rs 35.46 crore in the corresponding  period as compared to 2006.  The company has seen a considerable rise in its revenue by more than four times to Rs 848.71 crore from Rs 208.05 crore.

Talking about consolidated profit of the Unitech, it has risen to Rs 1,305 crore in 2006-07 from Rs 87.65 crore in 2006 thereby marking the profit by 14 times. Read More »

Real Estate Regulator After a Meet With Builders

The plans regarding bringing a regulator for Indian real estate may slip into limbo for sometime. The government will device the nuances of the regulatory bill only after it deliberates with builders and chief officers of housing banks at a national level conference to be held in Mumbai in the first week of June, 2007.

All stakeholders will be called for a meet for a thorough discussion before bringing in a regulatory authority for the real estate sector, says an official of the ministry of housing and poverty alleviation. Read More »

2nd International Airport to Push Property Prices in G Noida

Real estate players are soon to get a next prospect to jostle one another. It is regarding none other than the proposed second international airport at Greater Noida. The development is likely to give a push to prices of residential and commercial property projects in twin cities of Noida and Greater Noida.

However, the drive may force prospective investors to divert their attention from Gurgaon to Noida in the long term, observes Mr Ankur Srivastava, managing director, DTZ India, a real estate consultancy firm. Read More »

DLF Among Top 10 Cos In M-Cap Chart

DLF, a prominent name in Indian real estate, has made an entry in the chart of the top 10 companies in terms of market capitalization. Its total enterprise value is estimated to be Rs 85,221 crore on the lower side of the price band of Rs 500 a share on the total equity capital of Rs 340.88 crore of Rs 2 paid up equity share.

On the higher side, the company’s current enterprise value is determined to be Rs 93,743 crore. The company has recently been successful in getting SEBI nod for IPO of Rs 9,625 crore. Regarding the same, DLF has announced a price band of Rs 500-550 per share. Read More »

Flats to Replace Slums in Haryana

The Haryana Development Authority Area (HUDA) proposes to raise multi storied apartments to relocate slum communities, and use the land for value added developments. The project will be taken up in two phases. Of this, the construction of 2,040 flats will fall under the first phase with an investment of Rs 51.56 crore. The flats will come up in Sector-56, as a part of the housing scheme.

The new residential colonies would be developed at Dabua Colony and Bapu Nagar on Municipal Corporation of Faridabad (MCF) plots. The development work will come under the Jawaharlal Nehru Urban Renewal Mission (JNURM). Read More »

HDFC Real Estate Fund Buys 10% in Paranjape Schemes

HDFC India Real Estate Fund has acquired 10% stake in Pune realty company Paranjape Schemes for Rs 75 crore. Also, GE Capital has signed a contract worth Rs 250 crore with the company for construction of a mega Township in Pune.

The capital will be used for development of upcoming projects of the company. The investments made by GE Capital are believed to be specifically for project in Pune, as told by Shrikant Paranjape, one of the promoters of Paranjape. Read More »

Understanding the Home Mortgage Process

Nowadays, building a house without availing any home loan can be an uphill climb for any middleclass man. Generally, banks and house finance companies (HFCs) have a number of lucrative options to offer for the best home loan. Despite there being several of such lending institutions, shopping for home loans in India is no simple.

The expertise of the banks and HFCs actually lies in providing a positive approach in matters concerning easy housing loans. However, they never entertain any application that does not meet their specific criteria and until the applicant has good title over the property. Therefore, any individual buying home loan must comply with the procedural requirement of the lending institution. And, the next important thing is to prove the marketable title of the property. Read More »

Anil Ambani’s SEZ Hits a Roadblock

The proposed 1,200 acre Special Economic Zone, promoted by Anil Ambani Group, has fallen into limbo due to the current political tug-of-war in Lucknow. The project was scheduled to come up in Noida.

The Uttar Pradesh Cabinet, chaired by new CM Mayawati, on Thursday put hurdles into the ongoing work of the project. The Cabinet decided to inform the Centre that the proposal did not meet the specific guidelines of a ‘contiguous land’. Read More »

Home Loan Scenario in India

There have been major up and downs in home loan market in India, but the Centre has taken some steps to offer relief to borrowers. With increasing interest rates on home loans, the common man carries the burden of fat EMIs.

Since March, the interest rates fluctuations have been puzzling public and even to some experts. The floating interest rate is now around 11.25-12% while the fixed rate is hovering around 13.25-14%. The beginning of 2007 saw floating and fixed rates at 9.75% and 11%, respectively. If the loan is taken for the short term, the increase in rates – by 150 basis points – changes to a 9% rise in the EMI bill in the last three months. Read More »

Pune Realty Gets New Push by Rs 9,000 crore Township

Earlier, Pune real estate was seeing no appreciation but the scenario has suddenly changed. Thanks to the City Corporation Limited Promoted Amanora Township project, which has already begun fetching prospective investors. Even before the launch was formally announced, the project saw a multitude of investors lining up for bookings.

The project boasts of selling off 50 apartments in a week at an average rate of 3,600 per sq ft. An apartment falling under the range of 1,200 sq ft – 3,900 sq ft. costs in between the range of Rs 50 lakh – Rs 1.5 crore. The construction of the first flat will not be over even 20 months from today. Amanora is a 16,000 apartment project, yet selling does not seem a major problem. Read More »