Indian Property News on 'May, 2007'

Mall Mania Grips Jalandhar

The mall mania has reached the lively state of Punjab that is all set to compete with the cyber cities of Noida and Gurgaon. Retail sector in Punjab has just got a push with its first multiplex ‘Sarb’.

Recently, it has another shopping mall called Flamez which made its debut in Ludhiana. The Delhi based Collage Group currently announced its plans to come up with two Semi premium retail malls in Jalandhar and Amritsar with retail space over 1 million sq ft. the fast growing economy of the state is what attracting real estate developers to look forward to the available prospects here. Read More »

‘New Delhi’ Makes its Debut in Global Rental Growth League

The list of world’s fastest growing office rental markets in the year to May now has New Delhi as the latest addition. Others are Abu Dhabi in the United Arab Emirates leading the chart followed by Sofia in Bulgaria, says the data showcased by CB Richard Ellis.

Abu Dhabi witnessed to be the world’s most expensive commercial location, where rents doubled during the concerned period. Read More »

Ministry of Urban Development Needs to Revise Land Management Policies

With Commonwealth Games approaching fast, the failure of DDA to attract buyers for hotel plots in Delhi has been an issue of tension for the government.

Although, the authority has left no stone upturned to fetch prospective buyers but all efforts are going in vain. According to MPD 2021, a lot of land which was earlier under the agriculture belt around the city would now be released for the development of residential group housing. Read More »

Home Loan Rate to Stay Unchanged

The Reserve Bank of India may take sometime to relax the current stringent fiscal curbs it has imposed on banks. For that reason, home loan borrowers will require to wait awhile.

The demand for home loans is sliding with soaring interest rates and the ongoing correction in property prices being major factors responsible for such a scenario.  The home loan industry had grown by leaps and bounds in the previous fiscal year, but the growth is likely to slow down by 18% in the current fiscal. The correction phase in the real estate market is likely to continue till September, say industry watchers.

The market should see reversal of the current trend in this festive season, expects Rajiv Sabharwal, Senior General Manager at ICICI Bank and in chare of its home loan division. Read More »

Stamp Duty Cut for Textile Mill Lands

Facing a strong protest from the mill land developers, the Maharashtra Government is bringing down the value of textile mill lands in its Stamp Duty Ready Reckoner by 10-20% in a couple of weeks.

The proposed move will decrease the incidence of stamp duty for those who are considering purchasing residential property or commercial property on the mill lands undergoing construction. There is an increase in the values of mill lands, which were sold off to real estate developers by inviting open tenders, by 5 to 500% in its Ready Reckoner thereby adding to the burden of stamp duty. Read More »

Mumbai Real Estate Price Trends

Mumbai, the financial capital of India has always been the trendsetter in the indicative property prices of real estate India Mumbai as such has always been in the forefront when it comes to property prices. It has in the recent years a record rise in property prices at par with some of the highest real estate prices in the world. In such terms, Mumbai, our ‘Manhattan of India’ can put New York’s Manhattan to shame.

The property prices as well as the increase in rental values in Mumbai owe much of its credit to the large scale investments in the commercial sector. Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city. And with increasing investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for office space; which have consequently created an imbalance in demand and supply for residential properties. The rental values in Mumbai have also in high corresponding to that in other metros. Read More »

Emmar MGF Planning to go ahead with IPO

Following in footsteps of DLF and Omaxe, the known property developer Emaar MGF is also planning to raise IPO (Initial public offering) in the next 12-18 months.

The company has also entered into a 50: 50 joint venture with Leighton Asia Southern, a part of $8 billion Leighton group, whose operations are spread over the entire Asia-Pacific region.

The new entity will take up potential real estate projects worth over $2.5 billion over the next five-seven years. Also, the company boasts to create a large pool of job opportunities. Read More »

MVL to Develop Rs 3000 mn Township Project in Yamunanagar

Media Video Ltd under its real estate division is coming up with a 124 acres modern township ‘RIVERCITY’ in Yamuna Nagar, Haryana. MVL has gained an excellent rapport of being the only real estate company in the area to offer international standards, self sufficient Modern Township which envisages at transforming lifestyles.

The Township will feature both the residential and commercial premises. The residential segment will include built up villas, freehold plots and an exclusive residential complex with a total sizeable space of 5.5 million sq ft. As far as its commercial segment is concerned, it will have a saleable area of 0.50 million sq ft along a state-of-the-art budget hotel and a one-stop lifestyle shopping mall featuring world class brands. Read More »

Omaxe IPO Finally Gets Sebi Nod

One of India’s leading property developers, Omaxe Ltd. has got a nod from stock market regulator Securities and Exchange Board of India (SEBI) for its initial public offering of 17.8 million equity shares. Earlier, it was DLF, Indian real estate giant, to get approval for an IPO in May.

However, Omaxe has not yet decided on the timing and the price band for the shares. The company is waiting for feedback from its bankers who will determine all its options before it can take any significant decision, says a company official. Read More »

Indian Real Estate Wooing Foreign Players

More and more foreign investors are lining up to make investments in Indian real estate. They are believed to have raised $3.5 billion and above $2.5 billion have already been invested by overseas real estate funds in India till date. The list includes the names such as Blackstone Group ($1 billion), Goldman Sachs ($1 billion), Citigroup Property Investors ($ 125 million), Morgan Stanley ($70 million) and GE Commercial Finance Real Estate ($63 million).

However, this is not an end to the list. It further goes listing JP Morgan, Lehman Brothers, Warren Buffett’s Berkshire Hathaway, Colony Capital, Merril Lynch, and Starwood Capital. Read More »