Indian Property News on 'June, 2007'

House Prices Touch Skyline Again…..

If you have recently bought a house in any of the metros, you are certainly one of the lucky chaps. With the increasing property prices in India and interest rates on home loans touching the skyline, any individual will think thrice before buying a house.

Taking a look at the home buying scenario in 2004, the price of a house was equal to 4.4 years of the individual’s income. Contrary to this, it will require over five years of income to buy the same house. Read More »

Devotion, a New Factor Pushing Real Estate in India

Now, faith will drive the demand for residential property in holy places as the example has been set in Haridwar, one of India’s holiest places for Hindus. Recently, some 30,000 flats have taken shape here.

Arun Dev Builders, one of the prominent names in Indian real estate, informs to have received bookings for 10,000 flats in the price band of Rs 4.4 lakh to Rs 7.5 lakh per unit. Read More »

Millionaires in India go over 1, 00,000

Indian millionaire club is on its expansion. It is believed to have added over 17,000-dollar-millionaires in 2006, recording the highest growth in high net worth individuals (HNIs) after Singapore. Thanks to a record 8.8% real growth in gross domestic product (GDP), second only to China.

There has been a sharp increase in the asset values with the Sensex making rapid strides in the upcoming markets. India, Indonesia, and Russia are believed to be witnessing the highest growth in HNI populations, says the data showcased by the 11th annual world wealth report compiled by Capgemini and Merrill Lynch. Read More »

Property Rates in Noida Soar Amid High Demand

The New Okhla Industrial Development Authority (NOIDA) has increased the rates of residential property in the city by an average of 70-80%. The move has been decided at a board meeting of the Authority on Thursday. The decision comes on the back of circle rates in Greater Noida which had been increased by 42% on Tuesday.

Also, there has been a significant hike in minimum office allotment price of Noida for such property. The rates for commercial, residential, and industrial properties have been soaring to high. Read More »

Land Mafia Making Money on NRI Land

The land mafia in the national capital is inclining towards Non Resident Indians (NRIs) who buy land in India but don’t ponder upon to take care of it, a fact which is enough for such gangs to grab their land and sell it illegally at high prices.

NRIs are increasingly falling prey to the land mafia. However, the Delhi police officials are looking into the matter. Usually, a bunch of treacherous real estate agents form a well organized network to keep an eye over the lands and properties of NRIs who invest in India but hardly visit. Read More »

Govt. Caps the Penalty for Home Buyers

The government has recently introduced a clause in the Real Estate Management & Regulation Bill under which penalties have been capped at 1% of the value of a house.

The move has been decided to rescue house owners from stringent penalties by real estate companies for failing to pay on time during development stage of building.

Real estate developers charge penalties as high as at a rate of 8-12% in the absence of any regulation. Almost 30-35% property transactions are associated with development and construction while the remaining is done on the basis of down payments. Read More »

Goa Tops the Chart of ‘Emerging Growth Centers’

Goa has been rated as the best in terms of social infrastructure in a study of India’s emerging growth centres. Whether cost of living, presence of quality educational institutions or entertainment avenues, Goa has everything.

Prices of residential property in Goa are likely to shoot up with an increasing number of high net worth individuals holding large interests in sea facing villas and apartments. Read More »

Prominent Realty Players Chase Small Town Projects

Big players in Indian real estate are in a look out for Greenfield mall projects in smaller cities and towns to make large killings.  The list includes the prominent names of Unitech, Parsvnath, and Omaxe.

Unitech Limited has even earmarked a large amount of Rs 500 crore for a majority stake in a Greenfield retail project. The company may go in for a complete buy out in emerging metro cities such as Nagpur, Pune, and Indore. Real estate developers Omaxe and Parsvnath claim to be sitting on several proposals from local developers for such buy outs. Read More »

Chandigarh Sets Examples for Other Emerging Boom Towns

Buying a house has become an out of reach task for most middleclass families. People save a little surplus money to invest in real estate but all in vain. They find nothing else except the news of property prices going through the roof. Considering small Indian cities and towns, it makes sense to imagine a lavishing life in metros especially when you have the resources.  But, is the real estate boom taking place only in metros?

A fast flourishing economy and booming service sector have brought a lot of modifications including an increase in income and purchasing power in smaller towns. Also, the requirement to keep costs under lens is encouraging several corporates to check out ‘B’ cities. Read More »

Indian Economy Flourishing On Back Of Real Estate

Scout any Indian city and you will find it witnessing real estate mania for sure.  There is a multitude of construction including shopping malls, development of residential property, commercial space, and IT parks budding from the urban soil. Such projects are helping their respective cities to undergo a major makeover.

Taking the stock market into view, the DLF share will soon command a market capitalization of Rs. 90,000 crore.  Several property developers are there who are listed in stock market and trying to come close by the heels of DLF. Today, real estate stocks have been the primary choice in the stock market. Read More »