Latest Property News on 'Real Estate Trends'

At Rs 1.2L/sqft, Vinod Khanna sets Realty Record in Mumbai

Little Gibbs Road at Malabar Hill is a charming, up market residential enclave where the crème de la crème live, virtually cut off from the hustle and bustle of a congested Mumbai.

On Tuesday, one of its most prominent landmark buildings, Il Palazzo, created a national record after an apartment here was sold at an astonishing rate of Rs 1.20 lakh a square foot — each floor tile more expensive than a Nano car. Read More »

Airports to Emerge as Business Hubs

All new airports in the country will emerge as business hubs with world class office, hospitality and retail space. The modernization and development of airports will not only provide the facelift to respective cities but also boost the real estate sector, said a report by Cushman & Wakefield.

To exploit the trend of developing city centers around airports, the Airport Authority of India has provided huge land for development of commercial realty and retail space. For airports in Mumbai and Delhi, the report said, 50% of the total real estate space has been allocated for commercial development. Read More »

Floor Rates for NCR Realty may Rise 30%

Get ready to shell out more stamp duty while buying real estate in the National Capital Region (NCR). The NCR board is likely to hike the minimum floor area rates (circle rates) for property transactions in and around the Capital by 20-30%. The new minimum rates are expected to make it easier for people to buy houses by entitling them to bigger home loans, besides generating more revenues for the government.

A circle rate is the floor price at which property transactions are registered, and quoting a lower price is not allowed. Therefore, higher circle rates mean more transparent transactions. Read More »

Realty Deals Bring Rs 23,000 cr during January-March

Slowdown in the real estate market notwithstanding, land deals in India are thriving. According to a recent study, the total value of such deals, in the first three months of 2008, have touched around Rs 23,000 crore, while another Rs 10,000-crore worth deals are in the pipeline.

A study by top brokerage JP Morgan shows that Delhi-based developer BPTP’s Rs 5,000- crore land deal in Noida was the largest deal in the January-March period, while the Mumbai Metropolitan Region Development Authority’s land auctions in Bandra Kurla Complex had fetched around Rs 4,000 crore. Read More »

Parsvnath Launches Parsvnath Premium at Jammu

Parsvnath Developers Limited (PDL), India’s leading real estate company with presence across states having interests in developments of projects in housing, integrated townships, SEZs, commercial properties and infrastructure has announced the launch of Parsvnath Premium a group housing project in association with Mass House Building Cooperative Limited at Sidhra, Jammu.

The ground breaking ceremony was graced by the Honb’le Jenab Abdul Aziz Zargar, Minister for Agriculture, Co-operatives, Fisheries & Sericulture, at the project site located on NH-1 at Sidhra Bye pass. Read More »

Developers Lure wary buyers with Freebies and Discounts

An example of First signs of a price correction, say analysts.

• Just 5 days to save Rs 3,65,700! At Mantri Park Goregaon, 1BHK & 2 BHK apartments. Consider savings in stamp duty as additional sweetener. Rush! This offer is valid only up to [sic] April 13, 2008 or first 51 customers
• Rs 300 off per square foot only up to 20 April 2008. Lok Housing for Lok Raunak Phase II, Mumbai
• Pay 20 per cent now and 80 per cent on possession. Nahar Amritshakti at Chandivali, Mumbai
• Free modular kitchen, free parking, free interiors, stamp duty relief. New Delhi

If all this was not enough, consider another recently concluded promotional offer by Bangalore-based Orange Properties that promised a Maruti SX4 free for every 1500 sq ft flat at Bannerghatta in India’s silicon city. The apartments were priced at Rs 42 lakh. Considering the SX4 retails for Rs 6-8 lakh, the discount was pretty good. Read More »

How to Find the Right Price of your Dream Home

What’s the price of a house at Malad (a Mumbai suburb)? It is Rs 3,000-6,000 per square feet, mentions the recent report of real estate consultant Jones Lang LaSalle Meghraj. What about a premium locality like Vasant Vihar (Delhi)? Rs 19,500-32,000. The residential price is no longer a single number to be taken as reference points to buy or sell houses. The price band is only elongating — confusing buyers, sellers and analysts alike. Though earlier, prices of houses varied within the same locality, the extent wasn’t as much.

“Our analysts are increasingly finding it tougher now to put up a single residential price for a locality. The price band has gone up and our data reflects that,” says Jones Lang LaSalle Meghraj chairman and country head Anuj Puri. Pick up any real estate report and you will find similar findings. The price band of residential prices in the same locality has been the highest in 2008. This is as per data provided by the above-mentioned consultant over a period of five years across Delhi, Mumbai, Bangalore, Kolkata, Chennai and Pune. Read More »

Middle East Realty Giant Emaar Bullish about Indian Real Estate

UAE Property major Emaar Properties has said that it will reconsider its initial public offering (IPO) in India “when the time is right” though the company is bullish about the trend in Indian real estate market.

In February, Emaar MGF withdrew its IPO for lack of adequate response. The company wanted to raise around Rs 6,500 crore on the initial price band of Rs 610-690. This was twice revised to Rs 530-630 and the closing date extended to February 11 from February 6. Read More »

Real Estate Prices Pose Danger for Retail Sector

India has been rated at the top of the global retail development index for the second successive year by AT Kearney. However the consultant has acknowledged at least 10 holdups that need attention. The list includes underdeveloped supply chain capabilities, inadequate utilities, IT infrastructure hurdles, supply base hurdles, inadequate human resources, limited consumer insights, taxation challenges, real estate hurdles, insufficient government incentives and policy-related hurdles.

Among all these, the major hindrance is Real Estate. The fact that retailers have to spend 25-30% of their revenues among rentals, just to operate in metropolitan makes the situation worse. According to CB Richard Ellis South Asia head Anshuman Magazine, the current commercial rentals are actually unaffordable and correction is inevitable,” says. Read More »

Massive Growth in Real Estate

The booming Indian Real Estate has made Property developers billionaires overnight, with profit overflowing in the sector. Office and shopping mall rentals continued their upward trend, the pace being very vigorous in Delhi and Mumbai. At present Mumbai is at the second place in the list of most expensive office markets in the world with Delhi at eighth.

The real estate industry is estimated to reach $60 billion by 2010 with a growth rate of 30 per cent. The industry entered the Dalal Street in a big way and floated 12 public issues in the year, making it a leading sector in terms of fund raising. Read More »