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NEW DELHI: Realty firm Ambience today said it will invest about Rs 1,950 crore over the next four years to develop two luxury housing projects in Gurgaon and Noida. The Delhi-based company will develop over 1,030 apartments in these two projects launched today. Ambience has presence in Delhi and Gurgaon property markets. It is developing a 150-acre project ‘Ambience Island’ in Gurgaon that comprises premium homes, ‘Leela Ambience’ hotel with over 400 keys and a huge shopping mall. In Delhi, it has a ‘Kempinski Ambience’ hotel comprising 480 keys and a shopping mall at Vasant Kunj. “We are coming up two new projects in Noida and Gurgaon. We are entering […] read more »
NEW DELHI: The Delhi state consumer panel has asked real estate firm Omaxe Buildhome Pvt Ltd to pay over Rs 11 lakh to a retired Indian Airlines official after holding the realty firm of “deficiency of service” in the allotment of a flat at Greater Noida in Uttar Pradesh. The Delhi State Consumer Disputes Redressal Commission (SCDRC), presided by judicial member S A Siddiqui, asked the firm to pay Rs 11.14 lakh to Secunderabad resident Pradeep Chaudhary. Chaudhary had approached the Commission alleging “unfair trade practice” and “deficiency of service” on the firm’s part and said that despite his strong opposition, the company, on its own, changed the location of […] read more »
New Delhi, Nov 5 (IANS) Japanese real estate company TamaHome Corporation has entered into a joint venture with Developer Group to create townships in India, the company said Wednesday. The first two township projects in India will come up in Visakhapatnam in 50 acres and the second in Ludhiana in 150 acres. Both will be in collaboration with Developer Group India Pvt. Ltd. “Building the highest quality homes at the lowest cost, regardless of income scale, offers a more comfortable lifestyle. We have fought to build homes that eliminate common real estate practices and decrease conventional costs in half without reducing quality,” said Yasuhiro Tamaki, president and chief executive officer […] read more »
Weeding out black money from real estate: What government should do to make housing affordable I recently met a real estate developer who joked that the engine of real estate in India has two wheels: one is white money that comes from genuine buyers and the other is black money. And, currently, both wheels have stopped turning. He wasn’t joking. Today, the market is stagnant because most genuine buyers can’t afford to buy their dream home as the market is overpriced. The investors who were pumping in black money have also paused as prices have stagnated. Curiously, the escalation of prices itself has happened because of the large inflows of […] read more »
India’s relaxed rules for foreign direct investment (FDI) in construction will make it easier for foreigners to invest in real estate. While the move has surely been cheered by the real estate sector, for it will bring in much needed capital for those steeped in debt, it could bring more pain for home buyers. Reason: more foreign money in realty means higher property prices. Simple demand-supply logic. Current urban realty prices represent affordability for a microscopic few, while the average home buyer will have to exchange 20-30 years of future earnings to afford a house. Under earlier rules, the government allowed 100 percent FDI in real estate development but with […] read more »
NEW DELHI: Foreign direct investment (FDI) in the real estate sector could jump over two-fold in the next one year with easing of FDI rules in the construction sector, realtors’ body NAREDCO said today. Real estate developers and consultants were of the view that this move would give fillip to cash-starved realty sector, which is reeling under a slowdown since last 2-3 years. It will help developers in raising funds to complete projects. Yesterday, the Cabinet relaxed FDI rules in construction sector by reducing minimum built-up area as well as capital requirement and easing the exit norms. “Reduction in minimum built-up area to 20,000 sq meters from 50,000 sq meters […] read more »
MUMBAI (Reuters) – An appeals court on Thursday paved the way for DLF, the country’s biggest property developer, to sell its mutual fund investments, providing relief to a debt-laden firm reeling after regulators stopped it from tapping capital markets for three years. The three-member Securities Appellate Tribunal (SAT) asked DLF (DLF.NS) to submit an affidavit by Monday stating the amount it wished to redeem in mutual fund investments. In its appeal document, DLF said it had more than 20 billion rupees ($325 million) invested in these funds. The tribunal said it would examine the request for redemptions and give approval next week, if there was no objection from the markets […] read more »