Chandigarh Board scraps housing scheme amid poor response

The Chandigarh Housing Board (CHB) has terminated its housing scheme, which was announced last year, amid poor response. Applicants who were picked on the basis of a demand survey will get their paid amounts refunded while a new scheme is framed. The housing scheme in Chandigarh, which would have offered homes in Sector 53, has reportedly been scrapped by the housing board, CHB. Officials have been asked by the government to frame a new, which would be more affordable. The scheme was criticised for being so expensive. For 492 flats, Chandigarh Housing Scheme received only 178 applications despite the board reducing the prices of the flats twice and also extending the […] read more »

NBCC to issue tenders to complete eight stuck projects in Noida

In order to expedite the completion of eight stalled residential projects in Noida and Greater Noida, the National Buildings Construction Corporation Limited (NBCC) would soon issue a tender. The NBCC has plans to float a tender for completing the eight stalled housing projects of Amrapali, which includes over 23,000 residential units in Noida and Greater Noida with a total investment of over Rs 5,000 crore. The decision to issue the tender was made after the directive issued by the Supreme Court (SC) to take over the stalled projects in the region. Last year, the apex court had given the responsibility to State-owned NBCC to complete the delayed projects in NCR at the […] read more »

India Ratings predicts weak demand for residential sector in FY21

According to a study by India Ratings, lack of credit availability and ongoing economic slowdown in India due to the coronavirus pandemic could lead to the residential sector witnessing weak demand in the fiscal year 2020-21.  Residential demand could remain muted in the next financial year, 2020-21 due to the increasing risks to India’s growth in case the economic impact of coronavirus continues beyond the first quarter.   Moreover, the housing sector faces a liquidity crunch and refinancing challenges due to increasing uncertainty over the availability of credit in the market, coupled with poor demand. This is in the backdrop of the recent meltdown in the financial market and rising risk […] read more »

Promoters caught in MahaRERA and coronavirus crisis, possession to be delayed

Aurangabad: The real estate market is staring at a major crisis with promoters having a tough time in complying with MahaRERA deadline amid the outbreak of COVID-19. The slowdown in the real estate sector is going to affect the buyers as delays are likely to creep in for the possession of their dream homes. Around 300 ongoing construction projects in the city and outskirts could get delayed by varying time frames as against the stipulated deadlines, CREDAI office-bearers said. The actual number of projects is expected to be more considering the construction activities of non-CREDAI members. Sunil Bedmutha, secretary of Aurangabad chapter president of Confederation of Real Estate Developers’ Associations […] read more »

Mumbai-based realty portal Makaan.com may sell or form JV with MagicBricks or Quikr

NEW DELHI: People Group, which owns and operates real estate portal Makaan.com, has entered into talks with potential buyers, to sell the venture, at a time when the country’s online property space is being seen as the next battleground for global risk capital and strategic investors. MagicBricks. com and online web and mobile classifieds company Quikr are among those believed to have held early-stage discussions with the promoters of Makaan.com, according to two sources with direct knowledge of the developments. A potential transaction could see promoters of Mumbai-based venture, either outright sell its entire stake, or enter into a joint venture with a new backer, which could see the promoters […] read more »

Ahmedabad metro to push city’s real estate market

Apart from a suitable budget and a strategic location, physical infrastructure also plays an important roll in the decision of buying a property. The approval for the Ahmedabad Metro Rail Project Phase-1 is expected to lift the real estate market of the city. The metro phase 1 stretch covers two corridors – the North-South corridor starting from APMC, Vasna to Motera Stadium followed by the East-West corridor starting from Thaltej Gam to Vastral Gam. If you are planning to buy a house in Ahmedabad, then localities near the upcoming Ahmedabad to Gandhinagar metro belt can be considered for good returns. “In almost all metropolitan cities across India, investing near the […] read more »

Wells Fargo’s former India realty investment team launching residential funds

Capitedge India Investment Advisory, a realty fund and asset management firm floated by six former members of Indian realty team of American banking giant Wells Fargo, is coming out with a residential properties-focused fund in India. This would mark its first fresh fundraising exercise after floating an independent investment advisory firm, which is also managing the remaining assets of Wells Fargo after it shut operations in the country last year. While the founding partners are closely associated in operations, Hiral Soni is driving the domestic fundraise and investment strategy, as per the company website. She was previously with Marvel Realtors and had later also set up a boutique investment banking […] read more »