Real Estate Development in India : Press Release
Realty Players To Draw Guidelines To Check Overpricing : 17 Jan 2011 Business Standard
Real estate market participants feel that there is a need for check pricing. They also said there is a need for framing standards of valuation of properties to check overpricing. Maharashtra Chief Minister Mr Prithviraj Chavan has said the government is planning to constitute a regulatory authority to control the skyrocketing property prices besides ensuring transparency in the system. "The real estate sector is already overrated...If a new regulator is constituted, it will result in less supply and lead to further hike in property prices. Government needs to frame standards for valuation instead of constituting a controlling body," real estate solutions provider Cushman and Wakefield India's Executive Director (Occupier Services) Mr Arvind Nandan said.
Heat On Indian Realty Investors In Gulf : 17 Jan 2011 Hindustan Times
A ruling by UAE court has turned the heat on Indian high net-worth investors (HNIs), who have defaulted payments to Dubai's Al Fajer Properties. A large number of Indian HNIs, developers and exporters have apparently invested in Al Fajer's commercial project - Jumeirah Business Centre towers at Dubai. Realty analysts said that several Indian HNIs and developers had bought space into the Jumeirah Business Centre in 2007-08 when Dubai's real estate market was flourishing. Many of these have made part payments to the developer but have been withholding remaining payments after Dubai's realty market crashed during the economic crisis. The minimum investment is estimated to be around $2-3 million (Rs 9 to Rs 12.5 crore). The court's ruling allows the developer to take legal action against the defaulters that includes confiscation of a property to recover its dues.
LIC Housing Stops Loans To Realtors : 20 Jan 2011 Business Standard
To undo the damage caused by the recent loan bribery scam, LIC Housing Finance (LICHF) has stopped financing realtors, according to a top official. He, however, said the company would resume lending but added that loans would be approved on a case-to-case basis. "We have not done any project financing and also stopped loans to individual developers. This has resulted in a slight decline in loans sanctioned during the quarter sequentially," LICHF Chief Executive Mr VK Sharma said.
Mr Donald Trump To Build 65-Storey Tower In Mumbai : 18 Jan 2011 Hindustan Times
Mr Donald Trump, American real estate giant and television star, is all set to enter the Indian property market with his signature project, Trump Towers, to be constructed on the posh Hughes Road in Mumbai. He has tied up with Indian real estate firm Rohan Lifescapes to build the 65-storey tower, which would be formally launched when he visits India in the coming months. Mr Harresh Mehta, chairman, Rohan Lifescapes, called it an iconic project. "The bookings would start in February and we expect good response," said Mr Mehta, adding that there would be 45 spacious apartments in the building. The 3,00,000-square-foot project would have a luxury spa, gymnasium and also a mini-theatre along with a hi-tech security system. Currently, projects in the area command a rate between Rs50,000 and Rs75,000 per square foot, but analysts anticipate that Trump Towers would be sold at a premium so the rate would be much higher.
Indians Buying Homes In High-End London: 17 Jan 2011 thoughtlog.in
Interestingly, Indians are now among the top 10 residential property buyers in the UK's high-end Central London. A recent research and study by real estate analysts Knight Frank International has revealed that while resident Britons have increasingly reduced investing in property over the past two odd years due to the economic slowdown in England, the UK residential property market is luring Asians, who are battling stiffer property rates back home. According to the analysis, Asians comprise 49 per cent of all investors in London's residential property market. While the Chinese, Singaporeans and Malaysians hold the three spots after local Britons (who still comprise 36.9 per cent of all investments), Indians have made their way into the top 10. The Russians have traditionally been some of the highest international investors in the global capital going by the money they put in, and Knight Frank said that they are still buying up most of the exclusive properties there.