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From: 99acres.com
Sent: Friday, September 25, 2009 11:17 AM
Subject: Developers Intend To Increase Property Prices
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Developers Intend To Increase Property Prices Till sometime back, realty majors such as DLF, Unitech, Omaxe, Parsvnath and HDIL were among those that reduced property prices or forayed into mid-income housing, as the economic slowdown and fears of job losses impacted home sales. But those days are now becoming a far-flung memory, with many developers increasing prices 15 to 30 per cent the moment they became sure of demand returning. Mumbai-based Lodha Developers has increased prices 30 per cent in its premium housing project, Lodha Primero in South Mumbai, since its launch about four months ago. Unitech is also considering a minor price rise in its home prices, a company official says. But analysts caution that property sales may fall again if developers increase prices sharply since the economic situation has not completely recovered. 16 Sep 2009 indianrealtynews.com Buzz In Goa's Realty Market In recent years, Goa has attracted lot of investment in holiday homes by non-resident Goans (NRGs), non-resident Indians (NRIs) and domestic buyers mainly from north India. These days, people desire to live a relaxed life and that’s what Goa offers to its buyers. Besides that, owning a place in Goa has now become a style statement. The state is also witnessing entry of major builders such as Pune-based Gera Developments, Mumbai's Dynamix Group and Tata Housing and Delhi's DLF Group and Parsvnath Developers, for the first time. Currently, Panjim is the most expensive place in Goa to acquire land. The average cost in Panjim rose from Rs 25, 000 per sq m to Rs 35, 000 per sq m, with prices ranging from Rs 50,000-100,000 in Dona Paula and other water fronts. Calangute and the northern coastal belt, comes a close second with the average price for a property being Rs 30,000 per sq m. Costs, however, increase with proximity to the sea and South Goa offers a better bargain. Prices here are said to be lower than the northern coast with start up rate for a place near Colva beach between Rs 18,000 and Rs 22, 000 per sq m. 13 Sep 2009 google.com Developer Gets To Rebuild 140 Acres Without Even Bidding Skipping the competitive bidding process, the Maharashtra government has handed the redevelopment of a 140-acre plot to a single developer by invoking a little-known clause of the Slum Rehabilitation Act, 1971. This is the first project to be allotted using this clause. Shivalik Ventures has bagged the Rs 3,500 crore project to redevelop Golibar Maidan, a cluster of slums located along the Western Express highway between Santa Cruz and Khar. Unitech, Delhi-based realty major, has a 50% stake in the project. 14 Sep 2009 DNA Money Property Takeover To Be Protected By Law An expert team has come up with the first draft of a property titling law to protect an individual's right to the title and to check the growing cases of properties in the capital being targeted for takeovers. The team will maintain complete records of all properties and scrutinize the details provided to identify and decide on the real owner. Under this, each property will be issued a unique identification number. Besides that, a tribunal will be set up for resolving all disputes relating to immovable property in Delhi. This move is expected to stop fraudulent ownership claims as the records will be available to prove ownership in court. 15 Sep 2009 indianrealtynews.com Piramals Group To Set Up Second Real Estate Fund Worth Rs 500 Cr Indiareit Fund Advisors, promoted by the Piramal Group, is setting up its second real estate fund amounting to Rs 500 crore and expects to raise the money from investors by the end of this year. The company had earlier floated Indiareit Fund, a $450-million (Rs 2,025 crore at current exchange rates) real estate fund in 2006 and the proposed new Rs 500-core fund is over and above this. The Piramal Group has a presence in sectors, such as healthcare, diagnostics, glass manufacturing and real estate. 17 Sep 2009 indianrealtynews.com Ansal Plans To Invest 20 Billion Rupees On Townships Ansal Properties & Infrastructure Ltd. will invest 20 billion rupees ($413.2 million) in the current financial year through March 31, 2009, as it seeks to take advantage of the demand for low-cost housing in India, its vice chairman and managing director said. The investment will be the last installment of a total of 60 billion rupees earmarked last year by the company as the main investment to develop 19 integrated townships over five to seven years. Companies such as Ansal, DLF Ltd. and Unitech Ltd. are coming up with affordable housing properties to tap the vast number of India's middle-class buyers. 16 Sep 2009 The Wall Street Journal Bajaj Auto Vice-Chairman Plans To Roll Over 350 Acres In Land Game Mr. Madhur Bajaj, Bajaj Auto vice chairman, who in his personal capacity owns over 350 acres of land under Emerald Acres, is mulling to liquidate a large portion of his land-holdings to unlock value as the real estate sector looks up after the slowdown. He said he has no plans to venture into real estate development in the next decade and would prefer sell outright large parcels of land to developers or sell through plotted schemes. "We are land bankers," he added. He has appointed a clutch of real estate consultants including Cushman & Wakefield to evaluate the land so that he could go public with the sale proposals. 17 Sep 2009 Hindustan Times New Mantra In Realty Space - Shared Ownership Realty and the hospitality players are looking at the leisure real-estate space, which offers customers luxury accommodation without any hassles of ownership. There is an opportunity galore for new timeshare models. Shared ownership has all the aspects of a luxury accommodation minus the responsibilities and inconveniences of owning and managing a second home. It provides developers a chance to use existing infrastructure to generate extra income. 13 Sep 2009 The Hindu Business Line Super Rich Indians Scouting To Buy Property Abroad The super rich class of Indian is making the most of the downside and is again choosing to buy property on foreign shores after a decline in 2008. The global economic downturn is making Indians eye good bargains in international markets. As per international property brokers in India, the number of transactions have gone up by 15-20% if compared to the same period last year. Mr. Samir Chopra, CMD, Re/Max India, an international property broker with presence in over 73 countries across the world said, "There has been more interest over the last six months. Firstly, prices especially in the US are quite low as compared to earlier. Also, a lot of HNIs (high networth individuals) who send their children for education are also looking at buying property outside. Moreover, RBI has relaxed foreign expenditure to $200,000 (Rs 1 cr) per year... so many HNIs prefer to buy during March-April as it increases their buying power from $200,000 to $400,000." Besides HNIs, NRIs are finding foreign properties more lucrative. Global real estate consultancy Jones Lang LaSalle Meghraj (JLLM) said that compared to last year, the drop in NRI interest in India-based properties has been almost 50% in all sectors. Singapore, Dubai and London are preferred destinations as they also offer interesting opportunities for Indian buyers in the Rs 4 crore plus bracket than cities like Mumbai and Delhi, as per JLLM. 13 Sep 2009 google.com Raymond Enters Realty Sector Raymond Group has announced its foray into the real estate business with their plans to develop a residential complex in its 20 acre-odd surplus land in Thane. "As affordable housing is the flavour, we will construct multi-storeyed apartment blocks with two to three BHKs, ranging from 800 to 1,000 sq ft. Mr. Hafeez Contractor has been appointed as the architect," said Mr. Gautam Singhania, chairman and managing director, Raymond Group. The company will sell flats at the current market price. 17 Sep 2009 DNA Money Companies With Land Banks Foraying Into Realty The recovery of fortunes in the realty sector has encouraged textile companies with huge land banks to enter into property development. Among such companies are textiles major Bombay Dyeing and Century Textiles. Till date, most of the textile firms sold their land to developers. Golden Tobacco, manufacturer of the Panama and Chancellor Cigarette brands, is also planning to develop a real estate arm to utilize its land assets across the country. Mr. Nusli Wadia, Bombay Dyeing’s chairman, at the recent annual general meeting (AGM) said the progress on the real estate business was encouraging. He said, "We have a land bank of 64 acres in Mumbai and we will develop this in a phased manner. The plan is to develop the land ourselves without involving a developer. We do not intend putting our land on the block." BK Birla Group’s Century Textiles, which has a land bank of around 20 acres in Worli, will be the other company to be a part of the real estate space. Besides that, Golden Tobacco, a Sanjay Dalmia group company, is also considering the option of having a separate real estate arm. 16 Sep 2009 google.com DLF Asks Buyers To Price Homes DLF Ltd is doing something unusual, which has not been done so far in the realty space. The company plans to derive prices of its new residential projects by asking customers how much they are ready to pay. Through designated brokers, it has sent thousands of SMSes and emails to potential customers for its Capital Greens project Phase II in New Delhi, seeking feedback on price. 15 Sep 2009 DNA Money The Concept Of Mall-in-Mall Receives Its Share Of Appreciation Recently, Mumbai-based, Entertainment World Developers Pvt Ltd (EWDPL) launched a mall-in-mall concept called Treasure Showcase, which allows non-mall brands to sell their merchandise without having to pay rent or common area maintenance charges. However, the company will take a percentage of the retailer’s turnover as its share, EWDPL, Chairman and MD, Mr. Manish Kalani said. Though the concept has been hyped as the best possible arrangement between a mall developer and a retailer, the implementation of the revenue-sharing model has been less than encouraging. The handful of success stories include Inorbit Mall in Mumbai, Select Citywalk in south Delhi and the soon-to-be-launched Palladium mall at High Street Phoenix, Mumbai. 15 Sep 2009 indianrealtynews.com
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