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Snapdeal Diwali Fest: Nearly 10,000 People Register to Buy Home


New Delhi: Online marketplace Snapdeal on Friday said nearly 10,000 customers registered to purchase property on its platform during its pre-Diwali home shopping festival.

"The registered customers will be guided by participating developers and reputed property consultants who will arrange site visits and help close these transactions," Snapdeal said in a statement.

Snapdeal organised the online 'Diwali Home Buying Fest' during November 3-9, offering discounts on purchase of flats in over 200 projects across major cities.

India's real estate sector is facing a huge demand slowdown for last few years, resulting in poor sales, liquidity crunch and delays up to 5 years in project execution.

"Close to 10,000 customers registered to buy real estate on its platform in the run up to Dhanteras," Snapdeal said.

"Customers from...

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Chinese real estate developers eye opportunities in India to float JVs for big projects

A team from international property consultancy JLL is holding exploratory talks with Indian developers to seek investment opportunities for their Chinese clients


MUMBAI: After global private equity and sovereign funds, now Chinese developers are eyeing investment opportunities in India's property sector.

A team from international property consultancy JLL is holding exploratory talks with Indian developers to seek investment opportunities for their Chinese clients. The Chinese developers are looking to forge strategic partnership and enter into joint ventures with Indian builders to invest in large scale residential projects.

China's outbound investment directly into global real estate has risen 50% to $15.6 billion since January this year with New York, London and Sydney becoming...

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Housing.com on firing spree, to lay off another 200 employees this month


BENGALURU: Real estate website Housing.com will lay off another 200 employees this month to meet tightened cost targets set by its shareholders, two people aware of the developments said.

The move comes three months after Housing fired 600 employees to step up focus on its core technology and product. At that time, the company shut a few departments including commercial properties, short stays and land business. This time around, the layoffs will be across departments including product, marketing and operations, the company decided at a board meeting in Mumbai on Friday, the sources said. Housing currently has about 1,960 employees.

"The focus is to control cash burn," an investor in the company said, declining to be identified. A senior Housing executive said department heads across the company have been given targets to identify core strengths. "Unlike the last restructuring round where people were asked to leave because businesses were being shut down, this time the company is laying off without...

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Why Mumbai Home Prices Continue to be Unaffordable for Middle Class


Residential property prices across the country are under pressure because of a sharp slowdown in demand for new homes. Prices in many parts of the country have seen correction as inventories have gone up, but Mumbai continues to remain one of the most expensive markets in India.

Real estate prices in India's commercial capital is never out of news, says Anuj Puri, chairman & country head of JLL India.

"From the sale of spectacularly expensive trophy properties in South Mumbai to the ever-widening affordability gap for middle class home seekers, the city's residential real estate market is under a constant jaundiced limelight," he added.

JLL listed seven reasons behind Mumbai's high property prices...

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Maharashtra CM asks developers to focus on affordable housing in Mumbai

The state government is working on a plan to make real estate permissions more digitised in order to bring transparency


MUMBAI: Maharashtra Chief Minister Devendra Fadnavis has asked realty developers to focus on building affordable homes in Mumbai, the commercial capital of the country, and not "indulge" only in premium segment. 

"We are ready to work with you. We are ready to make your business hassle free...but focus on affordable housing. Let's decide to start building 3 lakh affordable houses in Mumbai in 2016," Fadnavis told property developers adding that builders are not catering to right demand that exists for affordable homes. 

The state government is working on a plan to make real estate permissions more digitised in order to bring transparency. "All applications and permits will be online, that's our goal and we will achieve that soon." 

He also added that...

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Subsidies can't be essence of survival: FM to realty sector

He also asked the sector to submit their taxation related suggestions to the recently appointed panel on tax issues and said the government would seriously look into the final recommendations of the committee


MUMBAI: Hopeful that the age of slowdown will end soon for the real estate business, finance minister Arun Jaitley on Saturday said the sector must survive on market economy and subsidies should not be the "essence of survival".

He also asked the sector to submit their taxation related suggestions to the recently appointed panel on tax issues and said the government would seriously look into the final recommendations of the committee.

Speaking at a housing market conference here attended by real estate players and housing finance firms, Jaitley said the sector will be the next big mover as...

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States Asked to Evolve Affordable Housing Policies for Low Income Groups


New Delhi: The Centre would hold discussions with the state governments about measures being taken to promote affordable housing projects for the Economically Weaker Sections (EWS) and Low Income Groups (LIG).

According to an official release here, the Ministry of Housing and Urban Poverty Alleviation (HUPA) has asked the states to evolve affordable housing policies to comprehensively address issues affecting the creation of affordable housing stock by laying out an enabling environment for various stakeholders to participate in housing projects for EWS and LIG.

Action taken in this regard and experiences of 10 states in promoting affordable housing stock will be discussed at a national workshop - 'Model State Urban Housing and Habitat Policy: Decisive Roadmap for Achieving Housing for All' - on October 27 in New Delhi.

While the Telangana government has proposed to...

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OYO & Zo Rooms blocked on MakeMyTrip, Goibibo, Yatra websites

The move comes at a time when OYO Rooms and Zo Rooms gear up for mega financing rounds in order to capture the budget stays market.


BENGALURU: Online travel agencies including MakeMyTrip, Goibibo and Yatra have, in a joint move, blocked budget-hotel aggregators such as OYO Rooms and Zo Rooms from listing and marketing hotel properties on their websites, a move that experts say is aimed at protecting market share and margins by these portals.

"MakeMyTrip has temporarily de-listed OYO Rooms from its platform. Zo Rooms is also getting delisted... and will be off from listings by tomorrow (Wednesday)," a MakeMyTrip spokesperson said, calling the move a part of ongoing experiments at the company.

In emails sent separately to OYO Rooms and Zo Rooms, Goibibo acknowledged...

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Activists, builders oppose SRA's proposed amendment in DCR in Mumbai

A notification in this regard was issued by the SRA last month, which drew flak from various stakeholders, who strongly opposed it


MUMBAI: Housing rights activists today demanded from the Slum Rehabilitation Authority (SRA) to scrap its proposed amendment in Development Control Rule (DCR) 33(14), terming it "perverse" to city's development.

SRA's proposed amendment in DCR 33(14) will allow builders to construct transit camps or rental accommodation in far away suburbs, in return, they would get high Floor Space Index (FSI) on their plots, which can be utilised at any other location (construction site), including prime locations.

A notification in this regard was issued by the SRA last month, which drew flak from various stakeholders, who strongly opposed it.

Activists also hit out at Maharashtra Chief Minister and Chairman of...

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Office Space Absorption Rises to 10.6 Million Square Feet in September Quarter


Mumbai: Office space absorption during the July-September period increased marginally to 10.6 million sq ft compared to the previous quarter, with Gurgaon witnessing the highest leasing activity, says a survey.

According to property consultant Colliers International, office market sentiment remained positive, with over 10.6 million sq ft of absorption recorded in the third quarter of 2015, marginally up from 10.5 million sq ft in the April-June quarter.

During the quarter, Gurgaon marched ahead in terms of office space leasing with 23 per cent share, followed by Chennai (20 per cent), Bengaluru (18 per cent), Mumbai (15 per cent), Noida (11 per cent), Pune (9 per cent), Delhi (4 per cent) and Kolkata (2 per cent).

The report further said rents remained...

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75% of real estate projects worth Rs 14 lakh crore remained non-starter in FY 2014-15: Assocham

Maharashtra alone accounts for over one-fifth share (21%) in the total outstanding investments attracted by real estate sector throughout India followed by Uttar Pradesh (14%), Gujarat (13%), Karnataka (12%) and Haryana (8%) that are amid top five states in this regard


MANGALURU: Over 75% of total 3,540 live projects with total outstanding investments worth over Rs 14 lakh crore attracted by real estate sector across India remained non-starter as of financial year 2014-15, noted a just-concluded study by apex industry body Assocham.

"While over 2,300 projects in the realty sector remained non-starter, over 1,000 on-going projects have registered significant delay in completion," highlighted the study titled 'Real estate investment: State-level analysis,' conducted by Assocham.

"With 964 projects, domestic private sector accounted for 95%...

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Consumer panel issues warrant to Unitech MDs over absence at hearings

Pankaj Chandgothia, president, Consumer Courts Bar Association, said defaulters are liable to be summoned and punished in line with Section 27 of the Consumer Protection Act, 1986, which provides for punishment of up to three years imprisonment and fine


CHANDIGARH: The UT Consumer Disputes Redressal Commission, Chandigarh, headed by president justice (retired) Jasbir Singh, issued bailable warrants against Ajay Chandra and Sanjay Chandra, managing directors of Unitech Ltd for non-compliance of orders.

Complainants Jaswinder Kumar and his wife, Urmila Rani, of Sector 50, Chandigarh, filed a complaint against Unitech alleging that the complainants were jointly allotted a residential unit in the executive floors of Uniworld City in Sector 97, Mohali, at a total price of Rs 50,99,300. The company promised that possession of plots would be given by February, 2012. But when the complainant visited the site, there was no sign of development.

The complainant paid Rs 31,74,000, more than...

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Houses along new metro routes in Mumbai will now be costlier

the government has decided to charge 100% of the Ready Reckoner Rate as premium for additional floor space index (FSI) for properties along the proposed two new metro lines (II and VII)


MUMBAI: For developments on properties along the proposed two new metro lines (II and VII), the government has decided to charge 100% of the Ready Reckoner Rate as premium for additional floor space index (FSI). The new premium, if approved, will apply to all properties within 500 metres on both sides along the two metro routes.

The revenue thus raised will be handed over to the Mumbai Metropolitan Region Development Authority (MMRDA) for operating these lines. The money is planned to be deposited in a consolidated public transport fund and will be treated as the state government's share for the metro projects, states a government resolution issued on October 17. The bhoomi pujan for the two lines-Metro II (Dahisar-Charkop-Bandra-Mankhurd Metro Corridor Phase I-Dahisar East- DN Nagar) and Metro VII (Andheri East-Dahisar East)-was...

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Single window clearance for layout approvals by next year: Venkaiah Naidu


The ministry of housing and urban development is likely to put in place a single window time-bound clearance system for layout approvals and building permissions by the beginning of next year, union minister M Venkaiah Naidu has said.

“It is a long pending demand of the industry, on national level I am working with six ministers and I have a group of ministers’ meeting, I have held four rounds of meetings with secretaries and ministers of environment, defence, civil supplies, civil aviation and others,” Naidu said while inaugurating a national summit on Housing for All-Catalyst for development and inclusive growth, organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“The last meeting is on October 14 after that we will submit the report to cabinet and then we will go ahead because we are getting permissions from these departments and by the beginning of the next...

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Dividing your property? How to do it right in a will

 

Matters pertaining to succession and inheritance of an individual’s properties are classified in two categories – testamentary succession and intestate succession. An individual is said to die intestate if he has not executed any will. In testamentary succession, the distribution and inheritance of an individual’s properties is carried out as per the terms stated in his/her will. In India, testamentary succession is governed by Indian Succession Act, 1925.

A will is executed with the intention to ensure that the dispute over property of an individual are dispelled or at least mitigated. Nevertheless, certain disputes may arise amongst the future beneficiaries, especially if immoveable properties are distributed amongst more than one beneficiary. To avoid these disputes in such a situation there are certain points to be kept in mind while drafting a will.

In case an individual has an...

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Now, builders must pay you for damages in Delhi

A trial court has said that buyers can claim damages from builders if the latter fails to hand over the property on time.


NEW DELHI: In a significant order, a trial court has said that buyers can claim damages from builders if the latter fails to hand over the property on time.

Buyers can also seek compensation or sue the builders if what they get is different from what they were promised if sub-standard material was used as against "high-quality" material.

"A builder who delays the handing over of the building to the buyer after completing the same within time or fails to carry out the construction according to the agreed specifications, entitles the buyer/ purchaser/ occupants to claim damages for any financial loss or physical inconvenience suffered by them on account of the same for which the builder can be made liable," additional district judge Kamini Lau said.

This order is likely to...

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Housing Sales to Grow at Slower Pace This Festive Season: JLL


New Delhi: Housing sales are expected to rise at a slower pace of 15-20 per cent in the ongoing festival season due to high prices in big cities and subdued sentiment in the property market, according to property consultant JLL India.

The real estate market, especially residential segment, has been witnessing a slowdown for last 2-3 years, leading to sluggish housing sales and 4-5 years of delay in the completion of projects.

"Sales traditionally increased by up to 25-30 per cent during the festive season. However, this year we do not anticipate more than 15-20 per cent increase due to the fact that sentiment is still somewhat subdued and there is an affordability gap in the larger cities like Mumbai," JLL India chairman and country head Anuj Puri said in a report.

Festival season is considered auspicious for real estate purchase and therefore developers gear up for increasing their sales, he added.

"Many households pinpoint this time for...

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Tata Housing ties up with Facebook to sell apartments at Goa project


MUMBAI: Realty developer Tata Housing Development Company has tied up with Facebook to market its project in Goa. Prospective home-buyers can register themselves on Facebook to receive a unique invite code, to be used for booking homes in this project 'Codename - Goa Paradise', the developer said in a release. 

The project is spread across 5 acres and is a resort themed residential project with homes extending from a 1BHK to a 3BHK starting at Rs 29 Lakh. 

"The success of the online platform has strengthened our belief that accessibility and convenience of the internet makes it an...

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Allahabad HC orders demolition of Supertech, Amrapali projects in G. Noida


LUCKNOW: Taking a tough stand against illegal multi-storey buildings in Noida and Greater Noida, the Allahabad High Court on Monday directed the Noida authorities to raze two such buildings.

The court ordered to demolish the illegal buildings, constructed by Amrapali and Supertech groups, within two months and to get the land cleared of all constructions within the fixed time limit.

Amrapali building is located on a land of a pond in Ithaca.

The HC has also ordered demolition of a building of Supertech on a cremation ground in Patwari village.

Reacting to the court order, R K Arora, Chairman, Supertech said, "As per Hon'able Allahbad High Court's recent order, any kind of development on a cremation ground or a water body/pond is not...

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New Rules Give Government Employees More Time to File Property Returns


New Delhi: The Centre has notified new rules to extend by six months, till April 15 next year, the deadline for central government employees to file details of their assets and liabilities along with that of their spouses and dependent children, as mandated under the Lokpal Act.

The Personnel Ministry has notified Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Third Amendment Rules, 2015 to say that the date to file the details has been extended from October 15 to April 15, 2016.

This is the fourth extension in the time limit for filing the details.

The declarations under the Lokpal Act are in addition to similar ones filed by the employees under various services rules. All Group A, B and C category employees are...

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Home Buyers Can Now Get More Loan for Property up to Rs 30 Lakh


Mumbai: Banks can now provide home loans up to 90 per cent for properties that cost Rs 30 lakh or below, the Reserve Bank of India (RBI) said on Thursday.

Earlier, the facility was available only in cases where the cost was up to Rs 20 lakh.

This will benefit those home seekers who plan to buy properties in the range of Rs 20-30 lakh.

The RBI's decision comes in the wake of all major banks reducing interest rate on home loans.

The Reserve Bank of India said in a circular that in case of 'individual housing loans' falling under the category of up to Rs 30 lakh, the LTV (loan to value) ratio is now up to...

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RBI Rate Cut to Boost Realty Demand: Bank of America


Mumbai: American brokerage Bank of America Merill Lynch today said the surprise 0.50 per cent cut by RBI is equivalent to a price correction of up to 4 per cent in house prices, and may also help boost the sagging demand.

"A 0.50 per cent rate cut, if transmitted to mortgage rate, would be equivalent to 3-4 per cent reduction in housing prices," it said in a note, two days after RBI surprised with a 0.50 per cent cut in repo rates.

A slew of banks, including State Bank of India, Axis Bank, Kotak Mahindra Bank, Andhra Bank and Bank of India, among others, have cut their minimum lending rates or base rate offerings in the past two days.

It said housing sales are...

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Housing Sector Gets Leg-Up as RBI to Lower Minimum Risk Weight


Mumbai: Banks will be able to free more funds to lend for affordable housing as the Reserve Bank today proposed to lower the minimum risk weight on housing loans from the current 50 per cent.

"With a view to improve affordability of low-cost housing for economically weaker sections and low income groups and giving a fillip to Housing for All, while being cognizant of prudential concerns, it is proposed to reduce the risk weights applicable to lower value but well collateralised individual housing loans," the RBI said.

The minimum risk weight applicable on individual housing loans is 50 per cent, at present.

Detailed guidelines in this regard are being issued separately, the RBI said in its fourth bi-monthly monetary policy statement.

"The RBI's proposal to reduce the minimum risk weightage on individual housing loans for...

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Important Bills Have to be Passed to Maintain Growth: Union Minister Venkaiah Naidu


HYDERABAD:  Union Minister M Venkaiah Naidu today said important bills like GST Bill and Real Estate Bill need to be passed for economic development, even as he noted that 30 per cent of Indians live below the poverty line.

"We have 30 per cent of Indians living below poverty line. The government has recorded 7.3 per cent GDP growth. If the same pace of growth is continued for two to three years, there is a possibility of India overtaking China's growth rate," he said.

 

"Initially, the government faced a lot of problems like fiscal deficit, revenue deficit, trade deficit, current account deficit and a trust deficit. We must pass GST Bill, Real Estate Bill and Negotiable Instruments Bill. Mudra scheme has to be...

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Might Push GST, Real Estate Bills in Next Parliament Session: Centre


NEW DELHI:  Government is planning to push for the passage of crucial bills like GST and Real Estate in the next session of Parliament to accelerate reforms and spur growth and employment in the country.
The government is in the process of accelerating reforms and transforming India, Urban Development Minister M Venkaiah Naidu said at a function in New Delhi.
"A number of crucial Bills including that of introduction of GST, Real Estate Regulation and Development Bill, for bringing accountability and transparency and enhancing employment generation are expected to be taken up for approval in the next session of Parliament," he said. 

Despite the concerted efforts, government could not get through the GST due to the stiff resistance from Congress and other opposition parties in Parliament.
These Bills are important from...

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Sebi Imposes Rs 7,269 Cr Fine on Property Developer PACL, Directors


Mumbai: The Securities and Exchange Board of India on Tuesday imposed a penalty of Rs 7,269 crore ($1.10 billion) on property developer PACL and four of its directors for not complying with rules on selling investment products to public.

Capital market regulator Sebi said PACL and its directors made an illegal gain of about Rs 2,400 crore from so-called collective investment schemes in less than one year, according to a notice on the regulator's website.

Sebi asked the company and its directors to deposit the fine, which is three times the profit accrued to them, within 45 days of receiving the order.

PACL could not be reached outside...

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Goa's Leela Hotel Sells for Rs 725 Crore


Mumbai: Hotel Leelaventure Ltd has agreed to sell a hotel in Goa to a Malaysian company for Rs 725 crore ($111 million) as the luxury hotels operator strives to cut its debt.

Leelaventure will sell the 206-room hotel to a unit of MetTube Sdn Bhd but will continue to manage it under a contract, it said in a statement late on Saturday.

Leelaventure expects the deal, which it said was the biggest single asset acquisition in India's hospitality sector, to close by end-December.

The Goa hotel accounted for 15 per cent of its total income for...

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Fix MGNREGS first, ‘smart villages’ can wait


The Cabinet on Wednesday took two decisions that focus on rural India: First, it approved an additional 50 days of work for farmers/workers under the MGNREGS over and above the 100 days in areas where drought or natural calamities have been notified; and, second, it okayed a plan to develop a cluster of ‘smart villages’ to transform rural areas to economically, socially and physically sustainable spaces. The two decisions provide an interesting snapshot of the gap that exists between reality — rural distress is spreading at an alarming pace and hence the need to extend the scheme — and the ambition for a 360-degree transformation.

 

The MGNREGS decision is a well-meaning one and will enable states to ensure additional wage employment to the poor in drought-affected areas, help tackle rural seasonal unemployment and reduce distress. But this measure could end up being a cosmetic one unless the government fixes the existing problems of the scheme, the key being delayed payments, which have lead to a decline in people claiming employment under the plan. In the last fiscal, households that completed 100 days of wage employment — the minimum guaranteed under the scheme — declined by...

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Avoid Gold, Real Estate; Buy Equities, Says Shankar Sharma


Fears of a sharp slowdown in China and an imminent rate hike in the US have led to a sharp selloff in domestic equities. The BSE Sensex hit a 15-month closing low on Monday after which markets regained some lost ground on Tuesday and Wednesday.

On Thursday, the BSE Sensex and Nifty came under renewed selling pressure; the Sensex shed over 400 points, while the Nifty traded below 7,800 in morning trade.

Market veteran Shankar Sharma, the vice chairman and joint managing director of First Global brokerage, says domestic stock markets can offer 10 per cent return from current levels in a year.

"It is a very troubled environment locally and globally that we are in. Within that to expect India's GDP to grow 8 or...

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Faridabad tops smart cities list with 95 points in Delhi NCR. Ghaziabad scores 82 marks, comes third


Faridabad made it to the smart cities list because its municipality had taken several steps to general revenues and make the civic agency financially sound. An online grievance mechanism was in place and so was an e-bulletin. Another reason why Faridabad secured second position in the state-level contest is that the Municipal Corporation of Faridabad paid salaries to its employees on June 30. Even 59 employees who retired on June 30 have been paid their dues (amounting to Rs 6 crore).

 

Interestingly, Faridabad was given four projects under the JnNURM scheme, out of which three were completed. These included revamping of the sewage system and sewage treatment works, drainage work in old Faridabad and solid waste management project. Karnal was chosen because it had audited balance sheets uploaded online,  citizen engagement and e-newsletter.

Ghaziabad had an overall score of 82 points in an assessment for smart cities conducted over 20 different parameters. It also stood 138th among 476 cities in the Swachh Bharat rankings, factors that helped it score over its...

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Delhi: Real estate boom coming as Lutyens’ zone set to shrink


The leafy neighbourhood of the country’s top politicians, bureaucrats and business leaders is set to shrink as Lutyens’ bungalow zone (LBZ) could make way for modern high-rises, if a Union urban development (UD) ministry plan gets approved.

 

The UD ministry has accepted recommendations of the Delhi Urban Arts Commission (DUAC) and decided to redraw the boundary of the Capital’s iconic bungalow zone.

It will soon send its report to the prime minister’s office (PMO). The final call rests with the PMO because any policy related to the LBZ has to have its approval.

According to the UD ministry’s plan, the new LBZ map will not have Bengali Market, Golf Links, Sardar Patel Marg, Panchsheel Marg, Jorbagh, parts of Mandir Marg and Ashoka Road, Sunder Nagar and portions of...

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Indian Realty Faces Flat Sales, Stagnant Prices Next Year: Moody's


NEW DELHI:  India's largest realty firms will continue to experience a challenging operating environment over the next year characterised by weak cash flows, flat sales and stagnant prices, Moody's Investors Service said in a report on Tuesday.

"India's largest property developers will continue to face a challenging operating environment over the next 12 months -- including weak cash flows, flat sales and stagnant prices," the US firm said.

 

"Cuts in interest rates by the Reserve Bank of India, if passed on by the banks, will filter down to the property market, reducing the cost of borrowing for developers as well as buyers, and supporting demand," said Moody's vice president Vikas Halan, releasing the report on the property market titled "Cash flows to remain weak amid flat sales and high costs".

"But high home prices and declines in savings rates will outweigh these factors, particularly in Mumbai and Delhi, while more generally, the property market in India exhibits a notable degree of variation in terms of affordability," he added.

Timely execution of projects by developers have been stalled by delayed approvals and stretched liquidity in the past two or three years, which will...

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Weak Sales, Stagnant Prices Pose Challenge for Realty Companies: Moody's


New Delhi: Weak housing sales and stagnant prices will pose challenge to big real estate developers over the next 12 months as their cash flows and project execution capabilities get affected, ratings agency Moody's said.

Developers will not reduce price to boost sales, rather will continue with their strategy to reduce apartment size and offer freebies, Moody's Investors Service said.

However, the agency said that "solid economic growth" would give some support to housing sales, while gradual easing of lending rates would boost investment activity.

"India's largest property developers will continue to face a challenging operating environment over the next 12 months - including weak cash flows, flat sales and stagnant prices," the agency said in a statement while releasing a report on the Indian property market titled 'Cash Flows to Remain Weak Amid Flat Sales and High Costs' today.

Sales volumes will remain weak because of...

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Do you know that the money you pay for your flat is being diverted by builders to their subsidiaries?


Developers desperately in need of capital are floating sister concerns and diverting money collected for one specific housing project to another. Often, funds dry up as some projects run into losses, leading to delay in delivery of apartments. This is why lawmakers need to act quickly on the proposed real estate regulation bill as it moots the setting up of escrow (depositing money for a project in one account and strictly monitoring its withdrawal) accounts for housing projects.


 


In a recent case, the Allahabad High Court issued a notice to the Noida Authority after 27 home owners alleged that money collected from them for a group housing project in Sector 100, Noida, had been diverted to associate and group companies which had again invested the money in other NCR properties. 

In another case being investigated by the Economic Offence Wing (EOW) of the Delhi Police, a real estate developer allegedly collected hundreds of crores...

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Complaint Against DLF Rejected by Fair Trade Regulator


New Delhi: The Competition Commission of India (CCI) on Wednesday rejected allegations of anti-competitive practices made against realty major DLF related to a project in the national capital.

DLF is already under the scanner of the competition watchdog, which earlier this year ordered two separate probes against the realty company.

DLF was also fined Rs. 630 crore by CCI in another case in August 2011, which was later set aside by the Competition Appellate Tribunal after which the regulator approached the Supreme Court.

The latest complaint pertained to apartments booked in the residential project DLF Capital Greens, Phase III, in the national capital.

The fair trade regulator has...

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No Room to Reduce Housing Prices: CREDAI


New Delhi: A day after RBI governor Raghuram Rajan advised builders stuck with unsold inventories to cut rates, realtors' body CREDAI today said there is no scope to reduce housing prices and demanded that interest rates on home loans as well as taxes should be reduced to boost demand.

"While we respect the RBI governor's concern over kick starting the real estate sector, it would be prudent to say that from the developer's side that a substantial reduction in prices has already happened across the country," CREDAI president Getamber Anand told PTI.

"Any further decrease in sale prices would mean an out of pocket expense for the developers thereby acting as the last nail in the coffin of an industry which contributes so much to the economy and employment at large," he added.

Mr Anand said housing prices have gone down by 15-20 per cent on an average in last two years across India, while input costs have risen by 15-20 per cent.

The Confederation of ...

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Apartments Are Cheaper. Should You Buy Now?


Anybody with clout who says home prices must drop is met with a lot of cheer and jeer. And when a voice as respected as the RBI Governor Raghuram Rajan makes a statement to that effect, it becomes virtually gospel truth.
 
Last week, Mr Rajan said, "I think we need the market to clear. With growing unsold stock, we need to see the ways to do it". His justification: if prices stay high, demand won't pick up, even if home loan rates are lowered.

I agree that a lot about the real estate sector and home prices in India is scary today. Look at the housing stock that gets created in the biggest employment hubs of India, its top eight cities - 75% of that stock (apartments, mainly) is priced at Rs. 40 lakh plus.
 
And now consider the harsh truth - 90% of India's tax payers earn less than Rs. 5 lakh per annum or Rs. 42,000 per month.  So forget lower income groups, even households at this median income cannot afford to buy a two-bedroom home in any of these top eight metro cities including Pune and Hyderabad. After all, if the family pays an EMI of Rs. 34,000 per month (at 9.7% interest per annum interest for a Rs. 40 lakh home loan), what will...

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Affordable Homes Offer $11.8-Bn Opportunity for Builders: C&W


New Delhi: Affordable home segment presents a business opportunity worth $11.8 billion for developers across seven major cities of the country, according to property consultant Cushman & Wakefield.

Cushman & Wakefield (C&W) has pegged the demand for affordable housing at 5,35,400 units across Delhi-NCR, Mumbai (MMR), Bengaluru, Chennai, Hyderabad, Kolkata and Pune.

"Affordable housing presents a $11.8 billion opportunity in India across major seven cities, backed by demand in these cities," the report said.

The consultant expects that strong demand pipeline in the top seven cities would drive...

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Teaser Loans Again? SBI Asks Reserve Bank to Allow Sub-Base Rate Loans


Mumbai: Piling inventory levels of real estate players in the country on Thursday brought the controversial 'teaser loans' back into focus, with State Bank of India asking the Reserve Bank of India to allow lenders to sell loans below the base rates.

"I am told that real estate stock is at two-year high and I was thinking if it is possible for a little while... Could something of this (teaser loan) kind could be allowed given the fact that this is one of the portfolio where NPAs (non-performing assets) are the lowest," Arundhati Bhattacharya, chairperson of the country's largest lender, told RBI Governor Raghuram Rajan at a conference here.

Mr Rajan acknowledged the demand, but did not appear very keen to accede and said that...

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Property Prices Must Fall, Raghuram Rajan Tells Developers


Reserve Bank Governor Raghuram Rajan on Thursday made a case for reduction in property prices given the high inventory of unsold flats across the country.

"If real estate developers, who are sitting on unsold stocks, start bringing down prices, that will be a big help to the sector because once there is a sense that the prices have stabilized more people will be willing to buy," Dr Rajan said. (Watch)

I thing we need the market to clear and with growing unsold stock we need to figure out ways to do it," he added.

The Governor said banks should explore ways to make home loans easier, but quickly added that property prices must fall before rates are brought lower.

"We don't want to create a situation where prices remain high at a level that demand may not pick up to the extent necessary," Dr Rajan said.

His comments come at a time when...

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Over 50,000 homebuyers to finally get their homes in Noida after government  clears draft notification


In a major relief to over 50,000 homebuyers, the government has curtailed the eco-sensitive zone around the Okhla Bird sanctuary near Noida to 100 metres on three sides instead of the earlier 10 km, a move that will now enable builders to finish their projects and hand over the apartments to the buyers.
The eco-sensitive zone will now be applicable to an area of up to 100 metres from the eastern, western and southern boundaries of the sanctuary. From the northern side the buffer zone will extend to 1.27 km, environment ministry sources say.

The decision to notify the eco-sensitive zone was taken up at the meeting of the standing committee of National Board for Wildlife,  chaired by the union environment minister and forests minister Prakash Javadekar.

The final notification regarding the eco-sensitive zone is expected to be out in a week’s time. This will enable Noida Authority to start giving completion certificates to builders who will  then start delivery of apartments to buyers.

“It is a big relief for homebuyers who had booked flats. Some of them are already paying EMI. Hard-earned money of people had been invested there. They will get relief. The confusion has...

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Tribunal Upholds Rs 49,100 Cr Refund Order Against PACL


Mumbai: The Securities Appellate Tribunal (SAT) has upheld a decision by the Securities and Exchange Board of India (Sebi) ordering property developer PACL to return $7.5 billion to investors, in a case seen as a test of the market watchdog's ability to clamp down on unregulated investment products.

PACL had appealed an order from the market regulator last year that deemed the company's investment products illegal for not complying with rules on so-called collective investment schemes.

In its order, Sebi said PACL was selling fixed-return investment products disguised as land-for-fund schemes. It told the firm to return Rs 49,100 crore ($7.52 billion) it raised from 58.5 million customers.

PACL argued it sold land to customers and not investment products.

But the tribunal, in an order...

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Cheaper Gujarat Land Allotted to Judges: Third Judge Exits Case


NEW DELHI:  In a case involving alleged irregularities in the allotment of prime real estate to 27 judges in Gujarat, the Supreme Court today put on hold a high court order. Earlier today, a judge exited the case - the third to do so.
 
Here are 10 developments in the story:
  1. The court has put on hold the Gujarat High Court's order yesterday that a larger panel of judges will hear the case.
  2. One of the judges on the new panel today withdrew from the case.
  3. The Gujarat High Court took up the case on Monday, based on complaints by two judges who...

25-Crore Scam in Telangana Promised Brahmin-Only Neighbourhood


NEW DELHI:  It was a multi-million-dollar scam that promised plots in a housing complex to be built exclusively for Brahmins in Mahbubnagar.

Real estate developer Yellapragada Prabhakar collected 25 crores in Telangana by swindling nearly 1,000 investors into buying plots from him over the last two years that existed only on paper, city police chief P Viswa Prasad said. The developer was arrested over the weekend

"He spent crores on TV and newspaper advertisements to target the Brahmins with the promise of developing a Brahmin housing project," Mr Prasad told news agency AFP.

The fake complex promised a nursing home for elderly Brahmins, a Brahmin-only marriage hall, a religious school and no access to the complex for non-vegetarians.

Prabhakar had been...

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Properties sold by banks through e-auctions are generally offered at a 10 to 15 per cent discount


Ramesh Luhani had been house-hunting for over a year. He had met over a dozen brokers and negotiated with several builders but was not able to strike a good deal until he chanced upon an advertisement by a bank inviting bids for an e-auction. He won the bid and even managed to get a 10% to 15% discount on the property, but there were crucial details that he had overlooked. A month after moving in, he was horrified to find that the previous owner owed the housing society Rs. 5 lakh in dues and that the house had been sub-let, which meant he could not resell the property.

Luhani’s case cleary proves that properties bought in e-auctions are sold at an ‘as is where is basis’ and most of them are offered at a discounted price of 10% to 15%. Banks are most likely to offer a discount because of the problems associated with non-performing assets (NPA). Though they do their own due-diligence, often the property might have some liabilities which have gone unnoticed.

At a recent e-auction, the State Bank of India (SBI) was able to sell 124 (out of a total of 350) properties seized in 26 cities worth Rs. 90 to Rs. 100 crore, says Parveen Kumar Malhotra, deputy managing director, Stressed Asset Management Group, SBI. Most of...

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Yamuna Authority is offering 900 plots in Sector 22D. A plot can now be yours for just Rs 17.04 lakh


Attempting to inject life in the recession-hit market, Yamuna Expressway Industrial Development Authority (YEIDA) will be launching a residential plot scheme on August 3, 2015, offering 900 plots of 120 sq metre and 162 sq m, priced at  Rs 17.04 lakh and Rs 23 lakh, respectively in the  prime location of Sector 22D. This is for the first time that YEIDA is offering small, low-priced plots. In schemes launched in 2009 in sectors 18 and 20, 21,000 plots of 300 sq m each were allotted.

 

“We are expecting a huge response and have decided to give preference to those who can pay the total cost of the plot in 60 days from the date of allotment. The second preference will be given to those who will pay 50% within 60 days from the date of allotment and the remaining 50% in two installments within a year with 12% rate of interest. Finally, preference will also be given to those who pay 30% within 60 days from the date of allotment and the rest of the amount in eight equal installments in four years with 12%  rate of interest, says Arun Vir Singh, additional CEO, YEIDA.  
Singh says the decision to launch this scheme has been taken keeping in mind the aspirations of the middle and lower income groups to...

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You might end up being a victim of fraud if you invest in a property in Delhi's land pooling zone


Check that advertisement for that beautiful apartment being sold for a great price, and that too in the Capital. Do find out more about the zone it is located in and then check the Delhi Master Plan 2021. If your builder tells you the project is in the land pooling zone, and that you can make a good profit from it, understand that you might end up being a victim of fraud. If one goes by the recent public notices of Delhi Development Authority (DDA), such offers are illegal and homebuyers are advised to stay away from them.

 

A builder recently announced the launch of a project in L-Zone, Dwarka. Newspaper advertisements of the projects also offered a buyback policy with 25% interest in two years. L-Zone falls in the land pooling zone, but DDA has just prepared the draft regulation of the land pooling policy and it is yet to be notified – no developer can as of now own land in this zone.
A number of public notices have been issued by DDA, warning people to stay away from “any illegal offer of registration of plots/flats under the land pooling policy”.

“The general public is hereby cautioned that for any sector within a...

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100 smart cities coming up; here's how to be a town planner


Town planning involves ­conducting feasibility ­studies, planning and designing for a range of projects, ­including ­development plans of ­cities, ­master plans of special economic zones, industrial estates, commercial and ­residential projects, ­formulation of projects, financial ­analysis, consulting with various ­stakeholders, research and design for planning policies to guide development, designing layouts and drafting design ­statements, infrastructure planning, coordination, client interaction, report writing and presentation etc.

 

A town planner is trained to prepare town plans or Master Plans (statutory documents which give the broad ­direction for the ­spatial growth of a city). Town planners also play a role there in terms of ­validating land uses, approving land ­subdivisions, projects, etc.

In terms of education there are many fields one can ­pursue in order to become a town ­planner. These include ­architecture, civil ­engineering, economics, ­geography, among others. One can also pursue a bachelors of planning after Class 12. One has to have math and science as subjects to enter at  the undergraduate level.

There are just over a dozen schools of ­planning in the ­country. Every ­institute has its own entrance test that ­aspirants need to...

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Home Buyers Delaying Purchase Due to Higher Price in Mumbai: Report


Mumbai: Owing to escalating property prices and a slowdown in sales, mainly due to consumers postponing their buying decisions, there is an inventory pile-up of 46 months in the Mumbai Metropolitan Region (MMR), property portal Indianproperty.com has said in a report.

"Mumbai has an inventory pile up of 46 months, well above the accepted 8 to 12 months mark. This is a result of high pricing in the MMR. Inflated pricing has also postponed the buying decision considerably," chief executive officer Ganesh Vasudevan said in a statement.

The top investment destinations across the Mumbai region are Panvel, Kalyan, Nalasopara, Kharghar, Mira Road, Dombivli, Kamothe, Ulwe and Sanpada, the report noted.

During the first half of 2015, the government has initiated a number of infrastructure projects that will drive sales across Mumbai region like the Coastal Road Project from...

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Joint Home Loan: Few Things to Know


A home of our own is an aspiration that most of us strive for and a home loan is usually the biggest financial liability in an individual's life that needs to be carefully considered. Sometimes you may want to buy a house of a greater value, but you may not be eligible for a higher amount of loan from the bank. This is where opting for a joint loan comes handy. Before opting for a join loan with your parents or spouse you must first understand the implications of this loan.

Understanding the implications

A joint loan is usually taken to meet the eligibility criteria by supplementing the co-applicant's income along with that of the applicant for a better and higher loan eligibility. You can consider the option of taking a joint loan with either your parents or your spouse as it proves to be a more convenient approach for qualifying for a higher value loan and also manage your liabilities jointly.

While a joint home loan increases your eligibility it also distributes the liability of payment and impacts the credit history and credit score of both the...

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Parliament Panel Recommends Jail Term for Defaulting Builders


New Delhi: A Parliamentary Committee has recommended a slew of measures favouring property buyers, which include a three-year jail term or a fine for a defaulting builder under a new law which will now cover projects of 500 square meters or eight flats.

Under the proposed new law, a jail term of up to three years or a penalty of up to 10 per cent of project cost or both can be imposed on a builder in case of defaulting on commitments made to a buyer.

The Select Committee of Rajya Sabha, which examined the Real Estate Bill 2013 and submitted its report in the House on Thursday, also recommended that 50 per cent of payments made by home-buyers for a real estate project should be kept in a separate account and used for that specific purpose only while the rest can be spent on other projects.

The Bill aims at establishing the Real Estate Regulatory Authority (RERA) for regulation and promotion of the sector and setting up of an adjudicating mechanism for speedy...

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Over 7 Lakh Homes Unsold in Top 8 Cities: Knight Frank


New Delhi: Over 7 lakh housing units remain unsold in eight major cities and it will take more than three years to exhaust the inventories, property consultant Knight Frank India said on Tuesday.

The national capital region (NCR) market had 1.9 lakh unsold homes as of June.

Residential market, which is facing a huge slowdown in demand for last 3-4 years, would "not see a recovery in the next six months", the consultant said in a statement.

Housing sales dropped by 19 per cent and new launches by 40 per cent during January-June 2015 in eight cities compared with the year-ago period.

These cities are Delhi-NCR, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad. "Current unsold inventory levels stand at over 7 lakh units; would take over 3 years to exhaust," said the consultant.

Knight Frank India CMD Shishir Baijal said: "Despite economic scenario strengthening, we are seeing...

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Bharti Realty Ties Up With Eros Group for Housing Project


New Delhi: Bharti Enterprises' real estate firm Bharti Realty on Monday said it has tied up with Eros Group to develop a housing project at Surajkund.

With this partnership, Bharti Realty has forayed into the residential segment. It will develop over 2,000 apartments in this project covering about 5.2 million sq ft of area.

"Bharti Land (the new development arm of Bharti Realty), has entered into an agreement with Eros Group to develop a 'smart' residential project in Surajkund, south of South Delhi," Bharti group said in a statement.

Bharti Realty, the subsidiary of Sunil Bharti Mittal-led Bharti Enterprises, manages around three million sq ft of Grade-A commercial real estate space. It is developing another four million sq ft of commercial real estate office space across prominent cities in the country.

The land size is about 50 acres, owned by Eros group which is into real estate, hospitality, entertainment and...

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Delhi to Soon Allow Registration of Properties Online


Delhi may become the first city to start online facility for property registration, rent agreement and power of attorney.

Revenue Department of the government has started a trial run of the software and within two or three months, the project will be launched.

According to the department, at present, there is no online property registration facility in India and Delhi will be first state to launch the project.

After the launch of project, people won't need to go to sub-registrar office for registering their property and rent agreement.

"We are developing a software through which people can register their properties online by visiting department' website. Rent agreement, power of attorney and other such documentation work will also come under this project," Divisional Commissioner Ashwani Kumar told PTI.

Mr Kumar said that a person buying property can fill up a form to be available on department's website and submit all required details, including details of the...

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JLL Asks Home Buyers to Avoid Noida Extension


New Delhi: Property consultant JLL India has advised home buyers to avoid certain locations, including Noida Extension, in Delhi-NCR real estate market due to delays in projects delivery, oversupply, speculation and lack of infrastructure.

JLL India has declared zones including Noida Extension and Greater Faridabad as 'high-caution' areas.

"The National Capital Region (NCR) has some locations that buyers are best advised to avoid. Various issues like delays in delivery, oversupply, speculation and infrastructure deficit have been plaguing these markets, rendering them unsuitable for first-time home purchase," JLL India CEO-operations and international director Santhosh Kumar said.

On Noida Extension, which is part of Greater Noida, Kumar said the primary issue impacting this location's viability as an investment destination is the oversupply of housing units.

"With 1.5-2 lakh units slated to hit this market, prices are...

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Is quake-prone Delhi ready for transit-oriented development as policy encourages skyscrapers?


The ministry of urban development has approved its transit-oriented development policy (TOD) to address the shortage of affordable housing, pollution, congestion and to ensure that people actually walk to work. The policy provides for a higher FAR of 400, enabling vertical construction or tall buildings within the influence zone extending to 500 metres on both sides of the mass rapid transit system (MRTS). 
 
While real estate and urban planners have welcomed the move, many structural design experts have expressed concern over rampant construction of tall structures in Delhi, which falls in the seismic zone IV category and is highly vulnerable to earthquakes.


 


“If a severe earthquake of 7 to 8 on the richter scale hits the capital, 80% of its buildings won’t be able to withstand it,” say experts, adding that the ministry has cleared FAR of 400 in the absence of a special building code for tall buildings.

A FAR of 400 is applicable to areas along metro transit routes in Delhi. What this means is that there will be a sudden spurt in growth of 40-storey and higher buildings in Delhi, similar to the super tall structures to be launched in the NCR. Not only will this be dangerous, it would also bring to the fore total lack of coordination between government ministries, claims Sandeep Shah, country head and...

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Housing Sales in Noida Lowest in 8 Years: Bank of America


New Delhi: Noida property market witnessed new sales of only about 3,800 homes during the April-June period, lowest in the last eight years, due to dip in demand from investors, according to a report by Bank of America-Merill Lynch.

"The housing market in Noida continues to remain difficult, absorption rate lower than 2009 levels, new supply/launches halved compared to period (calendar year 2008-13) and pressure on pricing," BofA-ML, an American brokerage firm, said in a research report.

The second quarter of calendar year 2015 witnessed "new sales of about 3,800 units which is lowest in the last eight years", it added.

"Absorption rate at 3.7 per cent is lowest in last eight years as investors who held the housing market in the past seemed to have deserted the market given poor visibility on timely delivery, price appreciation and exits," said the report.

It also expressed concern over the unsold...

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Land Bill Not to Affect Real Estate Developers: CREDAI


impact the real estate sector in the country, CREDAI said today.

"If handled in the right perspective and right manner, the bill can help farmers. But, it will not, in any way, impact or affect the sector," Confederation of Real Estate Developers Associations of India (CREDAI) national president Gitambar Anand told reporters.

Real estate developers get land directly from farmers or other land owners at the price fixed by them and they were not losing any money on it, he added.

Sometimes, farmers in urban areas get twice the original prices, while in rural areas, they get four times more, Mr Anand said.

However, the government has to handle the matter cautiously, though it will take another three...

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No Takers for 1.7 lakh Flats in Delhi, Noida, Gurgaon: Survey


A survey of 120 developers in Delhi and National Capital Region - comprising suburbs such as Noida and Gurgaon - has revealed some scary facts about one of the most sought after residential property markets in the country.

1) Demand for properties in Delhi-NCR region has fallen by 30-35 per cent over the last year, which has led to a sharp rise in inventories.

2) There are no takers for 1.70 lakh flats in key markets of Delhi, Noida and Gurgaon.

3) Rising inventory of unsold flats has led to price correction. The ticket price of 3-bedroom, 2-bedroom and single-room flats has corrected by 30 per cent in Noida, 25 per cent in Gurgaon and 15 per cent in some key areas of Delhi.

4) The lack of buyers for existing flats will delay the handover of 90,000 flats currently under construction.

5) New launches have dropped by 30-35 per cent because property developers are hard-pressed for cash.

The survey, carried out by industry body Assocham, has also found that unsold inventory pressure in the NCR...

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DLF to Raise About Rs 3000 Crore via Private Equity: Report


New Delhi: Realty major DLF is likely to raise about Rs 2,500-3,000 crore by next month via private equity and is in talks with Singapore government's investment arm GIC to sell stake in a new housing project in New Delhi.

According to market sources, the company is in advanced stage of talks with sovereign wealth fund GIC to sell up to 49 per cent stake in the new residential project in the National Capital.

The deal is expected to close in the next one month, they added.

DLF is planning to launch a new residential project spread over 20-25 acres near Moti Nagar, adjacent to its existing housing project 'Capital Green'.

The regulatory approvals are in place to launch this project, comprising about 3,000 apartments, sources said.

When contacted, the company spokesperson said: "We do not comment on market speculations."

In August 2007, DLF had bought 38 acres of land from DCM Shriram Consolidated and Lohia Group...

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Nearly 1 Lakh Flats Unsold in Mumbai. Prices Still Not Falling. Why?


Around 77,460 apartments remain unsold in Mumbai, Thane and Navi Mumbai region, says a recent survey from property consultant JLL India. This raises the question: why real estate prices are not falling in Mumbai.

Ashutosh Limaye, national director (research) at JLL India, had an interesting observation to share: only 3.35 per cent of this inventory in Mumbai is actually completed or ready for possession.

"That means buyers who do not want to take the risks of construction delays or approvals delays and developer's financial risk, have little projects to choose from. This is the answer why property prices are not coming down," he said in an interview with NDTV Profit.

Mr Limaye also said buyers have shown a big change in their behavior towards property purchase. "Buyers in today's environment are not willing to take any risks. They either book projects at the launch state, where they are able to take advantage of rates on offer. Only 27 per cent of buyers are buying towards the end of the project when...

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Why was Noida Authority in a rush to approve housing project after getting a case dismissed in court?


Section 4 (4) of the Uttar Pradesh Apartment Act 2010 has been created to protect the interests of investors in residential projects in the state. Builders cannot make any changes in the layout plans once apartments in a project have been sold. Interestingly, in a case that seems to be getting complicated by the day, Noida Authority, instead of safeguarding the interests of homebuyers, seems to have gone out of its way to endorse a project in which the Act has been flouted. Not only that, the Authority’s lawyer also made a statement in Allahabad High Court (HC) on April 30, 2015 that the layout plan had not been amended, but, in a great hurry, approved it within six days of making the statement. 

 

The HC had dismissed a case filed by Mohinder Kumar Bhatla and Aviral Bhatla, joint allottees of an apartment in Jaypee Kristal Court in Sector 128, Noida, petitioning against part of the project being sold to the builder Mahagun, for a new project, Mahagun Manorial. The changes in the project plans had been made without their (allottees’) permissions (as per the Act), the...

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DLF to Hike Rates in Gurgaon Project Despite Low Demand: Report


New Delhi: Realty major DLF will increase the price of its apartments in a housing project at Gurgaon by 4 per cent despite sluggish sales and a slowdown in the overall real estate market.

DLF has decided to increase the price of flats in its Regal Gardens housing project by Rs 250 per square foot to Rs 6,500 per square foot effective from July 15.

The country's largest real estate developer had launched this 10-acre project in March 2012 at Rs 4,750 per square foot. It is developing 516 apartments in this project. The construction of this project is being done by Simplex Infrastructures.

A company official said that the prices are being revised upwards as construction work of the project has reached at an advanced stage and less than 10 per cent of inventories remain to be sold.

"About 90 per cent of Regal Gardens is already sold out and there are only a few units left. The project is...

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Are smart cities destined to fail like the SEZ initiative, which started with a bang and ended in a whimper?


Being a part of Prime Minister Narendra Modi’s ambitious 100 smart cities initiative is not easy. R100 crore is to be given to selected states under the scheme, but to get the funding they will be evaluated on how they have implemented the JnNURM (Jawaharlal Nehru National Urban Renewal Mission) scheme – the reforms achieved and projects completed. Other assessment criteria include operational online grievance redressal systems, monthly e-newsletters and timely payment of salaries to employees of their urban local bodies.

 

Even submitting a great smart city proposal (SCP) will not guarantee states a place in the list of smart cities to be eligible for the annual R100 crore funding.

States competing for the smart cities challenge will be assessed on a score of 100 where they will be rated on the basis of household sanitary latrines, an online grievance redressal system and responses to complainants, monthly e-newsletters, electronic project-wise municipal budget expenditure information for the last two financial years, total collection of internally generated revenues in the form...

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Tata Housing to Sell 200 Flats Online, Starting Rs 30 Lakh


New Delhi: Realty firm Tata Housing on Wednesday announced plans to sell online about 200 housing units, spread over 11 projects in seven cities.

In the last one and half year, Tata Housing has sold about 1,500 units online.

Home buyers participating in the three-day online exhibition, to be held between July 13-15, would get a special offer of getting an extra room with their home at no extra cost, Tata Housing said in a statement.

"Tata Value Homes, a 100 per cent subsidiary of Tata Housing, today announced India's first online exhibition for an exclusive audience through a valid invite code," it said.

The company has put about 200 housing units, in a price range of Rs 13-50 lakh, up for sale through this exhibition. These 11 projects are located in Mumbai, Kolkata, Ahmedabad, Bengaluru, Chennai and Pune.

Tata Housing MD and CEO Brotin Banerjee said: "Our online platform has received an...

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Dip in Borrowing Cost to Boost House Purchases in 2015: Survey


Mumbai: Declining borrowing costs, improving employment outlook and availability of affordable housing projects are encouraging prospective home buyers to purchase new properties in 2015, a survey has said.

According to a report by ZyFin Research titled 'New Home Purchase Sentiment Index', the regulatory changes including the recent Cabinet approval to the Real Estate Bill (Regulation and Development) are also expected to boost home buyers' sentiment further.

The macro-analytics firm said the sentiment is gradually becoming conducive for home buyers this year compared to 2014.

There has been a significant rise in sentiment as the index stands at 43.9 in June this year compared with 30.7 in the same period in 2014.

"A large section of the consumers polled felt they expect borrowing costs to decline further making...

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Bangalore Among World's Top 20 Tech-Rich Cities: Report


New Delhi: Bangalore has been ranked 12th in a list of top twenty "technology-rich" cities in the world, according to a survey conducted by global property consultant Jones Lang LaSalle (JLL).

"Bangalore has helped India debut on the 'City Momentum Index' Top 20 list - an annual survey carried out by JLL globally. Reinforcing the city's status of being one of India's premier technology centres, Bangalore figures at No. 12 in the Top 20 technology-rich cities globally," JLL India chairman and country head Anuj Puri said in a statement.

London, San Jose and Beijing are top three cities on the list.

Good economic growth, investments in infrastructure, presence of start-ups and a significant supply of prime office space are some of the factors that contributed to Bangalore's strong performance in...

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Mahindra Lifespaces Mulls Foray into Madhya Pradesh, Rajasthan


Chennai: Realty player Mahindra Lifespaces, part of Mahindra Group, is looking at setting up residential projects in states like Andhra Pradesh, Rajasthan, Madhya Pradesh under the affordable housing space.

The Mumbai-based company announced two projects in Mumbai and Chennai under 'Happinest' offering one and two BHK (bedroom, hall, kitchen) categories.

Elaborating about the plans, Mahindra Lifespaces, business head-Happinest, Sriram Mahadevan said the company is looking at revised affordable housing policies to be announced by some states.

"We are currently concentrating on Maharashtra. Also, we are looking at revised affordable housing policies in some of the states. One of the key factors is how the approval process is going to shape up," he told PTI.

"Whichever state addresses this and comes...

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Allahabad High Court's stay on construction in Omaxe Grandwoods comes as a warning to all developers


Today builders change building plans at the drop of a hat, violating construction norms without fear of legal repercussions. However, a great concern is that development authorities in Noida and Greater Noida are wilfully disregarding the Uttar Pradesh Apartment (Promotion   of Construction, Ownership and Maintenance) Act, 2010. They are offering additional FAR (floor area ratio, which allows builders to add more structures or floors to buildings); and clearing changes in building plans without ensuring if consent has been taken from residents in the projects as per the Apartment Act.

 

The matter was brought to light when the Allahabad High Court recently came to the rescue of homebuyers, restraining real estate developer Omaxe from further building any structures in its completed project, Grandwoods, in Sector 93, Noida.

How a developer was permitted by the Authority to revise its project plan after completion of the project is a question that only the top officials of the Authority...

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Mantri Developers Sells Rs 6-Crore Penthouse on Snapdeal


In what Mantri Developers calls the biggest online home sale till date, the Bengaluru-based real estate developer has sold a luxury penthouse in the IT capital of India on e-commerce platform Snapdeal.

The penthouse has fetched Mantri Developers a whopping Rs 6 crore. Mantri Developers recently tied up with Snapdeal to sell premium and luxury residential apartments online.

"We have been able to achieve a sale for one of our most premium properties - Mantri Espana worth Rs. 6 crore. It is the highest online residential sale in present times," said Sushil Mantri, MD of Mantri Developers.

Designed around Spanish colonial architecture, Mantri Espana unifies the Mediterranean style with modern design-patterned arches, tiled courtyards, red roof and terraces along with expansive windows and open space, the...

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Godrej Properties to Develop Housing Project in Bengaluru


New Delhi: Realty firm Godrej Properties on Wednesday said it will develop a new residential project in Bengaluru.

Godrej Properties, the real estate development arm of the Godrej Group, has "added a new project off Kankapura Road, in South Bengaluru to its development portfolio", the company said in a statement.

SPV Godrej Home Constructions Pvt Ltd will be developing a mid-income residential housing project over about 18 acres of area.

This is the third project signed by the company in Bengaluru during 2015 and fourth project through the APG anchored investment platform on Pan India basis.

"Bengaluru is one of the leading markets in the country and is an important growth region for Godrej Properties. We look forward to building an outstanding new project at this location," managing director and CEO Pirojsha Godrej said.

Godrej Properties is currently developing residential ...

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Whose Palace is it Anyway? BJP Continues Vasundhara Raje's Defense


NEW DELHI:  A palace in Dholpur now being run as a luxury hotel is legitimately owned by the family of Rajasthan Chief Minister Vasundhara Raje, her party said today, as the Congress said the property has been misappropriated for a firm she co-owns with tainted cricket mogul Lalit Modi.
The Congress, which has been for weeks demanding Ms Raje's resignation over her proximity to Mr Modi, today cited a 1949 agreement which said the palace was acquired by the government but allowed Ms Raje's father-in-law, the Maharaja of Dholpur, the personal use of the mansion for his lifetime. It is not an asset of the Raje family, the party's Jairam Ramesh alleged.

The Dholpur palace, located about 40 km from Agra, is worth about 300 crores, the BJP has said, which is why Mr Modi invested nearly 13 crores between 2007 and 2008 in what was then a loss-making firm owned by Ms Raje's son, Dushyant, a ...

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Dholpur Palace Belongs to Government, Not Vasundhara Raje's Family, Says Congress


NEW DELHI: The Congress today alleged that Rajasthan Chief Minister Vasundhara Raje, her son Dushyant Singh and former IPL chief Lalit Modi had illegally converted the Dholpur Palace - a government property - into a luxury hotel.
The Dholpur Mahal was declared government property six times between 1954 and 2010, Congress leader Jairam Ramesh said, holding up documents that he said proved that the palace has not been with Ms Raje's family for six decades.
Mr Ramesh said Ms Raje's estranged husband Hemant Singh had told a court in 1980 that the palace wasn't personal property. "Niyant Private Limited, owned by Ms Raje, her son Dushyant Singh, daughter-in-law Niharaika Singh and Lalit Modi, has taken possession of a Rajasthan government property, converted it into a private high-end luxury hotel and invested over Rs.100 crore," he alleged.
"This is a private-private partnership to manage a public property, without any revenues accruing to the Government of Rajasthan," Mr Ramesh said.
Responding to the allegation, the BJP said the government had restored the Dholpur Palace to Dushyant Singh's father Hemant Singh in 1958, after taking over his other palace, Kesar Bagh. The party said in 2007, Hemant Singh had given it to his son by a ...

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Real estate portal Housing.com sacks CEO Rahul Yadav


Online realty platform Housing.com said on Wednesday that it has released co-founder and CEO Rahul Yadav as CEO with "immediate effect" after a regular board meeting, according to PTI.

 

In a statement, the company said that the board of the company unanimously agreed to bring Yadav's tenure to a close citing his "behaviour towards investors, ecosystem, and the media."

"The board believed that his behaviour is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building," said the statement.

The company said the search for an interim CEO is underway, and the current senior executives of Housing will continue to run the operations on...

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Bought or sold a house lately? The taxman may come calling


Armed with data on real estate market rates across the country, the income tax department is keeping an eagle eye on property transactions, one of the biggest sources of black money in India.

 

The tax department, said sources, was matching data of “declared value” of property — from the registrar of properties —  with “market rates” obtained from private consultancies.

So, if you have made part payment in cash to lower stamp duty, you may have some answering to do. Conversely, if you sold a house but did not disclose the amount received in cash to evade taxes, you are likely to come under scrutiny.

Tax officials had detected a large number of deals where the property values had been “under-reported” with wide disparity between the declared and market rates, sources said.

The exercise to collate data on property deals began in June 2014 shortly after the government formed a special investigation team (SIT) to look into...

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Get Pricing Right to Come Out of Woes: HDFC to Realtors


New Delhi: Coming hard on property developers, mortgage lender HDFC's chairman, Deepak Parekh, has said they are unrelenting on pricing despite a growing inventory of unsold housing units.

Eminent banker Mr Parekh also asked the developers to shift their focus away from high-end luxury housing and said, "Real demand is in the affordable housing segment."

Mr Parekh, known for his frank views, said many construction companies were hamstrung with over-leveraged balance sheets, while he also flagged delays in completion of projects because of developers trying to "deviate from standard building norms by paying to flout rules".

"Such malpractices are hazardous for...

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Urban Development Initiatives to Create 34 Lakh Jobs: Experts


New Delhi: Urban development initiatives - the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), the Smart Cities mission and Housing for All - unveiled by Prime Minister Narendra Modi on Thursday are expected to help in creation of 34 lakh jobs, according to industry experts.

The initiative to build 100 smart cities across the country is a "decisive step" and will create a significant multiplier effect for over 250 core and ancillary sectors including infrastructure, logistics and modern retail, Assocham president Rana Kapoor said.

"Sectors like housing, transport, sanitation and power supply will require significant investment. An increase in infrastructure investment equivalent to 1 per cent of GDP can create an additional 34 lakh jobs," he added.

PM Modi launched three urban...

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Developers flaunting names of foreign architects to sell housing projects could be violating legal norms


The love of Indians for all things foreign is well known – and most real estate developers know it and take advantage of this fact. That is why many of them have been advertising their residential projects as being designed by architects of international repute, giving buyers the impression, thereby, that foreign collaborations mean apartments of international standards and better value.

 

However, by doing so, real estate developers could be violating a legal provision, ie, Section 37 of The Architects Act, 1972, which prohibits a foreign architect from working in India without the permission of the Central government.

That’s not all, in some cases, architects from abroad are emailing their designs to builders which are endorsed and signed off by their Indian counterparts who are then represented as actual designers of the project to get approvals from development authorities. In other cases, while Indian architects finalise project designs for...

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Mahindra Lifespace Soars on Bengaluru Market Foray


Mahindra Lifespace Developers shares rose over 9 per cent on Wednesday tracking the developer's foray in Bengaluru residential market.

Mahindra Lifespace Developers, the real estate and infrastructure arm of the $16.9-billion Mahindra Group, has launched a premium residential project in Bengaluru, the company said in a filing with the Bombay Stock Exchange.

The project is a 50:50 joint venture between Mahindra Lifespace and SCM Real Estate Singapore, an investment arm of Standard Chartered Bank.

According to property consultant JLL, Bengaluru is doing well in an otherwise weak real estate market across the country. The demand for property in Bengaluru is driven by end users and not investors, which has benefitted developers in the IT city. As a result, net...

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Home Loan Delinquencies Halve in 5 Years: Cibil


Mumbai: Credit information company Cibil has said the proportion of bad loans in the housing segment has more than halved in the past five years.

The percentage of non-performing assets (NPAs) from the home loans segment has dropped to 0.57 in March 2015 compared to 1.06 at the end of 2010, a Cibil report said.

The company attributed the lower delinquencies to availability of timely credit information for lending.

It can be noted that all the lenders check the history of potential borrowers with a credit information company like Cibil before taking a call on the loan proposal. The history also helps the lenders in pricing the product.

The Cibil report said Mumbai and Pune account for most such enquiries from banks for availing the details...

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Builders fleece buyers of lakhs, delay possession but demand additional charges for farmer compensation


People in Noida Extension, who thought their trials and tribulations had ended after the land acquisition issue was settled in 2012, find no end to their sufferings even today. Many of them are now receiving offers of possession demanding additional payments in lakhs for ‘labour welfare’, water connection and farmer acquisition charges. In some cases, even after paying their builders the money, the homebuyers are waiting for physical possession of their apartments.
 
Surinder Singh, an IT professional paying an EMI of Rs 6,000 per month for a 1BHK apartment in Noida Extension in 2010 and a rent of Rs. 15,000 for a house in Crossings Republik, received an offer of possession letter in December last year. Not only had the apartment area been increased from 550 sq ft to 598 sq ft (almost 11%) from what was committed in the builder-buyer agreement (BBA), he was also sent a list of additional charges that he had to pay before he could move into the apartment. The letter raised a demand for 24% interest for six months as penalty. “This was...

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Indiabulls Real Estate to Seek Shareholders Nod to Raise Funds


New Delhi: Indiabulls Real Estate will seek shareholders' nod to raise a total of Rs 538 crore from promoters, including convertible warrants worth Rs 290 crore.

The company's board, during its meeting held on Friday, approved 3.67 crore equity shares and 4.36 crore convertible warrants, Indiabulls Real Estate said in a regulatory filing on Saturday.

The move is part of effort for augmenting "the long-term resources of the company for meeting funding requirements for its business purposes," and also reflects the confidence that the promoters have, it added.

"The board approved issuance of 4,36,00,000 (four crore thirty six lakh) warrants...

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DB Realty, ECC, Konark to Develop Residential Project in Mumbai


Mumbai-based real estate firm DB Realty today said it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban Mumbai.

"ECC-DB-Konark joint venture is developing a residential project--'DB Skypark' near Terminal 2 of International airport in Andheri," DB Realty said in a filing to the BSE.

DB Realty will have a 75 per cent share in the project, the company said. The JV will develop seven towers of 12 storey each with a total built up area of 4.7 lakh sqft.

"The project has achieved financial closure and the work has commenced for the first phase. The entire project is expected to be completed in three years," it added.

It further said the project was a "positive development" as it offers substantial cash flow potential for the company...

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Connaught Place 5th Most Costliest Prime Office Market in World: Survey


Mumbai: Delhi's Connaught Place has ranked fifth in the list of most expensive prime office markets in the world, owing to rupee depreciation.

According to a survey by property consultant CBRE, at nearly $157 per sqft per annum, Delhi's central business district (CBD) of CP has gained the fifth spot in the list of most expensive prime office markets in the world.

Mumbai's alternative business district of Bandra-Kurla Complex (BKC), however stood at the 15th position, while Nariman Point was ranked 30th on the top 50 rankings for global prime office properties.

"Although Connaught Place moved...

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'Housing for All' Scheme Launched, Interest Relief for Urban Poor

New Delhi: Government on Wednesday launched its 'Housing for All by 2022' mission and approved a substantial increase in interest relief on loan for the urban poor to promote affordable homes.
The Union Cabinet chaired by Prime Minister Narendra Modi accepted the recommendations of an Inter-Ministerial Committee to increase interest subvention to 6.50 per cent on housing loans to beneficiaries belonging to economic weaker section (EWS) including slum- dwellers and low income groups (LIGs).
The Cabinet's decision benefits urban poor by an amount of Rs 2.30 lakh each and as a result the monthly EMI would come down to Rs 2,852 per...

Real Estate Mogul Donald Trump Announces Run For US President in 2016


NEW YORK:  Real estate mogul and TV personality Donald Trump barged his way into the 2016 US presidential election on Tuesday in a blitz of boasts, inflammatory comments and attacks on both fellow Republicans and President Barack Obama's administration.

Trump wallowed in political incorrectness as he insulted everyone from Mexican immigrants to Jeb Bush and US ally Saudi Arabia in announcing his bid for the Republican nomination.

"I will be the greatest jobs president that God ever created," Trump predicted in a long, combative speech in the atrium of Trump Tower on Manhattan's Fifth Avenue. 

The billionaire, widely seen as having almost no chance of winning the nomination, brings an outsized personality and a penchant...

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Housing.com Confirms Acquisition of Realty BI for Rs. 10 Crores


Property portal Housing.com on Thursday said it has acquired risk assessment service provider Realty Business Intelligence for Rs. 10 crores, a move that will enable its customers to make informed decisions before investing in any realty project.

"Housing.com has acquired Realty Business Intelligence, an organisation focused on risk assessment for realty projects, for Rs. 10 crores in cash towards purchase of 100 percent equity of the latter," the company said in a statement.


With this acquisition, Housing.com customers will now be empowered with credible real estate market intelligence and risk assessment to aid informed decision making for investments in new projects, Housing.com's Chief Executive Rahul Yadav said.

"This is in line with our vision to bring transparency into real estate that...

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Unitech Plans to Raise Rs 200 Cr for Housing Projects


New Delhi: Realty firm Unitech plans to raise about Rs 200 crore from private equity players to part finance its ongoing housing projects as the real estate market continues to remain sluggish.

Unitech has increased the pace of construction works significantly during last two months to complete ongoing housing projects and improve cash flow, managing director Sanjay Chandra told PTI.

The company has no plans to launch new housing projects this year and would focus on delivery of existing projects.

Mr Chandra further said that the company has cleared about Rs 1,000 crore liabilities of telecom business and it would not have to service the telecom debt. Unitech had exited from the telecom joint venture with Telenor in...

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Investor Interest High in REITs but Tax Hurdles Persist: Icra


Mumbai: Even as the government's policy measures have bolstered investor interest in real estate investment trusts (REITs), lack of clarity on the tax structure remains a matter of concern, Icra said on Tuesday.

"The recent policy actions pertaining to REITs are a welcome measure and would help pave the way for introduction of REITs in the country, albeit with much delay. However, certain tax disadvantages continue to prevail in the current structure, which can dampen the returns," Icra senior vice president Rohit Inamdar said in a statement here.

The Securities and Exchange Board of India (Sebi) introduced the final guidelines for establishing REITs in September 2014 following the draft norms in October 2013.

"The Government had provided certain tax sops to REITs in the Budget 2014-15. However, the progress...

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Value of Jayalalithaa's Assets Doubled in 4 Years - From Rs 51 Crore to Rs 117 Crore


CHENNAI:  The worth of Tamil Nadu Chief Minister J Jayalalithaa's assets has more than doubled in the last four years, helped by a spike in real estate prices, her nomination papers show. Ms Jayalalithaa filed papers last week to contest a by-election from Chennai's Radhakrishnan Nagar assembly constituency.
 
For the 2011 assembly elections, Ms Jayalalithaa had declared assets worth Rs. 51.40 crore. This time she has declared Rs. 117.13 crore in assets. This includes Rs. 45.04 crore in movable assets and Rs. 72.09 crore in immovable assets.

The AIADMK chief has not added significantly to what to she owned in 2011. But her 24,000-square-foot Poes Garden residence "Veda Nilayam" is now valued at Rs. 43.96 crore. It was valued at Rs. 38 crore in...

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Union Government to Use 20,000 Crore Cess Pool for Construction Workers' Welfare


NEW DELHI:  To provide a pension cover to construction workers, the Centre plans to utilise Rs. 20,000 crore collected by various states as a cess from real estate developers.

"Close to Rs. 20,000 crore are lying idle in the cess pool which currently are managed and controlled by various state governments," Labour Secretary Shankar Aggarwal said at an event organised by PHD Chamber on Friday.

"With its repatriation to the centre pool, it could be better and suitably utilised for the benefits of the children of construction workers, for support of their education and community services. It can also be used to give them entitlement for social security in terms of PF facility," PHD Chamber quoted Mr Aggarwal as saying in a...

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House Worth Rs 1.1 Cr Sold on Snapdeal-Tata Housing Platform


Mumbai: E-commerce major Snapdeal, which has tied up with realty player Tata Housing to sell its homes online, has announced a transaction of Rs 1.1 crore hours after commencing the sale of the latter's premium and luxury apartments.

The property carnival by Snapdeal, which received over 1,800 enquiries, witnessed the largest deal of Rs 1.1 crore, the company said in a statement.

"Since the launch of the real estate category, we have focused on forging alliances with some of the most trusted names in the industry to provide a range of housing options to customers," Snapdeal vice president for fashion, FMCG and real estate Amit ...

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Housing CEO Rahul Yadav At It Again; This Time It's Infosys' Sikka


Infosys CEO Vishal Sikka has become the latest target of Housing.com CEO Rahul Yadav's shenanigans.

The 26-year old CEO of the online real estate startup, who is extremely active on social media, put up a picture of the Infosys chief sleeping, in what looked like an airport lounge, along with a caption that suggested that Mr Sikka refused to have a conversation with Mr Yadav.

"Infosys CEO Sikka. When I asked something he replied 'I just want to sleep' without listening to the question," the caption read, which Mr Yadav put up on Facebook along with IT giant chief's pi...

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DLF May Close Rs 1,000-Cr Private Equity Deals by September: Report


New Delhi: DLF Ltd, India's largest realty firm, is looking at closing two private equity (PE) deals worth around Rs 1,000 crore by September to part-finance its upcoming housing projects in Chennai and Gurgaon.

DLF had announced plans in February to raise over Rs 3,000 crore through divestment of stakes in certain housing projects to private equity (PE) players.

Sources said some PE players are evaluating DLF's housing projects in Chennai and new Gurgaon. It is targeting at least two deals in the first half of this fiscal year worth about...

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Rahul Yadav Targets Naukri Founder After Zomato, Ola Cabs CEOs


Housing.com CEO Rahul Yadav created ripples in the e-commerce industry earlier this month by announcing that he will allot his personal equity worth Rs 150 crore to Rs 200 crore in the online real estate start-up to 2,251 employees of the company. 26-year-old Mr Yadav, an IIT dropout, has since challenged other start-up founders to give up their wealth, something that has not gone down well with many in the industry.

On Wednesday, NDTV's Manisha Natarajan caught up with Mr Yadav to discuss his business strategy and to understand why he has been at the centre of so many controversies in the...

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Housing.com Acquires Realty BI for $2-4 Million: Report


New Delhi: Real estate portal Housing.com has acquired city-based start-up Realty Business Intelligence in an estimated $2-4 million deal (Rs 12-24 crore).


According to industry sources, the acquisition will help the Softbank-backed firm strengthen its analytics capabilities to help consumers and investors make informed decisions about real estate purchases.

"Realty BI helps clients manage risks pertaining to collateral security and helps them make informed choices about projects. With this acquisition, Housing can offer better value proposition to its customers," they...

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Luxe Interiors: 7 Tips for a Green Home


What do George Clooney, Meryl Streep, Natalie Portman and Leonardo DiCaprio have in common? No, it’s not just their drop dead good looks – they all advocate the green way of living. Want to follow in their footsteps? Here are a few tips for a green home:


1) Prepare an indoor garden: If your house sits in the middle of a concrete jungle, then indoor gardens are the way to go! Vertical gardens and DIY bowl gardens (aka terrariums) are easy to maintain and...

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DLF Sees Rs 4,000 Crore New Sales; Shares Gain


DLF on Monday rose over 1 per cent to Rs 124.45 in morning trade, even as the Sensex shed over 100 points and the Nifty fell below its critical psychological level of 8,450.

At 10:50 am, DLF was trading nearly 1 per cent up at Rs 124.35, while the broader Nifty and the Sensex traded 0.40 per cent down.

DLF executive director (Finance) Saurabh Chawla in a conference call with analysts said that the sales bookings target for 2015-16 fiscal is Rs 3,500-4,000 crore.

DLF has kept the new sales bookings target for this fiscal year at last year's level of about Rs 4,000 crore as the company feels that it would take at least a year for housing sales to improve...

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NRIs Showing Renewed Interest in Indian Real Estate: HDFC


New Delhi: Stability in housing prices and favourable rupee movements are bringing back the NRIs in a big way to the real estate market, mortgage giant HDFC has said.

To tap their interest, HDFC and also a number of property developers are undertaking special marketing campaigns including organising property fairs in places with high NRI population such as the US and the UK.

Interestingly, the non-resident Indians living abroad are showing a renewed interest in the Indian housing market at a time when the local demand is relatively sluggish.

"We are seeing a lot of interest from the NRI community...

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Builders Seek Changes in Rent Rules Amid Damp Property Market: Report


Mumbai: Builders amid the struggle to sell their luxury apartments due to poor demand, have now approached the Maharashtra government seeking changes in the Leave and Licence Agreement rules in a desperate bid to clear inventories.

They are now seeking to rent out their unsold flats as 'service apartments', for those intending to take homes on rent for a short span of time, to earn some money during the current slowdown in real estate market, a state Housing department official told PTI.

However, no formal proposal has come from the builders in this regard. But, if they come up with some concrete proposal, the Housing department may consider it...

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Out of Nearly 100 Malls Only 12 in Delhi-NCR Running Successfully: JLL


New Delhi: Out of the nearly 100 operational shopping malls in the national capital, barely 12 are running successfully even as the region is the 'mall capital of India', according to property consultant JLL India.

In contrast, Mumbai has about 45 malls and out of which 10-15 are good performing malls.

The top seven cities of India-- Delhi, Mumbai, Pune, Bangalore, Kolkata, Chennai and Hyderabad-- account for a total of 255 operational malls.

"With nearly a hundred malls in the Delhi-National Capital Region (NCR), it has become the default mall capital of India. No other city comes close to the number of operational malls that are found in Delhi-NCR," JLL India MD (Retail Services)...

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Home Prices Hit Roof, But Affordability Near its Best: HDFC


New Delhi: Housing prices have risen to record high levels, but increase in disposable income of the homebuyers has made the purchase of a house most affordable in over a decade, according to mortgage giant HDFC Ltd.


The average property value of housing units has appreciated to an all-time high of over Rs 52 lakh, while the annual income of the homebuyer has grown to near Rs 12 lakh, also a record high level, shows the data compiled by HDFC.

A sharper increase in the income levels....

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Why Rahul Yadav's Decision to Surrender Housing Shares Has Analysts Worried


Rahul Yadav, the 26-year-old CEO of Housing.com, created ripples in the e-commerce industry on Wednesday by announcing that he will "allot" his personal equity worth Rs 150 crore to Rs 200 crore in the online real estate start-up to 2,251 employees of the company. (Read)

Mr Yadav's decision, announced at Housing.com townhall, came days after a dramatic turn of events involving his resignation and outburst against the board and investors followed by a U-turn.
 

According to Mr Yadav, Housing.com employees will get ...

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Bengaluru Top Real Estate Destination; NCR Cities at Bottom


New Delhi: Bengaluru is at the top position in the list of 14 best real estate destinations in the country for housing segment while the cities in the national capital region are at the bottom, a study has said.

PropEquity, an online subscription based real estate data and analytics platform, said the rankings are based on various parameters like price appreciation, supply, sales, unsold inventories, delays in project completion and size of the market, among others.

"Bengaluru has emerged as the number one destination in most of the parameters evaluated for studying India's top real estate destinations," PropEquity said in a statement...

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Right Time to Switch Home Loan


The real estate industry in India has been in dire straits for some time now. Owing to a high interest rate structure, the real estate market hasn't seen much uptick in recent years. However, in the last few quarters, the RBI has lowered the repo rate by 0.5 per cent, followed by rate cuts by banks and lenders. This has resulted in lowered home loan rates for borrowers. However, as often happens, the new rate is applicable for new borrowers and not for the existing borrowers.

Many existing borrowers would look to switch their home loan to another lender in order to take advantage of the new rate and lower their EMI. This is also called refinancing. In this article, we will discuss when to switch your home loan or refinance your home loan....

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Real Estate Bill Sent to Select Committee of Rajya Sabha


NEW DELHI:  A united Opposition today forced the Government to send the controversial Real Estate Bill that seeks to regulate realty business, to a 21-member select committee of Rajya Sabha, which has been asked to submit its report by first week of the Monsoon Session.

After trying twice in this session to take up the bill for consideration and passage in Rajya Sabha where it is not in a position to get it passed due to lack of numbers, the government today brought a motion to refer the bill to Select Committee, chaired by BJP member Anil Madhav Dave....

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After Insulting Board in Letter, Housing.com CEO is Staying On


Days after he attacked the board of Housing.com in his resignation letter, CEO Rahul Yadav has decided to stick it out at the real estate website that's considered a start-up success in India.

"After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologize for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board," said Mr Yadav, 26, in a statement issued via the company on Tuesday evening...

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Faridabad metro to scale up the realty


After the first trial run of the metro, Faridabad residents and the ones travelling to and from Faridabad are waiting for the commencement of its services. Let us take the case of RL Verma working as a banker in Faridabad and living with on rent in a 3BHK apartment paying Rs 30,000 per month.

“I have my own spacious 3BHK apartment in Vasundhara where my son and grandchildren live. However, due to the lack of transportation mode to Faridabad, I had to rent an accommodation in the locality. With the first trial run of the metro, I am expecting the services to start soon which will reduce my hassle of travelling to Faridabad and many other people like me."..

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Bengaluru demands more apartments!


Narain Ganesh can think of investing in no other property type apart from an apartment quite contrary to his father who prefers his bungalow where he lives with close relatives. While many are opting for flats, its availability seems to have tumbled.


With shrinking spaces, prospective buyers looking for safe, community living, high rises seem to be the only option. Goodbye to the days when such properties were known for being just a way of matchbox-living. Today, variations in designs, developers, space management and looks have made apartments the top pick of well travelled, globetrotting cosmopolitan working professional....

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Rahul Gandhi Attacks Government Over 'Pro-Builder' Real Estate Bill


NEW DELHI:  Firing yet another salvo at the Narendra Modi Government, Congress Vice President Rahul Gandhi today claimed it had diluted provisions of Real Estate Regulatory Authority Bill making the legislation pro-builders from being pro-buyers.
 
After meeting several NCR flat buyers today, the Congress Vice President, who has been attacking the Centre over land bill issue and the plight of farmers, said that he had learnt that it is not just farmers and tribals but also the middle class people that are "suppressed" on matters related to land...

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10.2 Million Houses in Urban India Lying Vacant: CBRE


Even as the country faces a shortage of 19 million houses, around 10.2 million completed units are lying vacant, which can be absorbed under the rental housing programme for weaker sections, according to property consultant CBRE.


According to CBRE, around 56 per cent of the shortage of 19 million units is from the economically weaker section (EWS) with an average annual household income of up to Rs 1 lakh, while around 40 per cent is in the lower income group (LIG) with an income of Rs 1-2 lakh.

"Primary reason for this supply-demand mismatch is the paucity of formal housing options low-income population with low affordability levels."....

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Quikr to Launch Separate Sites for Jobs, Cars, Real Estate

Classifieds site Quikr will launch dedicated verticals for jobs, cars, real estate, and services, the company told NDTV. The company however did not share the timeline for the launch.
"The right way to look at Quikr would be - Quikr is the mothership built over the last 6 odd years... and now this mothership is in the process of launching big boats in individual areas like real estate, jobs, services and cars where we will basically build verticals within our company which will go very deep in these categories," said Pranay Chulet, founder and CEO of Quikr...

For His Rs. 25,000 crore Dream, Maharashtra Chief Minister Reaches Out to Realtors

MUMBAI:  Maharashtra Chief Minister Devendra Fadnavis is pushing, what many call an impossible dream of the real estate industry: the Housing for all by 2022. This ambitious programme of Prime Minister Narendra Modi is now high on Mr Fadnavis' agenda.

By 2022, Maharashtra will need one crore new homes and a minimum of Rs. 25000 crores to translate this dream into a reality. For instance, just Mumbai will need at least 36 lakhs house under the programme.

The 44-year-old Chief Minister says his government has a plan...

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Land Bill Pro-Farmer, Pro-Growth: Industry Body

The Land Bill introduced in Parliament on Monday will create millions of jobs, meet the aspirations of farmers, and help spur growth in the economy, the Confederation of Indian Industry (CII) said on Wednesday.

The industry body termed the Bill as a vital piece of legislation that will seek to bridge the economic divide and propel inclusive growth in the country.
"Industry and farmers should not be viewed as opponents when it comes to the land bill. Development needs equitable participation by industry and the farm community."...

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Property Market to Improve by This Fiscal Year: Fitch

Global rating agency Fitch on Monday said the likely upturn in the country's investment climate and reduction in interest rates will improve the property market by the end of March 2016 and provide relief to the debt-ridden developers.
"The property development sector (will) be a key beneficiary of reductions in housing loan interest rates by several domestic banks in April 2015," the agency said, adding that they would also boost credit growth.
The Reserve Bank has reduced the key policy rate by 0.50 per cent since January, prompting commercial banks to cut interest rates for home loan and other borrowers.
"We expect property developers with a greater exposure to the middle and lower income segments to benefit more from lower domestic interest rates," it said, adding that developers with a greater mix of high-income customers, such as Lodha Developers and Indiabulls, will be less impacted because their customers are less sensitive to market interest rates...

This Akshaya Tritiya, Analysts Caution Against Buying Gold, Property


Akshaya Tritiya, considered an auspicious day for starting new ventures, has ended up as being a day when Indians splurge on gold and property. Understandably, jewellers and real estate developers get excited as Akshaya Tritiya nears.


The usual full-page advertisements, announcing discounts and offers on gold jewellery and launch of new residential projects, seem to be missing on this Akshaya Tritiya, a reflection perhaps of the muted economic sentiments.


But gold jewellers are hopeful of strong sales. Mumbai-based Manubhai Jewellers and P N Gadgil Jewellers expect jewellery sales to rise by 20-25 per cent on Akshaya Tritiya this year as compared to last year, a strong jump considering the sluggishness seen in consumer demand... 

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Londoners Flee Steep House Prices, Head for Provinces


BIRMINGHAM, UNITED KINGDOM:  Expensive housing, an overloaded transport system and a lack of space are driving thousands of Londoners out of the hectic British capital to other, calmer cities such as Birmingham.

The shortage of affordable housing is a major theme of campaigning for the May 7 general election and the National Bureau of Statistics says a record 60,000 people aged 30-39 left London between June 2012 and June 2013.

Rather than treading the well-worn route of relocating from the city to the countryside, many have chosen to move to the central city of Birmingham, Bristol in the southwest, or Manchester in the north...

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Housing Loans to Grow 22% This Fiscal Year: Icra


The Centre's focus on affordable housing for all could push overall home loan growth to 20-22 per cent this fiscal year, rating agency Icra said.

The segment has seen growth of 17 per cent in the first nine months of 2014-15.
"Government's focus on affordable housing, favourable regulations could push overall housing credit growth to 20-22 per cent FY16 onwards, which could lead to improved mortgage penetration from current levels of 8.2 per cent," the rating agency said in a report.
The housing finance market has crossed the Rs 10 lakh crore mark, as of December 31, 2014, it said....

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Realty Bill May Force Developers to Speed Up Stuck Projects

With the government bringing in ongoing projects under the ambit of the proposed real estate law, developers are looking to speed up construction of existing housing units to escape any regulatory action, but funds may be a constraint.

 

The real estate market, particularly in Delhi-NCR, has been facing a huge delay of 6-7 years in project completions, which in turn has affected buyers' interest also.

The Union Cabinet last week approved amendments to the long-pending Real Estate Bill to bring under its ambit all ongoing projects, which would need to be registered with a proposed regulator after the new law comes into force...

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Realtors Oppose Inclusion of Ongoing Projects in New Bill

Hailing amendments made in the real estate regulatory bill, industry body Credai on Wednesday said the proposed law would facilitate the growth of realty sector but demanded a relook at the clause that provides for including ongoing projects.

On Tuesday, the Cabinet approved amendments to the long-pending Real Estate

(Regulation and Development) Bill, 2013, bringing under its ambit commercial and all ongoing projects as also brokers, while safeguarding consumers.

"We welcome the bill. We always wanted a balanced bill which would facilitate real estate...

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Real Estate Bill Could Increase Property Prices: JLL India

The Real Estate Bill will bring in better transparency and better corporate governance into the real estate sector but property prices could go up, said Anuj Puri, chairman & country head of property consultant JLL India. The Cabinet on Tuesday approved amendments to the Real Estate Bill 2013 to regulate the sector and protect home buyers from unscrupulous developers.
The new bill will "dramatically" change the financing model of the industry, which will increase the cost for developers...

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How Home Buyers Will Benefit From Real Estate Bill

Prime Minister Narendra Modi's government on Tuesday approved changes to a Bill that seeks to regulate the country's property market, notorious for black money and delayed possessions. The Real Estate (Regulation and Development) Bill, 2013 is aimed to protect the interest of consumers from errant developers and ensure timely execution of projects.

Here are 10 ways how the Bill will help property buyers:

1) Each state will get a real estate regulator, which will settle disputes and impose compensation. All housing and commercial projects will have to be compulsorily registered with the regulator so that buyers can have access to genuine projects. Ongoing projects that have not received completion certificates will....

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Govt approves regulator for realty sector

The Union government has finally approved the setting up of a regulator to protect homebuyers and improve the credibility of the real estate sector in a move towards ridding India of the tag of being one of the world’s least transparent property markets.

The cabinet on Tuesday approved the amendments to the Real Estate (Regulation and Development) bill, 2013, to create a uniform regulatory mechanism across the country.

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A 100-storey tower, 4800 houses: Delhi’s Karkardooma Metro area to look like a sci-fi city

Imagine living in an area with very few car parking lots, where you can bicycle to work in two minutes and walk to the station close by to take the metro to attend a client meeting. This may be a reality in the next five years once the transit-oriented corridor project ....

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Delhi Apartment Ownership Act is likely to make DDA's land pooling policy unattractive to developers

This is one issue which needs the urgent attention of all stakeholders in the land pooling scheme – be they Delhi Development Authority (DDA), developers, prospective homebuyers or investors.

Despite laying down norms for land use distribution and development, DDA’s land pooling policy, notified on September 5, 2013, does not seem to take into account provisions of the Delhi Apartment Ownership Act, 1986. This is obvious from the basic provisions of the scheme, especially for floor area ratio (FAR - saleable built-up area), which looks very attractive on paper but has no clarity on a number of issues which can come in the way of the policy’s implementation.

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Property registrations down by 30% in Noida and Gurgaon due to NGT order and excessive supply


Several projects in Noida remain unsold because of the National Green Tribunal order forbidding authorities from registering properties falling within the eco-sensitive zone around the Okhla Bird Sanctuary. Homebuyers in Gurgaon are also hesitant to take possession because of inadequate infrastructure facilities in areas such as Dwarka Expressway.

Transactions are drying up also because of high circle rates in some areas due to which buyers have to pay higher stamp duty for registering property. READ MORE

Why have ghost colonies cropped up in Rohini’s (west Delhi) sectors?

It’s like an abandoned city. Various plots in Rohini’s (west Delhi) sectors 26, 27, 28, 29 and 30 have small, dilapidated one-room structures, standing in rows. No electricity or water connections are available here. Huge banners near the plots proclaim....

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