GSRK Estates
Home Services Projects Media Center About Us Contact Us Download Career
19 SEZs in Telangana, Andhra P
Tax Benefit for 1st Home Buyer
NIMS-Rangapur building, 400 ac
Report seeks Rs. 750 cr. for d
Irrigation Projects in Mahaboo
State entrusts protection of g
Hyderabad IT investment region
AP proposes 400 Acre electroni
Andhra Pradesh inks MoUs for R
Govt cancels illegal layouts i
Companies and states oppose La
Land acquisition bill - Revise
HMDA master plan covering 6000
AP has the most number of SEZs
Peugeot may choose Chittoor to
MIC Electronics new LED produ
Mahindra to set up tractor man
Capgemini has more staff in In
Largest Single Building Office
BDL, NSG, Octopus, CRPF, NPA o
Show All News
Media Information
Hike In Repo Rate May Not Impact Realty Sector Now

Published & Updated as on - 2010-03-30

Mumbai Civic Body Asks Builders To Provide Guarantee For Flat's Life

The civic body of Mumbai has asked builders and developers to give a guarantee for the life of the flat they sell. The Brihanmumbai Municipal Corporation (BMC) will recommend to the state housing department to make essential amendments in the Maharashtra Ownership Flat Act so that builders/developers provide a guarantee of the structure or building in their agreement with the buyers. This move is aimed at ensuring that builders do not resort to poor quality construction and defraud the buyers. This move was initiated by Advocate Manmohan Chonkar, a Shiv Sena corporator, and approved collectively by the civic general body in June 2008.

25 March 2010 Hindustan Times

Hike In Repo Rate May Not Impact Realty Sector Now

Reserve Bank of India (RBI) has hiked key policy rates but the move is unlikely to have an immediate impact on demand for homes unless loan rates rise, say industry officials and analysts. The bank has hiked the repo rate by 25 basis points (4.75 to 5 per cent) and the reverse repo rate by a similar margin (3.25 to 3.5 per cent) in a bid to control inflation. If inflation is not tempered, real estate companies fear interest rates can rise sharply, which will erode the demand for homes. "We have to wait and see if interest rates harden. As of now, there have been no announcements and so presently I would say that it will not have a major impact on the housing sector," said Mr Rajiv Talwar, executive director of DLF, the country's largest real estate developer. Industry analysts feel that the real concern is inflation. "This increase of 25 basis points in repo and reverse repo rates will not impact the housing sector a lot. We may witness a nominal increase in interest rates by banks by March-end. The concern, though, is that if inflation doesn't come down, RBI will be forced to increase rates again by 50-100 basis points, and that will have a major impact on housing loan rates," said Mr Ravi Ahuja, executive director, project marketing development services, Cushman & Wakefield.

21 March 2010 Business Standard

HSBC Looks At Major Share Of Indian Home Loan Business

HSBC India is looking at a bigger share of the Indian mortgage business. Mr Stuart A Davis, CEO (India) HSBC, said that the bank has a home loan portfolio of about Rs 5,000 crore. "We are strongly growing our mortgage business in the country and want to be seen as one of the prominent players," Mr Davis said. The move could bring some good news for the job market as well, as the bank would also need to increase its staff strength to support the move.

21 March 2010 Hindustan Times

Home Prices In India Witnessed A Major Hike In Second Half Of 2009

Residential realty prices across India witnessed a major hike in the second half of calendar year 2009, as healthy absorption rates and buoyant buyer and investor attitudes kept the demand growing. According to a 13-city study conducted by property consultants Property Equity, Mumbai, Thane and Navi Mumbai experienced the maximum price hikes in the affordable, mid- and premium-housing segment. Mumbai saw a 30% price hike in the affordable housing segment, followed by premium segment with 15% hike and about 11% hike in the mid-income segment. The average price hike in the area was over 20%, as there was a strong revival in volumes in the first half. Overall in India, affordable housing witnessed the highest price appreciation, followed by premium housing and mid-segment housing. However, in the national capital region (NCR), the prices remained stable due to the large number of launches in the region as heavy competition among developers pushed the prices down.

22 March 2010 DNA

Europe Real Estate Eyes Tie-up In Calcutta

Europe has come up with investment proposals for Calcutta’s realty sector in a move deemed "a first" by realty experts. Organisers of Expo Real, the largest European B-to-B trade fair for the international property and investment market, an annual event in Munich, met senior members of Credai's in the city and offered a match-making forum with international investors and tech titans at the October event in the south German city. "The world's gaze is on India now, and we would like to take this opportunity to build a bridge between Indian real estate projects and European resources at Expo Real, and Calcutta is a good kick-off point for us," Mr Eugen Egetenmeir, the managing director of Messe München GmbH, the organisers of the trade show, told city realtors. The three-day business-driven event focuses on commercial real estate, infrastructural real estate and residential portfolios. The 13th edition is going to be held at the New Munich Trade Fair Centre from October 4 to 6 this year, and the organizers of the event hope to host an exploratory delegation from India for the first time.

22 March 2010 The Telegraph

PEBs Can Be A Boon For Realty

These days, manufacturing companies in the country are using pre-engineered buildings (PEBs), which is made from putting together readymade blocks, to quick-start operations at costs that could be 20-25 per cent lower than conventional concrete buildings. These companies are driving demand in the Rs 5,000-crore PEB industry, which uses steel as a major element. If the residential sector also takes to PEBs, which offer time and cost advantages, the demand growth would be exponential, as per industry officials. At present, the demand for PEBs is driven largely by the growth in manufacturing, retail and the logistics sector.

25 March 2010 Business Standard

Rentals In Mumbai Rise 30 Pc In A Year

With real estate prices reaching the sky, even rentals across Mumbai have been looking skywards, causing heavy strain on those looking for homes. In the last one-year, rentals have increased in the range of 10-30 per cent in Mumbai, directly affecting almost one fourth of city's population that lives in rented houses, mostly in the suburbs. The reason for this hike is large-scale demand along with a huge shortage of rental homes. Presently, the rent of a one-bedroom hall (1BHK) flat measuring 550 square feet at Powai is being quoted in the range of Rs 20,000 and Rs 25,000 for a month. A year back, rent for the same apartment was Rs 16,000-20,000 a month. In the same way, monthly rent for a 1BHK flat at Malad is now Rs 18,000, while the same flat was being rented at Rs 15,000 last year. In the Bandra-Santacruz belt, rents being collected are in the range of Rs 30,000 and Rs 45,000 for a 1 BHK, which was previously between Rs 25,000 and Rs 35,000. Mr Ram Prasad Padhi, CEO, Mumbai Propertys, a leading real estate brokerage firm, said that rents correspond inversely to the limited supply. "Many buyers deferred their decision to buy due to the rising property prices. But their number is very large while the houses are limited which led to the hike," said Mr Padhi.

24 March 2010 Hindustan Times

Property Rates May Plunge In Haryana

Good news for all those who bought apartments, plots or built-up houses in Gurgaon and other Haryana towns in 2006 and later. These buyers are likely to get some refunds from their respective developers as the Haryana government might lessen the rate of external development charges (EDC) it charged from developers during this time. The decision could also benefit prospective property buyers who could see lighter price tags on property options. The EDC is charged from developers by the Town and Country Planning Department and given to the Haryana Urban Development Authority (HUDA) for providing public welfare services. In turn, the developers charge the same EDC from buyers and include it in the price of the property.

22 March 2010 Hindustan Times

The Realty Market Of Chandigarh Faces Severe Downturn

Deluxe apartments and luxury villas offered by India's biggest realtors in Chandigarh are not just seeing a flight by investors, but have also failed to entice new buyers. With downturn hitting these realtors hard and most of these projects yet to take off, many a Punjabi's dream of a luxurious house, seems to be crashing. A lot of investors are now pulling out of projects, even at the risk of losing their earnest money, in absence of desired returns and resale market. According to realtors and property consultants, around 10 per cent of investors in and around Chandigarh and Ludhiana have given up their stakes. It may not be a huge number, but considering that an average of only 40-50 per cent of each of these projects has so far been sold out, the percentage of those surrendering their share is significant. Mr Guranchal Sethi, a leading property consultant in Chandigarh said, "People here do not have the spending power to buy expensive apartments. Most of these projects were launched in 2006-07, when the realty sector was booming. Majority of investors in these projects were NRIs, who were looking at quick returns for their investments. But when the projects failed to take off and they failed to attract premium because of initial high pricing, many investors started backing out."

24 March 2010

Newsletter Subscription
Copyright Reserve to © GSRK Estates 2009-10 | Privacy Policy | Disclaimer | Terms of Use | Site Map -- Web Technology ETimes (india)