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Media Information
Unitech Puts A Hold On Two IT Projects

Published & Updated as on - 2010-02-18

Realty major, Unitech has shelved two of its six information technology parks in the face of a slowdown in demand in the IT industry. The two proposed IT parks, one in Gurgaon and the other in Noida, have not been able to attract any leasing commitment from potential clients. The completion of the remaining parks will be delayed as UCP has managed to get leasing commitments for just over 30 per cent of the total 13.2 million square feet area that was initially planned in the four IT parks - two in Noida and one each in Gurgaon and Kolkata. Mr. Sanjay Chandra, managing director, Unitech, said the lease commitments, including the area that has been developed already, stood at 4 million square feet, or 30 per cent of the total potential space. As a result, the company has staggered the construction schedule of these projects beyond the original plan. As per the new construction timelines, the company will be completing construction of just 3.1 million sq ft during FY 2009-10, approximately 2 million sq ft short of the original projection. Source:19 Feb 2009

Realtors Want Refund of Premium Paid for Extra FSI

With the slump hitting the realty sector hard, some major developers who had bought extra Floor Space Index (FSI) from the Brihanmumbai Municipal Corporation (BMC) for projects around Mumbai are asking for their premium back. Now as the completed projects are unable to find any buyers, developers are left with scores of unsold flats and are unwilling to go ahead with new constructions. Those who have taken back the premium are K. Raheja Builders and Vimaladevi Takkar Builders who have been returned Rs 30 crore and Rs 22 lakh respectively. Source:16 Feb 2009 Hindustan Times

Home Loan Rates Freezed By Central Bank

Central Bank is freezing the interest rate for new home loans at eight per cent for one year. The scheme, which will be applicable for all loans taken till March 31, 2009, is aimed at pushing credit flow to the housing sector, bank's Executive Director Mr. Ramnath Pradeep said. Source:18 Feb 2009 The Hindu

No Good News For Real Estate In The Interim Budget

The interim budget has failed to impress the real estate sector as the UPA government did not announce any stimulus package for the sector. The sector had demanded a stimulus package, including reduction in stamp duty, interest cut on housing loans and others. "The budget has failed to meet the expectations at this time of global downturn," said Mr. Navin M. Raheja, managing director of Raheja Developers. "The government has taken no initiatives towards reviving the sector, which is under serious recession and employs larger proportion of the workforce," he added. Source:17 Feb 2009 Deccan Herald

Geojit Forays Into Property Services

Geojit Financial Services, a retail financial services company, has announced the launch of its Property Services Division. Managing Director, Mr. C.J. George made this announcement at a press conference. This new division will be spearheaded by Mr. Joseph Nivin. It will offer investors and builders a single platform to buy/sell office and commercial spaces and residential apartments/flats. Source:20 Feb 2009 The Hindu

DIPP Suggests Changes in FDI Norms For Real Estate

In a bid to facilitate cash-strapped realtors gettinh overseas funds, the Department of Industrial Policy and Promotion (DIPP) has suggested some relaxation in foreign investment rules in the real estate sector. According to sources, the DIPP is backing changes in rules to facilitate foreign direct investment (FDI) in real estate projects that are not FDI-compliant. Currently, FDI in the sector is allowed only in partially completed and greenfield projects. There are also area specifications that developers have to follow. DIPP is also trying to figure out the approach to be adopted in case of requests for receiving FDI by real estate companies that are engaged in various projects, not all of which are FDI-compliant according to Press Note 2 (2005) and which cannot be hived off. Source:19 Feb 2009

Bailout for Emaar MGF

Thanks to its partnership with Delhi Development Authority (DDA) for the 2010 Commonwealth Games village project in east Delhi, cash-strapped developer, Emaar MGF may turn out to be the first major beneficiary of a government package in the real estate sector. The government had already facilitated a nine-month deferment of its Rs 50-crore instalment to State Bank of India (SBI), and has now further asked DDA to prepare a report on buying out flats at a negotiated price. In fact, the company could turn out to be the only beneficiary in during the slump when all major real estate companies, including DLF and Unitech have been affected.  Source:15 Feb 2009

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