Indian luxury project developer eyes UAE investors

Date : May 27, 2014

Raffles Residency Private Limited, an entity of the Singapore based Jumabhoy family specialising in luxury residences, has announced that it is targeting UAE investors for its maiden real estate venture in India called Raffles Park. Previews of the development have been scheduled for 30 and 31 May in Dubai and on 1 June in Abu Dhabi. The company said in a statement that the events aim to draw the interest of high net worth investors in the UAE and the wider region seeking bespoke residences in the garden city of Bangalore in India. Raffles Park is taking shape in the prestigious residential locality of Whitefield. Designed by Singapore’s award winning Warner Wong and WOW architects, Raffles Park has been planned as

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North India's tallest residential tower in Noida

Date : May 26, 2014

Real estate player Brys Group plans to invest Rs.900 crore-Rs.1,000 crore over the next four years in a project that will be north India's tallest residential tower, Rahul Gaur, chairman-cum- managing director of the company, said here Saturday. "We will invest around Rs.900 crore-Rs 1,000 crore and the project will be completed by 2018. We are financing the project with both bank and our finance," he said. Located in Noida, Sector 150, the residential tower named "Brys Buzz", will be 81-storeyed with 111 elevators and a helipad on the top of the building. "We have got all clearances like fire, environment, height, pollution, sanction plan. Arabian Construction Company is building this tower

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Developers demand land purchase act amendment

Date : May 24, 2014

NEW DELHI: With the infrastructure and real estate sectors complaining of being hit by the new land acquisition law, the Narendra Modi government will be needed to take a call on whether to amend the contentious Land Acquisition (Rehabilitation and Resettlement) Act 2013, which is expected to make land purchase tougher and raise the cost four times. Apart from companies, even several government departments have identified the new law as a major hurdle for setting up infrastructure projects. Developers and builders said that it would be impossible to develop townships that are spread over 50 acre or more. Any acquisition made by private sector players to implement a project should be kept out of the purview of the act, said

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Top 10 trends in Indian residential sector

Date : May 23, 2014

Demand is on the slowing curve in NCR-Delhi, but stable in all other cities, primarily on the back of new launches in emerging residential corridors being able to attract buyers. JLL India has come out with its report on residential sector. India’s residential sector is passing through interesting times. Through the microscopic lens of our Real Estate Intelligence Service, we have identified the top ten trends of the Indian residential sector over the past two or three quarters. 1.Supply – is showing variable signs of cyclical ups and downs depending on launches. Affordable and lower-priced residential corridors were the prime drivers of new launches. 2.Demand – on the slowing curve in NCR-Delhi,

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Hoping for a turnaround, realty brokers bet big on Narendra Modi government

Date : May 22, 2014

NEW DELHI: Since the election results were announced last week — handing out a clear mandate to the Narendra Modi-led BJP — real estate brokers across the country have been prodding buyers to book their dream homes fast, since with a stable government on the cards, builders could increase prices any time soon. Business for thousands of brokers has been thin over the last year or so as negative sentiment engulfed the market and home sales tanked. Investors fled and genuine home buyers waited anxiously to see if a new stable government can infuse life into the economy. "It might just be a case of brokers trying to perk up the market, riding on sentiments," says Samir Jasuja, managing director of propert

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Commercial property witness uptick in demand, rental to go up

Date : May 21, 2014

BANGALORE: Office and retail segments, rents across commercial real estate are expected to witness a hike over the coming quarters on account improving economic environment and rising demand. "As India is about to form a stable at the Centre, markets around the country are showing signs of economic recovery. And the recovery is witnessed across all segments of commercial real estate," according to RICS India Commercial Survey for first quarter of 2014 (January to March). Sachin Sandhir, Managing Director, RICS South Asia says, "There are positive indicators in the market. The occupier demand for the first time since 2011 has outpaced the rise in availability (though marginally). This means that there is heal

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Realtors seek single window clearance system from Modi

Date : May 20, 2014

NOIDA: The real estate sector has jumped on the Modi wave hoping for a revival in fortunes of the under-performing industry. The real estate body of Noida has sent a proposal to Narendra Modi to implement a single window clearance system for new projects to bring in greater transparency. Sources said that BJP president Rajnath Singh and leader Anurag Thakur had met real estate groups and assured a revamp of the system which would cater to both homebuyers and the industry. CREDAI member, Anil Mithas, said the proposal highlights the multiplicity of authorities which not only increases production cost but also becomes the main reason for delay in completion of projects. "It takes a minimum of one year to

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Real estate deals could pick up, but prices may not

Date : May 19, 2014

NEW DELHI: The formation of a stable, reformoriented government at the Centre has brought about the much-needed improvement in sentiment in the real estate sector, which was reeling under a slowdown for the past 2-3 years. Market experts widely expect this positive sentiment to translate into a pick-up in property transactions. "We expect some sentiment-driven increase in transactions in the residential segment in the near term," said Anshul Jain, chief executive, DTZ India. Added Sanjay Dutt, executive MD-South Asia, Cushman and Wakefield: "A stable government will lift the sentiments of the investor community, which has a strong impact on housing and office sales." But this may not lead to prices in th

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A stable Modi sarkar! What's in store for the real estate sector

Date : May 18, 2014

By Anuj Puri An improvement can definitely be expected in the near-term investment sentiment. Our day-to-day interactions with various investors clearly suggest that domestic money is in the search for good investment options; investors are eager to strike a deal at attractive valuations. However, foreign money has been waiting in the wings and awaiting political stability before entering India. In that respect, a clear majority is the best possible scenario. Most investors are comfortable with a government with minor alliances as long as there is a clear agendas and strong voice dictating those agendas. What investors are looking for in a ruling government is clear goals and the will and strength to achieve them. With

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Private Equity Investment to grow in Delhi-NCR real estate market

Date : May 15, 2014

In view of a stable government in centre, the Private Equity (PE) investment in the real estate market of Delhi-NCR is expected to go up by around 50 per cent. The realty expert opined, that investment in the realty sector has been sluggish, however the segment is expecting huge surge in post election scenario. Rohit Raj Modi, officiating president, CREDAI (NCR chapter) said, "NCR is amongst the top choice for real estate PE funds. If we look at latest Cushman and Wakefield report,   Indian realty sector has recorded an increase of 28 per cent compared to the previous quarter and 2.5 times the equity investment in first quarter of 2013. " On Delhi-NCR region, the Executive Director, Ashiana Homes furt

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Developers protest government's patta order

Date : May 14, 2014

BHUBANESWAR: A recent government order making 'record of rights (patta)' mandatory for selling land has almost paralyzed transaction of real estate properties in various parts of the state, particularly in Bhubaneswar, for the past two weeks or so as most real estate developers don't have pattas. While the developers have reacted strongly to the government move, at least three bar associations have moved Orissa high court seeking withdrawal of the order. The revenue and disaster management department on April 25 issued the order, which states that "the registering officer shall not register any document presented to him unless the transferor produces the record of rights to the satisfaction of the register

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Developer's Dilemma: How To Sell Luxury Properties

Date : May 13, 2014

by Shabana Hussain In a difficult market—think Gurgaon, Mumbai—developers are getting back to the drawing board to attract takers for their opulent projects   Sanjay Sharma, managing director of QuBrex, a Gurgaon-based real estate consultancy and brokerage firm, is struggling to sell luxury apartments in the city. “In the boom period of 2009-11, it was quite common to close eight to 10 deals in two months, but now, selling even one piece of property has become difficult,” he says. Last week, Sharma came close to sealing one such deal, but it fell through when the buyer failed to appear. “The seller turned up at my office but the buyer dropped out,” says Sharma.  

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