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1. IndiaHomes to invest $10 mn, plans to acquire IT firm Explore India Properties (19 hours, 23 min ago) Real estate brokerage firm IndiaHomes today said it will invest $10 million over the next one year to foray into new areas and is scouting for an acquisition in the IT space to boost online transactions. The company, formerly known as Agni Property, today announced that it has re-branded itself as IndiaHomes. It said it is also planning to ramp up its headcount by over 65 per cent to 500 people in the next financial year. “Seeing the demand from the consumers, we are expanding very aggressively in India as our company is the first professionally managed realty brokerage firm ... (Read Full Article)

   Comment Mentions:   Chennai   Ahmedabad   India

2. Set up an office at home, but check the legal and operational limits before doing so Explore India Properties (21 hours, 2 min ago) When 36-year-old Michael Fernandes, founder of product designing company, Marshalkraft, decided to lease an office in Mumbai, he was deterred by the exorbitant rents. “We needed a place for conducting meetings with our clients and handling back-end administrative work as our workshop was outside the city. However, we couldn’t decide on a suitable place as the commercial rentals were too high,” says Fernandes. His solution was to convert a flat he owns in Mumbai as his office, saving on the rent and, more importantly, cutting short the commuting time considerably. Though Fernandes had to invest about Rs 1 lakh ... (Read Full Article)

   Comment Mentions:   Ghatkopar   Mumbai   Jones Lang LaSalle India

3. Reserve Bank puts new clamp on home loans -Industry fears order to lenders to exclude stamp duty and other registration charges may hit market further Explore India Properties (21 hours, 14 min ago) Reserve Bank puts new clamp on home loans -Industry fears order to lenders to exclude stamp duty and other registration charges may hit market further The Reserve Bank of India’s latest notification to banks, to exclude stamp duty, registration and like charges while calculating the value of a property they intend to finance could lead to a further decline in home sales in the lower and medium segments, say developers and consultants. The notification effectively means home buyers would have to arrange for more funds on their own, as banks will not lend for these charges any more. “Home ... (Read Full Article)

   Comment Mentions:   Reserve Bank of India   Maharashtra   Sanjay Dutt

4. Middle East eyes Gujarat’s realty market Explore India Properties (21 hours, 16 min ago) Ahmedabad: Investors of the United Arab Emirates (UAE) and some other countries of the Middle East, such as Oman and Jordan, are believed to be interested in investing in Gujarat’s real estate market. This is the perception of realtors from the state who were part of the 61-member delegation of Confederation of Real Estate Developers Associations of India (Credai), Gujarat Chapter, which recently visited several countries in the Middle East. The Gujarati realtors had gone on a seven-day tour of the Middle East to explore the possibility of attracting investment in the state from oil-rich Arab nations. The developers ... (Read Full Article)

   Comment Mentions:   Ahmedabad   United Arab Emirates   Jordan

5. Memoirs of a real estate tycoon Explore India Properties (21 hours, 19 min ago) DLF, the joke went, stood for Damn Lucky Fellow. Not without reason: its chairman, Kushal Pal Singh, has had five close brushes with death in his 81 years. Also because Singh is a rare phenomenon — a billionaire businessman from the Jat community. You will find his kinsmen as agriculturists, wrestlers and boxers, soldiers, bus drivers in Delhi Transport Corporation, cops on Delhi streets — but never in high business. Singh remains till date the only Jat to have ever made it to the Forbes’ List of Billionaires, a list dominated by Gujaratis, Marwaris and Banias. In popular lore, they are supposed ... (Read Full Article)

   Comment Mentions:   India   Gujaratis   New Delhi

6. Panel for equal property rights among couples,Applicable To Live-In Partners Too Explore India Properties (21 hours, 20 min ago) New Delhi: A high-level government panel has suggested that all movable and immovable assets acquired by a married couple or a couple living together be classified as joint property, to be divided equitably in case of separation or desertion. The Planning Commission’s working group on Women’s Agency and Empowerment wants a comprehensive legislation — ‘Right to Marital Property Act’ — to be brought in, which would be applicable to all communities. The panel, which wants a complete relook at family laws, argued that all assets acquired by a couple should be viewed as joint property, regardless of who bought it ... (Read Full Article)

   Comment Mentions:   New Delhi   Planning Commission

7. Investment opportunities in housing Explore India Properties (21 hours, 21 min ago) ArthVeda will invest only in greenfield housing projects in the middle-income segment in Tier-II and Tier-III cities. ArthVeda, the fund management arm of Deewan Housing Finance, has launched its second realty fund — ArthVeda STAR. Targeting middle-income housing in Tier-II and Tier-III cities, this fund hopes to provide improved disclosures to its investors compared with other private equity or venture capital funds. Excerpts from an interview with Mr Bikram Sen, Director and CEO, ArthVeda Fund Management on what the fund has on offer: How different is ArthVeda STAR fund compared with a number of other real estate funds that are currently ... (Read Full Article)

   Comment Mentions:   India   Bangalore   Nagpur

8. Notify Dadri wetlands as protected: Green brigade Explore India Properties (21 hours, 35 min ago) GREATER NOIDA (DADRI): A day after the union environment ministry halted all construction work around the Dadri wetland area, environmentalist are calling it a “battle half won”. They green men say that the government should declare the area protected officially. TOI had first reported the deteriorating condition of the wetland in Bil Akbarpur. Taking note of the sale of such wetlands to private players, the ministry of environment & forests had asked the state government to conserve the entire habitat supporting more than 200 species of endangered birds. Speaking to TOI, environmentalist Anand Arya said the government has finally taken the ... (Read Full Article)

   Comment Mentions:   Dadri   TOI   Bil Akbarpur

9. NRI investments in property set to grow with better market conditions Explore India Properties (Feb 5 2012) An estimated 30 million NRIs, living in 130 countries, are sending remittances back home regularly. According to the World Bank, India continues to retain the top slot in remittances by expatriates from abroad. India will beat China in receiving the highest amount of remittances for five consecutive years. For 2011, NRI remittances are likely to touch 4 58 billion against China’s 4 57 billion. In 2010, India received 4 54 billion in foreign exchange remittances , three percent of India’s GDP, beating China’s 4 53 billion. The rupee depreciation and West Asian currencies linked to dollar which is ... (Read Full Article)

   Comment Mentions:   China   India   Mauritius

10. Licence of Mayfield Gardens cancelled Explore India Properties (Feb 5 2012) Licence of Mayfield Gardens cancelled GURGAON/ CHANDIGARH: The department of town & country planning (DTCP) on Saturday cancelled the licence of Mayfield Gardens and asked senior town planner (STP) in Gurgaon to take control of the colony for administrative purposes. “The licence has been cancelled as the promoters of the colony failed to maintain civic amenities like internal roads and community services,” said T C Gupta, director general DTCP, Haryana. This is in addition to the default in payment of Rs 23 crore by the promoters of the company on the account of external development charges (EDC) and annual licence fee ... (Read Full Article)

    Comment Mentions:   Gurgaon   Haryana   Chandigarh

11. Ahmedabad, the new ‘real’ hotspot Explore India Properties (Feb 5 2012) Ahmedabad: Buoyant economy and influx of industries has seen a two-fold rise in prices, says Avinash Nair For real estate companies, Ahmedabad has turned out to be a proverbial goose that lays the golden eggs. Property prices across the city have doubled since 2010. While Godrej Properties, which got a major chunk of its revenue in the last quarter from just one project here, is reaping the benefits of being the first-mover among the real-estate bigwigs, others like the Hiranandanis, the Ajmeras, the Tatas and the Adanis too have established their bases in Ahmedabad over the last couple of years ... (Read Full Article)

    Comment Mentions:   Chennai   Ahmedabad   Maharashtra

12. Illegal colonies scam report in public domain now Explore India Properties (Feb 5 2012) “Not privileged, has no bearing on law and order which could prevent it from being disclosed,” says Lokayukta The Delhi Lokayukta on Thursday allowed a request by the complainants in the unauthorised colonies scam case to have access to the inquiry report submitted before the Ombudsman by the Secretary (Revenue). The complaint filed by former MLA Ramvir Singh Bidhuri and Arun Rai had alleged that provisional regularisation certificates had been issued to some non-existent colonies. In response to a report sought by the Lokayukta, the Secretary (Revenue) had filed a report but demanded that it may be kept in a ... (Read Full Article)

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13. Halt construction at Dadri wetland: Ministry Explore India Properties (Feb 5 2012) Halt construction at Dadri wetland: Ministry GREATER NOIDA: Following reports of the alleged encroachment around Bil Akbarpur wetland area in Dadri, the ministry of environment and forests (MoEF) has issued a show cause notice to the Uttar Pradesh government. The ministry has ordered the government to halt ongoing construction work in the area with immediate effect, said sources. Environmentalist Anand Arya, who has been at the helm of efforts to rescue the wetland area – an erstwhile safe haven for at least 200 species of birds – said that the MoEF notice had come following the recent visit of state and ministry ... (Read Full Article)

    Comment Mentions:   Uttar Pradesh   Dadri   Bil Akbarpur

14. ‘Banks overstate house values for loans’ Explore India Properties (Feb 5 2012) Mumbai: Stating that banks have been found overstating value of houses they finance by adopting practices like including stamp duty and other charges in the cost, the RBI today directed lenders to refrain from such practices. “It has been brought to our notice that banks adopt different practices for deciding the value of the house property while sanctioning housing loans. “Some banks include stamp duty, registration and other documentation charges in the cost of the house property,” the Reserve Bank said in a circular. It said this leads to overstating of the realisable value of the property as stamp duty ... (Read Full Article)

    Comment Mentions:   Reserve Bank of India   Mumbai

15. Why investment in property is both lucrative and safe Explore India Properties (Feb 5 2012) The year 2011 was a bad one for equity as an asset class. Investors not only lost a part of their portfolio due to the decline in the market prices of shares but also their confidence in that asset class. The price erosion in equity was sharp and swift, and left many investors shaken enough to think twice before venturing into equity again. For such investors, property is one of the safest and most usable avenue, and an investment with reasonable yield. Property has consistently out-performed traditional investment options such as bonds and with no correlation to the volatility in ... (Read Full Article)

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16. Fresh air makes for healthy buildings Explore India Properties (Feb 5 2012) Hong Kong’s new government headquarters costing $670 million was effected by a fatal bacterial disease causing many people to fall ill. The bacteria spread through tiny water droplets circulating in buildings, and was found in 11 locations in the complex, including the offices of the chief executive and the chiefs of seven departments, in addition to three food facilities. The US Environmental Protection Agency has reported that sick buildings cause an estimated loss of $61 billion a year in employee absenteeism, medical costs, reduced productivity, and lower earnings. BUILDING SICKNESS The term “sick building syndrome” is used to describe ... (Read Full Article)

    Comment Mentions:   Hong Kong

17. Eleven bank lockers of Ponty Chadha sealed Explore India Properties (Feb 4 2012) Eleven bank lockers of liquor baron Ponty Chadha were sealed today by the Income Tax department which claimed to have seized cash and jewellery worth Rs 15 crore during searches carried out at his premises in U P and Delhi. “Cash worth about Rs five crore and jewellery valued at about Rs 10 crore have been seized after operations were conducted at various places in U P and Delhi,” I-T sources said after raids at the premises of Chadha and his associates. Eleven bank lockers have been sealed. However, the premises, including a mall owned by Chadha in Noida near ... (Read Full Article)

    Comment Mentions:   Delhi   Lucknow   Dubai

18. Good living needs good housekeeping Explore India Properties (Feb 4 2012) India has a dynamic and rapidly evolving real estate industry catering to the housing needs of a growing urban population. The choices available to buyers today range from plotted developments to apartments to group housing complexes. An increasing number of real estate developers have graduated from selling not just a home, but one with a lifestyle attached. Most projects are marketed that way, and most home buyers are attracted to the spin. Given today’s hectic lifestyles buyers are keen to look for developments that offer stress-free living. In addition to key features like environment-friendliness, security, recreational facilities, convenience stores ... (Read Full Article)

    Comment Mentions:   India   RWA

19. India Property Show evokes good response from buyers Explore India Properties (Feb 4 2012) By Hasan Kamoonpuri – MUSCAT — The 7th edition of the India Property Show Muscat 2012 (February 2-3) was a huge success as it evoked an enthusiastic response from among serious property buyers. Thousands of Non-Resident Indians (NRIs) walked into the mega exhibition and discussed different projects and options of participation. Himanshu Nanda, Assistant Sales and Marketing Manager, Unitech Limited, said the visitor turnout was unprecedented and the volume of deals done was extraordinary. Nanda said Oman is host to over 500,000 Indian residents and these NRIs are interested both in buying residential and commercial properties and land plots for their ... (Read Full Article)

    Comment Mentions:   Jaipur   Chennai   Ahmedabad

20. The resilience of middle India Explore India Properties (Feb 4 2012) The cranes have not yet fallen silent, but building activity as well as demand for new homes is cooling off in the major cities. However, smaller cities are such as Jaipur and Indore are now acting as safe havens for India’s real estate sector. A quick look at the data compiled by Propequity , a real estate data, intelligence and analytics firm, shows that new launches and absorption rates of residential units taken on quarter on quarter basis have decreased at a much faster pace in tier I cities, as compared to tier II and tier III cities. The absorption ... (Read Full Article)

    Comment Mentions:   Jaipur   Punjab   India

21. Reliance Industries, Indiabulls construction projects under scanner for green norms violation Explore India Properties (Feb 3 2012) Mumbai: The State Expert Appraisal Committee (SEAC) has picked on two major construction projects for carrying out work without obtaining environment clearance (EC). The projects include the commercial tower-cum-parking lot that is being jointly developed by Reliance Industries and Wadhwa developers at Bandra-Kurla Complex (BKC) and the central library and residential project by Indiabulls group at Kalina. Noting that the developers in both cases have “initiated the construction work without obtaining the prior environmental clearance (EC)”, the SEAC has directed the state environment department to look in to the “violation and take necessary action”. While officials were unwilling to be ... (Read Full Article)

    Comment Mentions:   Reliance Industries   Mumbai Metropolitan Region Development Authority   Mumbai

22. HDFC to consolidate funds in Shapoorji Pallonji realty projects Explore India Properties (Feb 3 2012) Housing Development Finance Corp. Ltd’s (HDFC’s) private equity fund is withdrawing its investments in five projects of Shapoorji Pallonji and Co. Ltd, and instead diverting the money to significantly increase its stakes in two of the group’s residential projects. The five projects are special economic zones (SEZs) and information technology (IT) parks, said two people familiar with the development. No fresh investments will be made for the additional stakes in the residential projects. HDFC India Real Estate Fund International Llc invested about $60 million (Rs.295 crore now) in 2008 in special purpose vehicles set up with ... (Read Full Article)

    Comment Mentions:   Bangalore   Nagpur   Shapoorji Pallonji

23. Octogenarian moves HC against AAI eviction notice Explore India Properties (Feb 2 2012) Mumbai: An octogenarian, who claims to own land estimated to be worth Rs 2,000 crore adjoining the Chhatrapati Shivaji International Airport in Sahar, has moved the Bombay High Court challenging a showcause notice issued by the Airport Authority of India (AAI). The AAI initiated action to evict Edward Machado (82) from the seven acres he claims to possess. Machado, an agriculturist, stated in his petition that he was the owner of 28.52 acres in Marol and Bapnala villages near Sahar, which belonged to his family since 1944. However, he stated he was dispossessed of 18.52 acres by ... (Read Full Article)

    Comment Mentions:   Airport Authority of India   Bombay High Court   Mumbai

24. Dharavi: Govt issues detailed notification Explore India Properties (Feb 2 2012) Mumbai: The state government has issued the notification that paves the way for Maharashtra Housing and Area Development Authority (MHADA) or any other public authority to take up the ambitious and much-delayed redevelopment of one or more of the five sectors of Dharavi. It was just hours before the election code of conduct came into force on January 3 that Chief Minister Prithviraj Chavan announced the government’s decision to start the long-delayed Rs 15,000-crore Dharavi Redevelopment Project (DRP). The detailed notification that has been issued now says hutments, chawls, commercial establishments and cessed buildings in the 535-acre shanty ... (Read Full Article)

    Comment Mentions:   Dharavi   Mumbai   FSI

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