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Propshell Business Solutions - Personalized Property Management - Buy, Sell, Rent Residential and Commercial Properties in India
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| Indian Real Estate News |
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Banks are wary of lending to real estate firms despite early signs of a pick up in demand in the sector, as commercial projects continue to face oversupply. Demand in commercial real estate has not picked up compared to the sharp uptick in demand for residential units over the past few months. While office spaces are still unoccupied, ready projects are unable to find takers. The lack of cash flow in multiplexes, retail and office spaces have kept bankers averse to fresh lending.
“We are enthusiastic about individual housing mortgage, but are going slow as far as commercial real estate is concerned,” said Bank of Maharashtra chairman & managing director Allen Pereira. Real estate consultancy firm Cushman & Wakefield’s managing director Anurag Mathur added, “Banks are preferring to fund residential projects over commercial ones, as demand in the former has picked up much more.” Read More » |
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| 18 June 2010 indianrealtynews.com |
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The changing skyline of Gujarat cities is also changing the rules of the game for realtors. With the cities pushing their boundaries and big realty firms eyeing a pie in the development cake, local developers are turning to capital markets to raise resources to ride the next growth wave. While JP Infrastructure Ltd (JPIL), popularly known as Iscon group, will come up with an initial public offering in August this year, two other realty firms, Dharmdev Infrastructure Limited and Safal group too plan to enter the capital market next year, according to a report published in Times of India.
The last time an Ahmedabad-based realty company got listed on the bourses was Radhe Developers in 1995, which has a market capitalisation of Rs 60 crore. The only other listed Ahmedabad realty firm is Ganesh Housing with a market cap of Rs 550 crore. Now, JPIL plans to raise Rs 120 crore to fund its projects. “The funds will be utilised for acquiring land for two residential projects in Ahmedabad and Vadodara. A part of the funds will be diverted for some ongoing projects,” said Pravin Kotak, chairman of JPIL. The company has already filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). JPIL will dilute 25 per cent equity by offering 76,00,000 equity shares of Rs 10 each. Read More» |
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| 18 June 2010 indianrealtynews.com |
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The urban development ministry, along with the Indian Bank Association (IBA), the National Housing Bank (NHB) and the corporate affairs ministry, has drafted a handbook on policy, standards and procedures for real estate valuation by banks and housing finance institutions. The exercise, the first ever, is to put some order in real estate valuation.
In parallel, the company affairs ministry has drafted a Valuation Professionals Bill. It seeks to create a Council of Valuation Professionals of India. It will have experts from professional institutions and regulate the business of valuation. The council will set standards for valuers, train them, set qualifying norms and monitor them. Read More» |
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| 14 May 2010 indianrealtynews.com |
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Real estate firm Paras Buildtech has unveiled three show-apartments of Paras Tierea amid a dazzling laser show followed by a magnificent evening of musical extravaganza of soulful ghazal performance by music maestro Talat Aziz.
Speaking on the occasion, Harmit Chawla, vice president, sales & marketing, Paras Buidtech, said, “As the construction of Paras Tierea has begun on a fast track, we now present these show-apartments, an exact replica of three apartments. With this, we would like to assure our customers that we would deliver what we had promised. These are available in three different sizes incorporating an appealing blend of unique amenities, extravagant textures and warmth of ambience.”Read More»
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| 17 June 2010 indianrealtynews.com |
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The World Bank has approved two projects worth $372 million, including the integrated coastal zone management project, to India. The World Bank said it has approved a $222 million International Development Assistance (IDA) credit for the integrated coastal zone management project, while another $150 million IDA credit has been approved for additional financing for the ongoing Karnataka rural water supply and sanitation project.
The integrated coastal zone management project will help build the appropriate institutional arrangements, capacity and advanced knowledge systems needed to implement the national programme, the Bank said. The project will also help pilot this approach in three coastal states — Gujarat, Orissa and West Bengal — through a range of complementary local pilot investments in select coastal stretches to support state-level capacity building.Read More » |
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| 17 June 2010 indianrealtynews.com |
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Lodha Developers is in talks with several private equity funds to sell stake in a Mumbai project to build the world’s tallest residential tower, its managing director said on Tuesday. Last week, the developer said it would invest $426 million to build a 117-storey residential tower in central Mumbai and that the company could consider selling a 10-25 percent stake. “We are in talks with several private equity players but there is no transaction yet,” Abhisheck Lodha told the Reuters Global Real Estate and Infrastructure Summit. Media reports have linked Singapore funds GIC and Temasek with the project, but Lodha declined to specify names.
The Mumbai-based developer said it would hold back its planned $600 million initial public offer until stock markets stabilise and is banking on stronger-than-expected sales to tide over immediate cash flow needs.”We have taken a decision that we will go to market only when there is certainty to the market environment and we can price in a manner that investors make money,” Lodha said. “We hope the situation will work out in the next 2-3 months.” Lodha, which focuses on high-end residential apartments in and around India’s financial capital, sold about 7 million square feet last fiscal, but expects sales to be 50 percent higher in the current fiscal year to March.Read More » |
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| 16 June 2010 indianrealtynews.com |
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| Events & Exhibitions |
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Date: 15th to 19th of July
Venue: Chennai Trade Centre
Organised by: The Hindu |