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Indian Real Estate News

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  • Re : Indian Real Estate News

      Did you buy a property at a bank auction, and found that the previous owner had not cleared the utility bills? Now, will you be liable to pay the dues? Not anymore. In a recent order, the Supreme Court (referred to as SC hereupon) has ruled that the buyer of an auctioned property will not be liable to pay off the outstanding dues of the previous owner. The judgment pertained to a Southern Power Distribution Co vs Gopal Agarwal case. In this case, Agarwal bought a property from the City Union Bank which was previously owned by a company that defaulted on its loan to the bank. As a result of which, the property was re-possessed and auctioned. However, when Agarwal applied for a power connection, the distribution company refused to provide a connection, claiming the previous owner had not cleared the dues of Rs 2 crore. Agarwal then moved the Andhra Pradesh High Court which told the discom to provide him with the power connection. Later, the SC also held that the buyer went by the “as-is-where-is" condition, and he had not undertaken to clear the dues of the previous owner.

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    • Re : Indian Real Estate News

      Govt sanctions over 2.17 lakh houses for urban poor

      With this, the total houses sanctioned under the scheme increased to over 26.13 lakh with a total investment of around Rs 1.39 lakh crore.PTI | August 29, 2017, 10:30 IST

      NEW DELHI: The government has sanctioned over 2.17 lakh houses for urban poor in six states, including Andhra Pradesh, Uttar Pradesh and Assam, taking the total tally to about 26 lakh under the Centre's housing scheme.

      An official release today said in the latest sanctions, Housing and Urban Affairs Ministry has given nod to over 1.20 lakh more houses under Pradhan Mantri Awas Yojana (Urban) to Andhra Pradesh, followed by Uttar Pradesh 41,173, Assam 16,700, Gujarat 15,222, Jharkhand 14,017 and Maharashtra 9,894.

      With this, the total houses sanctioned under the scheme increased to over 26.13 lakh with a total investment of around Rs 1.39 lakh crore. Central assistance of Rs 40,597 crore has been approved for construction of these houses.

      The 10 states--Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Karnataka, Gujarat, West Bengal, Maharashtra, Uttar Pradesh, Jharkhand and Bihar--account for 82 per cent of the total houses sanctioned so far under PMAY(U).

      Andhra Pradesh was far ahead of other states, accounting for 20.71 per cent of the total sanctioned houses.

      With the latest sanctions, all states and Union Territories, except Delhi, Chandigarh, Goa and Lakshadweep, have got houses sanctioned under PMAY(U).














      http://realty.economictimes.indiatim...-poor/60270066
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      • Re : Indian Real Estate News

        Private unit to help speed up 'Housing for All' mission

        The ministry would float a bid for private parties to set up a programme management unit in the ministry. The PMO is keeping a close eye on the progress of such initiativesNIDHI SHARMA | ET Bureau | August 30, 2017, 07:55 IST

        NEW DELHI: Scaling up efforts to fulfill its promise of “Housing for All” by 2022, the BJP government has decided to seek professional help by setting up a programme management unit to micromanage the flagship initiative.

        So far, operating with a joint secretary, director and deputy secretaries at ministry of housing and urban affairs (MHUA), the Mission would get technical, administrative and managerial support through the new unit.

        According to sources, the unit would coordinate with states and help them in framing annual action plans to chart out strategy for building affordable houses. The government had set a target of building 1.8 crore affordable houses, which has been scaled down to 1.2 crore after door-to-door surveys.

        The ministry would float a bid for private parties to set up a programme management unit in the ministry. The Prime Minister’s Office is keeping a close eye on the progress of Housing for All initiative.

        The unit would coordinate with state and city technical cells. Every state is envisaged to have a state level mission directorate with a state monitoring and sanctioning committee and state nodal agency for approval.

        An integrated monitoring and information system (MIS), a web-based system, has been developed by the ministry for monitoring housing schemes. This would also be monitored to check daily progress and sanctions. The flagship initiative also involves crucial third-party quality audits.

        A Third Party Quality and Monitoring Agency (TPQMA) at both Central and state levels would undertake a combination of desk review and field visits. The programme management unit would help in keeping a track of these audits on a quarterly basis through the web-based MIS.









        http://realty.economictimes.indiatim...ssion/60285772

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        • Re : Indian Real Estate News

          Centre open to changes in RERA without diluting it

          Sources said different stakeholders including from the state governments and regulatory authorities have sought clarity in respect of some provisions of ReraDipak K Dash | TNN | August 31, 2017, 07:59 IST

          NEW DELHI: The housing and urban affairs ministry is open to make certain changes in the real estate regulation rules for effective implementation of the law without diluting the core features aimed to protect consumers.

          Sources said different stakeholders including from the state governments and regulatory authorities have sought clarity in respect of some provisions of Rera.

          These include the definition of carpet area, enforcement of liability for workmanship and structural deficiencies, applicability of promoter in cooperative housing societies and the role of regulators in enforcing penalties.

          These issues were discussed at a review meeting chaired by housing and urban affairs secretary Durga Shanker Mishra. “The secretary directed the officials concerned to examine in detail the veracity of difficulties and the possibility of addressing them under ‘clause for removing difficulties’ as provisioned in the RERA,” a government official said. According to the ministry, 25 states and Union Territories have notified real estate rulesunder the Act.









          http://realty.economictimes.indiatim...ng-it/60301418
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          • Re : Indian Real Estate News

            Investors bet on office realty in time of uncertainty

            The segment is witnessing increa sed interest from private equity funds, with several large institu tions focusing on completed and leased commercial assets for investmentKailash Babar&Sobia Khan | ET Bureau | September 04, 2017, 07:35 IST

            MUMBAI | BENGALURU: Several lar ge domestic institutions, including private equity funds, are raising money from both local and oversea markets with an investment focu on commercial assets in India. Whi le the appetite for completed and lea sed commercial assets continues to rise, many funds are even scouting for under-construction propertie in prime locations as the outlook fo rentals remain firm due to lower re ady supply.

            The segment is witnessing increa sed interest from private equity funds, with several large institu tions focusing on completed and leased commercial assets for investment. Large domestic institution such as ICICI Prudential AMC, Indi abulls Asset Management and Milestone Capital Advisors are raising new funds of about `1,000 crore each to invest in office properties.

            “Many commercial funds are investing in stabilised assets for yield.It is largely a domain for institutional and sovereign investors. The deal size is increasing and there's high amount of liquidity for stabilised assets. Investors with deep pocket and longer durations will remain in the market,“ said Rajeev Bairathi, executive director -capital markets, Knight Frank India.

            A healthy surge in rentals across key business districts during the quarter ended June reinstated the growing prominence of Indian metros among the global regions of high-rent yielding commercial spaces, according to a recent report by Knight Frank.

            During the quarter, sustained interest from the ITITes sector pushed rents in Bengaluru's Central Business District by 4%, which is the highest among other key CBDs in India. The rent appreciation was also the third-highest globally.Mumbai's Bandra Kurla Complex and Connaught Place in Delhi also saw around 2% growth in rentals.

            “Market timing for commercial realty investment is opportune right now as vacancy levels are at an all-time low and rentals have started to move northward. Also, there is supply shortage of right office properties and the scenario is expected to be like this for an extended period,“ said Sandeep Chadha, partner at Milestone Capital Advisors. Milestone Capital plans to deploy about `1,000 crore in pre-leased commercial assets through Milestone Commercial Advantage Fund over the next one year. The private equity firm is looking to raise `700 crore equity through this fund by end of March 2018.

            “Interest rates have been easing and that makes higher appreciation for these office assets possible in the backdrop of good demand from occupiers. While the deals may also not come cheap, the probability of superior returns in the backdrop of improving macro-economic scene is much better. The fact that development risks and leasing risks are mitigated, these type of deals become quite attractive for investors,“ said Ambar Maheshwari, CEO -private equity, Indiabulls Asset Management Company, that is raising `1,000-crore fund to invest in commercial assets across key markets.

            Another institutional investor ICICI Prudential AMC is also raising `700 crore with greenshoe option of additional `300 crore through its ICICI Prudential Office Yield Optimiser Fund.

            “The commercial segment is a bright spot in the Indian realty market. In this time of uncertainties, funds are investing where the risk is lower, that is why we are seeing so much interest in this segment. However, there's a challenge that not much product is available for buyout in commercial as most of them have been taken up by large institutional and sovereign funds,“ said Anshuman Magazine, chairman -India and South East Asia, CBRE.Magazine highlighted that commercial space absorption in the first half of 2017 was nearly 18 million sq ft after hitting 81 million sq ft over the last two years of 2015 and 2016.

            The commercial real estate sector has already been witnessing increased interest from global investors, including Blackstone Group, Singapore's sovereign fund GIC, Canada Pension Plan Investment Board (CPPIB), Goldman Sachs and Qatar Investment Authority. While they have also been investing residential and retail assets, the biggest chunk has been invested into commercial properties. In addition to this, more funds are eyeing investment and alliance opportunities.

            Owing to change in regulatory framework and business environment, global capital flow into Indian real estate in 2016 stood at about $5.7 billion.











            http://realty.economictimes.indiatim...ainty/60355329
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            • Re : Indian Real Estate News

              Govt to hold contest to assess impact of smart city projects

              The housing and urban affairs ministry has circulated a concept note and guidelines on 'India Smart Cities Awards Contest, 2017' to all States and Union TerritoriesPTI | September 11, 2017, 07:35 IST

              NEW DELHI: To measure the "quality" and "impact" of various ongoing smart cityprojects, the Centre will hold a contest carrying total prize money of Rs 50 lakh, a senior official said.

              The housing and urban affairs ministry has circulated a concept note and guidelines on 'India Smart Cities Awards Contest, 2017' to all States and Union Territories.

              "The contest is aimed at recognising and rewarding cities, projects and innovative ideas that promote the goals of the Smart City Mission, including enhancement in quality of life of citizens," the official said.



              Evaluation criteria include "impact, innovation and scalability/replicability" in other areas of the city, he added.

              Under the 'Project Awards' category, excellence will be awarded in various categories such as 'Improving Governance', 'Social Aspects', 'Culture and Economy', 'Environment impact', 'Transportation and Mobility' and 'Water and Sanitation'.

              Best performers in each of the categories will be awarded with Rs 5 lakh each and a scroll.

              All projects that will be completed by April 1, 2018 will be eligible for participating in the contest.

              Awards will be presented on June 25 next year, marking the third anniversary of the launch of the Smart City Mission.

              Under the Smart City Mission, ninety cities have so far been identified through three rounds of competition for implementing various projects. A total investment of Rs 1.91 lakh crore has been proposed by these 90 cities.













              http://realty.economictimes.indiatim...jects/60455937
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              • Re : Indian Real Estate News

                I think the efecte of Demonatization is still prevelent and due to it India changed a lot.. good move by the Indian PM.

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                • Re : Indian Real Estate News

                  Home sales may revive during festive season: Anarock

                  According to Anarock Property Consultants developers too have progressively adjusted their business approach in the new era of transparency brought on by GST and RERA, and are geared up to cater to the pent-up demand for homes this yearSobia Khan | ET Bureau | Updated: September 12, 2017, 12:41 IST

                  BENGALURU: Housing sales are expected to rise during the ongoing festival season due to structural reforms like RERAand GST that have helped firm up buyer sentiment.

                  According to Anarock Property Consultants developers too have progressively adjusted their business approach in the new era of transparency brought on by GST and RERA, and are geared up to cater to the pent-up demand for homes this year.

                  " Most aspiring home buyers deferred their purchase decisions, preferring to wait until RERA kicked in fully. Though most developers offered compelling discounts and schemes, buyers stuck to their cautious approach during the last festive season," said Anuj Purichairman Anarock Property Consultants.

                  Real estate market, especially residential segment, has been witnessing a slowdown for last 3-4 years, leading to sluggish housing sales and delay in the completion of projects.

                  Puri added that home buyers last year’s festive season stayed away from the market - primarily due to execution delays, an uncertain economic scenario and unattractively high prices.

                  "Demonetization also played a key part in the depressed sentiment – not only in the resale market as was at first expected, but in primary sales as well," he added.

                  Festival season is considered auspicious for real estate purchase and therefore developers gear up for increasing their sales.

                  According to the consultancy firm buoyed by a stable economy and progressive policies, the realty sector attracted $1990 million in institutional investments during the first half of 2017. The residential sector accounted for 54% ($1075 million) of these investments.












                  http://realty.economictimes.indiatim...arock/60475175


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                  • Re : Indian Real Estate News

                    Pre-commitment for commercial space shows sharp rise

                    Unlike residential properties, commercial projects are bought or leased closer to the project's completion date and stronger precommitments from occupiers is a sign of business uptrendKailash Babar&Sobia Khan | ET Bureau | September 13, 2017, 07:37 IST

                    MIMBAI | BENGALURU: Precommitment levels in key office markets across India have been on the rise, which is an indication of sustained demand and occupiers' interest in commercial spaces. The pre-leasing activity is gathering pace not only for commercial projects to be completed this year, but scheduled to be completed over the next two years.

                    Unlike residential properties, commercial projects are bought or leased closer to the project's completion date and stronger precommitments from occupiers is a sign of business uptrend.

                    Among the key markets, Pune has seen the highest precommitment levels among Indian office markets. At the end of second quarter, Pune's pre-commitment activity stood at 48%, which is almost half of the total supply expected during 2017.

                    Bengaluru has already seen 39% of its total supply coming through 2017 pre-committed, while Mumbai and Delhi-NCR have also recorded pre-commitment levels of 33% and 22%, respectively, showed a JLL India study.

                    A similar trend has been observed for the next two years as well. In Mumbai and DelhiNCR, pre-commitment activity is being seen in projects getting completed in 2019 too.Mumbai has a pre-commitment level of about 17% for projects expected in 2019.

                    “In Pune, pre-commitment activity is being mainly led by IT-ITeS and BFSI occupiers while in Delhi-NCR, it is mainly driven by IT-ITeS occupiers.In Mumbai, a wider spectrum of occupiers from BFSI to IT, telecom and healthcare are driving this trend. Hyderabad too is seeing similar activity, thanks to rising interest from occupiers from information technology, consulting, telecom and healthcare sectors,“ said Ramesh Nair, CEO & country head, JLL India.

                    Improved business outlook and an ongoing uptrend in rentals for office properties is prompting more occupiers to consider locking their future space requirement in right locations and projects now.

                    If supply coming through 2018 is considered, 29% of it has already gotten pre-committed in Pune. The figure for Bengaluru stands at 26% followed by Mumbai at 15% and Hyderabad 7%.

                    Most occupiers across India prefer pre-committing in projects set to finish within a twoyear timeline.

                    ET VIEW

                    Ease REIT Rules

                    Rising pre-commitment in commercial real estate is notable indeed, as it suggests growing expectation of increased business activity going forward. In parallel, it would make sense to tweak the investment norms in REIT, so as to purposefully widen subscription and ownership in such investment vehicles. The guidelines requiring minimum subscription of Rs 2 lakh in REIT may need to be reviewed. It would also be sensible to have guidelines in place for stock market listing of REITs. It should then be possible to further widen investment in REIT, and at far lower capital requirement.











                    http://realty.economictimes.indiatim...-rise/60488852

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                    • Re : Indian Real Estate News

                      Office space supply a challenge in next 6 months: Report

                      New office supply has been eluding the market for the past two years and the sentiments in Q2 2017 substantiate this fact, the report said.PTI | September 14, 2017, 13:30 IST

                      MUMBAI: Supply of new office space will remain a challenge in the next six months owing to project delays and lack of quality office space, a recent study revealed.

                      According to a survey conducted jointly by property consultant Knight Frank, the Federation of Indian Chambers of Commerce and Industry (FICCI) and National Real Estate Development Council (NARDECO), nearly 64 per cent of the respondents believed that new office supply will remain a challenge in the next six months.

                      "These sentiments coincide with the market reality as well as where the project delays and lack of quality office space in key locations have led to a supply crunch in all the major cities of the country," the report said.

                      New office supply has been eluding the market for the past two years and the sentiments in Q2 2017 substantiate this fact, it said.

                      "The office leasing has been holding steady in the past few years but the leasing volumes in the first and second quarter of 2017 have been low across cities. This is corroborated by the market sentiments as well, where more than half of the stakeholders opine that leasing volume will either hold steady or fall further in the coming six months," it said.

                      The report further noted that the pressure on the IT/ITeS sector and the lack of quality supply in key locations has all contributed towards the slowdown in leasing of office space.

                      However, this lack of supply will lead to an upward pressure on rentals, it said.

                      According to the report, nearly 86 of the respondents opine that office rental either will remain the same or will move up in the coming six months.

                      "Office supply will be under pressure and lead to firming up of rentals across cities. Leasing volumes will hold steady in the coming six months," the report stated.








                      http://realty.economictimes.indiatim...eport/60507431



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