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Indian Real Estate News
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Gift deed: How to transfer your property
Source: The Times of India Feb 09, 2014
Transfer of property often turns out to be a cumbersome process. More often than not, transfer of properties involves relatives. In such cases it is a gift deed that comes in handy and not a sales deed. So, what is a gift deed? “Gift is the transfer of property from one person to another without consideration. Once gift deed is properly executed and registered it conveys all legal rights and ownership to the donee, i.e. to whom the gift is made and he or she becomes the absolute owner of the same. No one can claim ownership upon the same after execution and registration of the gift deed,” explains Asha Basu, partner, S Jalan & Company. ... more
Housing sector seeks to tap long-term funds
Source: The Financial Express Feb 09, 2014
The finance ministry is considering a proposal to channelise pension, insurance and provident funds into the housing sector. Allowing long-term funds from such funding institutions is aimed at helping housing finance companies (HFCs) overcome the asset liability mis-matches. ... more
Rules to check realty spread in New Town Kolkata
Source: The Times of India Jan 30, 2014
The government has come up with the draft of the New Town Kolkata Planning Area (Building) Rules 2014 and a Land Use and Development Control Plan (LUDCP) to check unplanned urbanisation in the area. The government aims to develop real estate in Rajarhat that is within the New Town planning area. It will present the final publication of both the building rules and LUDCP once suggestions and objections stop coming. ... more
Industry reaction on increased repo rates
Source: The Times of India Jan 28, 2014
"It is a highly disappointing step by RBI to raise repo rate by 25pbs. It is not going to help RBI curb inflation any more. In fact, in its fight with inflation, Hon’ble governor is completely ignoring the IIP data which is already diving down into negative territory. The manufacturing and construction sector is struggling hard to move on. We were actually expecting a rate cut instead from the apex bank which would have infused some positive vibes in this sentiment driven market. This move by RBI would encourage banks to increase their lending rates which are already beyond reach. I am afraid this rate hike will demoralize home buyers who already prefer fence-sitting due to unstable political scenario. Indeed, it is a bad days for Indian realty.” ... more
Realtors left wringing hands with home loans set to cost more
Source: The Hindu Business Line Jan 28, 2014
Hit by slowdown in sales coupled with few new launches, the real estate sector says it is disappointed by the Reserve Bank of India’s move to hike the repo rate. The move will increase lending rates for customers and borrowing rates for developers, they say. ... more
Infra thrust: 8 States to set up project monitoring groups
Source: The Hindu Business Line Jan 28, 2014
As many as eight States are in the process of setting up project monitoring groups to facilitate clearance of smaller infrastructure projects on the lines of the one set up by the Prime Minister at the Centre. ... more
Valuation of built-up space for houses & offices corrected in Salt Lake area of West Bengal
Source: The Economic Times Jan 27, 2014
The finance department of the West Bengal government has corrected the valuation of built-up space in certain localities of the city and its periphery for residential sector as well as for offices in Sector V of Salt Lake. Sector V apart, CREDAI Bengal is in talks with the finance department to standardize prices of commercial and office space in the city by the end of the current fiscal. ... more
GRIHA Summit 2014 pitches for green homes, launches new rating
Source: The Times of India Jan 20, 2014
Sustainable habitat is the need of the hour and resources should be used efficiently comprised the vision of the fifth edition of GRIHA Summit 2014 organised by The Energy and Resources Institute (TERI) and ADaRSH in association with Ministry of New and Renewable Energy (MNRE). Magicbricks, India's leading property portal, was online media partner for the event. ... more
Developers welcome state govt's affordable housing policy
Source: Business Standard Jan 20, 2014
Even as the state government brought out details of the new affordable housing policy, the local developers and experts welcomed the move highlighting the growing demand for the same. ... more
Is it time to invest in real estate market?
Source: The Times of India Jan 20, 2014
Real estate investment happens to be one of the cornerstones of the asset classes that people invest in. There are two kinds of investments in real estate that deliver good returns. One is when you invest on the basis of the fundamentals of a project, and another when you invest when the property market is on an upswing. And of course, also in a rare good scenario when the both these factors are at play. ... more
Is it time to invest in real estate market?
Source: The Times of India Jan 20, 2014
Real estate investment happens to be one of the cornerstones of the asset classes that people invest in. There are two kinds of investments in real estate that deliver good returns. One is when you invest on the basis of the fundamentals of a project, and another when you invest when the property market is on an upswing. And of course, also in a rare good scenario when the both these factors are at play. ... more
Realty picking up pace in Tier II cities
Source: The Times of India Jan 19, 2014
Today the real estate sector is focusing on providing all amenities and comforts in both Tier I and Tier II cities. It has acquired many aspects of development across its sub-sectors. The commercial realty sector has turned into smart and eco-friendly structures. The retail sector is rapidly growing with dense show stores at high-end market locations. They differentiate their stores by investing in innovative formats ranging from food, discounts to convenience stores. The residential property resources are also changing as per urbanization and commercialization in the urban areas of the country. Buyers are looking for individuality and uniqueness with high aesthetics sense in their design. ... more
Real wealth in real estate
Source: The Financial Express Jan 19, 2014
The global economy is still on a recovery mode but that has not stopped the world's uber-rich's wealth from growing. Private wealth is increasingly shaping the world's real estate markets, with private equity in major property deals nearly trebling since 2009. Real estate now accounts for around a fifth of the invested wealth of the nearly 200,000 ultra-high net worth individuals (UHNWIs) in the world, according to a survey by global real estate advisor Savills and Wealth-X. ... more
KoPT to implement new land policy by March
Source: Business Standard Jan 19, 2014
The Kolkata Port Trust (KoPT) is planning to implement the government's new land policy by this March, once it has finalised the micro-level policy. "We hope to begin implementing the new land policy for all our lands from March. Now respective ports have to decide on its micro-level policies based on the given guidelines," KoPT estate manager S K Dhar told PTI. ... more
'Construction bandh'in Kerala from today
Source: The Hindu Business Line Jan 19, 2014
The construction sector in Kerala will shut down for three days from Monday in response to a 'construction bandh' called by the Confederation of Construction Organisations, which consists of nearly two dozen associations such as those of architects, house painters, builders and quarry operators. ... more
REIT postponed; Indian real estate pushed back
Source: The Times of India Jan 19, 2014
Hope is essential for life and business, but at times, it gets postponed. For some, it is the end of the world, for others, it is time to realign priorities while continuing efforts. Despite good news from the Reserve Bank of India (RBI) on interest rates, year 2013 ended with setback on the Real Estate Investment Trust, popularly referred to as REIT. The market was abuzz with optimism till the last moment that it will be a reality in 2013 only. However, despite the final draft guidelines, the Securities & Exchange Board of India (SEBI) decided to defer the roll out of the REIT regime after some members of the board sought clarification on tax benefits. Now, it is assumed that the new government at the Centre will be able to take a call in this regard, meaning postponement for at least six months. ... more
Shopping malls to grow in size, numbers in 2014: Report
Source: The Hindu Business Line Jan 16, 2014
Net addition to mall space in Chennai, Delhi, Bangalore, Mumbai, Kolkata, Hyderabad and Pune is set to more than double to 11.6 million square feet in 2014. This will take up the mall stock across India’s metropolitan cities to 87.7 million sq feet by the end of the year, according to a new report by real estate consultancy firm Jones Lang LaSalle. ... more
House tracking index to be launched by Jan end: Vyas
Source: The Financial Express Jan 15, 2014
The Housing Start Up Index (HSUI), which will track the number of houses being constructed every year across the country, will be launched by the end of January, housing and urban poverty alleviation minister Girija Vyas said on Wednesday. ... more
Hidco identifies 16 unused plots
Source: The Times of India Jan 15, 2014
The Housing Infrastructure Development Corporation (Hidco) has identified 16 non-residential plot allottees in Rajarhat New Town who have yet to utilize their plots that were allotted in 2009 or earlier. The Kolkata government had earlier decided that no plot could be kept idle for more than six months after being allotted. Hidco authorities are now working out the process to impose a late fee of 10% of the total cost as penalty for each year of delay to these 16 identified plot allottees. This would be in addition to any other legal steps that the authorities may chalk out. ... more
Rule to stop Kolkata's New Town vertical growth
Source: The Times of India Jan 15, 2014
Have you been saving up to buy an apartment at a highrise on the north eastern fringes of the city at a lower price? Hold on. You might have to go slow on your plans. With new regulations from the Housing Infrastructure Development Corporation (Hidco) going to be in place very soon, the development of highrises in the fringe areas outside New Town jurisdiction in Rajarhat will come under a strong scanner, making it 'nearly impossible' for the realtors to comply with. ... more
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