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New Garia metro to work for local real estate
Source: The Times of India Nov 01, 2014
The 32 km metro extension from New Garia (Kavi Subhash Station) to Subhash Chandra Bose International Airport (Biman Bandar Station) is finally nearing completion. After much delay, the construction has picked up pace. This is expected to not only enhance connectivity but also push up property prices in the area. ... more
NRI investments seek OUT INDIAN REALTY
Source: The Times of India Oct 25, 2014
The way the Indian realty sector has emerged and developed in the recent past is exemplary. This sunshine sector is now becoming one of the most preferred investment options for many, including businesses and individuals alike. This growing industry has now become the current favourite of NRIs who are very eagerly investing in properties in their homeland. ... more
Best time TO BUY A HOUSE!
Source: The Times of India Oct 25, 2014
There are distinct pointers that suggest that the Indian real estate market is in recovery mode in the current festival season. Developers like Gaursons, Supertech, Amrapali, Unnati Fortune Group, KV Developers, etc, say that not only enquiries but transactions too have picked up by around 15% in this period. ... more
Jaitley calls for interest rate cut, says it will trigger growth
Source: The Times of India Oct 24, 2014
For the first time in four months, finance minister Arun Jaitley has called for a reduction in interest rates, saying lower rates would trigger demand for homes. "Currently, interest rates are a disincentive. Now that inflation seems to be stabilizing somewhat, the time seems to have come to moderate the interest rates," ... more
Jain group launches affordable housing project in Kolkata
Source: The Hindu Business Line Sep 02, 2014
Real estate company, Jain Group, had on Monday launched its affordable homes project - Dream Pratham - in Madhyamgram, a few kilometers north of Kolkata. The group is likely to invest Rs. 50 crore in the project. It is also eyeing an investment of approximately Rs. 250 crore in similar mass housing projects. The apartments are priced between Rs. 18 lakh to Rs. 22 lakh, according to a release issued by the company. ... more
Lighten your tax burden from sale of real estate
Source: The Financial Express Sep 01, 2014
Capital gains tax is an aspect that every property seller needs to consider in a cost-sensitive MARKET. The amount of capital gains tax depends on the time period the property is held on to. If the property is sold after three years of purchase, the resultant gains (known as long-term gains) are taxable at a fixed rate of 20%. When it comes to long-term capital gains, the acquisition cost of the asset is recalculated based on indexation, which factors in inflation in its calculation by using the Cost-Inflation Index. The benefit is that tax on a long-term capital gain is taxed only at 20% after indexation. This brings down the amount of tax payable considerably compared to short-term capital gains tax. ... more
Tokyo to give $35 billion for infrastructure projects
Source: The Financial Express Sep 01, 2014
India will get $35 billion from Japan over the next five years for developmental projects, including building of smart cities and next-generation infrastructure, as Premier Shinzo Abe on Monday pledged to partner Prime Minister Narendra Modi’s “ambitious” vision of inclusive development, reports PTI. ... more
Bengal SEZs’ export income rises to touch Rs 15,000 cr in 2013-14
Source: The Hindu Business Line Aug 31, 2014
Special economic zones (SEZs) in West Bengal have generated export income to the tune of Rs 15,000 crore in FY 2013-14. According to Sanjeev Nandwani, Development Commissioner, SEZs (Eastern and North Eastern Zone) the gems and jewellery segment contributed Rs 9,000 crore, the manufacturing one at Falta contributed Rs 1,800 crore and IT contributed around Rs 4,200 crore. ... more
MNCs increasingly prefer buying to leasing office space
Source: The Economic Times Aug 31, 2014
Multinational companies are increasingly buying properties to set up their offices instead of leasing offices as they preferred for years, marking a strategic shift that signals the growing importance of the Indian market and the long-term commitment of the global firms. ... more
SEBI nod for real estate, infrastructure trusts
Source: The Hindu Business Line Aug 31, 2014
The Securities and Exchange Board of India has decided give its nod to set up Real Estate Investment Trusts and Infrastructure Investment trust to give a new lease of life to the construction industry. ... more
Mid-income housings go green in Kolkata
Source: The Times of India Aug 25, 2014
The green building movement is set to get a fillip in Kolkata with at least two real estate companies in the affordable housing space committing that all its projects will conform to the green norms. What this essentially means is that middle income group (MIG) homes will also be water- and electricity-efficient and treat their own waste. The drive is set to gain further momentum with the state government announcing an incentive of 10% additional construction in all green building projects. ... more
Homebuyers expect property prices to rise in next six months: Survey
Source: The Economic Times Aug 25, 2014
Prospective homebuyers expect property prices to rise over the next six months, according to a survey by IIM Bangalore and real estate portal Magicbricks. "The latest Housing Sentiment Index (IIMB-MB HSI) by IIM Bangalore and Magicbricks forecasts that homebuyers across 9 of the 10 cities surveyed expect real estate prices to rise over the next six months," Magicbricks said in a statement. ... more
Finance Minister Arun Jaitley hints at making changes in land acquisition law
Source: The Economic Times Aug 25, 2014
Congress-ruled states have petitioned the new Narendra Modi government on the United Progressive Alliance ( UPA) government's land acquisition law reinforcing the widespread criticism of the new law that has practically stalled all land acquisition. "I have met a number of leaders of the last government who (are) very critical of the land bill... including Congress chief ministers who are now realising...," finance minister Arun Jaitley said, indicating the government may be inclined to changes. ... more
KMC vows to amend building rules
Source: The Times of India Aug 24, 2014
Kolkata Municipal Corporation (KMC) is bent on amending its building rules to regularize minor deviations by the middle class The civic body plans to amend its rules in case of violations like additional constructions or renovations to the houses. The move comes inspite of a Calcutta high court order restricting KMC from legalizing unauthorized constructions against a penalty. While the court said that KMC cannot regularize illegal buildings against a penalty, the buildings department earned Rs 55 crore in 2013-14 as penalty from such regularizations. ... more
Circle rates short-circuit MARKET
Source: The Times of India Aug 22, 2014
The current MARKET prices of property have fallen below the circle rates owing to the subdued realty MARKET in many locations like New Friends Colony , Kalindi Kunj, and Noida in the NCR; Behala, Thakurpukur, Kolkata Main and Lake Town among others in Kolkata, and in small cities like Bhopal. There are many other cities and localities where this aberration has surfaced, affecting property transactions adversely. ... more
Own a home within Rs 10L near your workplace
Source: The Times of India Aug 20, 2014
If you wish to live near your workplace in Kolkata, you can now do so by just spending Rs 10 lakh or even less. How? Let’s find out! Spending Rs 10 lakh or even less can now get you a home in Rajarhat, the IT hub of Kolkata. As per data with Magicbricks, few developers in Rajarhat are coming up with residential projects that offer homes for Rs 10 lakh and less. ... more
Banks directed to bring in more innovation in home loan products, deposits
Source: The Hindu Business Line Aug 20, 2014
RBI has asked banks to bring in more financial innovation into the home loan products and deposits induced by way of savings. Speaking at a Real estate banking conclave, R Gandhi, Deputy Governor at RBI said, “There needs to be financial innovation with respect to loan products and one such product would be savings induced to home loan or a home loan deposit.” ... more
Cost of houses pretty high, scope for reduction: RBI's S S Mundra
Source: The Economic Times Aug 20, 2014
Stating that home prices are high, Reserve Bank deputy governor S S Mundra today said there is a need for price correction, especially given the high inventory levels with developers. "I believe there is enough scope for home prices to come down from the higher perch because of huge inventory pile-up in several markets," he said addressing a gathering of realty players in the financial capital. ... more
Deputy governor R. Gandhi says Reserve Bank of India tweaking policies for affordable housing
Source: The Economic Times Aug 20, 2014
The Reserve Bank of India (RBI) is tweaking its policies recognising the need for affordable housing and other essential real estate sectors, Deputy Governor R. Gandhi said on Wednesday. The RBI will also periodically review the definition of affordable housing to account for inflation, Gandhi said in his address at an industry event. ... more
Industry welcomes SEBI’s approval on REIT
Source: The Times of India Aug 13, 2014
The Securities and Exchange Board of India (SEBI) approved the setting up of real estate INVESTMENT trusts (REITs), a move that may offer a new source of financing to India’s cash-strapped property developers. Anuj Puri, chairman & country head, JLL India – With the stamp of approval by SEBI, REITs are finally a formalized concept. This is a big change from the ambiguity and uncertainty that prevailed about this very important instrument in previous years. It is gratifying to note that SEBI fully intends to deliver on its assurances of bringing better and faster FUNDINGinto Indian real estate. ... more
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