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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
Trump launches Mumbai project with Lodha Group
Source: The Times of India Aug 13, 2014
Donald J. Trump, renowned American businessman and public figure, creator of iconic developments across the greatest cities of the world, today unveiled Trump Tower Mumbai - the first and only Trump project in the city, in collaboration with the Lodha Group, India’s No. 1 luxury real estate developer. ... more
Real estate investment trusts: Pros and cons
Source: Business Standard Aug 12, 2014
The real estate industry received a much-needed boost recently when the Securities and Exchange Board of India (Sebi) finally cleared guidelines for the real estate investment trusts (Reits). This gives the cash-strapped industry a new route to tap capital. Real estate is notorious for the number and size of the bubbles it creates. The global financial crisis of 2007 and its sequel, the crisis of 2012, were both sparked off by real estate bubbles. The price of the same land can vary a lot, depending on sentiment. ... more
Tips to get a good deal from resale property
Source: The Times of India Aug 11, 2014
An apartment that you can move into within days, with all the logistics taken care of and no new apartment hiccups - is this what you are looking for? Then buying a re-sale property is your best option. Magicbricks takes a look at some of the things that you need to look at to make an informed decision. ... more
5 smart things to know about Real Estate Investment Trusts
Source: The Economic Times Aug 11, 2014
Here are five smart things to know about Real Estate Investment Trusts. 1. REIT is a special investment company that invests money obtained from investors directly in real estate, either through properties or via mortgages. 2. Investors receive the income from rent obtained from underlying properties as well as capital gains when properties are sold. ... ... more
Sebi clears REIT, InvIT norms; players want clearer tax rules
Source: The Financial Express Aug 10, 2014
While giving property players enough room to float Real Estate investment Trusts (REITs), the final guidelines for these listed investment vehicles, announced by the capital MARKETS regulator on Sunday, also build in adequate safeguards for investors. As such, the minimum size of assets that a REIT must have, to be able to float an initial offer, has been halved to Rs 500 crore from the originally envisaged R1,000 crore; the lower threshold is expected to encourage mid-sized developers to participate. ... more
Credai to work towards ‘Homes for All’ mission
Source: The Hindu Business Line Aug 08, 2014
The Confederation of Real Estate Developers’ Associations of India (Credai) has decided to work towards the theme Homes For All by 2022. The meeting of the apex body representing private real estate developers in the country that was held during August 6-8 laid special thrust on the mission of pucca housing for all by 2022. ... more
Mamata wants to pay less for land near cities
Source: Business Standard Aug 07, 2014
West Bengal Chief Minister Mamata Banerjee, whose agitation over land acquisition for industry catapulted her to power, is reluctant to recompense those losing land at rates set by a central law. West Bengal is yet to implement the Right to Fair Compensation and Transparency in Rehabilitation and Resettlement Act, 2013, the law that replaced the Land Acquisition Act of 1894, on January 1 this year. The new law requires state governments to offer four and two times the market value of land being acquired in the countryside and around towns, respectively. ... more
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