New Delhi [India], Mar. 16 : The State Bank of India (SBI) and the Confederation of Real Estate Developers' Associations of India (CREDAI) on Wednesday inked a Memorandum of Understanding (MOU) to jointly conduct various initiatives towards the development of the Real Estate Sector for a period of three years.
SBI and CREDAI have a common objective of providing housing for all.
Each of them will leverage their individual strengths and collaborate in areas which will be beneficial to the sector and the consumers at large.
The MOU was exchanged between Rajnish Kumar, Managing Director SBI and Geetambar Anand, President CREDAI at the CREDAI National Conclave held in Delhi on March 6 and March 7.
Union Minister Venkaiah Naidu was also present for the occasion.
New Delhi [India], Mar 9 : Ashiana Housing Ltd., one of the renowned real estate developers in India, bags another accolade in its kitty.
Ashiana Dwarka, the 8.8 acre project situated in Jodhpur has been declared as " Budget Apartment Project of the Year" in Tier two cities by NDTV Property Awards, one of the most coveted real estate accolades.
New Delhi [India], Feb 9 : Real Estate start-up Square Yards on Thursday announced that it has crossed an important milestone of 10,000 property transactions with a combined GTV (Gross Transactional Value) of more than USD one billion in the past three years since its inception.
The company has made conscious efforts to retain and grow its loyal client base. It currently boasts of a repeat customer rate of around 21 percent, these being investors who have bought more than one property through Square Yards an unrivaled industry benchmark.
New Delhi [India], Jan 19 : Global real estate transaction platform Square Yards on Thursday announced expansion of its operations in Melbourne, Australia.
After Australia, this is the company's second office at Sydney, located at 600 Bourke Place, Bourke Street, Melbourne, Victoria 3000.
"Square Yards' ground presence in Melbourne will help it tap better into the real estate industry of Australia, that is currently enjoying an accelerated growth on the backdrop of higher demand," said COO and co-founder Square Yards, Kanika Gupta Shori.
Square Yards major growth strategy in Australia will be cornered around developing a network of local agents.
New Delhi [India], Nov 29 : India's leading online Real Estate advisory company PropTiger has announced a strategic partnership with L&T Finance Wealth Management.
L&T Finance Wealth Management is one of the top private wealth management companies in India and it also offers real estate solutions to its client base of HNI's (High Networth Individuals).
Thus with this new partnership PropTiger.com will be providing end to end search, short listing and transaction support to these HNI clients looking to buy properties in India and thus expanding its client base in this rapidly growing market segment.
New Delhi [India], Nov 9 : India's largest online to offline (O2O) real estate transaction player Square Yards has raised USD 12 million investment from the Private Equity arm of Anil Ambani led Reliance Group.
This is Square Yards' first institutional investment after it had raised USD 11 million from a clutch of HNW investors last year.
Founded in 2013, Square Yards is the largest distributor for primary residential real estate in India, and it enjoys a leadership position in the Non Resident Indian (NRI) markets.
New Delhi [India], Nov 8 : Global real estate transaction platform, Square Yards has announced opening of new offices in Toronto and Vancouver in Canada.
The company has expanded its presence in 12 international cities including London, Dubai, Sydney, Abu Dhabi, Singapore, Doha, Hong Kong, Muscat and Sharjah.
Square Yards' ground presence in the Canadian market would help it tap better into the country and serve the local demand effectively. The Canada offices will also serve as a gateway to the US markets.
A gauge of home-builder sentiment this month rose to its highest level since November 2005, which is a sign of the US housing market is improving despite shaking global economy and volatile financial markets.
The National Association Of Home Builders (NAHB)/Wells Fargo builder sentiment index released Wednesday rose this month to 62, up from 61 in August. The last time when the level reached this high was in October 2005 where the index was at 68.
As per experts, reading above 50 indicates the builder view sales conditions as good, rather than poor. The index has been consistently above 50 since July in the previous year, which showed a gradual bounce back in sales of new homes.
As per reports, the Standard & Poor's/Case-Shiller 20-city home price index rose 5% from a year earlier, up from its May rate i.e. 4.9%. The National Price index rose 4.5 percent in June.
S&P Dow Jones Indices suggested that if the feds were quick enough to follow the initial move then housing and home prices might get suffered.
Report showed that for the fourth month, Dallas ranked No.3 nationally after Denver rose 10.2% and San Francisco 9.5% for the 12 months through June.
Now, the Case-Shiller numbers for this month are being watched very closely after the stock market's Monday plunge had some Wall Street investors eyeing the real estate market as a more stable investment.
Going by the analysis of the real estate segment, the market scenario is favourable for those renting out property.
In view of the rising demand for accommodations, shops and commercial sites, the market analysts said that rents are expected to go up bringing additional profits to the real estate owners.
REITs — the FTSE NAREIT Index fell 2.2% this year, while the Standard & Poor's 500 index surged 1.2%, indicating high prospects for added profit margins for the real estate market players.
According to China's top economic planner, there are chances that the property market will continue to get better in the last six months of this year, which is good for an economy that is under pressure.
In recent months, there is an improvement in home sales and prices in main cities of China following a lot of government support measures, however conditions were different in smaller cities and a massive increase of unsold houses is adversely affecting new construction and investment.
According to the National Development and Reform Commission(NDRC), "In the second half, the recovery trend in the property market is likely to be sustained, which will create better situation for consumer prices and support factory-gate prices".
A 6.8% plunge was seen last month in house sales to a seasonally adjusted annual rate of 482,000, though analysts still predict a good outlook for housing sector in future. The report also wrote down May sales to 517,000 from 546,000.
Home sales grew earlier this year, but this latest information calls for the needs of taking some financial actions to boost the housing sector so that the market does not cool off.
"There's no question the housing sector kicked into a higher gear in the second quarter, but this might be a dose of reality that the acceleration is not as sharp as it had looked. The outlook for housing still remains positive", said McCarthy, chief financial economist at Jefferies LLC in New York.
Albertsons, the nation's second-largest grocery store -operator, has plans for an IPO. On Wednesday, it filed a preliminary prospectus with the Securities and Exchange Commission and stated that it has planned to raise $100 million.
The filing does not reveal about the number of shares that will be offered and it is also not specified as what would be the estimated per-share price and where it would be traded. The proceeds will be used to repay debts and the other expenses.
In the prospectus, Albertsons has said that it will include the performance of the Safeway properties. The company based in Boise, Idaho is owned by an investor group led by Cerberus Capital Management.
Boston Properties, Inc. has been witnessing a decline. In the past week, it has witnessed the loss of 2.59% and in the last month, it dropped 5.8%. In the last 4 weeks, Boston Properties, Inc. has also not performed up to the mark.
In the last six months, there has been a change of -24.75% in the total insider ownership. But then also, the company insiders have 0.2% of Boston Properties Inc. When it comes to institutional investors, they have 97.1% of the company’s shares.
On Friday, the company witnessed an increased volatility, as the shares opened for trading at $122.52 and then they hit at $123.95, but at the end, the session ended at $123.43, witnessing a gain of 0.67%. Owing to the heightened volatility, trading volume jumped to 2,556,621 shares.
A recent reports released on Wednesday by the Joint Center for Housing Studies at Harvard University showed that the percentage of US households owning their homes slid last year to 64.5 % for the eight consecutive year.
As per the latest data, the ownership rate in Greater Boston dropped to even lower i.e. 60.9 %, down from 64.2 % prior to the recession.
The reports highlighted rising home prices, stagnant incomes, tougher lending standards, and a lack of housing construction to meet demand as main culprits for the homeownership decline.
It further stated that these similar trends are driving up demands for rental housing and are even pushing rents higher, rising nationally at about double the rate of inflation.
US home re-sales have strengthened and have surged to five year high in May. It is considered to be an indication that housing and overall economic activity has been strengthening in the second quarter.
On Monday, the National Association of Realtors said that sales of existing homes sales increased 5.1% from April. It is considered as the highest level since November 2009.
The data suggests that after many missteps earlier this year, the US housing market recovery is coming back on track. Millan Mulraine, deputy chief economist at TD Securities in New York, said that they are expecting this pace to be maintained.
Lawrence Yun, the Realtors' chief economist, thinks that May gain was due to jump in listings and also due to rise in confidence among first-time home buyers.
US regulators are warning that people should be careful as many ads don't inform regarding whole story about reverse mortgages.
According to the Consumer Financial Protection Bureau, a study conducted by it on older homeowners found that they were given the false information by the ads; the ads say that reverse mortgages are a government benefit and tell that consumers can stay in their homes for their entire life.
According to the agency, people should have knowledge of the risks of reverse mortgages that are loans for homeowners 62 or older, which have to be repaid with interest and can diminish seniors' funds.
A development that took place on Monday was the Mayor’s renewed control over the City’s public schools. The legislation that came out, vests the power over the public schools in the New York City’s Mayor, Bill De Blasio, for another three years. The members of the Senate called for a face-lift to the underperforming schools by making available increased funds.
However, what came as a deathblow to the city’s single largest housing program was the news of an annual operating deficit of $98 million.
According to reports, price of new homes in China fell in April this year. The fall in price is for the eighth consecutive month, which suggested that property sector in the world’s most populous country is continuing to put downward pressure on the country’s economy. The average price in about 70 big cities in the country fell more than 6% compared to last year. In March this year, the average price declined, leading to more distress sales.
The economists stated that the property sector accounts for approximately about 20% of the world's second-largest economy. The property sector is considered as one of the biggest risks to the country’s economic growth, which is close to its slowest growth in about two and half decades this year.
Building material company Lafarge announced on Thursday that this year's demand for cement will probably rise 2% to 5% in countries, where the company operates. Lafarge has successfully been able to maintain its 2015 forecast for growth in demand of cement globally.
The proceeds from divestments and cost cuts have helped the cement giant to raise the net income to 310 million francs from the last year's net income of 80 million francs. First-quarter current operating income has grown by 40% to 205 million euros.
The high first-quarter profits reflect that the cost saving targets of the company is on track as the company has decreased its group net loss to 96 million euros, much lower than the loss of 135 million euros incurred last year.