Real Estate

New real estate bill to help curb malpractices: Maken

Ajay-MakenNew Delhi, June 5 : The real estate regulation bill approved by the union cabinet will promote fair-play in real estate transactions and introduce penal provisions for developers who do not stick to norms, Housing and Urban Poverty Alleviation Minister Ajay Maken said Wednesday.

The bill, cleared by the cabinet on Tuesday, would be introduced in the monsoon session of parliament (July-August), Maken said, adding: "The bill aims at protecting the interests of consumers."

Real estate bill: Some like it, others say penalties too harsh

Real-estate-billNew Delhi, June 5 : The government's decision to approve the Real Estate (Regulation and Development) Bill has evoked mixed response from the industry.

While some realtors applauded the new legislation saying it would bring in more transparency into the sector, others criticised it for being too harsh in prescribing stiff penalties that can be imposed on developers.

"It is a welcome step. We had been waiting for the same since long as it would bring buyers' ease along with transparency and respect to the sector," said Navin M. Raheja, president, National Real Estate Development Council (NAREDCO).

US senators prepare plan for Fannie Mae and Freddie Mac liquidation

US senators prepare plan for Fannie Mae and Freddie Mac liquidationA group of senators in the US congress are set to complete a plan to liquidate Fannie Mae and Freddie Mac (FMCC) and replace the failed bank with a government reinsurer of mortgage securities with private capital.

US household has rebuilt half of wealth lost to recession

US household has rebuilt half of wealth lost to recessionAccording to a new study, US households have been able to rebuild their wealth that was claimed by the recession in the world’s largest economy.

The new analysis from the Federal Reserve said that the households in the country have a long way to go before they rebuild their wealth to the pre-crisis level. Estimates shows the households saw their wealth worth a total of $16 trillion disappear due to falling stock markets and bust in the real estate market.

Sebi starts refunding Sahara investors’ money

Sebi starts refunding Sahara investors’ moneyThe Securities & Exchange Board of India (SEBI) has finally started refunding money to investors of two Sahara group companies, viz. Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).

Those who had invested their money in the two companies through their optionally fully convertible debentures (OFCDs) can claim refunds from the regulator by filling a four-page application form.

Mumbai CBD has highest ROI in commercial properties

  Mumbai CBD has highest ROI in commercial propertiesAccording to a new report, Mumbai's central business district has topped the list of cities with highest return on investment in commercial property in the country.

The report by real estate consultant Knight Frank showed that Mumbai's central business district topped the list with 19 per cent return per annum ahead of Hyderabad, Pune and Chennai in returns. The report also showed that the National Capital Region (NCR), which is largest office market in India, lags behind other cities at the 6th position with 11 per cent return per year.

Godrej Prop to raise Rs 700 crore through rights issue

Godrej Prop to raise Rs 700 crore through rights issue Godrej Properties, the real estate development division of Godrej Group, has announced its plan to raise Rs 700 crore through rights issue.

Pirojsha Godrej, managing director & chief executive of Godrej Properties, said that the issue had already been approved by the company's board, and that the funds would be used to finance the company's existing and new projects.

Britain's house prices rise

house-pricesLondon, May 9 : House prices in Britain rose by 1.1 percent in April following two consecutive increases in the previous two months, according to the Halifax House Price Index report.

The average house price in April stood at 166,094 pounds (about $257,200), the highest since 2010, reported Xinhua.

Prices in the three months from February to April were 1.3 percent higher than in the previous three months, the fifth successive increase in this measure.

BMC denies any extension in Campa Cola demolition date

BMC denies any extension in Campa Cola demolition dateNearly 400 residents of Campa Cola compound in Mumbai's Worli area are on the verge of losing the roof over their head as the Brihanmumbai Municipal Corporation (BMC) has declared that it would not extend the deadline for demolishing the buildings.

BMC on Friday served the Campa Cola compound residents notice asking them to vacate the flats within 48 hours. The Civic body also also declared that it would start demolishing the buildings on Monday.

NRIs' land sales causing Goa real estate rush: Parrikar

Manohar-ParrikarPanaji, April 26 : Ancestral land sold by Goan expatriates could have led to Goa's real estate rush, Chief Minister Manohar Parrikar said Friday.

Parrikar was speaking at a function in the state secretariat to launch the official website of the Goa government's Non-Resident Indian (NRI) Commission.

The chief minister said that a lot of land owned by the expatriates was encroached or fraudulently sold by politicians and conmen, which had forced these NRIs to sell off their ancestral properties, instead of managing them.

Cement firms step up capex despite market concerns over demand

Cement firms step up capex despite market concerns over demand Cement firms are planning to step up their capacities by investing in new expansions and running their existing plants at full capacity, despite emerging market concerns that demand can reverse in the future.

Aditya Birla group cement firm UltraTech Ltd has confirmed its plans to invest Rs 2,000 crore to expand its Rajasthan-based unit's capacity by 2.9 million tonne (MT).

British house prices hit five-year high

British house prices hit five-year highLondon, April 13 : British house prices in March registered a seventh consecutive month of growth and reached a five-year high, boosted by London property prices, said Acadametrics and LSL Property Services Plc, the country's house market agencies.

The average cost of a home in England and Wales rose 0.2 percent on the month to 230,078 pounds ($354,000), Acadametrics and LSL said in a monthly report published in London.

House prices touch record high in New Zealand

House prices touch record high in New ZealandThe Real Estate Institute in New Zealand has said that the national house prices have reached their highest level ever.

The data released by the institute on Thursday shows that the median house price during the month of March touched $400,000, which is its highest level ever. The average house prices have risen 8 per cent or $30,000 to $400,000 compared to the same month of the previous year. The shortage of housing options has kept the prices high, mainly in areas including Auckland and Christchurch.

RIL encounters new gas pool in KG field: sources

Mukesh-AmbaniReliance Industries Ltd (RIL) has sniffed a new gas pool in an exploration well in its flagging natural gas fields in KG-D6 block.

Sources privy to the development revealed that the Mukesh Ambani-led firm encountered natural gas in its MJ-1 exploration well on the Dhirubhai-1 and Dhirubhai-3 gas fields in the KG-D6 block.

The exploration well is being drilled more than 2 kilometers deeper than, and straight beneath the producing Dhirubhai-1 and Dhirubhai-3 fields in the block.

The company drilled the exploration well on the fields to learn about reservoir characteristics.

Platinum City residents stage protest against eviction order

Bangalore-Development-AuthorityResidents of Yeshwantpur's Platinum City apartments on HMT Road in Peenya held a protest on Friday against the Bangalore Development Authority's notices to vacate their homes.

The Bangalore Development Authority (BDA) is issuing eviction orders as the residential enclave has not obtained obligatory occupancy certificate from it.

So far, the BDA has served eviction orders to a total of 17 residents, while more than 400 are reportedly in the pipeline.

Indiareit invests Rs 200cr in two realty projects

Indiareit-Fund-AdvisorsReal estate private equity firm Indiareit Fund Advisors on Tuesday announced two investments totaling Rs 200 crore.

Indiareit Fund Advisors, a division of Piramal Enterprises, said that it had made the two investments in realty projects in Central Mumbai and Pune.

The equity firm made the first investment worth Rs 100 crore in a marquee project that is being developed in Bhoiwada, Central Mumbai, by Omkar Realtors.

Indian expatriates drive Dubai's realty sector growth

Dubai-realty-sectorNew Delhi, April 3 : Indian expatriates are among the top investors in Dubai's property market, which is expected to grow 10-12 percent this year, company officials and analysts say.

"Expatriates, mainly from India, Russia and Saudi Arabia, are leading the growth. Indians are among the top five investors in Dubai's property market," Ziad El Chaar, managing director of Dubai-based Damac Properties, told IANS here.

He said Dubai's real estate sector witnessed around 10 percent growth in 2012 and this was likely to further accelerate this year.

Sean Dunne files for bankruptcy in the US

Sean Dunne files for bankruptcy in the USProperty developer Sean Dunne has filed for bankruptcy in the US and there are indications that he might be let off from paying back to his lenders in just months.

Mr Dunne filed for bankruptcy claiming that he is being forced to go in for bankruptcy by the financial institutions, who are claiming their dues from the developer. He raised debt worth hundreds of millions of dollars for making property investments. Some believe that he might be let off from paying back his debt in just months.

Godrej Properties to undertake redevelopment project in Mumbai

Godrej Properties to undertake redevelopment project in MumbaiGodrej Properties Ltd (GPL), the real estate arm of the Godrej conglomerate, on Thursday announced that it had hit a contract with the Sahakar Nagar Vibhag-II Federation to undertake a residential redevelopment project in Chembur, Mumbai.

The contract, which GPL entered through its wholly-owned subsidiary Godrej Redevelopers Mumbai Private Limited (GRMPL), is to redevelop a residential project of 200 tenements in Sahakar Nagar-II at Chembur in Mumbai.

Godrej launches new redevelopment project in Chembur

Godrej launches new redevelopment project in ChemburGodrej Properties has announced on Friday that it is starting its second redevelopment project in Chembur area in the financial capital Mumbai.

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