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Indian Realty Developers Seek Foreign Help

With inflation pushing up project costs and consumer forums penalising builders for delayed delivery of flats, many developers are now hiring the services of foreign project management consultancy companies and techno construction firms for faster implementation of projects. Some of these foreign companies include Australia’s Sterling Construction System, Meva global leaders in framework solutions known for constructing an entire floor in three days and large project management consultancy companies like Leighton of Australia and Turner of the US.

Ground floor Shops in DDA Flats Permitted

Succumbing to pressure from the traders’ lobby, the union urban development ministry has decided to regularise all existing commercial establishments on the ground floor of DDA flats located in mixed land use stretches. However, commercial activity will not be allowed in upcoming DDA flats. This means that over one lakh shops in DDA flats in areas such as Mayur Vihar, Amar Colony, Kalkaji, East of Kailash, Lajpat Nagar, Munirka, Janakpuri, Rohini, Pitampura, Shalimar Bagh and Dwarka among others, will be spared closure.

Omaxe Lines up $ 20 bln to Build Low Cost Homes

Realty firm Omaxe has lined up a $ 20 billion investment to develop 10 lakh affordable homes for low-income consumers. The company is planning to offer these housing units in a price range of Rs 3-15 lakh per flat.

Nitesh Estates plans to raise Rs 600 cr-
Bangalore-based Nitesh Estates is looking to raise close to Rs 600 crore for its upcoming projects as it seeks to expand its presence. The company will mop up these funds through the Special Purpose Vehicle (SPV) route. This will be the third time that this firm is tapping the private equity pool.

Knight Frank Sees Home Prices Falling

Real estate consultant Knight Frank India expects further correction in Home Prices if the current slowdown in residential property sales continues. “The volumes of transactions are low and it is a precursor to prices going down. In a lot of speculative areas, prices have already gone down. If these trends continue for another two to three months, it is very likely prices will come down for residential segment,” Knight Frank’s chairman said.

LN Mittal buys stake in Indiabulls

Multi-billionaire LN Mittal has invested $ 75 million in Indiabulls Properties Investments Trust (IPIT), a subsidiary of Indiabulls Real Estate Ltd. Mittal has acquired 3.9% stake in the trust. IPIT, the first Indian real estate investment trusts (REIT) that has decided to list on Singapore Stock exchange, plans to mop up $ 235 million through divestment of around 13.3% stake. The issue is likely to open in the third week of May.

ICICI Bank offers low EMIs for Selected Home Loan Customers

ICICI Bank has offered to lower the Equated Monthly Installments (EMIs) for a large number of its borrowers by enhancing the tenure of their home loans. Borrowers with a good track record have been given this option. Borrowers also have the option to pay the EMI that they have been paying and not opt for a longer tenure.

» Bank of Baroda, UAE real estate firm sign MoU
Bank of Baroda has signed a Memorandum of Understanding (MoU) with Dubai-based real estate company Dubai Properties for financing buyers of the latter’s products in the United Arab Emirates (UAE). Bank of Baroda is the only Indian bank offering full-fledged banking services in the UAE.

»Dewan Housing Q4 net up by 12%
Dewan Housing Finance Corporation reported 11.78% rise in net profit to Rs 29.44 crore compared with Rs 13.51 crore during the corresponding period last year. The company’s income went up 45.4% to Rs 148.02 crore during January-March 2008 as against Rs 101.80 crore during the same period last year.

RBI Relaxes Lending Norms for Housing Loans

The Reserve Bank of India relaxed the risk provisioning norm for housing loan up to Rs 30 lakh. This move would make it easier for banks to provide loans for purchase of residential properties. However, analysts feel that it may not result in immediate softening of interest rate for the housing sector.

Mumbai to get country’s first monorail by 2010

Commuters in Mumbai caught in traffic jams are expected to get some relief in the near future with the Maharashtra government planning to introduce the country’s first monorail here by 2010. Besides, there will be no displacement of people as monorail needs only a small space to operate. It will act as a feeder to sub-urban and metro system because they cannot cover all parts of the city.

DLF plans tie-up with Thai retail group as Carrefour talks fail

Talks between the DLF Group and French retail major Carrefour for a joint retail operation in India have fallen through. The Indian real estate major has moved on and is now in advanced negotiations with the largest retail and real estate company of Thailand – The Central Group. The family-controlled Central Group owns and operates stores of every possible format and product category under different brand names similar to what Reliance Retail is trying to do in India.

Nitesh Estates to set up mall in Bangalore

Nitesh Estates, the real estate arm of the Bangalore based Nitesh Group, marked its foray into the booming retail space with the announcement of setting up a 1 million sq ft shopping mall in Bangalore. The mall, which would be the largest in South India, would come up on 5 acres at an investment of Rs 400 crore. The project would be ready by the end of 2009.