Property Headlines

Bangalore Property Market Grows 8 per cent growth Bangalore property market has surpassed other metros such as Mumbai, Delhi and Chennai with 8 per cent growth in the June quarter compared to the same period in the previous year. On the other hand, property sales in the bigger markets like Mumbai, NCR fell by 60 per cent and 57 per cent, respectively. Pirojsha Godrej, Managing Director (MD) and Chief Executive Officer (CEO) of Godrej Properties attributed this rise to higher off take as compared to other property markets in the country despite challenging times. Indian Real estate Forum, 16th Oct 2012

Increase in the Purchase of Property during Festivals With the onset of the festive season, housing sales are expected to improve by about 20 per cent in major cities as home loan interest rates witness a marginal fall, according to developers' body Confederation of Real Estate Developers' Association of India (CREDAI). Lalit, Jain, President, CREDAI pointed out that enquiries for property requirement have seen a hike in the last one month. He added that buyers who have been waiting for the last two years to buy homes are likely to buy property now as interest rates on home loans have come down and are expected to reduce further. Moneycontrol, 15th Oct 2012

Shriram to Clear Rs 600 Cr Debt with a Realty Firm in Germany The Bangalore-based real estate arm of Shriram Group, Shriram Properties, is believed to be closing a Rs 600 crore debt. The debt was raised from Germany-based Hypo Real Estate Group. It is reported that Shriram Properties might be using proceeds from selling one of its IT special economic zone (SEZ) in Chennai. Smartinvestor, 16th Oct 2012

Britannia To Join Hands With Bombay Realty Britannia Industries, bakery and dairy products maker, might come together with Wadia Group's real estate arm, Bombay Realty, to develop retail space on a six-acre plot of land in Bangalore, sources said. A spokesperson said that the company is looking at developing retail asset and is in the process of hiring a local architectural firm to design the project. realn3w, 16th Oct 2012

Puravankara Projects Shares Rise on Residential Project Launch Shares of Puravankara Projects rose over 5 per cent soon after news of a residential project launch worth Rs 300 crore in Bangalore. According to a

release sent by the company, the ultra-premium project was launched on Sarjapur Main Road in South Bangalore. The 4-lakh sq feet project includes 3 & 4BHK apartments ranging from 1,800 to 2,500 sq ft. Indian Real Eatate Forum, 17th Oct 2012

General News
Demand for office spaces picks up across India Commercial office space demand is picking up after witnessing a negative growth in the first two quarters of this year. The country's commercial office space supply witnessed a sequential growth of 188 per cent at 9 million sq ft, where Mumbai witnessed the highest growth at 449 pct. A report by DTZ, an international real estate consultancy highlights that Bangalore has been the main driver of this growth, with a 3 million sq ft uptake in the July-September quarter. Cholawealthdirect, 17th Oct 2012

Mumbai Realty Is Not For Middle Class Mumbai real estate market is one of the most expensive markets and primarily caters to the high end client. The investment in real estate has always been inter-linked with the stock market, since the stock market boom of the 2000s. First, between 2006 and 2011, the construction of flats which cost up to Rs 25 lakh fell from 21 percent in all of Mumbai to merely nine percent. Also, the construction of flats that were costing more than Rs 2 crore rose from 9 per cent to 22 per cent. In the present times, Mumbai is not within the reach of the middle class. Mumbai Realty Plus, 16th Oct 2012

Consumer Forum Fines Realty Firm Prominent builder, N Kumar and his associate society have been directed to pay penalty by the State Consumer Disputes Redressal Commission's Nagpur Circuit bench. They will be required to pay Rs 23 lakh to flat owners of Poonam Pride at Khamla Square for adopting unfair trade practices. In addition, they were also told to provide a club house as common facility to the flat owners or pay Rs 1 lakh to each of the 17 members of the complainants. Times of India, I4th, 19th Oct 2012

Land Bill Makes Aggregation Easier, Says Real Estate Industry A panel of ministers are proposing that only 66 per cent of land owners will be required to acquire land for developing projects to make land aggregation easier, said developer body NAREDCO. The final draft of LAND Acquisition Bill

now recommends consent of two-third of "land losers" (from whom land would be purchased) for acquiring land for public-private-partnership and private projects. Zee News, 18th Oct 2012

Tata Housing Buys a Bungalow In Delhi's Connaught Place For Rs 218 Crore Tata Housing has paid a whopping Rs 218 crore for a bungalow in Delhi's Connaught Place and has plans to build luxury apartments in a low-rise complex there. The bungalow has been bought on Hailey Road from a family who agreed to sell to the Tatas, a source involved in the deal said. Jagran Post, 18th Oct 2012