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(Real Estate News )
12 May 2012  
Maharashtra Chief Minister, Prithviraj Chavan, on Tuesday said that his government acknowledges the critical importance of the real estate sector in the economic growth of Maharashtra. The chief minister was addressing a delegation of MCHI-CREDAI, the developer community representative.
Chavan promised to look into the issues being faced by the developer community. He said that high priority would be given to the issues and that solutions would be found in a time bound manner.
MCHI-CREDAI called for speedy approvals of real estate projects since delays are contributing torising cost of properties. It is also reiterated its suggestion for a single window system of clearances to speed up the process.
“Yes we have briefed the honorable Chief Minister on the urgency in dealing with the various critical issues and sought clarity from the government,” said Boman Irani, Secretary of MCHI-CREDAI.
Besides, MCHI-CREDAI also pitched for affordable housing and said the developers would like to play a meaningful role in creating mass housing to enhance the supply of housing stock which is bound to have a positive impact on the prices for the benefit of the lay man.
 
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251   New law for market-based rent on the anvil ( Real Estate News , India ) 03 Aug 2011   
  The Model Residential Tenancy Act 2011, prepared by the housing ministry, is intended to replace archaic rent control legislations that capped rentals. The draft legislation, which is yet to be adopted by the states, has proposed that in case of tenancies entered after notification, the rental will ...
The Model Residential Tenancy Act 2011, prepared by the housing ministry, is intended to replace archaic rent control legislations that capped rentals. The draft legislation, which is yet to be adopted by the states, has proposed that in case of tenancies entered after notification, the rental will be based on an agreement between the landlord and the tenant. For existing ones, including those properties where rent was finalised several years ago, there will be a freeze on revision for 24 months. In the 22nd month, the landlord will be able to seek a revision.

252   Leasing of office space in NCR rises ( Real Estate News , India ) 03 Aug 2011   
  The market for commercial real estate in Delhi-NCR is on a recovery mode with leasing in Jan-Mar 2011 rising to around 1.69 mn sq ft from 0.85 mn sq ft in the previous quarter of the year. It is also marginally higher than 1.42 mn sq ft transacted dur¬ing Jan-Mar 2010. SEZs accounted for 61 per cen ...
The market for commercial real estate in Delhi-NCR is on a recovery mode with leasing in Jan-Mar 2011 rising to around 1.69 mn sq ft from 0.85 mn sq ft in the previous quarter of the year. It is also marginally higher than 1.42 mn sq ft transacted dur¬ing Jan-Mar 2010. SEZs accounted for 61 per cent of the overall leasing, while the balance leasing activity was spread between IT parks and non-IT buildings. Although the number of leasing deals has decreased in Jan-Mar to 19 compared to 47 in the same quarter in 2010, the average size of transactions has gone up significantly, from 30,000 sq ft to about 89,000 sq ft in the same period.

Rising demand spikes commercial rentals
A rise in demand for office space, both for immediate expansion and for future growth, has pushed up commercial office space rentals. According to Jones Lang LaSalle, the net absorption of space in 2010 was 30.5 mn sq ft, up 35 per cent from 19.6 mn sq ft in 2009. This is expected to jump to about 36.9 mn sq ft this year. Rentals have started to inch up in a few locations.
According to consultancy Cushman & Wakefield, office. rents in Gurgaon have grown by 5-10 per cent. In Bengaluru, it is up 10-15 per cent, Chennai by 4-9 per cent, Kolkata by 10-19 per cent and Mumbai by 10-13 per cent.

253   Equinox Realty to enter mixed-use developments ( Real Estate News , India ) 03 Aug 2011   
  Equinox Realty, Essar group's real estate arm, plans to enter the mixed development space with a focus on building malls, under its next phase of expansion. The company, which owns a large commercial property in Mumbai, is also undertaking a couple of residential projects in western India. It is pla ...
Equinox Realty, Essar group's real estate arm, plans to enter the mixed development space with a focus on building malls, under its next phase of expansion. The company, which owns a large commercial property in Mumbai, is also undertaking a couple of residential projects in western India. It is planning residential projects at three locations -Thane, Pune and Bengaluru. The company will spend Rs 2,800 crore in the next two years.

Equinox Realty & Infrastructure Pvt Ltd.
Tel: 022-6121 5300.
Email: info@equinoxrealty.in
Website: www.equinoxrealty.in

254   TPG buys 15% stake in Shriram Properties ( Real Estate News , India ) 03 Aug 2011   
  Private equity major TPG Capital is in the process of acquiring a 15 per cent stake for Rs 450 crore in Bengaluru-based real estate developer Shriram Properties, the realty arm of Shriram Group. The deal will value Shriram Properties at approximately Rs 3,000 crore. Shriram Properties is expected to ...
Private equity major TPG Capital is in the process of acquiring a 15 per cent stake for Rs 450 crore in Bengaluru-based real estate developer Shriram Properties, the realty arm of Shriram Group. The deal will value Shriram Properties at approximately Rs 3,000 crore. Shriram Properties is expected to use the funding to foray into hospitality and IT Parks, besides expanding its residential space. The funding will also be used for inorganic expansion opportunities.

TPG.
Website: www.tpg.com

255   Coastal Karnataka turns real estate hotspot ( Real Estate News , Karnataka , India ) 03 Aug 2011   
  The coastal corridor of Mangalore and Udupi-is emerging as a favourite destination for real estate developers. More than 30 major multi-storeyed residential projects were announced in Mangalore and Udupi. While some developers plan a township model, small players are planning stand-alone apart ...
The coastal corridor of Mangalore and Udupi-is emerging as a favourite destination for real estate developers. More than 30 major multi-storeyed residential projects were announced in Mangalore and Udupi. While some developers plan a township model, small players are planning stand-alone apartment blocks. A housing layout format is also being proposed in some neighbouring urban centres.

256   BAI insists that state govt take over SRA project ( Real Estate News , India ) 03 Aug 2011   
  The Builders' Association of India (BAI) has urged the Maharashtra government to take over the redevelopment of SRA schemes and nominate MHADA, MMRDA and CIDCO as the official agencies for slum redevelopment. BAI has sent a written proposal to the state government in this regard. Over 2 lakh peo ...
The Builders' Association of India (BAI) has urged the Maharashtra government to take over the redevelopment of SRA schemes and nominate MHADA, MMRDA and CIDCO as the official agencies for slum redevelopment. BAI has sent a written proposal to the state government in this regard.

Over 2 lakh people had applied for the 4,034 MHADA flats in May this year, and nearly 7 lakh home-seekers are expecting MHADA to give them flats at a reasonable rate. According to BAI funding, such projects will not be an issue since customers are ready to buy the houses at rates and terms of payment as advertised by MHADA.

Builders Association of India.
Tel: 022-23514134.
Website: www.baionline.in

257   Jones Lang LaSalle India (JLL): drop in new residential projects ( Real Estate News , India ) 03 Aug 2011   
  According to the data compiled by Jones Lang LaSalle India (JLL), the number of new residential units launched between January and March dropped by 12 per cent to 68,521. According to JLL, concerns over affordability due to a rapid rise in residential rates, mortgage rate hikes and a possible ...
According to the data compiled by Jones Lang LaSalle India (JLL), the number of new residential units launched between January and March dropped by 12 per cent to 68,521.
According to JLL, concerns over affordability due to a rapid rise in residential rates, mortgage rate hikes and a possible correction in Mumbai would mean the second quarter of 2011 will also be slow on new launches. Additonally, launch of premium projects will also slow down, especially in Mumbai. Nevertheless, residential activity will remain firm in Bengaluru and Chennai.

Jones Lang LaSalle.
Tel: 0124-4605000.
Website: www.joneslang lasalle.co.in

258   Parsvnath to launch township in Gurgaon ( Real Estate News , Haryana , India ) 03 Aug 2011   
  Reading a strong demand in northern India space, real-estate major Parsvnath Developers is all set to launch a township on an SEZ proper¬ty in Gurgaon. The company aims to sell 6-7 mn sq ft in 2011-12. Parsvnath Developers Ltd. Tel: 011-4368 6600. Fax: 011-2331 5400. E-mail: maiKiifparsvnath ...
Reading a strong demand in northern India space, real-estate major Parsvnath Developers is all set to launch a township on an SEZ proper¬ty in Gurgaon. The company aims to sell 6-7 mn sq ft in 2011-12.

Parsvnath Developers Ltd.
Tel: 011-4368 6600. Fax: 011-2331 5400.
E-mail: maiKiifparsvnath.com
Website: www.parsvnath.com

259   Tata Housing Development Company Limited launches Super Luxurious Villas named Primanti ( Real Estate News , Haryana , India ) 03 Aug 2011   
  Tata Housing Development Company Limited launches - "Primanti" - the Super Luxurious Villas in sector 72 Gurgaon on Southern Peripheral Road, Delhi (NCR) region. 7000sqft - 8500sqft villas are 5 level, 4 bedroom residences with private garden, pool, gym area, VRV Airconditioning, private elevator, f ...
Tata Housing Development Company Limited launches - "Primanti" - the Super Luxurious Villas in sector 72 Gurgaon on Southern Peripheral Road, Delhi (NCR) region. 7000sqft - 8500sqft villas are 5 level, 4 bedroom residences with private garden, pool, gym area, VRV Airconditioning, private elevator, family lounge, entertainment lounge, home automation, security control access, basement parking & video door phone.

Architectural Design Firm: Kohn Pederson Fox Associates (KPF), UK has won over 300 awards worldwide. Prestigious Projects done by firm world wide are Gold Coast Towers, Australia; Marina Towers, Lebnon; Madarain Oriental in Las Vegas; Ritz Carlton in Toronto, Canada

260   Realty prices in Noida may rise by 15% ( Real Estate News , Uttar Pradesh , India ) 03 Aug 2011   
  The land row in Noida may have been settled, but property prices are now expected to go up by 15-25% in a month. The Noida Authority has to give 5% developed land to farmers - which will deplete all its land resources. "We will exhaust all our land after giving 5% to farmers. Prices in Noida are ...
The land row in Noida may have been settled, but property prices are now expected to go up by 15-25% in a month. The Noida Authority has to give 5% developed land to farmers - which will deplete all its land resources.

"We will exhaust all our land after giving 5% to farmers. Prices in Noida are bound to rise as there will be no land to give to developers," said Balvinder Kumar, chairman, Noida Authority.

To meet the rising demand for homes, offices and institutions, the authority will now have to consider enhancement of floor area ratio (FAR), he added.

Developers said that the land acquisition act will make it both difficult and costly to acquire new land. "If we buy land at a higher price, we will have to load it on to the buyers. The new policy, if implemented, will increase the cost of apartments steeply," said Shakti Nath, managing director of Logix Group.

At the moment, there is a shortage of clear land in Noida and the few developers who still have undeveloped land with them will cash in on the situation. The executive director of Amrapali Developers, Shiv Priya, said that he expected property prices in the city to go up at least 25% in 10-15 days.

Emboldened by the court decisions in favour of farmers in Greater Noida, farmers in Noida had demanded enhanced compensation for their land, regularisation and development of their abadi lands and 5% of developed land that was promised when land was acquired.

While the demand for higher compensation has not been accepted, the Noida Authority has agreed to other demands. This has put pressure on the authority, which has to now provide for 700 acres of land to farmers. It only has 300 acres of land in its bank that was reserved for housing projects

 
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