Real Estate

The Supreme Court today agreed to examine real estate major Supertech Ltd’s plea against the Allahabad High Court’s order directing demolition of two 40- floor towers in Noida and ordered the company not to sell or transfer flats in the buildings.

A bench headed by Chief Justice R M Lodha issued notice on a batch of petitions filed by Supertech, NOIDA, flat owners of the controversial buildings and the petitioner on whose plea the high court had passed the order.

An apartment in London, which overlooks the famous Royal Park, has become the most expensive flat ever sold after an unknown buyer reportedly purchased it for a whopping 140 million dollars.

The 16,000 sq ft Penthouse D at One Hyde Park was sold by the CPC Group but they refused to comment on the sale price or reveal the Eastern European purchaser’s identity, the Daily Express reported. The flat apparently has no internal walls, flooring or bathrooms, but after being furnished and restored by the buyer it will sell for around 175 million pounds. (ANI)

In a bid to streamline the real easte sector, Kerala Government was mulling introduction of a slew of measures, including setting up of a real estate authority and online facility for plan approvals, a state Minister said on Friday.

India has been ranked third on the list of top 10 countries in leadership in energy and environmental design outside America, according to the latest US Green Building Council report.

Canada followed by China occupy the top two slots in the ranking of the top 10 countries for Leadership in Energy and Environmental Design (LEED) outside the US.

The report said the list demonstrates the global reach of the movement that is transforming the building environment into healthy, high-performing structures that benefit the planet and its people.

An NRI-founded hotels company plans to set up 100 eco-friendly hotels in India in the next eight years, its founder and Chief Executive said Saturday night.

Noting that the Eco Hotels UK Plc has developed the world’s first carbon neutral hotel brand, The Eco and Ecolodge, Suchit Punnose, the CEO of Red Ribbon Asset Management said: “The first market we are targeting is the growth market of India which has one of the largest demands for hotel rooms in the market.”

Credit rating agency Crisil has assigned stable rating to realty major DLF’s proposed issue of the country’s first commercial mortgage backed securities (CMBS) to raise Rs 900 crore.

In October last year, DLF had announced its plan to raise about Rs 1,000 crore through issue of securities backed by mortgage of two retail assets as part of strategy to replace costlier debt, which stood at Rs 17,400 crore two months back.

Property broking portal IndiaHomes on Thursday said the company has a goal to reach USD 5 billion (around Rs 30,000 crore) sales in GMV (Gross Merchandise Value) in 1000 days.

“Our financial goal is reach USD 5 billion of sales in GMV in 1000 days from the current rate of USD 1 bn GMV, a five-fold increase,” IndiaHomes Managing Director Samarjit Singh told reporters here.

Global property consultant Cushman & Wakefield on Thursday recommended a single-window clearance for housing projects to tackle rapid urbanisation.

“Execution of projects is one of India’s main weakness; it truly fuels the culture of slower implementation.

India must move towards a single window clearance so that 18-24 months are not spent on getting permissions,” C&W and PHD Chamber said in a joint report.

Buyers of apartments in Supertech’s two 40-storeyed towers here will move the Supreme Court against Allahabad High Court order to demolish the buildings as they want flats not refund.

“Since we were not a part of this (high court) judgement, we have decided to move the Supreme Court to get justice,” said M R Chhikara on behalf of buyers of flats in Supertech’s Apex & Ceyane Towers.

: Raj Rewal, one of India’s leading architects whose urban design narratives has set precedents globally, says the country’s building design is in dire need of a paradigm shift to meet the rising standards of living.

“In order to meet rising standards of living and building requirements, we have to innovate and think in new directions. The paradigms of building design have to shift,” Rewal said at the launch of a major exhibition showcasing his work.

Realty firm Supertech today said it will move the Supreme Court in the next 7-10 days and challenge the Allahabad High Court’s order to demolish two 40-storey towers in a Noida housing project. The two towers, Apex and Ceyane have a combined 857 apartments, of which about 600 flats were sold. The towers are part of Supertech’s Emerald Court project.

In what may serve as a proxy to the long-delayed realty regulator, the National Housing Bank today said it will soon come up with a rating for housing projects in association with banks, to help buyers make informed decisions.

In what may serve as a proxy to the long-delayed realty regulator, the National Housing Bank today said it will soon come up with a rating for housing projects in association with banks, to help buyers make informed decisions.

Amid housing shortage of up to 25 million units in the country, Urban Development Secretary Sudhir Krishna today said there are 11 million homes that are vacant as per the latest census figure and out of that 10 per cent lies in the national capital region.

Addressing a real estate conference organised by the RICS, a global body to set standards for realty sector, Krishna said the Centre is revisiting rental law to boost housing supply.

Green technology solutions firm ACME has bagged a contract for constructing the national games village in Kerala.

Under the project, ACME would construct housing units in the games village using prefab technology.

The company has bagged the “order for constructing the ‘Games Village’ at XXXV National Games Kerala. ACME… won the bid at Rs 36.57 crore”.

Besides ensuring less operational costs, pre-fabricated village can be relocated to any other site with only 10-15 per cent cost for dismantling an existing structure and re-assembling it, the company said in a statement.

Office space absorption fell by 5 per cent, while supply declined by 34 per cent during January- March period as corporates continue to remain cautious about expansion, according to global property consultant CBRE.

“Office space demand slowed down in the first quarter of 2014, with around 6.3 million sq ft of office space getting absorbed across the leading cities of the country as against 6.6 million sq ft in Q1 2013 — a drop of approximately 5 per cent,” CBRE said in a report.

Investment in Indian real estate declined by 65 per cent to $1.2 billion during 2013 but the country was able to retain 10th rank in Asia Pacific, global property consultant Cushman & Wakefield said.

Investment in real estate sector in India stood at $3.4 billion during 2012.

“India has received a total estimated investment of $1.2 billion in the real estate sector making it the 10th most invested location in APAC region,” C&W said in a statement. quoting its latest report ‘Investment Market Beat’ 2013.

India tops the number of foreign investors and investment transactions in Dubai’s real estate market, according to the organisers of a leading property show being held in this West Asian metropolis in the United Arab Emirates (UAE).

This year’s International Property Show (IPS), to be held April 8-10, will have a large Indian participation under the umbrella of the National Real Estate Development Council (NAREDCO).

India tops the number of foreign investors and investment transactions in Dubai’s real estate market, according to the organisers of a leading property show being held in this West Asian metropolis in the United Arab Emirates (UAE).

This year’s International Property Show (IPS), to be held April 8-10, will have a large Indian participation under the umbrella of the National Real Estate Development Council (NAREDCO).

China plans to spend 115.8 billion yuan ($18.8 billion) on affordable housing this year.

The special fund will be spent on renovation of low-rent housing, public rental apartments and shanty towns, Xinhua reported Sunday. This is an increase of 14.3 percent over last year.

Subsidized housing programmes have been high on the government agenda in recent years as skyrocketing home prices in major cities have pushed many people out of the market.IANS

“The company would raise Rs 400 crore from by March 31 from rights issue,” K R Kamath PNB CMD and Chairman of PNB Housing Finance said.

PNB holds 51 per cent stake in the company while remaining 49 per cent stake is with private equity firm Destimoney.

PNB would subscribe shares for Rs 204 crore, the remaining would come from the private equity firm.
The company has built capabilities to double or triple its business in the next few years, Kamath said.

Real estate has blossomed as one of the most popular jobs of 2013 in Australia.

Property and Real Estate have emerged as the fastest-growing job category of 2013 on the CareerOne, SEEK and MyCareer websites and has fuelled an unprecedented growth in jobs, the Daily Telegraph reported.

According to the county’s top three job searching websites, the real estate industry saw a 25 percent increase in jobs posted online between 2012 and December last year.

The new year has held some hope for realtors as the sentiments and confidence levels of home buyers have turned positive, shedding their reluctance to invest in residential real estate. This is in sharp contrast to last year when their mood had taken a severe beating amid high property prices, rising interest rates and large defaults in delivery. With low sales and high inventory, both end-users and investors stayed away.

Tata Housing will invest Rs 300 crore on developing a new housing project near Chennai.

The project ‘Santorini’, spread over 18 acres, comprises 1,000 housing units. Located on Chennai-Bangalore highway at Sriperumbudur, the project will be developed by its subsidiary Tata Value Homes Ltd.

Tata Housing in a statement said it would “invest Rs 300 crore in Chennai’s first Spanish themed township”.

Prices of the apartments are in the range of Rs 24-52 lakh, depending upon the size.

Land prices in Gurgaon and Noida could fall as over 70,000 acre is likely to come in the Delhi market because of DDA’s new land pooling policy, property consultant CBRE said today.

“The land pooling policy will prove to be positive for the National Capital Region (NCR) in the long-term, since land prices in the suburban markets of Gurgaon and Noida would eventually rationalise with fresh supply coming into the Delhi market,” CBRE South Asia Chairman and Managing Director Anshuman Magazine said in a statement.

Godrej Properties Ltd has sought shareholders’ approval to invest up to Rs 565 crore in its subsidiaries that are executing realty projects.

In a filing to the BSE, it has sought shareholders approval of 6 special resolutions through postal ballots.

The investments in the subsidiaries/SPVs could be in the form of purchase of securities or debt or guarantee in connection with loan provided by some other persons or entities.