Realty wrap: Delhi's Gurgaon, Mumbai's Thane see prices double in a year

Dwarka, Gurgaon realty prices have more than doubled in the last one year

Most regions in the top metros have seen prices soar by double digit percentages in the last three years with areas in Mumbai and Delhi-NCR witnessing maximum price gains, a study by 99acres.com has shown. In Delhi, Dwarka and Gurgaon regions saw 64 percent and 50 percent price rise in 2012 when compared to 2010. The Dwarka region in Delhi has seen high growth because of development happening around that area and its proximity to airports.

In Mumbai, Mira Road, Thane and Navi Mumbai saw prices increase within the range of 48 percent and 51 percent during the same time period. In Mumbai almost 50 percent of the market is driven by investors. However, the Mira Road area in Mumbai is dominated by end consumers because of its affordability factor and hence demand has been on a steady increase.

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Hindujas to foray into realty space with $15 billion investment

Hinduja Group, with a global presence in core sectors like oil and gas, automotive, power, IT, banking and finance, on Sunday announced a major foray into the real estate sector in India involving an investment of up to $15 billion. The Group has acquired a landbank of over 3,500 acres in metros like Mumbai, Chennai, Hyderabad and Bangalore for development of integrated residential and commercial townships, SEZs, with hospitality, healthcare and related facilities.

Haryana introduces land-pooling scheme

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The Haryana government on Saturday announced a new ‘Land Pooling Scheme’ to make the land owner-farmers partners in the process of planned development of residential and industrial infrastructure. The scheme provides an option to the landowner-farmers to get ‘developed land’ in return for their acquired land, Chief Minister Bhupinder Singh Hooda said.

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Not a revival, but property registrations up 6% in Mumbai in first quarter

Q1FY13 sales registrations have been slightly stronger, up 6% on a sequential basis, said a report by Prabhudas Liladhar. The March-May period witnessed registrations above the 5000 mark as against the dismal levels being witnessed in the period prior to that. The month of June saw registrations a tad below the 5000 mark. The incremental demand could be on account of first-time home buyers taking the plunge in the absence of price correction and from NRI-led demand due to significant weakening of the rupee.

Prabhudas Lilladher believes that the challenges to the sale scenario in the city continues to remain high and more needs to happen to correct the stressed affordability equation amid high property prices. Thus, they maintain their cautious stance on the city’s realty scenario.

Godrej Properties to develop major township project in Panvel

The Mumbai-based real estate developer has entered into a joint venture agreement for a 110 acre premium residential township project in Panvel. The project will have an estimated saleable area of 3.5 million square feet. Godrej Properties has entered into a profit sharing joint venture structure for this project where GPL will receive 35% of the profits from the development. The project is expected to be launched in 2013 and is estimated to be completed in approximately six years from its launch.

Lodha, DLF to jointly develop 17-acre Mumbai Textile mill plot

DLF has reached an understanding with the Lodha Group to jointly develop its 17-acre Mumbai Textile mill plot, according to reports.

Reports stated that the exact terms of the profit-sharing agreement will be finalized. Lodha along with a US-based private equity fund had earlier offered to pay DLF Rs 2900 crore for the plot, say reports.

Bombay HC allows Raheja to develop and sell land in Malad: reports

The Bombay High Court has allowed Gopal Raheja-owned Ferani Hotels Pvt. Ltd. to continue to develop and sell 460 acres in Malad (West), marking a setback for the Wadia Group.

The division bench asked the Gopal Raheja Group to deposit 12 percent of the sales consideration in a designated bank account till the final disposal of the case.

Maha govt to allow cluster development of dangerous buildings

Maharashtra Chief Minister Prithviraj Chavan has said the government plans to allow cluster-development of dangerous and illegal buildings, which will enable the residents to get 300 sq ft of tenements for themselves. A policy decision to this effect will be announced next month.

Housing Bill does not address builder grievances

The Maharashtra Housing Regulation and Development Bill 2012 is aimed at protecting the buyer of a property. But what does the bill mean for a developer? Does it address the grievances of builders too? According to Paras Gundecha, President, Maharashtra Chamber of Housing Industry-CREDAI, the only recognised body of real estate developers in Mumbai,the Bill is totally silent on the authorities and government officials who could be responsible for delaying projects by sitting on approvals. Similarly, the Bill does not talk about defaulting customers.

CREDAI calls for launching mission to make India Housing Surplus

Pointing out that real estate development can revive the sagging economy, developers’ apex body CREDAI has called for launching a mission to make India Housing Surplus from the current status of a housing deficit nation by 2020.

Real Estate supports 250 industries, generates employment and contributes 11% to GDP, CREDAI national President Lalit Kumar Jain said and rolled out the roadmap at the end of the organisation’s general council meeting in Delhi.

CREDAI also publicized an open letter to the Prime Minister and set an 10-point agenda of action for taking the nation on an accelerated growth path while solving the housing problem faced by millions of people across the country.

Builders are now thinking for the elderly and the handicapped people while designing their new projects.

Builders and developers likes of Ansal Unitech, DLF, Tata Housing, SVP Developers, etc, are designing their residential, even commercial buildings, to make them accessible and user-friendly for the elderly and aging people.

Policy paralysis hit realty sector in a big way

Realtor’s body CREDAI has said the government’s policy paralysis has severely impacted the real estate sector which is facing stagnation in growth.

“The economy is in a bad shape and there is an all round despair. We have been witnessing a widespread criticism – in India and abroad – and policy paralysis has impacted the real estate industry in a big way,” CREDAI National President Lalit Kumar Jain said in a statement. Jain said the government needs to appreciate the fact that realty sector supports over 250 other industries, contributes 11 per cent to GDP and is the largest employment generator after agriculture.

Slowdown hits Mumbai’s real estate market, 80,000 units unsold

While the unsold residential stock in Mumbai has jumped dramatically, developers have stayed away from cutting prices in the low and medium housing segments. The slowdown has largely hit the luxury segment. Real estate consulting firm Knight Frank’s estimated there are 80,000 unsold houses under construction in the Mumbai Metropolitan Region, of which South and Central Mumbai are the worst hit. In a slowdown-hit market, there are takers for units in the Rs 25 lakh to Rs 50 lakh price range. For instance, Navi Mumbai and Thane have less percentage of unsold stock.