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CHENNAI: The Cochin Port is investing about $2 billion (Rs 10,000 crore) for setting up a new International Container Transshipment Terminal (ICTT), an LNG terminal, and for reconstructing old berths. Read the rest of this entry »

As the global financial crisis continues to unravel, the real estate sector around the world continues to take a hit with credit in short supply and consumer demand in housing witnessing record lows. India too has seen real estate values decline while the government undertakes a two-pronged approach of investing in infrastructure and facilitating consumer spending in real estate through interest rate cuts and easing of liquidity norms for banks. Read the rest of this entry »

Indicative property rates, based on which Maharashtra levies its stamp duty in Mumbai and other key cities of the state, may fall marginally for the first time in about a decade as real estate transactions drop, according to sources in the revenue ministry.The property rates in the ready reckoner for Mahrashtra may drop marginally reflecting the subdued sentiments, sources said. A final decision may be taken tomorrow. The property ready reckoner is prepared by the office of the inspector general of registration and stamp duties (IGR) on the basis of transactions in real estate sector in respective areas. Read the rest of this entry »

Bangalore continues to be the number one destination for IT/ITeS companies in the country. For all those who thought Chennai and Hyderabad were eating into Bangalore’s status as the IT capital of India, here are some facts. The annual year-end report by global real estate consultants Cushman & Wakefield shows that Bangalore witnessed the highest commercial space absorption in the country of 10.4 million sqft – the highest in the country for the fifth consecutive year. Of that, IT and ITeS companies absorbed 88%, followed by automotive, telecommunications and other sectors. Read the rest of this entry »

The over-supply scenario that 2008 had witnessed in the commercial real estate space could well continue in 2009, says the annual year-end report by Cushman & Wakefield, real estate services firm. While some companies, which had committed to larger spaces earlier, have scaled down their absorption as a prudent step to mitigate the cost on real estate others, which had taken up space based on anticipated expansion plans, are considering sub-leasing the excess space. Read the rest of this entry »

The realty industry is one of the worst-hit sectors globally following the financial meltdown, but for the well-heeled in India, this is excellent tiding. With real estate prices at an all-time low across borders, buying property abroad is suddenly making sense to affluent Indians. “The property slump is not just confined to India. Prices have crashed considerably in the US, the UK and the Middle East and many Indians are seeing this as an opportunity to buy property there, “Rajesh Goenka, chairman of Axiom Estates, the London-headquartered provider of property services in India, told IANS. Read the rest of this entry »

Foreign fund Goldman Sachs Investments Mauritius (India) on Thursday bought shares worth Rs 30.84 crore in Indiabulls Real Estate through open market transactions. According to the information on bulk deals available on the National Stock Exchange, Goldman Sachs Investments Mauritius bought 20.89 lakh shares at Rs 147.64 per piece aggregating to Rs 30.84 crore. Read the rest of this entry »

A demand for much cheaper borrowing for home loan customers is among a list of measures drawn up to help the struggling Indian economy.The Associated Chambers of Commerce and Industry of India (Assocham) unveiled a six-point strategy to get the country’s finances moving again. Read the rest of this entry »

A prestigious estate agent’s group has announced a move into the Indian real estate market to improve professional standards.The Royal Institution of Chartered Surveyors (RICS) said it was launching in the country and had already appointed a regional boss for the project. Read the rest of this entry »

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) ask Reserve Bank of India (RBI) to increase the cap on priority sector home loans from Rs 20 lakhs to Rs 40 lakh. The industry body asks RBI to raise the limit in at least the metro cities including Delhi, Mumbai, Chennai and Kolkata as the property prices are increasing at a faster pace in these places. Read the rest of this entry »

The Mumbai attacks tipped real estate prices down by another 5-10%. This brings the decline in real estate prices in Mumbai to around 25% from peak levels. But market watchers say real estate prices in Mumbai could fall by another 25% over the next six months. Expectedly, most developers are bracing themselves for the worst of times (see the next item). The only silver lining appears to be the reduction in rates on home loans. Read the rest of this entry »

Billed as the leading event of the Gulf Region, the First Annual Gulf Real Estate Fundamentals Conference 2008 (GRE), leading investors and developers from various countries around the world got together at Bahrain to discuss the specialised needs of the real estate marketplace in the GCC. Read the rest of this entry »

JHM Interstate Hotels Ltd, an international third party hotel management company, plans to bring 35 properties under its fold in the next five years in India and is in advanced stages of negotiation with hotel owners for the same. “We are planning to manage about 35 properties in the various star categories in the next five years,” JHM Interstate Hotel India Managing Director Anil Bhandari told PTI. Read the rest of this entry »

Real estate development in Bangalore and some of the other important cities of the State such as Mangalore, Mysore and Hubli-Dharwad has been severely hit with hardly any buyers for apartments. The global meltdown is said to be having a disastrous effect on real estate business in Bangalore, one of the fastest growing cities. Read the rest of this entry »

India real estate market could reach a value of $60 billion by 2010, and become an “enormous” economic power, a Middle East developer has said. Abdullah bin Abdulaziz Al Majed, vice chairman of Tanmiyat Group, was speaking ahead of the firm’s participation at property show Cityscape India 2008. Read the rest of this entry »

Hotels in India may see a 25-30 per cent drop in bookings by foreign in-bound tourists, following the terrorist strike on luxury hotels and blasts in Mumbai, which claimed more than 100 lives and left over 250 injured. Read the rest of this entry »

The meltdown being witnessed around the world is having a significant effect on the state’s real estate business. Property dealers, who were already seeing a decline in their income, have seen a decline of 60 per cent in their earnings. New deals are hard to come by and deals already finalized are also being called off by buyers due to the liquidity crunch, though the prices remain static. Read the rest of this entry »

The attacks in Mumbai struck at the core of the fledgling luxury-goods industry in India, threatening to dampen the vibrant growth of one of the sector’s key developing markets. Mumbai’s Taj Mahal Palace hotel, the epicenter of the attacks, is the most coveted retail address for luxury goods firms that are tapping into India’s growing numbers of wealthy individuals. European brands Louis Vuitton, Bulgari and Fendi all have boutiques in the hotel, which was the target of various explosions, hostage-taking and a fire. Read the rest of this entry »

India received $20 billion foreign direct investment (FDI) between January and June in the calendar 2008 and $10 billion in the first quarter of the current fiscal and is all set to attract FDI worth $40 billion this fiscal. Read the rest of this entry »

Microchip Technology Inc. will invest heavily in India and it stated that it hopes to create 300 new jobs at its new India Development Center in Bangalore. Read the rest of this entry »

Foreign direct investment (FDI) in India increased 259 percent in September to $2.56 billion, compared to the same month last year, wit h Mauritius being the largest investor. Read the rest of this entry »

The need to have strong equity on their balance sheets in these trying times is pushing large institutions such as AIG, Morgan Stanley and Wachovia to liquidate a number of Indian real estate assets in which they had invested proprietary capital. Read the rest of this entry »

Banks are expected to be more ‘considerate’ in lending to commercial real estate with the Reserve Bank of India removing the additional capital requirements for advances to this sector. Read the rest of this entry »

Despite positive measures by Reserve Bank of India for easy credit availability to rate sensitive sectors like banking and realty, the stocks are not showing any signs of recovery. Read the rest of this entry »

Despite positive measures by Reserve Bank of India for easy credit availability to rate sensitive sectors like banking and realty, the stocks are not showing any signs of recovery. Read the rest of this entry »