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  • - Wednesday 22nd February 2017

    A plan to grow business in the home appliances space is another challenge for the company. It looks to finance refrigerators and washing machines more aggressively with an aim to grow its portfolio three times this year from Rs 1,570 crore at the end of December 2016.
    In the five years of its existence in India, Home Credit has financed 1.8 million mobile phones, making this 90% of its business. Financing of consumer durables accounts for just about 5% of its portfolio. Indian consumer finance market has grown 16.3% year-on-year to Rs 19,400 crore at the end of December, according to the Reserve Bank of India data.
    “Our focus this year would be to test out financing options through online channels. The technology linking the Aadhaar number will be a gamechanger,” said Maco, adding that the company has started discussions with leading players in this space.

     

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  • - Wednesday 22nd February 2017

    The minister of Housing and Urban Poverty Alleviation (HUPA) also directed the ministry to convene a round table with all the developers bodies, banks and housing finance companies and others concerned to deliberate in detail why there has been no private sector participation under PMAY(Urban) so far.
    Private sector can participate in PMAY(Urban) mission under in-situ slum redevelopment (ISSR) and affordable housing in partnership (AHP) models.
    "For each slum unit to be rebuilt, central assistance of up to Rs 1 lakh has been committed by the government to make the projects viable. But you have not come forward so far," the minister said .
    The government has announced a slew of supporting measures to revive real estate sector over the last two years, including announcing the long-awaited infrastructure status for affordable housing in the latest Union Budget.
    The government has so far approved construction of over 16 lakh affordable houses under PMAY(Urban), with an investment of about Rs 90,000 crore, with a central assistance of about Rs 25,000 crore.

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  • - Wednesday 22nd February 2017

    "The draft is ready and submitted to the government. Once the election code is lifted, the notification for RERA will be issued. The chief secretary is looking at the matter closely," Pattaraju said.
    "The developer should not be held responsible for everything. There are four to five stakeholders, including the customers. All should share the responsibilites. A clarity on the defination of carpet area is also needed," Pattaraju said.
    GCCI president Narayan S Bandekar said that the real estate industry faced two major challenges in the form of RERA and demonetization which adversely affected the industry. He expressed hope that the industry recovers soon. "There was an abrupt fall in the housing sector following demonetization, but I feel these affects will go away in the long run."

     

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  • - Wednesday 22nd February 2017

    Flipkart has substantially scaled down its need for a huge office space in Bengaluru, which it leased almost two years back, as e-commerce companies in the country struggle to find new avenues of growth and raise fresh funds amid sharp cuts in their valuations.
    India's biggest e-commerce company is now looking to lease just 0.83 million sqft office space. The initial agreement was for 3 million sqft from southern property developer Embassy Group, which was subsequently downsized to 2 million before the company finally decided on the current lease deal.
    The lease, which is for 20 years, would see Flipkart pay Rs 50 per sqft, which translates into an annual rent of about Rs 50 crore.
    Nitin Seth, Flipkart's chief operating officer, said, “We believe the arrangement gives us ample room to expand in future, especially since it represents an expansion of 35% compared to the space we currently occupy across all our offices in Bengaluru.“

     

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  • - Tuesday 21st February 2017

    The ministry of housing & urban poverty alleviation (HUPA) has allotted the highest 82,262 houses in 49 cities and towns of Madhya Pradesh with an investment of Rs 5,260 crore with a central assistance of Rs 1,071 crore.
    The government approved 46,823 new houses under the beneficiary led construction (BLC) component of PMAY (Urban), enhancement of 773 houses in Jammu & Kashmir under BLC and building 42,499 new houses in Madhya Pradesh under affordable housing in partnership (AHP) component.
    In Madhya Pradesh, another 39,763 new houses will be built under BLC component under which an eligible beneficiary is assisted to build a house on the land owned by him/her. This takes the total affordable houses approved for Madhya Pradesh to 187,135 and for Jammu & Kashmir to 5,864.
    The government has so far approved construction of 1,651,687 affordable homes for the benefit of urban poor under PMAY (Urban) with a total investment of Rs 89,072 crore with central assistance of Rs 25,819 crore.Under BLC and AHP components of PMAY (Urban), central assistance of Rs 1.50 lakh is provided for each beneficiary.

     

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  • - Tuesday 21st February 2017

    Request for proposals (RFPs) have been floated for operation and maintenance and PPP projects at various places in the state for operating MICE, hotels, resorts, wayside amenities, amusement parks, ropeways, multimedia shows, family entertainment centres for which tenders have been invited.
    According to APTDC officials, leasing out lands for properties through a bid process towards construction of new tourism properties have also started. “Based on the feedback received from investors, we have reissued tenders for revised upset prices. We are also in the process of reissuing tenders for development of new hotelsresort properties within governmenttourism lands at 15 locations,“ said an official.
    Some of the locations of APTDC properties under operation and maintenance, for which tenders have already been reissued include hotels and resorts at Dornala, Pulugundu, Baruva, Kakinada, Ramayapatnam, Arasvalli, Tummalapenta, Idupulpaya, Puttaparthy , Yerrakalva, Kotipalli, Antharvedi, Kovvuru, Nagari, Alamkhanpally , Kuppam and Tirupatitown.The areas extend from one acre to six acres.

     

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  • - Tuesday 21st February 2017

    Most of the schemes are however not typical discounts and are possession linked or payment plan linked and does not actually offer any reduction in property prices. “Developers across the country are working on tight margins, hence there is no room for price reduction,” says Deepak Kapoor, President, CREDAI Western UP.
    NCR-based Supertech Limited has announced the introduction of ‘Rent reimbursement plan’ that means all bookings made during a limited period will be entitled to a monthly reimbursement towards rental expenses. The monthly reimbursement will be in place till the time of receiving possession of the booked property.
    Benefits like free maintenance, free first transfer, and 0% processing fee on home loans are also among the offers being floated in the market currently.
    Residential realty saw a 15-20% dip in sale volumes in Nov-Dec 2016 due to demonetization.

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  • - Tuesday 21st February 2017

    Co-living homes are fully furnished, ready-to-move-in homes based in gated communities available on rent for youngsters relocating to cities for job placement.
    As part of the agreement, founder Varghese Kurien plans to build co-living homes spanning 2 million sq. ft. in metro cities across India. The group has earmarked an investment of Rs 300 crore for this foray.
    "After doing our diligence, we have found that Square Plums, with its focus on high-end, branded homes specifically designed keeping in mind the needs of co-living youngsters, is an ideal operator partner for us," said Mohammad Mansoor, VP at Al Namal Group.
    For house owners, Square Plums offers the benefit of letting out a fully furnished house, with up to 50% higher rentals, without having to spend on furnishing the house. "Home owners who partner with us have found that on an average, rental yields from Square Plums branded homes can be up to 80% higher," said Attray of Square Plums.

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  • - Tuesday 21st February 2017

    MK Gunashekar, chairman, BBMP standing committee for taxation and finance, told TOI property owners had been given a month's time from December 14 to rectify errors in their property details, if they had declared them wrong, and pay the property tax.
    During the drive, about 100 companies came forward to rectify their property tax assessment, resulting in a tax recovery of Rs 200 crore..Gunashekar said the survey is likely to end by March 31 and he hoped all properties would come under the tax net by then. “We are issuing notices to property owners who haven't paid taxes or undervalued their properties. Violators will cough up hefty penalties -100% fine in some cases,“ he added.

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  • - Monday 20th February 2017

    "We will be investing Rs 3,250-3,500 crore on construction during this calendar year."
    DLF has residential projects in Delhi, Gurgaon, Hyderabad, Kochi and Panchkula among others.
    The company has recently started developing two new office projects in Gurgaon and Chennai, totalling 4 million sqft of leasable area, after it exhausted all commercial stocks.
    On housing sales, DLF's Group Chief Financial Officer (CFO) Ashok Tyagi said the residential market would continue to remain sluggish for the next few quarters.
    According to an investor presentation, DLF's sales bookings declined by 62 per cent to Rs 760 crore in the first nine months of the current 2016-17 fiscal from Rs 2,015 crore in the corresponding period of the previous financial year.
    The company's gross sales bookings were higher at Rs 1,550 crore during April-December of this fiscal, but cancellation/ upgradation worth Rs 790 crore dragged net sales.

     

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  • - Monday 20th February 2017

    The central excise and taxation department had raised a demand of 5 acres of land for the construction of flats. The trust officials after receiving the demand letter informed the excise department that they have 18 acres of land available in SBS Nagar and they can provide this land to them. This land was actually under encroachments for a long time and the officials got it vacated in November 2016 with great difficulty and now they want to develop this land so as to curb encroachments again.The officials claimed that it would not be an easy task to get the construction done at two prime locations therefore they can allot certain portion of land to the excise department. Moreover in the absence of any development work, the land is turning it into a garbage dump and it will be a wise step to sell the land to some government department.

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  • - Monday 20th February 2017

    Launched in March 2014, NoBroker is currently present in five cities -- Mumbai, Pune, Bengaluru, Chennai and Gurugram."After the recent demonetisation and overall cautious market sentiment, the rental real estate has picked up significantly. Today, real estate is no longer an investor market but is driven by end-users.He said the company will enter markets like Delhi, Noida, Hyderabad, Kolkata and Ahmedabad in 2017 and spend a significant amount on marketing and brand awareness."We have so far raised Rs 135 crore and we plan to spend a significant amount for marketing and creating brand awareness through non-digital mode. We are planning to use hoardings as a medium to reach out to people, apart from radio," Agarwal added.NoBroker.com initially raised Series-A funding of USD 3 million from SAIF Partners and Fulcrum Ventures. It later raised USD 10 million in Series B funding.

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  • - Monday 20th February 2017

    The platform named Godrej Residential Investment Program II made its first investment by acquiring 80% of the equity share capital in Godrej Greenview Housing, towards investing into the project Vihang in Thane in June last year.
    It also acquired a 12-acre land parcel off Sarjapur Road in South Bengaluru to develop around 1-million sqft residential project on this plot.
    Godrej Properties has also fully committed its another $200 million residential development fund set up with an APG led investor consortium in 2012.
    "The fund is fully deployed across four projects of Godrej Prime in Mumbai, Godrej Platinum in Delhi, Godrej Eternity in Bangalore and Godrej Aria/101 in Gurgaon," the spokesperson said.
    The Mumbai-based developer last year also created a separate real estate fund management business in India and Singapore named Godrej Fund Management, which will be responsible for managing both the series of the residential investment programmes and any future association as well.

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  • - Saturday 18th February 2017

    Land aggregators who lack the expertise of constructing the projects are look for partners while those who are competent in construction work but do not have enough fund to buy land are looking for such aggregators.
    While developers such as Ozone Group of Bengaluru and GulshanHomz of NCR are also open to such joint developments, Tata Housing, Godrej Properties, Lotus Greens have already made such agreements.
    More such joint ventures are expected to happen in the coming months. AmitOberoi, National Director, Colliers International says, “The longer the market remains sluggish, the more number of joint ventures will happen.”
    Kapoor adds there is no other alternative for cash strapped builders and land aggregators. The only traction that is being witnessed is in the completed projects and to complete a project during financial depression stakeholders will have to join hands.

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  • - Saturday 18th February 2017

    Entrepreneur Facilitation Center (EFC), which offers business centers and co-working spaces, has launched two co-working centers in Mumbai with approximately 50, 000 sqft of space and one in Pune with 35,000 sqft of space.
    “Our newly opened center in Hinjewadi, Pune, will be largest co working space in India with 850 workstations,” claims UmeashSahhaaii, Chairman & CEO of the company.
    Mumbai’s centers are located in Kalina and Airoli and will become operational in next few months. The co-working space in Kalina has a capacity of 350 workstations while the one in Airoli has 800 workstations.
    All three centers are already 50-60% occupied. “Demand for such affordable spaces is quite high, especially in Mumbai where leasing a office space in commercial building is highly costly,” says Sahhaaii.

     

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  • - Saturday 18th February 2017

    The case relates to Unitech's Aspen Greens project in Sector 107, Uniworld, Mohali. Complainants Amandeep Singh Kanwar and his wife SimmarpreetRandhawa were allotted a plot on March 17, 2011 for which they paid Rs 66,53,109.
    The possession of the unit was supposed to be given within 18 months, failing which directed Unitech to refund the paid amount along with 15% interest rate. The commission also asked Unitech to pay compensation of Rs 3 lakh along with Rs 50,000 as cost of litigation.
    However, the listed real estate firm failed to abide by the court orders.
    The
    Delhi High Court had on September 2 last year stayed all proceedings pending against Unitech and its officials, barring all Supreme Court orders, or which may be filed against the company or its directors before different forums.

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  • - Friday 17th February 2017

    The Delhi high court on Wednesday banned all land transactions and building activities in the Tughlaqabad Fort area.The directions came after the court went through a ‘demarcation report’ filed by Delhi government’s revenue department. The report revealed vacant sites and open lands in the area. Apprehensive even these may be encroached upon, the court directed the revenue department to demarcate the vacant areas in the area immediately.
    HC also said it would not sit on its judgment over any claims or counter claims by parties residing near the fort, but will strictly go by 1993 area survey report, which is the cut-off mark for legal settlements.
    HC directed the concerned district magistrate (DM), SDM, DCP (southeast) and the
    South Delhi Municipal Corporation to “take action in accordance with law whenever a notice is issued by ASI” and posted the matter for further hearing on April 19.

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  • - Friday 17th February 2017

    Typically , companies allot 100 sqft per employee. According to sources, SAP Labs wants to decentralise its operations from IT hub, Whitefield, in Bengaluru.
    Recently , Sap Labs India has taken up additional 50,000 sqft in
    RMZ NXT in Whitefield to accommodate its growing numbers of employees.
    “Bengaluru has once again been the best performing market, and we expect the traction to continue. Investors and occupiers are keenly watching the Hyderabad market, where we see continued demand next year,“ said Anshul Jain, managing director, India Cushman & Wakefield.
    According to Cushman and Wakefield, total leasing activities across the top eight cities last year amounted to 42.3 msf, down 22% from a year ago. Sectors leading the total leasing table were IT-BPM at 52% of total 2016 space uptake. Bengaluru remained the preferred IT-BPM destination, constituting 37% of the total leasing activity followed by Hyderabad at 26%.

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  • - Friday 17th February 2017

    As per the provision, the owners of sanctioned units had the first right to construct their homes as daily wage labourers up to a period of 90 days. The payment to them was also linked with MGNREGA funds.
    However, it has been observed that construction of more than one lakh homes have been pending. In most cases, the beneficiaries were either old or handicapped to carry out construction work.
    “Persons who are 60 years and above, physically challenged and not able to work or monitor the construction work can give it in writing and the construction of their homes will be given to an authorized agency,” said an official.
    “The payment in such cases will not go to the accounts of beneficiaries but will be instead transferred to panchayatsamitis,” added the official.

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  • - Friday 17th February 2017

    He has earlier worked with property consultancies such as Cushman & Wakefield as the managing director for north and east India operations, along with Knight Frank and Colliers.
    “His indubitable abilities and deep connections with key stakeholders in these two critical markets made him the natural choice for JLL,” said Santhosh Kumar, CEO - Operations & International Director, JLL India.
    Aggarwal will focus on strengthening JLL's Delhi NCR transactions businesses, while simultaneously overseeing the firm's eastern India operations.
    Apart from office real estate transactions, Aggarwal is an expert in real estate-focused Capital Markets, Land & Industrial services and Investment Services, including Valuations.
    Aggarwal has already assumed his new role from February 1 this year.

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  • - Friday 17th February 2017

    Sales of private homes by developers in Singapore rose 17.6 percent in January from a year earlier, government data showed on Wednesday.Developers sold 381 units in January compared with 324 units in the same month a year earlier, data compiled by the Urban Redevelopment Authority showed.Sales rose 3.8 percent from a month earlier, from 367 units sold in December 2016.This comes after sales of private homes dropped to the weakest in 10 months in December, down 57.3 percent from November.

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