What Demonetization? Godrej Properties sells 300 flats in Pune in 2 months

Godrej Properties said it has sold over 300 out of the 400 apartments put up for sale at its Godrej Greens project in Pune. The sale comes in the backdrop of a slow real estate market complicated by a recent crackdown on ‘black money’ or tax evasion. The crack down was widely seen as throwing the real estate sector into a virtual freeze. The Greens project was launched two months ago, roughly at the same time as Modi announced his anti black money program. The number represents “more than 75%…

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Housing.com says demonetization to hit Real Estate sales: re-enters rentals

Anticipating a slow down in home sales in the coming months in the wake of the crackdown on ‘black money’, housing.com will restart its rental classifieds business soon. The portal, which had seen an ugly spat between founder Rahul Yadav and investors two years ago, had shut its rental listing last year to focus on the more lucrative home sales segment. However, said the website, the current crack down on black money is likely to impact sales of new homes, and it is therefore re-entering the rental segment ahead of schedule. “Last…

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Emgee Group to build apartments priced at Rs 8-12 lakh near Mumbai

Emgee Group, known for its high-end properties, said it is planning to enter the affordable homes segment by building homes in price range of Rs 8 lakh to Rs 14 lakh with a configuration of 300 sq ft to 500 sq ft each unit. With this venture the company aims to help home-buyers qualify for benefits of credit-linked subsidy scheme under the Pradhan Mantri Awas Yojana. The company plans to spend nearly Rs 1,600 crore to build 25,000 affordable homes over the next five years in the first phase. “For this…

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Demonetization not enough to clean up real estate, says Assocham

The ongoing crack down on black money alone will not be helpful to remove black money from the real estate sector, industry union ASSOCHAM said. Many buyers of real estate prefer to show lower costs on record simply to avoid the high levels of stamp duties payable on such transactions. In most states, Indians have to pay 7-8% of the purchase price of the property as stamp duty. Assocham said state government must “drastically slash” the stamp duty on purchase of residential and commercial properties to eliminate the use of…

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Will Currency Ban Prick the Real Estate bubble?

One of the most interesting aspects of the new move to ‘churn’ high-value currency notes will be its impact on real estate prices. The real estate sector was already reeling from high interest rates, slow economic growth and a fatigue due to the constant rise in prices. However, the new move to churn 500 and 1000 rupee notes via the banks to weed out black money could be the straw, or iron rod, that breaks the camel’s back. Though there are ways in which people with black money will try…

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Nila Infrastructures gets Rs 43.5 cr order from Adani Shantigram

Nila Infrastructures Ltd said it got a Rs 43.5 cr order from Adani Ports and Special Economic Zone Ltd to construct an office building at Adani Shantigram, located on S.G. Highway, Ahmedabad. The contract envisages overall construction of ground + 13 floors + two basements covering about 300,000 sq. ft. built-up area and has to be completed within 390 days of time. Shantigram is Gujarat’s largest township. Spread over 600 acres, of which around 80% will be open space, the township consists of clusters of apartments, penthouses and luxurious villas and…

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Brigade Group to help buyers rent flats using Nest Away services

Brigade Group, a leading real estate developer, said it has partnered with Nest Away, a rental solutions provider,to assist its customers in renting out their properties. The service will be provided exclusively to its customers who will now be able to avail a rental default guarantee that assures them timely rent, said the company. Brigade Group will offer comprehensive rental assistance to all of its existing customers as well as over 10,000 apartments in different stages of construction that are currently in the process of being readied for handover, the company…

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Godrej Properties to build new project on Sarjapur Road in Bangalore

Godrej Properties Limited, one of India’s real estate developers, said it has acquired a land of approximately 12 acres off Sarjapur Road in South Bangalore to develop a residential housing project of approximately 92,900 sq. mtrs. The project is located close to the commercial and industrial catchment areas of Electronic City Phase I & II, Sarjapur Road and Hosur Road and also offers good connectivity to Outer Ring Road, Varthur and Whitefield, added the company. Pirojsha Godrej, Managing Director & CEO of Godrej Properties said, “We are happy to add…

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Kolte Patil earns 36% return on Pune real estate project with Portman Holdings

Builder Kolte-Patil Developers Ltd said it had generated an internal return rate of 36% on its Margosa Heights project in Pune, which it co-developed with US-based Portman Holdings. “This project sets a unique example of an Indian & an International developer/Investor working in partnership on various aspects of the project to deliver a good product & achieve high profitability,” it said. Margosa Heights includes 20 mid-rise apartment towers along with support retail located at Mohammadwadi, a suburb in south Pune. The development’s total area is ~1 million square feet. The…

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K Raheja launches ´Viva´ luxury homes at Pune

K Raheja Corp launched its latest township project ‘Viva’, at Pirangut in Pune. Viva is spread over 77 acres of land and has independent bungalows, twin villas, townhouses, and plots which is located away from the congested main city, the company said. The project’s amenities includes cricket pitch, tennis courts, golf-putting zones, forest adventure trails, swimming pool and jacuzzi, gymnasium, etc. which offers the urbane luxury lifestyle. The homes are designed for young families and city dwellers from double income households, the company said. Viva is designed with aesthetic flora…

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Kolte Patil targets 20% pre sale growth, 2,500 deliveries this year

Kolte Patil, a real estate builder based in Pune, expects to increase the pre-sales for the current financial year by approximately 20% and is targeting deliveries of around 2,500 units. “Uptick in pre-sales is expected to sustain for the rest of the year,” company said. Company is also targeting launch of two projects at prime locations in Bengaluru, at Kormangala and Hosur Road respectively, during the course of the current financial year. Revenue trajectory is expected to improve in 2016-17 as a greater proportion of 100% owned projects come up…

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Tata Homes, SBI make special home purchase offer to govt officials

Tata Homes and SBI signed an agreement under which the two companies will make special offers to people who hold their salary accounts in the bank and want to purchase a Tata Homes property with an SBI loan. The nature of these offers was not revealed, but it is estimated that they could involve some discount in the price of the property or in the interest on the home loan from SBI. “Under this MoU, the partners will be launching various promotional campaigns from time to time,” they said. “Government…

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Godrej Properties launch new residential project on Ghodbunder Road, Thane

Godrej Properties, one of India’s real estate developers, launched its latest project, Emerald, on Ghodbunder Road in Thane. Built over 6.25 acres, the “premium project” offers a total saleable area of approximately 1.35 million square feet, said the company. The first phase of the project will consist of three high-rise residential towers where customers will have the option to choose from 1.5 BHK, 2 BHK, and 3 BHK apartments ranging from 990 square feet to 1,571 square feet, the company added. The project will overlook the Yeoor hills. “The landscape and the…

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Govt to build 36,254 houses for the poor in Karnataka for Rs 1,468 cr

Ministry of Housing & Urban Poverty Alleviation approved construction of 37,013 cr houses for urban poor in the States of Karnataka and Haryana with an investment of Rs 1,491 cr. An Inter ministerial Central Sanctioning and Monitoring Committee chaired by Dr.Nandita Mukherjee has approved construction of 36,254 houses for economically weaker sections in Karnataka with an investment of Rs.1,468 cr and 759 houses in Haryana at a cost of Rs.23 cr said the Union ministry. In Karnataka, 12,371 dwelling units will be constructed in 8 cities under affordable housing in…

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Bangalore’s Brigade Group to set up SEZ, hotel in GIFT city

One of South India’s biggest real estate company, Brigade group, inaugurated work on two new projects in Gujarat International Finance Tec (GIFT) City. The first is a special economic zone and the second, an ibis STYLES Hotel. The SEZ office towers will be of half million sq.ft with flexible office space of which the 1st phase is being launched now. The ibis STYLES Hotel will consist of approximately 170 guest rooms, multi-cuisine restaurant, banquets and conference rooms, managed by the ACCOR Group of France. M. R. Jaishankar, Chairman & MD,…

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Real Estate bill likely to drive up prices – Hiranandani

The new Real Estate Regulatory Bill is a step in the right direction, but could end up making property costlier, Neha Hiranandani, director of Mumbai-based House of Hiranandani said. “Though the objectives are noble and correct in the long term, we believe lack of clarity on the various mechanisms proposed will only add to costs through delay, making projects not only more expensive, but ensuring that affordability continues to be a distant dream,” she said, adding that the bill was ‘incomplete’ as it left out local body officials from the…

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Brigade Group announces new villa project in Devanahalli in Bangalore

Brigade Group, one of the biggest developers in Bangalore, announced a new villa project at Devanahalli, near the ‘new’ Bangalore Airport. The project, called Atmosphere, offers 4 bedroom signature villas with sizes ranging from 3010 sq.ft to 3410 sq.ft, the company said. “The project aims to bring back the concept of courtyard homes, a way of life long forgotten. This unique project will have 109 courtyard villas spread across 18 acres of picturesque landscape.” A cluster of 8 villas will surrounding a beautiful courtyard and a series of such clusters…

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Adani Realty enters Mumbai commercial market with BKC project

Adani Realty, the youngest arm of the Adani Group, announced its first commercial property project, ‘INSPIRE by Adani’, at Bandra Kurla Complex in Mumbai. The project will be spread across an eight Lakh sq.ft of built up area with G+10 floors with large and flexible floor plates along with landscaped terraces and breakout spaces, the company said. “Designed to Inspire, the commercial development has unparallel benchmark features with high ceilings and careful structural design which have resulted in an open and flexible work environment designed for the comfort, efficiency and…

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Godrej Properties enters NOIDA with Lotus Greens tie-up

Godrej Properties Ltd, the real estate development arm of the Godrej Group, today announced it has entered the Noida real estate market for the first time through a Development Management Agreement to develop a residential group housing project within Lotus Greens Sports City in Sector 150, Noida. “Spread over 36 acres, the project will offer approximately 370,000 square meters (4 million sq. ft.) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations,” the company said. The site is within the 300…

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Shortage of 2 cr houses, but 1.1 cr lying vacant – Naidu

India has a shortage of close 1.9 cr housing units in urban areas, but 1.1 cr houses in these areas are lying vacant as their owners do not live in them, nor do they rent it out, pointed out housing minister Venkaiah Naidu. The problem, he said, is being addressed in India’s new Draft National Rental Housing Policy. India has faced a problem with artificially inflated real estate prices for the last several years due to an inflow of money into the country. Whenever the flow of money increases, it…

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