To boost slowing demand in the realty sector and tap the growing market for affordable housing, realty firm Unitech Ltd will build 20,000 homes this year, priced between Rs10 lakh and Rs30 lakh, launching its first such project in Chennai this month.
India’s second largest property developer by market value on Tuesday launched its new initiative branded Uni Homes, which will have apartment sizes starting at 660 sq. ft.
The realty firm said its second such project will be constructed in Manesar in Haryana, on the outskirts of New Delhi. The apartments in Chennai would cost around Rs10 lakh and those at Manesar around Rs15 lakh, it said.
Faced with falling sales on the back of an economic slowdown, India’s realty companies have been launching what they call affordable housing because they say there is robust demand in this segment.
Earlier this year, Unitech had launched a project in Gurgaon, south-east of New Delhi, where apartments are priced between Rs28 lakh and Rs40 lakh. All 750 homes were sold in 45 days, the firm said. Encouraged by the response, it launched another project, also in Gurgaon, with prices at Rs35-45 lakh. It has so far sold 180 of the 200 flats in that project.
In May, Mumbai-based Tata Housing Development Co. Ltd launched a low-cost housing project branded Shubh Griha in Boisar, around 50km north of Mumbai. The apartments of 283 sq. ft, 360 sq. ft and 465 sq. ft would cost between Rs3.9 lakh and Rs6.7 lakh, the company said.
In March, Mumbai-based developer Lodha Group launched Casa Bella, an integrated township project in Dombivalli, a Mumbai suburb, where apartments would cost between Rs11.7 lakh and Rs24.3 lakh.
In August, Bangalore-based realtor Puravankara Projects Ltd launched a unit called Provident Housing and Infrastructure Ltd to construct apartments priced at Rs10-20 lakh in cities such as Bangalore, Chennai, Hyderabad, Coimbatore and Mysore.
In May last year, Omaxe Ltd, another New Delhi-based developer, set up a subsidiary called National Affordable Housing and Infrastructure Ltd to build homes in the Rs3-15 lakh category in smaller cities such as Sonepat in Haryana, and Nimrana and Bhiwadi in Rajasthan.
“There is a demand in the affordable housing segment. Interest rates have come down and that helps because people can take loan at a cheaper cost,” said Anshuman Magazine, managing director of CB Richard Ellis, a real estate consultancy firm. “There is also a renewal of confidence among buyers.”
Unitech expects to start its Uni Homes projects in Hyderabad, Bangalore, Kolkata and Lucknow.
The company said these projects will all be well located. “The project in Chennai will not be very far away from the city.”
Unitech plans to invest Rs1,700 crore this year to build these homes.
“This is just the construction cost,” the spokesperson said. “Land for the projects has already been paid for,” the spokesperson said.
The real estate company says it owns around 8,000 acres of land in various cities, on which it can develop some 500 million sq. ft of residential and commercial space.
Thursday, June 11, 2009
Demand for homes inching up, but recovery likely to take months
Home sales in India are trickling back in some sections of the market, but industry watchers say a rebound is months away as buyers await further price corrections.
Builders have begun new projects after a year-long hiatus, and are also swapping older premium project proposals for cheaper ones to restart sales as they try to beat a severe cash crunch.
“While the market has turned up, I don’t expect it to be back to 2007 or 2008-beginning levels for another six months or eight months,” said Rajesh Goenka, chairman, Axiom Estates, a real estate agency servicing overseas Indians, mostly in the earning bracket of $100,000-300,000 (around Rs47.5 lakh-Rs1.5 crore) a year.
Indian realtors have spent months battling a severe cash crunch as high interest rates and a slowdown kept buyers away and funding from investors dried up. But, a spate of interest rate cuts and a sentiment revival have encouraged builders to focus on middle-income buyers by launching new projects or re-marketing older ones as mid-income properties.
Unitech Ltd, Parsvnath Developers Ltd and India’s top listed real estate firm DLF Ltd redesigned projects and cut costs to appeal to a wider consumer base. Demand is swaying towards affordable housing.
In the quarter to March, half of the homes sold were in 114 new projects of the 2,000 available for sale, according to estimates by realty rating and research agency, Leases Foras Real Estate Rating and Research.
Even though builders say new projects are being lapped up, home loans are not picking up as fast, suggesting that the homes were picked up by investors, said Pankaj Kapoor, founder and chief executive, Leases Foras.
Homebuyers say that the ground reality hasn’t changed much. Prices haven’t fallen as anticipated with builders’ standing guard, hoping prices will continue to firm and investors, too, hope for a return in pricing.
Builders have begun new projects after a year-long hiatus, and are also swapping older premium project proposals for cheaper ones to restart sales as they try to beat a severe cash crunch.
“While the market has turned up, I don’t expect it to be back to 2007 or 2008-beginning levels for another six months or eight months,” said Rajesh Goenka, chairman, Axiom Estates, a real estate agency servicing overseas Indians, mostly in the earning bracket of $100,000-300,000 (around Rs47.5 lakh-Rs1.5 crore) a year.
Indian realtors have spent months battling a severe cash crunch as high interest rates and a slowdown kept buyers away and funding from investors dried up. But, a spate of interest rate cuts and a sentiment revival have encouraged builders to focus on middle-income buyers by launching new projects or re-marketing older ones as mid-income properties.
Unitech Ltd, Parsvnath Developers Ltd and India’s top listed real estate firm DLF Ltd redesigned projects and cut costs to appeal to a wider consumer base. Demand is swaying towards affordable housing.
In the quarter to March, half of the homes sold were in 114 new projects of the 2,000 available for sale, according to estimates by realty rating and research agency, Leases Foras Real Estate Rating and Research.
Even though builders say new projects are being lapped up, home loans are not picking up as fast, suggesting that the homes were picked up by investors, said Pankaj Kapoor, founder and chief executive, Leases Foras.
Homebuyers say that the ground reality hasn’t changed much. Prices haven’t fallen as anticipated with builders’ standing guard, hoping prices will continue to firm and investors, too, hope for a return in pricing.
India realty expo in Dubai sees deals worth Rs 65.33 cr sealed
The 12th India Realty Expo 2009 held in Dubai saw 106 flats worth Rs 65.33 crore being booked, a senior real estate industry official said.
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"106 flats worth Rs 65.33 crore were booked (during the expo)," Maharashtra Chamber of Housing Industry (MCHI), CEO, Zubin Mehta, said in a press release issued here.
"Around 86 flats worth Rs 80.18 crore are in the pipeline when the NRIs come down to India in July-August on their annual vacation," Mehta added.
MCHI is a leading body of real estate builders and developers.
The expo evoked an encouraging response with 2,700 NRIs visiting the exhibition in three days during June 4-6, the release said.
"The softening of real estate prices and home loan interest in India were the key reasons that attracted a large number of NRIs during the expo," Mehta said.
Fifteen leading developers and builders showcased their properties at the realty expo.
Home finance institutions which participated in the expo included HDFC, DHFL and Bank of Baroda, the release said.
"Majority of the walk-ins was Mumbai-specific and this reflected into an opportunity for the developers to close a few deals during the expo itself," MCHI's Co-ordinator and Co-Chairman, International Exhibitions, J S Augustine, said.
That the expo took place in Dubai when the first signs of an economic revival globally were being witnessed also made a positive impact, he said.
The exhibition, which was inaugurated by Consul (Commerce) to the Consulate General of India, Dubai, Partha Roy, aimed to provide a one-stop solution to all the needs of NRIs intending to purchase a property in India, the release said.
MCHI's President, Pravin Doshi, describing the response as "encouraging", said that "this encouraging response denotes the demand and popularity of housing in India by NRIs in the Middle-East."
The 15 developers who participated in the expo were Ajmera Builders, Mayfair Group, Akar Creations, Better Homes, Everest Developers, Hiranandani Constructions, Marathon Group, Nahar Group, Nirmal Lifestyle, Nyati Group, Our Town, Pathy Housing, Pranjee Group, Rustomjee and Total Environmen
Also Read
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News Now
- Govt clears Dubai's Damas, Gitanjali's JV for jewellery retail
- Indiainfoline's subsidiary part ways with Auerbach Grayson
- Dubai announces new pricing for govt services
- PNB to open five overseas offices
- Free stays and fun in Dubai for Emirates First & Business Class passengers
- Smart City stuck on land issue
"106 flats worth Rs 65.33 crore were booked (during the expo)," Maharashtra Chamber of Housing Industry (MCHI), CEO, Zubin Mehta, said in a press release issued here.
"Around 86 flats worth Rs 80.18 crore are in the pipeline when the NRIs come down to India in July-August on their annual vacation," Mehta added.
MCHI is a leading body of real estate builders and developers.
The expo evoked an encouraging response with 2,700 NRIs visiting the exhibition in three days during June 4-6, the release said.
"The softening of real estate prices and home loan interest in India were the key reasons that attracted a large number of NRIs during the expo," Mehta said.
Fifteen leading developers and builders showcased their properties at the realty expo.
Home finance institutions which participated in the expo included HDFC, DHFL and Bank of Baroda, the release said.
"Majority of the walk-ins was Mumbai-specific and this reflected into an opportunity for the developers to close a few deals during the expo itself," MCHI's Co-ordinator and Co-Chairman, International Exhibitions, J S Augustine, said.
That the expo took place in Dubai when the first signs of an economic revival globally were being witnessed also made a positive impact, he said.
The exhibition, which was inaugurated by Consul (Commerce) to the Consulate General of India, Dubai, Partha Roy, aimed to provide a one-stop solution to all the needs of NRIs intending to purchase a property in India, the release said.
MCHI's President, Pravin Doshi, describing the response as "encouraging", said that "this encouraging response denotes the demand and popularity of housing in India by NRIs in the Middle-East."
The 15 developers who participated in the expo were Ajmera Builders, Mayfair Group, Akar Creations, Better Homes, Everest Developers, Hiranandani Constructions, Marathon Group, Nahar Group, Nirmal Lifestyle, Nyati Group, Our Town, Pathy Housing, Pranjee Group, Rustomjee and Total Environmen
Allahabad City UP witnesses boom in real estate demands
With the culture of individual houses and palatial bungalows waning
fast, the city is adopting the flat culture, which is
considered to be safe, secure and
useful for social activities, especially for the older generation. It is here that the role of Allahabad Development Authority assumes great significance.
Allahabad Development Authority which originated in 1974 was formed under the provision laid by the Uttar Pradesh Urban Planning & Development Act of 1973. ADA development projects began with smaller projects & constructions but soon progressed and changed the city's look with its magnificent works. Uttar Pradesh being one of the most important states of India, politically and hence Allahabad, an important city of the state with long historical and cultural background, attracts a lot of people and tourists from all over the world thereby necessitates the establishment of development authority to overlook planned development of the city.
The development authority aims to fulfil its responsibilities for the development of the city by constructing state-of-the-art infrastructure for its residential and commercial projects in a well planned manner, by adhering to the master plan laid out by the authorities.
ADA also started many housing schemes like Avantika, Kalindipuram, Juhi, Badri, Parivartan, Shantipuram, Nirupma, Agnipath, Ekanki, Devghat, Trivenipuram, Katju, Ambedkar, Dev-Prayagam, Nav-Prayagam, Chandpur Salori, Asdullapur and IDH Compound Housing Scheme. Apart from these, Allahabad Development Authority is also working in conjunction with private builders and developers in order to give a progressive direction to the development process of real estate in Allahabad.
The latest real estate developments in city primarily focus on building hotels, guest houses, Dharmashalas, restaurants, retail shops and other tourists' activity spots. The real estate property prices in city are also mounting as more and more people are heading towards the efficient business opportunities the city offers. For the purchase, sale or renting of any property in Allahabad, you receive full assistance from the property dealers in the city.
fast, the city is adopting the flat culture, which is
considered to be safe, secure and
useful for social activities, especially for the older generation. It is here that the role of Allahabad Development Authority assumes great significance.
Allahabad Development Authority which originated in 1974 was formed under the provision laid by the Uttar Pradesh Urban Planning & Development Act of 1973. ADA development projects began with smaller projects & constructions but soon progressed and changed the city's look with its magnificent works. Uttar Pradesh being one of the most important states of India, politically and hence Allahabad, an important city of the state with long historical and cultural background, attracts a lot of people and tourists from all over the world thereby necessitates the establishment of development authority to overlook planned development of the city.
The development authority aims to fulfil its responsibilities for the development of the city by constructing state-of-the-art infrastructure for its residential and commercial projects in a well planned manner, by adhering to the master plan laid out by the authorities.
ADA also started many housing schemes like Avantika, Kalindipuram, Juhi, Badri, Parivartan, Shantipuram, Nirupma, Agnipath, Ekanki, Devghat, Trivenipuram, Katju, Ambedkar, Dev-Prayagam, Nav-Prayagam, Chandpur Salori, Asdullapur and IDH Compound Housing Scheme. Apart from these, Allahabad Development Authority is also working in conjunction with private builders and developers in order to give a progressive direction to the development process of real estate in Allahabad.
The latest real estate developments in city primarily focus on building hotels, guest houses, Dharmashalas, restaurants, retail shops and other tourists' activity spots. The real estate property prices in city are also mounting as more and more people are heading towards the efficient business opportunities the city offers. For the purchase, sale or renting of any property in Allahabad, you receive full assistance from the property dealers in the city.
Allahabad City UP witnesses boom in real estate demands
With the culture of individual houses and palatial bungalows waning
fast, the city is adopting the flat culture, which is
considered to be safe, secure and
useful for social activities, especially for the older generation. It is here that the role of Allahabad Development Authority assumes great significance.
Allahabad Development Authority which originated in 1974 was formed under the provision laid by the Uttar Pradesh Urban Planning & Development Act of 1973. ADA development projects began with smaller projects & constructions but soon progressed and changed the city's look with its magnificent works. Uttar Pradesh being one of the most important states of India, politically and hence Allahabad, an important city of the state with long historical and cultural background, attracts a lot of people and tourists from all over the world thereby necessitates the establishment of development authority to overlook planned development of the city.
The development authority aims to fulfil its responsibilities for the development of the city by constructing state-of-the-art infrastructure for its residential and commercial projects in a well planned manner, by adhering to the master plan laid out by the authorities.
ADA also started many housing schemes like Avantika, Kalindipuram, Juhi, Badri, Parivartan, Shantipuram, Nirupma, Agnipath, Ekanki, Devghat, Trivenipuram, Katju, Ambedkar, Dev-Prayagam, Nav-Prayagam, Chandpur Salori, Asdullapur and IDH Compound Housing Scheme. Apart from these, Allahabad Development Authority is also working in conjunction with private builders and developers in order to give a progressive direction to the development process of real estate in Allahabad.
The latest real estate developments in city primarily focus on building hotels, guest houses, Dharmashalas, restaurants, retail shops and other tourists' activity spots. The real estate property prices in city are also mounting as more and more people are heading towards the efficient business opportunities the city offers. For the purchase, sale or renting of any property in Allahabad, you receive full assistance from the property dealers in the city.
fast, the city is adopting the flat culture, which is
considered to be safe, secure and
useful for social activities, especially for the older generation. It is here that the role of Allahabad Development Authority assumes great significance.
Allahabad Development Authority which originated in 1974 was formed under the provision laid by the Uttar Pradesh Urban Planning & Development Act of 1973. ADA development projects began with smaller projects & constructions but soon progressed and changed the city's look with its magnificent works. Uttar Pradesh being one of the most important states of India, politically and hence Allahabad, an important city of the state with long historical and cultural background, attracts a lot of people and tourists from all over the world thereby necessitates the establishment of development authority to overlook planned development of the city.
The development authority aims to fulfil its responsibilities for the development of the city by constructing state-of-the-art infrastructure for its residential and commercial projects in a well planned manner, by adhering to the master plan laid out by the authorities.
ADA also started many housing schemes like Avantika, Kalindipuram, Juhi, Badri, Parivartan, Shantipuram, Nirupma, Agnipath, Ekanki, Devghat, Trivenipuram, Katju, Ambedkar, Dev-Prayagam, Nav-Prayagam, Chandpur Salori, Asdullapur and IDH Compound Housing Scheme. Apart from these, Allahabad Development Authority is also working in conjunction with private builders and developers in order to give a progressive direction to the development process of real estate in Allahabad.
The latest real estate developments in city primarily focus on building hotels, guest houses, Dharmashalas, restaurants, retail shops and other tourists' activity spots. The real estate property prices in city are also mounting as more and more people are heading towards the efficient business opportunities the city offers. For the purchase, sale or renting of any property in Allahabad, you receive full assistance from the property dealers in the city.
Maharashtra mulls giving equal share to wife in property
The Maharashtra government is seeking legal advice on making it mandatory for giving equal property right to wife, Revenue Minister Patangarao Kadam has said.
The present norms stipulate that the wife getting share in property is 'discretionary' and not mandatory, the minister said.
"The government is seeking advice from Law and Judiciary Department on making it mandatory to give equal right to the wife in property," Mr. Kadam informed the Legislative Council in a written answer on Tuesday.
In order to implement the proposal, the government needs to amend the Succession Act. The issue would also be discussed in the Cabinet meeting, he said.
Earlier, the government had decided to register the wife's name on 7/12 extract (land ownership record) along with the husband's. However, registering the wife's name depended on such a 'request' being made by the husband, he said.
Arun Gujarati (NCP) raised the issue and asked the Government to give details on registering the wife's name in 7/12 records.
The present norms stipulate that the wife getting share in property is 'discretionary' and not mandatory, the minister said.
"The government is seeking advice from Law and Judiciary Department on making it mandatory to give equal right to the wife in property," Mr. Kadam informed the Legislative Council in a written answer on Tuesday.
In order to implement the proposal, the government needs to amend the Succession Act. The issue would also be discussed in the Cabinet meeting, he said.
Earlier, the government had decided to register the wife's name on 7/12 extract (land ownership record) along with the husband's. However, registering the wife's name depended on such a 'request' being made by the husband, he said.
Arun Gujarati (NCP) raised the issue and asked the Government to give details on registering the wife's name in 7/12 records.
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