Property

By Dhruva Jyoti Chowdhury

Kolkata, India: Just recently, the District Town Planning Department approached the Gurgaon District administration for lodging an FIR against a Delhi builder for indulging in illegal pre-launching of plots through brokers for a colony in the Haryana town. Another Delhi-based builder is under the scanner of District Town Planner, Gurgaon, for collecting money for pre-launch of a Golf Homes project.

By Avadh Singh

It has come into the notice of The India Street that in Mumbai, where unreal property prices have elbowed middle-class property buyers out, around 500 affordable flats will be ready for sale by next month. Initial signs are that the flats are in a price range of Rs 7-10 lakh and are spread across Sion, Vikhroli, Powai, Goregaon, Malad and Dindoshi.

Mumbai, India: DLF Ltd has said it would invest Rs 3,500 crore - roughly a third of its planned initial public offering (IPO) - in building up its land reserves. This is significantly lower than its earlier plan of investing Rs 6,500 crore for the purpose.

Announcing its plans here today, DLF said it hoped to raise Rs 9,625 crore through a public issue of 1.75 crore shares in the price band of Rs 500-550 between June 11 and 14.

By Vipin Agnihotri

Contrary to the general belief, service tax will not be levied on entry and exit load charged by a mutual fund. Indian government through a circular clarified this. What’s more, highly placed sources in the government inform The India Street, that the service tax on construction industry has been lowered from previous 4 percent to 2 percent.

New Delhi, India: With more than 35 big-ticket foreign funds having alreadychecked into the real estate sector India, global realtors, banks and bondhouses from New York to Jerusalem are suddenly finding the opportunity toinvest in India irresistible.

By Dhruva Jyoti Chowdhury

Kolkata, India: The construction companies in India are betting their money on celebrities to build a strong brand image for their developed projects. And you believe it or not, it is not just film stars, but ‘grief stricken’ cricketers, TV actors and even musicians have signed in as ambassadors endorsing real estate brands. Glamour is now the newest essence in the realty sector.

Submitted by R. Shivanandan

Earlier, the stars were regarded as the trendsetter in Film Industry but they are now creating an environment for a distinguishing factor - ‘Star Power’ in
Indian real estate. Builders have lined up to sign affluent celebrities as their brand ambassadors and are preparing to release their advertisements featuring them.

By Dhruva Jyoti Chowdhury

Kolkata, India: Presently, there is no asset bubble, so nothing to worry for people possessing property in the Indian Real Estate segment.

After a bullish run for two years, the graph of the booming real estate market seems to have begun to slide. This has resulted in a virtual meltdown in the real estate segment which was considered to be overheated until a few months back.

Although, India can today boast of its bullish economy which is growing more than 8.5% annually since 2003 but has brought with it a significant drop in number of consumers who are unable to carry the burden of rising prices anymore.

The situation has become worst with interest rates on loans hitting the sky, which has made it a Hercules task for borrowers to repay loans, which have been rising at a faster rate than incomes have risen.