Which is beneficial, buying a property or staying on rent? In the absence of a robust and reliable tool, these decisions were traditionally taken with gut feel or with the guidance of a close relative / friend, leaving scope for error. The real estate website Makaan.com has now launched India’s first Buy vs. Rent Index.
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US billionaire real estate developer Donald Trump is finally making a serious move to transform the skyline of India’s financial capital, Mumbai. Trump is now planning to develop a super luxury 60-storey tall “condo” in south Mumbai. The Trump Tower is expected to be launched next month and is believed to have 45 flats across 60 floors, most of which will have one flat for every floor.
The RBI and market regulator SEBI have enhanced their vigil on funds coming from Mauritius, suspecting round-tripping or routing of illicit money back through the island nation.
Real estate developers have called for focussed support in the Budget for the first-time home buyer and measures to augment supply of housing for affordable and low income groups. Industry representatives have also called for a simplification of systems and tax reliefs as a step to bringing down costs and catalyse developments.
The RICS, an international, self regulatory professional body relating to real estate, has called for a mechanism for consumer protection and fair practices in real estate transactions. This will also help increase domestic and foreign investments in this sector.
The Confederation of Real Developers Association of India has said the Government could consider a scheme along the lines of the First-Time Home Buyer Tax Credit allowed in the US with the benefits going directly to the consumer.
Chicago-based Vestian Global Workplace Services, an integrated real estate services provider has announced to invest Rs 1,500 crore in India and China over the next 18 months. The company, which raised the fund from global investors, said about 70 per cent of the proposed investment was earmarked for the Indian market.
Bharti-Walmart, a 50:50 joint venture between Bharti Enterprises and US-based Walmart, has roped in real estate company, Ansal API, to set up its cash-and-carry store in Lucknow.The ‘Best Price Modern Wholesale’ store in Lucknow will be spread over 60,000 sq feet in Sushant Golf City, a high-tech residential township being developed by the Ansals.
DLF Limited, India’s largest real estate company, recorded consolidated revenues of Rs 2,594 crore for the quarter ended December 31, 2010, an increase of 21% from Rs 2,151 crore in the Q3FY10. EBIDTA stood at Rs 1,292 crore, an increase of 33% as compared to Rs 969 crore in the corresponding period last year. Net profit was at Rs 466 crore, as compared to Rs 468 crore in Q3FY0. The non-annualised EPS for the quarter was Rs 2.74
Confederation of Real Estate Developers’ Association of India (Credai), on Saturday, announced that it would be organising ‘Southcon 2011’ —South India’s first real estate development conference on February 4-5 at Hotel Lalit Ashok.