Tag Archives: Pune Property

Pune demands ready to move properties

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: Pune homebuyers, like rest of India, now only trust ready to move properties.

Gera Song of Joy, Gera Properties, Pune real estate market, India real estate news, Best housing projects in India, Indian property news, Track2RealtyRukhsana Khan wants to buy a house in Ambegaon Budruk of Pune. Her property search has led to a relatively better priced property at Rs. 4600 per sq feet that is expected to be delivered in the next couple of years. A ready to move in flat would cost her a price of Rs. 5900 per sq feet.

This difference of Rs. 1300 per sq feet means that she has to bear an additional Rs. 14,30,000 for an 1100 square feet of apartment. This premium for a ready apartment is too high a price for this government employee. Yet, she is determined go a ready to move property only.

“If I could not arrange for the finances, I will better wait for a few more months than go for an under construction apartment. The execution risk is too high nowadays and often it is not just the fault of the developers but some policy issues also delay the project timelines for a few years,” says Rukhsana.

She is not alone in having apprehension with the under construction property. As per a survey by Track2Realty, nearly two third of prospective homebuyers in the city, 62 per cent to be precise, prefer ready to move property. Though the aspiration for a ready flat is less in the Pune city when compared to all India figure of 78 per cent going for ready apartment, it is still a high number of homebuyers in Pune who are apprehensive with under construction property.

The inventory overhang might be lesser in Pune, just 13 months, compared to other cities, this nevertheless raises a question as to why the homebuyers are shying away from under construction properties in the city. More importantly, what are developers doing to end this crisis of confidence? Developers have their own reasons to believe that the data only shows half the truth.

Parth Mehta, Managing Director of Paradigm Realty contests it saying that in general, homebuyers have become well informed and scout for properties which are in advance stages of construction with a fear of double wham my incase of delayed possession by builder leading to extended EMI as well as rents on tenanted houses for personal use.

“Developers are making all efforts to comfort the homebuyers to gain their trust. They are nowadays coming out with subvention schemes to attract end users with minimal down payments, as low as 5 per cent of agreement value at booking and maximum during middle stage of construction and possession,” says Mehta.

Arvind Jain, Managing Director, Pride Group says that the National Housing Bank (NHB) mentioned Pune’s inventory of unsold residential stock as 13 months worth, which is very low when compared to other cities. This is because consumption of residential real estate in Pune continued to be healthy even during the lowest point of the national real estate slowdown. There can be many reasons for unsold inventory – muted market sentiment, a lot of supply being in the early stages of construction, housing projects being constructed in the wrong locations, and over-pricing.

“In Pune, some supply is undoubtedly in locations which have not picked up because of lack of infrastructure, and there are also quite a few projects where developers have been too adventurous in their pricing. The fact that Pune continues to perform better than other cities on appreciation indicates that most investors have navigated away from the non-lucrative propositions,” says Jain.

Kishor Pate, CMD, Amit Enterprises Housing reminds it is pertinent to note that many of the unsold projects in Pune are the result of deficient planning on the part of the developers. They have chosen flawed or hopelessly futuristic locations where people are not interested in moving, and/or have included high-end amenities that drive up the overall cost beyond what buyers are willing to pay.

“The decreased buoyancy in the housing market is also responsible. Many buyers are indecisive since they expect a correction in prices. However, it has become evident that Pune will not see a correction, so these buyers are now coming into the market with firm purchase decisions,” says Pate.

It is true that the homebuyers are being circumspect about investing in under construction projects. But equally true is the fact that they are showing confidence in projects by established developers with a strong reputation for delivery. The data that is lending credence to the unsold inventory is mostly in the non-descript locations where the lack of infrastructure has not let the potential of the market transform into the performance.

Developers, on their part, maintain that it is incorrect to say that buyers are shying away from under construction projects in general. They are shying away from developers who they have no reason to trust and with those developers who have not built up a good track record.

They are also shying away from projects being constructed in locations with no support infrastructure which are likely to cause issues in terms of basic utilities supply, or where the developer has not obtained all the necessary construction permits. There is very good demand for under construction projects by reputed developers who are also showing satisfactory construction progress on the ground.

The ground reality is that given the choice any homebuyer will go for a ready to move property. But then the ready apartment has its own cost of premium. This is not something that every middle class homebuyer would be in a position to afford.

Under construction projects have certain other advantages than pricing. A homebuyer can get it customized as per his needs. But since the execution risk is high there people generally do not go for it. Having said this, the track record of Pune developers vis-à-vis maintaining the timelines and being true to the commitment is much better than many other markets in the Indian cities.

Consim Info to expand footprint in online property market

Posted on by Track2Realty

Economic Survey, Real estate survey, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyConsim Info Pvt. Ltd with online brands such as BharatMatrimony.com, IndiaProperty.com, EliteMatrimony.com and PrivilegeMatrimony.com has announced plans to expand its footprint in the online property business. The company said it will increase market focus in the Western and Northern regions and expand Indiaproperty’s current market leader position across all four southern states to these markets, as a part of its growth strategy.

Consim Info has also repositioned Indiaproperty.com  and announced marketing spends of  20 crores for the current financial year to support its expansion plans and unveiled its new look portal with advanced first time ever features such as video interviews with builders and developers, virtual property tours and online fairs and its new advertisement, kick starting the new marketing campaign.

Speaking at a press briefing held in Mumbai, Murugavel Janakiraman, Founder & CEO, Consim Info Pvt Ltd, said, “Our property portal business has been witnessing significant growth in alignment with the surging demand for new property and we believe the time is right for us to leverage our experience in online businesses and establish our leadership in this area as well.  We recently crossed the 1.5 million mark in registered users with 250,000 unique daily visitors and more than a million page views a day, establishing us as the number one property portal in the country. Our increased business focus in this area and strengthening of the senior management of Indiaproperty, should help us scale new heights this year.”

Detailing the growth plans, Ganesh Vasudevan, Vice-president and Business Head, Indiaproperty.com said, “IndiaProperty has been growing at over 100% over the last year in terms of revenue and number of projects and this growth has been lead by the Western region. The company is exploring strategic partnerships with builders and agents in the state and is in advanced talks to sign exclusive marketing agreements. We expect the Western and Northern markets to contribute to nearly 50 % of our revenues this year and these are key geographies for us in our expansion plans. Our sales and service delivery teams are being strengthened in alignment to our growth plans.”

PE Analytics plans to launch Real Estate Index

Posted on by Track2Realty

Economic Survey, Real estate survey, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyNew Delhi-based research firm PE Analytics has drawn up plans to launch Real Estate Price Index in partnership with a leading commodity exchange.

PE Analytics owns and operates PropEquity, an online subscription-based real estate data and analytics portal covering over 27,000 projects of 5,100 developers across 40 cities in India. The data and analytics enable clients to spot market trends and maximise risk-adjusted returns.

“We are launching the First Residential and Commercial Indices based on transaction prices in partnership with the leading commodity exchange shortly after a nod from the Government,” PE Analytics CEO Samir Jasuja told PTI in Mumbai.

These indices will be based on the actual transaction and registration values prevailing in various micro-markets for the residential and commercial asset classes.

PropEquity is collaborating with India’s banking and finance regulatory body and the country’s largest commodity exchange to develop housing starts and realty indices.

The indices will be the barometer for measurement of the real estate sector performance and will also enable trade on the exchange. The company is looking at September 2011 to go live with this product offering, Jasuja said.

PropEquity has created products that are unique in the Indian context, and which have been validated through the market and with marquee customers, he said.

With future plans already underway, Jasuja envisions PropEquity as a pan-Asia product and intends to raise a second round of funding for the company in 2011.

Hiked interest rates – Impact on the real estate sector

Posted on by Track2Realty

Track2Media, Track2Realty, India Real Estate News, real estate news india, india property news, india property investment news, Jones Lang LaSalle India, India Realty news, realty news india, india property news, property news indiaIt has always been axiomatic that when financial institutions raise their lending rates, there are bound to be ripples on the highly cost-sensitive Indian real estate market. The latest rate hike obviously means that  the cost of construction has gone up for developers, and this move by the RBI certainly does not come at the best of times for them. Banks have already taken a cautious approach to real estate lending and reduced their exposure to the sector, and most developers are now prevailed upon to raise a larger component of their construction costs from the private sector. The fact that such funds come at a higher cost of borrowing has already increased their construction costs significantly.

It would be logical to assume that, hoping to maintain their profit margins under such circumstances, developers would not hesitate to mark the incremental burden to buyers. This would certainly happen if buyer sentiments and resultant market activity were high enough to accommodate such a move.

However, the market for residential real estate is far from effervescent at the moment. In a scenario where staying competitive and selling stock is of utmost essence, developers are unlikely to increase the cost of their units and thereby risk losing more customers. While this will certainly impact their revenues to an extent, most developers do see a sufficient profitability quotient to make a strategic decision on this count.

On the buyer side, the low-to-mid income segments are invariably the most affected by a hike in home loan interest rates. That said, the impact of increased cost of borrowing is not as severe as that of the decreased allowable percentage of borrowing. Where this used to be at a steady 85% of the overall cost of the property, most banks are not extending more than 75% now. The fact that the salaried class now have to supply a higher contribution to the cost of their homes that is having a very tangible impact on demand.

The author, Ashutosh Limaye, is Local Director – Strategic Consulting, Jones Lang LaSalle India

TCG-Vornado fund to invest Rs 270 crore in NCR, Mumbai projects

Posted on by Track2Realty

Eldeco Meadows, Real Estate Investment, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyIndia Property Fund, managed by NRI investor Purnendu Chatterjee’s TCG Real Estate and US-based Vornado Realty Trust, is in the final stages of investing Rs.270 crore in two residential developments in national capital region and Mumbai.

The fund will invest Rs.150 crore and Rs.120 crore in housing projects in Mumbai and Noida, respectively, and pick up 40-45 per cent in each of the projects, according to the sources close to the development.

“The $ 400 million Fund works with land-owners, state governments and developers (particularly mid-size developers who lack both capital and management talent) to develop international-quality real estate products, which cater to the high demand sectors of the industry. The Fund takes both controlling and minority positions,” says TCG Real Estate’s website.

The Fund also looks at investing in related sectors such as construction, mortgage financing and infrastructure. The Fund invests between $ 5 million to $ 50 million in each investment, the post says. TCG Real Estate is the property development and investment arm of Purnendu Chatterjee’s The Chatterjee Group

Property developers are increasingly turning towards private equity funds for financing their projects as commercial banks have tightened their lending to real estate.

“With fresh lending remaining tight, PE players have started to get busy, as all developers have begun to offer good quality assets to raise project level PE fundings,” say analysts from Enam Securities in a recent report.

Goa property exhibition to showcase 200 projects

Posted on by Track2Realty

Goa Real estate news, Goa property news, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyFor those searching for their home sweet home in Goa, there’s a treat in store this Akshaya Tritaya. Twenty-one property developers and one finance company will come together under one roof to showcase about 200 projects under way across Goa.

An initiative of The Times of India, ‘Times Homes’ will be on exhibition on Friday and Saturday at Hotel Fidalgo. Projects ranging from single-bedroom apartments to penthouses and luxury villas, and ranging in price from 20-25 lakh to several crore will be on display.

Information on housing loan options and how to avail the same will also be available at the exhibition. “It’s a win-win situation for buyers,” says president, Confederation of Real Estate Developers in India (CREDAI), Goa, Nilesh Salkar.

“They can zero in on the best buy for what they are looking for as a dream home and they can even find out about home loans,” he added.

The two-day exhibition will highlight projects in urban areas such as Panaji, Vasco, Margao and Mapusa; fast-growing suburbs like Porvorim and Dona Paula; and idyllic locales of Canacona, Siolim, Pilerne, Old Goa and Calangute among others.

The property developers participating are Horizon Land Developments, Mathias Construction, Milroc, Palacio and Emgee Group, K Raheja Corp, Madkaikar Realtors, Sunteck Kanaka, Sukhthanker Associates, Vision Enterprises, Susheela Homes & Properties, Umiya Group, Highland Constructions, Gera Developments, Crossroads Realtors, Classic Squares, Bharat Developers and Realtors, B&F Realty, Ashray Real Estate Developers, Adwalpalkar’s Constructions, Anand Bose Constructions, and Acron Developers. State Bank of India will provide information on loans.

Tata Housing bags CNBC Awaaz Crisil CREDAI Real Estate Award 2011

Posted on by Track2Realty

Tata Housing, Ratan Tata, Brotin Banerjee, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyTATA Housing Development Co. Ltd. has been awarded CNBC Awaaz Crisil CREDAI Real Estate Award 2011 for Integrated Sub Urban Developer at the 11th National Conference of Confederation of Real Estate Developer’s Association of India in Singapore. The award was handed over by the Minister for Urban Development, Kamal Nath, to the Managing Director & CEO, Brotin Banerjee at a glittering Awards ceremony at Hotel Marina Bay Sands.

Commenting on the achievement, Mr. Brotin Banerjee, CEO & MD, Tata Housing Development Company Limited, said, “At Tata Housing, it’s our constant endeavor to create benchmark projects across all segments on a pan-India level, based on the consumer’s needs and requirement. This Award is a testimony of our success in providing the best in class integrated sustainable projects. We are extremely happy to receive this award and it will strengthen our commitment to create landmark projects across the country.”

The Real Estate Awards recognizes individuals and various corporates whose excellence and achievements have set a benchmark within the industry. The awards also seek to acknowledge the magnificent architecture and intricate interiors of the Indian industry which have gained recognition globally.

CREDAI demands comprehensive real estate law

Posted on by Track2Realty

Chennai Real estate, CREDAI Chennai, Tidel Park Chennai, IT Parks Tamil Nadu, Tamil Nadu Real Estate, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyThe Confederation of Real Estate Developers’ Association of India (CREDAI) demands the proposed law to regulate the development of India’s real estate sector must be comprehensive to address the interests and responsibilities of all stakeholders.

General consensus on these lines was reached by the CREDAI at its 11th national convention in Singapore on Friday. The two-day meeting, inaugurated by Union Urban Development Minister Kamal Nath on Thursday, was presided over by CREDAI Chairman Pradeep Jain and President Lalit Kumar Jain.

In a briefing after the convention, CREDAI Secretary T Chitty Babu said the draft bill, as initiated by the Centre, was now focussed primarily on the responsibilities of the real estate developers. The proposed law should, instead, be “comprehensive in scope,” covering all stakeholders, he emphasised.

Besides the various governments and local authorities with the power to grant approvals for constructions, the other stakeholders were the real estate developers and the buyers of homes and offices plus the agencies in the business of funding projects and purchases. So, it was essential that all these stakeholders must be held accountable under any legislation for the proper administration of the real estate sector, said Chitty Babu.

The CREDAI conference discussed various aspects such as speed and efficiency as also innovation and technology for the modernisation of Indian realty. The construction of the Indira Gandhi International Airport in Delhi as a case study and the making of iconic buildings in other parts of the world also received attention.

Awards were presented by Mr. Kamal Nath to various real estate developers in a number of categories.

Lemon Tree to launch its fifth hotel venture in Hyderabad

Posted on by Track2Realty

Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, India Property

Lemon Tree Hotels, operating various luxury hotels across India, has announced the launch of their brand new Lemon Tree Hotel in Hyderabad. The new hotel is a Luxury Hotel having 267 rooms and will be Lemon Tree’s fifth hotel venture in South India. With addition of Hyderabad property, the company now owns and operates an inventory of 1500 rooms across its 14 properties in India.

Patu Keswani, Chairman and Managing Director of Lemon Tree Hotels said, “Our profitable growth has been driven by an end-to-end business model which has led to a 60 per cent year-on-year growth in rooms over the past five years. We design, build, own and operate all our hotels. This ensures that our customer’s experience is consistent across India”. Moreover, the company is planning to add another six hotels to its current portfolio by the next two tears.

Like any other Five Star Hotel in Hyderabad, this new Lemon Tree property features a fitness center, a spa facility, Fresco – rooftop swimming pool and a fully equipped business center. The dining facilities in the hotel are made excellently including ‘Kebab Theater’ which showcases the char grilled and tandoori delicacies from different regions of country.

A tea lounge is set there offering the guests with the fine selection of herbal teas and coffees from across the world and a Pan-Asian Restaurant is also established in the hotel. All of these facilities make it a fabulous Hyderabad Luxury Hotel.

Lisa Home Solutions plans franchise expansion

Posted on by Track2Realty

Pune, India, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property

Lisa Home Solutions, a Pune based property management solution provider is looking for expansion. The brand has facilitated the expertise of Francorp for its strategic expansion. Francorp will assist Lisa Home Solutions in assessing the feasibility of its model and suggesting a comprehensive strategy to achieve segment leadership and capture a significant market share.

Ratnesh Upadhyay, CEO, Lisa Home Solutions, said “Today, Lisa Home stands as an investor centric company with an aim to make a realty transaction as simple as possible for as many as possible. Lisa Home aims higher and plans to expand pan-India through franchising.”

Gaurav Marya, Managing Director, Francorp, said, “I feel it will be exciting to develop the strategic business and expansion plan at such nascent stage for Lisa Home Solutions. We as strategic franchise consultants will assure the best suited mode to establish and reach out to the targeted partners for them, apart from providing professional expertise and solutions on expansion plans through franchising.”

The company provides 360 degree solutions to all property transactions and also has research based advisory services. Therefore, its clientele always make an informed decision about any investment.

1 2 32