The global real estate fund of Morgan Stanley is in talks with Mumbai-based Sheth Developers to invest $100-125 million in a residential project in Mumbai, sources with direct knowledge of the development said.
Parsvnath Developers presented gloomy second quarter results on Monday, November 7. Its net profit dipped 41.5 per cent in the quarter ended September to Rs.29.08 crore from Rs.49.97 crore in the corresponding period last year.
Less launches, pragmatic marketing, innovative packages, product bundling and online brand promotion, the real estate developers in Mumbai are leaving no stone unturned to beat the inflationary pressure.
Housing supply is estimated to fall short of demand by 1.3 million units in seven major cities of the country during the next five years, according to a report.
Mumbai continues to be the costliest property market in India but the sales graph show this price rise has started taking its toll on the sales figure.
Property registration in India’s biggest real estate market Mumbai continued its slide in August and touched a twenty-seven month low.
Continuous rise in interest rates by the banks is dampening the effort of the real estate companies to reduce debt by selling non-core assets.
DLF has sold a 28-acre plot in Gurgaon to M3M India for Rs.440 crore, in the first among many such big-ticket sales it has lined up this fiscal to bring down mounting debt.
India’s ASK Property Investment Advisors aims to raise a Rs.10-billion ($219 million) fund by December in a bet on the long-term case for property in Asia’s third-largest economy, said a top official.
The Reserve Bank of India (RBI) has asked banks to go slow on lending to the commercial real estate projects. The central bank fears an asset price bubble.