In contrast to what was been witnessed in many of the more volatile cities over the last couple of years, Chennai’s residential property market saw steady growth in terms of pricing, demand and supply. Chennai’s residential property market is predominantly end user driven, and this fact did a lot to sustain consistent absorption throughout 2011.
It has been a difficult market to be in as a developer. Rising interest rates have impacted the customer interest in new properties moderating the flow of new funds and in addition to that high inflation and rising commodity prices have increased substantially the delivery cost for existing projects.
Despite a gloomy global outlook, foreign direct investment (FDI) clocked a 31 per cent growth to $27.5 billion during January-December 2011 period. FDI inflows for January-December 2010 stood at $21 billion.
It seems the euphoria within the realty sector over the proposed income tax exemption limit on housing loans from Rs. 1.5 lakhs to 3 lakhs has faded even before the union Budget 2012-13 is formally presented.
The Aricent Group has just concluded the largest corporate land disposition in the history of the Gurgaon real estate market.
Investigating the Adarsh scame in Mumbai the CBI and Income Tax department unearthed the unholy nexus between the then Chief Minister Ashok Chavan and his Mumbai Commissioner of Police (Traffic) termed as Traffic CP Sanjay Burve.
Kumari Selja, Union Minister of Housing and Urban Poverty Alleviation & Minister of Tourism, has categorically blamed the banks for not facilitating the affordable housing. Inaugurating the 10th National Convention of National Real Estate Development Council (NAREDCO) at New Delhi the minister said the housing finance sector has witnessed a boom in the recent past due to favorable government policies.