Two Nerul plots sold for record Rs 2.81L/sqm

A new record was set in Navi Mumbai with Cidco selling two plots in Nerul through tender bids for Rs 2.81 lakh per square metre on Tuesday.
Cidco spokesperson Mohan Ninawe said: “Two plots, measuring 1,481.48 sq m and 1,502.04 sq m, were given to the highest bidder, Aniruddha Developers, for Rs 2,81,251 per sq m. A third plot, measuring 1,601.78 sq m, was sold to one B Chaudhary at Rs 2.40 lakh per sq m.”
Ninawe said the land was sold at a record price through Cidco’s tendering process in Navi Mumbai. However, local property consultants said the record sale in Navi Mumbai was set six years ago when the Bombay Merchantile Bank plot in Vashi’s Sector 17 fetched Rs 5 lakh a sq m (Rs 84 crore) from the Shah Group.To read more please visit - indianrealtynews.com

Lodha Group to Invest around 7000 Cr in Phase I Dombivali

Dombivali as a location is set to become the Sister City of Mumbai with the Lodha Group planning to Invest around INR 7000 CR in the 1st Phase of the Palava City development.
The Development poised to be ready in the Year 2020 completely will have the newest infrastructure. The Lodha Group has very thoughtfully worked on the Township to get the best from the West. The mix of Commercial, IT Parks, Malls etc will further generate abundance employment and thus enhancing the GDP of Dombivali.

Pune Rajya Sabha aspirant declares assets worth Rs. 485 crore

A Pune-based real estate developer and businessman has thrown his hat in the ring for a Rajya Sabha seat. Sanjay Kakade filed a nomination as an independent candidate on Wednesday in Mumbai.

He is known to be close to NCP chief Sharad Pawar.

Mr. Kadade, who has declared assets worth Rs. 485 crores, has studied till 7th class.

Maharashtra MLAs will vote for seven Rajya Sabha candidates on February 7. The State has an 18-member representation in the Upper House. According to the parties' strength in the State Assembly, Congress and NCP each field two candidates, and Shiv Sena and BJP field one each. It is the seventh seat that Mr. Kakade is hoping to clinch. Sources told The Hindu that 17 independent MLAs have agreed to back him, and he will need 18 more votes to get the seat.

This is not the first time that the businessman has shown interest in the Rajya Sabha seat. In 2012, when the State was voting for six seats, his candidature would have created a hurdle for unopposed polls, given that each party would otherwise vote for its own candidate and independent MLAs would back one of them.

To read more please visit - The Hindu

Developers draw home buyers with interest rate concession

PUNE: Members of the Confederation of Real Estate Developers’ Associations of India (Credai) have introduced a scheme wherein the buyer pays only 7.5% interest on the loan amount till the possession of the apartment or for 24 months – whichever is earlier.
The lender will not take a cut on the interest. Instead, the developer will shell out the difference between 7.5% and what the lender is charging for that specific period.
Also important are the various restrictions which the Reserve Bank of India has put on such ‘deals’ to attract customers and some recent court decisions have spelled out with the intention to contain the tendency of making lofty promises and taking the customer for a ride.
The offer aims at helping the hesitant prospective customers to buy, said vice-president Rohit Gera. “There is no slide in the demand, but many home buyers are sitting on the fence. We want him to act,” Gera said.
To read more please visit - indianrealtynews.com

Govt takes no action on builders holding on to 191 state flats

Government dithering in acting against 23 developers and landlords who haven’t yet surrendered to it, the due share of flats built on land bound by the Urban Land Ceiling Act
After the Congress-led state government made a show of rushing to clear the files pertaining to public interest pending for action, here’s a glaring example of its torpor. Two years later, it hasn’t taken any action against 23 developers who haven’t yet handed over flats under the Urban Land Ceiling And Regulation Act (Ulcra) to the state. There are a total of 191 such flats.
The file that makes a bid that the government should act against this violation is gathering dust at the chief minister’s office. In fact, such is the government’s alacrity that it took it a year and a half just to part with the names of the developers and the dwellings in question after questions were raised in the legislative council (see box: Slow motion (in)action). “The 23 developers who have not bothered to hand over the flats, completed the housing projects on land that falls under the Ulcra a few years ago. But, they have either sold them to third parties or have refused to surrender them,” sources in the know said.
Survey conducted
When the state noticed the breach, the office of the additional collector of Ulcra for Mumbai conducted a survey, and a proposal to initiate action was forwarded to the state urban development department, which is headed by the chief minister. And while the state decided to act against erring parties, there was inordinate delay in registering cases against them.
So, the government decided to appoint a committee headed by the then principal secretary T C Benjamin to find out if action was delayed at any level. The report submitted by him, however, is languishing at Mantralaya since 2012, sources say. Incidentally, a new file had to be reconstructed when three floors of Mantralaya were gutted in a fire breakout in June 2012.
Delay in action
About the delay in timely action, Leader of Opposition Tawade said it was wrong to say that the CM was against the builders lobby. In fact, he is protecting the builders who have refused to part with the legitimate state share. Despite reminders, the state has failed to take any action against developers, he said.
To read more visit - indianrealtynews.com

Sale of 5 city plots fetch Cidco Rs 260 crore

NAVI MUMBAI: Three plots in Kharghar and two in Ulwe fetched Cidco Rs 260 crore when bids were opened on Tuesday.

Market sources said the quotes were high compared to the reserve price. They expressed surprise that builders bid astronomical rates at a time when the real estate market in Navi Mumbai is slack.

In Kharghar, Cidco had set a reserve price of Rs 30,000 per sq m but the bids were several times higher. For instance, in sector 23, an 8,800 sq m received the highest bid of Rs 1.7 lakh per sq m (Rs 151 crore) for the residential-cum-commercial plot. The winning bid was by a local construction company, Bhagwati Group.

Another plot in Kharghar’s sector 2, received the highest bid of Rs 1.05 lakh a sq m for the 1,148 m plot. It works out to Rs 12 crore for the residential plot and was won by a local builder, Keystone Developers.
To read more please visit - indianrealtynews.comhttp://www.indianrealtynews.com/category/real-estate-india/mumbai/

PMC may not hike property tax next fiscal

Chances are that citizens will not be burdened with an increase in property tax in the next financial year. The civic administration has submitted a proposal to the standing committee, suggesting that the levy should not be hiked.
Property tax is one of the main sources of revenue for the PMC. The department handles the billing and collection of property tax on residential, commercial and other types of properties held privately or by state and Union governments within the municipal limits.
“The committee has received the proposal, which was tabled at its meeting earlier this week. The members wanted to discuss the proposal, so it was decided to arrange a special meeting for the purpose. The civic administration has suggested that there should be no increase in the tax and the proposal is expected to be approved,” standing committee chairman Vishal Tambe told TOI. To read more please visit - indianrealtynews.com

Pune sees highest office space addition in Q4 2013

Close to 7.3 million sq.ft. of office space supply entered the market in Q4 2013, as compared to less than 3 million sq.ft. in Q3 2013.
Close to 7.3 million sq.ft. of office space supply entered the market in Q4 2013, as compared to less than 3 million sq.ft. in Q3 2013. This was led largely by a number of commercial and SEZ developments that had been delayed over the previous two quarters, and were finally completed in Q4 2013. Pune led these project completions, followed by Bangalore and Hyderabad—together contributing to about 71% of the total new supply in India’s top office markets in the last quarter of 2013.
The fourth quarter of 2013 accounted for around 7.3 million sq. ft. of new office space addition across India’s major cities, with this supply distribution lead by Pune (30%), Bangalore (26%), and Hyderabad (15%). During the fourth quarter, prime office space supply in Pune grew significantly q-o-q—registering above 2.0 million sq. ft. of fresh space, as compared to less than 50,000 sq. ft. of supply addition in Q3 2013.  To read more please visit - indiarealtynews.com

Mumbai real estate market sees 16% rise in registrations

Despite a slowdown in the economy, the Mumbai real estate market saw a 16% increase in property registrations in the first half of calendar year 2013 over the same period last year, data sourced from Director General of Registrations, Mumbai, showed.

There were 34,588 registrations between January and June 2013 against 29,773 done last year, signalling an uptick in property sales. Supply coming back into the market, quicker approvals for projects and developers offering discounts and freebies on bookings seem to be factors having a positive effect on the property absorptions in the metropolis, albeit at a very slow pace.

Sales in the Mumbai market have been sluggish for the last 12-18 months as a change in the development control rules, coupled with increasing liquidity pressures being faced by developers had hit the market.

To read more please visit - indianexpress.com

World's super-rich hold a fifth of their wealth in real estate

The world's super rich people hold a fifth of their wealth in property, estimated at USD 5,328 billion, while Asia's ultra rich have a greater share in real estate, a report says.

According to international real estate advisor Savills, in association with Wealth-X, property accounts for about a fifth of the invested wealth of almost 200,000 ultra high net worth individuals (UHNWIs) in the world.

Of the total private wealth of USD 27,770 billion, 19 per cent is held in real estate assets amounting to USD 5,328 billion, it said.

Europe's super rich hold the biggest share of all privately owned real estate assets, followed by Asians.
To read more please visit -  Zeenews

EDMC sets target of Rs 200 crore house tax

The East Delhi Municipal Corporation has set a target of Rs 200 crore for the House Tax earnings for the civic body this financial year and has asked the department to come hard on defaulters, officials said today.

"Given the record recovery last year, the East Delhi Municipal Corporation this year has set a target of Rs 200 crore in the House Tax segment," chairman of EDMC's Standing Committee Sanjay Surjan said today.

Referring to a list of defaulters, the chairman asked officials to take all possible measures to recover taxes.
To read more please visit  Zeenews

Sales volume in real estate sector in Chennai declines: Study

Chennai: Sales volume in the real estate sector in the city during the last one year witnessed a 33 percent decline owing to the impact of global slowdown due to high inflation and negative buyer sentiments, research firm Knight Frank said today.

"Chennai garnered an absorption of 3.5 million square feet. It is a drop of 15 percent from the previous year. City witnessed a drop in sales volume to the tune of 33 percent in 2013," Knight Frank said in a statement.
To read more please visit - zeenews

Developers optimistic of revival in realty sector in 2014

New Delhi: With high property prices and costlier borrowing hitting real estate, developers are hoping for a reversal of the slowdown in the new year and sales picking up post general elections.

Low demand for flats, subdued commercial leasing, huge unsold housing stocks, buyers' protest against delays, limited launch of projects and debt-ridden developers clocking lower revenue-net profit numbers marked the year for real estate.

Amid these negativities, there were two major government initiatives in form of new land acquisition Act and proposed real estate regulatory bill that would go a long way in making the real estate sector more transparent and accountable.
To read more please visit - zeenews

No bar on purchase of private land: Ramesh to industry

New Delhi: With the new Land Acquisition Act coming into force, government on Wednesday sought to allay apprehension of the industry, saying there is no bar whatsoever on purchase of private land.

"You want land? Go buy the land," Rural Development Minister Jairam Ramesh said when asked about his message to private industry on a day the new law came into force.

Investors had expressed apprehension that the new law, which replaced over a century old act, would make land acquisition more expensive for industrial and infrastructure development.
To read more please visit - Zeenews

Bangalore to see 2nd highest office demand in Asia during 2014

IT hub Bangalore is expected to witness the second highest demand for office space in the Asia Pacific region during 2014 in a list topped by Tokyo, according to property consultant Cushman and Wakefield (C&W).

"Bangalore is expected to see the second highest absorption in the APAC region and the highest demand in the country owing to expansion of the IT, ITeS and multi-national companies," C&W said in a statement.
To read more please visit - Zeenews