Real Estate News, Updates, Trends in india @TheRealtyPaper
      

BMC demolishes a part of Arshad Warsi’s Versova bungalow

arshad

Illegal construction at film actor Arshad Warsi’s Versova bungalow was partially demolished by the BMC on Monday. The issue of illegal construction was brought to the attention of BMC some four ago, but the BMC could not take any action back then because the actor had been able to obtain a stay order from the court. The More...

RCom looks to raise Rs 11,000 cr by monetising Mumbai & Delhi properties

reli

With banks asking Reliance Communications (RCom) to clear its Rs 45,000 cr debt, the Anil Ambani led company has put its property monetisation exercise on fasttrack and is looking to reduce its debt burden by 80% by the end of this year. The struggling mobile carrier is targeting to raise nearly Rs 11,000 cr by monetising some of its prime properties in Mumbai and Delhi. The company is also expecting to collect about Rs 25,000 cr from its wireless business merger with Aircel and the tower business More...

Insurers can now invest in REITs, InvITs: IRDAI

benga

SEBI and the Reserve Bank of India have constantly been working to ease norms pertaining to Real EstateInvestment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in order to generate more interest in such instruments. Now, it is the insurance regulator passing a regulation on Monday to allow insurance companies to invest in the same. As of now, India does not have a single listed REIT, but it does have a couple of InvITs such as IRB InvIT Fund, Sterlite Power’s India Grid Trust InvIT. More...

Small realtors ink JVs with bigger players to push projects

RERA

With Real Estate Regulatory Act, or RERA, coming into force from May 1 of this year, one can see a lot consolidation taking place in the real estate sector.  A number of small realty developers are going for development management agreements, or joint ventures, with large established developers to take their projects ahead. “RERA compliance is not going to be an easy task for everybody, particularly small and marginal developers. They would find a way out though either development management More...

Cheaper loans, lower registration fee for green homes soon

green-home

In order to promote energy efficient homes, the government is thinking about coming up with a scheme that would offer cheaper loans and lower registration fee for green residential units. Government sources said the proposal is part of ongoing discussions on framing the ‘Energy Conservation Building Code for Residential Sector (ECBC-R)’ on the lines of such a code for government and commercial buildings framed in 2007. Minister for power, coal and renewable energy, Piyush Goyal, is scheduled More...

Property prices worldwide up by 6.5% in year to March 2017

world-wire

The latest Knight Frank global house price index shows that property prices at major locations across the globe increased by 6.5% between March 2016 and 2017. This is the highest rate of growth recorded in the last three years. Price movement in 55 countries was taken into consideration, out of which 11 countries recorded double digit price growth in the year compared to only four a year earlier. The figures show Iceland leading the index, with an average price growth of 17.8% in the year to March More...

Carpet area to exclude balcony, veranda, terrace: Maha RERA

mummm

To bring everyone on the same page regarding sale of apartments in the state, the Real Estate Regulatory Authority (MahaRERA) of Maharashtra issued a circular on Thursday defining carpet area calculation and asked builders to follow this definition while drawing up sale agreements. The circular has made it clear that the balcony, veranda and the terrace, even if exclusive to the flat owner, will not form part of the carpet area even though internal walls are included in the calculation. It is expected More...

Delhi’s Connaught Place most expensive office market in India, 9th globally: Report

delll

As per property consultancy firm CBRE, Connaught Place in Delhi is the most expensive prime office market in India and the ninth most expensive office market in the world, with an occupancy cost of $153.89 per sqft. The ranking places Connaught Place ahead of such major business centres as Dubai, Downtown Boston and Shanghai. The second most expensive office market in India and 20th in the world is Mumbai’s Bandra Kurla Complex (BKC), with an occupancy cost of $96.91 per sqft, followed by the central More...

Embassy plans to list select office assets via REIT

benga

Bengaluru-headquartered real estate company Embassy Property Developments is planning to list select commercial assets through its real estate investment trust (REIT) by the end of 2017. The company is expecting to raise about $600 million through this move. The company had in December filed an application with markets regulator Sebi for an in-principle approval to register its REIT. “We want to do REIT by this year, but there is a lot of work that goes into listing assets,” said Mike Holland, More...

50,000 ‘affordable’ homes up for sale in Mahul and Trombay

mumm

The Maha state government, which has done precious little towards its affordable housing scheme in the last three years, is now planning to sell some 50,000 vacant houses under the same scheme that were built for project-affected persons (PAP) in Mahul, Trombay and Vidyavihar. These houses measure 250 sqft each, and were built by MHADA for persons displaced due to projects undertaken by the BMC and the Mumbai Metropolitan Regional Development Authority (MMRDA), for development of roads, metros, gardens More...