India's Real Estate scenario | Real Estate sectoral news and updates roundup for Nov' 09

Increase In Residential Demand May Increase Prices It doesn't take much for residential real estate prices to increase. With just a slight improvement in sales, there is a possibility that prices at projects which were once stalled start inching upwards. It is all part of the basic real estate marketing strategy. Usually, prices move up when actual deals take place but the scenario in 2009 is a bit different. According to Mr. Pankaj Kapoor, CEO of real estate research firm, Liases Foras, "If residential realty rates rise at this juncture, it will again take the market back to a scenario of stalled sales, similar to what was prevalent during the end of 2008," he points out.

Unitech Cuts Its Debt By Over 26%
Unitech Ltd has reduced its debt by over 26% in the first six months of the current financial year from the funds generated by cash flows from properties, land-parcel sales and the two qualified institutional placement of shares. In the first half, the realtor reduced its debt by Rs 2,397 crore, which as of September-end stood at Rs 6,659 crore. The company has about Rs 740 crore in cash reserves and feels that its debt will go down to Rs 4,000 crore by the fiscal end.

SBI Has No Plans To Revise Its Home Loan Rates Immediately State Bank of India said it has no immediate plans to revise its home loan rates. "We have decided to keep the rates at the same level in the immediate future (including the 8 per cent scheme). The current rate structure will continue," SBI chief general manager, Mr. P Nandakumar, said. The bank offers loans up to Rs 50 lakh (Rs 5 million) at 8 per cent for the first year and at 8.5 per cent in the second and third year.

DLF To Come Up With Rs 15 Crore Flat in Delhi's Posh Locality DLF is coming up with Rs 15 crore flats in the high-class Greater Kailash area. The realtor is building eight and nine storey apartment buildings in the E and W blocks of the area. The building plans were sanctioned in 2007. Now, the company has already started construction on the plots.

DLF To Build Houses Costing Lower Than Rs 20 Lakh
Real estate major, DLF is planning to come up with one lakh low-cost houses that would be priced less than Rs 20 lakh in major cities. It is giving final touches to its strategy for development of these housing units in the next three years.

Hero Group Forays Into The Realty Sector With A Township Project
Hero group, better known for its motorcycles, is foraying into the real estate business. The group is turning the current slump in real estate into an opportunity as they had no previous exposure in the business, traditionally, marked by aggressively priced land deals. The Ludhiana-based group plans to launch an integrated township in Haridwar. "The integrated township at Haridwar will be developed over an area of 50 acres and will have close to 2,000 residential units," Mr. Sunil Kant Munjal, chairman, Hero Corporate Services Ltd said.

Tata Housing Comes Up With 'Shubh Griha' - Homes For The Masses
Tata Housing, a subsidiary of Tata Sons, has launched a low-cost housing project called the Shubh Griha, joining the league of Indian developers who have already moved to the affordable housing segment. The first Shubh Griha Township will come up in Boisar of Maharashtra state. The price range of these flats will vary between Rs 390,000 to Rs 670,000. The company's aiming to provide housing solutions to the common man by coming up with these low cost projects.

Home Sales In Mumbai Increased By 97% In September
The sale of houses in Mumbai, which was falling in the corresponding period last year, revived significantly in July-September. The figures are showing a drop again after an increase in the prices by realtors, data from the house registration department in the city reveals. September saw a 97% hike in house registrations, which includes new and resold homes with 6,112 properties stamped compared with 3,107 in September 2007.

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