Category: Projects

New residential and commercial projects.

Home Launches Drop By 16%: Reports Cushman & Wakefield

New home launches in major cities of India have dropped by 16%. Tracking the top eight cities of India, global property consultant Cushman & Wakefield reports.

In 2012 nearly 1,62,000 housing units were launched in top 8 cities of India including Mumbai, Hyderabad, Bangalore, Delhi, Chennai, Kolkata, Pune, and Ahmedabad. 2012’s new home launches are down by 16% compared to the numbers of previous year.

The lower number of home launches shows that the residential market across India is down. Besides the downfall of new home launches, mid- income housing segment has revived as around 83 % of the total home launches are in this segment.

New launches dropped highly in Hyderabad, Bangalore, Delhi, Chennai and Ahmedabad. These cities witnessed a steep fall of new home launches. On the other hand the remaining cities like Pune, Kolkata and Mumbai had improved new home launches.

With 54,500 new launches, National Capital Region (NCR) stood the top of the list. Pune stood second with 24,000 new launches. Mumbai and Chennai, with 22,500 and 20,800 new home launches, stood third and fourth places respectively.

Cushman & Wakefield’s South Asia Executive Managing Director, Mr. Sanjay Dutt said that the realty builders too remained highly cautious about the lull residential market. They withdrew them from bigger residential development due to the lull nature of residential market. However Mr. Dutt said that the year 2012 witnessed some innovative marketing- methods.

According to Mr. Dutt, the lull residential market was the result of slow economic growth and inflation. Due to the increased interest rate, the buyers have become more price- sensitive and this made a worse situation.

To avoid further risks, the crises- stricken builders kept them aloof from developing any residential projects. However there was an increase in the number of property investors who found the money crises of the builders as the best time to enter into the market.

Relief for Buyers of Patwari Village.

Greater Noida: There’s relief for 20,000 buyers who have booked flats in project in Patwari village, at least for the time being. The Supreme Court told a group of Patwari farmers to withdraw their petitions that challenged the government’s move to make out-of-court settlement with farmers. A section of farmers in Patwari, where the Authority on 6 August 2011 struck a higher compensation-based deal to revive real estate projects, had moved the apex court against the pact. In a related development, a judge heading an Allahabad High Court bench constituted for hearing petitions challenging acquisition of land in Gautam Budh Nagar district recused himself from the case.

Rs 300 crores villa project launched in Goa

Leading real estate developer Nitesh Estates has launched its exclusive Rs 300 crore luxurious high-end villa project in Goa. The project has been designed by international architects CPG and the interior design firm Warner Wong.  The project is to be developed across 9.3 acres in the landscape of Goa, and will have 36 luxury villas and to be completed in 2-3 yrs.

Nitesh Estate’s Chief Operating Officer, Ashwini Kumar, said in a statement that  ,the natural scenic beauty of Goa is the most compelling reason for creating this villa community. And these villas are designed for people who are looking for a resort-like experience,” Kumar said.

Besides, having common water sports complex, jetty etc, each villa has a spa and a private pool and everything else that one could desire for, officials added.  These villas are priced at Rs eight- ten crores, and targeted at the upper-crust from India and abroad.  Over 70% of the project area is covered with landscaping and water bodies, designed by international landscape firm, Belt Collins.

ADB Grants $300 million Pack to Bihar

Asian Development Bank has agreed to channel another 300 million dollars loan to Bihar for the development of state roads.  This is the 2nd loan from ADB for Bihar’s road development. In this phase, the state government has decided to construct 4 state highways covering 354 kms with an estimated cost of $368.26 million (Rs 1,653.5 crore). In 2008, ADB had provided the state $420 million to build nine state highways covering 820 kms.

The state’s road construction department secretary Pratyaya Amrit told that their mission is to develop state highways so that anyone can travel to Patna from any part of Bihar within 6 hrs.

Over the past 5 years around 3,300 km of state highways and major district roads has been developed in Bihar.  To carry this development forward, Bihar government is slated to sign a pact with ADB for the new loan in the 3rd week of December this year. Typically these development loans are given by ADB to the Centre, which, in turn, extends it to state governments in local currency.

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