Realty News Roundup: Finance Ministry To Simplify FDI Guidelines; Hiranandani Group Launches Luxury Project In Thane
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top News
As a part of its efforts to boost foreign direct investment (FDI) , the Ministry of Finance is planning to shorten and simplify FDI policy document. FDI inflows into India totalled $19.39 billion in the April-June 2015 period. It marked an increase of 29.5 per cent over the same period last year. Read more.
Hearing a public interest litigation regarding a large number of illegal constructions in Digha village in Navi Mumbai, the Bombay High Court asked the police to take action on their own against developers for illegal constructions. "Are the police so helpless when they notice a cognizable offence?" asked a bench headed by Justice Abhay Oka. Read more.
Off the front page
Market watch: Reports suggest that almost half of the 50-odd real estate funds have not been receiving regular interest payments due to a sluggish market. An Asian Age report quotes several experts who suggest that the festive offers by realty developers could be misleading to the customers. Meanwhile, an The Economic Times report says that the vacation home market is growing at 10-12 per cent per annum in spite of slowdown in the residential real estate sector. Another report has found that demand for large offices in India has shifted from standalone buildings to integrated business parks.
Project watch: Construction work on four major projects has begun at Gujarat International Finance Tec-City (GIFT City) , India's first International Financial Services Centre (IFSC) . These projects, with investment of Rs 1,000 crore, are proposed to be set up on 1.6 million square feet of built-up area here.
Hiranandani Group has launched its luxurious project, One Hiranandani Park, at Ghodbunder Road in Thane. The project will offer a mix of 1BHK, 2BHK, 3BHK, and 4BHK premium-luxury apartments.
Business watch: DLF is reportedly in talks with five private equity companies and sovereign funds to divest 40 per cent of its rental business. Meanwhile, Punjab National Bank (PNB) Housing Finance and Stock Holding Corporation of India is reportedly planning to float initial public offerings (IPOs) , which will be used for business expansion plans, working capital needs and for other general corporate purposes.
Opinion
Various market factors such as financing, bank rates, government policy, economy etc, have a significant impact on property prices. Gaurav Yadav, Director, Uday Homz, examines these factors and shares tips for investing in real estate in this article. Read here.