Real Estate
SC to Supertech: Refund money to all homebuyers
A bench comprising Justices D.Y. Chandrachud and Bela. M. Trivedi said Supertech should do the complete refund to homebuyers, who filed the contempt petition, by February 28, and the other homebuyers who are not in court should approach it within a week.
Budget FY23: Realty seeks incentives on home loans, rental income, GST cut on inputs
After facing strong headwinds during the initial days of the pandemic, the real estate sector has largely managed to come out of the turbulent clouds in 2021. To keep the momentum intact in the high-growth potential realty sector, several developers have requested the government to provide incentives on taxes (both principal and interest) for home loans, on the rental housing segment, and extend some concessions on income from renting of housing properties.
Real estate sector to contribute 13% to India's GDP by 2025
The report also predicts the market growth to go up to $9.30 billion (about Rs 65,000 crore) by 2040. As per the Department of Promotion of Industry and Internal Trade Policy (DPIIT), the real estate sector is also the third largest sector in terms of FDI flow, it is second largest employment generator, and third largest sector to induce economic growth.
Fourth Chinese real estate company Modern Land China defaults on offshore bonds
The repayment was not met, "Owing to unexpected liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment, the real estate industry environment and the Covid-19 pandemic faced by the group," the statement said, the report added.
Can China's debt ridden local govts rescue the falling real estate giant, Evergrande?
Even as the debt levels of these local governments rose steadily over the years, they escaped any major scrutiny. These local governments and their local government financing vehicles (LGFVs) have also been driving financing of the Belt and Road Initiative (BRI). LGFVs are financial arms set up by the local governments.
Chinese real estate behemoth Evergrande crumbles, revealing a larger real estate bubble
The Xu Jiayun-founded Evergrande has been a symbol of China's success and the news of it defaulting have already made thousands of home buyers in the country worried. Not just that. A failed Evergrande would have huge economic implications on several other companies that have been associated with the real estate major. Many could also be left jobless, analysts said. The company has over 1.23 lakh employees.
Property prices may witness uptick over 2-3 years
Over the past several years property prices in the key markets including the Delhi-NCR have declined significantly owing to several disruptions to the market. According to an ICICI Securities report, the possible rise in prices over the next few years may remain in the single digit per year,
Law must save home buyers from builder-planner 'unholy nexus': SC
The top court made this observation while directing the demolition of 40-storey twin-towers of Emerald Court, constructed by real estate company Supertech in Noida. A bench of Justices D.Y. Chandrachud and M.R. Shah said construction of twin towers was violative of the minimum distance requirement, and emphasised that the purpose of stipulating a minimum distance is a matter of public interest in planned development.
GMR Group to take up development of Nagpur Airport
"Leveraging its experience in public-private partnerships (PPP) and extensive expertise in taking over legacy airport assets and developing them into modern aviation landmarks, GMR envisages development of the Nagpur Airport in phases to an ultimate capacity of around 30 million passengers annually, representing a capacity increase of over 1,000 per cent over the coming years," the company said in a statement.
Net debt of listed developers declines 37% amid Covid
An ICICI Securities report noted that the decline in debt levels has been achieved through a combination of reduction in cost of debt by 80-160 basis points (bps), reduction in corporate overheads by 20-40 per cent from pre-Covid levels, operating cash surpluses, asset sales and equity capital raise either through the QIP route or through dilution at the SPV level.
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