DLF to Buy Back Shares at Rs600 a Share

Realty firm DLF will buy back its stocks at maximum price of Rs600 per share over the next 12 months. The buyback price is 71.28% higher than the scrip's closing price of Rs450.30 (as traded last week). This is the second largest open market buyback offer in the history of Indian stock exchange. However, analysts say that this offer may not enthuse investors at all.

Floor Rates for NCR Realty may rise 30%

The NCR board is likely to hike the minimum floor area rates (circle rates) for property transactions in and around the Capital by 20-30%. The minimum rates are expected to make it easier for people to buy houses by entitling them to bigger home loans, besides generating more revenues for the government.

Housing price index soon

A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex. The index will give a realistic picture of housing price movement to policy-makers and consumers in major cities of the country.

Slowdown in Chennai Property Transactions

The number of property transactions in Chennai and its immediate neighbouring districts has come down by 10- 15% in 2007-08. In the first half, the city’s three zones – namely North, South and Central - registered about 3.7 lakh documents and netted about Rs.1,384 crore in terms of registration charges and stamp duty. Of these transactions, about 80% was property related. The second half of 2007-08 witnessed a slowdown.

Lohia Group Plans to Invest Rs350 cr in Realty Projects

Amidst correction in the country's real estate scenario, Lohia Group is planning to invest up to Rs350 crore in developing three projects in Delhi and Uttar Pradesh by 2011. The group's subsidiary - Lohia Developers - plans to develop two townships in Lucknow and Moradabad, and a commercial complex in Delhi.

» Emaar MGF Land to put $3 bln in properties
Real estate firm Emaar MGF Land plans to spend $3 billion in developing properties in south India over the next few years. Emaar MGF will invest in a residential property in Hyderabad with an outlay of $1.4 billion. The company will also invest in commercial and retail properties and hotels spread over 31 million sq ft in 10 south Indian locations.

Indiabulls Real Estate to Raise Rs9 bln via IPO in Singapore

Indiabulls Real Estate (IBREL) plans to raise up to Rs9004.98 million through an Initial Public Offering (IPO) in Singapore. IBREL has offered to sell about 353.5 million shares of Indiabulls Properties Investment Trust (IPIT) at a price band of 1.0-1.1 Singapore dollar each.

» Godrej Properties files papers for 7 mln share IPO
Godrej Properties Ltd, the real estate unit of the Godrej group, has filed papers with the market regulator for IPO of at least 6.99 million shares. The group plans to raise up to Rupees6 billion through the IPO and a pre-IPO share placement to institutions.

»Omaxe raises Rs100 crore via pvt placement
Real estate firm Omaxe Ltd has raised Rupees one billion through private placement of debentures to LIC Mutual Fund. The company is planning to acquire companies overseas, including in the United Arab Emirates

Now, Get your Property Registered via e-Stamping

The Delhi government introduced a system of e-Stamping for the registration of immovable properties. This will allow consumers to avail of the electronic way of stamp duty payment and bring into effect a fool proof system of e-stamp generation. With the launch of e-stamping, the traditional practice of purchasing non-judicial stamp paper has been done away with. According to officials, the new system would mean faster processing and an easier mode of stamp duty payment which would in turn provide the general public with a more secure form of revenue payment.

Under the system a person seeking to register his or her property would simply have to go to any one of the 21 counters being set up across the city for e-stamping. Here, one is issued a unique identity number after paying the stamp duty. After this, one just has to produce this ID number at the local sub-registrar’s office for ones property to be registered.

Investment worth Rs 20 cr in Mysore (KARNATAKA)

PBEL Property Development India Pvt Ltd, a joint venture of Israel-based Property and Building Corporation (PBC), Electra Real Estate (ERE) and INCOR infrastructure, has invested Rs 20 crore in Mysore to build a residential township. Announcing this development, PBEL executive informed that the company has invested Rs 20 crore on a 10 acre plot at Devanoor village to build a residential township. This is in tune with the company’s our strategy to build a land bank in secondary cities across south India.

Now 48-hour Notice Prior to Sealing (DELHI)

Amid increasing allegations that Municipal Corporation of Delhi (MCD) officials were following a “pick and choose” policy in sealing establishments across the Capital, the MCD Standing Committee has passed a resolution proposing to issue a 48-hour notice prior to sealing any property. Members of the Standing Committee expressed their indignation at the “haste” that officials exhibited while sealing properties.

Mukesh Ambani Plans big for Real Estate, goes Headhunting

Mukesh Ambani-led Reliance group is planning a splash in the real estate business, for which it has initiated a process of recruiting large number of professionals. The country's largest corporate house is seeking professionals with at least 15 years of "hands on experience" with major civil constructions, hotel chains and interior designers.

Indiabulls Real Estate plans to list its arm in Singapore

Indiabulls Real Estate is planning to make an Initial Public Offering of a Real Estate Investment Trust in Singapore. The company said it has filed its prospectus with Monetary Authority of Singapore for its Indiabulls Properties Investment Trust. This is the third Indian company, after DLF and Unitech to consider overseas listing of its REIT.

GMR Plans to Raise $1 bln from Private Equity, IPO

Hyderabad-based GMR Group is planning an Initial Public Offering (IPO) of shares for $500 million to fund its Ultra Mega Power Project (UMPP) and other power units that it is planning to undertake in the near future. GMR has also tied up with a private equity fund to raise $500 million to fund its energy acquisitions both in India and abroad. The company was recently in news for its Istanbul, Hyderabad and Delhi airport projects.

Developers lure Buyers with freebies and Discounts

The National Capital Region, where prices have cooled 5 – 10%, is seeing developers quietly offer modular kitchens, free parking, free interiors and even stamp duty relief to attract buyers. Goodies and early bird discounts are not a new feature of India's real estate story. Real estate prices have climbed off their historic highs in the last six months on account of tighter liquidity and an overall decline in the sentiment.

US Housing Crisis Melts Indian Realty Valuations

The sub-prime crisis may have struck in the US, but real estate companies around the world are feeling the heat. The meltdown in property firms’ valuations in other economies, including India, China, Japan and the UK, has surpassed that of the US with Indian real estate companies witnessing one of the biggest falls. Some leading Indian real estate firms are trading at about 34% discount to their Net Asset Values, which implies that property firms are being valued at just two-thirds of the assets they hold.

Tata Housing aims to Develop Bangalore’s Tallest Building

Once completed, this 32-storey tower in Jalahalli will surpass the 24-storey twin towers of Bearys Lakeside Habitat as Bangalore’s tallest residential building. The 344 ft tall structure is one of the three towers of the Aquila Heights project that will be launched April end by Tata Housing Development Co Ltd.

Hiranandani plans hospital chain

Hiranandani Constructions, promoted by billionaire Niranjan Hiranandani, is planning to set up a chain of hospitals in the country. The total investment in these projects could be around Rs 500 crore. The company plans to become a major healthcare player in the next five years. The real estate major is planning to set up new hospitals at its upcoming townships in Chennai, Pune, Nasik, Panvel and Kolkata among others.

Realty Stocks to Face Tough Times: Citigroup

Global economic uncertainties have cast a shadow on India's realty market as property stocks declined by 46% in the first quarter of this year. Financial advisor - Citigroup Global Markets – has indicated that more challenges are on the cards. Their latest report suggests that the markets remained tough because of rising inflation, a sharp fall in property transactions, stagnating prices and supply risks.