Lost Your Job? Don't Worry, Your EMIs Will Be Paid

The downturn could be a blessing for home buyers in Pune. Developers in Pune, in a desperate measure to offload flats, are offering sops and slashing prices further. They have also come up with incredible schemes like:
(i)Buy a flat now and the builder will pay the EMIs for three months if you lose your job, and, till you find another job, he will pay the interest on your home loans.

(ii) Buy now and, if rates drop before you take possession, your builder will revise the price.

Besides that, realty prices in the city, which have already been slashed by up to 40 percent, are also set to be cut further as developers try and recover some of the money stuck in various projects. The Confederation of Real Estate Developers Association of India (CREDAI)has also asked builders to sell "at the lowest rates possible". The situation is definitely good for buyers but worse for builders.
18 Feb 2009 Hindustan Times

Delhi's Golf Links Is Still Happening

The slowdown in the realty sector has not stopped India's rich from striking housing deals in Delhi ’s posh area at sky-rocketing prices. In the last two months, three high value transactions have been made worth Rs 300 crore in Central Delhi's elite Golf Links locality, where infrastructure major GMR, a prominent auto-dealer, former Prime Minister Mr. IK Gujral's son, Mr. Naresh Gujral and a politician have bought a house. GMR has bought a house over Rs 70 crore in the Golf Links from McDonald's India (north and east) Managing Director, Mr. Vikram Bakshi. In another deal, a prominent auto-dealer has bought a new house adjacent to the old one in Golf Links for around Rs 100 crore and Mr. Naresh Gujral has also bought a house in the same area. Another politician has bought a 575 sq yard house in Golf Links for around Rs 50 crore. "Limited availability of properties in the area and rising demand from rich-getting-richer clientele has resulted in such price appreciation," says Ms Shveta Jain, Associate Director (residential), Cushman & Wakefield. Lutyens' Delhi, which includes areas like Aurangzeb Road, Prithviraj Road, Mansingh Road, Shahjahan Road and the nearby posh localities of Chanakyapuri, Golf Links, Jor Bagh and Sunder Nagar have always been the most preferred locations for India’s rich and powerful.
19 June 2008 indianrealtynews.com

Modest Houses Attract Realty Player

Affordable housing is attracting large-scale investments from developers as well as private equity funds. While realty majors like Ansals and Omaxe are planning low-budget residential projects in smaller towns and cities across the country, private equity players are planning huge investments in this segment.

Delhi-based based Omaxe Ltd

has formed a company, National Affordable Housing Infrastructure Ltd, which will invest Rs 80,000 crore to develop 100,000 affordable homes across the country. The company is planning to offer these houses, to be developed in the next five years, for Rs 2.5-20 lakh per flat. Fire Capital Fund (FCF) is also investing over Rs 600 crore in seven affordable housing projects in

Indore, Bangalore, Chennai, Nagpur, Dehradun, Ahmedabad and Jaipur

. "From affordable housing projects, we expect a return of 20-25 per cent, which is the same as in upper-end investments," said Mr. Om Chaudhry, CEO, FCF.16 June 2008 Business Standard

Some Fact about Slowdown in the real estate

Slowdown in the real estate market notwithstanding, land deals in India are thriving. According to a recent study, the total value of such deals, in the first three months of 2008, have touched around Rs 23,000 crore, while another Rs 10,000-crore worth deals are in the pipeline.
A study by top brokerage JP Morgan shows that Delhi-based developer BPTP's Rs 5,000- crore land deal in Noida was the largest deal in the January-March period, while the Mumbai Metropolitan Region Development Authority's land auctions in Bandra Kurla Complex had fetched around Rs 4,000 crore.
The deals in the pipeline include the Indian Railways' 50 acres worth Rs 10,000 crore that is scheduled to be auctioned later. Also, a Rs 115-crore deal between the Balaji group and Prestige group is likely to be completed soon.
In Mumbai, a Rs 250-crore deal by Hindustan Composites is in the final stage, in which developers such as DLF, Kalpataru and K Raheja Corp are the lead bidders. The JP Morgan report comes at a time when it is expected that a tightening in global liquidity and a slowdown in the economy, could put the brakes on the real estate sector which witnessed a sharp rising growth in the past two years.
As a reflection of this slowdown, developers' plans including malls, complexes and residential projects are all being kept under wraps. Property prices and rentals have been falling which was also seen in the loss of investor interest and an erosion in the market capitalization of large listed players such as DLF and Unitech. The slowdown is also aided by the fall in stock markets as there is now a lack of capital among investors to invest in real estate projects.
Industry officials said that given the limited avenues of fund raising, a number of developers raised funds through instruments such as primary equity offerings and through foreign currency convertible bonds.
All leading developers have also scaled up their development plans as well as made fresh land reserve acquisitions. "The fundamentals of Indian real estate are very strong. More and more global funds are entering India," said real estate consultancy Jones Lang LaSalle Meghraj chairman and country head Anuj Puri.

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