The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects.
Unitech and Parsvnath Developers also retrenched their staff last month in line with cost cutting drive due to global meltdown.
At the ongoing World Economic Forum-India Economic Summit, Arun Nanda, executive director (infrastructure development sector) of Mahindra and Mahindra, said, "Affordable housing market has a huge demand with consumers just sitting on the fence and waiting to get a clearer picture of the ongoing financial crisis.”
The Mahindra group has a wholly-owned subsidiary, Mahindra Lifespace Developers Ltd, operating in the infrastructure development segment.
Demolition was off late seen as the only consequence of illegal construction, but the cabinet sub-committee on Sakrama, for the regularization of unauthorized constructions has opted for a more viable option. It has favored relaxing the upper limit of violation, currently 50% and reducing the penalty for irregularization substantially.
There may be more than one lakh buildings in Bangalore which have violated the building rules beyond 50 per cent and it will not be possible to demolish all of them. Furthermore, as most of these structures belong to poor and lower middle class people there was a feeling that penalty is very high, hence, a proposal for a substantial reduction in penalty for smaller sites.
Delhi-based realty firm Unitech Ltd has registered net profit of Rs 415.56 crore for the second quarter ended September 30, 2008 as compared with Rs 138.09 crore reported during the same quarter in 2007.
The total income for the quarter has also surged to Rs 906.33 crore from Rs 572.60 crore in the year-ago period. However, company's consolidated net profit declined by 12.48 per cent to Rs 358.92 crore for the July-September quarter.
The company had a net profit of Rs 410.12 crore in the same quarter last fiscal. Recently,
The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects. 
At the ongoing World Economic Forum-India Economic Summit, Arun Nanda, executive director (infrastructure development sector) of Mahindra and Mahindra, said, "Affordable housing market has a huge demand with consumers just sitting on the fence and waiting to get a clearer picture of the ongoing financial crisis.” 
Washington
Delhi-based realty firm Unitech Ltd has registered net profit of Rs 415.56 crore for the second quarter ended September 30, 2008 as compared with Rs 138.09 crore reported during the same quarter in 2007. 
