Real Estate

Unitech trims its workforce by nearly 10%

Unitech trims its workforce by nearly 10%India's leading realty play

Unitech To Raise Rs 5,000 Crore

Unitech To Raise Rs 5,000 CroreThe second largest realty firm of the country, Unitech Ltd would raise Rs 5,000 crore from the market through issuances of debt, equity and semi-equity. The plan is approved by the company's board after its meeting on January 19, 2009 following the approval of the stake holders. The funds would be used to repay debts of over Rs 8,000 crore. However, it would cause significant dilution of promoter's share in the company.  

Realty Players Seek More Monetary Measures

Realty Players Seek More Monetary MeasuresIndian real estate firms demanded more monetary measures by government to increase demand in reality sector. Developers urged government to restructure debt and cut in interest rates to push growth rate of home segment. A team of reality firms, headed by National Real Estate development Council (NAREDCO) President, Rohtas Goel met Planning Commission Deputy Chairman, Montek Singh Ahluwalia and apprised him about the demands of developers.

Downfall in property rates in Mumbai

Downfall in property rates in MumbaiMumbai, Dec 13: As global economic meltdown and recent terror attacks have lead to downfall in property rates in Mumbai, builders feel it''s the right time to buy property.

The November 26 Mumbai terror attack have led to serious decline in property rates and have also turned the customers from Mumbai to the suburban Navi Mumbai.

Navi Mumbai is considered to be much safer and cheaper region in Mumbai.

Hordes of people thronged a property exhibition organised by the Builders Association of Navi Mumbai (BANM) in search of various schemes and offers to match their budget.

IL&FS real estate fund mobilizes $895 million

Real EstateThe IL&FS Investment Managers (IIML) announced that in its second real estate fund, it has mobilised $895 million (nearly Rs 4,500 crore). This is more than the initial mobilisation target of $750 million and far ahead of the $525 million it got in its first real estate fund. Its first fund was closed in April 2006, during the middle of the five-year long bull rally which had started in 2003.

Archana Hingorani, CEO & ED of the fund house said, "Each of the investors who had invested in its first fund, also invested in the second fund. "

Realtors Demand More Measures

Realtors Demand More Measures Real estate firms are not satisfied with the financial package announced by government to speed up economic growth. Terming it as 'disappointing', the realtors said that reality sector is under huge pressure due to costly credit and low demand following global financial crisis. However, they welcomed the duty cut on steel and cement as it would decrease construction cost and hence increase demand. The real estate companies demanded more measures to provide easy finance for housing.