MUMBAI (Reuters) - The number of wealthy individuals in India grew the second fastest in the world in 2006 with a 20.5 percent rise as stocks and real estate markets put up a strong performance, a study showed. The number of people with an investible resource of more than $1 million, other than a primary residence, rose to 100,015 in India, trailing Singapore's 21.2 percent growth, a study by Merrill Lynch and Capgemini showed.
“There is a lot of discrepancy in the real estate business” because of the way agents function, said Farook Mahmood, founder president of NARI and managing director of Bangalore-based Silverline Realty. “We hope to evolve a uniform code of ethics for the members and also have provisions for punitive actions.” An integral part of the new body is the certification course.
Separately, Wall Street rival Goldman Sachs has raised a $4 billion global property fund, a source familiar with the situation said on Thursday. The Morgan Stanley Real Estate Fund VI, supplemented with borrowing, would have buying power of more than $30 billion, the US investment bank said.
Mumbai, Maharashtra, India -- Confederation of Indian Industry (Business Wire India)
Increasing the supply of land – which constitutes about 50% of the total project cost at present and is largely responsible for high prices – holds the key to affordable housing. This was the consensus that emerged today at ‘Realty 2007’, the Real Estate Conference organized by Confederation of Indian Industry.
Promoters of the dozen top listed real estate developers in the country, including DLF Ltd, which will be listed next month, are worth a massive Rs 125,845 crore (or over $30 billion).
A report in the Economic Times indicates that US global finance firm JPMorgan is currently in talks with Indian real estate firm Aparna Constructions & Estates with a view to investing $100 million in a property project in the country.
I don’t think the Ram Janmabhoomi or the Babri masjid in Ayodhya is a problem. It is a manifestation of a problem. You can solve problems. You cannot solve manifestations.
Singapore-based Ascendas, which has built business parks in Bangalore, Chennai, Hyderabad, Pune and Nagpur, will sell 425.3 million shares, with a greenshoe over-allotment option of 10 percent, a person familiar with the matter said on Monday.
Hitmen shooting police informers, mafia bosses collecting protection money from Bollywood actors and producers -- it could be a movie script. But the rise in criminal activity in India's financial hub is all too real and it has police and other officials worried that India's notorious mafia gangs have regrouped. Over a decade ago, police eradicated mafia gangs from Mumbai after a series of bombings in the city in 1993 -- blamed on the underworld -- killed 257 people.
Organised by the official body of the Indian real Estate industry, the Confederation of Real Estate Developers Association of India (CREDAI), and Maharashtra Chamber of Housing Industry (MCHI), the exhibition aims at attracting foreign investments from NRIs and other investors.
Rajesh Jain of Pranav Securities is of the view that investors should be cautious with realty and Indiabulls Real Estate at current levels.
India’s first 24-hour premium TV Channel dedicated completely to real estate---is all set to be launched next month. This was announced here by the channel’s promoter, Mr Manoj Namburu, CMD of Alliance Group, a Rs.4400-crore enterprise. He said though the channel was promoted by the Alliance Group, it was of and for the real estate sector at large.
One such market is India, which has seen rapid growth in real estate prices in recent years, particularly in major cities such as Mumbai, where a new breed of affluent young entrepreneurs and business professionals has emerged.
This week, one of India's biggest property developers, DLF Universal, is undertaking the biggest domestic share offering to date, with a fundraising target of about $2.4bn
India's largest public issue, the $2.4 billion offer from real estate major DLF, opened Monday and its institutional portion was lapped up within an hour, analysts monitoring the initial public offering (IPO)
Abu Dhabi's private Noor Capital said on Saturday it plans to partner with an Indian developer and help fund real estate projects worth $740 million in India.
Israel's Elbit Medical Imaging Ltd. said on Thursday it had agreed to form a joint venture with a leading Indian real estate developer and would invest about $180 million in the concern. Elbit made an advance payment of $50 million after a framework agreement was signed, it said in a statement to the Tel Aviv Stock Exchange.
More than a dozen overseas private equity firms such as Goldman Sachs, Morgan Stanley, JP Morgan and Blackstone Group are looking at investment opportunities in the Indian real estate market.
The Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industry (MCHI) have announced the dates of India Property 2007.
Lanco Infratech has turned the heat on real estate sector. It is partnering with Morgan Stanley, which considers India's land assets as hot property.
The booming property sector is expected to contribute further over the coming year as the government looks to achieve foreign direct investment totalling $30 billion, according to industrial policy and promotion department secretary Ajay Dua.
Mumbai: India's hot property sector should draw in more overseas inflows this year and help to achieve a 2007-08 target for total foreign direct investment (FDI) of $30 billion, a senior government official said yesterday.
