Slowdown in Chennai property transactions

The number of property transactions in Chennai and its immediate neighbouring districts has come down by 10 to 15 per cent in 2007-08.

In 2006-07, the three zones within the city 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 per cent was property related. The second half of 2007-08 witnessed a slowdown. Without exception, transactions in all the three zones of city – North, South and Central and the neighbouring Kancheepuram and Chengalpattu districts have come down. South Chennai was the worst hit, a drop exceeding 15 per cent. Chengalpattu followed this with more than 10 per cent. In 2006, these two districts along with Kancheepuram registered high growth in property transactions across the State.

Pranab hails Dubai firms' 'tailor-made' India projects

The projects being designed by various Dubai-based companies as part of their investment plans in India are tailor-made for Indian requirements, according to External Affairs Minister Pranab Mukherjee.

The minister said this after going through a presentation on 'Dubai's growth and plans for the future and planned investments by leading Dubai companies in India' organized by the Dubai Executive Council, a Dubai government entity that formulates and implements federal regulations and local laws and prepares annual budgets along with development plans.

Philippines real estate firm enters India

Mumbai: Ayala Corporation of Philippines and its affiliate, Arch Capital Management, plan to invest $100 million in the Indian property market in the next two years.

Ayala is one of the largest real estate brands in Philippines and the private equity fund is currently evaluating property in Chennai, Hyderabad, the national capital region, Mumbai, Pune and Bangalore.

Sources say it will subsequently consider smaller cities as there is more room for development. Sources also say residential projects are top on arch capital management's priority list as it is easier to exit them. The fund is also considering investing in retail and IT projects.