Property prices have increased by an average 15 per cent in the Delhi-NCR during Apri-June quarter of this fiscal against the year-ago period, according to a report by a realty portal 99acres.com.
In Delhi-NCR, Gurgaon Sector-54 saw the highest appreciation in property prices of about 87 per cent during April-June 2013 over April-June 2012, the company said in a statement.
“Delhi-NCR region continues to witness an increase in property prices with 15 per cent year-on-year property appreciation seen in Q2-13 when compared to Q2-12,” it said.
The appreciation is however lower than the previous quarter, which saw 20 per cent rise in property prices.
Housing rentals in the Delhi-NCR region have also gone up by an average of 5 per cent in April-June period of 2013 when compared to the same period a year ago.
The property prices and rental rates have been progressing in Delhi-NCR over the year with Gurgaon specifically keeping up with the momentum. Noida and Faridabad are also realising the benefit in price and rentals owing to increased connectivity with Delhi and affordable housing projects.
Read more: Business Today
Delhi Leads World in Real Estate Price Rise: Study
India has witnessed the sharpest appreciation in real estate prices in the last couple of years, according to data from the Global Property Guide, an organization which collates real estate data from across the world.
Property prices in Delhi witnessed the steepest appreciation of roughly 60%, when compared to cities from 43 other countries, for which figures were available from that organization. Interestingly, while this data set has information only for Delhi in India, official data on Indian cities suggests that Jaipur has seen an ever faster rise in residential property prices of 67% over this period.
Delhi’s 60% rise in property prices over the past two years is nearly 20 percentage points higher than Brazil’s Sao Paulo, which is the second fastest rising international property market. From the first quarter of 2011 to Q1-2013, Sao Paulo, the largest city in the Americas in terms of population, witnessed a 43% increase in real estate prices.
Hong Kong, the third fastest rising market for the same period, saw its property prices going up by 33%. Dubai also appears to be in a recovery phase after the bust of its early 2000s property bubble. The city witnessed a 29% increase in its real estate prices in the last year. The West Asian city had witnessed a marginal decline in prices between Q1-2011 and Q1-2012.
Read more: The Times of India
How India’s hot property destinations fared in last quarter
Volatility in capital and currency markets globally triggered serious turbulence in the Indian Currency last quarter. The continuous slide of the rupee against the US dollar caused concerns among the industry and consumers but, also led to NRIs considering investing in real estate back home.
Real Estate players saw a marked rise in the number of inquiries from NRIs and international investors in the last quarter, during which the rupee declined over 10 percent against the dollar. Also, a large number of discounts and subvention schemes were on offer during the last quarter from developers like Paramount, Purvankara & Parsvnath to ease out the buying process for the working class segment.
Read more: Money Control
Sebi revives plans for Real Estate Investment Trusts
Seeking to attract real estate investors to the capital market, Sebi has revived an over five-year old proposal to allow listing and trading of REITs (Real Estate Investment Trusts) as an investment product.
The move is aimed at allowing investors to buy and sell units of REITs and providing them an investment vehicle for the real estate sector, similar to mutual fund and Exchange Traded Fund structures for stocks, bonds and other securities, a senior official said.
However, Sebi is initially considering restricting the investments in REITs to only foreign funds, domestic institutional investors and HNIs given the higher level of risks associated with the real estate sector, the official said, adding that small retail investors could be allowed at a later stage.
The move is likely to help channelise investor interest towards REITs, while leaving the physical real estate market (comprising of housing units and office spaces) for the end users — thus helping the market reach a pricing level based on real demand and supply metrics.
As per the proposal being considered, REITs can issue units of their investment schemes through a public offer and list them thereafter on a stock exchange in a way similar to the issuance and listing of shares during an IPO.
Thereafter, the units can be traded on the stock exchange platform just like shares.
Read more: Business Standard
Finance Minister P Chidambaram seeks 10-point action plan to revive economy
Finance minister P Chidambaram has asked each of the secretaries in his ministry to present a 10-point action plan on Monday that could help draw up an agenda to kick-start a wider set of measures to revive the economy and improve business sentiment.
Chidambaram has asked all the four departments to come up with ideas that could be implemented or prioritised over the next few months. This will also send out a signal that the government was for the time done with steps to stabilise the rupee and wants to move on to other pressing issues.
“Each departments has to present a ten-point action plan on Monday” a ministry official familiar with the development told ET. Top bureaucrats in the finance ministry were closeted in a series of meetings on Saturday deliberating the things they will bring to the attention of the finance minister.
The action points could be anything that can help revive growth and boost sentiment, the official said pointing to a shift in the mood in the North Block that had been fire-fighting the rupee depreciation.
Read more: The Economic Times
Delhi Metro Phase III: Two more bridges to come up on Yamuna
The construction work on the longest bridge over the River Yamuna as part of the Delhi Metro’s expansion plan will be complete by March, 2014. With a length of 602.8 m and to be constructed between Mayur Vihar and Nizamuddin, it will be part of the Metro’s Phase III work.
According to the officials, 85 per cent of the construction work has been complete and it will connect South, East and West Delhi to North Delhi. The bridge is being constructed between the existing Nizamuddin Road Bridge and the DND Flyway to Noida. The Delhi Metro will also construct another bridge across the Yamuna between Okhla Barrage and Noida as part of the proposed Janakpuri to Kalindi Kunj Corridor. Being the second longest, the Okhla Bridge, will be 574 m. This bridge will connect South and West Delhi to Noida. After the completion of these two bridges, Delhi will have a total of four bridges over Yamuna. The Delhi Metro had built two bridges on the Yamuna during Phase I and II. While a bridge connects Kashmere Gate to Shastri Park Station, another connects Indraprastha to Yamuna Bank.
Read more: Daily Pioneer