Real Estate

World's super-rich see Mumbai as future hub

World’s wealthiest people always give prime importance to properties. It has been reported that property accounts for 35% of UHNWI investment portfolios and second number belongs to investment in their own businesses.

According to the 2011, edition of The Wealth Report launched by Knight Frank and Citi Private Bank on Wednesday shows that Mumbai is gaining importance. From 2010, Mumbai has gained importance by 118%, highest among
20 world cities.

Red Fort Capital to invest Rs 200 crore in Ansal Properties JV

Red Fort Capital to invest Rs 200 crore in Ansal Properties JV

Red Fort Capital has informed that it is going to invest in the Ansal Properties & Infrastructure Ltd. The Red Fort Capital is the leading real estate private equity firm of the nation. It has also informed that Red Fort Capital will infuse Rs 200 crore in the Delhi-based infrastructure firm. However, the stake of Red Fort Capital in this firm is not yet disclosed.

HCC net profit down over 46% in Q3

HCC net profit down over 46% in Q3

Quarter starting from October and ending at December recorded fall in the net profits by 46% taking the net profit to Rs 7.9 crore for Hindustan Constructions Company (HCC).

Whereas company has recorded net profit of Rs 14.7 crore; in the same quarter last year.

HCC clarify that net off last year's foreign exchange loss of Rs 6.1 crore and Rs 2.8 crore of tax profit liability are the reasons for the fall in the net profit.

Aldar to remove its delisting rule

Aldar to remove its delisting rule

UAE's Aldar Properties (ALDR. AD) has decided that it will remain publicly listed. The group has confirmed this fact on Wednesday. This may reduce the problems of some investors which were caused due to the last year's delisting. This was done by Abu Dhabi-based Aabar Investments. Aldar had already received bailout package from the Abu Dhabi government last week.

In recent times it has become the most liquid stock. This is being assisted by the Abu Dhabi government in a rescue package which was announced last week.

Bombay High Court to give its verdict on Lavasa Project

Bombay High Court to give its verdict on Lavasa Project

On Monday, the Ministry of Environment and Forests (MoEF) has submitted a report on the environmental impact of Lavasa in the Bombay High Court. The report is prepared by its Expert Appraisal Committee (EAC).

The fortune of Lavasa is still hanging. This has happened after objections were raised over the natural impact of the project by MoEF and several non-government organizations. The project has been planned across 25,000 acres in Baramati district near Pune.

Indian banks set to see outstanding mortgage of 40 trillion rupees

Indian banks set to see outstanding mortgage of 40 trillion rupees

The things are not going to be very rosy for the Indian banks in terms of mortgage. A report suggests that the total outstanding mortgage for the banks will be 40 trillion rupees by 2020. During this time, the margins will be forced to come down and that will put a lot of pressure on the profitability. This appeared in a report that appeared on Tuesday.

Mumbai Police yet to pay 14.43 crores in Property Tax to the BMC

Mumbai Police yet to pay 14.43 crores in Property Tax to the BMC

The Mumbai police have yet to pay up a sum of around 14 crores to the Brihanmumbai Municipal Corporation (BMC) as part of property tax on the police stations and staff quarters it has in the city. As of the end of the financial year, 2009-2010, the Mumbai police owe a total of 14.43 crores.

Finance Ministry levies Service Tax on Residential Property

Finance Ministry levies Service Tax on Residential Property

The Finance Bill introduced recently includes a 2.5 % service tax on the purchase of residential property expected to come into effect from the July 1, 2010. The Urban Development Ministry claims that this additional tax would adversely affect the sale of residential property if put into effect. According to the notification, the tax will be levied on 33% of the total sale price of the property.

Britons shelling out on services

Britons shelling out on services

According to an official data which has depicted that the households shell out more on services rather than spending on the stuff which they used to 40 years back and now they are dedicating a much smaller portion out of the total spending made today to the procure the food and non-alcoholic drinks which they used to practice in 1970.

The source that publishes many new different chapters of the social trends bulletin, The Office for National Statistics, on Friday, revealed that the way the households spending prototypes have distorted.

Housing market shows further signs of cooling as prices falter

Housing market shows further signs of cooling as prices falter

Further signs indicated that the housing market may enter a "double dip" recession that came out yesterday when the Nationwide said property prices rose by just 0.1 per cent in June. The trend in house price inflation is clearly down: prices rose by 1.1 per cent in April and by 0.5 per cent in May.