Land Securities Plc, the largest real estate investment trust in UK, announced today that it has back to profit in the fiscal 2010. The full year pretax profit crossed the £1 billion mark in FY 2010. The trust also said that it had registered a growth of 17.4% in net asset value per share for the year ended March 31, 2010.
Land Securities also said that it is quite optimistic for the coming years as it expects property values would rise in the next five years.
To popularize an energy construction style that will cut down carbon emission from large townships, the government on Tuesday announced its first tie up with a private real estate developer, Ansal Properties. Deepak Gupta , ministry of new and renewable energy secretary told reporters that the government wants all real estate developers to voluntarily adopt to the guidelines jointly prepared by the ministry and the Energy Resources Institute and get a rating.
On Monday, Delhi cabinet on Monday gave nod to a proposal to significantly increase the registration fee of property in the city, the revision is expected to increase revenue collection from Rs 1.5 crore per year to Rs 100 crore, officials said rationalization was long overdue given the ridiculously low rates of filing of speeds and fee registering wills, gift deeds etc.
Godrej Properties today announced that its consolidated net profit has grabbed a threefold level touching Rs 57.49 crore in the fourth quarter ended March 2010, compared to the same period in the last fiscal.
Its net income from its operations registered a climb to Rs 170.95 crore during the January-March quarter compared from Rs 79.95 crore in the same period in FY09, Godrej Properties posted in a filing to the Bombay Stock Exchange (BSE).
In an interview with CNBC-TV18, Adi Godrej, Chairman, Godrej Properties, quoted, "As we go forward we see acceleration in growth."
The leading real estate company, DLF Ltd has said that its consolidated net profit grew by 168 per cent to Rs 426.38 crore in the forth quarter of 2009-10 compared to Rs 159.05 crore in the same period last year.
Total revenues of the company rose 59 per cent to Rs 2,146.1 crore in the quarter compared to Rs 1,351.4 crore in the same period last year. The earnings before interest, tax, depreciation and amortization increased 200 per cent to Rs 1,152 crore compared Rs 384 crore.
Nitesh Estates , Bangalore based realty player, on the National Stock Exchange , listed its shares on the bourses today, expects take annual revenue to nearly Rs 5,000 crore by end 2015 on the back of a strong pipeline of residential and commercial projects as the firm’s shares closed at Rs 51.20 while the shares opened at a low of Rs 48. 4 and hit a high of Rs 58 during the day’s trade. Last year, the company’s revenue stood at Rs 95 crore and the company hopes to achieve revenue of Rs 200 crore.
The company, the BSE Sensex was up 126.02 points or 0.73 % to 17,321.83 with the stock debuted at Rs 50, a 7.40 % discount to the initial public offer price and stock hit of Rs 55 and low f Rs 48.30 so far during the day. Nitesh Estates raised more than Rs 58 crore through issue of 1.08 shares to five anchor investors including HSBC bank, Nomura India Investment Fund.
U. S. mortgage fund owner Freddie Mac said they had lost $8 million in their first quarter and have asked the government for $10.6 billion in benefits to help maintain the working of the company. Freddie Mac has asked for constant backing by the government to help get through the financial crisis. This is the highest loss the industry has faced in almost 8 decades.
The government came to the conclusion that Freddie Mac was not in the situation to handle the financial crisis and has offered the industry unlimited financial support.
According to the data released by the Bank of England, the number of mortgages sold to home owners in the first quarter of the year was reported down by 20% comparing to the previous quarter. This decline in mortgage numbers showed that the recovery in the housing market has come to a halt.
The data released by the Bank of England revealed that around 144000 mortgages have been given to people buying a home in the quarter ended March 2010, while it was recorded of 174000 in the previous quarter ended December 2009.