MUMBAI: Until recently, real estate portals were used by home buyers to research on floor plans and price of apartments but builders are taking this process to the next level: you can now buy a home online. With growing internet penetration, builders have realised the potential of the online space in selling homes and some have even tasted success. Mumbai-based Lodha group has generated over 100 bookings through its online portal for its new township project Palava in Navi Mumbai. “We see the online space offering the potential for us to connect with consumers in new ways across the engagement cycle, from first contact to providing basic information all the

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Finance Minister Arun Jaitley in his first Budget proposed changes to income tax laws related to capital gains from property sale. The finance minister put a cap on the amount of tax-saving by investing long-term capital gains from property sale in specified bonds, also called as capital gains bonds. Mr Jaitley also clarified that investment should be made in one residential house property situated in India for availing long-term capital gains benefit. As per the current income-tax rules, long-term capital gains on sale of a property held for three years, attracts 20 per cent tax. Exemptions are granted under certain conditions. These the proposed changes to the income tax laws.

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Bangalore/Mumbai: HDFC Property Fund, the private equity arm of Housing Development Finance Corp. Ltd, has raised $250 million (around `1,500 crore today) through an offshore fund. It hopes to raise another $150 million by the end of the year, said a person directly familiar with the development who did not want to be named. On Friday, HDFC Property Fund informed the BSE that it had raised the capital through its second international fund, saying “the recently closed fund will focus on investing primarily in residential property developments in major cities across India”. The cumulative assets under management now exceed $1 billion, the statement added. The new fund, which started raising

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With a large number of offices and ITeS segment growth apart from residential growth coming from small tier II and tier III centres, the development of smart cities can bring opportunities for real estate developers, investors, end users and well as the housing loan sector. On expected lines, the real estate sector and the infrastructure sector were the focus sectors of the government in the annual union budget of 2014-15. The finance minister announced a series of measures to bring investment into the sector while giving special emphasis on affordable housing. The announcement that Rs 8000 crore will be earmarked for rural housing along with a series of dedicated proposals

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NEW DELHI: The government is considering a proposal to hive off real estate owned by sick public sector companies in Mumbai, Kolkata, Pune and Ahmedabad to state-owned National Buildings and Construction Corporation (NBCC), before selling off the chronically loss-making entities. Senior government officials told TOI that NBCC, which is developing real estate in the national capital, has shown interest in prime plots owned by companies such as Bengal Chemicals, National Bicycle Corporation and Richardson & Cruddas in Mumbai’s Worli and Byculla. Similarly, in Kolkata, the company is looking at land owned by NJMC as well as state-government entities such as Lilly Biscuits and West Bengal Warehousing Corporation. When contacted, NBCC

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NEW DELHI: Realty firm Logix group plans to raise Rs 250 crore from foreign investors for the development of its ongoing mixed-use commercial project in Noida. The company is developing this commercial project at an investment of Rs 1,000 crore and is looking to raise FDI to complete this project. The 6-acre project ‘Noida City Center’ includes a 7 lakh sq ft shopping mall, 2.5 lakh sq ft office towers, two hotels with combined 400 rooms and 100 service apartments. “Total project cost of this commercial project is Rs 1,000 crore,” Logix group CMD Shakti Nath said. The investments are largely met through internal accruals, he said, adding that the

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NEW DELHI: Builders are scrambling to acquire cheap land and technology for low-cost housing after the government and central bank announced incentives for affordable housing, including cheaper loans to developers and buyers. Real estate companies including Tata Housing, ATS Infrastructure, Bhartiya Group and Anantraj Industries are busy sewing up land deals for projects in the Rs 5-20 lakh home segment. There is unlimited demand for homes in this segment, say experts. “There is a large market for such homes but a big supply constraint as well,” said Shailesh Pathak, executive director of the Bhartiya Group, which is planning to build 10,000 low-cost homes over the next two-three years on a

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Bangalore: Ansal Properties and Infrastructure Ltd is set to raise Rs.400 crore from Peninsula Brookfield Investment Managers. Peninsula Brookfield is a joint venture between Peninsula Land Ltd and Brookfield Asset Management with Rs.1,000 crore worth of assets under management. The money will be deployed from its maiden fund, Peninsula Brookfield India Real Estate Fund. The transaction is in the last stage of closure and the money will be raised through the non-convertible debenture (NCD) route in the form of structured debt, said two people directly familiar with the transaction. The money is being raised for a massive 2,500 acre development that Ansal had undertaken back in 2009, in a project

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NEW DELHI: The Supreme Court on Friday reserved its order on release of Subrata Roy for 40 days after the Sahara group chief pleaded for ” raham” (mercy) and urged the court to let him out of jail so that he could negotiate the sale of properties to deposit Rs 10,000 crore with Sebi. “Raham is what is required now in this case. Today he has spend more months behind bars and his release would enhance chances of negotiation for sale of properties,” senior advocate Rajeev Dhavan, appearing for Roy, told the court. However, piling on the misery for Roy, the income tax department on Friday informed the court that

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It’s difficult for the middle and lower income people to consider buying a house with their own funds because of the rapid rise in real estate prices. So, home loans are the only hope for them to purchase a house. High interest rates on home loans have made this route unfavorable for the common man, already battling the ever-rising inflation. The interest component in home loan is eligible for deduction from taxable income, but it was restricted to Rs 1.5 lakh for self-occupied properties till 2012-13. In his budget speech for 2013, then finance minister P. Chidambaram had highlighted the need to incentivise the construction sector to boost the infrastructure,

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