real estate india

Mumbai/Bangalore: Burdened by capital investments, lower rentals, delayed returns and overcrowding of shopping malls in an economy in which shoppers are reluctant to loosen purse strings, real estate developers have begun converting such projects into offices or homes. The trend, which has emerged at a time when the government has been forced to suspend the opening up of multi-brand retail to overseas investment, is more evident in smaller cities, according to the industry and analysts. Builders there have lost their appetite for malls since they have to wait for 8-10 years to get returns on their investment, and have begun scouting for bigger developers to bail them out. Pune-based Panchshil

New Delhi: The Delhi High Court has cancelled the bail granted to a real estate developer for “misusing” his bail by continuing to dupe investors and making false claims instead of refunding their money. A bench of Justice M L Mehta cancelled the bail of S N Sharma, who was facing trial for offences of cheating, criminal breach of trust and criminal conspiracy, saying he did not comply with the trial court’s order to refund the money to investors. The court pointed out that Sharma sold the land purchased with the investors’ money for personal gains. “The conduct of the respondent (Sharma) right from inception clearly establishes that his intention

Retailers return to standalone stores, shun malls Mumbai: Faced with delays in completion, poor quality of property and dicey locations, retailers are returning to stand-alone stores, according to a top analyst. This trend isn’t restricted to Mumbai alone, says Ashutosh Limaye, Head – Research and Real Estate Intelligence Service, Jones Lang LaSalle India. He says that in Mumbai itself several mid-size offices and mixed-use buildings are being redeveloped into stand-alone retail formats. “The plots are just perfect – located inside dense residential areas with abutting sub-arterial roads, and of sizes suitable for constructing hundred thousand square foot spreads on three levels,” he said in a note issued earlier today. The

Real estate brokerage firm IndiaHomes today said it will invest $10 million over the next one year to foray into new areas and is scouting for an acquisition in the IT space to boost online transactions. The company, formerly known as Agni Property, today announced that it has re-branded itself as IndiaHomes. It said it is also planning to ramp up its headcount by over 65 per cent to 500 people in the next financial year. “Seeing the demand from the consumers, we are expanding very aggressively in India as our company is the first professionally managed realty brokerage firm. We are now investing an additional $10 million to foray