| | | Top News Date January 6, 2010 |
Silicon Valley stares at biggest realty bubble as offices struggle to fill up
SILICON Valley is beset by the biggest office property glut since the dotcom bust, leaving the US technology hub with empty high-rises and office parks that make it impossible for landlords to sustain average rents. More than 43 million square feet (4 million square meters) the equivalent of 15 Empire State Buildings stood vacant at the end of the third quarter, the most in almost five years, according to CB Richard Ellis Group San Jose, Sunnyvale and Palo Alto have 11 empty office buildings with about 3 million square feet of the best quality space. There is a bubble bursting in much the same way as the residential market burst.
Source: Economic Times |
Godrej Properties has a dream debut
THE new year has begun on a positive note for new listings. After JSW Energy, yet another public issue Godrej Properties made its debut on bourses at a premium to the offer price on the back of good investor participation in trading of the shares. This is unlike the response to some of the high-profile initial public offerings (IPO) last year that attracted huge subscription but failed to deliver positive returns on listing and subsequently. Godrej Properties shares saw heavy trading during initial trading hours, which lifted the share price to an intra-day high of 586.7. As the day progressed, the stock lost some ground to touch the days low of Rs 500 before ending with a gain of 9% at Rs 535 on BSE on Tuesday. The gains were supported by huge volumes as a total of 1.4 crore shares, or 20% of the companys equity, changed hands both on BSE and NSE.
Source: Economic Times |
Maharashtra State Govt Increases Real Estate Value by 10-20%
Property in Maharashtra just got more expensive. The state government has increased the market value of real estate by 10-20 per cent in its Ready Reckoner 2010. The ready reckoner is a guide for the market price of residential and commercial properties, based on which stamp duty and registration fee for their sale and purchase are calculated. Under the revised rates, a land owner would have to pay more stamp duty because his land got more expensive; the developer would raise the sale price of his finished property since his land acquisition cost got higher; and a retail buyer would have to cough up more for property, stamp duty and registration fee.
Source: Indian Realty News |
Reckoner Rates Hint Real Estate Recovery
A cursory glance at the ready reckoner rates notified by the revenue department on December 31, shows that the real estate sector is recovering from the onslaught of the economic slump in 2008. "In view of the economic situation, we did not declare the ready reckoner prices for real estate in 2008. However, with the condition improving, we declared the prices on December 31 and the figures were based on transactions carried out in the previous year,'' a senior revenue official told TOI on Friday. As certain areas have witnessed a rise in rates, flat buyers there will have to pay a higher stamp duty. The official said the stamp duty was not increased, but the buyer would have to shell out more as the cost of flats would go up. "Our stamp duty structure has remained unchanged , but since the prices of real estate has gone up, the buyer has to pay more for the stamp duty,'' he said.
Source: Indian Realty News |
DLF in talks with IT players for space at Infopark project
The wait finally seems to be over for DLF's Rs 1000-crore Infopark project in the city which was under a cloud of uncertainty ever since its launch in February 2009. With the economy on the recovery track and the IT players gradually renewing commitment for their projects, DLF, the country's largest real estate developer, has also pulled up its socks. DLF is understood to have resumed negotiations with a host of IT players- both large as well as the Small and Medium Enterprises (SMEs) for offering its IT workspace of international standards at its Infopark project being developed on a 54-acre plot in the city's Infocity area.
Source: Business Standard | | International News |
Burj finally opened in Dubai with new name amid hope that it will signal a real estate recovery
The world's tallest property finally opened yesterday with a new name and official confirmation of its final height. The $1.5 billion Burj Dubai was renamed Burj Khalifa on Monday night in honour of Sheikh Khalifa bin Zayed al-Nahyan, ruler of neighbouring Abu Dhabi, during a glitzy ceremony which officials hope will inject some optimism into the emirate's beleaguered real estate market. It is over a year since Dubai has seen crowds getting excited about property as a gloom descended which saw real estate prices drop by up to 50%. Now it is hoped that the glow of the fireworks will have some lasting effect and optimism will return.
Source: Property Wire |
Incredible year for prime country house properties in UK, report shows
Prime country property in the UK rose 2.3% in the final quarter of 2009 and has seen an incredible performance in a tough market in the last 12 months, according to a new report. The price of prime country properties in now increasing across the country as the recovery that started in London during spring 2009 continues to spread further into the regions, says the latest Prime Country House Index from Knight Frank. 'Prices are now just 2.6% lower than they were at the beginning of the year. An incredible performance considering the general mood of economic gloom that followed the collapse of Lehman's little more than a year ago,' said Andrew Shirley, Knight Frank's head of rural property research.
Source: Property Wire |
Swiss bank sued over millions of dollars of losses to thousands of property investors
A Swiss bank is being sued for $24 billion by property owners who claim it schemed to defraud investors in several development resorts in the US including the bankrupted Yellowstone Club. In a lawsuit filed on Sunday in the federal court in Idaho, the plaintiffs, on behalf of 3,000 investors, said banking giant Credit Suisse colluded with real estate firm and co-defendant Cushman & Wakefield in a 'loan to own' scheme to artificially inflate the value of resort projects. According to papers lodged in court the scheme was designed to burden resorts and purchasers of property in resorts with too much debt, while winning Credit Suisse 'enormous fees' and letting the bank foreclose on or take control of resorts at well below market value.
Source: Property Wire | | About Artha Property |
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