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APRIL
7, 2007
NATIONAL NEWS
PLACE: NEW DELHI
DLF may go in for twin SEZs in tune with new laws
Faced with the new rule on special economic zone that limit
the maximum area to 5,000 hectares, India's largest real estate
player DLF may split its proposed mega zone in Haryana into
two tax free enclaves in the region. DLF, which has already
filed draft red herring prospectus for its proposed IPO, would
also rework its investment plan in the wake of SEZ rules.
http://www.hindustantimes.com/StoryPage/StoryPage.aspx?id=c72fc9a0-b5ea-4ac4-8143-48d18be179db&
PLACE: MUMBAI
Are interest rates near their peaks?
Emergence of those trends in coming months should also make
the central bank less hawkish,” says the report. They
feel the scenario of high credit growth, rising inflation,
liquidity tightening and high rates have played out, and key
sectors and stocks sensitive to rates and credit (autos, banks,
and real estate) have underperformed the market significantly.
“We are raising banks to overweight and autos to neutral
in our model portfolio (both underweight earlier),
” they said.
http://www.dnaindia.com/report.asp?NewsID=1089345
PLACE: NEW DELHI
T N Ninan: Monetary medicine
The big debate all week has been whether the RBI was right
or wrong in jacking up interest rates yet again, and squeezing
money supply further. At the simplest level, the facts are
that bank lending rates have gone up by about 3 percentage
points over the past year, matching the inflation rate, which
too has gone up by about 3 percentage points. The real estate
market has cooled, naturally, and prices may dip even more
as people start unloading properties which they had bought
as investment; so new construction will slow down. Other sectors
whose sales are fuelled by retail loans (like motorcars and
trucks) are also beginning to feel the pinch.
http://www.businessstandard.com/common/storypage.php?autono=280356&leftnm=4&subLeft=0&chkFlg=
PLACE: NEW DELHI
HDFC envisages fall in real estate prices
HDFC’s MD Keki Mistry told analysts at Realty and Construction
Conference organised by brokerage firm Enam Securities that
there could be a drop in housing prices over the next one
year. “There could be a drop in real estate prices in
the next 12 months as developers might not be able to sustain
higher prices any longer due to low financial support from
the banks,” Mistry said . Real estate developers had
also witnessed a slowdown in sales in the May-September period
last year.
http://www.financialexpress.com/fe_full_story.php?content_id=160365
INTERNATIONAL NEWS
PLACE: NEW YORK
Attorney general team hits real estate fraud hard
Indiana Attorney General Steve Carter is mounting a vigorous
prosecution of real estate and mortgage fraud in the state,
following a year in which his office brought disciplinary
complaints against 170 appraisers. There currently are 640
active investigations of real estate brokers and salespeople
under way, according to figures provided this week by Carter's
office.
http://www.thetimesonline.com/articles/2007/04/07/news/top_news/doc0a12efd8c09d9323862572b6000a3bc9.txt
PLACE: TEXAS
'No real-estate recession here'
If you need proof that Victoria 's real-estate market thrives
amid reports nationally that the industry is in a recession,
you may need look no further than David Marsh. The 55-year-old
placed his 3,300-square-foot Victoria home on the market on
a recent Wednesday. Twenty-four hours later, it was sold.
Marsh may be a lucky seller, a man whose $160,000, four-bedroom,
two-bath Warwick Glen Street home was at the right place at
the right time. But local real-estate experts say this short
turnaround is indicative of a healthy local real estate market,
one that has slowly but steadily risen since at least as early
as 1988.
http://www.thevictoriaadvocate.com/428/story/35924.html
PLACE: CALIFORNIA
Real estate firm defaulting on naming rights
The name says ipayOne, but the Carlsbad real estate company
that bought the naming rights to San Diego's Sports Arena
two years ago is not paying any longer, the arena's operator
said Friday.IpayOne is in default on its $2.5 million naming
rights agreement, said Ernie Hahn II, who heads Arena Group
2000. The group has a lease with the city of San Diego to
manage the Point Loma arena until 2017.
http://www.nctimes.com/articles/2007/04/07/business/news/7_02_504_6_07.txt
PLACE: NEW JERSEY
Real Estate recovery can last two years but brokers will get
wiped out
The real estate market especially the residential sectors
are recovering slowly. The number of unsold homes is steady
and has stopped rising any further. However, in the high-end
market above million dollar homes, the prices are still falling
rapidly. The new homes above million dollars are now a great
bargain.
http://www.indiadaily.com/editorial/16379.asp
PLACE: PETERSBERG
Local real estate bucks trend and draws students to jobs
Even as experts fret over a dramatic burst of the bulging
U.S. real estate bubble that might send prices plunging across
the nation, the land and housing values in the Potomac Highlands
are defying the trend.“With an average unit price of
$174,503 and a lot of wild life,” the RealtyTimes.com
reported last month, “the buyers have discovered the
‘good' deals in The Potomac Highlands.”
http://www.newstribune.info/articles/2007/04/06/news/school_news/schools02.txt
PLACE: WEST INDIES
Real estate values still increasing
The value of the average home in Madison rose just 2.8 percent
last year, to $246,100, according to the annual assessor's
report issued Friday. Overall, real estate increased 5.8 percent
in 2006. Commercial property was up 7.9 percent and residential
assessments grew 4.8 percent."This represents somewhat
of a slowdown," said Todd Berry, president of the Wisconsin
Taxpayers Alliance. "That's particularly evident in the
residential numbers.
http://www.madison.com/wsj/mad/top/index.php?ntid=128381&ntpid=1
PLACE: NEWYORK
British Firm’s Real Estate Deal Draws Protests in East
Harlem
In its first foray into the American real estate market, a
British corporate giant that is spending more than $200 million
for dozens of buildings in Harlem encountered a storm of protest
Tuesday — from immigrant tenants in the neighborhood.
http://www.brooklyneagle.com/categories/category.php?category_id=27&id=12162
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