Textile company Raymond plans to enter the real estate sector with a residential project in Thane. The project aims to develop surplus land and will be funded by internal accruals, pending shareholder approval.
Peninsula Land plans to raise ₹500 crore through QIP to acquire land in Mumbai, focusing on Parel, Lower Parel, Kanjurmarg, and Thane.
India's commercial real estate market is rebounding, driven by rising government revenues and an improving economy. This has led to increased investor inquiries and rental deals.
Mumbai is the most preferred real estate investment destination, followed by Chennai, according to a recent survey. Patna, Nasik, Tiruchirapalli, and Madurai are also emerging as attractive options.
Public sector banks cut home loan interest rates, benefiting buyers in Mumbai's outskirts and other cities. The move aims to support the housing market, but some experts believe a greater impact would require higher loan limits and increased consumer confidence.
Mumbai suburbs to see 10-20% property price drop by March 2009, Jones Lang LaSalle Meghraj predicts, citing excess supply beyond Borivali, Thane, and Navi Mumbai.
Amidst a real estate slowdown, K Raheja Universal and Lupin's land deal in Boisar, Thane has collapsed due to market insecurity. Lupin denies real estate interest, focusing on its pharmaceutical business.