The Bombay High Court has rejected an appeal filed by Housing Development and Infrastructure Limited (HDIL) against the court's earlier order upholding termination of the contract between HDIL and Mumbai International Airport Ltd for the airport slum re-development project. The court also imposed a cost of Rs 10 lakh on HDIL for filing the case. MIAL, which won the contract for privatisation of Chhatrapati Shivaji International Airport, had signed an agreement with HDIL in October 2007 to clear slums on the fringe of airport land. The slum-dwellers were to be rehabilitated and the work was to be completed by October 2011. But MIAL terminated the agreement in January 2013, saying not a single slum had been cleared, following which HDIL filed an arbitration petition. The developer blamed change in government policies for the delay, but the court did not accept its plea.
Mumbai property prices likely to correct next year: Report Weak absorption and rising inventories in the residential market here may lead to price correction in the early part of 2014, real estate consultancy firm Knight Frank said. Nearly 2.9 lakh residential units are under construction in the city while unsold units stood at 1.3 lakh during the January-September period. Mumbai's unsold inventory level is almost 44 per cent in comparison to NCR's which stands at 26 per cent even with twice the number of units under construction, the report said. Owing to weakening demand, new launches in the city plummeted over 40 per cent compared to peak levels in 2010 as developers shift focus on liquidating current inventories. As many as 47,488 residential units were launched during January-September.
Market slowdown hits commercial realty sector: Report Sentiment in the Indian commercial real estate markets has been hit on account of deteriorating levels of growth, rupee volatility, high retail inflation and rise in key policy rates, according to the RICS India Commercial Property Survey Q3 2013. The Occupier Sentiment Index (OSI) for India fell deeper into negative territory during third quarter (July-September) to -22 from -1 in second quarter (April-June). This reflects a drop in occupier demand, a pick up in inducements and a moderation in near term rental expectations, the report said.
Shapoorji Pallonji Group, CPPIB enter into strategic alliance
Shapoorji Pallonji Group and Canada Pension Plan Investment Board (CPPIB) have announced the formation of a strategic alliance to acquire foreign direct investment (FDI)-compliant, stabilised office buildings in the major metropolitan areas of