House Prices Dip By 10% In Orissa

Even as the real estate sector in Orissa is stated to not have been affected by the meltdown as in the metros and other parts of India, the builders in the State under Confederation of Real Estate Developers Association of India (CREDAI) have announced a rate cut in house prices by 10 per cent. The rate cuts would be affected in all upcoming projects of developers under the confederation with immediate effect. And with prices of raw materials and land coming down coupled with lowering of interest rates by RBI, the price cuts could even be extended to 20 to 25 per cent in the ensuing days.

Talking to mediapersons here on Tuesday, president of CREDAI Orissa Md Moquim and Secretary D.S. Tripathy said prices of steel have begun to come down from Rs 40,000 per tonne to Rs 26,000 while cement has reduced by Rs 20 to 30 a bag and sliding. Due to the slowdown of economy and the resultant hesitancy of big building companies to enter the fray in Orissa, the price of land has begun to fall by 10 to 15 per cent and is further expected to go down to 20 to 25 per cent. Along with that, the comprehensive development plan (CDP) for Bhubaneswar is expected to come into force from early next year, which will open up new land regions for development thus creating more opportunities, they said.

Land Mafia and Corporate Houses Impose Threat to Chandigarh Government Property

The Manimajra Farmers’ Welfare and Environment Protection Society, in association with the Society for Prevention of Crime and Corruption, organized a public interaction and fact evaluation meet on Monday to address the alleged corruption in the real estate dealings in the city.

Residents of all age groups, including businessmen, farmers and social activists, had gathered to discuss the rampant corruption in the name of ‘development’ in Chandigarh. Addressing the interaction, the Citizen group presented a ‘Citizen’s Report” to highlight that the quantum of scams in real estate dealings amounted to crores of rupees in the city. The group said government properties like the ISBT in Sector 17, public parks and open spaces were under the threat of being sold to corporate houses, land mafia and builders.

The group appreciated the ‘courage’ and ‘conviction’ exhibited by UT advisor Pardip Mehra to stand up against Administrator General SF Rodrigues (Retd) and highlight corruption worth Rs 2,000 crore in the Medicity project. Social activist Hemant Goswami said officials of the Chandigarh Administration had initiated a slander campaign against Mehra. “There are clear CVC guidelines that no inquiry is to be initiated against any official on anonymous complaints, still an inquiry was initiated against the advisor. Surprisingly, the Chandigarh Administration acted in a selective manner. While scores of credible complaints against the Administrator and some other officials were ignored, action was initiated on the anonymous complaint against the senior most bureaucrat for a flimsy and false allegation of affixing tiles in his government house in Delhi.”

Dubai Shopping Festival to kick off from Jan 15

The Dubai Shopping Festival (DSF) organising committee held its first meeting for DSF 2009 last Thursday at Terminal 3 of the Dubai International Airport. The 14th edition of the festival will begin on January 15 and continue until February 15. 

Dubai “New tentacle-like towers for Dubai”

Sama Dubai, the real estate development and investment arm of Dubai Holding has announced the launch of ‘Dubai Towers – Dubai’, a cluster of breath-taking towers that combine, to form a truly inspiring and dynamic sculpture.

Centrepiece of ‘The Lagoons’ Central Business District, the ‘Dubai Towers – Dubai’ will comprise four state-of-the-art towers for residential, commercial, retail and hospitality purposes. Ranging between 57–94 floors, the estimated date of completion of ‘Dubai Towers – Dubai’ complex is mid 2010.

Launched under the ‘Dubai Towers’ brand of Sama Dubai, the iconic structures will feature a choreographed concept of form and function to metaphorically represent the movement of candle light.

Farhan Faraidooni, CEO, Sama Dubai said: “Symbolising hope, growth, harmony and opportunity, ‘Dubai Towers – Dubai’ represents an unique investment opportunity for those seeking a corporate lifestyle experience combined with peace and tranquillity in the seven beautifully landscaped islands of ‘The Lagoons’.”
Visible from extended distances as the main feature of ‘The Lagoons’ skyline, ‘Dubai Towers–Dubai’ will reflect the UAE’s futuristic vision and commitment to foster creativity and originality.

Faraidooni added: “As signature components of Sama Dubai, the ‘Dubai Towers’ brand is committed to sharing Dubai’s evolutionary and innovative achievements in the property sector with the world. In every country identified as a potential market for ‘Dubai Towers,’ Sama Dubai will develop exclusive landmark towers that reflect its distinctive personality.”

The ‘Dubai Towers’ brand is committed to deliver developments that offer a consistent and complete corporate experience, not just for businesses, but also for the people who live and work there. As the UAE’S gateway to international real estate investment and development, Sama Dubai is currently developing ‘Dubai Towers – Doha’, ‘Dubai Towers – Casablanca’ and ‘Dubai Towers – Istanbul’ under the ‘Dubai Towers’ brand.

As well as their bold architecture and prime locations, the ‘Dubai Towers’ will be characterised by the range of additional facilities they offer including retail, restaurants, entertainment, health spas, gymnasiums, hotels and residential apartments that create a vibrant, dynamic community.
The ‘Dubai Towers – Dubai’ will be revealed at the upcoming Cityscape exhibition taking place December 4-6 at the Dubai International Exhibition Center. The towers’ model will be showcased at ‘The Lagoons’ stand in hall 1, stand F30.

‘The Lagoons’ is a mixed-use freehold development being built along the Dubai Creek coastline. The AED 65 billion (US$ 18 billion) project will cover an area of 70 million square feet over 40 kilometres of waterfront land. Located next to the Ras Al Khor Wildlife Sanctuary, ‘The Lagoons’ will ensure harmonious existence with the surrounding eco-systems.

‘The Lagoons’ will appeal to tourists seeking cultural attractions with its theatre, museum, arts center and Dubai’s opera house.

Indian builders lure buyers with free cars, gold

MUMBAI: Indian builders hit by slipping profits are offering free cars and gold to kickstart once-booming demand but experts warn the gimmicks may not keep the housing industry afloat. The gifts range from Toyota four-wheel drives to gold coins and foreign vacations.

Second edition of Property Shopper opens today in Dubai

The 2nd Property Shopper, launched in May 2008, brings together 40 real estate agents and brokers showing residential and commercial properties across the UAE with a key focus on rentals and the emerging end-user market the Grand Hyatt, Dubai from November 13-15, 2008. Properties on display will cover Abu Dhabi, Dubai, Ajman and Ras Al Khaimah and visitors can expect some great bargains on both off plan and resale properties. 

Renting property in Dubai

Dubai offers a wide range of housing options that range from studio to penthouse and If you wish to settle in Dubai you could either purchase a freehold apartment or rent an apartment with the help of an agent.

New Dubai law protects freehold buyers

The property boom of Dubai can be traced to 2002 to the announcement by HH Sheikh Mohammed Bin Rashid Maktoum that freehold ownership of certain properties in Dubai is available to investors of all nationalities.