Housing sales of most developers are expected to fall by at least 20-30 per cent on lower demand following demonetisation of Rs 500 and Rs 1,000 notes, Fitch Ratings said.
SARE Homes, having operations in India since 2006, is promoted by London-based Duet group, a global asset and real estate management firm.
Industry insiders said that the demonetisation move is expected to give a sales push as banks will be willing to lend more at attractive rates to those keen to buy flats and properties.
While capital of the Philippines, Manila got the third spot, Ho Chi Minh City in Vietnam and Shenzhen in China stood fourth and fifth, respectively.
Housing prices in 42 major cities across India could drop by up to 30 per cent over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008.
A committee, headed by former MD and CEO of HDFC Life Deepak M Satwalekar, has been given six weeks to submit its report.
The bench also issued notice to the company saying that "there is suspicion that it is trying to subvert the order of this court".
The sales bookings stood at Rs 3,208 crore in the first half of fiscal year 2015-16, according to a company's analyst presentation.
There are instances where ironically, people filing their income tax returns and living a clean life are forced to withdraw cash from their legitimate bank accounts cash for such transactions, according to industry chamber Assocham.
Prices of residential properties will fall and real estate sector will face the negative impact of demonetisation of Rs 500 and Rs 1,000 notes over the next 1-2 years, Fitch Ratings said today.
The experts, however, believe that the move by the government will help improve transparency in the industry that has a reputation of being a safe haven for black money.
The Supreme Court directed real estate major Supertech Ltd to deposit Rs 10 crore to refund those home buyers who want to wriggle out of the disputed Emerald Court project, two towers of which have been found to be non-compliant of building laws by NBCC.
Unorganised builders and secondary (resale) property market would be adversely impacted following the government's decision to demonetise Rs 1,000 and Rs 500 notes with effect from midnight, according to real estate developers and consultants.
A lower tax rate of 12% will reduce housing price and boost demand, but an 18% tax rate could end up increasing the cost of homes, says JLL.
Mumbai-based Godrej Properties had last month forayed into the Noida-Greater Noida property market with the launch of a 100-acre township in partnership with local builder Ace Group.
Godrej Properties has said the project - its first ever in the Noida and Greater Noida market - received a stupendous response, making this one of Godrej Properties' most successful launches, at a time the National Capital Region market is witnessing a slowdown.
Both real estate promoters and buyers have the right to terminate a deal in case of default by either side of the parties, according to a newly notified Agreement for Sale rules.
the Finance Ministry has proposed a four-tier GST structure, with a lower rate of six per cent, two standard rates of 12 per cent and 18 per cent and higher rate of 26 per cent.