Ruias to sell Central Delhi bungalow
Oct 04, 2013
Source : The Hindu

The house was bought by the family in 1993 reportedly for Rs 50 lakh. Its present sale value has been pegged at Rs 170 crore.

Market rates for the Jor Bagh area range from Rs 10 lakh to Rs 13 lakh per square feet. By this measure, the Ruias property is valued at Rs 100 crore to Rs 120 crore.“It would be difficult to get the expected Rs 170 crore as the market is slow and there may not be many buyers. However, since it is a prime property in a good location it could even fetch Rs 170 crore,'' said Delhi-based real estate analyst.

After the Ruia’s shifted to another bungalow on Tees January Marg in Lutyens Delhi last year, the Jor Bagh bungalow was being used as a temporary office for company officials for the last 1.5 years.

A person in the know of development said: “The promoters have decided to sell the bungalow rather than incur expenditure on its maintenance.”

The official spokesperson of Essar Energy declined to comment, stating that the said matter concerned a private property of the promoters and that the company had nothing to do with the deal.

Latest Realty News

India facing pressure to accelerate structural reform
Oct 04, 2013
MUMBAI: The Indian economy has been under pressure with the recent depreciation of the rupee and capital outflows adding to structural constraints which are weighing heavily on its prospects for returning to a high growth path, says a new Asian Development Bank (ADB) report.
Panvel – The Next Real Estate Destination
Oct 04, 2013
MUMBAI: The last born in the family always gets the best in terms of resources, love and also gets the advantage of being parented by more experienced parents. Similarly, in the real estate space in Mumbai, Panvel is now getting the benefit of the following:
Here's how you can tackle a ballooning EMI
Oct 04, 2013
MUMBAI: After the unexpected policy rate hike on September 20 by the Reserve Bank of India (RBI), many banks are contemplating an increase in their lending rates. If they decide to hike their base rates, home loan borrowers may have to deal with a ballooning EMI once again within a short span of time.
Bank credit to commercial real estate picks up in FY14
Oct 04, 2013
MUMBAI: After recording sluggish growth in the previous financial year, bank credit (loan) to commercial real estate (CRE) projects has picked up in the current financial year, registering a 17.4 per cent growth in August, compared to 8.6 per cent during the corresponding period of FY13.
Real estate sector better off now than in 2009
Oct 04, 2013
MUMBAI: The market has beaten down shares of real estate companies over the past three months, as news of over-supply, weak demand and regulatory action kept coming. Analysts claim they are bored with all this talk of gloom and doom because the situation on the ground is not as bad as it was in 2009.
Now, apply online for deemed conveyance in Mumbai
Oct 03, 2013
MUMBAI: Cooperative housing societies will be able to file online applications for deemed conveyance of their properties from October 10, said a Member of Parliament.
Office space absorption to reach 132 million sqft by 2017: Report
Oct 02, 2013
MUMBAI: Bullish on the revival of the economy after general elections, real estate consultancy firm Cushman & Wakefield expects nearly 132 million sqft of office space, across the eight major metros, to get absorbed by 2017.
Flat owners advised caution over VAT payment to builders
Oct 01, 2013
PUNE: Citizens’ groups and consumer forums have appealed to flat owners to refrain from hurriedly paying Valued Added Tax (VAT) to builders, following the Supreme Court’s decision.
New land acquisition act is pro people, but not anti-industry
Oct 01, 2013
MUMBAI: Union Minister for Rural Development Shri Jairam Ramesh today allayed the fears expressed by the Indian industry that the new Land Acquisition Act would make projects economically unviable. Addressing a Press Conference in Mumbai on Sunday, Shri Ramesh said the new act applies only to the land acquired by Central and State authorities for any public purpose, while there is no bar whatsoever, on purchase of private land. He said “industry must look beyond land acquisition by Government an
Kolte-Patil launches four projects in Pune
Oct 01, 2013
MUMBAI: While most developers have shelved their expansion plans due to the economic slowdown, Pune-based Kolte-Patil Developers has gone ahead and launched four projects totalling 1.8 million sq ft, worth over Rs 500 crore.

Latest Realty News Of State

Realty Talk's