Thursday, February 26, 2009

Deepak Parekh to head HDFC till December 2009



Deepak Parekh has been reappointed by the HDFC board to continue as the executive chairman of the financial institution till December 2009.

Mr Parekh, 64, has been reappointed as managing director of the corporation (designated as chairman) with effect from March 1, 2009, to December 31, 2009, subject to shareholders’ approval in the next annual general meeting.

Chances are that Mr Parekh will continue as a non-executive chairman from January 2010. Mr Parekh has been a part of Housing Development Finance Corporation Limited (HDFC) for nearly three decades having joined the organisation in 1978, a year after it was set up.

Mr Parekh had quit his job at Chase Manhattan Bank in New York to join HDFC at the insistence of his uncle HT Parekh, who was the founder and chairman of the country’s first housing finance company.
To read more, please, visit - -The Economic Times

HDFC's India Homes Fair in Saudi Arabia: 26th & 27th February, Carlton Hotel, Al Khobar

Related Stories:

1) HDFC to charge borrowers for switching bank

2) Correction in real estate is bound to come - Deepak Parekh, Chairman, HDFC

Holy Cow!

Do you think that builder and banker are two sides of the same coin? What is your take on the most trusted and respected housing finance company in India, HDFC? Please, share your views in the comments. (Comments Policy)

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Monday, February 9, 2009

Sale of IDBI Home Finance Ltd - IDBI Bank’s board to take a decision by the end of this month

"Correction in real estate prices is needed to stimulate home-loan demand.

Despite the fact that IDBI Bank was willing to offer home loans at 8.5%, not many developers have approached the bank for credit at this rate!

Developers don’t seem to be keen to borrow at this rate. As a result, growth in credit disbursement for house construction is not as per expectations," Yogesh Agarwal.
IDBI Bank’s board will take a decision on the sale of its Pune-based home loan subsidiary, IDBI Home Finance Ltd, (IHFL) by the end of this month, chairman and managing director Yogesh Agarwal said.

The lender’s board, which met on 23 January to take a call on the IHFL sale, had deferred the decision, citing the need for more information about prospective buyers.

Three leading players have emerged as contenders for IHFL - Dewan Housing, Religare Enterprises and Tata Capital.

According to IDBI Bank sources, Dewan Housing has put in the highest bid for the unit.To read more, please, visit - IDBI, Bank of Baroda lend Satyam Rs300 cr each - Money Matters - livemint.com

What is your take on the sale of IHFL?

Have you ever considered to take a loan from IDBI Home Finance? Or your choice was only between HDFC and ICICI? I think, all three buyers are more interested in the infrastructure than the business of IHFL. What do you think? Please, share your views in the comments. (Comments Policy)

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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

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Sunday, February 8, 2009

Jamshedpur: Steeling up for global realty

Quality of life:



According to a survey conducted by ACNielsen ORG-MARG, Jamshedpur has been rated just after Chandigarh in terms of quality of life and is in the same league as cities such as Bhubaneshwar, Pune and Bangalore.

Jamshedpur real estate:

According to estimates, about 165 real estate developers already have at least one project in hand in Jamshedpur.

However, most builders are going slow on new projects and not taking risks due to the slowdown in the real estate sector.

Prime locations in Jamshedpur:

Buyers are also somewhat hesitant in investing in new properties. However, in the posh areas such as Circuit House (CH), Bistupur and Sakchi there has been no change as far as growth is concerned, though there has been a downward trend in areas such as Kadma, Sonari, Mango and Adityapur, the city just across the Kharkai river, which flows along Jamshedpur.

Jharkhand real estate:

Jamshedpur is one of the three most important cities of Jharkhand, along with Ranchi and Dhanbad, which are seeing tremendous boom as far as the real estate sector is concerned, though there has been a small dip due to the global economic slowdown in the last few months.

Property rates in Jamshedpur:

In the city, the Circuit House area is the costliest with flats available for Rs 4,000-4,500 per sq ft while the rates are between Rs 3,000-3,500 per sq ft in area like Bistupur, the main shopping centre of Jamshedpur.
To read more, please, visit - Navtan Kumar-The Economic Times

What is your take on the real investment opportunities in your home state or city?

I am born and brought up in Pune. So i can't think of investing in any other city but Pune. Mumbai is the maximum limit for me. Otherwise, i can't think of investing in any other city in Maharashtra!

However, some of you may have a better option than investing in Pune real estate market. When i read this article about Jamshedpur real estate, i wonder, is it really an option?

Please, share your views in the comments (Comments Policy) about investment opportunities in your home state or cities.

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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

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Saturday, February 7, 2009

Kotak Realty converts 10% Sunteck Realty warrants into equity at the agreed price!

“We are bullish on Indian real estate. The fundamentals of many realty companies are still strong,” Kotak Reality Fund CEO S Srinivasan
Kotak Reality converted the warrants at Rs 1,167 per share. On Thursday, Sunteck Realty shares ended down 2.8% at Rs 1,547 on BSE.

In October 2007, Kotak Realty had agreed to pick up 10% stake in Mumbai-based developer Sunteck for Rs 140 crore. Kotak had said that the investment was through a combination of equity and convertible preference shares, which on conversion would result in a 10% in the company on a fully-diluted basis.

Kotak Realty has routed the investment in Sunteck through investment fund Kotak Alternate Opportunities India Fund. The investment was one of the first investments of Kotak Realty in the listed realty firms.

Sunteck Realty is developing residential and commercial projects in Mumbai, Goa, Pune, Nagpur, Chennai and Oman. Currently, the firm has 25 million sq ft under development.

Warrants are quasi-equity instruments that give the holder the right to convert them into equity at an agreed price within a specified timeframe.
To read more, please, visit - Rajesh Unnikrishnan-The Economic Times

What is your take on the fundamentals of real estate companies?

Can you name any Pune based real estate company which has "strong fundamentals"? How about Paranjape Schemes (Constructions) Ltd. or D.S. Kulkarni Developers Ltd.? Please, share your views in the comments. (Comments Policy)

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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

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Money wise: How women are handling recession

Many are putting on hold all spending that can wait:

How long will this recession last, is the question everyone asks. Experts say the worst is yet to come! This has ignited a lot of concern among working women, many of whom are seeing a downturn in their workplaces. Unchartered territory for most people, women are learning to negotiate it the hard way by tweaking their expenses and altering their lifestyle like never before.

India is one of the countries relatively less affected by the global economic crisis but millions of families here have acted quickly to slice their spending habits. Of course, leading the new conservative trend are women who are, more often than not, responsible for managing home finance. Many are putting on hold all spending that can wait.
To read more, please, visit - Ramesh Menon-The Hindu Business Line

Women appear to be more concerned and anxious about recession than men.

Do you believe that women are more concerned and anxious than men? Please, share your views in the comments. (Comments Policy)

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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

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