Realty News Roundup: IFC To Fund Affordable Homes; Home Price Inflation Declined To 4 Year Low & More

Today, Tata Value Homes announced that International Finance Corporation will fund their plan to build around 16,800 affordable homes in India. IFC is a member of the World Bank.

Here are the other real estate stories of the day: Google will build its largest campus outside the United States in Hyderabad. Google Street View will cover Hyderabad. Indian Real Estate Show 2015 will be held in Abu Dhabi. Maharashtra government to close down defunct land development banks. Home Price Inflation Has Declined.

Now, read the stories in detail:

IFC to Fund Affordable Homes In India

International Finance Corporation, a member of the World Bank, will invest $25 million or Rs 160 crore in Tata Value Homes to finance affordable homes across India. Tata Value Homes, a 100 per cent subsidiary of Tata Housing Development Co, intends to build 16,800 affordable homes over the next ten years. IFC plans to invest in Tata Value Homes as a first step in building affordable homes in India and other emerging markets. Partnering with IFC, Tata Value Homes wants to be India's largest home provider in the value and affordable residential projects segment by 2018-19. In the recent past, Tata Value Homes built over 5,000 apartments at price Rs 500,000 to Rs 30 lakh) across various townships. 

Google to build a 2 million sq ft campus in Hyderabad

Google plans to build its biggest campus outside the United States in Hyderabad at a cost of Rs 1,000 crore. This is Google’s first campus in Asia, at 2 million sq ft. With this, Google’s employee size is expected to double from 6,500 to 13,000. Telangana IT Minister K T Rama Rao said that the state government has signed a memorandum of understanding (MoU) with Google to build the latter's biggest campus outside US in Hyderabad. Earlier, Flipkart had leased an office space of 3,000 sq ft in Bangalore. It was India’s largest office space lease deal.

Hyderabad to be covered by Google Street View

Hyderabad will be India’s first city to be covered by Google Street View. The Union Home Ministry has given permission for Google to cover the entire city. Google Street View allows you to explore places around the world through 360-degree, panoramic and street-level imagery. Google had earlier covered tourist sites like Taj Mahal, and Qutab Minar with Street View, partnering with the Archaeological Society of India. Telangana Information Technology Minister K. Tarakarama Rao requested Google that they should utilize Street View for monitoring of deviations from approved building plans, property tax collection, and mapping of industrial land bank.

Indian Real Estate Show to be held in Abu Dhabi

Indian Real Estate Show 2015 will be held in Abu Dhabi on May 15 and 16, as an exclusive platform for the Indian infrastructure and developers of real estate in India to showcase their projects to the Indian community in Abu Dhabi. Leading Indian banks will attend the show to serve the financial needs of Indian investors.  Indian Real Estate show will be held in various parts of Middle East, South East Asia, Australia and US.

Maharashtra Govt to close down LDBs

The state government decided to close down the defunct Land Development Banks (LDBs) in Maharashtra and acquire their assets. These are defunct LDB’s with an accumulated loss of Rs 2,800 crore. The state government would decide whether to dispose of the properties or use them for governmental purposes. The government will also compensate the employees of the LDBs according to voluntary retirement scheme (VRS).

Home Price Inflation Declined

The Reserve Bank Of India (RBI) said that home price inflation declined to a nearly four-year low to less than 4 per cent, according to a survey conducted by the RBI. Price of homes in India had risen by 61 per cent during the past four and a half years, with the highest rate of 78% in Jaipur. Home price inflation was 4 per cent in first quarter of 2011-12, but it went up to almost 28 per cent in third quarter of 2012-13, but it declines to below 4 per cent in third quarter of 2014-15.

Phoenix Mills to raise Rs 1,000 cr to reduce debt

Real estate firm Phoenix Mills Ltd would raise Rs 1,000 crore through Qualified Institutions Placement (QIP) to reduce debt and for capital expenditure requirements. Phoenix Mills said that the money could also be raised by issuing securities in the international market. In the financial year 2013-14, the net profit of the company was  Rs 152.56 crore.