The Maharashtra government has announced a premium for additional floor space index (FSI) availed by developers for construction. Gulam Zia of Knight Frank, Pujit Aggarwal of Orbit Corporation and NM Gattu of DB Realty discuss on the implications of the move.
Pujit Aggarwal, managing director and chief executive officer, says the company will have a total of seven projects on track by the fiscal year end.
While demand and enquiries for properties in Mumbai is good, Pujit Aggarwal, mananging director and chief executive officer, Orbit Corporation, adds that it is yet to translate into real sales.
Ramashrya Yadav, Joint CEO, Orbit Corporation says wherever the price correction has happened the volumes are slowly inching up.
Orbit Corporation feels that high interest costs have hurt the company's performance till now. The company will now focus on paring debt to reduce the interest costs going forward.
Ramashrya Yadav, Head Finance & Strategies, Orbit Corporation not only expects 20-22 percent price cut across the board but also sees weak earnings going forward.
Pujit Aggarwal, managing director, Orbit Corporation, in an interview on CNBC-TV18, points out to the boost in sentiment on the positive announcements made by the finance minister and the rate-cut by the RBI.
In an interview with CNBC-TV18, Pujit Aggarwal, managing director of Orbit Corporation says, as soon as the new regulatory policy got framed and notified on January 6, 2012, Mumbai real estate market is seeing a good traction. “We are seeing off-take across all segments be it residential, commercial, retail or malls,” he adds.
Reacting to Maharashtra government's new norms to overhauled the development control regulations to redefine the floor-space-index (FSI), Pujit Aggarwal, managing director of Orbit Corporation said that despite the push in the cost, the move will help realtors to launch new projects sooner.
Pujit Aggarwal, managing director of Orbit Corporation tells CNBC-TV18 that it is indeed a relief that interest rates have peaked. “What we are expecting now is that interest rates will moderate and start coming down going ahead,” he says. This will also boost liquidity in the system that will bide well for the real estate players.
Bad luck continues to plague infrastructure company Orbit Corporation which has posted disappointing results yet again. However, managing director Pujit Aggarwal maintains a positive outlook going forward.
Pujit Aggarwal, managing director of Orbit Corporation in an interview to CNBC-TV18 said, last one year has been nightmarish for the company due to concerns related to sanctioning of projects.
Pujit Aggarwal, MD, Orbit Corporation said that the company's current debt stands at Rs 800 crore. With analysts expecting a rate hike between 25-50 basis points, he says that the net impact on interest of the compay will be Rs 4 crore at max.
As sales slumped at a fast pace in Jan-March earnings of the leading Mumbai developer, Pujit Aggarwal, managing director of Orbit Corporation, reasoned that the sluggish execution due to several commercial and regulatory norms have delayed supply by about 12-18 months.
The budget this year has focused on affordable housing sector. Pujit Aggarwal, managing director of Orbit Corporation shares his views on the budget, in an exclusive interview with CNBC-TV18’s Latha Venkatesh and Soniya Shenoy.
Orbit Corporation, media reports suggest that Brihanmumbai Municipal Corporation (BMC) has issued a stop-work notice to the company's Marine Drive tower project for allegedly violating environmental and developmental control norms. Ram Yadhav, Orbit clarifies.