City Lights: India Ratings revises realty sector outlook to ‘stable’
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India Ratings revises realty sector outlook to 'stable'
India Ratings revised its outlook for the country's real estate sector for 2013 to 'stable' from 'negative' as the Fitch group company sees signs of improvement in margin and liquidity of developers. "An encouraging trend noted by India Ratings is the easing of liquidity pressures. In financial year 2012-13, real estate companies generated positive free cash flows and the trend expected to continue into first half of 2013-14," India Ratings said in its report. Commercial real estate developers, especially those with cash flow visibility through lease and rentals, continue to have better credit profiles, the report said. Observing that the demand for residential real estate developers witnessed an upward trend last year, the report said, "sales of large (real estate developers) players declined marginally in 2012".
CCI rejects plea for sanctions against DLF's new project
Competition Commission of India (CCI) has dismissed an appeal seeking anti-dominance sanctions against a new project of realty major DLF, saying it will not entertain any such plea merely on the basis of penalties imposed on the company's Belaire housing project. After finding DLF to have abused its dominant position with respect to its Belaire project at Gurgaon, CCI had fined DLF in August 2011 and had asked it to 'cease and desist' from anti-competitive practices. CCI had passed the order after investigating into complaints filed by the project's flat buyer association, which has now filed a petition before the fair trade regulator to seek similar sanctions against a new DLF project, SkyCourt. However, the fair trade regulator has ruled that, "The question regarding terms and conditions of agreement of the other projects that may be launched by DLF in Gurgaon was never before the Commission. Therefore, an application in respect of terms and conditions of other projects cannot be entertained," CCI said in an order and rejected the application.