Destined to be a dazzling milestone in India's housing complexes, the country's first solar housing project was inaugurated in Kolkata on July 8. Called 'Rabi Rashmi Abasan,' the complex is the brainchild of West Bengal Renewable Energy Development Agency and designed, engineered and managed by Bengal DCL, a joint venture of West Bengal Housing Board & Development Consultants Ltd. It stands on a plot of 1.76 acres in New Town, Kolkata. The construction was undertaken by Mackintosh Burn.
WBREDA Director, Gon Chaudhury, who has spent years of research and experimentation working on this green mission, explains his pet project: "The idea was conceived when I visited Europe and studied eco-friendly buildings. The Kolkata housing complex's every owner will not only have his land, but also generate his own power for domestic use as well as for feeding the grid." The name 'Rabi Rashmi' means sun rays, and the project comprises 25 plush bungalows priced at Rs 43 lakh to Rs 45 lakh each for a built-up space of 1,600 sq. ft. The land area for each house is 2,150 sq. ft. Chowdhury added, "We are extremely pleased to explore the benefits of solar architecture with Conergy in the landmark 'Rabi Rashmi' housing complex, which will inspire other green initiatives and projects in India." The solar PV (photo voltaic) technology has a widespread application and is used to convert solar rays into electricity in these houses. The application of building integrated photovoltaic technology is used effectively in the project. The adoption of solar passive architecture features makes a house cool during summer. With passive concepts, the house will get cool breeze from south though water bodies. It also ensures natural light and better air circulation inside the house. In 'Rabi Rashmi Abasan,' each house will generate 2 kW power from solar tiles on the roof for its own consumption and feed the surplus into the grid. The owner will also get power from the grid as and when necessary. The utility will pay the house owner and vice-versa on net monthly metering. The benefits of energy banking will also be available to the owners. Each house will have solar water heaters, solar signage and area lighting by solar streetlights.

The country's second-largest property developer, Unitech, is planning to raise $1 billion (Rs 4, 200 crore) from private equity (PE) players for its hotel, commercial and retail projects across the country. It will raise funds by floating special purpose vehicles (SPVs) in different projects. The company will spend $ 300 million on hotel projects and $ 700 million on commercial and retail projects. These projects will be implemented in cities such as the National Capital Region and Mumbai among others.

Mumbai-based developer, Sunil Mantri Realty Ltd, has signed a memorandum of understanding with the Special Area Development Authority (SADA) of Gwalior for developing a hi-tech city on 2,000 acres. They are planning a total investment of around Rs 2,000 crore which will be spread over 8-10 years. As per the agreement, the land acquisition will be done by SADA in accordance with the 'ready reckoner' and Mantri will offer a premium over and above it. The investments will be made to develop an IT park, an SEZ and leisure area along with swimming pools, theatres and health clubs of 100 acres each in the project.

Looking at the slowdown in the realty market, real estate players have increased their advertising budgets. Developers are using many different promotional strategies to be high on recall value. "It's a do or die situation out there due to high recession in the market. Many developers are buying back their projects and re-selling. It is necessary to make a noise at this time to keep the projects on high visibility radar for those who actively trade on the real estate. The print media is taking up the major chunk while the rest goes to the outdoor media. Out of a scale of 10, together, advertising in print and outdoor could be rated as seven," said Noshe Oceanic President, Mr. Asheesh Sethi.

ICICI Bank and HDFC have increased home loan rates by 0.75 percentage points, moving quickly to preserve margins in the wake of RBI raising key interest rates. This is the second hike from the top two home loan providers in the phase of a month. ICICI Bank hiked the floating reference rate (FRR) for consumer loans, which also includes home loans, to 14.25 from 13.5 per cent, with effect from July 31. HDFC's adjustable rate home loans will be priced at a minimum of 11.75 per cent with effect from August 1. Its fixed rate remains unchanged at 14 per cent per annum. The bad news is that a 0.75 percentage point hike will mean customers on floating rate home loans will have to pay an additional EMI of Rs 51 per lakh on a 20-year term. The good news is that the increase in interest rates may be offset by a fall in real estate prices.