The Government will make public the draft Real Estate Regulation and Development Bill, 2011 for comments from stakeholders this week and may subsequently introduce it in the forthcoming winter session of Parliament.
Even as global economic slowdown and uncertainty in financial markets have battered the real estate industry countrywide, properties in Kolkata and Chennai bucked the trend with steady demand in affordable and mid-segment housing.
When the CCI alleged that DLF misused its dominant market position and imposed unfair conditions on home-buyers of two of its many projects, the real estate fraternity, legal experts and others strongly questioned the basis of the CCI order.
The impact of slowdown is already being felt on the real estate market with residential segment witnessing sluggish demand across all the major cities.
Property rates in the capital are set to zoom further as Delhi Government on Monday, October 31, hiked the circle rates by up to 250 per cent to check black money in sale and purchase transactions.
Mumbai’s residential home sales recovered from a 30-month low in the third quarter as new projects boosted supply, according to Liases Foras Real Estate Rating & Research Pvt.
Union Minister for Rural Development Jairam Ramesh today refuted the charge that National Rural Employment Guarantee Act (NREGA) had caused labour shortage in sectors like agriculture and construction.
Mumbai real estate is debating over a possible price correction as sale registrations for September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
While other leading players in the realty and construction are reeling under investors’ loss of confidence, JP Infra’s stock has zoomed by over 40 per cent from Rs.44.50 exactly a month ago to Rs.63.05 on the BSE, outpacing peers.
The festival of Diwali has a direct bearing on the property market, and irrespective of the overall macro economic scenario the property transactions around this time of the year have been the maximum.