Sending positive signs from easing the cash crunch for the realty sector, Secretary for Financial Services D K Mittal on Monday, Sep 17, asked the commercial banks to focus on funding partially completed projects on a priority basis and development of projects in small towns.
The government’s decision to operationalise FDI in multi-brand retail would help the realty sector as the move would create demand for retail space and boost mall development in the country, real estate developers and property consultants said.
In a bid to check the mushrooming growth of slums in the state, the Odisha government is planning to create rental housing at an affordable monthly rent of up to Rs 2,000 for the poor.
Developers in Punjab have opposed the state government’s move to levy social infrastructure cess on property transactions, saying it would hit demand in the sector which is already facing slowdown.
The Secretary, Banking, Ministry of Finance has agreed to look into the problems being faced by the real estate industry and work towards reducing the cost of funding through banks and financial institutions.
The fifth edition of Global Initiative Restructuring Environment & Management (GIREM) Leadership Summit, the international forum for urban planning and corporate real estate, would be held at New Delhi on October 18 and 19.
A division bench of the Supreme Court today stayed the Bombay High Court judgment in VAT case and passed an interim order extending the deadline for developers in Maharashtra for paying VAT by two months.
The Karnataka Government is contemplating to introduce a single window clearance system for the construction of houses and complexes in the state, taking into consideration the demand raised by the Confederation of Real Estate Developers’ Association of India (CREDAI).
Price rationalisation has always been a tricky issue in real estate business where demand and supply dynamics drive the market more than any other parameter. The fact that real estate is not a perishable commodity and mostly a business of deep pockets, holding of inventory many a time makes more sense than hard sell keeping in mind the pipeline visibility.
Realtors crib that they are often dwarfed by regulation. For constructing a skyscraper, one has to go through various regulatory approvals and committees like the high-rise committee, aviation committee, the chief fire officer and the environmental clearance.