Track2Realty: Raising alarm over Mumbai and Maharashtra becoming increasingly “investor unfriendly”, developers apex body CREDAI has said the State Government’s policies will end up being its gift to Gujarat’s upcoming Gift City.
The property market in Gujarat has touched a size of Rs 72,300 crore, after it grew by 30 per cent in terms of value during 2011-12. Though unofficial estimates show the actual size of the real-estate market at Rs 1 lakh crore, figures from the state revenue department show 9.07 lakh property transactions happened across the state in 2011-12.
The Confederation of Real Estate Developers’ Associations of India (CREDAI), Gujarat organised a seven-day technical tour for its members in mid-January. The 60-member delegation, that included developers from Ahmedabad, Mehsana, Rajkot, Surat, Palanpur, Navsari, Unjha, Bharuch and other centres, visited Israel, Jordan and Oman.
Steady rise in the price of construction material, like cement, steel, bricks, coupled with a shortage of skilled labourers, has hit the realty sector in Gujarat, an office-bearer of state-CREDAI said.
Gujarat Institute of Housing and Estate Developers (GIHED) is expecting Rs.1,000 crore business during its two-day property exhibition at Goregaon starting on Saturday, September 10.
Reeling under high input costs and 40 per cent labour shortage, the realty sector in Gujarat is witnessing construction projects getting either delayed, cancelled or halted in progress.
Gujarat will soon have its own Disneyland-style park that could be bigger than the Disneylands in California, Paris or Tokyo.
Real estate developers across Gujarat have withdrawn stir as the government decided to give a 50% relief on increased jantri rates.
Real Estate developers in Gujarat are unanimous to protest against the revised jantri rates. Even after their talks with the Government on Monday they have announced that they will continue their protest by not executing any sale deeds till May 5.
The Gujarat Government is determined to back its new jantri rates – or government assessment of the value of properties which have come into effect from April 1. There rates have been increased from 2.5 to eight times across the state.