Track2Realty Exclusive: That small builders and fly-by-night operators in the business are the reason why the government is so concerned with the misleading advertisements. Often they advertise the project launch without even getting the mandatory license and in some cases home seekers hard earned money is lost.
Track2Realty Exclusive: In India the regulation bill has been contemplated for a few years, but it is only now being actively pursued through multiple rounds of industry consultation. As a tool to drive this initiative, the Ministry of Housing and Urban Poverty Alleviation (HUPA), has drafted a regulation bill laying down the necessary provisions to set up a regulatory body, defining its powers and functions, responsibilities of the developers and penalties for violations and RICS appreciates the initiative to further improve upon and facilitate a smoother introduction of the regulatory authority within the purview of the revised regulation bill.
Track2Realty Exclusive: The realty sector may call it freeze of creative liberty but the proposed penalty clause in regulator bill on misleading ads can also bring much-needed facelift to the sector. Track2Realty takes up the issue with the industry representatives to understand why they are scared with the misleading ads clause in the proposed bill. Is it really about curbing the creativity or an attempt to rationalise over promises by the developers?
Track2Realty-Agencies: With real estate in East Africa fast emerging as a big opportunity, Reliance Industries, in a joint venture with Delta Corp, has purchased land worth Rs 200 crore in Kenya for development of housing and office properties and is already making good profits.
Track2Realty Agencies: Expressing hope that Parliament will pass the Real Estate (Regulation and Development) Bill in its Monsoon Session, Housing and Urban Poverty Alleviation (HUPA) Minister Girija Vyas said that the legislation aims to protect consumer interest but was not against the industry.
Track2Realty Exclusive: Not all stories are such fairy tales in the covert clash of mindset between the second generation and their predecessors. When Ratnesh Shah (name changed on request) joined the real estate business that his father had raised from the scratch after a long stint as broker, he had pretty discomfort, not just with the unorganised and unregulated nature of the business, but even more with the opaque way his own organisation used to operate.
Track2Realty Exclusive: Experience suggests there is an increasing inclination and though selectively but older unintelligent homes are giving way to their smarter versions. The advantages of smart home technology are changing the realty scene.
Track2Realty Exclusive: Clash of generation in Indian business is no secret. However, when it comes to the second generation in Indian realty, the gap gets even wider since suave & sophistication that often comes with their foreign degree is in sharp contrast to the complex nature of business.
Track2Realty: The real estate sector has been hoping against hope that the rates will be marginally cut in order to keep the sentiments bullish. Reports of foreign funds warming up and the substantial contribution of the sector, 6 plus to the Indian GDP was also being seen as an indication of why the policies would be eased.
Track2Realty: Kolte-Patil Developers Ltd. has reported a jump of 115% in its net profit to Rs.26.40 crore for the first quarter ended June 30, 2013, compared to Rs.12.26 crore for the first quarter last fiscal. During the same period its revenue increased by 112% to Rs.219.43 crore from Rs.103.29 crore.