Real Estate Bill sent to Law Ministry
The Real Estate Regulation and Development Bill, 2012, has been sent to the Ministry of Law and Justice for vetting, after which it will be moved to Cabinet.
The Real Estate Regulation and Development Bill, 2012, has been sent to the Ministry of Law and Justice for vetting, after which it will be moved to Cabinet.
Realty sector in India has witnessed more than $2-billion private equity investments in the last 12 months, with investors treading cautiously, according to real estate consultancy Cushman & Wakefield.
It is just the pipeline visibility that is driving developers like Supertech which is building north India’s tallest residential as well as tallest mixed land use project. Theyrather assert that changing demographics, lifestyle and growing aspirations have encouraged them to launch conceptually designed projects with facilities which are matchless and desired by the people.
Interest from international real estate investors in Indian real estate has been limited in 2012. India has witnessed 6% q-o-q growth in direct commercial real estate in Q1 2012, as compared to China which has seen negative growth of -45%, however China performed better in Q2 2012 on the back of one mega deal. In Brazil, investment volumes seem to be reaching a more ‘normalised’, sustainable pace following the supercharged 2010-2011 period.
Himachal Pradesh has spiked plans of over 60 builders and developers to sell flats and cottages in the hill state. The developers include DLF, Janta Land Promoter Ltd, Omaxe Construction Pvt Ltd, Optima Construction Pvt Ltd, Amar Nath Aggarwal Builders Pvt Ltd and Surya Builders, according to officials.
LIC Housing Finance, a subsidiary of Life Insurance Corporation of India (LIC) plans to disburse around 8-10 percent of its total loan portfolio to developers by the end of this fiscal, a top company official said.
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.