Even as the cost of housing is skyrocketing in Mumbai, an ambitious proposal to create at least 500,000 houses as part of a “Homes for All” initiative between the real estate industry and the Maharashtra Government is gathering dust in the ministry.
It is a highly disappointing budget. The Finance Minister has miserably failed in highlighting the importance the role of Housing in economy, employment generation, apart from the very need of housing. The announcements on ECB for affordable housing is a minor respite but still meaningless.
The implementation of the revised DTC will have strong implications on SEZs. The industry requires clarity on the issues that may emerge, and how businesses would be promoted in Special Economic Zones.
The ever-increasing housing needs in urban centers have caused home prices to shoot up to extremely unaffordable levels.
In the wake of the real estate community under the industry body CREDAI, asking for only self-regulation and no government regulator, the Union Urban Development Minister Kamal Nath has bluntly refused to heed to any such fancy thoughts.
Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session.
In a first ever realty project based on designs from prospective home buyers in India, Mumbai-Pune developer Kumar Urban development Limited (KUL) today announced the launch of an integrated eco-friendly township in Pune’s IT hub at Hinjewadi.
With government support and increase in number of real estate developers, affordable housing demand will surge at a CAGR of around 13% during 2011-2013, says a research report by RNCOS a thinktank group on industry intelligence and creative solutions for contemporary business segments.
Buying land can be a time-consuming and expensive affair. Not only can the initial phase of buying it be quite complicated, but the cost involved in maintaining a purchased plot can also be quite high.
8 out of every ten home buyers in the Indian cities are sulking with the unfair trade practices of the real estate developers. Only 20 per cent of the buyers said they received a defect-free home and timely possession. The low customer satisfaction index was as much evident with developers offering affordable housing as with luxury housing.