Union minister for urban development Kamal Nath on Thursday said the number of approvals a developer has to get will have to be cut down for faster and more efficient property development in the country.
The Income-Tax department is planning to look into all suspected real estate deals to check involvement of black money component and tax evasion.
The finance ministry has asked the central bank to bar real estate firms from seeking banking licences and alter conditions relating to financial inclusion and stake dilution by promoters.
The concept of international, standardized luxury floor space must evolve further before India can absorb the demand. Developers must come up with more imaginative ideas of differentiating their luxury malls from the run-of-the-mill.
Sadiq Batcha, a longtime friend and associate of A Raja and managing director of a real estate company, Green House Promoters, in which Raja’s wife Parameswari was associated as one of the directors and later resigned, has been found dead.
Real estate developers are trying to change perceptions. A new team of office bearers which took charge at the Confederation of Real Estate Developers’ Associations of India (CREDAI) has announced to work on a set of measures that will help builders deliver projects on time, redress customer grievances and improve governance to change image and perception of the sector.
Maharashtra Chambers of Housing Industry (MCHI), most prominent body of the real estate developers today described the Union Budget presented by the Finance Minister Pranab Mukherjee as “Budget with few positive steps focused on the common man who is interested in buying a house in rural and urban areas”.
Real Estate may boast off to be the second largest economic activity and the largest employment provider in the economy, but when it comes to have a say in the policy making, they are found to be sulking.
Real Estate and Finance Minister seem to be at logger heads over the wants and needs of the sector. Interestingly when one proposes and the other disposes, both of them justify their stand in the name of “Aaam Aadmi”, the common man who is the consumer and the end-user. But in this cacophony of confusion the “Aaam Aadmi” is often found wondering as to who will ask for his wish list with Union Budget.
Residential sales in Hyderabad remained modest in 4Q10. Although the city witnessed many launches, sales did not pick up. Market sentiment, especially among investors, stayed low as political uncertainty persisted.