Track2Realty Impact – Vigil on Mauritius funds
The RBI and market regulator SEBI have enhanced their vigil on funds coming from Mauritius, suspecting round-tripping or routing of illicit money back through the island nation.
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Realtors demand support for first time home buyers in budget
Real estate developers have called for focussed support in the Budget for the first-time home buyer and measures to augment supply of housing for affordable and low income groups. Industry representatives have also called for a simplification of systems and tax reliefs as a step to bringing down costs and catalyse developments.
RICS calls for fair practices in real estate
The RICS, an international, self regulatory professional body relating to real estate, has called for a mechanism for consumer protection and fair practices in real estate transactions. This will also help increase domestic and foreign investments in this sector.
CREDAI proposes to FM along US scheme
The Confederation of Real Developers Association of India has said the Government could consider a scheme along the lines of the First-Time Home Buyer Tax Credit allowed in the US with the benefits going directly to the consumer.
Relax privisioning norms of banks: Uday Dharmadhikari, CEO – Usha Breco Realty
I am relatively dissatisfied with the budget focus on the sector as no efforts made to the growth of the sector. My wish list to the Finance Minister is to relax the provisioning norms of banks for Real Estate loans, sector status to real estate, clarity on service tax & VAT, with some relaxation and to increase the interest exemption on Housing loan. But then the Finance Minister has not consulted the industry representatives in the last few years.
Infrastructure should be top priority in budget: Jitendra Jain, MD, Neev Group of Companies
I would say I am relatively dissatisfied with the focus of budget on realty sector in the last ten years. Our expectations have never been fulfilled and I now demand investments in infrastructure sector should be set as a priority, as good infrastructure is very necessary for the economic growth of the country.
My budget wish list: Abhisheck Lodha, MD Lodha Developers
India is today facing a unique challenge of dealing with high inflation, while continuing on its high growth trajectory. Boosting of supply in all industries, including through incentivizing of infrastructure development, streamlining of regulatory process to reduce time and costs for business and tax incentives for low cost housing are all important areas which will help reduce inflation and also enable growth rates to be maintained.
My budget wish list: Kamal Khethan, CMD, Sunteck Realty
Value and Affordable housing remains a segment where government should definitely continue to provide developers with tax free status which was available earlier. Rather than restricting it to unit sizes as in the past of 1,000 / 1,500 sft per housing unit, the government could instead have a maximum per unit value of say Rs. 15 lakhs for units near Tier I Cities, Rs. 10 lakhs for Tier II Cities.
Vestian firms up Rs1,000-crore India realty plan
Chicago-based Vestian Global Workplace Services, an integrated real estate services provider has announced to invest Rs 1,500 crore in India and China over the next 18 months. The company, which raised the fund from global investors, said about 70 per cent of the proposed investment was earmarked for the Indian market.
JLLM report says 3% growth across Asia Pacific’s office market
New research from Jones Lang LaSalle reveals that positive business sentiment and solid corporate hiring are buoying leasing demand in the office markets of Asia Pacific. In 2010, aggregate net take-up across major Tier I markets was more than double the level of the previous year.