Track2Realty Exclusive: It is said that this sector encourages black money and corruption, which is sad and upsetting for all developers/entrepreneurs who put in their best efforts to run the business.
Track2Realty Exclusive: Social activist Medha Patkar has rather questioned the need of SEZs and acquisition of such huge tracts of land. Referring SEZs as “pervert corporate projects” Patkar points out that the Maharashtra Industrial Development Corporation (MIDC) had about 80,000 acres of unutilised land – information unearthed through the Right to Information Act.
Track2Realty Exclusive: A recent commerce ministry discussion paper highlighted that there is a perception that many developers do not set up the proposed SEZ and continue to hold on to large parcels of land with the intention of benefiting from its alternative usage and land price escalation.
Track2Realty Exclusive: The remarkable difference in export performance of China vis-à-vis India over the last two decades compelled India to look at its northern neighbour for successful strategies. One of the key strategies leading to the Chinese success was setting up of Special Economic Zones (SEZs) since 1980. SEZs became the drivers of China’s massive export surge and today, the 5 major Chinese SEZs account for a cumulative FDI of approx. $70 billion, generate 20 per cent of China’s total exports and provide direct employment to over 8 million people.
Track2Realty: CREDAI has raised apprehensions that the the Real Estate Regulatory Bill approved by the Union Cabinet CREDAI has expressed fear that it could encourage corruption instead of curtailing the social menace.
Track2Realty Exclusive: If Planning, Finance, Technology and Skills are the four key components of smart urban living, India lacks substantially on all the given parameters. While the world is increasingly moving ahead with real estate products adding smart quotient, in India the debate still hovers around unlocking land value & monetizing it after master plan of respective cities failed to adopt the successful global urban experiences. Track2Realty debates whether smart city ingredients should be optional reforms of real estate or made a mandatory provision.
Track2Realty Exclusive: Asking for industry status, the sector doesn’t want elements of accountability that comes with the package. Quite opposed to the very idea of regulation, even after self-regulatory attempts didn’t work out, realty doesn’t evoke confidence at the policy level and often ends up being at loggerheads with the government. Track2Realty finds that though policy advocacy is very much desirable in the sector, it is yet so debatable that the stakeholders have failed to evolve a consensus over its issues and agenda.
Track2Realty: When the Reserve Bank of India made the announcement of allowing External Commercial Borrowing (ECB) in affordable housing, including slum redevelopment, there was an optimism and euphoria that cheaper money coming into the much-needed segment of real estate would redefine the property market in general and in the process help the country meet the housing shortage.
Track2Realty-Agencies: Government has said on Friday, April 26, that complaints were received against 27 real estate firms across the country for alleged forgeries and dubious investment schemes, out of which 18 are being probed by different regulatory and enforcement agencies for further action.
Track2Realty: The Royal Institution of Chartered Surveyors (RICS), the world’s leading professional qualification and standard setting body in land, property and construction sector and Amity University have established the RICS School of Built Environment, Amity University at Noida campus, to address the shortage of skilled professionals in the sector.