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: Administrative Reforms
A. Single window clearance for building approval.
B. Uniform and simplified building permissible rules.
C. No discretionary stoppage of work after granting approval for commencement without hearing by regulator/civil court.
D. Mindset reform; special campaign for political leaders and bureaucrats to support/accelerate growth, remove impediments.
E. To put mandatory block mentioning following in every order/permission, Date of application, Potential investment, Potential contribution to GDP in rupees, Potential new employment generation, Date of sanction, Number of days delay beyond permissible limit, reasons.
Track2Realty: Cushman & Wakefield has expanded its Greater China operations into Taiwan by opening its first office in Taipei. It has appointed Jack Lin as the Managing Director of Taipei office. Prior to joining Cushman & Wakefield, Jack was the Managing Director of Taiwan Sotheby’s International Realty where he set up the luxury residential brokerage business. Together with Jack, Steven Chen was also appointed as the Director of Agency. Steven has more than 16 years’ experience in the real estate industry and was previously at Savills.
Track2Realty Exclusive: In its quest for getting professional and have a facelift, the real estate hired professionals from very many other industries. When the going was good some of these companies even shifted management control at the operational level to these professionals. And just when it seemed that the Indian realty is fast maturing from promoter-driven to professional-driven, the downturn in the last few years exposed the sector to an altogether new reality. Track2Realty noted that churn out at the top of these realty companies has been very high and professional-driven management is not a panacea to the woes of the sector.
Track2Realty: Though the opening of the Indian retail sector to foreign direct investments may have brought cheers to the commercial real estate sector in the country, it is expected that the supply of distressed properties within the commercial segment will increase during the second quarter of 2013, according to the RICS India Commercial Property Survey Q1 2013.
Track2Realty: It has been a marginal rate cut that may not have any significant affect on the fortunes of the economy in general and real estate in particular. However, the sector believes it still goes a long way in improving the sentiments of the market by and large. On Friday, May 3, the Reserve Bank of India (RBI) cut its policy interest rate by 25 basis points, for the third time since January as growth slows and inflation ebbs. RBI says there is little room to ease monetary policy further.
Track2Realty Exclusive: Developers have also been trying to get the government to introduce the concept of single window clearance. It is common knowledge that time taken to grant approvals directly affects property prices. It has been found that delays in approval processes alone increase sale value of houses by 40%.
Track2Realty Exclusive: Puniet Singh, CEO, Sherwoods Independent Property Consultants says the latest trend of moving to the outskirts in the vicinity of IT companies benefits individual and professionals to have their comfort nearby with office and home in the same areas. This will expand the horizon of modern living as well. Further the distance from the city allows its residents to stay away from traffic, pollution and congestion.
Track2Realty Exclusive: The case of Japan is one of the most inspiring and creative as conviction of betterment leads the policy and practical solution formulations. Gate Tower Building is a 16-story office building in Fukushima-ku, Osaka, Japan. And what makes it notable is the highway that passes through the 5th-7th floors of this building. The highway is part of the Hanshin Expressway, a network (239.3 km) of expressways surrounding Osaka, Kobe and Kyoto, Japan. The Gate Tower Building is Japan’s first building to have a highway pass through it. And it had been nicknamed “beehive” referring to its appearance as a “bustling place”.
Track2Realty Exclusive: The realty market has been pretty exposed to the greedy investors and vulture funding, not venture funding. In desperation the developers often lost track of what kind of funding was required and met with the disaster. Amidst the cyclic very high and very low there has been off balance debt-equity ratio as well. Of late, some developers tried within the box and some outside it. The needs and solutions are different for listed and unlisted companies. Still the sector is in search of right funding mechanism and as Track2Realty finds, are guinea pigs in the funding market.