Regulation is required for any industry to function properly and the real estate industry is no exception. The market is being manipulated by the big and influential real estate lobby causing large inequities in resource and product allocation.
India has the second largest population in the world and is expected to overtake China by 2025. Fulfilling the housing needs of the Indian population which is growing at 1.41% annually is a tremendous challenge for the government today.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the draft Real Estate Bill should not penalise only the developer for time overruns but instead cover the liability of all stakeholders, including government agencies and urban local bodies.
Battling huge vacancies, piling inventories and lacklustre rentals, the Indian real estate is looking forward to retail FDI as a savior, expecting a windfall following the entry of global giants looking for more retail space for expansion.
The draft Real Estate (Regulation and Development) Bill, 2011, aims at bringing reforms in the unorganised Indian real estate sector.
The festival of Diwali has a direct bearing on the property market, and irrespective of the overall macro economic scenario the property transactions around this time of the year have been the maximum.
Not far from Mukesh Ambani’s 27-storey tower, Antilia, may not be the tallest scyscaper in Mumbai as a competing skyscraper is making its way into Mumbai’s skyline.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.
While many of the Indian cities are reeling under the apprehension of slowdown with sales nosediving, Pune real estate has defied any such apprehensions.
Retail chains across the country are signing up for space in a big way, after a long pause that had followed the economic downturn.