Once seen as very powerful economic tool for catalyzing the growth process during restructure and liberalization of economy, Special Economic Zones (SEZs) in India could not replicate the Chinese success story, as assumed. Track2Realty takes a look on the future of SEZs in India as realtors make a beeline to exit or extend the tax haven, and the Government groping for fresh ideas.
The anti-monopoly regulator Competition Commission of India (CCI) has dismissed the plea of two individuals against the realty company Unitech alleging that Unitech failed to fulfill its obligation by not handing over the possession on time and therefore violated section 4 of the Competition Act (2002) by abusing its dominant position.
Asia Pacific Office market report by Cushman & Wakefield – that compared the rental values of Central Business Districts (CBD) across Asia Pacific – ranks NCR as the 5th most expensive CBD location in the region while Mumbai – CBD ranked 10th most expensive location in APAC. Traditionally expensive office destinations of Hong Kong, Singapore and Tokyo (continued to hold the top three positions respectively.
Bandra Kurla Complex was created by MMRDA as an alternate CBD to Mumbai, with the express purpose of halting the further growth of offices and commercial activities in South Mumbai. Currently, BKC has a total stock of 8 million square feet of office space. An additional supply of 2.5 million square feet is expected in 2012 with the completion of The Capital, FIFC and TCG Finance Centres.
Redefining Public purpose, as suggest by Parliamentary Committee, will impact infrastructure, industrial and township development severely.
Provisions of LA and R&R Bill should not apply to private acquisitions done by developers after direct negotiation with land owners/farmers. Privately negotiated prices, in almost all cases, are much higher than acquisition compensation suggested in the bill.
Housing demand is expected to remain subdued in short-to-medium term…
The building approval process in India is relatively slower and more expensive in comparison to several other countries as indicated by a recent World Bank assessment. The report highlights that an average 37 procedures over a period of 195 days are needed for obtaining construction permits in the country vis-à-vis 15 approvals over an average 157 days in the OECD region.
The Royal Institution of Chartered Surveyors (RICS) and Vestian Global Workplace Services have released a PAN India in-depth study ’Assessment of IT campus environments’.
In its first ever Indian investment, the Plaza Centers Group has appointed Pioneer Property Zone (PPZ),- leading experts in developing and managing shopping malls –for their upcoming mall in India – Property Zone will be managing the mall for the group which will include financial management & implementing strategies for growing the asset performance. The upcoming property is at Koregaon Park Plaza Mall in Pune.
Sunil Dahiya: When the meltdown of 2008 and the aftereffects of 2009 rolled in, see the amount of letters sent by developers to the customers and the customer calling back and telling that ‘sorry boss, I am on the verge of losing my job, I don’t have the money’. Not a single developer went to any court or had any power in this judicial system to recover any payment from the consumer, there is no law.