A random Survey of the Associated Chambers of Commerce and Industry of India said that in the view of continuous elevated inflation and increase of price of commodity across globe, has made out a strong case for continuation of stimulus package so that the growth momentum is not spiked.
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.
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.
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.
Jones Lang LaSalle today announced it has launched a website – Lease Accounting Changes, to deliver leading-edge strategies, tools, and information to help corporations worldwide navigate the upcoming changes in global lease accounting treatment.
In the immediate aftermath of the bribes for loan scam involving LIC Housing Finance, the Finance minister Pranab Mukherjee in conjunction with Dept of Financial Services asked for a complete monitoring of all the companies mentioned in the CBI case filed. All public sector banks, financial institutions and state owned insurance companies have been asked to examine their exposure to the 21 companies named by CBI in the housing loan scam, and give a subsequent compliance report.
Kumari Selja, Union Minister of Housing and Urban Poverty Alleviation & Minister of Tourism, has categorically blamed the banks for not facilitating the affordable housing. Inaugurating the 10th National Convention of National Real Estate Development Council (NAREDCO) at New Delhi the minister said the housing finance sector has witnessed a boom in the recent past due to favorable government policies.
The Chennai-based Shriram Group, is expanding its realty business Shriram Properties. As per the plans the Group will invest around Rs 1,500 crore over the next three years in developing various residential projects. The zero-debt company says 60 per cent of this investment, or around Rs 900 crore, would be funded through equity, from existing or new investors.
While many of the retailers are cribbing about the high cost of retail outlets, the retail empire with revenues of around Rs.10,000 crore, Future Group seems to believe in the conventional wisdom of joining if not beating the rivals. The Group is eyeing a piece of India’s booming real estate sector—putting finishing touches to new homes.
After the Convention of confederation of real estate developers’ association of India (CREDAI) where the Finance Minister Pranab Mukherjee urged the realty sector to be poor sensitive, it seems the affordable housing is the buzz word now. National Real Estate Development Council (NAREDCO), the apex body for real estate and housing sectors under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India, also announced that its convention is aimed at realizing the “Housing for All” call of Prime Minister of India, Dr. Manmohan Singh.