Track2Realty Exclusive: What is the level of understanding and willingness among the Indian developers to create smart cities in a country which has been branded as a ‘reluctant urbaniser’ by many international experts?
Track2Realty-Agencies: Those selling immovable property without disclosing their permanent account number (PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions.
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: In India redevelopment is a huge market, where a developer has to work with cooperative housing societies. In Mumbai the process has already started due to additional FSI granted with the new development rules. The new DCR has made it easy for developers to negotiate with the societies because now they know what areas are sanctioned and there are no free areas.
Track2Realty Exclusive: India, although not by plan, is experiencing a boom in once relatively obscure cities. Its rising urban centers are not confined to four metro cities or Bangalore and Ahmedabad, and load on urban land and overall infrastructure demands India must take learnings from global experience of redevelopment.
Track2Realty: NCR retail real estate market remained largely stable as per the latest retail report from real estate consultancy Cushman & Wakefield. A few locations in both main street as well as malls saw some appreciation in rental values. Connaught Place (Inner Circle) recorded an increase of 12% while prime malls across Delhi NCR saw a positively rising curve following robust demand for the same.
Track2Realty: Constellation Capital Ltd and S.A. Finvest Ltd, the promoters of realty firm Omaxe Limited, have fixed the floor price for its offer-for-sale (OFS) at Rs. 148 a share.
Track2Realty: The voice of the real estate industry in Maharashtra, MCHI-CREDAI today opposed the Government’s decision to introduce LBT saying it goes against the home buyers’ interests.
Track2Realty: Opposing the Maharashtra government’s decision to impose local body tax (LBT) in lieu of octroi, developers’ apex body CREDAI Chairman Lalit Kumar Jain said the new levy will result in rise in corruption and be detrimental to business as well as consumers. There is a potential threat of it becoming breeding ground of corruption.
Track2Realty Exclusive: There is a school of thought within the sector which suggests the nature of the business is more suitable to be carried smoothly as promoter-driven. Though officially no one wanted to be quoted but some of the developers admitted to Track2Realty that the nature of real estate business demands more grounded entrepreneurs and not high flying professionals for whom more money in the sector is the only traction for job hopping.