Track2Realty Exclusive-Yearly Analysis: The first visible sign of creditors losing patience came in October 2012 when two private equity funds, Citi Property Investors and JPMorgan Chase, initiated separate arbitration proceedings against BPTP on the grounds that it has failed to provide a time-bound exit for their respective investments in the company.
Track2Realty: Western suburbs of Mumbai are set for a facelift through redevelopment post the new Development Control Rule (DCR). Ravi Sinha speaks to Lalit Kumar Jain, CMD, Kumar Urban Development and CREDAI President to understand whether it would add more pressure on the existing crumbling infrastructure of the suburbs. Excerpts of the interview:
Track2Realty: The National Real Estate Development Council (NAREDCO) has requested the government to extend the computation period for availing itself of income tax benefits by one more year. This period is going to end on March 31, 2013.
Track2Realty: CREDAI has urged lawmakers to consider reforms in the real estate sector to boost growth. In an open letter to MPs, Confederation of Real Estate Developers’ Association of India (CREDAI) National President Lalit Kumar Jain said, “Though the government is moving in right direction with bold reforms agenda, much more can be achieved without any controversy or incurring additional cost just by focusing on the housing sector.”
Track2Realty: India’s urban housing shortage is estimated at nearly 18.78mn households in 2012. By 2050, 900mn people will be added to Indian cities. The rapid pace of urbanization owing to the rural–urban migration is putting a strain on the urban infrastructure in these cities, indicates the KPMG – NAREDCO study on Real Estate and Construction industry, “Bridging the Urban Housing Shortage in India”.
Track2Realty-Agencies: Mantri Realty on Friday, Dec 7, said it will invest up to Rs 750 crore to develop three housing projects in Maharashtra and Karnataka over the next 2-3 years.
Track2Realty: Responding to Finance Minister P Chidambaram’s suggestion for reducing the price of housing stock, Confederation of Real Estate developers’ Associations of India (CREDAI) has asked its 8,000 plus members across the country to seriously consider the proposal to sell in maximum numbers.
Track2Realty: Dismissing the proposed RERA (Real Estate Regulatory Act) as anti-people, developers’ apex body said the sweeping powers sought to be vested with the Regulatory authority will only increase corruption by manifold, instead of checking the social malady.
Track2Realty-Agencies: Buyers flooded the bedecked and glittering markets and shopping malls since early morning on the auspicious occasion of Dhanteras. Hectic buying continued till late evening and pushed overall sale turnover beyond Rs 250 crore on Sunday, Nov 11, according to a market estimate.
Track2Realty: Calling for an end to a series of windows of corruption, developer apex body CREDAI has suggested the proposed Realty Regulator should also work for minimizing the human interface in the process of granting clearances and registrations.