Mumbai estate agent blinded after acid attack
In a gruesome incident, real estate agent Dudhnath Verma has been blinded after an acid attack in suburban Mumbai. The incident happened on Monday, June 18.
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Realtors ring alarm bells post RBI status quo on rates
Anticipating a significant rate cut by the RBI, disappointed real estate community has ring alarm bells and forecast more slump due to the high interest rate regime. Pointing out that the capital and labour intensive sector plays a key role in employment generation and accelerating growth, industry body CREDAI says the government has also been losers of revenue due to neglect of the sector and risks attributed to real estate and the RBI advisories against lending to real estate have only harmed the sector and made housing costlier for consumers, apart from affecting the economy.
Assam developers call for rationalisation of rules
Terming the current building rules as cumbersome, realty developers of Assam have called for simplification and rationalisation of norms and reduction in duties. “The real estate players are in a bind over high spiralling taxes and registration duties which are the highest in Guwahati,” Assam Real Estate and Infrastructure Developers Association President P K Sharma told reporters in Guwahati.
Centre fine tuning Real Estate Regulator Bill to avoid state logjam
The Centre’s plan to regulate the real estate sector by safeguarding consumers from land sharks has hit a road block with several states opposing some provisions of a proposed bill. Track2Realty has learnt that in an effort to bring states on board, the Centre intends to drop the provision of giving direction to the States under the Real Estate (Regulation and Development) Bill.
Government consults realtors to cut home prices
Spiraling property prices and slump in home sales have forced the Union Housing Ministry to think out-of-the-box solutions. After the decision to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks, the ministry has now sought views from private developers and builders to evolve a strategy for reducing the time taken in approval of real estate projects that can help bring down the cost of houses.
Purvankara ventures into the Kingdom of Saudi Arabia
Puravankara Projects Limited has ventured into the Kingdom of Saudi Arabia to cater to the Indian housing needs of NRIs residing there. With the increasing interest among Indians in the Kingdom of Saudi Arabia to invest in luxury and affordable luxury homes back home in India, Puravankara is now well poised to tap this potential market with a permanent presence in the Kingdom of Saudi Arabia through its new branch office in Al Khobar, Dammam.
Government to focus on low cost rental housing
In view of the ever increasing housing shortage in cities and towns, the Union Ministry for Housing & Poverty Alleviation has decided to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks to cater to those who cannot afford to buy houses. The decision comes after several rounds of representation by the industry bodies, CREDAI & NAREDCO.
Sahara bypassed norms to raise funds, SC told
The market regulator Securities & Exchange Board of India (SEBI) on Tuesday told the Supreme Court that the real estate arm of the Sahara group of companies had no right to mobilise Rs.27,000 crore from 30 million investors through debentures without complying with the regulatory regime.
DLF sells hotel arm Adone for Rs 567 cr to cut piling debt
DLF, has sold its entire stake in Adone Hotels and Hospitality Limited (Adone) to Kolkata-based Avani Projects and Square Four Housing & Infrastructure for Rs 567 crore. This was in line with its strategy of divesting non-core assets to pare debt, DLF said in a statement.
Hyderabad realtors hopeful of mandatory clause relaxation
Hyderabad realtors are expecting the government to announce a revision in the mandatory quota for low income groups and the poor pegged at 20 per cent for big plots now that the by-polls are over.