Chennai needs 60,000 more houses
India’s housing shortfall is estimated to be around 27 million and Chennai city alone faces a deficit of 60,000 housing units.
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Tainted DB Realty restructuring board
DB Realty, the tainted Mumbai-based real estate developer whose name figured in the 2G spectrum investigations, has lost its fourth director since February.
Malls, halls on defence land draw CAG flak
The Comptroller and Auditor General of India (CAG) has taken a strong objection to the military authorities in Karnataka who have permitted unauthorized use of defence land for constructing shopping malls and halls in gross violation of rules and without sanction from the Defence Ministry.
Mortgage market handicapped by bad laws in India, says Global Property Guru
Indian buyers usually pay for apartments before construction has been completed. Many buyers do not take out mortgage loans (the ratio of housing loans to GDP is less than 5% in India).
IT notice to MMRDA, CIDCO
The Income Tax department has sent notices to real estate companies, MMRDA, CIDCO stating that all land lease sales or transfers attract a 10% tax, sources said.
Realtor may be barred for altering financial conditions
The finance ministry has asked the central bank to bar real estate firms from seeking banking licences and alter conditions relating to financial inclusion and stake dilution by promoters.
CII urges capital flow in housing
The Confederation of Indian Industry (CII) has said there is a need to improve the infrastructure and increase in flow of capital in the housing segment, given the increase in the land prices.
Realtors protest new bill
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Mumbai residential property market – correction update
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
ABD to merge with CREDAI
The Association of Builders and Developers of Thrissur (ABD) will merge with the Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body for private real estate developers in India.