Track2Realty Exclusive: The problem remains that many SEZs are seen as real estate scams. Lack of clarity on the country’s land acquisition policy is also a major stumbling block for SEZ projects. EAS Sarma, former Secretary to the Government of India has alleged that most of the SEZs in the country have become real estate ventures lined to money laundering.
Track2Realty: In a reprieve for 140 families of Campa Cola Compound at Worli spending sleepless nights over the sword of demolitions hanging over their head, the Supreme Court on Wednesday, May 1, posted a special leave petition by a group of residents for hearing on Thursday.
Track2Realty Exclusive: For quite some time the developers in Mumbai were making pitch for the review of FSI in the city which they termed as archaic. Their grouse has not been lacking the merit also.
Track2Realty Exclusive: For quite some time the developers in Mumbai were making pitch for the review of FSI in the city which they termed as archaic. Their grouse has not been lacking the merit also. Facts speak for themselves. In 1964, FSI was introduced and set at 4.5 in Mumbai.
Track2Realty: Raising alarm over Mumbai and Maharashtra becoming increasingly “investor unfriendly”, developers apex body CREDAI has said the State Government’s policies will end up being its gift to Gujarat’s upcoming Gift City.
Track2Realty: Former police officer turned activist Y P Singh has alleged that Union Agriculture Minister and Nationalist Congress Party Chief Sharad Pawar was centre of real estate scam. At the same time he criticised Arvind Kejriwal for concealing information about a massive scam in Maharashtra because he was selective about which politicians he targets. He also attacked Kejriwal for his expose against BJP Nitin Gadkari while sparing Pawar.
Seeking to fight the vexed VAT issue on flats in Maharashtra, a consumer group called FORAM–Flat Owners’ Rights protection Action committee in Maharashtra – has been formed with consumer interest groups coming together.
The Union Cabinet is expected to consider the Real Estate (Regulation and Development) Bill within a fortnight. However, while the Government intends to present the Bill during the monsoon session of Parliament, scheduled to start from August 8, single window clearance to the projects is the only stumbling block in its way.
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.
With the real estate industry reeling under an unprecedented crisis, top developers from across the country will meet in Pune for a two-day CREDAI conclave starting Wednesday to brainstorm and find solutions to revive the sector that contributes 6.5% to the GDP.