Sunil Dahiya: When the meltdown of 2008 and the aftereffects of 2009 rolled in, see the amount of letters sent by developers to the customers and the customer calling back and telling that ‘sorry boss, I am on the verge of losing my job, I don’t have the money’. Not a single developer went to any court or had any power in this judicial system to recover any payment from the consumer, there is no law.
Babulal Varma, Managing Director, Omkar Realtors & Developers There are…
Economic intelligence agencies have informed the Finance Ministry that a major chunk of illegal funds and black money is being generated and routed in the real estate sector of the country.
Tata Realty and Infrastructure (TRIL), a wholly-owned subsidiary of Tata Sons, is foraying into retail and hospitality segments through a new subsidiary, TRIL Hospitality Services. The company, which has about Rs 6,000-crore projects at hand, would also commence work on two more projects, and this would add business of Rs 3,000 crore, said a senior TRIL Infopark executive.
Within hours of Track2Realty reporting that the much awaited Real Estate Regulatory Bill will not be tabled in the current session of parliament, the government has confirmed it by announcing that the Bill is likely to be presented in the next session of Parliament. The Bill is expected to be tabled before the Union Cabinet shortly, said Aruna Sundararajan, Joint Secretary, Union Ministry of Housing and Urban Poverty Alleviation.
Omaxe Infrastructure and Construction Limited (OICL), a subsidiary of Omaxe Ltd. received the “International Arch of Europe Award for Quality and Excellence” in Gold category for the year 2012 for showing commitment to quality, exemplary leadership and technology and innovation.
Ravi Sinha: Sachin, if I come back to the topic of consumer redressal, isn’t it true that lack of clarity in policy leads to consumer blackmailing also in cases like CCI against DLF. How do you see that?
A 16-lane dedicated corridor in Gurgaon will link DLF’s Gateway Tower in Cyber City to the Golf Course Road, offering some relief from crumbling infrastructure in Delhi’s suburb.
In the coming months, the pressure will be to reduce debt-to-equity ratios. With so many developers in debt already, the industry is trying to come out of the situation and 2012 will not be much different. It won’t be easy and the developers are trying various routes. Selling of developed projects, vacant land is a route taken by many developers. Several developers are now providing attractive terms to PE funds to securing funding.
The Financial Stability Board (FSB) published the FSB Principles for Sound Residential Mortgage Underwriting Practices that aim to provide a framework for different countries to set minimum acceptable loan underwriting standards so as to limit the risks that mortgage markets pose to financial stability and to better safeguard borrowers and investors.