Himachal Pradesh has spiked plans of over 60 builders and developers to sell flats and cottages in the hill state. The developers include DLF, Janta Land Promoter Ltd, Omaxe Construction Pvt Ltd, Optima Construction Pvt Ltd, Amar Nath Aggarwal Builders Pvt Ltd and Surya Builders, according to officials.
The Centre has responded positively to the Delhi Government’s appeal to regularise more than 1600 of the city’s unauthorised colonies. However, the truth is that even after this notification, the ground reality in that these colonies are unlikely to change for now.
The Secretary, Banking, Ministry of Finance has agreed to look into the problems being faced by the real estate industry and work towards reducing the cost of funding through banks and financial institutions.
For flat owners in Maharashtra, the VAT battle is not yet over! VAT on flats, or material used on construction, amounts to double taxation since the developer has already paid while buying them from registered suppliers, said Atul Puranik, convener of newly started consumer group FORAM – Flat Owners’ Rights protection Action committee of Maharashtra.
Real estate prices in the national capital are set to soar with the Centre on Monday night deciding to give the green signal for regularization of 917 unathorized colonies. A notification to this effect will be issued on Tuesday, Aug 28.
A DTZ survey has found unrest in Noida Extension has had a mild impact on total number of housing units planned. The survey says that the total number of housing units that were planned before the unrest in Noida Extension has remained more or less the same with a minor downward revision.
Price rationalisation has always been a tricky issue in real estate business where demand and supply dynamics drive the market more than any other parameter. The fact that real estate is not a perishable commodity and mostly a business of deep pockets, holding of inventory many a time makes more sense than hard sell keeping in mind the pipeline visibility.
The Noida Extension land acquisition fracas was all about the authorities allowing developers to acquire land at considerably low prices from farmers and also changing the planned use pattern from industrial to residential. Farmers revolted and were able to gain wide support from different quarters.
Greater public and private participation is required in sectors such as railways, ports and power as India looks at investing USD 1 trillion in infrastructure over the next five years, Minister of State for Urban Development Saugata Ray has said.
CREDAI has reacted sharply over the Finance Minister’s asking chiefs of public sector banks to put pressure on real estate developers to lower property prices and not hold invetory. CREDAI has said in a release that instead of asking realtors to download unsold stock at discounted prices, the Union Finance Minister P Chidambaram should take immediate steps to boost to housing stock supply through special incentives to the affordable segment.