The government has also given more time to as many as 37 Special Economic Zone developers, including Navi Mumbai SEZ, DLF Commercial Developers and Tata Consultancy Services, to execute their projects. Five SEZ developers were allowed to surrender their projects as well. But the mounting criticism is now forcing the government to eject non-serious players from SEZ.
The government has formed a committee to evolve a workable strategy for reducing the time taken in approval of real estate projects which could ultimately reduce the cost of houses by 25 to 40 per cent, minister of housing and urban poverty alleviation Kumari Selja said on Friday, May 11.
Hyderabad continues to be a favoured destination for investments due to its unique infrastructure, and real estate prospects are promising despite the Telangana agitation.
One of the main features of the real estate ecosystem is transparency. However, on the contrary, the market is considered as an information-inefficient market, where seller tends to provide less information to the buyer.
In view of the adverse publicity and shaken customer confidence arising out of significant delays in delivery of projects across the states, there is a strong acceptance of this matter by top management of the developers and investors alike.
Through the course of 2010, the realty sector evened out into a level playing field, with enough traction in the market to hold investor interest, with several on-going projects being delivered and others being launched.
In the wake of the real estate community under the industry body CREDAI, asking for only self-regulation and no government regulator, the Union Urban Development Minister Kamal Nath has bluntly refused to heed to any such fancy thoughts.
Mumbai-based Panchshil Realty has entered into an MoU with Korean company Hanmi Global Co Ltd for a business arrangement by which both parties would jointly pursue and perform consultancy services for project management.
After the launch of North Eye, the skyscraper that is 60 floors and 255 meters above sea level, Supertech, the Delhi-NCR based real estate company is planning to raise the bar of skyscrapers even further.
The global debt funding gap is estimated to total US$142bn over the next three years (2012-2014) according to latest research from DTZ.