CREDAI urges single window clearance
The Confederation of Real Estate Developers’ Association of India (CREDAI) Friday urged the central government to introduce single window clearance and a uniform tax structure for the sector across the country.
The Confederation of Real Estate Developers’ Association of India (CREDAI) Friday urged the central government to introduce single window clearance and a uniform tax structure for the sector across the country.
Addressing a press conference on Thursday, the newly-elected members of CREDAI National said the mission would give the real estate industry and all activities connected to it a fair image.
India’s housing shortfall is estimated to be around 27 million and Chennai city alone faces a deficit of 60,000 housing units.
Emaar Properties PJSC, Dubai’s largest real-estate firm, has asked consultants and investment bankers to value its Indian joint venture Emaar MGF Land Ltd’s assets.
According to the 2010 census, Mumbai now houses around 14 million people, which makes it India’s most populous city and the world’s second-most populous city.
Indian house prices rose rapidly from 2002 to 2007. Strong economic growth and urbanization supported house prices, while in city centres a housing bubble was encouraged by inadequate infrastructure, lack of planning and antiquated land use laws.
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.
Calcutta high court on Wednesday dismissed a writ filed by Rose Valley Real Estate and Construction Company Limited, challenging an order of the Securities and Exchange Board of India (SEBI).
Indian real estate majors, DLF and Unitech, are set to miss their FY11 sales target, despite prices reaching the highs of 2007. Mid cap names like HDIL, Ackruti City and Sobha Developers are however on track to meet their targets.
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.