In an effort to enhance professionalism in the industry, RICS has launched its Red Book of Valuation Standards and Global real estate agency and brokerage standards at the recently concluded real estate conference in Mumbai.
Come budget and the real estate sector, like any other industry, comes out with its own wish list. Unfortunately, while other organised industry get a patient hearing through their industry bodies, the Finance minister seem to be hardly entertaining the sector representatives till recently.
The Information Technology sector has a special significance for India, because India’s competence in this sector has made it a net exporter of IT services. It was the fastest growing sector of the nineties and continues to fast-track careers, spending power, local economies and real estate growth even today.
High real estate costs, lack of any tax incentive and bureaucratic hurdles are huge problems for the growth of the hospitality industry that is one of the country’s top job earners, a survey has revealed.
India is the ninth largest construction market in the world according to a Global Construction 2020 report by Oxford Economics. Growing at an estimated cumulative annual growth rate of 8.9%, it is expected to become the third largest market by 2020 and is globally acknowledged as an extremely lucrative business opportunity.
Phoenix has recently also sold 80 per cent of office properties in its mixed-use Market City projects in Kurla in Mumbai and Pune, respectively. It plans to launch another 300,000 sq ft of office properties in Mumbai in the next six-nine months.
The implementation of the revised DTC will have strong implications on SEZs. The industry requires clarity on the issues that may emerge, and how businesses would be promoted in Special Economic Zones.
High property prices coupled with continued increase in home loan interest rates over the last six months and inflationary pressures will keep transaction activities restrained.
The real estate sector has welcomed the CRR rate cut by the RBI and said it will help revive demand in the housing segment.
The Estate Agents’ Association of Pune (EAAP) has released the seventh edition of `EAAP Directory’ 2012-16.