The Government will make public the draft Real Estate Regulation and Development Bill, 2011 for comments from stakeholders this week and may subsequently introduce it in the forthcoming winter session of Parliament.
Even as global economic slowdown and uncertainty in financial markets have battered the real estate industry countrywide, properties in Kolkata and Chennai bucked the trend with steady demand in affordable and mid-segment housing.
RE/MAX, LLC has launched a new website, global.remax.com, which claims to be the first global resource for consumers, with hundreds of thousands of home listings in countries around the world.
When the CCI alleged that DLF misused its dominant market position and imposed unfair conditions on home-buyers of two of its many projects, the real estate fraternity, legal experts and others strongly questioned the basis of the CCI order.
The real estate developers have taken the verdict of the Allahabad High Court, which has awarded a greater compensation to farmers of Gautam Budh Nagar but has not stopped acquisition anywhere barring three villages in their stride.
The much awaited and largely discussed Real Estate (Regulation & Redevelopment) Bill, pending since 2009, is finally been ready and the Government plans to introduce it in the winter session of Parliament after getting Cabinet approval.
The Andhra Pradesh Government will take all steps to ensure that Hyderabad’s real estate industry bounces back to normalcy soon, said Chief Minister N Kiran Kumar Reddy.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.
The level of FDI in the real estate sector is unlikely to show a quantum jump this year, courtesy a slow GDP growth rate, high debt levels of the real estate developers, labour shortage and economic crisis in the US and Europe.
DTZ Research estimates that US$316bn of capital will be available to invest in global real estate in 2012, a 4 per cent decrease on its previous estimate at the end of 2010.