Seeking to address the concern of real estate developers over delay in getting approval of the projects, government today announced the setting up of an expert committee to suggest measures for a speedy clearance system.
The draft Real Estate (Regulation and Development) Bill, 2011, aims at bringing reforms in the unorganised Indian real estate sector.
The long-pending legislation – Real Estate (Regulation and Development) Bill – that aims to infuse “accountability and transparency” in the realty sector, backed by stringent norms, is out in the public domain.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has called for a strong and transparent regulator for the real estate sector for an orderly growth.
Union minister for urban development Kamal Nath on Thursday said the number of approvals a developer has to get will have to be cut down for faster and more efficient property development in the country.
In what could be biggest shake up in India’s retail sector, and cheer up the real estate developers also who are at the receiving end by the retail partners, the global major retail Walmart is in talks with Big Bazaar for stake.
Seven years ago, the managing committee of the National Sports Club of India (NSCI) suddenly started breaking down the existing Vallabhbhai Patel Stadium to start building–what they led everyone to believe–would be Mumbai’s first international Olympic size indoor stadium. The project was conceived in 2003 to be worth around Rs 40 crore and scheduled to be completed in 18 months. Seven years and Rs 200 crore later, it still isn’t functional, but the superstructure is ready.
The Confederation of Real Estate Developers’ Associations of India has expressed displeasure about the proposed Model Real Estate (Regulation of Development) Act in its present form, saying it could lead to an escalation of prices of housing stock in the country by Rs 300 per sq ft.