India which is building the world’s second-tallest skyscraper, is catching up with China in an office building boom that may indicate that an economic slowdown is imminent, according to Barclays Capital Research.
A real estate regulator will enforce public disclosure and bring in much needed transparency and accountability in the sector and there is overwhelming support for setting up such an entity.
Real estate developers have sought inclusion of “force majeure” provisions in the proposed real estate bill drafted by the Central Government.
Issues concerning the regulation and development of real estate were discussed on Wednesday, Jan 11, by the government with various stakeholders.
India has the second largest population in the world and is expected to overtake China by 2025. Fulfilling the housing needs of the Indian population which is growing at 1.41% annually is a tremendous challenge for the government today.
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.
The year 2011 can best be described as a lackluster year for Indian real estate sector. There were several headwinds that prevented the sector from delivering to its full potential.
With FDI now permitted for multi-brand retailing in India, global retail giants are now zeroing in on India.
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.
CREDAI has opposed the proposed Land Acquisition and Rehabilitation & Resettlement (R&R) Bill, and said with proposed R&R to the farmers the construction industry would become an unviable proposition.