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.
Holiday Homes in Goa, a dream of the nouveau rich, is all set to be costlier now with the Goa Government deciding to rationalise the real estate prices in the state.
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.
In a further blow to the dampened Diwali spirit of the realty sector, the RBI raised interest rates on today but said it was likely to hold off on further increases as it expects high inflation to ease beginning in December.
Fire Capital has entered into a 50:50JV with Tamil Nadu based Omshakthy Agencies (Madras) Pvt Ltd to develop residential projects and townships in and around Chennai.