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.
Budget housing is fast becoming big business with more and more real estate companies trying to please the masses with pocket-friendly offerings.
When 80 years old Ramakant Apte in California read what filmmaker Karan Johar said about his birthplace Bandra as the new heart of the city, he got so nostalgic that India visit in general and moving around his good old queen of suburbs in particular was his wish list number one.
India’s housing shortfall is estimated to be around 27 million and Chennai city alone faces a deficit of 60,000 housing units.
According to the 2010 census, Mumbai now houses around 14 million people, which makes it India’s most populous city and the world’s second-most populous city.
Atlanta Ltd has announced that it is a company with deep rooted presence in three of the country’s fastest growing segments; infrastructure development, mining and realty.
Indian house prices rose rapidly from 2002 to 2007. Strong economic growth and urbanization supported house prices, while in city centres a housing bubble was encouraged by inadequate infrastructure, lack of planning and antiquated land use laws.
The Confederation of Indian Industry (CII) has said there is a need to improve the infrastructure and increase in flow of capital in the housing segment, given the increase in the land prices.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Surging growth in emerging markets such as China and India will boost demand for real estate, although uncertainties such as an oil shock could pose major risks, economist Nouriel Roubini said on Thursday.